The interim government has been working to break syndicates in order to ensure good governance and ease of doing business, Chief Adviser's special envoy on international affairs Lutfey Siddiqi said.
He disclosed the decision while addressing a seminar at the Economic Reporters' Forum (ERF) auditorium in the capital on Tuesday.
If syndicates exist among businesses, these turn into nexuses, Mr Siddiqi said, adding that market cannot function as expected within a regulatory environment, where market forces should have naturally determined the outcome.
In some cases, anticompetitive clauses can be found inserted within existing laws. As a result, this syndicate becomes almost legal, lawful and institutional, he mentioned.
"We need to address these issues through reforms," the special envoy noted.
Bangladesh has no other option rather to be graduated in 2026, he said, adding that the graduation would bring immense potential to the country along with challenges.
Mr Siddiqi stressed the need for timely preparations and actions to face the challenges and turn them into opportunities by turning the country into a hub of manufacturing, processing and skilled manpower with complying international labour standards.
The seminar titled 'LDC Graduation: Impacts on Agro Sector, Export Diversification and The Way Forward' was jointly organised by ERF and Bangladesh Agrochemical Manufacturers Association (BAMA).
Highlighting Bangladesh's geopolitical location and strategic advantage in becoming a manufacturing hub, Mr Siddiqi said, "Bangladesh is the perfect location to be the hub like Dubai and Singapore."
Bangladesh has the demographic dividend as its large population is young people and turning them to skilled ones, it can take leverage of its large workforce, he noted. The processing zone like halal food can be set up here in the country, the special envoy mentioned.
To achieve the goals, the interim government is working how to tackle the syndicate that is rooted in every sector, he stated.
Mr Siddiqi, however, admitted it is difficult to coordinate all government ministries and agencies and the interim government is identifying problems and working to crack business syndicates and streamline services.
Citing an example, he said, one of the benefits of this initiative is evident in air ticket prices which were previously inflated due to syndicates.
The special envoy also noted that labour standards have to be fully compliance with international standards and labour, environmental standards and green credentials would enable Bangladesh in the post-graduation era.
Munni_fe@yahoo.com
