ficci adminDhaka, January 24, 2024: The Foreign Investors' Chamber of Commerce and Industry (FICCI) organized the 1st monthly luncheon meeting to periodically engage leaders on Bangladesh's investment, trade and commerce related possibilities and opportunities at a hotel in the capital today. Dr. Atiur Rahman, Emeritus Professor of University of Dhaka and Former Governor of Bangladesh Bank made the keynote presentation on “Towards a Trillion Dollar Economy of Bangladesh Opportunities and Challenges,” at the meeting.
During presenting the keynote Dr. Atiur said, “Bangladesh needs multi-pronged approach to set the economy right and create opportunities for building a Trillion $ economy.” Expressing his optimism he said, “with a modest 5% growth rate Bangladesh economy will touch the trillion-dollar-mark by 2040. It can do so even faster (by 2030) if a double-digit growth rate can be ensured.”
He opined, Bangladesh’s success should be attributed to its multidimensional approach to sustainable development. He emphasized on manufacturing (mostly led by RMG, but other export-led industries are growing); Remittance (exporting unskilled or low-skilled labor, USD 233 billion inward remittance over the period of 2009-2023); Agriculture (ensuring food security even amid global crisis as well as creating scope of agro-exports); Inclusive financing (use of digital technology to reach the bottom of the social pyramid); Women empowerment (female labor force participation rate increased from 30% to 38% between 2009 and 2022) and 100% population under electricity coverage (improved quality of life as well as business environment.
Atiur Rahman also termed Inadequate trade logistics and infrastructure, Complex investment policy and business regulations, Low productivity (e.g., skills, technology adoption), Lack of depth in the financial sector (e.g., underdeveloped & inconsistent capital market) and Unfavorable tax environment as the factors hindering FDI in Bangladesh.
As holistic approach to Improving Investment Climate he emphasized on Favorable policies to ensure ‘ease of doing businesses’; Investment in human capital in the context of 4IR (e.g., encouraging industry-academia collaboration for reducing skill gaps and promoting new skills); Commitment to innovation and technology and More commitment for climate-friendly investment.
FICCI President Zaved Akhtar in his welcome speech said, "Bangladesh has huge economic headwinds, but we will not go far by worrying about them rather we should be concerned more about the chances we miss when we didn't try when the opportunities arise in our country. FICCI Luncheons are designed to look at those economic and business opportunities so that we put our best foot forward to set our country back into the right economic trajectory.
“I would like to thank Dr Atiur Rahman for his inspiring and thought proving talk, as us, the business community needs to lean on thought leaders like him for guidance and learn to weather the headwinds and find new opportunities for growth," he added.
FICCI board of directors, CEOs of member companies, representatives of different embassies and other stakeholders attended the meeting.
About FICCI
Foreign Investors’ Chamber of Commerce & Industry (FICCI) the apex chamber of multinational companies has been working as the development frontier of Bangladesh by creating significant footprints in economic growth since its journey started in 1963. As a leading chamber, FICCI represents Foreign Investors from Thirty-five (35) countries across the globe in Twenty-one (21) sectors in Bangladesh. In its six decades of excellent journey, around 210 member companies of this chamber are contributing around 30% internal revenue of the government and representing more than 90% inward FDI in Bangladesh. FICCI’s member companies are aligned with the government’s goal and contributing more for the community and society which eventually support the country to attain the status of “Smart Bangladesh.”
