The country's private sector is vibrant enough to give the government the much-needed impetus to attain sustainable development goals (SDGs) by 2030, speakers have said.
To make this happen, they suggested frequent dialogues with private entities to create such an atmosphere where private investors feel comfortable to work.
Routine talks aside, the speakers recognised the necessity to build capacity of private bodies, non-resident Bangladeshis, engage non-governmental organisations and harness technological know-how.
General Economic Division (GED) of Planning Commission hosted the event styled 'Consultation on private-sector engagement in attaining SDGs in Bangladesh: bonding and beyond thoughts' at a city hotel on Saturday.
The talk was organised in collaboration with UNDP where planning minister MA Mannan was present.
Presenting a paper, GED member (senior secretary) Shamsul Alam said Bangladesh would
require an extra $928 billion to fully achieve SDGs from fiscal year (FY) '17 to FY '30.
The annual average additional cost for SDGs would be $66.32 billion during the period, he mentioned.
The public sector would account for 34 per cent of the financial requirement, whereas the private sector's share has been determined to be 42 per cent, he said.
Citing a UN study, Mr Alam said achieving SDGs in just four economic systems could open 60 market hotspots worth an estimated $12 trillion by 2030 in business opportunities.
The systems are food and agriculture, cities, energy and materials, and health and well-being, he stated.
Highlighting prerequisites of the global goals here, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) director Asif Ibrahim encouraged green and sustainable apparel initiatives.
The government often shows its intention to get engaged with the private sector in attaining SDGs, he uttered.
"But we still don't have such interaction that is needed to move forward," said Mr Ibrahim, also former president of Dhaka Chamber of Commerce and Industry.
He said the best way to foster the engagement is to incentivise private-public sectoral mechanisms leading to policies accepted by all quarters.
Centre for Non-Resident Bangladeshis chairperson Shekil Chowdhury said 14-million Bangladeshis from more than 150 countries send close to $16 billion in remittance a year through legal channels.
"This is a very significant contribution by Bangladeshis living outside. Leaving this 14 million people behind, we cannot move forward because they take nothing from the economy but contribute largely."
Mr Chowdhury suggested that non-resident Bangladeshis be trained to further encourage them to help achieve goals like decent work, good health and well-being.
He said most of the total 70 training centres of overseas welfare ministry remain unused. "We can go for using these centres to create employment."
According to Mr Chowdhury, the Bangladeshi expatriates have sent back home $205 billion since 1976.
Policy Research Institute (PRI) executive director Ahsan H Mansur said attaining SDGs is a monumental task and it is not possible for the government alone to achieve it.
The financial requirement ($928) for SDGs is 300 per cent higher than the size of the country's gross domestic product (GDP), he added.
But in contrast, the government collects only 11 per cent of GDP per year.
"How many years will it take if the government is going to fund it? It will take 27 years plus. How many years (are) left? Eleven to twelve years."
"So, it clearly shows this cannot be done by the government in any circumstances. The private sector's role is a must here," Mr Mansur added.
Minister Mannan said the job is very large in terms of money and resources but time is limited to achieve it.
"We need to join hands with everybody around. There is a need for a national compact and the role of the private sector is very crucial here," he said.
He said the government is taking multiple measures to create such a business climate where the private sector can run effectively and grow at a faster pace.
PMO principal coordinator (SDG affairs) Abul Kalam Azad and Institute for Policy Advocacy and Governance chairman Dr Syed Munir Khasru, among others, also spoke at the programme.
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