Structural and policy gaps for private sector are barriers to reach high middle-income country

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Experts and private investors suggested government to give more priorities in private sector to reach among the high middle income countries within the certain time.  They also said, “Government should attract foreign investors by removing the barriers in private sector investment”.

Figure 1: Distinguished guests were present at the seminar.
Figure 1: Distinguished guests were present at the seminar.

Recently Economic Relation Development organized a seminar titled “Creating enabling environment for FDI and private sector engagement” at Bangladesh Development Forum 2018 on 17 January at hotel Sonargaon in the capital.

In this session, the speakers identified the major structural and policy gaps of private sector that are hindering dynamic growth and innovation in the society.

Figure 2: Major challenges to reach the high middle-income countries by 2041.

Dr. M. Masrur Reaz, Senior Economist and Program Manager, International Finance Corporation said, “To attract foreign direct investment, we have to ensure export growth, product diversification, product quality, new market creation.”

According to Bangladesh Bank, foreign direct investment hit an all-time high of $2.45 billion in fiscal 2016-17 on the back of a flow in equity investment by telecom, textile particularly weaving sectors.

“I hope that Bangladesh government will give all facilities for local and foreign investors”, said Nihad Kabir, President, Metropolitan Chamber of Commerce and Industry. “If foreigners face problems regarding facilities, then they will not invest”, she added.

Kazi Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) said in his key note presentation, “We will launch ‘One-Stop Service Centre’ on pilot basis within the middle of  this year to provide entrepreneurs with all necessary services for investments from a single window”.

“We will create 2.5 million employment generations where private and public investment will be 26.6 percent and 7.8 percent by 2020”, said Kazi Aminul Islam.

Table 1: Targets for Bangladesh’s 7th five-year plan. (Source: ERD)
Table 1: Targets for Bangladesh’s 7th five-year plan. (Source: ERD)

Dr. Gowher Rizvi, Adviser to the Prime Minister, International Affairs; Mr. Fazle Kabir, Governor, Bangladesh Bank; Dr. Mohammad Tareque, Director, BRAC Institute of Governance and Development, also delivered speech at the seminar.

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