Dr Rashed Al Mahmud Titumir, Prime Minister's Adviser on the Ministry of Finance and Planning, has outlined a comprehensive roadmap for transforming Bangladesh’s fragile economy into a trillion-dollar one by 2034, emphasizing a shift from a debt-reliant system to a model centered on investment, production, and public ownership.
“A sustainable economy cannot be built on consumption or debt alone. History proves that an economy cannot be sustainable unless it is investment-led," he said.
The adviser made the remarks while speaking as the chief guest at a seminar titled "Challenges and Way Forward for the New Government in the Stock Market" at a hotel in the city.
National Board of Revenue (NBR) Chairman Md. Abdur Rahman Khan and Bangladesh Securities and Exchange Commission (BSEC) Chairman Khondoker Rashed Maqsood attended the event as the special guests.
In his speech, the Adviser said that the government has set a target to raise the tax-to-GDP ratio to 15 percent by 2035 to support this growth.
He expressed concern that the current market capitalization is only 12 percent of the GDP.
He pledged to transition the society from debt-dependency to ownership-dependency, where citizens become stakeholders in the nation’s production and service sectors.
Addressing the lack of public trust due to past market manipulations, the Adviser emphasized the need for market-based self-regulation.
He called for strict accountability for auditors, assessors, and credit rating agencies.
"If the market does not correct itself, external agencies cannot fix it alone," he remarked, highlighting that auditors must provide credible certifications to restore investor confidence.
He also suggested that state-owned entities, such as Biman Bangladesh Airlines, should raise capital through bonds or shares rather than relying on taxpayer money.
The Adviser linked these reforms to five foundational pillars derived from the public mandate: state reform, socio-economic development to reduce inequality, recovery of the fragile economy, equitable regional development, and national solidarity.
He concluded by stating that the government is working on significant transformations for the upcoming budgets to ensure the capital market becomes a deep, participatory platform characterized by transparency and accountability.
"We want to see a transformed and welfare-oriented capital market where the general public feels secure in their investments," he added.
Bd-pratidin English/Lutful Hoque
