Infrastructure only a skeleton without human capital: Wahiduddin Mahmud 

Bangladesh has progressed remarkably in building physical infrastructure, which is very important for economic development, but all the infrastructure would serve only as a skeleton without efficient human capital, prominent economist Dr Wahiduddin Mahmud said Sunday.

Professor Wahiduddin was addressing the 23rd convocation ceremony of Independent University Bangladesh at the university campus in the capital

Human capital is the basis of economic development. Looking at Germany and Japan after World War Two, one would learn physical infrastructure there was thoroughly damaged. Yet the countries emerged again as economic powerhouses within two decades of the war. A key force behind the rapid transformation was massive US aid, but ultimately it was the presence of a trained and disciplined manpower that ensured success, Wahiduddin commented. 

So, it is very important that students put their education to productive use, Wahiduddin said addressing the students at the convocation.

The economist said, "Please also remember that acquiring education and productive skills is a lifelong pursuit. Research has shown that as much as one third to half of all skill formation in a modern economy comes from post-school job experience. The [institutional] education you have received has prepared you to acquire even more knowledge and skills in your working life – leading to a life of continued intellectual expansion."

Only by putting one's institutionally-gained knowledge to productive use and continuing to learn throughout life, will make an academic degree truly meaningful and allow an individual to reach full potential, Wahiduddin highlighted.

"We all know that Bangladesh has achieved surprisingly remarkable socio-economic progress defying the early predictions of many dooms here. Bangladesh is even regarded as a role model by many of its peer countries. But, while we have achieved material progress, there may have been deterioration in the moral standards in our society.

"This is a global phenomenon: the age of excessive consumerism and unfettered capitalism [leading to erosion of values]. With unprecedented concentration of wealth comes extreme inequality. That is why, as you [students at the convocation] explore and build your career you need to keep an eye on your moral compass to guide you.  Don't be discouraged if you cannot find any role model to follow.

"In Bangladesh, we are running out of role models. The few we had …. are almost gone. Ultimately you will need to search within yourselves and find your own unique potential and purpose. That will guide you to a life of fulfilment and joy. And don't feel frustrated if you see around you that merit is devalued and morality is declining."

Minister for Education Dr Dipu Moni handed over the certificates to the graduated students on behalf of the president of the country and the chancellor of the university. In this year's convocation, 1459 students of various departments were given formal certificates. Among them were 1140 graduate and 319 post-graduate students.

Three female students secured the Chancellor's Gold Medal with highest CGPA 4 out of 4. They are Sanjida Afrin, BBA in Accounting, Afsara Ahsan, BBA in Finance and Andrianna Bashar, Bachelor of Social Science in Sociology.

The university's Vice Chancellor Professor Dr Tanweer Hasan, Pro-Vice Chancellor Professor Dr Niaz Ahmed Khan, Board of Trustees Chairman Abdul Hai Sarker and University Grants Commission Member Professor Dr Biswajit Chanda were also present at the convocation.