Yet, he said, the government has fared well in advancing towards the MDG as per the development indicators concerned in health, education and other sectors, he told an international seminar in the city.

Over a hundred representatives of the government, donor agencies, non-governmental organisations and research institutions from home and abroad converged at the daylong seminar on 'Food Policy in Bangladesh: Issues and Perspectives' held at the city's Sonargaon Hotel.

The finance minister said, "Food security is not only about food availability, rather it's a question of income too. By ensuring macroeconomic stability, peoples' income can be increased thereby, enhancing their purchasing capacity."

Saifur also tried to rationalise the current high rice-price in the market, saying if the growers get better price, it would act as an incentive to produce more foodgrains.

The seminar jointly organised by Bangladesh Institute of Development Studies (BIDS), Bangladesh Rice Foundation (BRF) and International Food Policy Research Institute (IFPRI) discussed strategies to reduce hunger and poverty in Bangladesh.

The finance minister apart, Agriculture Minister MK Anwar and Food and Disaster Management Minister Kamal Ibne Yusuf also spoke at the seminar split into three working sessions -- 'Food Security: Emerging Issues and Challenges,' 'Bangladesh's Agricultural Strategy: New Perspective' and 'Disaster Management: Safety Nets and Nutrition Interventions.'

Joachim von Braun, director general (DG) of the Washington-based food policy think-tank IFPRI, BIDS DG Q Shahabuddin and IFPRI Senior Research Fellow Akhter Ahmed presented the keynotes at the sessions chaired by BRF Chairman M Syeduzzaman, IFPRI Trustee Board Member Mandivamba Rukuni and Brac Executive Director Abdul Muyeed Chowdhury.

Former adviser to caretaker government Prof Wahiduddin Mahmud, former agriculture secretary AMM Shawkat Ali, Dr Marc Cohen, Dr Raisuddin Ahmed and Dr Shenggen Fan of OFPRI, Naser Farid of the food ministry and Sajjad Zohir of BIDS took part in the discussions, among others.

In his address as the chief guest at the first session, Saifur took credit in being able to enhance support for agriculture and promised to provide more to the vibrant sector for the sake of ensuring food security of 140 million people. He, however, was a bit critical about what he dubbed as lacklustre efforts in research and development (R&D) work in agriculture.

But other discussants were very vocal against what they said was a decreasing public sector investment in agriculture, with Wahiduddin Mahmud pointing at the fact that less than half a percent of the agricultural GDP is spent in agriculture R&D in Bangladesh. Prof Mahmud put special thrust on democratic governance, increased purchasing capability of people and putting a dent into the high incidence of child malnutrition in Bangladesh.

He also noted that middlemen's illegal toll collection and intervention deprive the farmers' of their just price of produces.

Agriculture Minister MK Anwar stressed enhancing investment in agriculture and was critical of the rich nations' farm subsidy policy.

"The core problems of widespread poverty, growing inequality, rapid population growth and rising unemployment all find their origins in the stagnation and often retrogression of economic life in rural areas. Principal reasons for such deterioration are: a) drastic reduction in public investment in the field of agriculture, b) lack of adequate external resources, c) highly subsidised agriculture in developed countries, d) dumping of agricultural products by developed countries and e) a sense of complacency following the green revolution achievements," Anwar said.

Former finance minister M Syeduzzaman, who now heads the BRF, said, "Agriculture is the main source of livelihood for about two-thirds of our people. Poverty afflicts nearly 40 to 50 percent of the population and the majority of the poor live in rural areas, depending on agriculture. While the country faces numerous challenges and threats, enormous opportunities also exist to improve agriculture for the benefit of poor farmers and consumers."

BIDS DG Shahabuddin observed, "Development priorities still need to recognise the primacy of agricultural growth in providing food and income security to rural households in Bangladesh. We need appropriate strategies to deal with the new challenges and opportunities to make agriculture more flexible, diversified and efficient. Unfortunately, Bangladesh has under-invested in agricultural sector. For sustained growth, a continued development in technology, institutions and infrastructure is essential."

According to recent projections from IFPRI, if progressive policies are implemented in South Asia, child malnutrition rates in the region could be reduced to half by 2030.

"Bangladesh initiated a process of market-led policies during the 1980s, with a deepening in the 1990s," noted IFPRI DG Dr von Braun. "Trade liberalisation helped Bangladesh move rapidly towards achieving food security targets. Widespread adoption of Green Revolution technology and modern irrigation practices has increased food grain productivity, and the country has achieved near self-sufficiency in rice production, even with declining area under cultivation."

He promised that "IFPRI will work with policymakers and other collaborators in the region to identify strategies to accelerate the progress towards eradicating hunger and poverty in Bangladesh."

The discussants also noted that the seminar could not have been better timed, as Bangladesh now stands on the crossroads of attaining self-sufficiency in food, rice to be more precise, but at the same time facing the challenge of loosing prime farmlands due to growing urbanisation and industrialisation.

They felt, with its large population base, Bangladesh is left with the option of increasing farm output making best use of modern technology and make gradual shift from rice-led growth in agriculture to production-rise in cash crops and develop agro-based industries.