Wednesday, April 24, 2024
Experts from local and international arenas have underscored the need for improving technological advancement, logistics and supply chain management, along with proper policy support and skilled manpower, to build a smart economy for Bangladesh.
They made the remarks on Saturday at a programme titled, “Business Leaders panel: Bangladesh – The big picture,” moderated by CNN journalist Richard Quest at the Bangladesh Business Summit 2023 in Dhaka.
Prime Minister Sheikh Hasina inaugurated the summit to commemorate the Golden Jubilee of the country’s apex business body the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).
Speaking at the session, Deputy Director-General of the World Trade Organization (WTO) Xiangchen Zhang said Bangladesh needs to lay emphasis on technological development for a massive change in the informal economic sector.
Logistics expert CMA CGM Laurant underscored the need for supply chain development in the South Asian region for better trade flow. “We want to diversify economic activities here. A massive change is needed in the supply chain in the region,” he added.
Answering a question from the CNN journalist, FBCCI President Md Jashim Uddin said, “We want proper policy support from the government to facilitate business activities as the private sector contributes 82 per cent to the country's economy.
“To increase the contribution of the private sector, there is a need for infrastructure development, industrialisation, and skilled labour. Businesses will drive the economy of Bangladesh as well.”
He then said, “We hope to achieve our journey towards a trillion-dollar economy. We want to work together and go forward. We expect more investment from foreign investors, and want to work together.”
Speaking there, Private Industry and Investment Adviser to Prime Minister Salman F Rahman said the government is building a deep sea port.
He added, “We hope that the deep sea port will be completed soon. We also develop the Chattogram port. This will be a game-changer for Bangladesh.
“The government has taken a couple of projects to develop our infrastructure. We are developing every sector. We are putting an emphasis on reskilling and up-skilling as well. We are working to strengthen collaboration between academia and industry.”
Salman continued, “We are teaching Primary students on coding. So we are preparing for 4IR. We are growing. The metro rail is ready. In the next five years, Bangladesh will witness vast changes.”
Replying to another question from the CNN journalist, Salman said, “There is a logistics problem in the country, but we are doing a lot to improve things in the sector. We are laying emphasis on technology to build a Smart Bangladesh and smart economy.”
The informal sector, which accounts for 43 per cent of Bangladesh’s GDP, provides almost 88 per cent of the total employment. Meanwhile, the formal sector only provides around 12 per cent of total jobs, even though it accounts for 57 per cent of the total GDP.
