Dhaka, Aug 22 (V7N) – Finance and Planning Minister Amir Khosru Mahmud Chowdhury today said Bangladesh's economy has once again been turned around from a difficult situation, attributing the achievement to the country's private sector-led growth model and the government's facilitation role.

"Bangladesh has been unfortunate that whenever the BNP comes to power, it inherits the country at a time when the economy is in a devastated condition. The good thing is that we have been able to turn around the economy like in the past, even after taking responsibility during difficult times," he said while addressing a seminar titled "Biannual Economic State in FY2026: Fiscal & Monetary Perspective and Private Sector Expectations" organised by the Dhaka Chamber of Commerce and Industry (DCCI).

The minister said the private sector growth is one of the founding principles of the BNP's economic philosophy, with the government's role being to facilitate private-sector-led economic activities. "The Prime Minister's economic philosophy is that Bangladesh will have a private-sector-driven economy, where the private sector will drive growth and the public sector will facilitate that process. We are trying to do that together with all of you," he said.

Emphasising on attracting more investment, Khosru said there is "no way out" of the current economic challenges without increasing investment. "If there is no investment within the country, foreign investors won't come. The confidence and incentives needed to attract foreigners won't be created unless Bangladeshi businesses themselves invest," he said.

The minister acknowledged that many obstacles to investment and ease of doing business are deeply rooted and cannot be removed overnight. He said the government is working to reduce regulatory barriers, has formed a committee and planned a dedicated website through which businesses can report obstacles. The government is also introducing time-bound measures in customs and port operations to reduce the cost of doing business and expedite import clearance. "We are not leaving anything open-ended. Every decision of this government is being given a timeframe," he said.

Regarding the energy crisis, Khosru said the government inherited a difficult situation and cannot resolve shortages within a day. He said energy reserves of barely 15-17 days have now been increased to around one month, with a target of building reserves equivalent to three months. "The energy crisis will improve slowly. It will improve, but slowly. I know the industry is suffering because of this," he said.

On banking sector reforms, the finance minister said the government has introduced a package for businesses affected by circumstances beyond their control, and a Tk 60,000-crore financing package for small and medium enterprises, with political influence not allowed in disbursement. "Those who fulfil the criteria will receive the loans. There will be no political influence in giving loans," he said.

Khosru said the government is also working to bring artisans, cottage industries, sports, entertainment and other creative sectors into the mainstream economy under its concept of "democratisation of the economy."

The minister also stressed the need to raise the tax-GDP ratio to expand fiscal space, pursuing automation across taxation and port systems to reduce physical contact, increase transparency and curb corruption. On alternative financing, he said Bangladesh is preparing to issue dollar bonds and explore other financing instruments to reduce pressure on bank financing.

Regarding renewable energy, he said solar power is currently the fastest option for expanding energy supply and the government has set ambitious targets for solar generation while also exploring coal and nuclear power to reduce dependence on imported energy.

"I can't do anything alone. The finance minister can't do anything alone, and the government can't do anything alone. I believe in partnership and teamwork. Without that, progress will not be possible," he said, urging the private sector to remain engaged with the government in addressing economic challenges and implementing reforms.

DCCI President Taskeen Ahmed delivered the welcome remarks and presented the keynote paper, while Policy Research Institute of Bangladesh Chairman Dr Zaidi Sattar, ICC Bangladesh President Mahbubur Rahman, and PPRC Executive Chairman Dr Hossain Zillur Rahman addressed the seminar as special guests.

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