In this era of globalization, the economic progress of a country largely depends on how transparent, accountable and citizen-friendly its business environment is. Bangladesh is no exception. As a developing country, an effective, transparent and citizen-centric business policy is the demand of the hour for us. Because business is not just a means of earning profit, it is one of the main tools for creating employment, social stability and maintaining economic balance. But the reality is that in our country, from starting to running a business, various types of complications, corruption, opacity and unnecessary bureaucratic obstacles are major obstacles for businessmen. In this situation, the formulation and implementation of a new citizen-friendly business policy has become essential. The question is, why is this business policy necessary? I will answer firstly, to attract investment. Domestic and foreign investors always look for an environment where the rules and regulations are clear, the administrative process is simple and the risk of corruption is low. Although it is natural that investors will move to other countries if they have to pay bribes to start a business and wait months to get a license. Secondly, to protect the interests of citizens. If business is uncontrolled, consumers are cheated, counterfeit products spread in the market and the quality-of-service decreases. A transparent policy maintains a balance between business and consumer. Thirdly, for sustainable development. If business destroys the environment and violates the rights of workers, it becomes harmful to the country in the long run. Therefore, business policies must also include social and environmental responsibility. It should be remembered that the country's biggest strength at the moment is its human resources. The latest UN Worldometer data says that the country's population will reach around 177.818 crore by the end of this year. Currently, Bangladesh is ranked eighth in terms of population. According to the latest data and projections of the World Bank for 2024-25, the working population aged 15-64 in the country is 63.1 percent.
I think that this statistic is a great opportunity to realize the economic benefits of the country. That is why the complete and efficient management of this resource is now one of the state's responsibilities. At least this is clear if we consider the possibility of demographic dividend. But the country's conventional education system is not able to provide enough skilled workers in the labor market. BIDS statistics say that 28-34 percent of the country's graduate students are unemployed. This rate is 28 percent for students who passed under the National University and about 34 percent for those who got first class. The labor market is demanding workers with skills, creativity and work ethic, but they have not yet been included in the university curriculum. These problems are also linked to the impact of urbanization. The poverty assessment report of the Bangladesh Bureau of Statistics (BBS) and the World Bank shows that although poverty is decreasing in villages, it is not decreasing at the same rate in cities. There, the living conditions of workers engaged in the informal sector of the city have been identified as 'inhumane'. A recent World Bank report has expressed concern that the number of poor people in Bangladesh is expected to increase by about 1.2 million this year. In 2022, the poverty rate in Bangladesh was 18.7 percent. In 2025, it increased to 21.4 percent. It is known that at least one person in every four families is either unemployed or working as an irregular daily wage laborer. In other words, we have limitations in using our huge manpower in diversified economic sectors. If human resources are not utilized properly now, then many social and economic pressures will arise in the future. Meanwhile, the banking sector is largely on life support. As of the end of December 2025, the country's defaulted loans stood at Tk 544,831.88 million. Many institutions have lost money by taking anonymous loans. This is why the liquidity crisis in banks is severe. Investment in the private sector is stagnant and many products cannot be imported due to the current dollar crisis. A few institutions, who have political power or influence, are dominating the market. The main control of the market is in their hands. They easily get special loans, tax breaks or business permits. However, the SME sector (30 percent contribution), the backbone of the country's economy, is now struggling to survive. Many enterprises are facing difficulties due to inflation and bureaucratic complications. However, it is possible to increase economic efficiency a lot if these enterprises are provided with capital and policy support. This is a picture of the current problems in the country's financial and business sector. In fact, one of the biggest problems in our business sector is opacity. In many cases, there are rules but they are not enforced, while in some places, the rules are so complex that it is almost impossible to follow them. As a result, 'undeclared rules' are created, which basically opens the way for corruption. Another big problem is harassment. Small and medium entrepreneurs are harassed by various departments. Licenses, taxes, VAT, environmental clearances - each has its own complexities. This discourages new entrepreneurs. Apart from this, unavailability of information is also a big problem. Many businessmen do not know where to go for a job, what papers are required, how much time it will take. Capitalizing on this ignorance, brokers become active. Arrangements should be made to complete all the processes of starting a business from one place by introducing a 'one-stop service'. This will reduce both time and cost. Digitalization is very important. If everything is done online - license applications, tax payments, report submissions - corruption will be reduced to a large extent and transparency will increase. It is especially important for small and medium entrepreneurs (SMEs) to have emergency support on easy terms. Because this sector is basically the backbone of the country's economy. Therefore, those associated with this sector should be encouraged by providing facilities like easy loans, training and tax exemptions. As a small businessman, in my view, the next step is to formulate a comprehensive policy, where there will be a common framework for all types of businesses. Coordination between different ministries and organizations should be increased so that there is no duplication of work. Stricter law enforcement should be brought in. It is not enough to just make laws, but to ensure that they are implemented properly. A 'zero tolerance' policy should be adopted against corruption. The opinions of businessmen and citizens should be given importance. Discussions should be held with all the concerned parties before and after the formulation of the policy. This will make the policy realistic and effective. Education and awareness should be increased. Training programs should be launched for new entrepreneurs so that they can easily start a business and are aware of the rules and regulations. Maximum use of technology should be ensured. It is possible to make business activities more transparent and efficient by using modern technologies like blockchain, automation and data analytics. I think that a business policy will be citizen-friendly only when it protects the interests of not only businessmen but also the common people. For this, the protection of consumer rights must be given utmost importance. Strict measures must be taken against counterfeit products, adulterated food and fraud. At the same time, the rights of workers must be ensured. Real development of business is not possible unless fair wages, a safe working environment and social security are ensured. Environmental protection is also very important. If any business harms the environment, it will have dire consequences for the country in the long run. Therefore, environmentally friendly businesses must be encouraged.
It must be admitted that Bangladesh is now on the highway of development. To make this progress sustainable, our business sector must be made stronger, more transparent and citizen-friendly. An effective business policy will not only increase economic growth but also ensure social justice, employment and public confidence.
This is not the responsibility of the government alone - business, civil society and the general public must all work together. Let our business environment be built on the basis of transparency, accountability and justice.
I think the new government has realized the difference in the economic reality of the country and the lives of the common people. Due to the looting in the past, the lifeblood of the country's economy, i.e. the banking sector, revenue and even the private sector investment system, is practically fragile in front of the current government. Recently, the Finance Minister admitted this fact in Rule 300 in the National Parliament. Therefore, if the above-mentioned steps are taken on an urgent basis, it will be easier to avoid economic disaster. I think the time is now. Decisions must be taken now. Because a correct policy not only solves today's problems, but also opens up future possibilities.
Author: Columnist and entrepreneur
