‘Inflation, exchange rate instability key challenges’

Taming inflation and curbing exchange rate instability remained at the forefront of economic debate for every country, including Bangladesh, analysts say.

They have laid importance on highlighting successful stories Bangladesh has so far achieved while tackling the challenges.

The observation was made at a seminar titled ‘Nation Branding: Attracting New Talent & Investment Worldwide’ jointly organised by the Bangladesh Securities and Exchange Commission (BSEC), Bloomberg LP, and the Ministry of Foreign Affairs in Dhaka on Monday night.

 “Before the Ukraine war, the country had controlled the inflation very well. In the last two to three months, both inflation and the exchange rate have been creating challenges, and that is the case of the whole world, not in Bangladesh only,” said Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman.

“From the branding point of view, you obviously have to talk about positive sides and definitely how we will mitigate risks is very important,” he said.

He hoped that oil prices would decline to the previous level by the end of this year or by the first quarter of next year. “Because it’s unsustainable. And it’s also the issue of demand for supply. “

About the Padma Bridge, Salman said, “Now the Padma bridge is going to be a game changer. One of the biggest success stories is that the country saw much growth without having a deep sea port. The Matarbari deep sea port will be another game changer.”

Andrew Boggs, Regional Strategy Lead of Bloomberg, in his keynote paper, said, “While technology remains important, sustainability schemes, employees’ welfare, and initiatives on renewable energy are topping the consideration list of FDI investors.”

Senior Foreign Secretary Masud Bin Momen said, “Exploring options and consolidated efforts, among others, are required for branding the nation.” 

He urged the authorities of investment and promotion, tourism, health, and even the law and enforcement to work together in branding the nation.

BSEC Chairman Prof Shibli Rubayat Ul Islam said the disruption in the supply chain of food and energy has created a serious problem across the world.

He said the world’s idea about Bangladesh before thirty or forty years ago has now totally changed. “The rest of the world knows what is happening in Bangladesh. We have to project Bangladesh properly before the world,” said.