The Bangladesh Development Forum (BDF) meet began here Wednesday with speakers suggesting the country implement its policy and regulatory frameworks instead of keeping those "on paper" for netting huge foreign investments it needs.
Government policymakers and representatives of key foreign development fanciers pointed out challenges against pulling huge resources to achieve SDGs and targets of the five-year national development plan.
They particularly laid emphasis on improving public financial management, extending private-sector participation in development, addressing inequalities, developing manpower through quality education and widened regional connectivity for becoming a higher-middle-income country and achieving the Sustainable Development Goals (SDGs).
Foreign Adviser to the Prime Minister Dr Gowher Rizvi presided over a session, where Metropolitan Chamber of Commerce & Industry (MCCI) Barrister Nihad Kabir said there are lots of policies and regulatory frameworks in Bangladesh which are "only on paper".
"But those are not being implemented properly, affecting the local and foreign investors trying to establish their venture in Bangladesh. It's time to make the potential investments realistic," she said while speaking at the discussion session on 'Creating enabling environment for FDI and private- sector engagement' on the first day of the two-day BDF meet.
She said: "The tax policy should not be changed every year. Besides, the tax administration, foreign-exchange law and guidelines should be reformed to attract more local as well as foreign direct investment (FDI)."
The MCCI chief demanded rebranding Bangladesh which has made better progress over the last 46 years since its independence.
Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminul Islam in his keynote presentation said despite Bangladesh's negative standing in the World Bank's ease-of-doing-business report, the economy grew 7.28 per cent in the last fiscal year.
"But we have to scale up FDI to Bangladesh as it is still lower compared to the similar nature of the economies in the globe," he told the meet between Bangladesh and foreign financiers to its development agenda.
Dr Gowher Rizvi said better economic fundamentals and political stability in Bangladesh are available but there is a "perceptional problem" here which is affecting investment.
Japan International Cooperation Agency (JICA) Director-General (South Asia Department) Mr Keiichiro Nakazawa listed non-tariff barriers, poor logistics and infrastructure, inadequate institutional support and slow development of the special economic zones as barriers to attracting investment into Bangladesh.
Bangladesh Bank Governor M Fazle Kabir, IFC Programme Manager in Bangladesh Masrur Reaz and former finance secretary Mohammad Tareque, among others, also spoke at the session.
Meanwhile, the first plenary session on 'Implementation of the 7th FYP and the SDGs: Challenges and Way Forward' laid emphasis on good governance in public financial management, anti-corruption measures, transparency in public services, regional connectivity and higher private-sector engagement for lifting Bangladesh onto a higher plane in its status.
With Finance Minister AMA Muhith in the chair, the speakers also put emphasis on public-private partnership (PPP) initiatives as a way to meet the resource gap alongside addressing the needs of growing floating population in the cities, export diversification, ensuring the quality of education and inclusiveness to take forward the country in attaining the targets of the seventh five-year plan (SFYP) and the UN-framed SDGs or Sustainable Development Goals.
Prime Minister's principal secretary Md. Nojibur Rahman, chairman of BRAC Sir Fazle Hasan Abed, ADB vice-president Wencai Zhang, WB Country Director Qimiao Fan, UN Resident Coordinator Mia Seppo, EU Ambassador Rensje Teerink, and Secretary in Charge of the Finance Division Mohammad Muslim Chowdhury took part in discussion.
General Economics Division (GED) member of the Planning Commission Dr. Shamsul Alam made the keynote presentation.
Finance Minister AMA Muhith said financing the SDGs is of course a serious problem. "Widespread involvement of the private sector side by side the public-private partnership (PPP) initiatives on a much wider scale can be a way forward to meeting this resource gap."
He told the BDF meet that aid-dependence for Bangladesh is now very limited as it accounts for only 1.3 per cent of the GDP. "But, I feel that although it's a very small amount, but it's very important."
BRAC Chairman Sir Fazle Hasan Abed emphasised private-government collaboration, allowing civil-society voices, quality education and healthcare for manpower development.
He also said the government must prioritize eradication of extreme poverty as still some 20 million people live in abject poverty in the country.
EU Ambassador Rensje Teerink said Bangladesh needs to diversify its exports, regional integration, internal resource mobilisation and economic governance.
The country needs to further improve its overall good governance, particularly public finance management, alongside anti-corruption measures, transparency and tax mobilization, she added.
ADB vice president Wenchai Zhang noted that mobilization of additional huge amount of resources from both the public and private sectors would be one of the major challenges to implement the SDGs.
He also stressed the need for leveraging more private-sector investment not only in the manufacturing, services and the banking sector but also in the infrastructure sector like in transport and energy, developing the economic zones to attract more FDIs, creating more jobs for the youths alongside promoting regional cooperation, PPP projects and going for trade liberalization.
The World Bank country director, Qimiao Fan, said successes were indeed many for Bangladesh, "but I do believe that the challenges are also formidable".
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