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Bangladesh has a vision to join in the global group of advanced economies within 2050, said Bangladesh Bank Governor Dr Atiur Rahman Thursday.
He said Bangladesh, to attain the target, should take strategies of inclusive economic and social growth unleashing creative energies of entire population, promotion, and nurturing of innovation of globally competitive new products, services, and production techniques responding to unfolding needs of new decades.
The central bank governor said the target is achievable as the economic indicators are showing positive signs.
He was speaking at a discussion on "Asia 2050 and Bangladesh" organised by the Metropolitan Chamber of Commerce and Industry (MCCI) at Westin Hotel in the city.
Rahman advocated for the vision within this stipulated timeframe although Bangladesh was not included in the recently published ADB report on "Asia 2050: Realising the Asian century."
The report identified seven Asian countries including China, India, Indonesia, Japan, South Korea, Malaysia, and Thailand as the engines of Asia's re-emergence by 2050.
"However, Bangladesh is not included in the Asia's "powerhouse" despite having steady resilient economic growth amid repeated internal and external shocks, private sector as the lead driver of growth and competitive low cost labour, in a large population pool in working age," said the governor.
He said Bangladesh was not included despite having growing exports and workers' remittance inflow bolstering external sector viability, low external debt service liability, and favourable sovereign ratings with stable outlook.
He said the middle-income country status is not far off as per capita Gross National Income (GNI) is likely to reach middle income group threshold by 2013 fiscal year. Unlike many developing nations, Bangladesh's private sector is the overwhelming driver of growth, he added.
The governor said both exports and imports nearly doubled during the last five years while the country has high advantage in terms of low cost labour compared to other Asian countries.
Both the exports and imports registered more than 40 percent growth in the first nine months of the current fiscal year while low labour costs retained competitive edge even after recent wage hike in the apparel sector.
He said Bangladesh is well on course for attaining most of the Millennium Development Goals by or before 2015, and the buoyant agricultural output help preserve food security.
Roads, bridges, ports are being developed for facilitating transit routes for regional trade through Bangladesh as the country is strategically located as a potential hub of regional trade, he added.
He said Bangladesh is a very lucrative destination for foreign investment in ICT and business services, light engineering, pharmaceuticals, and leather and leather goods.
Substantial research and development outlays, particularly in environment friendly agriculture, energy generation and manufacturing, continuous skill upgradation of abundant young manpower pool and maintaining congenial, competitive policy environment for local and foreign and private sector entrepreneurs will remain as the challenges in achievement of the vision, said Atiur.
Prime Minister's International Affairs Adviser Dr Gowher Rizvi said the government has been working to protect the people under different social safety programmes, but all those programmes are scattered.
"All the social safety programmes are run by different ministries, not by a single ministry," Rizvi said while speaking as the chief guest.
Syed Manzur Elahi, former adviser to a caretaker government, said apart from the energy problem, the governance and productivity issues are also challenges for the country. He suggested the government revive the activities of the national skills development centre for meeting the demand of skilled human resources for different sectors of the country.
MCCI president Amjad Khan Chowdhury moderated the discussion.
Source: Bangladesh sees advanced economy status by 2050
Bangladesh has a vision to join in the global group of advanced economies within 2050, said Bangladesh Bank Governor Dr Atiur Rahman Thursday.
He said Bangladesh, to attain the target, should take strategies of inclusive economic and social growth unleashing creative energies of entire population, promotion, and nurturing of innovation of globally competitive new products, services, and production techniques responding to unfolding needs of new decades.
The central bank governor said the target is achievable as the economic indicators are showing positive signs.
He was speaking at a discussion on "Asia 2050 and Bangladesh" organised by the Metropolitan Chamber of Commerce and Industry (MCCI) at Westin Hotel in the city.
Rahman advocated for the vision within this stipulated timeframe although Bangladesh was not included in the recently published ADB report on "Asia 2050: Realising the Asian century."
The report identified seven Asian countries including China, India, Indonesia, Japan, South Korea, Malaysia, and Thailand as the engines of Asia's re-emergence by 2050.
"However, Bangladesh is not included in the Asia's "powerhouse" despite having steady resilient economic growth amid repeated internal and external shocks, private sector as the lead driver of growth and competitive low cost labour, in a large population pool in working age," said the governor.
He said Bangladesh was not included despite having growing exports and workers' remittance inflow bolstering external sector viability, low external debt service liability, and favourable sovereign ratings with stable outlook.
He said the middle-income country status is not far off as per capita Gross National Income (GNI) is likely to reach middle income group threshold by 2013 fiscal year. Unlike many developing nations, Bangladesh's private sector is the overwhelming driver of growth, he added.
The governor said both exports and imports nearly doubled during the last five years while the country has high advantage in terms of low cost labour compared to other Asian countries.
Both the exports and imports registered more than 40 percent growth in the first nine months of the current fiscal year while low labour costs retained competitive edge even after recent wage hike in the apparel sector.
He said Bangladesh is well on course for attaining most of the Millennium Development Goals by or before 2015, and the buoyant agricultural output help preserve food security.
Roads, bridges, ports are being developed for facilitating transit routes for regional trade through Bangladesh as the country is strategically located as a potential hub of regional trade, he added.
He said Bangladesh is a very lucrative destination for foreign investment in ICT and business services, light engineering, pharmaceuticals, and leather and leather goods.
Substantial research and development outlays, particularly in environment friendly agriculture, energy generation and manufacturing, continuous skill upgradation of abundant young manpower pool and maintaining congenial, competitive policy environment for local and foreign and private sector entrepreneurs will remain as the challenges in achievement of the vision, said Atiur.
Prime Minister's International Affairs Adviser Dr Gowher Rizvi said the government has been working to protect the people under different social safety programmes, but all those programmes are scattered.
"All the social safety programmes are run by different ministries, not by a single ministry," Rizvi said while speaking as the chief guest.
Syed Manzur Elahi, former adviser to a caretaker government, said apart from the energy problem, the governance and productivity issues are also challenges for the country. He suggested the government revive the activities of the national skills development centre for meeting the demand of skilled human resources for different sectors of the country.
MCCI president Amjad Khan Chowdhury moderated the discussion.
Source: Bangladesh sees advanced economy status by 2050
