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who prospered in the 16 years of the Awami League government is viewed with suspicion. That is not only unjust, it is damaging.”

Rahman also pointed to governance issues, policy missteps, and a lack of direction, mentioning how the past year has affected the private sector and what needs to change urgently.

He said, “Yes, there have been some attempts at economic stabilisation. Reserves have slightly improved, exchange rate volatility has calmed, and inflation was temporarily managed during Ramadan. But these are cosmetic. The real issues lie deeper. Banking remains fragile, investor confidence has not returned, and the private sector feels alienated.”

Rahman compared the current government to the 2007-08 caretaker government, which was formed to take care of state affairs for an interim period until the next regular government.

He said the key difference he finds is “collaboration”.

“The last caretaker regime had its flaws, but they actively engaged with the private sector. They formed the Better Business Forum, met monthly with stakeholders, and ensured implementation tracking. This time? There is a complete disconnect.”

The entrepreneur was critical of unilateral policymaking, which he said had become the norm.

“Whether it is the new insurance laws, capital market reforms, or digitalisation rules, these were drafted without consulting the industry. The results? Regulatory overlaps, legal ambiguities, and serious friction between the state and businesses,” he commented.

Rahman also talked about the state of the banking sector.

“While known defaulters remain untouched, genuine entrepreneurs are forced to repay loans at 14 to 15 percent interest. Why are those who stayed, who continue to pay taxes, being penalised for others’ wrongdoing?”

He noted that profits of listed companies had dropped sharply, with many reporting losses.

“How can you expect revenue growth when the business climate is so uncertain, policies keep changing, and lending conditions are stifling?” he asked.

He said foreign investors, too, were reluctant to enter the market.

“We are reporting inter-company loans as FDI. That is misleading. The reality is FDI is not coming in because they are seeing what we are seeing: inconsistency, opacity, and uncertainty.”

Rahman said one of the government’s gravest failures was the erosion of institutional justice.

“Selective law enforcement, politically motivated arrests, even threats to businesspeople who speak out, this climate is not conducive to entrepreneurship. If investors do not trust the system, they would not invest; it is very simple.”

He criticised the government’s tendency to host investment summits abroad while ignoring business leaders at home. “We organise flashy investment summits for foreign investors, yet we cannot invite our own business leaders properly.”

Rahman believes the government could have gained broader support if it had been clearer about its objectives from the beginning.

“Had Muhammad Yunus clearly stated from the outset that he required two years to stabilise the country before holding elections, he likely would have secured broader public support. Instead, the absence of clarity and inconsistent messaging gradually eroded public trust,” he commented.

“This government did not come to power through an electoral mandate, but through public expectation. With the promise to remain neutral, restore order, and ensure a smooth transition,” Rahman said.

But with political pressure rising, he said that the time for meaningful reform was running out.

“If this government truly wants to regain public and business confidence, it must listen, include, and commit to an inclusive democratic process. That is the only way forward,” he added.