Salehuddin urges private sector to prepare for LDC graduation

Finance Adviser Salehuddin Ahmed called on the country's private sector to prepare for a more competitive global environment after the LDC graduation.

"You have to be competitive, you'll have to look at the global situation and of course the local. We definitely try to facilitate all kinds of you support through policy reforms, through process simplifications and through other support instruments," he said at the 23rd Bangladesh Business Awards, jointly organised by DHL and The Daily Star, at the Radisson Blu Water Garden Hotel in Dhaka.

The finance adviser handed the awards to the winners, where Commerce Adviser Sk Bashir Uddin was also present.

He also urged the private sector to take a leading role in job creation and global expansion, warning that government resources alone cannot sustain growth.

Speaking at the ceremony, Salehuddin said the country's businesses had shown "remarkable dynamism" in expanding their reach beyond national borders. "Performance is really good and it is Bangladesh business not only local — it's global also because our products are going to different countries, our services are being given to different countries," he said.

Photo: Prabir Das/Star

He recalled being "pleasantly surprised" to find Pran Chanachur on shop shelves as far afield as Fiji. "This is how Bangladesh goes far away," he said, adding that such recognition was a credit to local entrepreneurs.

Salehuddin, who previously served as governor of the central bank, said the government must balance fiscal pressures with the need to remain business-friendly. "I get many requests from different types of people: impose tax, reduce tax, increase cash incentives. If I do all these things, then definitely, given the resource constraints of Bangladesh, we will be in trouble. But we have to be business-friendly."

He emphasised that private companies — rather than the state — would be the main driver of employment. "Government cannot create employment except in some areas. Private sector development will really fuel employment," he said.

He also cited international recognition of Bangladesh's efficiency, recounting a recent meeting with the US Chamber of Commerce where executives praised the country's record in settling payments with multinationals such as Chevron and MetLife. "They are very happy. And you have created really," he said.

The adviser struck an optimistic tone, describing Bangladesh as a "satisfactory state" that was increasingly seen as "a good case study in a positive sense, not hunger or poverty". But he warned that politicians should not obstruct reform when they will come in power.

Salehuddin closed his remarks by urging collaboration. "Please join hands and we'll definitely try to always support you," he said.