At a recent seminar titled ‘Investment Prospects and Challenges’, business leaders voiced their frustrations over rising VAT, taxes, and gas prices, which they claim have placed entrepreneurs in a difficult position. The seminar, organized by the Economic Reporters Forum (ERF), featured prominent figures including former FBCCI president AK Azad, who emphasised the need for policymakers to conduct thorough product cost analyses before implementing new measures.
Azad lamented the challenges of importing raw materials and stated, “Being an entrepreneur seems synonymous with being a criminal. Everyone exploits us. That’s why there’s no new investment. All governments are the same.” He criticised the lack of consultation with business leaders regarding the economic impact of rising gas and VAT prices.
Chowdhury Ashiq Mahmud bin Haroon, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), addressed the seminar as the chief guest, promising a gradual disengagement of the Government from business activities over the next year. He indicated that entrepreneurs would be empowered to manage businesses independently, optimizing existing areas as economic zones rather than creating new ones.
Abul Kasem Khan, former president of the Dhaka Chamber, pointed out weaknesses in the supply chain and criticized policymakers for their narrow-minded approach to foreign exchange, which he believes hinders investment opportunities. He called for reforms to combat corruption and create a more sustainable investment climate.
Md. Hafizur Rahman highlighted the anxiety faced by new entrepreneurs, stressing the need for a supportive environment that encourages investment. He suggested that tax regulations should be relaxed to better accommodate small and emerging businesses.
The seminar underscored the urgent need for policy changes to foster a more conducive environment for investment and entrepreneurship in Bangladesh.
