Amir Khasru Mahmud Chowdhury is a member of the BNP’s Standing Committee and a former Commerce Minister. In an interview with Bonik Barta, he spoke about the recent meeting in London between the Chief Adviser and BNP’s Acting Chairman Tarique Rahman, as well as BNP’s upcoming political and economic plans. Interview by Anika Mahjabin.

First, I’d like to ask about the meeting between the Chief Adviser and Tarique Rahman that took place in London.

Given the current context of the country, the meeting was significant. Not just Bangladesh, but the international community was also closely watching its outcome. One of the main reasons is that, for the past 16 years, the people have been fighting to restore democracy through great sacrifices. After the loss of countless lives and many being permanently disabled, the people’s hope of regaining democracy cannot be realized without an election. It is through an election that people will reclaim their democratic, constitutional rights and ownership. That is why this meeting was extremely important.

What’s notable here is that the meeting led to a consensus. There was an agreement on how we can move toward an election as quickly as possible. That is what’s important. The nation has now come out of the state of fear and uncertainty there was due to no announcement of a date for the election; there is now a sense of relief. There is renewed confidence that democracy will be restored through an election held on time.

Is Tarique Rahman or the BNP satisfied with the outcome of the meeting?

What’s more important than the satisfaction of BNP or Tarique Rahman is how far this meeting has fulfilled the expectations of the general people of Bangladesh. I believe this meeting delivered the outcome that the people of Bangladesh had been hoping for. The public had concerns about whether an elected government would be accountable to the people—but those concerns have now been eased. Tarique Rahman was very positive about the meeting. The BNP acted accordingly. From the side of Chief Adviser Dr. Muhammad Yunus as well, the national expectations were taken into account.

Jamaat and the National Citizen Party (NCP) expressed dissatisfaction through statements regarding the London meeting. How does the BNP view this?

I don’t want to comment on the statements of any party. Everyone should have the freedom to express their opinion and the right to speak. That culture must be established in Bangladesh. Just because someone disagrees, we don’t believe it’s necessary to criticize them and create another controversy. In BNP’s politics, we want to bring a kind of qualitative change. And that change is tolerance. Even when disagreeing with others’ opinions, there should be respect. Unless we can bring change to our political culture, no amount of reform will be effective. One of Bangladesh’s major problems has been the decay of our political culture. And what has happened in the past decade and a half goes without saying. We must bring back a healthy political culture.

After the meeting, a joint statement mentioned that sufficient progress must be made on reforms and justice before the election can be held. If these conditions are not met, will that affect the election?

The joint statement outlined which actions need to be taken. We have reached a consensus. The reforms will also be based on that consensus. Both the current government’s Chief Adviser and Tarique Rahman have spoken on this issue. Therefore, reforms will take place on issues where consensus is reached. And for proposals where there is no consensus, each party will present those to the nation in the upcoming election as part of their mandate, and they will be discussed in the next parliament. If we win with the people’s mandate, we will pass those in the next parliament. These matters can be resolved very easily within a month or a month and a half—whether they are reforms or any other issues.

After this meeting, do you see any possibility of the election being delayed or any further uncertainty?

There is no room for delay. The people have made sacrifices for democracy over a long period. The longer the election is delayed, the more harmful it will be for the country. The decision that has been made to hold the election in the first half of February, we believe the election will be held at that time. Besides, there is consensus among almost all parties about holding the election in February. Many parties have already said so.

Outside the topic of elections, has the government been able to make any impact or progress in reforming the economy—especially the capital market, banking, and financial sectors?

There isn’t much expectation in this regard. Because in such an interim situation, not much can be done. People do not have confidence. The decision-making process is slow. Businesspeople and investors prefer to make short, medium, and long-term plans under an elected government. As a result, their decisions also remain on hold. That’s why the next government needs to be prepared.

Long-term loans have been taken from the country’s banking sector. But the source of long-term loans was supposed to be the capital market. The good companies haven’t entered the capital market. Through politicization, the capital market has been looted and destroyed. But the capital market is a major platform for investment and financing. So, the capital market must be rebuilt. Domestic and foreign investment in this sector must increase. The supply of long-term financing to investors must come from the capital market. To do that, product diversification is necessary. From equity to bonds, there are many products that need to be established. If the capital market turns around, both domestic and foreign investment will increase. Local investors will also be able to utilize that capital. In addition, this will create a major opportunity for employment.

There’s no need to elaborate on the state of the banking sector. Due to political looting, the sector has reached a dire condition. To recover from that, we must think about the short-term deposits and long-term investments. Loans of ten years are being disbursed based on deposits of one or two years. These are inconsistent practices. The banking sector must move away from such practice. At the same time, amending the banking law and ending family control over banks is essential. What’s most important is ensuring the autonomy of Bangladesh Bank. In the economy, particularly in formulating monetary policy and acting as a watchdog over the banking sector, their key responsibilities must be carried out independently. Along with that, the Bangladesh Securities and Exchange Commission (BSEC) must be run independently by professional individuals. There should be no room for politicization in these institutions.

During BNP’s tenure, the appointments made to the central bank governor’s position were not politicized. The same goes for BSEC. That’s why the current crises in the banking sector didn’t occur during BNP’s time in power. There was no scandal in the stock market during BNP’s rule.

In today’s global context, the role of central banks and capital markets has expanded significantly. So, in addition to being independently operated, they must also function effectively as watchdogs. At the same time, liberalization of these institutions is also crucial.

Are you (BNP) satisfied with the proposed budget for the upcoming fiscal year? Was there any discussion with you on this?

