United News of Bangladesh

Finance Minister Amir Khosru Mahmud Chowdhury on Sunday said Bangladesh’s economy must become more participatory and inclusive so that every citizen can take part in economic activities, stressing that cooperation from all stakeholders is essential to take the ‘Bangladesh story’ to the global arena. “Political democracy alone is not enough. We also want democratisation of the economy,” he said while addressing the inauguration of the second phase of the RAISE project titled “Stepping Forward” at the PKSF auditorium in the capital. Financial Institutions Division Secretary Nazma Mobarek attended the event as special guest, while World Bank Acting Division Director for Bangladesh and Bhutan Dr Gayle Martin spoke as guest of honour. PKSF Chairman Zakir Ahmed Khan presided over the programme and PKSF Managing Director Md. Fazlul Kader delivered the welcome speech. He said the government has introduced strict benchmarks for project approval to ensure transparency, accountability and proper use of public funds. “We are now evaluating projects based on return on investment, employment generation and environmental considerations. If a project does not meet these standards, we will not undertake it,” he said. Khosru said taxpayers’ money must be used carefully and people should know the rationale, expected outcomes and public benefits of every project. Referring to the government’s broader economic philosophy, he said the administration is focusing more on social programmes and public welfare instead of mega projects. He said many ordinary people had long remained outside economic participation due to “oligarchic and patronage-based economic practices”, while poverty continued to rise. The minister said the government has introduced several people-oriented initiatives, including Family Cards, Farmers Cards and expanded healthcare programmes, to strengthen purchasing power, social protection and local economies. Explaining the Family Card initiative, he said women who manage households often receive little recognition despite carrying the burden of family management. Khosru said the government is also moving towards universal healthcare as out-of-pocket health expenditure in Bangladesh remains very high. “We want to strengthen preventive and primary healthcare services, and this will be reflected in the upcoming budget through increased allocations to health, education and social sectors,” he added. Highlighting the importance of utilising the country’s demographic dividend, he said the remaining window of opportunity must be fully harnessed through skill development, employment and entrepreneurship programmes. The minister also underscored the importance of the “creative economy”, saying traditional artisans, cottage industries and cultural workers must be integrated into mainstream economic activities. He said the government plans to provide artisans with financial support, design assistance, branding, marketing and access to international markets through digital platforms. Referring to the “One Village, One Product” concept, he said villages specialising in products such as “Shital Pati” would receive loans, skill development training, branding support and online marketing opportunities to improve incomes and export potential. Drawing examples from Thailand, he said coordinated government support for local producers can transform rural economies and create globally competitive products. The minister also stressed the economic importance of culture, theatre, music and sports, saying these sectors should be recognised as part of the country’s creative industries and contributors to GDP. “GDP is not only about manufacturing. Creative industries, sports economy and cultural activities also generate employment and economic value,” he said. Khosru said the government is working under significant domestic and global pressures, including geopolitical tensions and economic challenges, but remains committed to its long-term vision. “With cooperation from all, we want to present the story of Bangladesh before the world,” he said. PKSF has launched the second phase of the RAISE skills development project aiming to provide skills training and financial support to an additional 200,000 youth and small entrepreneurs. Under the project, jointly financed by the World Bank and PKSF, around 205,000 young people have already received training and loan support to enhance the capacity of informal sector entrepreneurs and create sustainable employment opportunities across the country. Speakers at the event said a total of 423,100 people are expected to directly benefit from the project by 2030.