The notion of the “economic hitman” is a shadowy yet oft-cited idea in discussions on the modern globalised economy. The term gained traction through US author John Perkins’s 2004 book, Confessions of an Economic Hit Man. In it, he argues that such operatives entrap developing countries through development loans, policy advice and corporate contracts, locking them into debt, strategic arrangements and investment structures that give outsiders leverage over strategic assets and decision-making.
In post–2024 Bangladesh, after the student-led mass uprising, the interim government brought in two Bangladeshi professionals with backgrounds in foreign banking and investment to support state reform — Lutfey Siddiqi and Chowdhury Ashik Mahmud Bin Harun. Lutfey Siddiqi was appointed the chief adviser’s special envoy for international affairs on September 4, 2024. Ashik Chowdhury was appointed Executive Chairman of the Bangladesh Investment Development Authority (BIDA) on September 12 the same year.
Lutfey Siddiqi’s main mandate was in international affairs. He also publicly called for a “Truth Commission” to investigate economic crimes and non-performing loans under previous governments. Ashik Chowdhury’s core mandate was to reform investment promotion and build an investor-friendly framework to restore confidence among domestic and foreign investors.
However, while both have been visibly active, the scope of their engagement has drawn mixed views. Critics argue that, despite leading roles in reform, they have prioritised “high-value deals” such as government procurement, port agreements and major infrastructure contracts over their stated core responsibilities. Instead of focusing on policy reform, state restructuring and improvements to the business climate, their attention has centred on areas that raise longer-term questions about state control over decision-making and resources.
Asked about the role of Lutfey Siddiqi and Ashik Chowdhury in the reform process, Dr Selim Raihan, a former member of the White Paper Committee and executive director of the South Asian Network for Economic Modeling, told Bonik Barta: “It’s evident that neither Lutfey Siddiqi nor Ashik Chowdhury has been able to play an effective role in international relations or the investment climate. They showed initiative and drive. But it’s not possible for them to do anything alone. Their work also required a coordinated effort.”
Before his appointment as “Special Envoy for International Affairs”, Lutfey Siddiqi worked at multinational banks including UBS and Barclays. Although Bangladeshi by birth, he spent many years abroad and has teaching experience in the United Kingdom and Singapore. Through his marital ties, he also holds permanent residency in Singapore with unrestricted movement. Within a week of his appointment, he took on a coordinating role in securing additional IMF loans and implementing their conditions, seeking a further $3 billion alongside the existing $4.7 billion programme. He was also involved in discussions on amending labour laws in line with an ILO roadmap and on contracts to appoint foreign operators at the Patenga Container Terminal (PCT) and the Bay Terminal at Chattogram port.
By contrast, Chowdhury Ashik Mahmud Bin Harun, who gained fame in skydiving, had taken early initiatives regarding Chattogram Port. Most of his career was spent in the finance sector before taking charge at BIDA and BEZA, after which, a major part of his activity focused on advancing efforts to bring foreign companies into the management of the Chattogram port. He was involved in moves to appoint foreign operators at the Patenga and New Mooring container terminals. He also worked on establishing “MIDA” in the Moheshkhali–Matarbari area, with an investment target of nearly $65 billion, and on loan proposals from the World Bank, JICA and the ADB for a deep-sea port and industrial zone.
After taking up the role of special envoy for international affairs, Lutfey Siddiqi placed Chattogram port high on his list of priorities. He was particularly active on the appointment of foreign operators at the port’s Patenga Container Terminal (PCT) and Bay Terminal. Allegations have been raised that long-standing professional links from his time as a Singapore resident influenced negotiations with Singapore-based port operator PSA International. A review of his activities shows he held multiple meetings on port issues, both directly with the port authority and indirectly at the policy-making level. He took part in at least four major meetings, directly and indirectly, with the Chattogram Port Authority (CPA).
Lutfey Siddiqi’s four visits and programmes focused on Chattogram began on December 1, 2024. During that trip, he met CPA officials to discuss expanding capacity and preparing for foreign investment. Technical talks were held on involving Singapore-based operator PSA International in managing the PCT. He also inspected land earmarked for the Bay Terminal project, instructed the district administration to coordinate the resolution of land and legal issues, and referred to directives to introduce a paperless digital system for cargo clearance at the port.
On May 13 last year, he visited the environmentally friendly “Green Factory” of Pacific Jeans in the Chattogram EPZ. Video and still footage of the production process were arranged for presentation to international investors, and in meetings with exporters he assured them of “green channel” logistical facilities. On August 23 that year, during a visit to the Mirsarai industrial zone, he reviewed gas and electricity supplies and infrastructure preparations in the economic zones under BIDA and BEZA, and issued directives on potential “enclave” zones.
At an international logistics conference at the Radisson Blu in Chattogram on December 12 last year, he cited corruption and bureaucratic delays as major barriers to FDI and outlined a roadmap. He called for investment while privately meeting investors from Singapore and the UAE.
Many stakeholders believe Lutfey Siddiqi also played a behind-the-scenes role in steering the designation of certain Singapore-based vendors or trading houses for government procurement. Allegations within relevant circles suggest his preference for specific Singaporean companies influenced policy changes in government purchases of food, fuel and technical goods.
Since the interim government took office, Lutfey Siddiqi has played a central role in major government procurement decisions, particularly imports of fuel, wheat and rice. Despite not being a producer country, many of these goods are being sourced directly from suppliers in Singapore. Even when rice is purchased from India, the supplying company is based in Singapore. Although Lutfey Siddiqi holds the post of a special envoy with the rank of an adviser, allegations persist that he spends a significant share of his working time in Singapore.
