BD needs to boost investment to create jobs

Bangladesh needs to boost its public and private investments to create more employment opportunities for its people, Prime Minister's Economic Affairs Adviser Dr AKM Mashiur Rahman has said.

"Much larger investment is required if the growing population is to be employed," Dr Rahman said while speaking at an event in the capital on Sunday.

The International Chamber of Commerce (ICC) Bangladesh organised the event in honour of the ICC Global Chairman Paul Polman who was in the capital this week.

Speaking on the occasion, the PM's economic adviser said that substantial investment and output growth have become necessary for creating sufficient employment in the economy.

"Investment that will raise output and employment are the major issues of the government's economic policies," he said.

The growth of output, corresponding growth of employment and socially acceptable income distribution ensures sustainable development, he said.

"Pervasive low income in the society decreases demand," Dr Rahman said, adding, "Uneven income distribution leads to mismatch between output and consumption demand -- eventually constraining production."

Speaking on the occasion, Mr Polman called for a more environmentally-sustainable business model.

"I would request you to design a system that is environmentally-sustainable that gets you out of the devastating effect of carbon and that is also a more inclusive system," he said.

"A more inclusive system is also better for anybody that is in business," Mr Polman added.

"One of the main drivers of global poverty reduction in the last few decades has been globalisation," the ICC global chairman said.

"Although, we have lifted so many people out of poverty, it is clear that we see some of the constraints to our economic growth. And that is equally important," said Mr Polman, a global CEO of Unilever.

"Although we increased the wealth of so many people and the wellbeing of so many people -- we have also done that in a fairly unsustainable way -- consumption wise", he noted.

Mr Polman argued global governance is not working.

"And that is mainly because we have not adjusted our global governance system. It still dates back from the times of Brettonwoods," he said.

"We need to protect the global trading system. But we also need to work harder to ensure that the benefits of this globalisation do not go to a few people. Rather, it is spread a little bit better amongst the population," he added.

Speaking on the occasion, President of ICC in Bangladesh Mahbubur Rahman said that the chamber always voices its support and concern about business issues, climate change, SDGs (Sustainable Development Goals), trade facilitations, etc in line with the headquarters in Paris.

"Activities of ICC include promotion of foreign trade and investment, trade policy reviews, business dialogues, seminars and workshops both at home and abroad on related policy issues, harmonisation of trade laws and rules, legal reports, updating businesses with the ICC rules and standards," he added.

Managing Director of British American Tobacco Shehzadm Munim said, "To ensure the SDGs, private sector has a major role to play."

On the occasion, Mahbubur Rahman presented a memento to ICC Global Chairman.

The dignitaries attended the event included: Ms. Kim Polman, Prof. Rehman Sobhan, Chairman of the Centre for Policy Dialogue (CPD); Sir Fazle Hasan Abed, Founder and Chairperson of BRAC, Justice K. M. Hasan, former Chief Justice of Bangladesh; Justice Tafazzul Islam, former Chief Justice of Bangladesh; Dr. Mohammed Farashuddin, former Governor, Bangladesh Bank; Dr. Salehuddin Ahmed, former Governor, Bangladesh Bank; Mahfuz Anam, Editor and Publisher of The Daily Star; Shahiduzzaman Khan, Acting Editor of The Financial Express, Md. Shafiul Islam (Mohiuddin), President of FBCCI; Barrister Nihad Kabir, President of the MCCI; Osama Taseer, President of the DCCI; and ICC Bangladesh Board Members.

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