A moment of much-needed breath of fresh air for Bangladesh's people comes with the emergence of an interim government, headed by Dr Yunus. It's nothing short of a turning point for the nation, for a renascence. From an economic standpoint, it has not only exposed and begun to dismantle the rampant looting of the nation's wealth but also set in motion critical steps to overhaul and revive a system long decayed at its very core-both constitutionally and bureaucratically.
This rare moment in history, a chance to rebuild the nation's government from the ground up, may not present itself again in our lifetime. The bold reforms spearheaded by this post-uprising interim administration promise to leave an indelible mark on future generations, shaping the country's destiny for years to come.
However, with due respect towards and appreciation for all the positive changes being made, there is one very significant group whose viewpoints have been left out or rather inadequately represented when it comes to decision-making and strategy development within the highest level of government - the private sector.
We have a highly qualified and educated group of individuals from diverse backgrounds i.e. lawyers, civil servants, military personnel, NGO heads, university professors and students who are running the interim government. However, with all due respect to folks from such virtuous, important and impactful backgrounds, members of the private sector also play a substantive role in the economy, such as maintaining and growing the country's foreign- currency reserves, employing people, and controlling the supply, distribution and prices of essential goods.
As such, their role should be acknowledged, and they should be integrated into the process of overhauling the system, especially when it comes to the more delicate matters like freeing up markets that are controlled by syndicates. It is to be noted that business syndicates have monopolistic control over most major economic sectors, from essential commodities to energy, and this is creating high market inefficiencies and negatively affecting consumers and, in some cases, producers.
Meanwhile, the syndicates become cash-rich by unfairly controlling supply and market prices. The government can greatly benefit from working with private-sector specialists who can provide insights into how these syndicates can be controlled and broken up while avoiding an economic collapse.
In addition, there are several ways in which the interim government can benefit from increasing the private sector's involvement in their work. The private sector possesses vital expertise in market dynamics, innovation, and resource management. This could help the government craft more effective economic policies while taking into account the obstacles this sector had faced in the past. Businesses are also major job creators, and their involvement ensures that policy frameworks and the way in which they are implemented to support job growth, reduce unemployment, and foster sustainable economic stability. Moreover, private companies can help create an environment which attracts both domestic and foreign investments, making Bangladesh a more appealing destination for investors.
The private sector's focus on innovation can also drive the adoption of modern technologies, enhancing the country's competitiveness on a global scale. Currently, our main strategy for remaining competitive on the global market is through production at lower labour costs, but we need to keep a long-term view in mind and work on diversifying towards technological innovation as a source of competitive advantage.
Furthermore, the private sector's expertise in setting up and carrying out operations in an efficient manner can assist the government in reducing redundancies in the bureaucratic processes or framework and accelerating project implementation while maintaining sufficient accountability. This is particularly important in large-scale public-private partnerships (PPPs), for infrastructure and energy.
Private-sector involvement also ensures that government regulations are seen as practical and beneficial rather than burdensome to both business and public interests. By participating in policy formulation, private entities can help balance economic growth with social welfare, ensuring that the benefits of economic development are maximised and widely shared across different sectors of society.
Although government bureaucrats have traditionally been at the forefront of economic planning and policymaking, the private sector can bring with it a burst of dynamism, innovation, efficiency, and a forward-thinking approach, and now is as good a time as any to invite key stakeholders of the private sector to bring their experience and expertise to the table and help set the economy on an upward trajectory in an effective and efficient manner.
Recently, the representation of the private sector has gained a bad reputation due to the involvement of certain individuals in corruption and other illegal activities. However, it would be rather unfair to hold a negative connotation towards the entire sector based on the acts of a few.
Finally, if we want to keep up with the global market while creating value within the country at an exponential rate, we need to transition from primarily being a low-cost labour hub to a diversified, innovation-driven economy, and the private sector can greatly help in this area.
Alternatively, the private sector can also adopt an organised form of activism and engage in constructive collaboration with the government. Often, owners of private businesses or the heads of business associations go to the media and criticise the shortcomings of the government. Instead, having a structured process which involves performing in-depth analysis, voicing concerns about major obstacles being faced by businesses, and presenting sophisticated and feasible solutions to the issues would be a good place to start. Improvement is a continuous process and productive collaboration between both sides can help accelerate the process.
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