Bangladesh鈥檚 existing economic model has reached its limit and should be replaced with one that ensures broad-based growth, employment, and inclusive prosperity, according to financial experts and business leaders.
They stressed that the economy should move beyond short-term recovery measures and adopt structural reforms to attract investment, expand savings, and build a strong capital market for long-term financing.
They made the comments during the opening session of the two-day Economic Reform Summit 2025 held at the Lakeshore Hotel in Dhaka on Monday.
The event was jointly organised by Voice for Reform, BRAIN, Innovision Consulting, Fintech Society, and Citizen Coalition.
The chief guest, Bangladesh Nationalist Party standing committee member Amir Khasru Mahmud Chowdhury, said the old economic model benefited a small section of society while excluding the majority.
鈥榃e must develop a new model that creates opportunities for all and provides jobs for millions of young people,鈥� he said.
Khasru urged the government to reduce bureaucratic control and digitise public services to curb corruption, while business associations should assume greater responsibility in driving reforms.
Dhaka University professor Rashed Al Mahmud Titumir said that the current model fails to create jobs and must be replaced with one that connects rural economies with youth and women through micro, cottage, and small industries.
鈥榃e need to advance with a green, knowledge-based, and circular economic strategy,鈥� he said.
Policy Exchange Bangladesh chairman Masrur Reaz said the absence of a long-term national investment strategy has left both domestic and foreign investors without guidance.
Tax expert Snehasish Barua called for policy consistency, transparency in transactions, and promotion of a cashless economy.
鈥榃e must pursue realistic targets with coherent and coordinated implementation,鈥� he said.
BUILD chairperson Abul Kasem Khan said Bangladesh鈥檚 investment environment remains less competitive than that of Vietnam, which attracts $14鈥�16 billion in foreign direct investment each year.
To reach a $500 billion economy, Bangladesh must draw at least $15鈥�20 billion in FDI annually for the next decade, he said, adding that reforms lack effective implementation and bureaucracy must become investment-friendly.
Bangladesh Jamaat-e-Islami in USA spokesperson Nakibur Rahman said that the cost of capital in Bangladesh is 3鈥�5 per cent higher than in competing nations, while corruption continues to raise the cost of doing business.
鈥榃e must replace outdated laws that enable corruption,鈥� he said.
Export Promotion Bureau vice-chairman Mohammad Hasan Arif said that Bangladesh struggles to negotiate with foreign investors due to weak institutional capacity.
鈥榃ithout energy security, investment will not come,鈥� he said, calling for closer coordination among business leaders, policymakers, and bureaucrats.
Bangladesh Bank鈥檚 additional director of Payment System Department, Mohammad Rashed, said the central bank launched an interoperable payment system between banks, mobile financial services, and payment providers in 2020, which will soon integrate top microfinance institutions and introduce a 鈥楤angla QR Code鈥� for one-click digital transactions.
鈥極nce 10 crore accounts adopt this unified QR system, it will transform Bangladesh鈥檚 digital payments landscape,鈥� he said.
TallyPay CEO Shahadat Khan added that over one million small merchants now use their platform to manage daily accounts and accept QR-based payments after receiving a payment service provider licence from the central bank.
