Editorial
Business goals
Next government will hopefully listen
THE business leaders of the country have identified some important goals for the next government's consideration in order that Bangladesh can become a middle-income country. Towards attaining the 8 percent growth target the elected government will have to overcome the power crisis with greater acumen, take steps to increase private sector investment, encourage foreign direct investment and strategise effective branding of Bangladesh. The clarion call came from a seminar titled "Maximising Growth for Bangladesh: A Private Sector Vision", organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the city. Eminent economist Wahiduddin Mahmud made it known that "Bangladesh is the only nation in South Asia, which maintained 5 percent GDP growth rate in five successive years, despite some major obstacles."
With some disconcerting statistics of a downward slide of our growth indicators, there is no alternative to ensuring vigorous development of all the major sectors to reach the target of 8 percent economic growth. Therefore, the government that will take up the reins after the election, will have to have the development blueprint ready well before it starts functioning. Among others, they will have to give emphasis on skill development of the existing manpower through imparting vocational training, develop the IT sector, boost the small and medium scale enterprise, increase export of high-valued products, give attention to environmentally sustainable projects and improve regional connectivity. Improvement of the legal system came under discussion and we feel that a great deal of focus needs to be given to reforming existing laws that would provide our entrepreneurs legal coverage in national and international deals. It is matter of urgency that we have clearly defined laws regarding dumping of low quality and harmful commodities on our soil and focusing on issues of intellectual property rights. Maritime boundaries of the country also need to be demarcated to ensure our access to immense sea resources that are legally ours.
The concept of setting up of a 'Brand Bangladesh' taskforce to take necessary steps to improve the image of Bangladesh abroad is possibly a novel one that must be given priority. The core committee, as suggested, should comprise officials from the BoI, Export Promotion Bureau, the foreign ministry, FBCCI and non-resident Bangladeshi groups from Europe and the US.
We believe a lot of work will have to be done by the next government to increase economic growth to the desired level.
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