Staff Reporter:
Finance Minister Amir Khosru Mahmud Chowdhury yesterday said Bangladesh’s economy has to be-come more participatory and inclusive so that every citizen can take part in economic activities and share the benefits of development, stressing that cooperation from all stakeholders is essential to take the “Bangladesh story” to the global arena.
“Political democracy alone is not enough. We also want democratization of the economy,” he said, add-ing that every citizen has the right to participate in the country’s economic process and receive the bene-fits generated from it.
The Finance Minister was addressing the ‘Stepping Forward’ the inauguration of RAISE-2 project held at the PKSF auditorium in the capital.
Financial Institutions Division Secretary Nazma Mobarek spoke as a special guest while World Bank Acting Division Director for Bangladesh and Bhutan Dr Gayle Martin spoke as a guest of honour at the event chaired by PKSF Chairman Zakir Ahmed Khan.
PKSF Managing Director Md. Fazlul Kader delivered the welcome speech. Some beneficiaries and co-partners of the RAISE project also shared their experiences.
The finance minister highly appreciated the organization’s role in grassroots development, employment generation and poverty alleviation.
He said the government has introduced strict benchmarks for approving projects in order to ensure trans-parency, accountability and effective utilization of public money.
“We are now evaluating projects based on return on investment, employment generation and environ-mental considerations. If a project does not meet these standards, we will not undertake it,” he said.
He said taxpayers’ money must be used carefully and people should know the rationale, expected out-comes and public benefits behind every project.
Praising PKSF’s performance, the minister said the organization has already proven its efficiency through strong recovery rates and successful implementation of development programs.
Referring to the government’s broader economic philosophy, he said the administration is focusing more on social programs and public welfare instead of mega projects.
He said many ordinary people had long remained outside economic participation due to what he termed “oligarchic and patronage-based economic practices”, while poverty continued to rise.
Khosru said the government has introduced several people-oriented initiatives, including Family Cards, Farmers Cards and expanded healthcare programs, to strengthen purchasing power, social protection and local economies.
Explaining the Family Card initiative, he said women who manage households often receive little recog-nition despite carrying the burden of family management.
Under the program, financial support will directly reach women, increasing their empowerment within families and society, he said, adding that the initiative would also stimulate local economies through in-creased consumption and savings.
The minister said the government is also moving towards universal healthcare as out-of-pocket health expenditure in Bangladesh remains very high even higher than Afghanistan.
“We want to strengthen preventive and primary healthcare services, and this will be reflected in the up-coming budget through increased allocations to health, education and social sectors,” he added.
Highlighting the importance of utilizing the country’s demographic dividend, he said the remaining window of opportunity must be fully harnessed through skill development, employment and entrepre-neurship programs.
He also underscored the importance of the “creative economy”, saying traditional artisans, cottage indus-tries and cultural workers must be integrated into mainstream economic activities.
The minister said the government plans to provide artisans with financial support, design assistance, branding, marketing and access to international markets through digital platforms.
Referring to the “One Village, One Product” concept, he said villages specializing in products such as “Shital Pati” would likely to receive loans, skill development training, branding support and online mar-keting opportunities to improve incomes and export potential.
Drawing examples from Thailand, he said coordinated government support for local producers can trans-form rural economies and create globally competitive products.
The minister also stressed the economic importance of culture, theatre, music and sports, saying these sectors should be recognized as part of the country’s creative industries and contributors to GDP.
“GDP is not only about manufacturing. Creative industries, sports economy and cultural activities also generate employment and economic value,” he said.
The minister said the government is working under significant domestic and global pressures, including geopolitical tensions and economic challenges, but remains committed to its long-term vision.
“With cooperation from all, we want to present the story of Bangladesh before the world,” he said.
Calling for collective efforts beyond political divisions, he said development and democracy require par-ticipation from all sections of society so that everyone can contribute and benefit equally.
PKSF has launched the second phase of the RAISE skills development project with the goal of providing skills training and financial support to an additional 200,000 youth and small entrepreneurs.
Under the project, jointly financed by the World Bank and PKSF, around 205,000 young people have already received training and loan support to enhance the capacity of informal sector entrepreneurs and create sustainable employment opportunities across the country.
Speakers at the event said that a total of 423,100 people are expected to directly benefit from the project by 2030.
In the second phase, priority will be given to youth from climate-vulnerable regions such as chars, haors, hilly areas, and coastal zones. Special emphasis will also be placed on the inclusion of Dalit communi-ties, ethnic minorities, and youth with disabilities.
To increase women’s participation in the workforce, an initiative has been undertaken to provide 1,600 women with training on becoming “home-based childcare” entrepreneurs.
During the event, graduate apprentices and entrepreneurs participating in the project shared their success stories.
Representatives of partner organizations noted that the project is playing a significant role in connecting youth with suitable employment opportunities through market-driven technical training, life skills devel-opment, and entrepreneurship support, while also contributing to the growth of small enterprises and sustainable economic development.
It may be noted that the Recovery and Advancement of Informal Sector Employment (RAISE) project is being implemented through joint financing by the World Bank and PKSF.
PKSF believes the project will make a significant contribution to the development of small enterprises and inclusive economic growth by transforming the country’s large youth population into skilled human resources.
