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Govt-businesses dialogues emphasised

Milam lauds economic policies
The US Ambassador. William B Milam. Wednesday said Bangladesh is now provided with a historical opportunity to get the economy moving along the path of growth, reports BSS.
The country has reached an Important decision point having a government with strong popular mandate through an open parliamentary elections. Milam said while delivering a talk on "Free economy in Bangladesh and private sector role in the Least Developed Countries" at the Bangladesh Chamber of Industries.
The US Ambassador pointed out that the present government had already taken many crucial steps which Included Important changes in tax and industrial policies, in macro-economic management and some other areas of the economy.
Suggesting implementation of these reforms in a "convincing manner" he said privatisation of state-owned enterprises was the most Important of these areas of reforms.
Milam noted that privatisation is a stated priority goal of the present government and hoped that the industrial policy now being pursued would provide impetus towards privatlsatlon.
He also exchanged views with the members of the Chamber of Industries and replied to their queries.
Earlier, president of the Bangladesh Chamber of Industries A.M. Subid All welcomed the Ambassador.
Senior officials, representatives of the UN agencies and officials of banks and financial institutions attended the function held at the board room of Bangladesh Chemical Industries Corporation.
Stressing the need for maintaining a dialogue between the government and the business community, Milam said Business needs to let the government know about the effects of its policies on the real economy, and the government should listen."
Milam suggested that the government could make a strong and positive effort to learn where ' regulations, license requirements and other bureaucratic holdups make it difficult to do business and on the otherhand business community could also convey their needs to the government.
The US Ambassador observed that the key to Bangladesh's future lay not in mere subsidies, but in the provision of low cost and reliable utilities, in an efficient financial sector and in a Judicial system based on the rule of law and not personal influence.
The US Ambassador lauded the sound monetary and fiscal policies being pursued by Bangladesh saying "Over the past two years an Impressive job has been done in this area of economic policy."
He. however, pointed out that despite sincere efforts at good macroeconomic management. the government's programme of fiscal responsibility had now been put at risk.
Milam suggested that to keep spending under control and to free up funds for the country's vitally Important Annual Development Programme (ADP). the democratically elected government should try to resist demands for unreasonable wage hikes from narrow interest group, and also demands for subsidies from other such group.
He observed many of these groups were able to achieve their alms under the previous undemocratic regime and said but now it is time to count the real economic cost of pay increases that are not related to productivity.
The US Ambassador said the legacy of past undemocratic government and of too much government interference in, and control of the economy had been strengthening the position of special interest.
It is these special Interest — industries that seek subsidies and protection, labour unions that seek wage increases far beyond productivity and overmaning in already deathly sick industries — that Imped reform and sour longterm economic prospects, he said.