Bangladesh is still lagging behind in quality of overall infrastructure and power supply, which have emerged as the main barriers to business and sustainable economic growth, speakers at a seminar said Thursday.
Electricity, gas and development of serviced land (special economic zone) should get top priority in resource allocation to achieve the expected level of growth by overcoming infrastructure and energy constrains, they opined.
They also suggested making substantial investment in road and rail connectivity, port development, execution of proper urbanisation plan to attract a large number of foreign investors in various potential sectors here.
Bonik Barta, a Bangla financial daily, and Bangladesh Institute of Development Studies (BIDS) jointly organised the seminar, titled 'Prospect of Bangladesh Economy: Infrastructure Challenges' at CIRDAP conference room in the capital.
Bonik Barta Editor Dewan Hanif Mahmud moderated the programme, where Planning Minister AHM Mustafa Kamal and State Minister for Finance and Planning MA Mannan spoke as the chief guest and the special guest respectively.
While presenting keynote paper, BIDS senior research fellow Nazneen Ahmed said Bangladesh managed to maintain more than 6.0 per cent GDP (gross domestic product) growth over the last several years, which is good.
"But it could not achieve the level of growth it projected despite having huge potentials. Poor infrastructure and energy shortage are the main reasons for it."
Citing the World Bank's Doing Business Report 2014, she said Bangladesh stood at 130th position out of the 189 surveyed countries on doing business and at 189th in the indicator of getting electricity. Bangladesh slipped by 11 steps to 130 in 2014 in terms of trading across border.
She mentioned that quality of the country's overall infrastructure managed to score 2.8 out of 7.0, according to the latest global competitiveness report of the World Economic Forum, where 60 per cent score is considered as moderate.
"Quality of roads, railways, electricity and port facility secured 2.8, 2.4, 2.2 and 3.5 respectively. So, we need to pay serious attention over the important indicators," she added.
Noted economist Professor AK Enamul Haque said the country's economy largely depends on RMG (readymade garment) sector.
"If we want more from the sector, it will be very difficult to get. So, we've to think outside the box."
He said the country will require at least 10 years for developing such infrastructure. "We should go for soft infrastructure, like procedural improvement and favourable rules of origin," he added.
Former president of BGMEA (Bangladesh Garment Manufactures and Exporters Association) Anwar-Ul-Alam Chowdhury emphasised execution of proper urbanisation plan.
"Infrastructure is of course a big challenge, but we need to pay serious attention to the issue of unplanned urbanisation," he added.
Chairman of Chittagong Stock Exchange Dr Muhammad Abdul Mazid said time has come to look over the pace of agriculture development, and whether it causes any threat to public health and ecology.
Talking about the issue of infrastructure development, civil society member Syed Abul Maqsud said a significant portion of the government spending in the sector vanishes in the form of wastage and corruption.
"Close monitoring is very important to ensure proper utilisation of the resources. The government must show zero tolerance in this respect," he added.
Deputy Governor of Bangladesh Bank (BB) and project director Md. Abul Quasem said Investment Promotion and Financing Facility (IPFF) Project Cell of BB has so far spent a total of US$154.68 billion to finance nine power plants across the country, having a total capacity of 283 MW, three water treatment plants, and an ICT project.
Planning Minister AHM Mustafa Kamal said Bangladesh managed to maintain more than 6.0 per cent economic growth over the years amid global recession that affected many countries like the US, the UK, Greece and Spain.
"Yes, there is lack of adequate infrastructure. The government has taken it very seriously, and infrastructure projects like Dhaka-Chittagong Highway, Dhaka-Mymensingh Highway and railway upgradation are going on in full swing."
He also said a balanced development approach is being followed, considering rate of return in the long run before taking any project.
"We all need to be united to achieve the target of sustainable economic growth," he added.
State Minister for Finance and Planning MA Mannan, former chairman of Privatisation Commission Enam Ahmed Chowdhury, and Planning Commission member Arastoo Khan, among others, also spoke on the occasion.
The speakers also demanded measures like simplifying import regime to encourage import of capital machinery and primary raw materials as well as rationalisation of corporate tax and tax holiday.
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