Strong private sector crucial for growth of Bangladesh

The new USAID Mission Director in Bangladesh, Reed Aeschliman, on Thursday underscored the need for a stronger private sector to accelerate the economic growth of Bangladesh, saying that the agency is committed to supporting this effort.
In an interaction with a group of journalists here, he also pointed out that a strong democracy is instrumental to achieving sustainable growth.
A major objective of the USAID is to harness the power of the private sector more in achieving the development goals, he added.
"Public sector and development partners alone can't stimulate growth to the scale needed for Bangladesh to become an upper-middle-income country," he observed.
This is why the private sector engagement and leveraging public-private partnerships are more important than ever, Mr Reed said, adding: "We have seen success in stimulating investments and extending financing opportunities to farmers and small businesses with support from the private sector."
"In turn, people have greater opportunities to invest in themselves and contribute more fully to this country's economic growth prospects."
He said that strengthening democratic principles is a critical cornerstone in maximising economic growth in any country. "Economic studies show that when it comes to growth, democracy significantly increases development - especially in health and human capital."
About the USAID's contribution to the country's agricultural sector, he said: "Each year, our investments help approximately one million farmers and producers adopt new technologies that increase yields and enhance efficiency - from farmers' fields to retail markets, and ensure families' tables across the country have fresh, delicious food that is grown directly here in Bangladesh."
This also leads to increased profits for farmers and businesses, he said. He added that the USAID-trained farmers' and producers' average combined sales would be between $500 million and $700 million annually.
As a result of the work through this partnership, people in Bangladesh are healthier, Mr Reed noted. "More recently, we have been working closely with our partners to respond to the outbreak of dengue fever and protect people from the spread of this deadly disease," he said.
He added that the USAID's investments helped Bangladesh reduce maternal and child mortality by nearly 70 per cent since 2000, thanks to a significant increase in trained health workers overseeing childbirth, especially in rural areas.
He assured that the USAID will continue to invest in the Bangladeshi people -- whether it's building the skills of farmers, doctors, nurses, school teachers, or emergency responders -- and equipping people with the tools they need to prosper in life.
"Empowering people enables us to reach our ultimate objective: to help Bangladeshis build a more resilient, democratic and prosperous society in which all citizens have an opportunity to thrive," he added.

mirmostafiz@yahoo.com