Creating jobs can help continue economic growth
Finance Minister AMA Muhith has underscored the need for creating more jobs and utilising resources properly to keep the economic development going.
“We have to give importance to generate more employment opportunities as the current growth in employment is not a satisfactory one,” he said.
Muhith was speaking at a workshop organised by Economic Relations Division (ERD) on "Bangladesh Graduation from LDC Status: Opportunities and Way Forward" at a city hotel yesterday.
The finance minister presided over the workshop while ERD Secretary Kazi Shofiqul Azam presented a keynote paper.
Muhith said Bangladesh will not face any difficulty in attracting foreign direct investment (FDI).
"Resources will be available to Bangladesh and we will have to utilise the resources," Muhith observed.
Terming climate change a very important issue for Bangladesh, he said the government has been taking different measures to tackle the impacts of climate change.
Bangladesh has been doing very well in social indicators, said the minister, adding, “We should continue to do better..."
Nojibur Rahman, principal secretary of Prime Ministers' Office (PMO), said the political leadership will have to play an important role in upholding the achievement.
Prime Minister Sheikh Hasina's leadership will be able to face the graduation challenges, he observed.
Abul Kalam Azad, chief coordinator of Sustainable Development Goal (SDG) affairs at PMO, said Bangladesh needs additional US $60 billion investment to continue the progress.
In this regard, the private sector will have to play an important role to steer the economy, Azad added.
Dr Qazi Kholiquzzaman Ahmad, Chairman of Palli Karma-Sahayak Foundation (PKSF), said Bangladesh's prospect is very bright.
“Bangladesh would not have to wait for official graduation from LDC by 2024, it would become a developing country by 2021.”
Shahidul Haque, secretary of foreign affairs ministry, said Bangladesh is likely to face challenges during transition period after graduation. "So, we have to find out alternative ways," he said.
Shafiul Islam Mohiuddin, president of FBCCI, urged the policy makers to include the private sector in formulation of policies.
"Give us a conducive business atmosphere, we will present you a 'Golden Bengal'…,” he added.
Nihad Kabir, president of Metropolitan Chamber of Commerce and Industry (MCCI), stressed the need for smart negotiation with the development partners to ensure smooth transition period.
"We need to prepare for fundamental structural reforms in our economy and it is time to think about structural change," she commented.
Haoliang Xu, UNDP regional director for Asia and the Pacific, underscored the need for addressing inequality, further improving quality of governance, and overcoming the middle-income trap in the comings years.
“I am hoping that Bangladesh's transition would be a lot more smoother and faster as well as it would not make any mistake in becoming a developed country by 2041.”
Shubhashish Bose, commerce secretary; Fekitamoeloa Katoa 'Utoikamanu, UNOHRLLS high representative; Janina Jaruzelski, head of mission of USAID in Bangladesh; Kazi M Aminul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA); Roland Mollerus, chief of Committee for Development Policy of the UN; spoke among others.
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