Dr Selim Raihan, executive director at the South Asian Network on Economic Modeling (Sanem), presented the keynote paper at the seminar
President of Dhaka Chamber of Commerce and Industry Osama Taseer said on Saturday that the government's fast track infrastructure projects will enhance competitiveness of Bangladesh.
Speaking at a seminar titled "Country Competitiveness of Bangladesh: Challenges and Way Forward" at a hotel in Dhaka, he also said: Private sector is the lifeline of our economy. Investment and trade promotion largely rely on doing business and country competitiveness state of a country, according to a press release.
"But we have some challenges like energy price hike, unplanned urbanization, unemployment, limited skills diversity, slow reforms, climate change, limited capacity for adopting 4IR technologies and industrial infrastructure. We need to work hard to improve our competitiveness position through focused development moves. Improved competitiveness of Bangladesh will ensure the country’s footwear, plastic goods, ceramic, furniture, jute processing, electronics and ICT sectors to emerge and flourish," he added.
Dr Selim Raihan, executive director at the South Asian Network on Economic Modeling (Sanem), presented the keynote paper at the seminar.
He said that Bangladesh is witnessing sluggish private sector investment. In recent years, we have also witnessed a falling trend in export-GDP, remittance-GDP and FDI-GDP ratios, while adding that the country’s FDI share in GDP is even lower.
He suggested for undertaking reforms in critical economic domains. He also urged for faster and cost-effective implementation of mega projects and skill development.
“SEZs can be the game changer as far as attracting large scale FDIs and export diversification are concerned, ,” he noted.
Salman F Rahman, private investment and industry adviser to the prime minister, said, “We need to work hard to improve on the prevailing investment climate,” as he hoped that by 2021 Bangladesh will be able to place its position within double digit in the Ease of Doing Business index.
He also emphasized on the diversification of agro-products for increasing exports within the sector.
Salman F Rahman suggested for establishing a specialized bond market for long term financing mechanism, while stressing on skill development for better competitiveness of the country and coping up with the challenges of 4IR.
Dr Rubana Huq, president at the BGMEA, urged for inter-ministerial coordination for smoother decision-making process, while urging for innovation, research and development in the RMG sector for its sustainability.
Ahsan Khan Chowdhury, chairman and CEO at the PRAN RFL, said: we need to identify the problems of each sector and find out the appropriate measures to solve these problems.