The interim government is taking decisive steps to dismantle syndicates and remove barriers to foster a more business-friendly environment, according to Lutfey Siddiqi, special envoy to the chief adviser on international affairs.

Speaking at a programme titled LDC Graduation: Impacts on Agro Sector, Export Diversification, and The Way Forward at the Economic Reporters’ Forum auditorium on Tuesday, he underscored Bangladesh’s strategic potential as a manufacturing hub, driven by its large workforce.

The event was jointly organised by the ERF and the Bangladesh Agrochemicals Manufacturers Association (BAMA).

Lutfey Siddiqi pointed out that business syndicates have long influenced various sectors, inflating prices and limiting fair competition.

He alleged that after taking charge, one word ‘syndicate’ came across him wherever he looked around.

He said that they need to deal with ‘syndicate’ and ‘nexus’ where economic and institutional reforms are also needed.

He mentioned that air ticket prices were previously controlled by syndicates, but recent government interventions have helped curb such manipulations.

Siddiqi assured that the government is committed to promoting local agrochemical production, reducing import dependency and ensuring smooth agricultural output.

He emphasised the importance of necessary preparations by relevant ministries, industries, and businesses to ensure a smooth transition from the Least Developed Country status.

With proper planning and execution, the country can capitalise on shifting global trade dynamics.

He noted that businesses worldwide were diversifying their operational bases, and Bangladesh could emerge as a prime location if it strengthens its ease of doing business framework.

Ultimately, the interim government aims to position Bangladesh as an economic hub akin to Dubai or Singapore, fostering an environment where both local and foreign businesses can thrive.

To achieve this, comprehensive economic reforms, infrastructure improvements, and strategic policy implementations are essential.

Addressing the broader economic vision, he stressed that Bangladesh must enhance labour and environmental standards to improve its market access post-LDC graduation.

He also underscored the importance of making the Chattogram Port more efficient, given its role in handling the highest volume of containers in the country.

‘If we want to transform Bangladesh into a manufacturing hub, port efficiency must be a priority,’ he said.

Chief adviser’s press secretary Shafiqul Alam reiterated that for two decades, discussions on the ease of doing business remained largely theoretical.

However, the interim government is taking concrete steps to ensure real progress.

He emphasised that Bangladesh’s economic reforms are geared towards creating employment and positioning the country as a regional manufacturing hub.

BAMA president KSM Mustafizur Rahman delivered a keynote presentation on the country’s agrochemical production potential, stressing the need to lower production costs.

D8 Chamber of Commerce and Industry secretary general Ashraful Haque Chowdhury also participated in the discussion, highlighting the necessity of export diversification.