There’s a particular context behind the discussion on democratising the economy. Patronage politics and a beneficiary-driven economic structure have prevented the benefits of growth from reaching the broader population. The gains of economic development have instead been concentrated in the hands of a particular group. It’s in this context that the Bangladesh Nationalist Party (BNP) is advocating for the democratisation of the economy. Just as politics must be democratised, the economy must also be taken in a democratic direction. Political democratisation alone cannot resolve the existing challenges.

Every citizen must have the opportunity to participate in Bangladesh’s economy. To ensure that, it’s necessary to move beyond the prevailing economic trajectory and develop a new model. For example, in rural Bangladesh, a large number of people are engaged in the small and cottage industries sector. They’ve been involved in these activities for generations. Yet their product quality hasn’t improved significantly, nor has their living standard increased proportionately. We therefore need an economic model that guarantees everyone’s participation and distributes its benefits to all.

In this regard, the BNP plans to invest in small and medium enterprises (SMEs). At the same time, the party also intends to increase access to credit and raw materials, provide necessary training to enhance skills, and facilitate design, branding, and online marketing support to expand their business. Small and cottage industries never received adequate investment. The bulk of investment has gone into manufacturing, limiting the development of other promising sectors. If product quality improves in the small and cottage industries, market demand and prices will rise, leading to better living standards for workers in these sectors. Entrepreneurs must be connected to e-commerce platforms such as eBay, Alibaba, and Amazon. This will enable them to sell products in both local and international markets, generate employment, increase GDP growth, and earn foreign exchange.

Digitalisation of the economy is also essential for democratisation; otherwise, its benefits won’t reach everyone. The BNP’s plan focuses on two priorities. First, there can be no compromise in the energy and power sectors. Investment must be made to ensure an energy and electricity supply in every part of the country. Second, strong broadband internet coverage must be extended nationwide. As part of infrastructure development, the BNP will prioritise these two areas. If these services are accessible throughout the country, opportunities will emerge for call centres, data centres, online, and real-time businesses. These benefits can then reach every citizen. An example is Thailand’s One Tambon One Product initiative, under which each village focuses on producing a single product. The government invests in the programme and provides credit, branding, and incentives, while products are sold through various e-commerce platforms. The BNP seeks to establish such an economic model that ensures inclusive participation. Accordingly, these two sectors will receive priority in investment decisions. Four core principles will guide investment policy. First, value for money — ensuring appropriate profit relative to investment. Second, ensuring return on investment. Third, generating employment from investment, which is the BNP’s highest priority. Jobless growth can’t deliver economic democratisation. Fourth, environmental protection can’t be ignored. Necessary regulations must be followed to maintain ecological balance and reduce carbon emissions. Environmental sustainability also plays a role in attracting investment and is increasingly considered in investment decisions. Adhering to these four principles is essential to building a developing and sustainable economy.

Now, we can move where employment can be generated. Sports have made a significant contribution to advanced economies like Brazil and Australia. BNP plans to establish sports centres in every upazila, promoting football, cricket, swimming, shooting, archery, and other potential sports. This would create substantial employment opportunities. Spectator engagement in sports also contributes to GDP growth. Therefore, as part of economic democratisation, the BNP intends to give priority to the sports sector.

Beyond this, we’ll prioritise reducing cultural disparities. BNP intends to invest in local individuals engaged in theatre, music, and other cultural activities. Our goal is to ensure that people at all levels of society can participate in Bangladesh’s economy, whether as sports professionals or cultural activists.

On February 17, 2026, at the South Plaza of the National Parliament, BNP minister Amir Khasru Mahmud Chowdhury took the oath. Photo: Staff Photographer

Today’s youth and educated unemployed population have significant opportunities to contribute to the digital economy. We’ve therefore decided that, if the BNP forms the government, employment will be created for 10 million people within 18 months. The BNP is ambitious about job creation. Without ambition, there can be no better future for the country. We’re confident in this regard because, during previous BNP governments, the employment curve consistently trended upward. We expect it to rise further this time. The question arises: where’ll the financing come from? Excessive dependence on banks has weakened the banking sector. That’s why we’re considering strengthening the capital market. Whatever anyone may say, Bangladesh’s capital market has been completely damaged, increasing pressure on the banking system. We’re currently classified as a frontier market. We must move toward emerging market status. The total global fund allocation for frontier markets stands at around $6–7 billion, possibly more. If we can transition to emerging market status, that pool expands to the trillion-dollar range. Our plan is to place strong emphasis on the capital market. The BNP has never interfered politically in the Bangladesh Securities and Exchange Commission (BSEC). As a result, there was no stock market collapse during the BNP tenures. Nor were central bank governors appointed through political intervention. Consequently, the banking sector didn’t face any instability during our time in office. We can confidently say that it won’t be in the future either. In fact, the progress made in the private sector occurred during the BNP governments. Consider the development of the garments sector. It expanded through back-to-back letters of credit and bonded warehouse facilities — initiatives we introduced. Going forward, we plan to extend similar facilities to all exporters. The same advantages currently enjoyed by the garments sector — back-to-back LCs and bonded warehouse facilities — will be opened to others, so that no exporter faces unnecessary obstacles. If ten additional sectors emerge in exports, they too will receive these benefits. The largest programme we’re undertaking is large-scale deregulation. It’s unfortunate but true that Bangladesh is an over-regulated country. This may not be pleasant to hear, but we intend to move on to serious deregulation so that no citizen has to navigate government offices unnecessarily. We must free citizens from bureaucratic entanglement. The fundamental question is: do we want to strengthen the government, or empower the people? As politicians, we must decide. From the BNP’s perspective, we’ve chosen to empower the people through meaningful deregulation. We’ve done this before and will do so again. When I served as commerce minister, a Utilisation Certificate (UC) was required for importing raw materials and exporting finished goods. The Export Promotion Bureau (EPB) issued this certificate, and the system remains in place. At that time, obtaining the certificate involved payments and administrative hassle. Shipments were often delayed due to certification bottlenecks. Business leaders approached me and asked for a solution. I decided not to keep the UC under EPB’s control. Instead, I would transfer the responsibility outside EPB to you, if you could manage it effectively. The authority was handed over to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and the arrangement continues to function smoothly. Outside direct government control, the system is performing well. Many such functions should be moved beyond direct government management. If business associations can administer certain processes efficiently on their own, we’re prepared to handover that responsibility to them.

