Business leaders call for institutional reforms in NBR, banking sector

Business leaders have called on the interim government to carry out substantial institutional reforms, especially within the National Board of Revenue (NBR) and the banking sector. 

During a discussion at the Pan Pacific Sonargaon Hotel in the capital today, they also advocated for stringent action against those involved in banking misconduct. 

The event, titled “The Current Business Situation and the Way Forward,” was chaired by International Chamber of Commerce (ICC) Bangladesh President Mahbubur Rahman and organized by former Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Abdul Awal Mintoo.

Business leaders expressed their frustration and highlighted the challenges businesses face in opening Letters of Credit (LCs) for importing raw materials and goods. 

They also mentioned that some individuals are allegedly being exempted from paying crores in bank interest.

Business leaders said over the last 16 years trade bodies have served political purposes, not businesses. Almost all trade bodies are politicised and even they have no elected board through free and fair election, they further said, demanding elections in every trade organisation within a suitable time frame. 

In his speech, Mahbubur Rahman stressed the need to support the interim government to ensure the success of recent movements led by the students. 

He also emphasised on the importance of unity among the business community, especially in the face of alleged conspiracies aimed at undermining recent achievements.

He pointed out that while conspiracies are being carried out in the name of torturing minorities, students are stepping up to protect their temples. “Efforts are being made to disrupt the progress we have achieved, but we must remain vigilant,” Mahbubur said. 

He also urged everyone to protect the hard-won gains of the 5 August movement, warning of potential counter-revolutionary efforts.

He further emphasised the necessity of reforming key institutions while adhering to the rule of law. “Why, after enduring injustices for over 15 years, the business community cannot be patient for another 16 months, allowing for a peaceful transition,” he asked.

Mahbubur Rahman added that corruption and nepotism are deeply rooted in our society, noting that where there is power, there is corruption.

Former FBCCI president Abdul Awal Mintoo echoed these sentiments, calling for reforms in the country’s constitutional and social institutions, including the judiciary and parliament. He criticised the influence of certain groups over trade bodies, which he argued hinders the independent functioning of business organisations.

BNP Vice Chairman Mintoo also highlighted the worsening economic conditions, citing negative GDP growth and high food inflation as major concerns. 

“As you [apex bodies’ leaders] failed to do this [advocate for businesses], you should resign. We are in the worst position in terms of the economy.” he said.

Abdul Wahab, former FBCCI director, called for justice against those responsible for weakening the judiciary, banks, and other institutions. “The looters have devastated our economy through money laundering,” Wahab said, expressing hope that the interim government would implement reforms and restore democracy.

AK Azad, chairman of Ha-meem Group, expressed concern over the export sector’s struggles, particularly following recent protests that led to factory vandalism. He said, “During the protest, many factories were vandalised. Many are yet to restart production. Our buyers are in fear. We told them our army was helping us to ship export-related goods but they cannot keep faith.”

He noted that around 20% of ready-made garment orders have shifted to competitor countries due to the instability in Bangladesh.

Another former FBCCI director Abdul Haque called for the release of a white paper detailing the embezzlement within the banking sector. 

Meanwhile, Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman questioned the efficiency of the FBCCI’s 80-member board of directors, suggesting that such a large group hampers decision-making.

DCCI president Ashraf Ahmed said, “The priority should be to restore law and order, and create a good business atmosphere.”