Boosting investment, employment now top priorities: Khosru

Finance Minister Amir Khosru Mahmud Chowdhury said on Saturday that increasing investment and employment is now among the country’s top priorities as Bangladesh stands at a critical juncture amid economic challenges at home and abroad.

He made the remarks as the chief guest at the grand finale of the national inter-university economics competition ‘Econothon 2026’ at United International University (UIU) in the afternoon.

Highlighting the uncertainties in the global economy, the finance minister said global growth has slowed, financing costs are higher than in the past decade, and protectionism and tariff barriers in international trade are increasing.

Geopolitical conflicts have kept energy and transportation costs volatile, while climate change is adding to economic losses every year, he said.

As an import-dependent and export-oriented economy, Bangladesh is directly affected by these global shocks, which are reflected in commodity prices, the exchange rate and export orders received by local factories, he added.

“Every day at the Ministry of Finance is a day with a surprise element. A budget is prepared based on certain assumptions, and then come shocks from fuel prices, pressure on foreign exchange, floods or uncertainties in global markets,” he said.

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Turning to the domestic economy, Amir Khosru said inflation had put pressure on people’s purchasing power, while tax collection as a share of GDP remained much lower than required.

He also stressed the need to restore confidence in the banking sector and improve the environment for private investment.

“Our priorities are therefore clear: restoring macroeconomic stability and price stability, making the tax system fair, simple and technology-driven, establishing good governance in the banking sector, improving the environment for private investment, and ensuring maximum returns from every taka spent on education, healthcare and social protection,” he said.

The finance minister said Bangladesh’s preparation for graduation from the least developed country (LDC) category would require its exports to become competitive rather than rely on trade preferences.

“Everything will not be fixed in a day, but we will remain steadfast in pursuing these goals,” he said.