Business leaders believe that the absence of an elected government is holding back both the business climate and the overall economy. They have urged that crucial policy matters — including labor law reforms and the establishment of trade unions — be left for the next elected administration to decide. In addition, they called on the government to request the United Nations to postpone Bangladesh’s graduation from the Least Developed Country (LDC) category.

These remarks came on Monday at an economic reform seminar organized by the English daily The Financial Express at a hotel in Gulshan. The chief guest was the Chief Adviser’s Special Envoy for International Affairs, Refa Siddiqui. The event was chaired by Financial Express Editor Shamsul Huq Zahid, with Science and Technology Secretary Md. Anwar Hossain and Export Promotion Bureau Vice Chairman Mohammad Hasan Arif attending as special guests. Business leaders from various sectors highlighted a range of challenges they are currently facing.

In his address, Refa Siddiqui said, “When we took responsibility, the business environment was 99 percent unfavorable. Now it may have improved to 95 percent, and it will gradually get better. But we must discuss why progress remains slow.” He added that the current government has introduced the National Board of Revenue’s (NBR) single window system, which, according to the World Bank, has reduced nearly 1.2 million in-person visits in just two months — meaning that many paper submissions are now handled digitally.

Shams Mahmud, president of the Bangladesh Thai Chamber of Commerce and Industry, questioned why decisions on labor laws and trade unions were being made now, saying, “In just three months, there will be an elected government — let them make those decisions. We keep talking about economic reforms, but nothing is happening. There’s no progress on free trade agreements (FTAs) or preferential trade agreements (PTAs).”

Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said Bangladesh is not yet ready for LDC graduation given the current state of business. “Sixteen business organizations have already demanded that the transition be postponed. We want the government to request the UN to reassess our situation and consider delaying the graduation,” he said.

Dhaka Chamber of Commerce and Industry (DCCI) President Taskin Ahmed stated, “We need an elected government now. Without a government chosen by the people for the next 10 to 15 years, many problems will remain unresolved.”

Bangladesh Ceramic Manufacturers and Exporters Association (BCMEA) President Moinul Islam said, “Without good governance, neither the economy nor the business sector can improve. Buyers are now fearful and unwilling to purchase goods. The only solution is a fair election.”

Other speakers included BGMEA Senior Vice President Inamul Haque Khan, BTMA President Shawkat Aziz Russell, UCB Chairman Sharif Zahir, Bangladesh Agro Chemical Manufacturers Association President KSM Mostafizur Rahman, Midland Bank Managing Director Md. Ahsan-uz Zaman, and Akij Bashir Group COO Mohammad Khorshed Alam.

BTMA President Shawkat Aziz Russell remarked, “You are desperate to attract foreign investment, but who will invest in a country where the airport catches fire? The environment for foreign investment simply doesn’t exist.”

UCB Chairman Sharif Zahir added that if the banking sector continued to operate as it did under the previous government, it would not have survived more than two years. He called for faster settlement of loan default cases to protect genuine businesses.