Govt staying in power for 9 or 15 years doesn’t signify stability: Mohammed Farashuddin
He pointed out that political and social stability are essential to attract foreign direct investments
A government remaining in power for 9 or 15 years cannot be considered stability, former Bangladesh Bank governor Professor Dr Mohammed Farashuddin said today (17 December).
"True stability can only be achieved through a consensus among political parties," he said in a Public Lecture on 'World Trade and Bangladesh' hosted by East West University (EWU).
Presiding over the event, Mohammed Farashuddin pointed out that political and social stability are essential to attract foreign direct investments.
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He said, "We have not focused on export diversification. The dependence on exporting garments produced with cheap labour must change because the future of our clothing industry may not last beyond the next decade. We need to address this issue seriously.
"If necessary, we should explore opportunities to export to competing countries. I have repeatedly urged the resolution of ongoing disputes between the government and major investors, including Grameenphone. These matters must be settled."
He also stated that the government must plan for the country's development through industrialisation, supported by human development.
"Attention should also be given to small and cottage industries. Additionally, we need to establish incubators in some universities, similar to those in the United States, to foster new entrepreneurs," he added.
He also stressed the need for fair competition in business policies and tax exemptions, avoiding favouritism to create an equitable business environment in Bangladesh.
Speaking at the event, renowned economist Professor Dr MG Quibria emphasised the need for Bangladesh to diversify its export markets beyond Europe and the USA, focusing on neighbouring countries like China and India.
He highlighted the importance of investing in health and education to develop skilled human resources and urged the government to address critical and vital issues like oil, gas, electricity, and banking sectors to remain competitive in the global economy.
The programme began with a welcome speech by Professor Dr Shams Rahman, vice chancellor of East West University. The event was attended by prominent economists, members of EWU Board of Trustees, pro- vice chancellor, faculty members, students, and officials.
