In a passionate address at the National Business Dialogue organiszed by ICC Bangladesh, Chief Adviser Dr Muhammad Yunus, urged business leaders to take "golden opportunity" to rebuild the nation after the fall of the fascist regime.
The event, held at Intercontinental Hotel on Thursday, brought together key industry leaders and policymakers, highlighting the importance of collaboration between the public and private sectors to steer the national economy ahead.
The dialogue, supported by prominent business organisations including the Dhaka Chamber of Commerce & Industry (DCCI), the Chattogram Chamber of Commerce & Industry (CCCI), Bangladesh Chamber of Industries (BCI), and other trade bodies, emphasised the need for progressive policies to drive inclusive growth.
In his opening remarks, ICC Bangladesh President Mahbubur Rahman delivered a keynote speech, underscoring the urgency for economic reforms focusing on innovation, job creation and attracting foreign investment.
"We must make strategic investments in the IT sector, ensure energy security and reform our financial system to attract foreign investors," Rahman said.
He said that collaboration between the government and the private sector is crucial to address challenges such as inflation and infrastructure development.
Dr Yunus calling on the business community to embrace social business models, which he argued would lead to a more equitable economy.
He praised Bangladesh's progress in the ready-made garment (RMG) sector, now the second-largest exporter globally but emphasised that the country's entrepreneurs must innovate and reinvest in the economy.
"Our entrepreneurs are now of world standards. Let us remember the sacrifices of our youth and rebuild this nation from the ground up," Yunus said, encouraging leaders to focus on social responsibility alongside profitability.
He appealed to business leaders not to rely on the government for profit-driven growth. He urged them to adopt social business practices that prioritise serving the people over profit margins. "Don't expect profit from the government," he said. "We must work as a team to rebuild Bangladesh, using the blood and sacrifices of our young generation as our motivation."
The event also featured insights from other notable figures, including Dr Wahiduddin Mahmud Education Adviser, who pointed out the chaos currently seen in industrial zones. However, he expressed optimism, stating, "Bangladesh's industrial developments are on the rise, and some of our factories have achieved world-class standards." He urged increased investment in skills development to ensure the country's survival in a highly competitive global trade environment.
Finance Adviser Dr Salehuddin Ahmed said 16 years of misrule created issues in the economy that need to be addressed.
He said that the Interim Government was working to give the economy the much-needed boost.
He emphasised the importance of equity-based capital over bank-based capital as the primary source of business funding.
"Globally, businesses thrive on equity capital. We're working to encourage this shift in Bangladesh," he said.
He also highlighted how inflation was affecting the economy, causing high prices and the government's efforts to mitigate this problem.
Dr Ahmed discussed LDC graduation, pointing out that while government support will be available, businesses must take the initiative to enhance productivity and skills to remain competitive post-graduation.
He pointed out the issue of corruption in business, referencing conversations with his business contacts who pointed out the need for "speed money" in business transactions.
He said that the Interim Government was working to address this systemic issue.
Dr Yunus requested the business community to rise to the occasion and rebuild the nation that can take pride in its achievements. "This is a golden opportunity now for the country, liberated from autocratic rule. We are a compact team and with our experience we can rebuild this nation," he said.
He introduced Chief Adviser's Special Envoy for International Affairs Lutfe Siddique to the business community.
Dr Yunus expressed hope that Bangladesh would soon be a signatory to the ILO Convention on workers' rights and promoting fair labor practices.
He reiterated the importance of social business and called on entrepreneurs to take the lead in shaping more equitable Bangladesh.
The National Business Dialogue served as a platform for Bangladesh's business leaders to reflect on the country's economic challenges and opportunities, with a collective resolve to move forward and rebuild a stronger, more inclusive economy.