Bangladesh’s ease of doing business ranking is now at the bottom. Let alone foreign investment, the situation of domestic investors is equally distressing. A significant portion of each working day is consumed by dealing with routine administrative complications, leaving little time for actual business operations. We doubt whether they can run a business comfortably within such a situation. We intend to free entrepreneurs from this burden through deregulation. By deregulation, we mean consolidating all required approvals into a single platform and introducing a unified single-window system, managed digitally. These processes can’t be handled through paper-based systems. No businessperson can operate a business effectively after roaming from one office to another to secure permissions. Such an arrangement is rarely found anywhere else in the world; it exists exceptionally in Bangladesh; we want to eliminate it.

We aim to introduce e-governance across public services. Several areas are particularly problematic, including the port system. The National Board of Revenue (NBR) faces deeper structural challenges, and necessary measures are not taken for meaningful reform of the institution. The Bangladesh Securities and Exchange Commission (BSEC) continues to struggle with complications. As we move toward a digital economy, reform of the Bangladesh Telecommunication Regulatory Commission (BTRC) is critical. There are six to seven institutions in Bangladesh entangled in major crises, such as the Bangladesh Bank, BSEC, and the Registrar of Joint Stock Companies. We plan to bring these institutions under a unified framework rather than maintaining outdated administrative structures. We prioritised competent professionals for leadership in these institutions. Political considerations must have no place. The Individuals in charge in these areas must have both domestic and international experience and capabilities. For instance, if the chairman of the BSEC lacks international recognition or understanding of global financial markets such as Wall Street, it’ll be impossible to attract emerging market funds.

We’ve pledged to create 10 million new jobs and build a trillion-dollar economy. This is not merely political rhetoric; we’ve conducted detailed planning. We’ve assessed which sectors can generate how many jobs, the scale of required investment, and the funding mix — what portion will come from government resources, taxation, and the capital market.

Why should we rely solely on banks for financing? Without a vibrant capital market, it’s not possible to energise investment.

In India, market capitalisation amounts to around 125 percent of GDP. In the United States, it’s nearly double that. In Bangladesh, by contrast, capital market capitalisation represents only 5–6 percent of GDP. With a market of this scale, we won’t achieve our development goals. We must strengthen the capital market. It’s not only the private sector that can raise funds there; the government can also mobilise funds through it. Why should the government pursue a $4 billion programme from the International Monetary Fund (IMF) under numerous conditions? It’s shameful for a government. Why didn’t we pay attention to developing the capital market? Around the world, investors participate in equity and bond markets. Governments raise funds through market instruments. Take the example of Biman Bangladesh Airlines. Why should the government continue injecting funds into what is essentially a commercial enterprise? It should compete in the market, generate revenue, and sustain itself. Likewise, BSEC must generate revenue from the capital market if it wants to sustain itself.

We want to rethink the structure of the economy. The government doesn’t need to invest everywhere. Public investment should focus on poverty reduction, social protection, and infrastructure. Other forms of investment should be mobilised through the capital market, which offers multiple advantages. Even city corporations can explore alternative financing options. Globally, many municipal authorities issue municipal bonds to raise funds.

Investments that don’t generate income, create employment, or address environmental considerations can’t be considered sound investments. Such misdirected investments have placed us in difficulty today. No economy becomes sustainable by printing money or relying excessively on debt. For this reason, our full focus will be on attracting both domestic and foreign investment. Through this approach, we aim to create 10 million jobs. Employment is the foremost demand of our youth. By employment, I don’t mean only salaried jobs; self-employment is equally important. In fact, we’re placing greater emphasis on self-employment. Our young people have immense potential, and we want to enable them for self-employment. For those seeking work abroad, we plan to establish skill development centres in every district to ensure they’re adequately trained. This will enhance their standard of living not only at home but also overseas. With proper skills, they should be able to earn three to four times more than their current wage levels. We must improve product quality, make goods export-ready, and create a supportive marketing environment. These are the priorities we’re preparing for the future.

Amir Khasru Mahmud Chowdhury, Finance Minister and a member of the National Standing Committee of the Bangladesh Nationalist Party (BNP).

[He delivered these remarks as a distinguished discussant at the second session titled “Democratisation of the Economy” during the 4th Bangladesh Economic Summit 2025, held on November 29, 2025, under the theme “Future Economic Roadmap and Political Commitment.”]