Finance Minister Amir Khosru Mahmud Chowdhury on Thursday said the government has launched a comprehensive reform programme aimed at establishing a welfare state by moving away from an “oligarchic and patronage-driven” economic system.
Speaking at a roundtable discussion titled “Budget in Times of Crisis and Public Expectations” at a Dhaka hotel, the minister said that the democratisation of the economy is not merely a slogan but the core philosophy of the current government.
He highlighted efforts to integrate marginalised groups, including rural blacksmiths, potters and weavers, into the mainstream economy, after decades of exclusion from budgetary support.
The Finance Minister said the forthcoming national budget would allocate special projects and funding to promote and monetise the creative economy, covering sectors such as theatre, culture, music, painting and artificial jewellery. He also announced plans to establish “theatre districts” in major cities outside Dhaka and to brand and promote Bangladeshi culture, films and music globally to strengthen the country’s soft power, drawing inspiration from neighbouring nations.
Amir Khosru emphasised the government’s strict measures to reduce the cost of doing business, including tackling excessive charges and bureaucratic hurdles at ports and across the supply chain. He said the number of approvals required for business operations and project implementation would be cut to 13, simplifying what he described as a previously excessively complicated system.
The minister added that the entire economic and administrative framework would be digitalised within the next year, alongside initiatives to introduce a “One Citizen, One Card” system for all public services.
On financial sector reforms, he said the government is strengthening the capital and bond markets as alternatives to high-interest bank loans, noting strong interest from international investment bankers, fund managers, and the International Finance Corporation (IFC).
Regarding taxation, Khosru said the government would verify the actual market share of multinational and major tobacco companies, including The Coca-Cola Company and PepsiCo, to ensure fair tax collection and prevent evasion. Plans are also underway to introduce a simplified flat-rate tax system for small restaurants and shop owners, bringing them under the tax net and reducing harassment from tax officials.
The Finance Minister added that sweeping changes are being introduced in tax policymaking through a proposed bill, which will establish a policy-making body composed of experts in the global economy, local trade, and human profitability, rather than focusing solely on tax collection.
Urging the public to remain patient over the next two years, he said the government’s aim is not only to increase GDP growth but to ensure that the benefits of growth improve the lives of ordinary citizens.
