Dhaka, Dec. 8 -- Bangladesh's long-term development prospects may face serious setbacks unless rent-seeking in politics and the collusive nexus between business and bureaucracy are dismantled, Planning Adviser Dr Wahiduddin Mahmud said on Sunday.

He said meaningful institutional reform, an efficient bureaucracy and strong political commitment are essential to create proper economic incentives, noting that regulations alone cannot deliver lasting change.

Dr Mahmud made the remarks while speaking at the opening session of the Annual BIDS Conference on Development (ABCD), organised by the Bangladesh Institute of Development Studies (BIDS) in the capital.

"The two-day conference will feature 20 research papers across six academic sessions,...