The prime minister Tarique Rahman on Saturday convened Bangladesh’s first Private Sector Advisory Council (PSAC), creating a formal platform for the country’s business representatives.
The council would provide timely, candid, and structured feedback to the highest levels of government on the business climate, investment environment, and reform priorities.
At the first meeting of the PSAC held at the Prime Minister’s Office, the prime minister also discussed the challenges faced by the country’s businesses and the major bottlenecks hindering investment.
According to the meeting participants, the discussed areas of the meeting were regulatory environment, energy, improving human capital like education and artificial intelligence, modernisation and rationilsation of the tax environment and National Board of Revenue, logistics and transportation, export diversification, re-branding Bangladesh, foreign direct investment, and banking and finance.
Arif Dowla, managing director of ACI PLC; Syed Nasim Manzur, managing director of Apex Footwear Ltd; Hafizur Rahman Khan, chairman of Runner Group; Ahsan Khan Chowdhury, chairman and CEO of PRAN-RFL Group; Ziaur Rahman, managing director of Bay Group; Abdul Muktadir, chairman and managing director of Incepta Group; Md Abdul Jabbar, managing director of DBL Group; Sohana Rouf Chowdhury, managing director of Rangs Group; and Syed Mohammad Tanvir, managing director of Pacific Jeans Group were selected as the PSAC members.
The council also brought together key policymakers, including the ministers for finance, commerce, and power, energy, and mineral resources, alongside the executive chairman of the Bangladesh Investment Development Authority and representatives from the private sector.
The PSAC is expected to meet every three months to review progress.
Syed Mohammad Tanvir, managing director of Pacific Jeans Group and a participant in the meeting, said that PSAC has been selected as a sounding board for the prime minister to hear about the ground-level realities of the manufacturing sector in Bangladesh.
‘The purpose of the council is to help reduce the gap between business and government. We discussed multiple areas, including policy reform, simplification, policy consistency, timely implementation, and good governance,’ he added.
Finance Minister Amir Khosru Mahmud Chowdhury informed reporters about the extensive discussions on various issues related to trade, commerce, and investment.
‘At the meeting, business leaders discussed the problems and challenges they face and ways to address these problems. Business leaders shared their views,’ he added.
He also said that many issues have been resolved, while others remain pending and would be settled through further discussions.
In response to a question about investment, the minister said the meeting aimed to create a more investment-friendly environment.
‘The Prime Minister listened to the business leaders to understand where the barriers to investment lie. He aims to address these issues swiftly, he added, noting that some concerns were addressed immediately, while others would be addressed in subsequent discussions.
He also said that discussions were held on opening closed factories and industrial units.
‘We discussed how to restart factories that have been shut down, including state-owned ones. We hope many of these projects could be revived,’ he added.
In response to a question on energy support, he said Bangladesh is receiving assistance from multilateral bodies.
‘We are receiving cooperation from various multilateral organisations,’ he added.
The participants also said they presented their concerns to the prime minister during a keynote address.
They also highlighted complications involving VAT, customs, and income tax administration, as well as procedural hurdles in business registration and renewal.
Business leaders proposed targeted strategies to boost exports and reduce dependence on imports, particularly in sectors such as active pharmaceutical ingredients, automobiles, semiconductors, agro-processing, and light engineering.
According to PMO officials, the prime minister issued directives to relevant ministries to address several urgent issues, while others would be resolved gradually under the proper plan.
At the meeting, business leaders also called for uninterrupted energy supply, regulatory simplification, and faster operationalisation of major infrastructure projects.
BIDA executive chairman Chowdhury Ashik Mahmud Bin Harun said that the formation of the PSAC is one of the key reforms proposed by BIDA to establish a structured mechanism for sustained private-sector input at the highest level.
‘We are grateful to the prime minister for taking ownership of this matter and for bringing together an accomplished group of business leaders to support Bangladesh’s reform and investment agenda,’ he added.
Power, Energy and Mineral Resources minister Iqbal Hassan Mahmood Tuku, Commerce minister Khandakar Abdul Muktadir, State Minister for Power and Energy Anindya Islam Amit, were also present.
