Dhaka: Finance Adviser Dr. Salehuddin Ahmed has called on the private sector to take a more prominent role in generating employment and expanding into global markets, noting that the government alone cannot sustain long-term economic growth.
According to Bangladesh Sangbad Sangstha, Dr. Salehuddin emphasized the necessity for the private sector to prepare for tougher global competition, especially as Bangladesh approaches its graduation from the Least Developed Country (LDC) category. He stated that private companies must be the main drivers of employment, as the government can only create jobs in a limited number of areas.
While addressing the 23rd edition of the DHL-The Daily Star Bangladesh Business Awards at a city hotel, Dr. Salehuddin highlighted the need for competitiveness and understanding of both global and local dynamics. He assured that the government is working to support the private sector through policy reforms and process simplification.
Dr. Salehuddin praised the entrepreneurial spirit of Bangladeshi businesses, noting their success in expanding internationally. He shared a personal anecdote of seeing Pran Chanachur on store shelves in Fiji, attributing this to the efforts of Bangladeshi entrepreneurs.
As a former governor of Bangladesh Bank, he acknowledged the fiscal challenges facing the government and stressed the importance of balancing revenue generation with maintaining a business-friendly environment. While there are requests for tax adjustments and increased cash incentives, he emphasized the need to proceed carefully given limited resources.
He also highlighted Bangladesh’s growing credibility in the international business community, citing a recent meeting with the US Chamber of Commerce where companies like Chevron and MetLife expressed satisfaction with Bangladesh’s financial obligations record. Dr. Salehuddin remarked that Bangladesh is increasingly viewed as a positive case study, shifting from associations with poverty to progress.
He concluded by urging closer collaboration between the government and private sector, expressing optimism about Bangladesh’s development trajectory and emphasizing the importance of not hindering necessary reforms.
The ceremony also honoured outstanding individuals and institutions for their contributions to Bangladesh’s economy. Ahsan Khan Chowdhury of Pran-RFL Group was named Business Person of the Year 2024, Walton Hi-Tech Industries PLC received the Enterprise of the Year award, City Bank was recognized as the Best Financial Institution of the Year 2024, and Sadia Haque was honoured as the Outstanding Woman in Business 2024. The Lifetime Achievement Award was presented to M. Anis Ud Dowla, Chairman of ACI Group.