Industrialists and economists urged major political parties to come up with strong political agenda to turn the local economy into a regional business hub, with pledges to address institutional weakness of key monetary institutions, pervasive corruption and deliver a long-term investment policy in their election manifestos.
While the main political parties are in the process of drafting manifestos in the run up to the December 30 national elections, the chamber leaders urged to prioritise economic policies over political issues to steer the economy to double-digit growth trajectory.
“The economy needs massive investment to take the country to a middle income nation. To allure the local and foreign investment, the next government must have a vision to improve the ease of doing business index with holistic reforms in bad regulations,” FBCCI president Shafiul Islam Mohiuddin told the Dhaka Tribune.
“The enhanced investment will turn our local economy into an attraction for regional business, which eventually creates jobs opportunity for millions of unemployed youth.”
Another chamber leader said as the incumbent government opened the Chittagong sea port for Indian business people, the opportunity should equally apply to other South Asian economies. If election manifestos focus on the transborder business model, foreign investors would be lured to invest in Bangladesh to grab huge local and mammoth Indian consumer market.
“You need a policy for an economic transformation; you need a vision to go beyond the territory to improve the lots of your voters, and draw a optimistic future for the youth,” the chamber leader said.
He said like the recent corporate tax cut in the USA was announced in the election manifesto of the Republican Party, Bangladesh political parties also should focus on lowering corporation tax to expand business and open door for huge job creation.
“Crucial economic agendas and taxation policies should get a room in the election manifestos of main political parties.”
Ahead of 11th parliamentary election, the Dhaka Tribune talked to the country’s leading business people and economists about what they want to see in the election manifestos of major political parties.
Meanwhile, the economists stressed on more investment on human resource development to meet the demand of skilled and technical experts, the need for the industry to escalate the value addition in manufacturing sector.
They also wanted to have political commitment on carrying reforms to ease the rules and regulations centring business and investment.
In addition, both economists and business leaders called for continuation of current infrastructure development projects and enhance policy supports to become a developed country.
As per the latest data of the World Bank (WB), in the index of ease of doing business Bangladesh ranked 176th out of 190 countries, the lowest among South Asian nations.
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