Finance Minister AMA Muhith said on Wednesday that effective rise in domestic demand and diversification of products helped boost Bangladesh's economic growth over the years.
He also stressed the need for further acceleration in creating such demand in the coming days to reach the target of a poverty-free Bangladesh.
The minister said this while sharing his thoughts on the country's steady socio-economic growth at a seminar on 'Economic development of Bangladesh - achievements and potentialities'.
Notre Dame University Bangladesh (NDUB) organised the seminar on its campus in the capital.
The finance minister said one-third of the country's total population was poor when he took charge of the ministry in 2009, and now the number has declined to less than 25 per cent.
However, despite steady economic growth, around 35 million people are still under the poverty line, he added.
He said poverty alleviation was the main economic target of the government over the last 10 years, and it will remain the same if people vote them to power again.
In order to reduce the number of poor, the country needs to bring some of them into such a level, where they can add to the domestic demand.
"Effective demand is connected with economic growth. Our policy is aimed at lifting more people out of poverty, so that effective demand becomes bigger and bigger. This has been continued for the last 10 years," Mr. Muhith said.
At the same time, he gave credit to around 4.0 per cent growth in agriculture sector over the last one decade for the country's steady economic growth.
For the future plan, the finance minister suggested setting a target of reducing poverty by a 2.0 per cent rate a year.
"I have not reached the target yet. This is the target, and we should try to reach it. For this, we have to increase effective demand," he added.
Bangladesh Bank (BB) Governor Fazle Kabir was present in the programme as the special guest.
Mentioning various positive indicators that the country has so far achieved, he said despite robust growth in the manufacturing sector, the national economy is still an import-led one.
"We've to transform it into a manufacturing sector-dominated economy," he added.
Dr. Md. Azizur Rahman, Chairman of NDUB Department of Economics, presented a keynote paper.
He suggested encouraging local entrepreneurs in import-substitution industries that might decrease import expenses and create surplus in the balance of trade.
He also pinpointed the need for effective training for converting the blessing of demographic dividend into a skilful asset for the economy.
Chairperson of NDUB Board of Trustees Fr. James Cruze, CSC also spoke on the occasion.
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