Supporting the private sector
the sector
often faces
challenges of
infrastructure
bottlenecks,
insufficient power
and gas supplies
followed by
bureaucratic
corruption and
unanticipated
political unsteadiness
While addressing the inaugural ceremony of an International Conference on the topic New Economic Thinking: Bangladesh 2030 and Beyond the PM branded the private sector as the driving force of Bangladesh economy, and had assured that her government would extend hands of all cooperation further to develop the private sector through transparent management. Her assurance is more than just encouraging. We also believe that the economy of Bangladesh will be at the centre stage of the regional economy of Asia while Local Supply Chain and Global Value Chain is likely to play a crucial role in our regional and sub-regional communication and connectivity.
Not that the private sector is neglected and being managed solely by entrepreneurs and businessmen but the government too regulates it. However, the sector often faces challenges of infrastructure bottlenecks, insufficient power and gas supplies followed by bureaucratic corruption and unanticipated political unsteadiness. So the government actually has a lot to address in all these specified weak spots.
However, the government assistance scenario is not all too bleak. Besides constructing a high-tech park on 355 acres of land at Kaliakoir aiming to employ a million people at the IT sector, the government is now providing lucrative incentives to attract foreign investment while taking steps to build 100 Special Economic Zones across the country to attract domestic and foreign investment. Additionally, the government has been reportedly working with a far-reaching goal to remodel its standings on various indexes like Cost of Doing Business Index of World Bank, Global Competitive Index of World Economic Forum and UN Human Development Index in order to turn Bangladesh into a developed economy. It must progress with speed and efficiency and include the private sector too.
Given the current growth of our private sector, the UK-based multinational company Price Water House Coopers recently stated that Bangladesh is likely to become the 29th economy of the world by 2030 and 23rd by 2050. The report clearly hints at a vibrant economy driven by the private sector. Now we need to build on those potentials and collectively thrive to make Bangladesh a business friendly destination.
Lastly, our economy, the 44th largest in the world in nominal terms, has shown tremendous promise to be labelled as one of the next 11 emerging market economies but without government patron it isnt any how possible to materialise the immense potentialities our economy possess. It is expected that PMs assurance would add an extra boost to our burgeoning private sector.
