Bangladesh's opportunity for a triumphant new chapter

When I met the Honourable Chief Adviser Professor Muhammad Yunus on the margins of the United Nations General Assembly in New York in September last, he presented me with a copy of the book The Art of Triumph. This is a collection of street art that popped up all around Bangladesh during the student-led protests which eventually led to the resignation of the Prime Minister. I visited Dhaka last week and was able to see for myself some of those images that reflect both frustration with the previous government and hope for a new vibrant Bangladesh. During this trip, I again met with the Honourable Chief Adviser and spent time with his top advisers to get a better sense for the interim government’s approach to this critical transition period in Bangladesh’s history. Here are a few lessons I took back with me to the United States.

The bravery and tenacity of the students is inspirational. The interim government includes advisers that range from ages 26 to 84. Some advisers I met were academics who had previously served in government and seemed to be headed toward a comfortable retirement when the students began protesting over the summer. One adviser told me that one of his students perished in the protests. While reluctant to return to government administration, the adviser felt a sense of duty not only to honour the legacy of those who sacrificed their lives, but also to play an active role in building a new Bangladesh.

The interim government wants to turn over a new leaf. Advisers I met said they needed to replace the system the previous administration had in place. In my meetings with the interim government, I heard a consistent message that transparency and accountability to the people are driving the institutional reforms they have proposed to public administration, the financial sector, and public procurement. On the financial sector, this has meant new leadership at Bangladesh Bank to instil discipline and make it easier for international companies to repatriate profits. On energy and power projects, the interim government has suspended the Quick Enhancement of Electricity and Energy Supply Act 2010 and is reviewing projects that had been initiated under the Act. The advisers emphasised that projects already in force under binding contracts would continue. Going forward, new projects would be awarded using competitive tendering and in accordance with Public Procurement Rules.

Bangladesh cannot do it alone. Professor Yunus told me during our meeting at the Jamuna State Guest House that I had “come at the right time” to discuss potential opportunities and investments. His advisers emphasised the need for fresh capital and that “Bangladesh is really open this time.” While I expect continued engagement between governments in Washington and Dhaka on a bilateral basis for technical assistance and development cooperation, the interim government wants to improve business confidence and attract foreign direct investment from top US companies.
As I return to the US, I will share these observations in greater detail with Excelerate’s Board of Directors. As the Chairman of the US-Bangladesh Business Council (USBBC), it is also my privilege and duty to ensure the USBBC member companies understand the changes that the interim government is implementing and the challenges that remain. The new emphasis on transparency and accountability should give some comfort to companies who had previously reduced their investments in Bangladesh. At the end of the day, these business executives and their companies will need to make their own assessments. I encourage them to engage directly with the leadership of the interim government, beginning with a senior delegation travelling to Washington this week for the annual meeting of the World Bank and International Monetary Fund (IMF).

Bangladesh’s strong fundamentals present a promising opportunity, and I look forward to building upon our relationship as a strong partner to the people of Bangladesh for years to come.

Steven Kobos is President and CEO of Excelerate Energy, a global energy infrastructure company that has operated floating liquefied natural gas import terminals in Bangladesh since 2018. Since January 2023, Mr Kobos has served as Chairman of the US-Bangladesh Business Council.