Prime Minister Tarique Rahman has asked business leaders to submit a reform action plan within 90 days after convening the first meeting of the Private Sector Advisory Council (PSAC) to address investment bottlenecks.
The meeting was held at the Prime Minister’s Office on Saturday under his chairmanship, the Bangladesh Investment Development Authority (Bida) said in a press release.
“Bangladesh must incorporate evidence-based legal, policy and regulatory benchmarks from other countries to remain globally competitive,” said Tarique.
The meeting was attended by Finance Minister Amir Khosru Mahmud Chowdhury, Energy Minister Iqbal Hasan Mahmud, Commerce Minister Khandakar Abdul Muktadir, State Minister for Energy Anindya Islam Amit, PM’s Adviser Mahdi Amin and Bida Executive Chairman Chowdhury Ashik Mahmud Bin Harun.
Council members include ACI Managing Director Arif Dowla, Apex Footwear Managing Director Syed Nasim Manzur, Runner Group Chairman Hafizur Rahman Khan, PRAN-RFL Group Chairman and CEO Ahsan Khan Chowdhury, Bay Group Managing Director Ziaur Rahman, Incepta Group Chairman and Managing Director Abdul Muktadir, DBL Group Managing Director Md Abdul Jabbar, Rangs Group Managing Director Sohana Rouf Chowdhury and Pacific Jeans Group Managing Director Syed Mohammad Tanvir.
The council will provide structured private sector feedback on investment conditions and reform priorities.
“This council has been selected as a sounding board for the prime minister to reflect ground-level realities of manufacturing in Bangladesh,” said Apex Footwear Managing Director Syed Nasim Manzur.
“The purpose is to help reduce the gap between business and government,” he said.
“We will prepare a detailed action plan identifying where interventions are needed and submit it within 90 days,” he added.
He said Bida will coordinate the process through wider consultations, with the council expected to meet quarterly.
Discussions focused on regulatory bottlenecks, energy, human capital, taxation, National Board of Revenue (NBR) issues, logistics, exports, foreign direct investment, branding, finance and technology.
“We discussed issues that affect both a small business in Bogura and a large factory in Narayanganj,” he said.
He said priorities include policy simplification, timely implementation, improved governance, competitiveness, sector diversification and job creation.
He added that strengthening capital and bond markets was discussed to reduce reliance on bank financing, alongside ensuring uninterrupted and affordable energy for export industries.
“We emphasised making solar energy more affordable and scaling it up to reduce dependence on fossil fuels,” he said.
DBL Group Managing Director Md Abdul Jabbar said regulatory and tax systems must become more investment-friendly.
“The system needs to be more business-friendly, and the business community should have representation in institutions like the National Board of Revenue,” he said.
“If revenue collection harms business and investment, it will not be sustainable,” he added.
He said allowing greater access for foreign banks could increase competition and reduce financing costs.
Bangladesh’s export-to-GDP ratio stands at around 10.5 per cent, compared with about 20 per cent in India and 90 per cent in Vietnam, with a target of raising it to 30 per cent, he said.
“The prime minister has asked for guidance on how to achieve this, and we will present proposals in the next meeting,” he said.
He said diversification into semiconductors, electronics, artificial intelligence, robotics and biotechnology is needed, citing rapid global expansion in semiconductor manufacturing.
He also stressed easing visa processes, improving online systems and accelerating infrastructure development to attract investment.
“Large infrastructure projects like ports and airport terminals can take six to seven years, but progress needs to be faster,” he said.
He said improving conditions for local investors would help attract foreign investment.
“If local investors feel comfortable, foreign investors will follow,” he said.
On least developed country (LDC) graduation, entrepreneurs stressed early preparation for the post-graduation phase.
“It will not be enough to defer. We must start preparing for the post-LDC phase now,” said Manzur.
“We are grateful to the Prime Minister for bringing together an accomplished group of business leaders to support Bangladesh’s reform and investment agenda,” said Bida Executive Chairman Chowdhury Ashik Mahmud Bin Harun.
Bida will coordinate implementation of the proposed action plan, the press release said.
