The Asian Development Bank (ADB) aims to invest more to boost private sector participation in Bangladesh's economy.
Approximately $2.5 billion is in the pipeline for upcoming ADB-financed projects and private sector operations.
Speaking at "ADB Business Opportunities Seminar," at the China Friendship Conference Centre in the capital on Monday, ADB Country Director for Bangladesh, Hoe Yun Jeong said: “ADB underscores the need for higher skills and greater efficiency for accelerated project implementation as Bangladesh diversifies its economy, implements reforms to drive economic transformation, and prepares to graduate from least developed country status in 2026.
“We are working with stakeholders to reduce procurement time while ensuring economy, efficiency, fairness, transparency, quality, and value for money. In line with ADB's strategic direction in expanding private sector operations, we are also promoting private sector business opportunities.”
Jesper Pedersen, director for the procurement, portfolio, and financial management department of ADB, in his keynote address, said: “The bank is enhancing its procedures to better meet the growing and evolving needs of developing member countries, with a strong focus on sustainability, transparency, and quality in procurement.”
They also underscore the need for higher skills and greater efficiency to graduate from least developed country status in 2026.
ADB says that due to the government's limited financial resources, there is an urgent need to encourage private sector participation in the power sector.
Md Ehsanul Hoque, senior secretary, Road Transport and Highways Division, inaugurated the event. Various stakeholders, including members from the Bangladesh Association of Consulting Engineers and Architects (BACEA), the Bangladesh Association of Construction Industry (BACI), and the Bangladesh Women's Chamber of Commerce and Industry (BWCCI), were also present.
This year, more than 500 participants, including suppliers, contractors, consultants, government officials, representatives of development partners, and members of the diplomatic community, attended the day-long program.
The Bangladesh Resident Mission (BRM) of the Asian Development Bank (ADB) organizes the annual Business Opportunities Seminar (BOS) as its flagship event where high-quality suppliers, contractors, and consultants, private business, and enterprises from Bangladesh and abroad can discuss diverse business opportunities under ADB-financed projects and ADB private sector operations.
The ADB has committed to supporting Bangladeshi contractors in enhancing their capacity and competitiveness, helping them participate more actively in international tenders.
In its 52-year partnership with Bangladesh, ADB has mobilized over $62 billion in loans and grants, including co financing, to improve infrastructure, public services, and social development for the country’s people. ADB’s current sovereign portfolio in Bangladesh has 51 projects and programs worth over $12 billion.
