Providing desired boost to business and industry
Tuesday, 24 February 2009
THAT Bangladesh is a land of huge potential has been stressed in many forums many times over. But the fact remains that the potential has been remaining untapped, in spite of all the optimism. Something is always coming in the way to thwart the nation's hopes, which, no doubt are not without any basis. The problems in governance and politics including government bureaucracy, confrontational politics, lack of democracy and so on have often been blamed for the superstructural impediments that came in the way of the desired growth in the economy as well as society.
Meanwhile, society and economy has gone through a number of traumatic experiences. Now after the last general election of December 29, 2008, people's hope, for genuine reasons, has again peaked. The man on the street is no more ready to hear any excuse for failure. It is, therefore, time to deliver, because the country has already experienced an inordinate delay while making the preparations to join the march of growth.
It is exactly in this context that the other day speakers at a gathering of the top businesspersons and trade officials of the foreign embassies laid emphasis on developing the physical infrastructures of the economy so that trade, industry and business can get fresh lease of life under the newly elected political government. And on this score, they pointed out the need for prompt action from the government to make necessary action plans identifying the key infrastructural bottlenecks to be addressed as soon as possible.
In fact, there is no alternative to prompt action plan from the government as it had remained the single most important factor that has frustrated all previous endeavours of this nation for attaining success on the economic front. However, the country's business has not remained idle notwithstanding the hurdles facing them during all these years. For they have already proved their tenacity in the face of all odds. The way its apparel industry endured the shock of post-MFA (Multi-fibre Arrangement) has in the meantime become a legend. The recent meltdown in the global economy, especially in the wake of recession in the most industrialised economies of the world, has again put the country's business and industry through their paces. But till date they have been able to prove their resilience. However, reasons like its smaller size or less strong linkage with major arteries of the global economic system has been attributed to this endurance of the nation's businesses, though. Whatever is the reason, the vital fact is that the mainstay of the country's hard currency earners, which critically depend on the financial health of the highly industrialised economies, is still going strong and kicking.
So, thus far the business and industry have not failed the nation amidst all the ups and downs both at home and in the world at large. The resilience and vitality of the country's business enterprises as they have been demonstrating so far has its limits, too. They would now need the backing of the government to push it further forward. The power infrastructure, for example, is ailing terminally as it is already facing around a shortage of 1000 MW, while the demand for this lifeblood of business and industry as well as modern life in general will increase further with each passing day. The energy base, especially gas, that fuels the power plants is depleting fast.
Against this backdrop, the government will have to take a crash programme to meet the need for power in the business and industry. At the same time, the process of extracting gas from the proven reserves has to be expedited. Other physical infrastructures including the facilities, capacity, efficiency and quality of service at the land, air and seaports have to be improved. Most importantly, the manmade barriers to the smooth progress of business and service have to be removed as soon as possible.
Meanwhile, society and economy has gone through a number of traumatic experiences. Now after the last general election of December 29, 2008, people's hope, for genuine reasons, has again peaked. The man on the street is no more ready to hear any excuse for failure. It is, therefore, time to deliver, because the country has already experienced an inordinate delay while making the preparations to join the march of growth.
It is exactly in this context that the other day speakers at a gathering of the top businesspersons and trade officials of the foreign embassies laid emphasis on developing the physical infrastructures of the economy so that trade, industry and business can get fresh lease of life under the newly elected political government. And on this score, they pointed out the need for prompt action from the government to make necessary action plans identifying the key infrastructural bottlenecks to be addressed as soon as possible.
In fact, there is no alternative to prompt action plan from the government as it had remained the single most important factor that has frustrated all previous endeavours of this nation for attaining success on the economic front. However, the country's business has not remained idle notwithstanding the hurdles facing them during all these years. For they have already proved their tenacity in the face of all odds. The way its apparel industry endured the shock of post-MFA (Multi-fibre Arrangement) has in the meantime become a legend. The recent meltdown in the global economy, especially in the wake of recession in the most industrialised economies of the world, has again put the country's business and industry through their paces. But till date they have been able to prove their resilience. However, reasons like its smaller size or less strong linkage with major arteries of the global economic system has been attributed to this endurance of the nation's businesses, though. Whatever is the reason, the vital fact is that the mainstay of the country's hard currency earners, which critically depend on the financial health of the highly industrialised economies, is still going strong and kicking.
So, thus far the business and industry have not failed the nation amidst all the ups and downs both at home and in the world at large. The resilience and vitality of the country's business enterprises as they have been demonstrating so far has its limits, too. They would now need the backing of the government to push it further forward. The power infrastructure, for example, is ailing terminally as it is already facing around a shortage of 1000 MW, while the demand for this lifeblood of business and industry as well as modern life in general will increase further with each passing day. The energy base, especially gas, that fuels the power plants is depleting fast.
Against this backdrop, the government will have to take a crash programme to meet the need for power in the business and industry. At the same time, the process of extracting gas from the proven reserves has to be expedited. Other physical infrastructures including the facilities, capacity, efficiency and quality of service at the land, air and seaports have to be improved. Most importantly, the manmade barriers to the smooth progress of business and service have to be removed as soon as possible.