Private sector to be the engine of growth for rapid industrialisation

International economic relations have now reached a watershed moment in our history. What we are witnessing is an extraordinary alignment of global economic events that call for our unwavering attention and demand unprecedented collective action. Bangladesh today stands on the doorsteps of a great opportunity. The costs of production are rising globally, even in China, which have long been able to capture much of the world's investment. Investors are now looking for alternative destinations for their investment, and countries like Vietnam; Thailand and India are stepping up to the challenge of attracting these investors. There is no reason why Bangladesh, with our large domestic market, low production costs and hardworking labour force, can't seek to capture a large part of the investment currently looking for alternative destinations. In the recent past, we have watched such enthusiasm also about Bangladesh. Of course, we have to be realistic about the status of present Bangladesh as a country with great potential but also with many challenges. The Grand Alliance Government under the dynamic and visionary leadership of Prime Minister Sheikh Hasina took over responsibility about three years ago with a view to bringing about positive changes in the society and governance. The supreme drive of the present government is to build a knowledge-based society through hi-tech and sustainable green industrialisation and digitalisation. To the surprise of many, Bangladesh showed a remarkable resilience during the global economic slow-down by maintaining an almost unhindered growth of around 6.0% percent under the leadership of the present government. Bangladesh's consistent growth in gross domestic product (GDP), export and remittance has clearly depicts a picture of substantive and pragmatic economy management. It has been lauded by many around the world. Bangladesh has been listed in Goldman Sachs' 'Next 11' and JP Morgan's 'Frontier Five'. Standard and Poor's (S&P) and Moody's have placed Bangladesh ahead of all countries in South Asia, except India. The N11 countries share the characteristics of rapidly growing populations combined with significant industrial capacity or potential. These factors indicate a growing consumer market with increased earning potential, creating huge business opportunities for both local and international firms.Bangladesh is also an active member of Developing Eight (D-8). There exist enormous business potentials among the D-8 member countries and we must harvest those potentials. During the D-8 Ministerial meeting in Istanbul last November I took the initiative to organise the next D-8 meeting in Bangladesh. I believe organizing the next D-8 conference in Bangladesh will create huge scope for expanding Business-to-Business (B2B) relations between eminent entrepreneurs and businessmen like you. It will help in deepening the global attention that we are drawing. Capturing foreign direct investment (FDI) and domestic investment is critical for us in meeting our dream of becoming a middle income country. Increased investment in Bangladesh means more productive jobs for our growing labour force, which in turn means higher income, lower unemployment and a reduction of poverty. It implies a chance for Bangladesh to make its mark on the world, and unleash the potential that has being lying dormant for most of our 40 years. I am optimistic about our economic future when I see groups of entrepreneurs like you - the members of the Metropolitan Chamber of Commerce & Industry (MCCI), Dhaka -- are coming forward to participate under the enabling framework we have provided for economic development. Today the ministry of industries of the government of the Prime Minister Sheikh Hasina is always alert and ready to seize opportunities in different fields and find solutions for economic advancement. What we require is a change in your mindset to be the real catalyst for economic recovery. We might not right now have cutting edge technology, but we must innovate. We understand that we have a difficult task ahead in this globalized, competitive world.We have to not only project Bangladesh as a creative economy but also market it as a brand that will associate us with quality, competitiveness and a smooth source in global supply chain. The developing world's markets and factories, and the skills and values of its peoples, have been critical components in the overall recovery and success of the world economy. The government has already been acting on its intent: the government's Digital Bangladesh vision 2021 and the Sixth Five Year Plan both prioritize private sector-led growth in achieving our development targets. More employment generation, new technology transfer, creating congenial foreign investment environment with the right brand image of Bangladesh and development of infrastructures like power, roads and others are the prime factors to achieve our national goal. It is therefore, time for the private sector to wake up to the challenge, by working together with the government. Without any hesitation, I am in firm conviction and very strongly hopeful that our energetic, hardworking manpower and innovative and enlightened entrepreneurs have such capability to materialise the objectives. I may cite a good example. Bangladesh has proved her efficiency in shipbuildings, ensuring all international quality standards. There are huge orders in hand. I think there has been a mission. This mission reflects how the people of Bangladesh are more capable, efficient, and hardworking to achieve the international respect and acquire market share in higher technology manufacturing. I have always personally described Bangladesh as the "untapped frontier". We have come a long way since independence. Today, we are almost self-sufficient in food and clothing. We are slowly, but steadily moving forward. We should not forget that our heroic people fought for economic emancipation, freedom of democratic rights and social justice for decades. Though our people lead the ceaseless struggle years together mentionably in 1971 under the leadership of Bangabandhu Sheikh Mujibur Rahman, to establish an exploitation-free society, but their hopes and lofty aspiration were sadly frustrated after the killing of the Father of the Nation. Now the daughter of the Father of the Nation, our beloved leader of the Grand Alliance and Prime Minister of the Bangladesh Sheikh Hasina inspired out great people to change self and to change the country on the spirit of freedom struggle. The industrial revolution, powered by oil and other fossil fuels, is spiraling into a dangerous endgame. The prices of energy and food are climbing, unemployment remains high, the housing market has tanked, consumer and government debt are soaring, and the recovery is slowing. Facing the prospect of second collapse of the global economy, humanity is desperate for a sustainable economic game plan to take us into a more equitable and sustainable future. Scientists and social thinkers are indicating this new economic order as "Third Industrial Revolution" which is based on green energy and sophisticated technology. The third industrial revolution will create thousands of businesses and millions of jobs and usher in a fundamental recording of human relationships - from hierarchical power to lateral power - that will impact the way we conduct commerce, govern society, educate of children, and engage in civic life. The industrialised world is preparing steadily itself to cope with the changing global economic order. The changing wave has already crossed the boundary of the West and knocking at the door of the Asia. We have no other alternative except preparing ourselves to achieve the capacity and capability to cope with the emerging changes in the new economic order. Through economic diplomacy, we can all strive for greater cooperation towards our common goal of making better the lives of our people. We all need to work together with the spirit of our glorious victory that we achieved by the sacrifice of millions of martyrs. Our collective efforts and endeavours will certainly guide us to the right track of materialising the dream of achieving industrialised Bangladesh. This is the right time to make the right choice for the right destination. Round-the-clock and dawn-to-dusk, the century will come again and again. Our dream has to be turned into a reality for the betterment of coming generation. This is an edited version of the speech given by the Minister for Industries at the Annual Dinner of the Metropolitan Chamber of Commerce & Industry (MCCI), Dhaka last Saturday