'There is a window of opportunity in the open market economy and we have to catch those opportunities with substantial investment in infrastructure and more emphasis on developing the country’s private sector'
Development experts and economists said Bangladesh’s economic goals cannot be achieved unless substantial investment is made in the country’s infrastructure.
Also, in order to achieve a steady GDP growth rate required to reach the economic targets, the government needs to ensure considerable investment in other sectors.
While addressing a high-level meeting titled “Road to 2030- strategic priorities” the State Minister for Finance and Planning MA Mannan said the government is hopeful in achieving the economic targets despite delays in implementation of the different development projects.
The meeting was organised by Dhaka Chamber of Commerce Industry (DCCI) and Economic Reporters’ Forum in Dhaka on Thursday.
CPD research fellow Mustafisur Rahman said: “There is a window of opportunity in the open market economy and we have to catch those opportunities with substantial investment in infrastructure and more emphasis on developing the country’s private sector.”
The CPD fellow also pointed out that the delays in implementation of projects incur huge cost to the county by many folds, besides discouraging investors. Former DCCI president Asif Iqbal too emphasised on the significance of prioritising infrastructure investment projects to ensure meeting economic targets for the next decade and later.
Also emphasising on the importance of meeting the international labour rights standards, Asif Iqbal said Bangladesh will need to make necessary changes in order to negotiate smartly with the European Union on Generalised System of Preferences (GSP); considering nearly 55% of Bangladesh’s GDP is dependent on ready-made garment industry.
Executive chairman of Bangladesh Economic Zone Authority Paban Chowdhury said: “We have already created a land bank to ease crisis of land for businesses and industries. Out of 100, a total of 76 land units of Economic Zones have already been leased.”