Better roads, sufficient energy to propel growth: ICCB

The government must prioritise the development of road networks and other infrastructure for higher economic growth, a leading international chamber said yesterday.

“Proper infrastructure is a must to accelerate higher GDP growth. Good roads, power supply and sufficient energy sources generally lure investments,” said Mahbubur Rahman, president of International Chamber of Commerce Bangladesh. The country will have to invest $7-$10 billion by 2020 in infrastructure development, while maintaining political stability, to achieve higher economic growth, Rahman said at a briefing on the chamber's international conference starting Saturday.

Rahman highlighted the importance of quick implementation of infrastructure projects, especially the one suggested by a World Bank report published on Tuesday.

If Bangladesh wants to get out of the 6 percent growth trap, it has to implement key projects like Dhaka-Chittagong and Dhaka-Mymensingh highways quickly, according to the WB. The report also stressed the need for quick implementation of other protects such as upgrading of Dhaka-Chittagong railway line into double track, Dhaka Metro Rail, the Padma Bridge project and two power plants at Bibiyana.

The Bangladesh chapter of ICC, the world business organisation, will hold the conference at Bangabandhu International Conference Centre and Sonargaon Hotel in Dhaka to mark 20 years of its presence in Bangladesh. 

The two-day event is expected to be attended by 500 delegates representing ministers, business leaders, economists, ICC leaders and academics from home and abroad, said Rahman.