Speakers at a meeting yesterday have underscored the need for more investment to become middle-income country by 2021.
Terming Bangladesh a preferred destination for investment, they made the call at the meeting styled “Bangladesh 2030: Next Billion Dollar Opportunities” organised by Dhaka Chamber of Commerce and Industry (DCCI) in the capital.
“Bangladesh needs to accelerate its investment to GDP at least 38% from the existing 28% to achieve the middle-income country status,” said DCCI President Hossain Khaled.
Urging the foreign investors to invest in Bangladesh, Khaled said: “The country has skilled and easily trainable workforce, access to global market, Foreign Direct Investment (FDI)-friendly economic zones and attractive incentive packages to allure more investment.”
To become the 30th largest economies in the world by the year 2030 and achieve double-digit growth, the emerging Bangladesh needs additional 14% Investment of GDP, he added.
“Though the global leather market is worth of US$215bn, Bangladesh’s market share is only 0.5%, which contributes 2.19% to GDP,” said Syed NasimManzur, president of Metropolitan Chamber of Commerce and Industry (MCCI).
Manzur urged the foreign investors to invest in the leather sector as the government identified it as a thrust sector and they could enjoy tariff and quota-free access to European Union (EU) markets.
“Bangladesh will achieve at least US$32bn against its export target of $33.2bn set for the current fiscal year,” said Commerce Minister Tofail Ahmed while addressing the meeting as chief guest.
Considering the land shortage, the government has decided to establish 17 economic zones across the country, he said.
Bangladesh will be able to reach the export target of $52bn by 2021, if it can increase its global market share to 8% ($650bn) from the existing 5.11%, said Shafiul Islam Mohiuddin, newly- elected first vice president of FBCCI.
“Bangladesh can gain 10% share of $400bn global ship building market,” said KM Mahmood Ur Rahman, president of Bangladesh Ship Builders’ Association. He also noted that inadequate bank financing, lack of IT technology, inadequate power and energy, shipbuilding yard Infrastructures are some of the major challenges, which need to be addressed.
BASIS President Shamim Ahsan on his presentation on IT said, “The IT sector is a booming one as 65% of Bangladesh’s population is young (18-35 years).”
He also called for more foreign direct investment in IT sector as the government offers investment-friendly tax regime in this sector.
