Abdul Awal Mintoo, a former president of the FBCCI and a senior BNP leader, has stressed that only an elected government can ensure accountability to the people and steer Bangladesh out of its current economic challenges.
Speaking at a discussion titled "Current Business and Economic Scenarios: The Way Forward," held at the ERF Auditorium in Paltan on Monday, Mintoo highlighted the urgent need for an elected political government to restore investor confidence and promote economic recovery.
Mintoo criticized previous unelected governments for derailing the country’s macroeconomic stability by undertaking unplanned and unproductive mega projects.
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He noted that the reliance on costly short-term foreign loans to fund these projects has contributed to inflation and placed a burden on the economy that will take years to resolve.
Highlighting the dire employment situation, Mintoo said that around 22-23 lakh youths are ready to enter the workforce each year, but job creation has stagnated due to dwindling investment and reduced private-sector credit flow.
The government’s high-value foreign loan repayments are adding to the economic strain, forcing them to borrow from domestic banks. This is further limiting credit availability for private businesses, he explained.
Mintoo argued that Bangladesh currently lacks an environment conducive to investment, deterring much-needed foreign investors.
Mintoo also criticized some economists for making statements that he believes have exacerbated public anxiety during the ongoing economic crisis.
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“These economists do not contribute to asset or job creation. Their irresponsible comments have caused unnecessary panic among the public,” he said.
Mintoo called on the government to create a trade- and investment-friendly environment, emphasizing that this is key to increasing job opportunities and fostering economic growth.
If the private sector cannot operate in a free and fearless environment, investment will not grow, and neither will job creation, he said.