Bangladesh paying for past policy mistakes: Finance adviser

Finance Adviser Salehuddin Ahmed on Sunday said Bangladesh is still grappling with the repercussions of corruption and flawed policies implemented during the previous ousted Awami League regime, which have deterred foreign investments and hindered economic progress.

“Corruption and various policy mistakes in the past have cost us,” he said while speaking as the chief guest at the launch of a report titled “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges & Long-Term Growth Prospects” at the foreign ministry here.

The adviser pointed out that many foreign giant investors, including Saudi Arabia’s Aramco and South Korea’s Samsung could not make investment in Bangladesh due to policy shortcomings.

“They approached us but were not received well and eventually (Samsung) moved to Vietnam. Those were policy mistakes. These need to be corrected now,” said the adviser.

Salehuddin said that the interim government aims to implement reforms during its brief tenure of one to one-and-a-half years.

“We may be here for a short period, but we aim to leave behind a clear pathway for others to follow and build upon,” he added.

The foreign ministry hosted the report lunching ceremony, which attended by Foreign Affairs Adviser Md Touhid Hossain as the special guest and Foreign Secretary Md Jasim Uddin presided over the event.

Saudi Ambassador Essa Yousef Essa Alduhailan and other officials also addressed the gathering.

Highlighting the multidimensional relationship between Bangladesh and Saudi Arabia, Salehuddin noted the importance of fostering stronger trade and economic ties.

“Saudi Arabia is a crucial partner for us, and our trade volume, currently at US$ 2 billion, holds immense potential for growth,” he said.

On securing funds, he revealed that Bangladesh recently received US$ 1.6 billion from various sources, with an additional US$ 700 million expected soon.

“However, the challenge lies not in raising funds but in their effective utilization and ensuring repayment,” he pointed out.

Criticizing the stock market, the adviser said, “Some companies continue to see rising share prices despite their factories being shut down. Such anomalies must be addressed to ensure market integrity.”