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“Politics should reform to keep business out”

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November 23, 2000 

Dhaka-- (UNB) – A top ranking BNP leader yesterday said reform should take place in politics to keep business out of party politics in the interest of boosting national economy.

“We should do national politics, not party politics, for the sake of business as well as the economy of the country. Business is not a party politics,” said former finance Minister M Saifur Rahman at a roundtable here.

Dhaka Chamber of Commerce and Industry (DCCI) organised the discussion on “Banking and Insurance Sector Reform: Key for Boosting Investment and Economic Development” at it auditorium.

“Unless politics is put on a healthy footing neither banking and insurance nor other segment of the economy will grow up,” said Saifur, a standing committee member of the main opposition party BNP.

Contradicting the seminar title, he said creating a healthy pro-business environment is key to boosting investment and economic development in the country. “Besides, we need to reform banking and insurance sector.”

He said the country lacks investment friendly environment due to problems like law and order situation, infrastructure, good governance, entrepreneurial bureaucracy and port operations.

“Enough attention was not given since 1970-71 to develop infrastructure,” he said adding, “Reform took place all over the world, but Bangladesh remained unreformed.”

About entrepreneurial rush to the banking and insurance industry, Saifur said there should be strong regulatory agency to consider the impact of allowing more and more bank and insurance companies.

“We have to consider how much a market like Bangladesh can absorb,” he said adding that BNP government licensed 10 general and life insurance companies while post-BNP regime licensed 30 companies and 5 more companies remain in the pipeline.

There are 63 insurance companies in the country, including 4 state-run companies. Until 1980, the banks and insurance sector were only in the public sector.

“The insurance act 1938 needs to be changed and there should be regulatory agency... I still believe in the free market economy but there should be a watchdog to ensure business friendly environment,” said the former finance minister.

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