The New Nation - Internet Edition

UNB, Dhaka

Finance Minister Abul Mal Abdul Muhith Saturday squarely blamed the foot-dragging bureaucracy and banks for destroying the business-friendly atmosphere in the country.

"The atmosphere in Bangladesh is business-friendly. We are destroying this atmosphere-especially our bureaucracy and banks are destroying this," he said, without elaborating. "It's very urgent to have a change in the behavior of the banks," the Finance Minister said while addressing a roundtable titled 'World Economic Recession: Bangladesh Perspective' at CIRDAP auditorium.

On the imperative for ensuring law and order in the export-oriented apparel sector, he viewed that only police would not be enough to maintain law and order in this sector. "There should be industrial police and intelligence, too."

About the introduction of Public-Private Partnership (PPP) as the latest development paradigm, the Finance Minister hoped that they would be able to make it functional in December, but not this November.

He said the government is relying on it very much. "We could increase our investment through PPP like the Labour Party did in the UK."

On Coal Policy, he informed that it would take time to get the policy in place, which is likely next year. He said that they would go for tender to have a coal-fired power plant that would take 4-5 years.

The finance minister once again had a harsh word for the chronically sick industries as he suggested that the industries lying sick for over 15 years should be dead and gone.

On the demand for special exchange rate on the foreign remittances, the Minister ruled out any possibility of having such special rate but assured of considering some other incentives for the wage earners abroad.

He hoped that the GDP growth rate in the current fiscal year will be 6 per cent although there had been a negative export growth in the first quarter (July-Sept).

He also hoped that the country would be able to overcome the adverse effects of the global economic recession as the present government has taken necessary steps to ensure social safety net, food safety and employment generation.

Former vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kamal Uddin Ahmed read out the keynote while INB chairman Barrister Zakir Ahmed chaired the programme.

Adviser to the Prime Minister Dr. Alauddin Ahmed, Privatisation Commission chairman Dr. Mirza Jalil, Shahriar Alam MP and Golam Mowla Roni MP also spoke. FBCCI president Annisul Hoq was the main discussant. Journalist Shyamol Dutta acted as the moderator.

PM's adviser Dr. Alauddin Ahmed said all things should be done to keep up the flow of foreign remittance as the wage earners play a vital role in maintaining the flow of remittances.

Saying that the wage earners are falling victim of foul behaviors in the foreign missions, he emphasised the need for giving them incentives.

He observed that the pharmaceutical industries could be a booming sector in country's economy in the days ahead and also underscored the need for increasing agro-based industries and diversification of products in rural areas.

FBCCI president Annisul Hoq said the macro-economy of the country is looking good as the forex reserve has recently crossed US $ 10 billion, and also there is a substantial growth.

But, he observed, the export in the first quarter witnessed a fall by 11.66 per cent.

Regarding the matter of overcoming the impact of global recession, he said that Bangladesh is doing better than the western countries, excepting India and China.

He also laid emphasis on giving intensive care on country's main export-oriented garment industry as the sector witnessed a sharp fall in the year in terms of export.