PM's China, Malaysia trips a game changer for economic recovery: Prof Abu Ahmed

Chairman of Investment Corporation of Bangladesh (ICB), Professor Abu Ahmed, has said Prime Minister Tarique Rahman's visits to China and Malaysia will be a "game changer" for the country's economic recovery, reports UNB.
He said the high-level visits would play a crucial role in securing development assistance, attracting new foreign investment, and creating domestic employment opportunities.
The noted economist made the remarks while speaking at a shadow parliament debate competition held at the Bangladesh Film Development Corporation (BFDC) in Dhaka on Saturday.
The event, titled 'This budget is capable of restoring the shattered economy,' was organised by Debate for Democracy.
Defending the size of the national budget, the ICB chief said a large budget is not inherently problematic.
"An elected government has every right to propose a large budget to implement its development programmes. However, the key lies in improving implementation efficiency, and this government must be given adequate time to steer the economy towards recovery," he said.
Referring to past financial practices, Prof Ahmed alleged that during the previous autocratic regime, major business houses could not operate without accommodating government interests, turning commerce into a system marked by irregularities, corruption, and partisan influence.
He further criticised past mega-infrastructure projects including Padma Bridge Rail Link, Bangabandhu Sheikh Mujibur Rahman Tunnel (Karnaphuli Tunnel), Payra Port, and the Rooppur Nuclear Power Plant, claiming they were initiated without proper assessment of national interests.
"The current government has adopted a conservative approach toward mega projects, prioritising human resource development instead. While we could not see any light at the end of the tunnel in the past, we are now optimistic. The despair is lifting," he added.
To keep the momentum of the economy, Prof Ahmed stressed the urgency of creating an investment-friendly environment, pointing out that Bangladesh's corporate tax rates are higher than competing regional economies like India, Vietnam, Laos, Cambodia, and Singapore. "If we cannot rationalise our tax rates to match these nations, we will fail to attract foreign direct investment," he warned.
Chaired by Hasan Ahmed Chowdhury Kiron, Chairman of Debate for Democracy, the programme also highlighted ongoing industrial vulnerabilities.
In his speech Kiron alleged that the previous Awami League government weaponized overvalued mega projects to build a "plunder-based economy," asserting that 25 percent to 30 percent of those expenditures were fraudulent.
He called for the rationalisation of deeply bleeding projects to curb further state wastage.
Expressing concern over the investment climate, Kiron revealed that over 500 industrial factories closed down in the last two years due to a severe shortage of gas, electricity, and production capacity, leaving more than 150,000 workers unemployed.
"Even financial loans cannot save these factories if basic utility services like gas and electricity are unavailable.