Business Report :
Experts at a seminar on Sunday laid emphasis on sustainable policy reforms and long-term roadmap to achieve trillion dollar economy.
They made the observation at the seminar on “Bi-annual economic state and future outlook of Bangladesh economy: private sector perspective” held at DCCI in the city. .Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, attended the seminar as chief guest while Ashraf Ahmed, President of the Dhaka Chamber of Commerce and Industry (DCCI) presented the keynote paper in the seminar. Mashiur Rahman said that Bangladesh’s economy has experienced fundamental changes during the last decade.
“During this period private sector has also flourished remarkably,” he added. He also said policies should be formed considering the problems and prospects of private sector.
Consistent policies will expedite private sector investment as well as foster FDI, he added.
He also laid emphasis on export diversification and value addition to export products.
The Adviser termed pharmaceutical and light engineering sectors as most potential sectors for Bangladesh.
He later said that Bangladesh has to functionalize the API Park as soon as possible.
He also agreed that reforms are needed in the taxation system as still there are some problems and challenges.
“We should also tap the benefit and huge potentials of blue economy,” he added.
Ashraf Ahmed said long term growth target of achieving a trillion dollar Smart economy requires concerted efforts to reduce cost of doing business, improved ease of doing business, improved regulatory efficiency, install appropriate infrastructure, ensure energy security, improve logistics and finally ensure access to finance for the private sector. He highlighted that Bangladesh needs to put emphasis on product as well as market diversification.
He termed that private sector investment is targeted in FY2024 at 27.4% of GDP while it was 21.8% in FY2023.
Required policies considering the LDC graduation will expedite the private sector investment, he added.
To facilitate private sector more, he requested lower corporate tax, complete automation of taxation system, increasing tax net, reform of SD and Vat act. As NPL has an impact on increasing some intermediary costs for the private sector, that is why, he suggested reducing NPL.
