His primary goal is to make Bangladesh economically prosperous and self-reliant. Prime Minister Tarique Rahman’s vision is crystal clear — he aims to transform Bangladesh into a trillion-dollar economy by 2034. He recognises that the economy is the lifeline of a nation. If we can advance economically, ensuring quality education, healthcare, employment, poverty alleviation and food security will become achievable. Thus, from day one of assuming responsibility, economic development has been at the core of rebuilding Bangladesh.

The main driving force behind Bangladesh’s economy is the private sector. The stronger the private sector becomes, the further the national economy will progress. Approximately 86% of total GDP and growth originates from this sector, which also accounts for more than 90% of employment for the country’s vast population. The private sector contributes significantly to reducing unemployment and improving people’s living standards in both rural and urban areas.

Therefore, if Bangladesh wants to become a trillion-dollar economy, it must nurture and develop the private sector by creating a supportive business environment. If domestic entrepreneurs and investors can operate smoothly, safely and within a favourable ecosystem, foreign investors will naturally be attracted and eager to make major investments in Bangladesh. Conversely, if local entrepreneurs, traders and industrialists lack an investment-friendly environment, foreign investment will never materialise.

In modern democracy, politics and economics walk hand in hand — they are mutually dependent. Just as an economy cannot flourish without democracy, democracy stumbles if the economy fails to function properly. In today’s free-market global economy, economic development without the private sector is a mere illusion. The global economy currently stands on the shoulders of private enterprise.

However, Bangladesh’s private sector is now facing a deep crisis. Years of corruption, mismanagement and politicisation over a 15-year period had already severely damaged it. Following the takeover by the interim government led by Prof Yunus in August 2024, an all-out campaign to destroy the private sector commenced. False and baseless cases against businessmen and industrial entrepreneurs, arson attacks on various factories, and vindictive actions against major industrialists based on unverified money-laundering allegations pushed the private sector to the brink of collapse. Thousands of factories closed down, leaving hundreds of thousands of workers unemployed and instilling panic and anxiety across the private sector. Against such a delicate backdrop, Tarique Rahman assumed office and undertook various initiatives to salvage the sector.

Yet, the implementation of the prime minister’s initiatives and plans is being thwarted by various forces entrenched within the government. The primary objective of these hidden agents appears to be sabotaging the Prime Minister’s efforts. Over the past six months, the prime minister has issued at least 10 directives to uplift the private sector; however, a lack of interest and sincerity among the concerned officials in implementing them remains evident.

First, right after taking office, the prime minister directed the swift reopening of closed factories. However, due to bureaucratic red tape, there has been little tangible progress, resulting in mere announcements and discussions.

Second, to alleviate fear and anxiety in the private sector, the Prime Minister has repeatedly emphasised improving the law-and-order situation and securing industrial zones. Despite multiple directives, business owners remain trapped by extortion and mob violence.

Third, smear campaigns and character assassination against the private sector persist on social media. Operating from abroad, certain individuals continuously spread falsehoods against business owners and industrialists while demanding large sums of extortion money. Refusal to pay leads to vile attacks and slander. Although the prime minister personally ordered the enactment of a new law to curb social media misuse, that legislation has yet to see the light of day. Businessmen feel helpless and terrified by this cyber-terrorism, losing the motivation to make new investments.

Fourth, since taking office, the prime minister has instructed a review of unfounded murder and other legal cases filed against business owners. However, no effective measures to withdraw these cases are visible to date.

Fifth, the prime minister has repeatedly affirmed that business owners will not be judged by political affiliation and that their contribution to the economy must be the primary consideration. Yet, hidden elements within the government continue to exhibit double standards, treating good entrepreneurs in a stepmotherly manner based on “my partisan/your partisan” biases. It must be remembered that private-sector entrepreneurs are not political operatives; they work in the national interest. Unfortunately, some internal officials continue to operate with a divisive mindset.

Sixth, the prime minister instructed the rapid creation of a favourable investment climate. Despite this, travel bans remain imposed on many private entrepreneurs. In this era of globalisation, restricting a businessperson’s foreign travel is equivalent to halting the wheels of the economy. A specific faction within the government is deliberately doing this, alongside freezing the bank accounts of numerous businessmen — akin to tying someone’s hands and feet and forcing them to swim.

Seventh, from day one, the prime minister emphasised ensuring an uninterrupted supply of electricity and gas to factories. He reiterated these directives to relevant agencies during multiple meetings with private entrepreneurs. Nevertheless, many factories remain shut due to gas shortages, while power crises introduce fresh uncertainties. Implementing these directives is urgent to maintain production through special arrangements.

Eighth, multiple directives exist to eliminate bureaucratic complexity for private-sector growth. However, certain field-level officials are dragging their feet, and progress on the prime minister’s vision for “ease of doing business” remains stagnant.

Ninth, many institutions suffered financial damage and defaulted on loans due to the previous interim government’s anti-private-sector actions and the energy crisis. Although government directives exist to assist these struggling major industrial units on the verge of closure, a faction inside the administration is severely non-co-operative in implementing the government’s intent.

Tenth, the prime minister issued explicit guidelines to simplify the tax and VAT processes. Instead, business owners continue to face harassment in various ways.

The country currently faces a severe economic crisis. Overcoming this situation requires a combined effort from both the government and the private sector. The more supportive the environment created by the government for private enterprise, the faster the economy will mobilise. This is the simplest and sole rule of economics, utilised by the United States and all free-market democracies worldwide to navigate economic challenges.

The government’s duty is to ensure an investment-friendly climate. If domestic trade and industry are not healthy, foreign investors will never take the risk of investing. Recognising this reality, the prime minister has been taking measures to establish a favourable investment climate from his very first day.

However, anti-development forces and hidden saboteurs remain active on the ground, erecting barriers against his initiatives. To allow the private sector to recover and help Bangladesh overcome its ongoing economic crisis, these elements must be removed and responsibilities handed over to those who are genuinely committed to realising the prime minister’s vision.