Experts and business leaders on Sunday said it was necessary to increase the domestic demand and give priority to domestic industry to help the economy ride out the pandemic-induced slump.
They came up with the observations at a FBCCI webinar on Bangladesh’s Covid-19 stimulus, economic sustainability, recovery, domestic investment, foreign direct investments (FDI) and overseas FDI.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Sheikh Fazle Fahim presided over the meeting.
Foreign Affairs Minister AK Abdul Momen, Agriculture Minister Dr Abdur Razzak, Industries Minister Nurul Majid Mahmud Humayun, Commerce Minister Tipu Munshi, Prime Minister Sheikh Hasina's Adviser on Private Industries and Investment Salman F Rahman, former Governor of Bangladesh Bank Saleh Uddin Ahmed, former presidents of FBCCI AK Azad, Shafiqul Islam Mohiuddin and Abdul Matlub Ahmad attended the webinar.
Speakers urged to implement the packages with the help of banks.
They also called for an easy access mechanism to bank credit so that all affected businesses got benefit of stimulus package.
Sheikh Fazle Fahim sought quick disbursement of fund from the package. He said the stimulus package would help mitigate the impact of coronavirus on the national economy.
AK Abdul Momen said, “While our budget in the last few years has been helping us to elevate the nation from extreme poverty, the advent of Corona has pushed us back from our trajectory. If the stimulus package designed by the government is distributed efficiently, we will be able to cope up with any obstacles.”
Agricultural Minister said, “We are a self-sufficient country in terms of agricultural goods. The agriculture sector has been producing a surplus of consumable goods, even with the advent of Corona. With buying power of the masses taking a hit, we should look into utilizing the sector with the surplus of goods.”
Salman F Rahman said, “ Before everything else, we have to strengthen our health sector first. The economy cannot be restored without human capital. We must integrate IT within the health sector to enable telemedicine”.
Mercy Miyang Tembon, the World Bank's Country Director for Bangladesh said, "It is crucial to enhance the use of technology to facilitate supply chain finance. Additionally, the stimulus package transition should be transparent and it is crucial to keep trade open.”
"Cooperation is crucial, as we are working with Bangladesh Bank to create a kind of risk-sharing, as most policies are dependent on financial institutions" she said.
ADB Country Director for Bangladesh Manmohan Parkash said there was unanimity that the Covid-19 pandemic would affect the economy. But, all should use this as an opportunity, he added.
"We stand ready to help Bangladesh" said ADB country director.