Finance Minister Amir Khosru Mahmud Chowdhury on Thursday said the government has launched a comprehensive reform programme aimed at building a welfare-oriented state and a humane economic system by moving away from what he described as an oligarchic and patronage-based economy.
Speaking at a roundtable discussion titled “Budget in Times of Crisis and Public Expectations” organised by Prothom Alo in the capital, the minister said the democratisation of the economy is now a central policy objective of the government.
He said the upcoming national budget would place special focus on integrating historically neglected professional groups such as blacksmiths, potters and handloom workers into the mainstream economy.
According to the minister, dedicated projects and financial support will also be introduced to promote the country’s creative economy, including theatre, music, painting, culture and artificial jewellery industries.
Amir Khosru announced plans to establish “Theatre Districts” in Dhaka and other major cities, while Bangladesh’s films, culture and music would be promoted internationally to strengthen the country’s soft power.
He said the government is simultaneously working to reduce the cost of doing business by cutting excessive charges at ports, lowering transport costs and reducing bureaucratic obstacles.
The finance minister added that the number of approvals required for business operations and project implementation would be reduced to only 13, while the entire administrative and economic system would gradually be brought under digital automation within the next year.
He also revealed plans to introduce a “One Citizen, One Card” service system to simplify public services.
On financial sector reforms, the minister said the government is strengthening the capital and bond markets to reduce dependence on expensive bank loans.
He said companies above a certain capital threshold would be required to enlist in the stock market, while “Bangladesh Bonds” with returns between 6 and 9 per cent would be floated both domestically and internationally.
The minister further said the government is preparing major tax reforms, including simplified flat-rate taxes for small businesses and stricter verification of multinational companies to prevent tax evasion.
Calling on citizens to remain patient for the next two years, Amir Khosru said the government’s goal is not only higher GDP growth but ensuring the benefits of economic progress reach ordinary people.
