A high-powered task force will be formed as part of the deregulation initiative to build an investment-driven economy, Finance Minister Amir Khasru Mahmud Chowdhury said.
At the same time, a special website will also be launched so that investors affected by negligence, delay or irregularities of government officials or institutions can directly file complaints.
At a post-budget press conference on Friday (June 12), the finance minister said that Bangladesh has to move to an investment-driven economy and this is no longer an option, but an obligation.
A high-powered task force will monitor the effective implementation of the policies being formulated to implement this goal.
He said: "It (task force) will closely monitor where the new investment policies are being violated, who is creating obstacles or where administrative complications are being created." In addition, if the affected person or organization files a complaint on the designated website, immediate action will be taken.''
Chowdhury further stated that to increase domestic and foreign investment in Bangladesh, deregulation must be implemented. No compromise will be made in its implementation.
“If any service is not completed within the specified seven days, accountability will be ensured for why the delay occurred and who is responsible for it."
Responding to a question at the press conference, he said: "The government's implementation of the inclusive economy or 'people's economy' is not possible for the government alone. For this, the private sector, NGOs and various stakeholders are being involved."
"If a marginalized woman in Barisal makes a Shital Pati (handwoven mat), then necessary support will be provided to convert the product costing Tk700 into a product costing Tk2,000 through design development, market expansion and value addition. For this, the work of establishing a central design center has already begun."
The finance minister said that the private sector and development partners will be involved in the implementation of the project and a specific deadline will be set for each program. Not only planning, but also implementation is being started along with the decision.
He said: “This government is taking decisions every day and is moving towards rapid implementation. Within a month of taking the decision on the family card program, the pilot project has started. The pilot program for the farmer card program is also starting. We do not want to limit any issue to just policies.”
“We had to prepare an inclusive budget for everyone,” Khosru said. “For the past one and a half decades, our economy was a patronage economy. It was an economy for a few people. Certain individuals and groups received special advantages.”
Inflation management
The finance minister acknowledged that inflation remains one of the country’s biggest economic challenges and warned that the problem cannot be solved through short-term administrative measures alone.
Inflation is not a three-month issue. It has been building up for years, and over the last three years it has become a persistent challenge. On top of that, the Middle East conflict has added a new external pressure, he said.
At the same time, he pointed to structural weaknesses within the economy, including inefficiencies in business operations, logistics and financing.
“Banks are carrying huge capital shortages because of years of looting and money laundering. As a result, the cost of funds remains very high, and that cost is ultimately reflected in prices,” he said.
“From obtaining a licence to receiving goods from the port and transporting them to factories, costs continue to rise at every stage. All these costs are eventually added to the price consumers pay,” he said.
“If we can reduce our domestic cost of doing business, it will have a positive impact on inflation. We want to build reserves and maintain better planning in fuel, food, and fertilizer procurement,” he said.
On the issue of government salaries, the minister defended the decision to introduce a new pay scale, noting that public servants have not received a major salary revision for nearly 11 years despite significant increases in living costs.
Information Minister Zahir Uddin Swapon and Power Minister Iqbal Hassan Mahmood Tuku were also in attendance.