—Mostofa Kamal—

Md. Abdur Rahman Khan, The Chairman of National Board of Revenue (NBR), recently referred to entrepreneurs who create employment as the “real heroes” of the country. While this might sound like a respectful recognition at a formal event, the question remains—what is the actual state of these heroes? How are they surviving?

Many have lost their capital and are buried under debt, silently bleeding within. Some are just barely hanging on. Sleepless nights plague them as they worry about what lies ahead.

The previous fallen regime played a full course in dragging these heroes into misery. Before its own collapse, it nearly completed the task of turning these heroes into zeroes as part of its legacy of destruction. These businesspeople were coerced into political shows—pressured to forget their own values and praise the very forces that broke them.

Not all of them participated willingly. Intelligence agencies and high-ranking officials summoned them, forced them to sing the government’s praises, and compelled them to speak against political opponents. Despite having no ability to feed them, the regime had plenty of strength to slap them. This abuse transformed nearly the entire business community into villains.

The regime’s leaders escaped as a group, but left the businesspeople cloaked in insecurity. Many in the business community still endure this pain. Out of 180 million people in the country, around ten million are engaged in different forms of employment. Of them, only about 1.5 million are employed by the government—the rest rely on the private sector.

The previous regime tried every trick to bring the private sector under the umbrella of party loyalists. Businesspeople were forced to prove ties with the ruling party in order to access government grants, tenders, and trade licenses. Many wept silently under this pressure, unable to speak out. Nearly a decade and a half of authoritarianism has deformed this vital sector. Even now, these entrepreneurs cannot fully express their pain or find solace.

State institutions and economic structures were used to serve partisan interests, and the country as a whole has suffered the consequences. Political control over ministries, party leaders, law enforcement, intelligence agencies, and civil administration has harmed every citizen in some form.

Criminal investigations were weaponized to suppress rival businesses. This has given rise to a new level of corporate servitude. No one knows how long the effects of this will last. The destructive impact of such politicization on the economy urgently needs healing. Research and innovation have dwindled, as no business can plan for the future under these circumstances. Foreign investors have lost trust, realizing that political alignment is essential for survival.

To pull the private sector out of this crisis, the government must take timely and practical steps. Following the mass uprising of July 2024 and the establishment of an interim government, the country faces a harsh new reality. To overcome it, political dominance over the economy must end.

Skills and transparency—not party identity—must become the basis for recognition in business. Corruption must be investigated and punished according to severity and context. There is no alternative to a free investment environment.

Even countries like Uganda and Rwanda, once dismissed as underdeveloped and war-torn, are now turning around. Ethiopia is no longer a laughingstock. Sri Lanka, which recently faced economic collapse, has bounced back almost miraculously—not through magic or miracles, but through timely, targeted reforms. “Dark Africa” is changing. And yes, despite existing corruption, many African countries have realized that Western dependency and internal division impoverished them.

Sri Lanka’s example is worth noting. After hitting rock bottom, the country regained stability within a year through bold steps: prioritizing business and investment, rebuilding trust with major business houses, and providing guarantees of a smooth investment climate. It empowered social institutions and quickly saw positive results. Political unity, business security, remittance utilization, debt restructuring, and tight import controls were their key tools.

Afghanistan, under the Taliban, even without international aid, stabilized its economy by promoting local production, agricultural focus, and religious donation systems. Both countries managed to leverage their business communities positively. If the state’s attitude changes, and if it fosters a fair and competitive business climate, Bangladesh can also experience transformation.

The current government is apolitical. Businesspeople, too, are inherently apolitical unless forced. All they want is security for their capital and a hassle-free environment. They are not getting that. On top of this, global economic challenges are making it even harder for them to survive. Constant changes in tax and VAT regulations, advance income tax, excessive regulatory duties, and trade restrictions are crushing them further.

When entrepreneurs are trapped, consumers also suffer. “Sustainable Development Goals (SDGs)” sound nice, but the government alone cannot achieve them. The private sector must be involved. Restoring trust in business is the first step—and by “businesspeople,” we mean those who generate employment and wealth. Yet they are now all being lumped in as enemies. That needs to end through political settlement.

Not all defaulters are criminals. Some loans were never meant to be recovered—they were gifts, bribes. Who institutionalized corruption through speed money and kickbacks? Who enabled capital flight? If political mismanagement isn’t reined in, the economy won’t recover. You don’t need to be a top economist to understand this—just common sense.

Only 5–7% of the workforce can ever be absorbed by government jobs. The rest must rely on the private sector—or go abroad.

It’s worth noting that the recent movement began with a demand for equal opportunities in public recruitment, which eventually led to a regime change. Now, Nobel Laureate and Chief Advisor Dr. Muhammad Yunus could be key in creating jobs both locally and abroad. His brand could drive not just financial momentum, but unlock new doors to employment through the private sector. He could catalyze healthy competition among investors and entrepreneurs, instead of division.

Despite repeated claims of progress, the economy has been in decline. On top of that, anti-authoritarian protests and other factors have delivered further blows. Businesses have been sabotaged. If we truly want sustainable democracy, then revitalizing the private sector is crucial. That begins with ensuring a business- and investment-friendly environment.

An average of 2.5 to 2.7 million young people become eligible for the workforce each year. But only 5–6% get public jobs. The rest depend on private sector growth. If investment doesn’t increase, private jobs won’t be created. If investors are suffering, then job seekers will be even more helpless.

This government came to power after a mass uprising and is not a “normal” government. Still, people have high hopes. Restoring broken institutions and giving the private sector room to breathe is part of its responsibility. Not ad-hoc, but sustainable development is the way forward—and that requires coordination between the government and private sector.

The private sector must not only be recognized, but honored. The last regime dishonored them through dirty politics and put them at risk. And even before that, during the One-Eleven emergency period, businesses were humiliated under another form of fascism. Entrepreneurs were demonized and branded as corrupt. That pain still lingers. The previous government added another layer of suffering. It’s time to heal.

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The writer is Journalist and Columnist; Deputy Head of News, Banglavision