Focus on digitisation of business, e-commerce to propel economy

Experts tell FBCCI discussion

FE Team | Published: August 28, 2018 21:52:12

FE Report
Speakers at a programme on Tuesday said businesses will have to be fully digitised and e-commerce-based for further development of the country's economy.
To achieve sustainable development goals (SDGs), the country's heavy industry needs to adopt green technology to address climate change issues, they added.
They also said development of small and medium enterprises (SMEs) and various innovations in the sector will be the key to macroeconomic success.
The observations came at a discussion titled 'Relevance of the National Mourning Day and Political Economy of Bangladesh (1952 to 2041)'.
The programme was organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the federation's building in the city's Motijheel.
Commerce Minister Tofail Ahmed attended the programme as the chief guest.
University Grants Commission (UGC) chairman Prof Abdul Mannan, former Bangladesh Bank (BB) governor Dr Atiur Rahman, former ambassador Abdul Hannan, former FBCCI presidents Kazi Akram Uddin Ahmed and Mir Nasir Hossain and its senior vice president Sheikh Fazle Fahim also spoke at the programme with FBCCI president Md Shafiul Islam Mohiuddin in the chair.
Speaking at the programme, Dr Atiur said Bangabandhu Sheikh Mujibur Rahman dreamt about a country that is now being built under able leadership of Prime Minister Sheikh Hasina.
The size of the country's economy was only US$8.0 billion in 1972, which reached around $280 billion recently, he said.
Mr Atiur also said the history of Bangladesh will change further if ongoing mega development projects are implemented in time.
Talking about future prospects of the country's economy, he said export dependency on the readymade garments (RMG) sector will continue for another two to three decades.
But heavy industry including RMG sector will have to adopt green technology to address climate change issues, he added.
He also informed that the central bank has created a $200 million 'green transformation fund' to provide loans to the industries at 2.0-3.0 per cent interest rates.
The former BB governor said agricultural production of the country has to be doubled by 2030 to achieve the SDGs.
He also said the future economy will be fully digitised and e-commerce-based.
The UGC chairman said Bangladesh has risen from the ruins and there are so many things in the country now to be proud of.
He said 3.7 million students are studying at universities currently while many of the European countries don't even have such a big population.
Comparing the Bangladesh's economy with Pakistan, Mr Mannan said the country's export market is now bigger than Pakistan as it is now $33 billion, compared to Pakistan's $17 billion.
Speaking on the occasion as the chief guest, the commerce minister said Bangladesh was a model of poorest countries during independence, but now it is a model of development.
He said 90 per cent of the country's population is now under electricity coverage as electricity production has reached around 18,353 MW.
He also mentioned that now Bangladesh has over 700 export products while it was only 25 in 1972.
Talking about the upcoming 11th parliamentary election, Mr Tofail said according to the Election Commission, the next election will take place in the last week of December.
The incumbent government will be in power during the election to carry out routine works, but will not exercise its executive power, he said.
Hoping for a participatory election, the senior minister said, "Any political party can form alliance to participate in the election, but if anyone tries to create any anarchy in the country, the government will strictly deal with it."
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