FE Report
Experts at a virtual conference on Saturday said the ongoing pandemic has reminded of the utmost importance of adopting the fourth industrial revolution (4IR) to help rebuild the country's economy in the post-Covid-19 situation.
According to them, the components of the 4IR like artificial intelligence and automation can bring in revolutionary changes in fundamental sectors like agriculture and health.
Considering the current context, they said, Bangladesh should also pay special attention to food safety and security through supporting the agriculture sector.
The observations were made at a panel discussion tilted 'Rebuilding Economy' on the opening day of a two-day international virtual conference titled 'Dhaka Forum: Post-Covid-19 Emergence'.
Leadership Council for Policy & Research (LCPR) in collaboration with Access to Information or a2i of ICT Division & Cabinet Division has organised the event to define way forward for the socioeconomic recovery following Covid-19 crisis.
Planning Minister M A Mannan, Private Sector Industry & Investment Advisor to Prime Minister Salman F Rahman, chairman of Malaysia Digital Economy Corporation (MDEC) Datuk Dr Rais Hussin Mohamed Ariff and secretary general to the D-8 Organization for Economic Cooperation Dato Ku Jaafar Bin Ku Shaari took part in the panel discussion.
Nisan Abdulkader, Vice President of Wavteq Africa & senior investment consultant, moderated the session.
In his speech, M A Mannan said at the commencement of the pandemic, the government had to focus on saving lives rather than the economy.
"Marginal people and many people employed in either formal or informal sector were highly jeopardised then," he said, adding that the government took up several schemes to protect them.
He mentioned mobile financial services (MFS) as a boon to technology which was used to extend state financial support to the poor people.
The minister also said the Covid-19 situation has also brought an opportunity for the country to export Personal Protective Equipment (PPE) and masks.
Explaining Bangladesh's initiative to establish a digital nation, Salman F Rahman said the country has already installed some key information communication technology (ICT) infrastructures like fibre optic cable network even at grassroots level and own satellite in the orbit.
"Such backdrop is helping the country establish a digital economy," said Mr Rahman.
In the current context, all entities concerned must adopt technologies to move forward, he said, adding: "We have to get ready for the fourth industrial revolution."
He, however, said they country's vital sectors like agriculture should get priority as Bangladesh needs to provide 165 million people with food.
The health sector is another area to be focussed, he added.
Hussin Mohamed Ariff said the digital disruption is threatening non-digital companies, the notion has become more vigilant in the context of coronavirus outbreak.
Explaining the Malaysian context, he said the key challenges there to adopt fully digital economy include lack of structured approach digitisation, inadequate budget and lack of digital workforce.
Stressing the need for embracing new technologies without delay, he said: "If you fail to embrace industry 4.0 in a given current context, then you are actually preparing for a disaster."
Use of the 4IR components can even increase the agricultural yields by several times, he added.
The two-day conference will conclude today (Sunday).
The Financial Express, the country's leading business daily, is the media partner of the event.
According to organisers, Dhaka Forum is a global platform that aims to coordinate among the public and private sector leaders across the globe to address the critical challenges facing the planet.
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