‘Doing business is struggle, we will make it easier’: Yunus tells businesses

Chief Adviser Professor Mohammad Yunus has said that doing business is a struggle and the government and the business community will work together to make the struggle easier.

"We [interim government] hope, as long as we stay [in power], to take the labour-owner relationship to a better place. Workers, owners, and the government will do it as a team. Doing business is a struggle, we will make the struggle easier," he said during the National Business Dialogue at the Hotel InterContinental in the capital today (12 September).

"We need to move ahead as a team. It is a compact team. It is a very compact family. Let us work together. Let us build a new Bangladesh," he also said.

Meanwhile, business leaders present at the event expressed interest in initiating a new chapter of responsible business operation in the country and putting an end to the politically-blessed business culture.

They also presented data on the damages done to the economy due to the ongoing worker unrest across industrial areas in Savar and Gazipur. 

Prof Yunus attended the event as the chief guest. Finance and Commerce Adviser Salehuddin Ahmed and Planning and Education Adviser Prof Wahiduddin Mahmud were also present as special guests. 

Finance Adviser Salehuddin said the bribe culture is the biggest obstacle to doing business or investing in Bangladesh. 

"We want to be free of this. We are taking initiative to make business easier. We want to create a level playing field for everyone by reforming this tradition," added the adviser.

Youth and govt to work as team

Stating that the student and mass uprising was not a traditional movement, the chief adviser said, "They came out on the streets knowing that they might not go home alive. They achieved their goal by sacrificing their lives." 

Expressing his gratitude to the youths for fighting for a new Bangladesh, Prof Yunus said, "Had they not created this opportunity, the nation could not have been saved from decaying. So we have to move forward as a healthy and prosperous country. A nation does not get such opportunities repeatedly… We must not lose [this opportunity]. If we do, this nation will have nothing left."

"As long as we are in the government, we will work as a team. We will realise our dreams together," he added.

Referring to Bangladesh's expected graduation to middle-income country in the coming years, the chief adviser stated that Bangladesh will lose many facilities when the graduation happens.

However, he said by that time, Bangladesh needs to be made capable of competing with other countries.

Addressing the business leaders on the occasion, Prof Yunus said businesspeople are members of the compact family and the government wants to work together with the businesspeople.

The chief adviser said they know each other in this compact family which is a big source of strength. "The RMG industry emerged as something very big out of nowhere."

He added that the interim government might not have knowledge or experiences in all the fields, but they can gather the required experiences by working together as a team. "Let us materialise the dream."

He said the RMG industry is proudly holding the second position in the world market. "It will be of great pride for me if the industry can become number one in the global market during my tenure."

'Every door, every chair, every table wants money'

Finance Adviser Salehuddin during his speech said bribe culture is the one of the biggest obstacles to doing business or investing in Bangladesh. 

"One of the biggest problems in investing or doing business in Bangladesh is that every door, every chair, every table wants money [bribe]," he said, adding that the country needs to be free of this. 

Speaking as special guest, he said a crisis was plaguing the financial sector because of the "legacy" created in the last 15 years during the ousted Awami League-led government.

"We are facing a challenge. It is difficult to work bypassing this legacy. We will not get much time [to work]. But we are trying to restore confidence [among businessmen]," he told the business leaders.

Speaking about the recent initiatives taken to reform various sectors, the adviser said commissions have been formed to reform the banking sector and the capital market.

"We want to end the dependency on banks for financing and become capital market oriented. Investors will collect money from the stock market without taking bank loans for business expansion. In other countries, financing is done with money from capital markets," he said.

The finance adviser also described the National Board of Revenue (NBR) as another "major obstacle" to investment and business. 

"We have taken initiatives to reform the institution. We will take initiative to make the tax laws business friendly. We are focusing on increasing employment through ease of doing business. Our job is to remove business barriers and create a level playing field for everyone," he said.

Salehuddin also called on trade bodies to be more "realistic".

"Trade bodies should not only think about themselves. They should also listen to businessmen in remote regions like Rangpur. All businessmen should be given equal importance to support the legislation. It should be ensured that no one can make abnormal profit. It should also be ensured that no one loses their capital," said the adviser.

On the occasion, businesses called on the government to postpone Bangladesh's graduation to a middle-income country as it will result in Bangladesh losing many facilities it enjoys as a least-developed-country.

In response, the finance adviser promised that the government will study the demand. 

"We have not yet begun working on LDC graduation. We have opportunities to discuss the pros and cons of graduation. We have already discussed the GSP facility. Our aim is to increase business and employment."

Don't need billionaires thru corruption

Adviser Prof Wahiduddin Mahmud said some businessmen became billionaires with the help of the ousted Hasina government through corruption.  "We don't want anyone else to become a billionaire with the blessing of the government."

He added, "Becoming a billionaire is not our target. We want everyone to do business with honesty and integrity. Entrepreneurs should grow through their integrity."

Highlighting the need for capacity building among the country's businesses, Mahmud said the global market is highly competitive now and growth cannot be achieved by relying on low-wage labour alone. 

"Competitiveness must be maintained through skill development, and the quality of workers and their work must be improved," added the adviser.

He also pointed out that businesses that grow solely through one-sided tariff benefits are not sustainable, emphasising the need for businesses to stand on their own strength.