Bangladesh’s economic activities will speed up under the leadership of the new finance and commerce ministers, said leaders of the country's business community.
Newly elected members of parliament AHM Mustafa Kamal and Tipu Munshi have been appointed as the new Finance Minister and Commerce Minister, respectively.
Cabinet Secretary Mohammad Shafiul Alam announced the new cabinet designations of lawmakers, on Sunday. The new cabinet will comprise of 24 ministers, 19 state ministers, and three deputy ministers, who will take their oaths at the Bangabhaban today, at 3pm.
Finance Minister AMA Muhith and Commerce Minister Tofail Ahmed were both dropped from the new cabinet being formed under the 11th parliament.
Speaking to the Dhaka Tribune, Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President Shafiul Islam Mohiuddin, said: “The previous commerce and finance ministers performed their duties well, but the newly appointed ministers will help the country's trade and commerce gain pace.”
Mohiuddin hopes that the duo will brainstorm to come up with business-friendly policies, and help the country make the most out of trade and commerce.
“They will have to do something to push the country up from its current 176th rank in the World Bank's Ease of Doing Business index,” the FBCCI President furthered.
Suggesting to bring down interest rates against bank loans to single digit, he said: “The finance minister will do his part to this end properly.
"Despite becoming a minister for the first time, Tipu Munshi is a seasoned and honest politician with 50 years of experience in business," Mohiuddin added.
Regarding Tipu Munshi as a successful businessman, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Md Siddiqur Rahman, said: “We expect that he will better understand the challenges being faced by the local business community.”
Economists suggested the new ministers to concentrate on bringing discipline to the banking sector, and to focus on export markets to maintain growth of earnings.
“The commerce minister will have to focus on export diversification, to ensure booming export volume," said former caretaker government adviser AB Mirza Azizul Islam, adding that Tipu will need to keep an eye out for syndicates trying to take advantage of price manipulation in commodities market.
"For the new finance minister, the greatest challenge will be to bring discipline to the country’s banking sector, which suffered a lot due to soaring non-performing loans caused by lack of good governance in banks," said the economist .
Speaking to the Dhaka Tribune, Abdul Halim Chowdhury, managing director of Pubali Bank, said: "AHM Mustafa Kamal is a learned and experienced person, who successfully lead the Planning Ministry during his tenure as the Planning Minister. He also has the capacity to take the country's banking sector to new heights.”
