Staff Correspondent

Abdul Awal Mintoo is the former president of Federation of Bangladesh Chambers of Commerce & Industries (FBCCI), the top business organisation in the country, and currently serves as the vice chairman of BNP. He is the chairman of several of his business entities, including Lal Teer Seed, North South Seed and Pragati Life Insurance. Additionally, he serves as the chairman of National Bank.

In an exclusive interview, Mintoo discussed different issues concerning the private sector, politics and the economy.

Question: What needs to be done to restore economic management to its normal course?

Abdul Awal Mintoo: To stay in power illegally through force, the ousted Awami League government has destroyed constitutional and legal institutions and regulatory bodies. They have politicised these institutions, which are funded by taxpayers, by bringing them under their control. As a result, state management and economic governance have collapsed.

To recover from this, we need an accountable government. For the past 15 years, opposition parties have been leading movements with the people to restore voting rights. People have made great sacrifices to regain their right to vote. We seek a system where the people can exercise their voting rights to establish a democratic and accountable government.

We support the interim government formed through the student and public movement. The current government, with public support, is working towards establishing a democratic and accountable administration.

Question: How can the ongoing reforms be successful?

Abdul Awal Mintoo: The interim government, under the leadership of Dr Yunus, has formed commissions to reform key sectors. We also support reforms. However, to make political reforms successful, they must be carried out by political figures.

We fought for a democratic government, and I hope our dream will soon be realised.

Question: You have previously taken initiatives to reduce divisions among businessmen and curb political affiliations within business organisations. What are your current thoughts?

Abdul Awal Mintoo: The division among the business community is something I have been trying to unite for a long time. When I was president of FBCCI in 2004, I proposed a reform plan and took steps to reduce the divide. I tried before, and I’m still trying. However, the division has only increased over time. Businessmen switching sides whenever an opportunity arises is not acceptable.

Forget which party someone belongs to. Businessmen should focus on identifying the issues within their sector and present them to the government for resolution. We need genuine democracy and accountability. We will not allow government institutions or bureaucracies to work for the interests of a few people anymore. I was the FBCCI president during the BNP period, and no one can say that I ever asked for anyone’s party affiliation. Our job was to highlight the problems in different sectors and pressure the government to pave the way for business.

Question: Leadership in almost every business organisation in the country has been primarily based on government-party affiliations. How can this culture be changed?

Abdul Awal Mintoo: Our only reform is to free private sector organisations from political affiliations. These organisations have existed before. In the past 15 years, those involved in production businesses at the upper levels of the country and those who hold financial power have become divided into two groups. One group is trying to create wealth, while the other group has become wealthy through looting. They hold power in both the economy and politics. A significant gap has developed between these two groups. One group only creates wealth, while the other loots and then launders the stolen money abroad.

Question: Who is responsible for the increasing inequality in the country?

Abdul Awal Mintoo: Politics and economics are intertwined. Politics controls the economy, while economics refines politics. If you say our economy is deteriorating and inequality is increasing, it’s not just the investors and economic participants who are to blame—politics bears a thousand times more responsibility. If we don’t fix politics, we’ll never fix the economy.

Right now, the economy is in a bigger crisis than politics. Politics and economics are brothers, and we need to fix both. One cannot be fixed without the other. To fix the economy and reduce income inequality, we need to decentralise political power and reduce the influence of political parties and politicians.

Question: How will the recent unrest in industrial areas affect the progress of the sector?

Abdul Awal Mintoo: I don't see any effective action from the interim government regarding the law and order situation. They are trying, but we have many problems. The private sector has lost morale. In the past 15 years, productivity has declined, and it has worsened in the last five years. There is no effective initiative to increase productivity. Instead, social unrest and labour dissatisfaction have risen. Strikes and protests in factories will have long-term effects on the economy. This situation needs to be resolved at any cost.

Question: How do you think reduced productivity will affect the domestic market?

Abdul Awal Mintoo: Industrial factories are not operating efficiently. Production is not running properly. If production doesn’t increase, we won’t be able to meet the domestic demand, let alone exports. If we don’t increase production, inflation will rise further. I don’t see any signs from the government on how they will boost productivity or exports.

Question: Even reputable businessmen are becoming loan defaulters. What is the solution?

Abdul Awal Mintoo: When long-term loans are issued under short-term deposits, banks eventually face difficulties. We are seeing that now. Many entrepreneurs have set up industries, but they are not making a profit. The loans are repeatedly rescheduled and eventually become defaulted. There is a flaw in our investment mindset and financing process. The private sector wasn’t doing well even before the fall of the government. I don’t see the interim government paying attention to the private sector either.

Question: Economic and social inequality continues to grow in the country. What steps should be taken to reduce inequality?

Abdul Awal Mintoo: Reducing social inequality is now the biggest challenge. For this, we need a social and governmental system that is fully democratic. People should be able to protest whenever they face inequality. It’s not enough to just reduce inequality in government jobs.

Effective measures need to be taken to reduce inequality in all sectors. For this, we need a fully democratic society. A democratic government must be established through free, fair, and credible elections. If we have an elected government, accountability will be ensured.

Source: Kaler Kantho