Creative entrepreneurs building up economy

In 2000 when DHL Express, the world's leading logistics company, and The Daily Star, the most-read English language daily in Bangladesh, introduced the Bangladesh Business Awards, the size of the country's GDP was $40 billion, exports receipts stood at $5.7 billion, and remittance flow was $1.2 billion.

Two decades down the line, and as the organisers celebrated the 20th anniversary of the awards, Bangladesh has become one of the fastest-growing economies in the world, displaying sheer resilience in the face of monumental challenges such as the global financial crisis of 2007-2008, the coronavirus pandemic, and governance weakness.

The size of the economy grew to $465 billion in 2022 and clocked a 6.15 per cent GDP growth annually, on average, in the last 15 years. 

Exports, too, were on a roll, going past $52 billion, and remittance flow sprinted to $22 billion during the period.

"These are figures, but behind these figures are innovators, hardworking working class, very creative entrepreneurs, and a combination of government policies," said Mahfuz Anam, editor and publisher of The Daily Star.

His praises came at the 20th Bangladesh Business Awards at the Radisson Blu Water Garden Hotel in Dhaka on September 2.

Over the years, the Bangladesh Business Awards has become the country's most prestigious and well-respected business recognition and has honoured the most outstanding accomplishments and contributions of business leaders.

In his speech, RS Subramanian, senior vice-president of DHL Express for South Asia and managing director of DHL Express India, underscored the need for business leaders, entrepreneurs, industry experts and legislators to make a concerted effort to build the right environment for local businesses so that they can succeed globally.

"And countries that can implement regulatory reforms more quickly, and create favourable policies that encourage cross-border trade will stand to gain the most," he said.

M A Jabbar, managing director of DBL Group, won the award in the Business Person of the Year category, while Pran-RFL Group, one of the largest industrial conglomerates, became the Enterprise of the Year, and bKash Ltd, the largest MFS in Bangladesh, was recognised as the Best Financial Institution.

Flanked by Subramanian, Mahfuz Anam, and Md Miarul Haque, managing director of DHL Express Bangladesh, Planning Minister MA Mannan handed over the awards to the winners at the event, which was graced by foreign dignitaries, industrialists, civil society members, business leaders, and corporate leaders.

The planning minister congratulated the winners and also DHL Express and The Daily Star for continuing the initiative for the last two decades.

Mahfuz Anam also cited the weakness in the whole governance process, at regulatory institutions, corporations, and the corporate level.

"We need to correct our governance system. The key to a successful improvement in the governance system is a provision of accountability."

While speaking as the chief guest, Mannan said: "The government will do more so that the private sector can exploit its full potential and play its leading role in the economy, thus helping the country tap its full potential." 

MA Jabbar received his award, while Kamal Quadir, CEO of bKash, and Ahsan Khan Chowdhury, chairman and CEO of Pran-RFL Group, received the crests on behalf of their companies.

Quadir said after 50 years of independence, Bangladesh is making a giant leap toward prosperity with inclusive growth.

"Keeping up with this pace, bKash has relentlessly worked to bring unbanked and underbanked people into the formal financial sector. The recognition is a validation of our steadfast journey."

M A Jabbar described the winning of the award as "absolutely amazing".

Ahsan Khan Chowdhury said: "We are feeling encouraged."

"I strongly believe that what brought us [Bangladesh] here won't take us there," said Md Mahbub ur Rahman, chief executive officer of HSBC Bangladesh, while speaking to The Daily Star.

"We have to look back, review our achievements, and take steps to solidify our position."

At the event, Ayman Sadiq, founder and CEO of 10 Minute School, an online educational platform, and Shahir Chowdhury, co-founder and CEO at Shikho, an educational technology company, were honoured as youth icons.

The minister also gave away the awards to the winners of the 19th edition of the Awards, which took place virtually in December 2020 for the coronavirus pandemic.

The recipients were: Business Person of the Year -- Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals; Outstanding Woman in Business -- Rupali Chowdhury, managing director of Berger Paints Bangladesh; Best Financial Institution – Dutch-Bangla Bank Ltd; and Business Enterprise of the Year -- Snowtex Ltd.