Institutions destroyed, productivity dropped over the last 15 years, says commerce advisor

Commerce Advisor Sheikh Bashir Uddin has alleged that the productivity of both public and private sectors across Bangladesh has been systematically eroded over the past 15 years.

Speaking at a seminar titled “Competition Policy in Bangladesh: Opportunities, Challenges and the Way Forward”, on Tuesday, he said that this phenomenon has taken place across both government and private institutions, while hindering local industries and compromising the competitiveness of the market.

Bashir went on to say that Bangladesh is in a fragile economic position, due to what he has dubbed as “bank looting” carried out over the last 15 years, hinting at the financial irregularities of the development projects taken on in the previous administration.

According to him, the interim government has helped the economy to return to its intended trajectory, despite facing significant challenges.

Calling it the “destruction of our institutions”, he drew examples of the Baitul Mukarram National Mosque’s cleric, who had to flee after the Awami League government fell.

He said the event was a clear reflection of how the institutions have been affected, asking: “Why should the cleric have to flee?”

Bashir argued that this trend extended to many other sectors, like the Competition Commission, the judiciary, and the bureaucracy.

The “destruction” has resulted in new entrants finding it difficult to enter the market.

He highlighted the Competition Commission’s duty to take action against those offering goods at a lower price.

According to Bashir, the lower prices are a method of tax evasion, which piles unnecessary taxes on the consumers. He asked, “How do we break away from this cycle?”

To combat this, he stressed the need for a united effort between stakeholders.

At the seminar, AHM Ahsan, Chairperson of the Competition Commission, said that the Commission is not restricted to penalising companies; it also offers protection.

“We are working to shield smaller enterprises from unfair market competition. Our biggest goal is to dismantle corporate syndicates and ensure a level playing field for all,” he said.