Building BD as $1.0t economic powerhouse main target

Bangladesh Nationalist Party cherishes a vision of transforming Bangladesh into a US$1.0-trillion economic powerhouse through serious liberalisation, deep financial reform and a youth-driven investment model, if in government next time.

Amir Khosru Mahmud Chowdhury, a senior BNP leader and former commerce minister, sets forth the party's cardinal goals while election-timing and reform talks reverberate through the political arena on the cusp of transition from the interregnum following the August changeover and the economy struggles for a rebound from disruptions.

"We're showing investors our policies-based on open markets and genuine liberalisation," Mr Chowdhury, a member of the standing committee or the highest policy-making body of the BNP, told the Financial Express in an exclusive interview recently at his office at Banani in Dhaka.

"And they're (investors) responding. But they're holding back, waiting for an elected government."

On the much-talked-about election timing, he says there is a consensus on election-related reforms and the Election Commission (EC) is ready. Also is there agreement on the need for credible, neutral elections.

As such, the senior leader of the party that had ruled the country for several terms in the past wonders why to wait even until December 2025--the earliest tentative time the interim government headed by Chief Adviser has given in a timeline that, for unforeseen reasons, may extend up middle of next year.

"Actually conducting election is possible even before December 2025," he argues, as he sees time fleeting away for ridding the country of accumulating problems.

Mr. Chowdhury, who introduced the Central Depository Bangladesh Limited (CDBL) and founded the Chittagong Stock Exchange (CSE) during BNP tenures, is widely regarded as one of the architects of modern capital-market infrastructure in the country. But he's now more focused on the future than the past.

One of his standout proposals is the deployment of "youth captains" under the Bangladesh Investment Development Authority (BIDA)-a corps tasked with navigating foreign investors through bureaucratic thickets in the country.

"They'll act as single-window facilitators-permissions, certificates, everything streamlined. The investor watches progress, they don't chase files."

As regards the transition process underway, Chowdhury sees economic reform and democratic restoration as two sides of the same coin.

"We're talking about democratisation of the economy-for the sake of the economy. Right now, it's been hollowed out by systematic siphoning."

To substantiate his view he cites data from Bangladesh Bank Governor and former IMF official Dr Ahsan H. Mansur, who recently alleged that over $17 billion was siphoned off during the ousted Awami League (AL) tenure through over-invoicing and insider lending.

"Many banks are now empty," he says bluntly. "Policies have been abused. It's time to fix the foundation."

High levels of non-performing loans (NPLs) in the country's 61 banks are a symptom of deeper rot, he argues.

The BNP leader thinks to cure the NPLs there is need for homegrown strategies, not adopting best practices.

"It's not just about adopting best practices. For genuine defaulters, we'll offer nurturing. For willful defaulters, we'll go hard. We must protect depositors and stabilise the financial system."

He mentions that when BNP left office in 2007, GDP growth was 7.06 per cent. "Had that trend continued, we would be in double digits -10-11 per cent-- now."

Investment should have been higher, employment too. Poverty levels would have been far lower had that trend continued.

He deplores that the post-2007 economic trajectory was largely derailed by corruption, politicisation of institutions, and money laundering.

"Under BNP, banks were stable, macro-indicators strong, and investor confidence intact. That changed under AL regime, where a handful of families captured the banking sector with their ill-motives."

Mr. Chowdhury hints at sweeping reforms in the banking sector under a future BNP government.

"There'll be big changes in our banking policies. Why are NPLs so high? Simple-politicisation and looting. We'll break that cycle."

While a proposed Banking Commission has sparked debates, Mr. Chowdhury downplays this. "There have been many commissions before. What matters is political commitment to clean up the sector and enforce governance."

He stresses that regulatory institutions must function independently and professionally.

Claiming that they never politicised regulators while in power, he says, "Some were so autonomous, even we couldn't interfere. That's the standard we'll return to."

Despite having been more than 16 years out of power, the former commerce minister still draws on BNP's landmark achievements-socioeconomic landscape-not out of nostalgia but as a foundation.

"People forget," he says, "Bangladesh was once called an emerging tiger. We laid the groundwork."

At this point of talk, focus turns on the present-day catchphrase Gen Z. Anticipating a question I hadn't yet asked, he shifts the conversation towards demographics. Generation Z, he says, is at the heart of BNP strategy.

He asserts that there is no alternative to investment if to eradicate poverty and create employment opportunities. "We are fortunate to have a demographic dividend as many, including Sri Lanka, haven't , and we must tap into this potential by increasing investment."

The BNP heavyweight stresses investing heavily in skill development for economic advances. "We have comprehensive policies in place for skilling, re-skilling, and harnessing the demographic dividend," he continues during the nearly hour-long interview with this correspondent.

"Time is slipping away, and we must act now."

He says the BNP plans to allocate 5.0 per cent of GDP each for education and healthcare to develop human resources.

"Once people are equipped with skills, there is immense promise in many sectors, especially in the ICT sector, for our youth," he says.

"Opportunities are emerging in data centres, call centres, and startups, and our young population can lead the way."

The BNP leader notes that election mood already prevails. During the recent Eid vacation, "the mood for elections was palpable even in remote areas".

He mentions that although BNP has not yet officially announced nominations, many parties have already declared names of candidates to run in the next elections. "So, yes, there is definitely an election atmosphere."

Turning to new political parties and the National Citizen Party (NCP) born during the interregnum, he welcomes the development on the political front.

"Over the last 16 years, we have been fighting to restore democratic order, which was dismantled by the Sheikh Hasina-led government," he says, adding that democracy means respecting others. The formation of new parties is a civil right.

"We must change our political culture. A political rival should not be treated as an enemy. Tolerance is the essence of democracy. Even if we differ in opinion, we must maintain a level of tolerance," he stresses.

"There may be more parties, and everyone should be free to go to the people and seek their votes. At the end of the day, it is the people who will decide who governs the country."

He makes it clear that the people hold the supreme right to choose their leaders. "For that, we need a level playing field and neutral and credible elections which were denied by the overthrown Sk Hasina government in at least past three consecutive elections."

jasimharoon@yahoo.com