Govt to go for wider reforms to fix economy: Lutfey Siddiqi

The government will bring structural reforms in all areas as required to mend the economy and create an investment climate, according to Lutfey Siddiqi, the chief adviser's special envoy on international affairs.

"We want to create a pro-business climate through discussions with businessmen and stakeholders while employing fair and transparent means," Siddiqi said while addressing a webinar titled "State of Investment Climate", hosted by the Bangladesh Investment Development Authority (Bida).

He emphasised the need to improve the ease of doing business from the government's side. "We believe it, and we are effective," he added.

He also outlined ways to enhance investment in the information technology (IT) sector.

"We need to create skilled human resources in the IT sector to increase investment in this sector," he said, adding that he strongly believed the sector would be a major source of foreign direct investment and job creation.

According to Siddiqi, there are sustainable factories, but not all of them are honest when it comes to business.

He also said the firms and investors should identify the short-term issues that the businesses encountered since the government changed on August 5.

There are economic engagement forums and many ways for businesses to interact with the government, he said, adding, "But I want to emphasise that it must be an ethical enterprise. We won't bother you with censorship."

Ashik Chowdhury, executive chairman of Bida and the Bangladesh Economic Zones Authority, said ensuring that current investors are looked after well is the most crucial factor in attracting investment or investors to Bangladesh.

"In the past two and a half weeks, I met roughly 235 chief executive officers, consultants, entrepreneurs and mentors. They have shared ideas and suggestions and specified the challenges that they have faced in the last few years," he added.

"It is our duty to hear about the challenges you are facing and be open to continuous access."

As for the complaints, he said: "A lack of policy continuity is a common point that I heard. Corruption is also a common theme."