He said the proposed reforms would have a positive long-term impact on the country’s industrial sector and contribute to economic recovery at a time of global uncertainty, persistent inflationary pressures, energy challenges and sluggish investment.
Terming the proposed FY27 national budget as ‘reform-oriented’ and ‘business-friendly’ that could help revive economic activities amid prevailing domestic and global challenges, the Bangladesh Chamber of Industries has praised introduction of structural reform measures in key areas.
It also hailed the government’s emphasis on developing ten priority sectors, the creative economy and the blue economy.
He also hailed the government’s emphasis on developing ten priority sectors, the creative economy and the blue economy, saying these initiatives would help diversify the economy and create new opportunities for sustainable growth.
The chamber appreciated budgetary measures aimed at supporting small and medium enterprises (SMEs), reopening closed industrial units and expanding the tax net, which, it believes, will strengthen the industrial base and improve revenue collection.
Meanwhile, Finance Minister Amir Khosru Mahmud Chowdhury said Bangladesh must gradually move away from excessive dependence on borrowings and shift towards an investment-driven economy, with regulatory reforms, private-sector participation and expanded social protection programmes playing key roles in the process.
Government borrowings from domestic banks have historically crowded out private-sector investment and limited economic dynamism, he was cited as saying at a post-budget press conference.
The government has already reduced planned bank borrowings compared with the previous fiscal year and intends to further diversify financing sources, he noted.
A central pillar of the government’s strategy, he added, is a broad deregulation agenda aimed at reducing bureaucratic barriers and improving the overall investment climate.
Fibre2Fashion News Desk (DS)
