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Finance and Commerce Adviser Salehuddin Ahmed has called on business leaders to prioritise the country's interests over personal gains.
He made the call during discussions with several business delegation teams at the Planning Commission on Tuesday afternoon.
The meeting began with a discussion with the delegation of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), bdnews24.com reports.
The adviser said while the nation had heard many stories of growth and increased per capita income, the reality in rural areas often did not reflect these narratives.
Salehuddin criticised past economic policies, saying that money had been wasted on unnecessary projects, and illegal benefits had inflated costs.
BGMEA President Khandoker Rafiqul Islam said the apparel sector is the driving force of Bangladesh's economy.
He warned that without direct financial support, the sector could face severe setbacks.
Several entrepreneurs also called for direct financial assistance and loan support from the government.
Adviser Salehuddin later engaged with a delegation from the International Chambers of Commerce Bangladesh (ICCB).
Responding to questions from the media, the adviser said: “I have told businessmen to conduct their business transparently and honestly. We will support them if they do so.”
“There will be no under-the-table dealings. If they step forward with good practices, we will follow.”
He mentioned that to attract more private investment, Bangladesh needs to improve its business environment, which includes making business operations simpler.
Adviser Salehuddin said the UK government has been very supportive in the past, and he hopes they will continue to be supportive in the days to come.
MEETING WITH EDIBLE OIL AND SUGAR TRADERS
In the afternoon, he met representatives of the six largest edible oil and sugar refining companies in Bangladesh.
The adviser highlighted the extensive use of oil and sugar as essential commodities in the country.
The government's priority is to maintain a stable supply chain and provide these items to the public at fair prices, which requires the active cooperation of businesses, he added.
The adviser said steps will be taken to open Letter of Credits, or LC, and reduce LC margins.
Prices must not be increased under any circumstances, and bad practices in business must be curtailed, he said.
Traders pointed out that they have to pay Tk 42 in VAT and other taxes per kilogram of sugar, which they consider unfair, noting that no other country imposes such charges.
Adviser Salehuddin emphasised a revision of the existing VAT and tax structure.