Economist Dr Hossain Zillur Rahman on Monday stressed the need to identify new drivers of growth, tackle business harassment, and strengthen the apex trade body to keep Bangladesh's economy on track amidst global changes and domestic challenges.
Speaking as the chief guest at a seminar in Dhaka, he said the country must move beyond the complacent narrative of "progressing" and focus instead on accelerating the pace of growth.
"We have to throw away this statement today that Bangladesh is progressing. Bangladesh is progressing -- this is not sufficient in today's reality. The main thing is the pace of progress. There is no room for complacency," said Dr Rahman, also a former caretaker government adviser.
The Bangladesh Business Forum (BBF) hosted the seminar titled 'Bangladesh's Actions in the Context of Trade War and the Role of FBCCI', in Dhaka.
He observed that alongside corruption, harassment in business has become a major reality and it should be recognised as 'a state disease'. "Just as we have to fight corruption, we have to apply the same force against harassment."
Highlighting growing vulnerabilities in the economy, Dr Rahman noted troubling indicators such as a reversal in poverty reduction trends, an "epidemic" rise in pseudo-unemployment, and increasing dropout rates in primary education.
"The frustration of the young society is portraying the real picture of this crisis," he remarked.
He added that cronyism and unethical practices have undermined confidence in the private sector for the past 15 years. However, as the driver of the economy, it must now be re-empowered, with special attention given to small and medium enterprises.
He also stressed the need to identify "new growth drivers" alongside ready-made garments and remittances, highlighting pharmaceuticals, agriculture, IT services, and leather as potential sectors.
Policy Exchange Bangladesh Chairman Masrur Riaz said the ongoing global trade war had created opportunities for Bangladesh, as American, European and Japanese companies adopt a "China Plus One" strategy.
"American imports are shifting away from China, and American companies are looking for alternative markets. Amid this situation, Bangladesh, as a non-aligned or openly non-political country, can become a promising destination," he said.
To capitalise on this opportunity, he suggested boosting competitiveness, improving trade facilitation, diversifying products, upgrading ports and infrastructure, reforming regulations, and enhancing governance.
He also highlighted the rising importance of digital and climate diplomacy in global politics.
Metropolitan Chamber of Commerce and Industry (MCCI) President Kamran T. Rahman said that the deterioration of law and order, currency devaluation, and inflation had emerged as major challenges over the past year.
Although Bangladesh has a labour force of 65 million, only 12 million are in the formal sector, he noted, while most migrant workers remain unskilled and earn less than their peers in India or Sri Lanka.
He called for extending the country's Least Developed Country (LDC) graduation deadline by three years beyond 2026 and strengthening ties with BIMSTEC nations.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem said the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) had failed to play an effective role in addressing traders' problems and urged that trade organisations be freed from partisan influence.
Business leader Safi Ullah Chowdhury was more critical, saying businessmen today felt "like orphans" and accusing the FBCCI of failing to protect business interests under the previous government.
He objected to the appointment of a former bureaucrat without business experience to head the organisation, citing rising port charges and harassment faced by traders.
At the event, the Bangladesh Business Forum introduced noted businessman and President of the Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA), Abdul Haque, as their presidential candidate in the FBCCI election.
Businessmen, along with former directors, presidents, and vice presidents of FBCCI, expressed concerns that the chamber had been run by "pocket committees" over the past 15 years, rather than by competent leadership.
They called for early elections to transform the FBCCI into a truly representative and effective body, and extended their support to Abdul Haque.
Abdul Haque, who is contesting the FBCCI presidency under the BFB panel, unveiled his election pledges. His first priority, he said, would be to recruit suitable manpower and ensure that leadership positions are not treated as retirement options for ex-bureaucrats or professionals.
Other promises included strengthening affiliated chamber secretariats, recruiting skilled officers for research and innovation, diversifying exports into IT, agriculture, pharmaceuticals, and light engineering, creating special SME funds, supporting women and youth entrepreneurs, implementing digital transformation (including e-governance and blockchain trade facilitation), and positioning FBCCI as a policy think tank.
He also pledged to make the FBCCI a focal point for engagement with the government, foreign embassies, and international business organisations, and to rebuild it as a symbol of unity and trust among businessmen.
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