I don’t want to comment on the proposed budget either. As I’ve said before, this is an interim period. So there’s no need to heavily criticize the budget of an interim government. However, instead of continuing the current budget, they should have formulated one that could address the ongoing crisis. Continuing with the old budget means the old looting-oriented projects haven’t been reassessed. Those projects need to be re-evaluated. They should be reviewed again, and based on that, guidance must be provided for Bangladesh’s future infrastructure plans. Transparency must be ensured. That’s what should have been done.

As for what BNP will do in the future, we have already outlined that in our budget presentation. Although everything couldn’t be detailed, we did provide a broad idea.

How do you view the decision to hand over port management to foreigners?

We do not support such decisions being taken by any government other than an elected one.

These matters are tied to public opinion—what is best for the country, what different parties are saying. There should be discussions both inside and outside of parliament. Whenever national interest is involved, the government must ensure the people’s participation and ownership.

There was much controversy surrounding the BNP cabinet of 2001–2006. What kind of cabinet might be formed this time? Are you working on that?

Of course, with the experience from each term, we must move toward improvement. We’ve come to this present context through a commitment to building the nation and through countless sacrifices and lives lost. Given the shift in the mindset of the Bangladeshi people, and the hopes and expectations that have emerged, I hope BNP, if elected, will form a cabinet that reflects those aspirations.

Past governments have been criticized for issues like governance and corruption. How will the BNP approach these matters?

The people’s expectation for a corruption-free Bangladesh must be fulfilled through good governance. There is no room for compromise in this regard. We are already making every possible effort from our side. If we are given responsibility, the country will be made corruption-free with full transparency. The issue of transparency will come up again and again. Achieving a corruption-free state also depends on certain institutions. If physical presence in offices can be reduced, corruption will decrease. If people need to visit government offices less, corruption will go down. If we can automate processes like tax payments and billing online, corruption will decline. We have made a policy-level decision that we will do this.

In short, accountability, transparency, and answerability must be ensured in all areas. I’ve spoken about watchdogs. Globally, there’s a practice of allowing oversight institutions to function independently. We plan to introduce such good practices here. Only those who meet the standards will remain in place. In other words, standards must be clearly defined. If anyone falls outside those standards, they will be restricted. So on one side, policies must be formulated; on the other, liberalization and autonomy must be ensured, along with strong oversight. Third, we must adopt the best global practices and implement them here. There must be checks and balances in every area. That is how good governance and control of corruption can be largely ensured.

I’d also like to ask about international affairs. The Iran-Israel conflict could reshape many aspects of global geopolitics. What kind of impact do you think this war could have on Bangladesh?

Every war has direct or indirect consequences. That’s why we must be prepared. In this context, our internal stability is extremely important—political, economic, and social stability. In such global circumstances, the more stable these areas remain, the more sustainable our entire system will be. Alongside building a stronger economic structure, if we can maintain stability in key areas such as inflation, employment, living standards, and the rule of law, our overall position will remain in a good state. The world will go through such difficult phases, but our position will remain stable during those times.

At the same time, we all must stay united in the interest of the nation. As I’ve said before, every political party will have its own philosophy and views. But wherever national interest is involved, there must be national unity.

The world’s largest refugee camp, housing the Rohingya, is located in Bangladesh. Do you see any risks in this context?

There is certainly a risk. They are living in a confined space. We have yet to create sufficient educational opportunities for them. We need to focus on providing them with the education necessary to work in Myanmar after they return. They must return as responsible citizens and integrate into that society. As long as they are here, we must prepare them accordingly. If they remain here without becoming properly educated citizens, it could pose a threat for us as well. Because they could be driven in other directions. That means we must ensure that they don’t contribute to instability within our country. As long as they remain in Bangladesh, we must internationalize the effort to repatriate them. Something the past government failed to do. The BNP government succeeded in doing it twice—once during Ziaur Rahman’s tenure and again under Khaleda Zia’s government.

India has suspended the transshipment facility for Bangladesh. How do you view Bangladesh–India relations now? And how will this relationship look if the BNP is elected?

There are three principles that must form the foundation of India–Bangladesh relations. These include mutual respect, protecting each other’s interests rather than favoring any specific country, and refraining from any interference in Bangladesh’s internal affairs. The relationship between the two countries can move forward based on these three elements. For a long time, these areas have been problematic in the India–Bangladesh relationship. To move past that, India must focus on these aspects. Bangladesh is open to discussion and resolving any issue. But what I’m saying is that the fundamental basis of the relationship must be built on those three principles. India must move beyond the mindset of the past. Otherwise, it will be difficult to take the relationship forward.

When will BNP’s Acting Chairman Tarique Rahman return to the country?

He has been abroad for a long time, and he will definitely return. He has no intention of staying abroad even a day longer than necessary. He is waiting to return, and the party’s leaders and activists are waiting as well. He is also preparing. I hope he may announce a return date any day now. However, the exact date—when that will be—will be decided by him.

Just as there is public interest in Tarique Rahman’s return, there is also a strong desire among the people regarding reforms through his political activities. The BNP has been speaking about reforms for years. At this moment, a consensus among political parties on reforms is essential. And for those matters where consensus cannot be reached, the political parties will take them to the people. Tarique Rahman, the Acting Chairman of the BNP, is prepared to lead the reform process with public support through the election. The upcoming election is what can take the country toward meaningful reform.

[This interview was originally conducted in Bangla and published in both the Print and Online editions of Bonik Barta. It has since been translated for the English edition.]