News Desk, Bangladesh Global: Finance Minister Amir Khosru Mahmud Chowdhury today said the government has undertaken an all-out reform programme to establish a welfare-oriented state and a humane economy for the country’s common people by moving away from an oligarchic and patronage-based economic system.
“Bangladesh will emerge as a truly welfare-oriented state within the next two years,” he stated.
He said special projects and funds would be allocated in the upcoming budget to promote and monetize the creative economy, including theatre, culture, music, painting and artificial jewellery industries, as well as the establishment of “Theatre Districts” in major cities across the country. He added that Bangladesh’s culture, films and music would be branded and promoted in the global market to enhance the country’s soft power, following the examples of neighbouring countries.
He said the number of permissions and approvals required for businesses and project implementation would be reduced to only 13, while the entire economic and administrative system would be brought under digital automation within the next one year. He said the government has already received a strong response from international investment bankers, fund managers and the International Finance Corporation (IFC). He added that the government is also working on floating “Bangladesh Bonds” both at home and abroad with interest rates ranging from 6 to 9 percent. On tax reforms, Amir Khosru said the government would verify the actual market shares of multinational beverage and large tobacco companies, including Coca-Cola and Pepsi, to ensure fair tax collection and prevent tax evasion.
The finance minister said a fundamental transformation is being brought to tax policy formulation through a new bill, under which a policy-making body comprising experts with knowledge of the global economy, local trade and human profitability would be formed instead of relying solely on tax collectors.
Calling upon the country’s people to remain patient for the next two years, the minister said the government’s objective is not only to increase GDP growth, but also to ensure that the benefits of growth reach ordinary citizens. The minister said initiatives are underway to ensure all citizen services through a “One Citizen, One Card” system.
Stay tuned for latest news and updates:www.bangladeshglobal.com
