Sustainable development a demand of time

A prolonged Russia-Ukraine war, which has already triggered economic uncertainty at a global scale, will deepen the crisis in Bangladesh. So now is the right time for the country to focus on sustainable economic development, to face the crises of the future.

Experts made the remark on Saturday at an event titled, “Post COVID Impact and the Russia-Ukraine War: Economic Challenges and Way Forward for Bangladesh” held at the Bangladesh Investment Development Authority (BIDA) conference room.

Addressing the Continuing Professional Development (CPD) programme organised by the Institute of Chartered Secretaries of Bangladesh (ICSB), speakers added that a geopolitical instability has been created, and Bangladesh’s economy is going from bad to worse.

Under such circumstances, maintaining industry production is a big challenge. They recommended that those who have already lost their capacity to do business should receive government support, similar to Covid incentives.

ICSB members, government officials and professionals from different sectors attended this event among many others.

Speaking at the chief guest, BIDA Executive Chairman Lokman Hossain Miah said, “The government has made the necessary decisions to overcome the ongoing crisis. As per the prime minister’s directive, in the next three months, investors will be able to get every facility through one stop service (OSS).

“We hope that all services will be available under the BIDA OSS to help boost investments. Addressing future challenges will be addressed whenever investors are uncomfortable.”

Joining the programme virtually, Special guest and keynote speaker Dr Atiur Rahman said, “The war is not going to stop anytime soon. This situation is pushing the economy towards even more uncertainty.

“Under such circumstances, prudent allocation of resources will be pivotal, and innovation and sustainability must be prioritised.”

The former governor of Bangladesh bank also pointed out that the investment-driven industrial growth had contributed towards macroeconomic stability, and the digitisation drive paid off amid the pandemic.

Dr Atiur continued, “Bangladesh is on track for an inclusive recovery, and the economy is poised for resilient and inclusive growth. Steering out of the storm, we are confident, but cautious steps required in the upcoming days.

“The government should take steps towards deeper coordination between monetary and fiscal policies, raising revenue to improve fiscal space and fiscal prudence, continue support for agriculture and rural transformation, and climate resilient growth.”

Special guest and Chattogram Stock Exchange Chairman Asif Ibrahim said, “The country needs to adopt a multifaceted approach to mitigate the impact of these global events on Bangladesh’s economy.”

Providing some recommendations, he added, “First, the government needs to provide support to the informal sector workers who have been affected most by the pandemic. Second, the government needs to provide support to the export-oriented industries that have been affected by the crisis.

“Third, the government needs to diversify Bangladesh’s trade relationships to reduce the country’s reliance on any one nation. Fourth, the government needs to invest in renewable energy sources to reduce the country’s dependence on fossil fuels.”

ICSB President Mohammad Asad Ullah called upon the BIDA chairman to sign a MoU, enabling the institution to provide professional support services, training, and facilitate professional expertise.