‘Bangladesh needs $320bn investment in infrastructure'

Bangladesh needs US$ 320 billion investment only in infrastructure if it wantsto become the world's 30th largest economy by 2030, said a leading chamberpresident on Thursday.

"Bangladesh has achieved 7 percent growth. Now, we have to increase ourpace to attain 8 percent. By the year of 2030, we need 10 percent GDPgrowth," said President of Dhaka Chamber of Commerce and Industry (DCCI)Abul Kasem Khan.

Addressing a roundtable discussion on 'Road to 2030: Strategic Priorities' atthe DCCI auditorium, he said it is essential to make the PPP functional andBangladesh needs foreign direct investment (FDI) with quality investment in infrastructure.

The DCCI and Economic Reporters' Forum (ERF) jointly organised the event. StateMinister for Finance and Planning MA Mannan was present as the chiefguest.

Bangladesh Economic Zones Authority (BEZA) Executive Chairman Paban Chowdhury,distinguished Fellow of Centre for Policy Dialogue (CPD) Prof MustafizurRahman, former DCCI President Asif Ibrahim, Editor of The Financial ExpressMoazzem Hossain and General Secretary of ERF Ziaur Rahman were present as paneldiscussants.

Mannan said Bangladesh is on the right path of development and the governmentis firmly committed to accelerate industrialisation.

In the South Asian region, Bangladesh has better opportunities to grow and ifall work together Bangladesh will be the 30th largest economy by 2030.

Paban Chowdhury said the government has taken an initiative to establish 100economic zones in the country.

He said the BEZA has taken a move to establish a Land Bank of 100,000 acres ofland for economic zones.

DCCI President made a PowerPoint presentation and mentioned some challengeslike energy crisis, land crisis, lack of infrastructure, higher tax rate,shortage of skilled manpower for economy which needs to be addressed.

Abul Kasem underscored the need for a coal policy soon and called for utilisingown extracted coal to be more competitive. "We need to take some actionsahead of 2030 like decentralisation of Dhaka, policy reforms, tax policy,reducing cost of doing business, more gas exploration, reducing cost of energyand skill development."

Prof Mustafizur Rahman said the cost of doing business is increasing day byday.

He said, "We have to be engaged with BCIM economic corridor, BBIN motorvehicle agreement and Asian highway for this regional integration."

Former DCCI President Asif Ibrahim said Bangladesh needs investment in everysector which is true but in line with that Bangladesh needs aninvestment-friendly environment.

Editor of The Financial Express Moazzem Hossain said investment is now one ofthe main challenges for Bangladesh. "The government is the facilitator ofprivate sector and it should create the enabling environment forinvestment," he said.

ERF President Saif Islam Dilal said Bangladesh needs to turn its humanresources into human capital, stressing the need for coordinated efforts tobring changes in the economy and infrastructure development.