Restoring business confidence
Saturday, 8 September 2007
The government-business dialogue last Wednesday was an earnest attempt on the part of the government to allay whatever fears and lack of confidence that the business community has been suffering from in recent months. The confidence of the business community is very crucial for good performance of the economy. The present reconstituted caretaker government which has shown missionary zeal to reform all vital sectors, may have unintentionally created some anxieties in the business community and this factor was recognised by the Chief Adviser in the dialogue. But the holding of the dialogue at government initiative shows the latter's responsiveness to the feelings and views of major stakeholders in the economy. This positive attitude is only democratic and fair and, therefore, commendable.
The dialogue very probably will lead to sufficient removal of fears from the minds of business people and encourage them to reengage in their occupations with full seriousness. Some business leaders indicated after the conference that they felt very assured by it. Thus, the dialogue has been a positive move and stimulator from the government side. The ones who matter in decision-making firmly pledged that genuine businesses from now on could rest assured about no further confidence eroding measures from official organisations. Businessmen were told that the government has decided to put a cap on the hunt for identifying corrupt businessmen. A final list of businesses to be targeted would be published this month and the total number would not exceed 220. Thus, a line is being drawn and businessmen in great number outside the coming list should have no hesitation in doing their businesses with complete confidence. This message was well conveyed to representatives of businesses at the meeting.
Other proposals were made and the same can be expected to be acted upon under a time-bound framework at the earliest. The same should include the offer of imminent disinvestment of all government shares, both existing and unlisted, in the capital markets. This would provide a ready opportunity for both businesses and investors to help themselves with a good investment opportunity as well as in giving a boost to the capital markets. Ordinary people are also likely to be benefited from the buying of these shares and finding a sound investment outlet. The government on its part will be in a position to mobilise a huge amount of resources through the unloading of shares to undertake various urgent works for better performance of the economy and welfare of the people. The Chief Adviser informed the conference about the formation of the Bangladesh Better Business Forum with the expressed aim of knowing the views of the private sector about government's various regulatory activities pertaining to business. Thus, a regular consultation mechanism would be available to businesses to air their views and grievances to the government for understanding and redress actions.
The outcome of the dialogue has been understandably quite encouraging. What would matter now are immediate and spontaneous results as the positive outcome of the meeting. The government's assurance of complete peace of mind for businesses must be now experienced fully at the ground level. Only realities matching with the assurances extended in the meeting will enthuse businesses to engage in their operations in a full-fledged manner.
The dialogue very probably will lead to sufficient removal of fears from the minds of business people and encourage them to reengage in their occupations with full seriousness. Some business leaders indicated after the conference that they felt very assured by it. Thus, the dialogue has been a positive move and stimulator from the government side. The ones who matter in decision-making firmly pledged that genuine businesses from now on could rest assured about no further confidence eroding measures from official organisations. Businessmen were told that the government has decided to put a cap on the hunt for identifying corrupt businessmen. A final list of businesses to be targeted would be published this month and the total number would not exceed 220. Thus, a line is being drawn and businessmen in great number outside the coming list should have no hesitation in doing their businesses with complete confidence. This message was well conveyed to representatives of businesses at the meeting.
Other proposals were made and the same can be expected to be acted upon under a time-bound framework at the earliest. The same should include the offer of imminent disinvestment of all government shares, both existing and unlisted, in the capital markets. This would provide a ready opportunity for both businesses and investors to help themselves with a good investment opportunity as well as in giving a boost to the capital markets. Ordinary people are also likely to be benefited from the buying of these shares and finding a sound investment outlet. The government on its part will be in a position to mobilise a huge amount of resources through the unloading of shares to undertake various urgent works for better performance of the economy and welfare of the people. The Chief Adviser informed the conference about the formation of the Bangladesh Better Business Forum with the expressed aim of knowing the views of the private sector about government's various regulatory activities pertaining to business. Thus, a regular consultation mechanism would be available to businesses to air their views and grievances to the government for understanding and redress actions.
The outcome of the dialogue has been understandably quite encouraging. What would matter now are immediate and spontaneous results as the positive outcome of the meeting. The government's assurance of complete peace of mind for businesses must be now experienced fully at the ground level. Only realities matching with the assurances extended in the meeting will enthuse businesses to engage in their operations in a full-fledged manner.