Finance Minister AHM Mustafa Kamal believes that Bangladesh’s economy is in good condition despite the global economic uncertainty.
The minister made the remarks in response to questions from journalists after a delegation of the US-Bangladesh Business Council met him at the conference room of his ministry on Thursday.
In response to the question about the rising commodity prices and inflation, he said, "When the Awami League government assumed office, the inflation rate was 12.3 per cent, but now the annual inflation is around 7.5 per cent despite the global uncertainties.”
“The prices are increasing because no one knows when Russia-Ukraine war will end. How long can the economy run smoothly amid this uncertainty? Still it is running very well. Everyone says that Bangladesh is doing better than several other countries,” he added.
Several economists think that the country’s economic crisis is due to wrong policies, the finance minister said, adding, “It is internationally recognized that Bangladesh is a role model in the global economy. Still, those who say that the country's economy is not performing well, do not understand economics themselves. How much better can the economy be?”
The finance minister informed that American businessmen have expressed interest to invest in Bangladesh and that some new companies want to invest in the country’s agriculture and service sectors.
He further said, “Entrepreneurs of the US industrial sector have discussed various issues regarding investing in Bangladesh. Among them, entrepreneurs from various sectors including electronics, power, gas, insurance, agriculture and automobile want to expand trade and investment with the country.”
He asked the audience for any example of failed foreign investment in the country. He also asked whether any foreign investor left empty-handed. Bangladesh is a land of many possibilities. He stated that “No one makes any losses in Bangladesh as there is no chance of it”.
He also informed the journalists that he told the US businessmen that this was the right time to invest in and do business in Bangladesh.
The minister wants to ensure investment and employment in Bangladesh through the “Made in Bangladesh” concept and said, “If we make easy import policies then there will be no industrialisation in this country. What will happen to the labour force then? Investment opportunities are being made in order to utilise the labour force.”
Mustafa Kamal asked the US businessmen to give specific proposals on their objections to taxes on investment.
He said that US businessmen have expressed interest in the production and export of soybeans in Bangladesh. Visa, the company which deals with 75 per cent of cashless transactions in Bangladesh, asked for some incentives to further improve the system and sought support to encourage digital payments. They asked for merchant payments to get tax exemptions. Bangladesh will be the 9th largest consumer market by 2030 and they have expressed interest in participating in this market growth.
