The ace business leader tells us how his team at FBCCI is exerting relentless efforts to make Shonar Bangla a reality
According to the latest World Bank report, Bangladesh is not in the good books of the world for its position among the backbenchers who have failed to ensure the ease of doing business. Lack of infrastructure and energy as well as bureaucratic tangles have sent constraining reverberations through international investments. One big problem alongside those is the high rate of interest on bank loans that has walloped businessmen in the domestic forefront. Before being elected as the President of Federation of the Business Chambers of Commerce & Industries (FBCCI), one of my foremost commitments was to lower that rate to a single digit. Make no mistake; I am utterly committed to reaching my targeted deadline by working tirelessly.
Bangladesh’s human capital has always been a force to reckon with. They are hardworking and not too expensive like their Asian counterparts. However, to yield higher productivity, we must improve their skill level. The recipe for success in industrialization must have ingredients like competitive labor force, forward looking government and enough money in the Bank. At FBCCI, I along with a bunch of visionary businessmen, I am trying to ensure those ingredients are in place. Political tumults being prevalent in every single continent and with the alarming surge of extremism, there is no alternative but to be united for a greater cause. This is why we have decided to spread our wings and be more inclusive. “Industry in every district” is a dream we want to materialize. In pursuit of that, I have made a call to all business chambers around the country: to strengthen their collaboration and widen their network which will enable all entrepreneurs to work on similar agendas and that will be the economic emancipation of Bangladesh. In the process, we have discussed with banks: how to come up with a win-win solutions for businessmen as well as bankers. A lower single digit interest rate will certainly spur investment at home; it will instigate large industries to become larger, eventually increasing production and creating employments. The same will give SMEs a big fillip and help them upgrade their status to large industries. We are also in discussions with foreign investors; assuring them that problems like policy logjam that have put various business facilitation processes in a rickety state will be overcome. Bangladesh is working hard to enter into the league of middle income countries. Our ever expanding middle class have caught the attention of the world market, a reflection of which we saw in a recent report by Boston Consultancy Group. Our manufacturers and producers will have to set the strategy in a way that will enable them to cater to consumer markets both at home and abroad.
One important thing to do in a young nation like Bangladesh is to change the mindset. The people of this country have never hesitated to roll up their sleeves and work for a brighter future. Nevertheless, if they don’t understand the importance of looking outside the box, they’ll fail to see the big picture. I am striving to keep the growth story going and for that it is imperative that we engage both parties from public and private sectors. Government bodies have to be more investment and business friendly and expedite processes that will help entrepreneurs have more faith in the system. It will boost their spirit of entrepreneurship. The drive should be made not only in Dhaka and Chittagong but throughout the whole nation.
Gone are the days when the world used to identify Bangladesh as a flood-prone, foreign aid-dependent country. We now act as a role model of many due to our success in ensuring food security along with other social indicators. Yet just like any rebranding process, we will have to keep on working to make Bangladesh’s presence felt wherever there is an opportunity. We need to set examples so that Bangladesh is perceived as one of the most lucrative investment destinations. My solemn request to the business community will be to take heart and be with us in the march toward a sunnier future.
