Red tape still throws a spanner in the works

In countries like Bangladesh, being successful in life means achieving financial solvency but while many individuals try to do so by starting their own businesses, they are often impeded by numerous roadblocks, said Mohammed Amirul Haque, managing director of Seacom Group.

"Bureaucratic tangles are the main barriers to success in the country as the government bodies have yet to become business-friendly," he told The Daily Star in a recent interview.

For example, it took three days to receive a shipping agency licence in 1985 while the process would take at least three months now.

Besides, state-run lenders seem uninterested to finance basic industries but reserve their funds for sectors with limited scope for growth as bankers lack innovative ideas and still hang on to their traditional values.

Meanwhile, private banks are more liberal when it comes to financing basic industries but since they suffer from limitations, the country needs more foreign banks that have sufficient fund to support industrialisation.

Bangladeshi entrepreneurs are very innovative and industrious but need financial and policy support to increase their contributions towards the economy.

In regards to the power and gas supply in Bangladesh, Seacom's managing director said the distribution lines were not up to date, which is another barrier to improving the country's ease of doing business ranking.

"If port facilities were simultaneously developed as well, the economy will flourish," he added.

Asked about how his organisation has delt with the ongoing coronavirus pandemic, Haque said construction works on a number of projects, such as a 4,000-tonne LPG tank in Mongla and 2,000-tonne LPG tank in Narayanganj are ongoing.

Meanwhile, a new factory for Delta Agrofood Industries, a joint venture of Seacom and Samuda, is also being developed while 3,000 gas cylinders are being produced by Seacom's Delta LPG brand at its manufacturing plant in Bagerhat.

During the nationwide 'general holiday' between March 26 and May 30 aimed at curbing the spread of Covid-19, all of the companies under Seacom continued their operations on a limited scale while following health guidelines.

Haque also informed that during this period, Seacom provided necessary support for its workers.

"It is true that I faced crores of losses but this is reality and a natural occurrence," he said, adding that even so, none of his employees were laid off.

The veteran businessman with 35 years of experience under his belt also offered some advice for new and young entrepreneurs.

"Nothing can be achieved overnight. Entrepreneurs have to dream big, zealously, and industrially rather than looking for shortcuts," he said.

Forming new business ideas is the best way to succeed for entrepreneurs as there is a huge potential for start-ups in Bangladesh.

To do this, age is not a factor since any individual only requires vision and a dedicated mindset to build an empire.

An industrialist or entrepreneur needs to think in line with the changing times and adopt new technologies to find cost-effective means of production.

"Technology is not constant and is regularly updated so you have to adapt to the changing situation," he added.

Young entrepreneurs could even work together to build up capital and share the risks but only after securing an in-depth knowledge on the market demand and potential for their product.

The ongoing pandemic has had varied effects on all businesspeople, making it a bitter experience for entrepreneurs.

Haque, also the founder and managing director of Premier Cement Mills, began his professional career in in 1985 after securing a shipping agency taking licence from the Chattogram Customs and Port Authority.

But over the last three-and-a-half decades or so, he has been involved in a number of businesses such as shipping, stevedoring and logistics, cement manufacturing, chemical and oil refining, agriculture, liquid petroleum gas, shrimp and so forth.

Even during his student life, Haque never believed that he would be suited for service work.

"I never dreamt of having a good job. Instead, I always wanted to do sometime by myself," he said, adding that with his father's support, he undertook the challenge from the very beginning.

After staring out by operating a shipping agency as it was capital free business from which he could just collect commission, Haque went on to sell a scrap ship to the late Sirajul Islam Chowdhury, a legendary industrialist of Chattogram.

Haque received around Tk 3.25 lakh as a commission for selling the ship, called the 'Bengal Tower', which was owned by another business icon, the late KM Ahmed of Mashriqi Group.

He then started to establish 20 companies one after another and at present, his organisation employs over 5,000 people.

Now, Seacom provides around Tk 700 crore in tax to the government each year and has no record of loan defaulting since its inception.

It was far easier to have a profitable business just three decades ago as the market was less competitive and people mostly opted for jobs rather than seek financial independence.

In regards to how employers should treat their staff, Haque said he treats his workers as he would like to be treated himself.

"I never put pressure or hurt them because without their contribution, Seacom cannot grow," he added.

Asked about his hobbies and interests, the entrepreneur informed that his only interest is to build up new industries and generate employment.