After taking up his post as the chief adviser’s special envoy for international affairs, one of the most pressing challenges facing Bangladesh’s export sector was amending labour laws in line with an International Labour Organization (ILO) roadmap. In this context, Lutfey Siddiqi represented Bangladesh on several occasions at meetings of the ILO’s Governing Body in Geneva. His stated aim was to align labour laws with international standards by 2026. Stakeholders have questioned his role in the process.
Among Lutfey Siddiqi’s key initiatives was facilitating the formation of trade unions. This included a proposal, accepted under ILO pressure, to cut the minimum worker membership required to form a union from 20 percent to 15 percent or less. While local industrialists, particularly in the ready-made garment sector, welcomed the change, they raised serious concerns on several fronts. Chief among them was unfair competition. Industry figures argued that easing union formation could open the door to infiltration by external political or vested interests, undermining factory productivity and discipline. There was also concern among stakeholders about the potential for higher production costs arising from conventions on harassment.
Bangladesh Chamber of Industries President Anwar–Ul–Alam Chowdhury Parvez took part in discussions on the labour law amendments. He told Bonik Barta: “The labour adviser himself assured that several matters wouldn’t be included in the labour law. I personally witnessed such assurances from the government that these elements wouldn’t be in the law. Two weeks later, it was seen that the labour law had reverted to its previous position.”
He added, “They were supposed to discuss the port [Chattogram Port] with us. But that didn’t happen. Decisions have been made unilaterally. The question arises: if the port has been profitable for three years, what was the need to increase charges? Why wasn’t an open tender process followed for port management? It is incomprehensible what the rush was in these matters. There were many other areas for reform.”
Chowdhury Ashik Mahmud Bin Harun’s activities have also drawn criticism from various quarters. Some observers have raised questions about his working methods, the scope of his policy-making influence and the involvement of foreign corporations in strategic sectors.
According to sources familiar with investment matters, this debate began following a January 24, 2025, statement by the Louisiana-based energy firm Argent LNG. It announced an initiative to build an LNG terminal in the United States with an annual capacity of 25 million tonnes, and that it had signed a non-binding agreement with the Bangladesh government under which Bangladesh could purchase up to 5 million tonnes of LNG per year. However, as it is a Greenfield project, there is no possibility of gas supply before 2030. Ashik Chowdhury signed the agreement on behalf of Bangladesh. At the time, questions and discussions emerged in relevant circles about the BIDA executive chairman signing a gas-related contract.
Furthermore, his concurrent leadership of BIDA, BEZA, PPP and MIDA has also attracted criticism. Never before in Bangladesh’s history has such consolidated control over investment, industrial zones and public–private partnership been held by a single individual. Relevant parties believe that one person leading multiple key institutions could lead to a concentration of power.
After assuming his role, Ashik Chowdhury developed close ties with Singapore-based PSA to accelerate work on the PCT and Bay Terminal projects. There are also allegations that he maintained contact with high-level individuals in the judiciary to resolve legal complications concerning the port.
Allegations persist that Ashik Chowdhury has created uneven opportunities in the name of attracting foreign capital. Stakeholders argue that if foreign companies are given disproportionate advantages under the leadership of BIDA and BEZA, local entrepreneurs could be placed at a competitive disadvantage. Analysts warn that such a policy risks gradually shifting control of Bangladesh’s economy from domestic industrial owners to multinational corporations. The push to involve foreign companies in strategic state assets, such as ports, has prompted differing assessments within relevant circles. Some observers say these initiatives raise fundamental questions about economic sovereignty and control.
According to stakeholders, a lack of clarity around Lutfey Siddiqi’s appointment and the scope of his duties created confusion over the limits of his role. From the outset, a clearer direction was needed on how an “international affairs” remit would extend into domestic economic and commercial matters. Conventionally, tariff negotiations with other countries or talks with the IMF do not fall within a special envoy’s brief; such matters usually sit with ministries such as Finance, Commerce or Shipping. Yet Lutfey Siddiqi has been active in these areas.
By contrast, while Ashik Chowdhury has been regarded as more proactive than previous BIDA chairmen, progress on long-term structural programmes to reform the investment climate has fallen short of expectations. The focus has leaned more towards high-profile presentation than substantive policy reform. An early announcement involving the US-based Argent LNG was misleading. Likewise, the decision to stage an investment summit was questioned, as it took place while mob violence in the country was escalating. Claims at the summit that entities such as NASA and Starlink would invest in Bangladesh were dismissed by analysts as window-dressing.
Dr M Masrur Reaz, chairman of Policy Exchange Bangladesh, said the past 16 months had offered a strong opportunity to improve economic governance, accelerate growth and pursue broad economic reform. He told Bonik Barta: “The interim government’s promises pointed in that direction. Initially, they took some good steps. But later, most initiatives were not taken to the next level. A major gap emerged. Even so, the environment was conducive to economic reform. Bureaucratic cooperation could have been secured. The domestic and foreign private sector was strongly positioned in support of the government. Despite that, economic reform has moved only slowly and in a limited way. In 18 months, we might not have completed everything, but we could at least have launched a reform programme.”
Stressing that an investment climate programme was most urgent, he added, “Both domestic and foreign investment have declined over the past year and a half. No coordinated reform programme has been launched to address accumulated challenges around LDC graduation, trade structures and skills. Instead, a wide gap has opened between the government and the private sector. Crucially, the domestic private sector, the main engine of the economy, has been kept at arm’s length. The lack of dialogue with the private sector has created a crisis of investor confidence and slowed economic reform. Despite high expectations in investment, foreign trade and international relations, they remain unmet.”