Mirza Aziz blames unholy business-politico alliance for economic ills
FE Report
An unholy alliance between businessmen and corrupt politicians has been working to destabilise the country's economy despite the government's efforts to revitalise it, Finance and planning adviser Mirza Azizul Islam said Wednesday.
"We have been trying to revitalise the economy," Aziz told a gathering of businessmen in the capital Dhaka.
"But there is an unholy alliance between certain businessmen and corrupt politicians in the country," he said, blaming the groups for working behind the scene to destabilise the country's economic gains.
"The present caretaker government is working to break the alliance," Aziz said.
The finance adviser who early this week said the country has enough food stocks for three months blamed the businessmen for too-much profit-taking, which led to volatile prices of food and commodities.
"As a student of economics I know that profit is a must for any businessman. But trend of maximising of profit within a short-term is not expected. They have some social responsibility too," he said.
"Tell your colleagues to quit these practice," he added.
His comments came as the food prices rocketed at least 60 per cent since the beginning of the fiscal in July, forcing millions of poor to cut their daily meals or spend all their earnings on food purchase.
Traders have said food shortages due to floods and cyclone and rising global prices resulted in the massive price hikes in local market.
But experts and economists said profit maximising by a clique of traders and importers in troubled times led to the price spike.
Aziz urged the businessmen to play constructive role and build up their image so that people have trust in their business activities.
"There is a widespread feeling that the businessmen are not performing their due role. Whether it is true or not, such image about you has been built up. I hope you will not nurse this image anymore."
The adviser said the government has set up the Better Business Forum to restore business confidence and has urged the local and foreign investors to set up joint-venture enterprises in the country.
The ICCB organised the launching ceremony with its President Mahbubur Rahman in the chair.
Newly elected president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Annisul Huq said the country's economy performed well despite widespread corruptions and natural disasters.
"If we can continue to achieve between six and seven per cent GDP growth, Bangladesh will emerge as a middle-income country within 2017-2019," Haq said.
ICCB President Mahbubur Rahman said Bangladesh could be a regional commercial and manufacturing hub due to its location and enterprising people.
"Bangladesh is situated virtually as a bridge between the emerging markets of South Asia and fastest growing economies of South East Asia and ASEAN countries," Rahman said.
"Bangladesh has the potential to be an entry port to the region with great possibilities like Singapore," he said.
"The country is poised to become a regional hub where activities relating to assembling, manufacturing, trading and services, would be some of the areas that are picking up over the years."
"This geopolitico-economic location of Bangladesh indicates its history of being a nation of sea-farers, traders and suppliers," he added.
__._,_.___ An unholy alliance between businessmen and corrupt politicians has been working to destabilise the country's economy despite the government's efforts to revitalise it, Finance and planning adviser Mirza Azizul Islam said Wednesday.
"We have been trying to revitalise the economy," Aziz told a gathering of businessmen in the capital Dhaka.
"But there is an unholy alliance between certain businessmen and corrupt politicians in the country," he said, blaming the groups for working behind the scene to destabilise the country's economic gains.
"The present caretaker government is working to break the alliance," Aziz said.
The finance adviser who early this week said the country has enough food stocks for three months blamed the businessmen for too-much profit-taking, which led to volatile prices of food and commodities.
"As a student of economics I know that profit is a must for any businessman. But trend of maximising of profit within a short-term is not expected. They have some social responsibility too," he said.
"Tell your colleagues to quit these practice," he added.
His comments came as the food prices rocketed at least 60 per cent since the beginning of the fiscal in July, forcing millions of poor to cut their daily meals or spend all their earnings on food purchase.
Traders have said food shortages due to floods and cyclone and rising global prices resulted in the massive price hikes in local market.
But experts and economists said profit maximising by a clique of traders and importers in troubled times led to the price spike.
Aziz urged the businessmen to play constructive role and build up their image so that people have trust in their business activities.
"There is a widespread feeling that the businessmen are not performing their due role. Whether it is true or not, such image about you has been built up. I hope you will not nurse this image anymore."
The adviser said the government has set up the Better Business Forum to restore business confidence and has urged the local and foreign investors to set up joint-venture enterprises in the country.
The ICCB organised the launching ceremony with its President Mahbubur Rahman in the chair.
Newly elected president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Annisul Huq said the country's economy performed well despite widespread corruptions and natural disasters.
"If we can continue to achieve between six and seven per cent GDP growth, Bangladesh will emerge as a middle-income country within 2017-2019," Haq said.
ICCB President Mahbubur Rahman said Bangladesh could be a regional commercial and manufacturing hub due to its location and enterprising people.
"Bangladesh is situated virtually as a bridge between the emerging markets of South Asia and fastest growing economies of South East Asia and ASEAN countries," Rahman said.
"Bangladesh has the potential to be an entry port to the region with great possibilities like Singapore," he said.
"The country is poised to become a regional hub where activities relating to assembling, manufacturing, trading and services, would be some of the areas that are picking up over the years."
"This geopolitico-economic location of Bangladesh indicates its history of being a nation of sea-farers, traders and suppliers," he added.
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