Planning Minister AFM Mostafa Kamal yesterday said it is high time for the people of all walks of life to participate in the development process of the country.
If the country had proper infrastructure, its potentials would have been much better, he told a seminar on “Prospect of Bangladesh Economy: Infrastructure Challenges.”
Bangladesh Institute of Development Studies (BIDS) and Bonikbarta, a Bangla daily, jointly hosted the programme.
Kamal gave credit to the private sector and common people, especially farmers for the country’s development. Over Tk80,000 crore is spent on the development programmes.
Where does the money go if there is no corruption? Kamal posed a question.
The other participants at the programme stressed the need for engaging people in infrastructure development as they describe it as a major obstacle to flourishing business in the country.
They also suggested reigning in corruption in the sector as a section of corrupt officials in collaboration with political leaders embezzle a big portion of development budget.
Nazneen Ahmed, senior research fellow of BIDS, presented the keynote paper.
In her keynote speech, Nazneen said according to the projections of perspective plan, growth will increase to 8% in 2015 while poverty will decline to 22.5% by the year.
To meet the target, Bangladesh needs rapid private investment but due to lack of infrastructure expected investments are not seen in the country, she observed.
Syed Abdul Maksud, a civil society member, said: “We lag behind in infrastructure development due to corruption.
“No progress could be made unless there is zero tolerance for corruption.”
State Minister for Finance and Planning MA Mannan focused on political stability which he said a must for development.
He said since political stability is a political mater, it should be handled politically, otherwise it would lead to wrong direction.
Bangladesh Bank Deputy Governor Abul Kashem stressed encouraging private sector in infrastructure development and concentrating on social and environmental issues during project implementation.
At the programme, the discussants emphasised on undertaking Public Private Partnership, which he thought could play an important role in infrastructure development.
In this regard, former cabinet secretary Inam Ahmed Chowdhury called for an all-inclusive and equitable development plan.
For sustainable economic growth, Bangladesh needs proper monitoring, said Zafrullah Chowdhury of Gonoshasthaya Kendra.
If there is no rural development, it will be impossible to develop city, he said.
Bangladesh cannot come out of its 6% GDP growth due to lack of capacity building and implementation of policies, said Mohammed Nurul Amin, managing director and chief executive officer (CEO) of Meghna Bank.
BGMEA former president Anwarul Alam Chowdhury Parvez called for steps to set district-wise industry development plans which would help reduce pressure on the capital and other major cities.
The country’s stock exchanges can be a great source of fund for infrastructure development, said Swapan Kumar Bala, managing director of Dhaka Stock Exchange.
He added that currently 12 companies are listed with stock exchanges while some are in the pipeline to collect fund from the capital market.
Infrastructure development must see a coordinated effort and every one’s participation is a must, said Abdul Mazid, former chairman of the National Board of Revenue.
“We should consider public health and environmental impact while implementing infrastructure development programmes.”
Dewan Hanif Mahmud, editor of the daily Bonikbarta, moderated the seminar.