The New Nation - Internet Edition

GOVERNMENT in a high-profile dialogue with business leaders recently, sought to assure them about engaging in business activities with full confidence. The dialogue seemed to have a positive effect for a while. But the confidence raising mood generated by the dialogue also appears to have dissipated. Soon after the government-business meeting, all concerned quarters suggested that the assurances given to businesses would make a contribution if only the same are seen implemented at the ground level. But according to business representatives, they are yet to see concrete evidences of a distinct change in the atitude of government officials from the National Board of Revenue (NBR) and from the law enforcement bodies after the dialogue. In other words, their confidence generally is still lagging and this cannot be good news for the economy.

Only an enthused business community through full-fledged business activities, specially new investment operations, can generate economic growth which then helps poverty alleviation, creation of jobs and income. But more and more, the economy of the country is becoming sluggish from lack of confidence of businesses and their withdrawn mentality. Thus, reviving fully the vital business confidence remains a challenging task for the government and it should be addressed with immediacy and prudence for the sake of the economy. Meanwhile, the big business conglomerates of the country are suffering in many ways. Some 30 top businessmen are either staying abroad out of fear or are in jail. It would not mater if corruption charges against them are investigated while a mechanism is devised to keep their business enterprises fully functional. This is necessary to keep markets well supplied by goods produced by them, for their employees to keep their jobs without adding to unemployment, for the government to get revenue from these businesses, for smooth export activities and unhindered growth in export earnings.

The banks and other financial institutions have an umbilical relationship with these business houses from extending huge credits to them. But these business houses and the enterprises under them, are failing to operate their accounts for a long time as their owners or members of their board of directors are either absconding or remain in jail. In many cases, they are under-producing and the employees have had no salaries for months. The company law does not allow banks to have dealings with these business organisations under the peculiar situation they are faced with. Thus, Bangladesh Bank should give detailed instructions to the banks such as the later authorising the directors of these business houses who are in the country and not in jail or even senior officers of the enterprises to carry out dealings with banks. The same could be given legal cover by amending the company laws through ordinance. The banks are failing to receive due repayment of loans from these institutions and the classified loan burden of the banks is shooting up. Thus, government needs to shape up its policy in this vital area realistically at the fastest