Policy reforms, coordination crucial for desired growth in private investment: Principal secretary 

Prime Minister's Principal Secretary M Tofazzel Hossain Miah called for carrying out necessary policy reforms and alignment for fostering the growth of private investment in the country. 

Speaking as chief guest of the 'Validation Workshop on the Report of the Study on Expanding Private Investment in the Context of LDC Graduation' at the capital's NEC Conference Room on Tuesday, he emphasised on active initiatives of the private sector along with government initiatives for augmenting private investment. 

The Economic Relations Division's (ERD) Support to Sustainable Graduation Project (SSGP) organised the event, said a press release.

ERD Secretary Md Shahriar Kader Siddiky chaired the workshop. Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Shaikh Yusuf Harun and former Senior Secretary of ERD Sharifa Khan attended the event as special guests.

The government is attaching highest priority to ensure a smooth and sustainable LDC graduation of the country. As such, several in-depth sectoral studies are being carried out by the SSGP under the guidance of the National Committee on LDC Graduation to assess the impact of LDC graduation and to formulate the relevant strategies accordingly, reads the release.

As part of that process, a study is being carried out on "Expanding Private Investment in the Context of LDC Graduation" with support from the local think tank South Asian Network on Economic Modeling (SANEM). 

Against this backdrop, the workshop was organised to review the major findings of the study and to disseminate them among the relevant stakeholders. 

The principal secretary emphasised on enhancing productivity and decreasing dependency on incentives for preparing the country for the post-LDC scenario. In this context, he called for increased investment in research and development by the private sector. 

ERD Secretary Md Shahriar Kader Siddiky put emphasis on creating a business-friendly environment for fostering private investment in the country. 

Former Senior Secretary of ERD Sharifa Khan, in her remarks, emphasised on phase wise implementation of the planned SEZs. 

Executive Chairman of BEZA Shaikh Yusuf Harun said that the government is targeting to operationalize four SEZs each year.  

Executive Director of SANEM Dr Selim Raihan, in his keynote presentation, highlighted the major findings of the study. 

Dr Selim said large-scale infrastructure projects work as a driving force to accelerate the economic growth of a developing country like Bangladesh. In this context, he noted that private investment growth would largely depend on the timely implementation of the mega infrastructure projects.  

The study called for rationalisation of customs and tax structures, dynamic policy reforms, strengthening industry-academia collaborations for skill development, providing targeted support to export-oriented industries, enhancing regional economic integration, development of a National Single Window, etc. 

Additional Secretary of ERD and the Project Director of SSGP Farid Aziz delivered the welcome remarks of the event. Aziz, in his welcome remarks, observed that the growth of private investment is crucial for coping with the challenges of LDC graduation, for continuing the growth momentum and to attain the country's long-term visions. 

Executive Member of Bangladesh Investment Development Authority (BIDA) Mohsina Yasmin, President of the Dhaka Chamber of Commerce and Industry (DCCI) Barrister Md Sameer Sattar and the Chief Executive Officer of Business Initiative Leading Development (BUILD) Ferdaus Ara Begum also spoke during the event as panellists. 

DCCI President Barrister Md Sameer Sattar said a strong arbitration system needs to be established in the country to resolve the business and investment related disputes. In this context, he also called for revising and updating the existing Arbitration Act.  

Officials from ERD as well as the relevant ministries and agencies of the government as well as representatives from the private sector and civil society organisations participated in the workshop.