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Private sector: A success story Atiur Rahman
In our lifelong pursuits of individual and collective prosperity, due recognition of examples of excellence bolsters our confidence in aspiring for ever higher prosperity with social justice and equity underpinned by high moral and ethical values. The attainments of our private sector business in generating output, employment and income have certainly been impressive. The public sector dominated post-liberation economy has transformed radically; the private sector today accounts for over nine-tenth of consumption and investment demand in the economy, by now sixteen-fold larger. After building up from scratch, a spectacular global export success story in apparels and textiles, our private sector businesses are in forays for new breakthroughs in diverse new directions, including in export of services and of capital goods such as ocean-going vessels. There is however no room for complacency. Benefits of growth remain unevenly distributed; over a fifth of our population remains mired in extreme poverty and deprivation; disadvantages persist for women and small ethnic minorities. Many other developing economies including our large next door neighbour have not only grown faster but also have promoted women empowerment and ethical justices, particularly in their businesses. In business culture and practices we are admittedly still some distance away from establishing solid traditions of socially and environmentally responsible corporate citizenship with transparency and adequacy in disclosures, sound corporate governance and CSR performance. Good businesses are scrupulous in fulfilling obligations to the government in taxes and other dues; to stakeholders including creditors, employees, shareholders and clients in upholding and promoting their legitimate interests; and to the broader society in proactivity for righting the social wrongs of poverty, deprivation and environmental degradation. In retaining edge over domestic and external competitors, businesses need also to nurture and foster innovation and creativity. Atiur Rahman is the governor of Bangladesh Bank. This is the abridged version of his speech to Bangladesh Business Awards 2009.
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