Dhaka: Finance Minister Amir Khosru Mahmud Chowdhury today declared that there will be no political interference in the financial and economic sectors, ensuring that all institutions would operate on a fully professional basis without political appointments or influence. “The government’s political influence or appointments will not work here. These institutions will be run professionally with full transparency and efficiency,” he stated during the inauguration of the “Bangladesh Startup Investment Company (BSIC)” at a city hotel.
According to Bangladesh Sangbad Sangstha, the finance minister emphasized that the initial capital of the Bangladesh Startup Investment Company would be increased in the future. He described the initiative not merely as an investment institution but as a platform to enhance the visibility of the country’s overall startup ecosystem, as mentioned in a Finance Ministry press release.
Highlighting the challenges faced by young entrepreneurs, Amir Khosru identified lack of funding and inability to provide collateral as the two major problems confronting the youth. “Through this initiative, these two barriers have been removed. The investment decision-making process here will be fully transparent, efficient and professional,” he asserted.
The initiative is directly linked to the government’s political manifesto, aiming to create employment opportunities for one crore people by leveraging the country’s demographic dividend. Special emphasis will be placed on the creative economy to integrate both rural and urban youths into the mainstream economy.
Referring to reforms in the financial sector, the finance minister acknowledged the current challenging period and highlighted the government’s progress towards capital market reforms and deregulation. Skilled professionals have been appointed as advisers in the investment and capital market sectors, with large domestic and international investment management firms and development partners collaborating with the government.
“We are also working to overcome the under-capitalization of the country’s banking and private sectors,” he noted. Expressing optimism, Amir Khosru stated that the startup company would not be confined to banking sector investments but would also encourage international venture capital firms to invest in Bangladesh.
He assured that the Ministry of Finance would provide all necessary policy support for the project’s success. The finance minister also mentioned that several banks in the country have jointly launched the venture capital initiative, which could open new horizons for Bangladesh’s economy.
BSIC Chairman Masrur Arefin presided over the function, which was also addressed by Bangladesh Bank Governor Md. Mostakur Rahman and BAB Chairman A H Sarkar, among others.