Planning Minister AHM Mustafa Kamal expressed the hope Monday that foreign direct investment (FDI) worth US$7.0-$8.0 billion would flow into the country within next couple of years.
"Power and gas supply crunch has hit hard the inflow of investment into Bangladesh over the years. Now their supply has stabilised. So, FDI will reach $7.0-$8.0 billion within next two years from the current inflow of nearly $1.0 billion," he said.
Attracting FDI will get the top-most priority in the next budget, he added.
"Just wait for next two years, you will see a jump in investment as power and energy supply has become normal at this moment," Mr Kamal told a press briefing at his office in the Planning Commission (PC) in Dhaka.
Official data showed that net FDI inflow until March of the current fiscal year (FY) increased only by $31 million to $1.99 billion than that of the corresponding period of the last FY.
The minister added: "The investment-GDP (Gross Domestic Product) ratio has mainly increased due to higher public investment. From next year, private investment will also be increasing and it will reach our target by the end of the seventh five-year plan."
According to the provisional data of Bangladesh Bureau of Statistics (BBS), the investment-GDP ratio in Bangladesh in the current fiscal year (FY) has increased to 31.47 per cent from 30.51 per cent in the previous fiscal. The private-sector investment-GDP ratio increased marginally to 23.25 per cent this fiscal year from 23.10 per cent in the previous FY.
However, the public-sector investment-GDP ratio has risen to 8.22 per cent in the FY2018 from 7.41 per cent in the FY2017. Planning Minister Mr Kamal expressed the hope that Bangladesh's GDP will grow at more than 8.0 per cent rate in the FY2019 as its investment and other economic indicators will be performing better.
Although the government will target 7.8 per cent GDP growth in the next FY2019, the economy is expected to grow at 8.0 or more than 8.0 per cent rate, he added.
About Tk 1.73 trillion-Annual Development Programme (ADP) approved recently for the next FY, he said the development programmes in the coming fiscal years would be revised upward from their original estimates as the country for the next two years requires higher public investments.
"You are used to notice trimming down of the ADP at the end of the years. But from the next year, you will see that the ADP allocations will be boosted," he added.
When asked about dilapidated roads across the country, the minister said those would be repaired after the rainy season.
In the last ECNEC meeting, the Prime Minister instructed the authorities to repair the roads and highways, saying that she wants to see those as like as it were before the rains.
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