Abdul Awal Mintoo, former President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Vice-Chairman of the Bangladesh Nationalist Party (BNP), has criticised the interim government’s measures, claiming they are creating barriers to investment.
He argued that individuals with no history of investment, wealth creation, or employment generation are imposing their decisions on investors through coercive means.
In an interview with a national daily, the prominent businessman and politician stressed that until this inverted societal approach is corrected, business expansion, increased investment, and job creation will remain elusive.
Abdul Awal Mintoo said price is linked to production and supply.
"Previously, we were governed by a form of politics that I am compelled to describe as the politics of criminalisation. Currently, we are under elite-driven politics. Each adviser offers different opinions. Have they ever invested in production? I doubt it. Therefore, they do not understand production management or commerce," he added.
When asked what types of crises he perceives in the national economy, Abdul Awal Mintoo said several elements are crucial for economic prosperity.
"First and foremost is social order. If law and order are not maintained, conducting business becomes impossible, and new investments will not occur. Secondly, the ongoing instability in the banking sector is a major concern. For years, there have been irregularities in loan distribution, overlooked by the Bangladesh Bank. Many banks were controlled by various families. Now, suddenly, the Bangladesh Bank is attempting to enforce strict controls. Thirdly, the high inflation rate is being addressed through contractionary monetary policies. This results in severe restrictions on banks, and when contractionary policies are applied to private sector investment, the scenario becomes chaotic. When it comes to government borrowing, however, there is no contraction; loans are provided as requested," he said.
"This tri-fold crisis in the banking sector cannot be resolved with stringent policies alone. Currently, businesses face major obstacles due to issues related to law and order and banking instability, both rooted in politics," he added.
Stating what steps are necessary for reforms to succeed, Abdul Awal Mintoo said a societal structure has emerged where business cannot be conducted without servility, nor can loans be obtained from banks.
"Politicians have led us to this state. Now, all blame is being shifted onto the business community. Over the past 15-20 years, politics has consumed the economy, with politicians also engaging in business. These issues cannot be rectified easily. You speak of reforms. How many reforms can you implement? Constitutional reforms, and institutional reforms are needed," he added.
"Reforming the constitution requires public involvement, but there seems to be no engagement with the populace. Institutional reforms should be prioritised urgently. Electoral process reforms are crucial to ensure fair elections where no malpractices occur. Free and fair elections will establish a democratic government accountable to the people," the BNP leader further said.
