Democracy Must Extend to the Economy: Finance Minister

Finance Minister Amir Khosru Mahmud Chowdhury has said the government wants to bring people outside the mainstream economy into formal economic activities, describing it as a citizen’s right.

“Democracy should not exist only in politics; it should also exist in the economy,” he said while speaking at the inauguration of the second phase of the ‘RAISE’ project, jointly implemented by PKSF and the World Bank, in রাজধানীর Agargaon on Sunday (May 10).

The minister said the government places importance on the “democratization of the economy” to ensure wider participation in economic opportunities.

He added that all government projects must meet specific implementation criteria. According to him, the government will not approve projects that fail to meet those standards. He also praised PKSF for its ongoing work and said the government is considering ways to further expand the organization’s activities.

Highlighting social sector challenges, the finance minister said Bangladesh’s healthcare spending remains inadequate and called for greater investment in health and education in the upcoming national budget. He said the government plans to make these services more accessible to people.

Amir Khosru also stressed the need to utilize the country’s remaining demographic dividend effectively.

Speaking about export potential, he said Bangladesh has not yet fully captured the global handicraft market despite strong opportunities. He cited the country’s traditional Shitalpati industry as an example, saying the sector lacks planned and sustained development efforts.

He noted that good product design can significantly increase market value and emphasized the importance of international-standard marketing strategies alongside product development.

The minister also identified music and theater as sectors with economic potential but said inadequate planning and investment have limited their global reach. He urged Bangladesh to make better use of international digital platforms to promote local products and culture abroad.

Referring to sports as an economic sector, he said sporting events attract large audiences and can contribute significantly to GDP if properly developed through investment and planning.

On women’s economic participation, the finance minister said women play a key role in household financial management. He said government support programs such as family cards are intended to provide financial relief and stimulate rural economic activity. He added that farmer cards are also expected to positively impact the economy.