Building an essential commodities' buffer stock to counter import-driven price volatility and inviting foreign direct investment in healthcare-and technical-vocational education sectors are among 31-point recommendations an economic -restructuring is set to make.
Sources say the taskforce on economy and development, formed by the post-uprising government as part of wide-ranging reforms in Bangladesh, suggests beefing up reserves of essential goods like diesel, fertilizers, and edible oils to get over unusual price rises that stoke up inflation.
And opening healthcare and technical-vocational education for FDI inflow underlines a twin goal of upgrading the two vital services and augmenting the country's foreign-exchange reserves to accelerate the economy.
"While long-term measures like renewable energy and local oilseed production are vital, security reserves provide immediate price stability," reveals the draft report of the taskforce.
The 12-member taskforce, led by Dr KAS Murshid, former director-general of the Bangladesh Institute of Development Studies (BIDS), has finalised its report and is currently in the editorial stage, according to sources.
Mr Murshid confirms that the final report will be submitted this week, following adopting recommendations from Planning Adviser Professor Dr Wahiduddin Mahmud.
Sources have confirmed that the taskforce prepared a package of 31 recommendations that also include revitalizing the Special Economic Zones (SEZs), pursuing economic diplomacy for enhanced market access, enhancing the One-Stop Service (OSS) system and reforming the planning process.
The committee would also recommend establishing some new institutes like creating a Regulatory Reform Commission (RRC), a centre of global excellence, an anti-goon squad and a Centre for Social and Behavioural Change Communication and Research (CSBCC&R).
The panel also has decided to recommend merging all of the investment- promotion and-regulation bodies like Bangladesh Investment Development Authority (Bida), Bangladesh Economic Zones Authority (Beza), Bangladesh Export Processing Zones Authority (Bepza) and Bangladesh High-Tech Park Authority (BHTPA) and establishing new institute integrating with the Public- Private Partnership (PPP) Authority.
It also suggests a single One-Stop Service (OSS) centre integrating all of the OSS being operated or initiated by the several agencies of the government.
A taskforce member highlighted that establishing a new business in Bangladesh requires at least 23 licences and 190 documents, often leaving entrepreneurs confused about where to apply for each.
To address this puzzle, BEPZA, BEZA, BIDA, and BHTPA have announced separate One-Stop Services (OSS). However, a single, comprehensive OSS is recommended to streamline processes and minimize entrepreneurial challenges.
Opening health and technical education for FDI: The taskforce recommends inviting foreign direct investment (FDI) in health-and technical-vocational education sectors to improve the quality of health and education services in Bangladesh while significantly curbing the outflow of foreign currencies spent on medical treatments abroad, particularly in India.
Additionally, attracting FDI into the technical-and vocational-education sectors could create opportunities for exporting skilled labour and boosting foreign remittances, even with a smaller number of workers deployed abroad.
A seminar titled 'Cross-border Data Flow: Bangladesh Context', arranged recently by the Policy Research Institute (PRI) with support from the World Bank, revealed that around US$5.0 billion flows out of the country annually for medicare abroad.
One member points out that the recent restrictions on the Indian medical market highlighted the pressing need for high-quality healthcare in Bangladesh, prompting the government to reconsider liberalising foreign direct investment or FDI in the sector.
The taskforce recommends establishing a Centre of Global Excellence in Science, Technology, Engineering, and Mathematics (STEM), Engineering, and ICT/AI within five years to enhance education and attract international scholars.
"Inspired by models like IITs, it could serve as a prototype for expansion into fields like Environmental Science and Renewable Energy, positioning Bangladesh as a regional hub for innovation and research," the draft report reads.
A Centre for Social and Behavioural Change Communication and Research (CSBCC&R) is felt essential to unify fragmented communication efforts across sectors.
The centre would modernise strategies by combining traditional methods like community workshops with digital campaigns, creating evidence-based approaches to effectively drive social change in attitudes, norms, and practices.
The taskforce proposes establishing a Regulatory Reform Commission (RCC) to address over-regulation and bureaucratic red tape that stifle business growth and foreign investment.
The RRC would streamline economic governance by evaluating and simplifying rules on business operations, taxation, and trade, identifying inefficiencies like excessive paperwork and burdensome compliance.
Policies for manufacturing, investments, exports and FDI: The taskforce is set to recommend two policies for boosting investment, export and FDI- the first one is diversification of items and another is to facilitate non-RMG industries currently exporting with a lower volume.
"We recommend identifying top non-RMG exporters-currently about 1,500 companies generating at least $1 million annually-and providing support to them to grow into major market players," reveals the draft.
The committee is supposed to recommend exporting skilled labour by establishing training programmes and enhancing skills before granting work visas to take advantage of labour shortages in countries like Japan and South Korea.
This initiative will address global labour shortages and also create opportunities for skilled migrants, benefiting both Bangladesh and its partner countries, said a member of the taskforce.
The committee recommends a strategic focus on digital and AI technologies for sectors like education, health, agriculture, and public institutions. Also being recommended a reduction in the digital divide and implementing NID-Based Open Data Platforms.
The committee will place a set of recommendations for infrastructure and transport reforms such as Reform of the Bangladesh Road Transport Association (BRTA), transitioning to a Single-Operator Bus Franchise in the capital and implementing automatic traffic signaling in urban areas.
In the field of sustainability and environmental conservation, the committee is recommending revitalizing the Buriganga River, regulating sand extraction, utilizing degraded lands for solar energy.
The taskforce also suggests energy and natural resource optimization through exploiting existing gas fields in the country and establishing emergency reserves.
The taskforce is to propose proper initiative to combat extortion and reveal that accessing public services-such as purchasing train tickets or obtaining passports-is the prevalence of extortion.
"To address this urgent concern, we strongly recommend the establishment of an independent 'Anti-Goon Squad', reveals the draft.
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