NRBs urged to invest in agriculture, healthcare and education

Salman F Rahman, adviser to the prime minister on private industry and investment, has urged the non-resident Bangladeshis (NRBs) to invest in the country's private sector especially in agriculture, healthcare and education. 

"We have identified areas where NRBs can invest – one is agriculture, especially the agro-processing as the sector is entirely in the private sector where the government has a role as a facilitator," he said as the chief guest in the inaugural session of NRB Professional Summit 2022.  

The NRB World Association organised the event at a city hotel on Thursday.

Identifying challenges on NRBs investment, Salman F Rahman said, "I have found that most of the NRBs who are interested in doing business in Bangladesh want to do business with the government. They want to supply to the government or want to enter into a contract with the government."

"And they face problems and then complain that I did not receive such facilities etc," he added. 

Noting that the private sector does 90% of business in Bangladesh, he said, "So, I would again urge all of you to concentrate on the private sector, don't concentrate on supplying to the government or doing a power purchase agreement with the government."

He also mentioned that NRBs have a very important role to meet the post LDC challenges in Bangladesh.

"There is a challenge that many countries have graduated from Least Developed Countries (LDC) to middle income status. But there are very few countries who are able to go from middle income to the next step," he said.

"Majority of those countries who graduated from LDC to middle income have remained middle income and fallen victim to the middle income trap.

"Sri Lanka graduated from LDC much 30 years before we did. They are still in the middle income trap. Pakistan is in the same situation. Even, both of them are in a worse situation than us," he added.

"Egypt graduated from LDC long ago and they also fell into the trap. Countries like Singapore and South Korea are now developed economies from middle income status.

"So for us, to cross this barrier and become a developed economy and not fall into this middle income trap, we have to be very careful, focused and have to plan," he said adding that "we are doing a plan."

"Under direct chairmanship of the principal secretary of the Prime Minister Office, a number of committees have been formed. A lot of programmes and works have been done," he said.

"We need everybody's support, particularly of NRBs, in two areas. One is investment and another is technology," he added.  

More than 500 NRB professionals, trade and investment stakeholders have joined the summit where investment opportunities were discussed in various sessions.

John Chowdhury, president, NRB World Association, also spoke at the inaugural session among others.