Dhaka: Finance Minister Amir Khosru Mahmud Chowdhury on Sunday emphasized the necessity of making Bangladesh's economy more participatory and inclusive, highlighting that the involvement of all stakeholders is crucial to elevating the 'Bangladesh story' on a global scale. 'Political democracy alone is not enough. We also want democratisation of the economy,' he remarked during the inauguration of the second phase of the RAISE project, titled 'Stepping Forward,' at the PKSF auditorium in the capital.
According to United News of Bangladesh, Financial Institutions Division Secretary Nazma Mobarek attended the event as a special guest, while World Bank Acting Division Director for Bangladesh and Bhutan Dr Gayle Martin participated as guest of honor. PKSF Chairman Zakir Ahmed Khan presided over the program, and PKSF Managing Director Md. Fazlul Kader delivered the welcome speech.
The finance minister stated that the government has introduced stringent benchmarks for project approval to ensure transparency, accountability, and the proper utilization 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,' Khosru explained, emphasizing the careful use of taxpayers' money.
He further pointed out that the government's broader economic philosophy focuses more on social programs and public welfare rather than mega projects, acknowledging that many ordinary people have long been excluded from economic participation due to 'oligarchic and patronage-based economic practices,' which have contributed to rising poverty.
The minister highlighted several people-oriented initiatives introduced by the government, such as Family Cards, Farmers Cards, and expanded healthcare programs, aimed at strengthening purchasing power, social protection, and local economies. The Family Card initiative, for instance, recognizes the vital yet often unacknowledged role of women in household management.
In addressing healthcare challenges, Khosru noted the government's move toward universal healthcare, acknowledging that out-of-pocket health expenditure in Bangladesh remains high. He emphasized the importance of strengthening preventive and primary healthcare services, which will be reflected in the forthcoming budget through increased allocations to health, education, and social sectors.
Khosru also underscored the significance of utilizing the country's demographic dividend by harnessing opportunities through skill development, employment, and entrepreneurship programs. He advocated for integrating traditional artisans, cottage industries, and cultural workers into mainstream economic activities, highlighting plans for financial support, design assistance, branding, marketing, and international market access through digital platforms.
Referring to the 'One Village, One Product' concept, he outlined plans for villages specializing in unique products to receive loans, skill development training, branding support, and online marketing opportunities to enhance incomes and export potential. Drawing parallels with Thailand's coordinated government support for local producers, he emphasized the potential for transforming rural economies and creating globally competitive products.
The minister also stressed the economic importance of culture, theater, music, and sports, advocating for their recognition 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 stated.
Khosru acknowledged the significant domestic and global pressures the government faces, including geopolitical tensions and economic challenges, but reiterated its commitment to a long-term vision. 'With cooperation from all, we want to present the story of Bangladesh before the world,' he concluded.
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 noted that a total of 423,100 people are expected to directly benefit from the project by 2030.