-DR A K ABDUL MOMEN, FOREIGN MINISTER OF BANGLADESH
DHAKA : The year 2021 anchors the twin celebration of the Mujib Year & the Golden Jubilee of our independence. This gives us an opportunity to change our brand name from a poor country to a land of opportunity.
Bangladesh has done a remarkable job in tackling the Covid-19 global pandemic while keeping our economy on almost at full functionality. We are working with our best possible calculations to stabilize our production, our ecosystems and to keep our trade and investment flowing. Bangladesh is doing what Prime Minister Sheikh Hasina very correctly described as ‘striking a balance between life & livelihood’. We have to reach out to international business communities and uphold our efforts in strengthening our global connections for finding win-win paradigms for the economic prospect of Bangladesh.
Under the visionary leadership of Prime Minister Sheikh Hasina, Bangladesh has become a lower middle-income country and is making robust strides to become a developed nation by 2041. Bangladesh is well poised to become one among the 25th largest economy in the world by the year 2035. We have huge potential to become an international hub for business and manufacturing. We would like to become a global incubator for innovation and entrepreneurship.
Bangladesh is a “Development miracle” in terms of sustainable GDP growth and socio-economic parameters achieved under the dynamic leadership of Prime Minister Sheikh Hasina. From a so-called ‘bottomless basket’ it has become a vibrant economy, a land of opportunity.
Bangladesh, with its 165 million hard-working people in between two large economies like China and India, is a lucrative destination for investment. Even under Covid-19 pandemic, it achieved 5.24% GDP growth rate, which is the highest in Asia.
This has been possible for the pro-business and incentive-rich initiatives and measures and relentless efforts being made by the Government while creating social safety nets to allow the individuals on the fringe for securing a stable income and other livelihood supports. Bangladesh Government is a government of the people in spirit and actions. For the Prime Minister, keeping every citizen well fed, well sheltered, well treated, well educated and well connected to the mainframe administration and productive capabilities of the country is an article of her political faith.
Keeping the economy stable and achieving reduction in poverty, creating more jobs and ensuring economic growth and prosperity remain our foremost priority. We intend to accelerate this mammoth task with a greater depth in external trading—coupled with a larger inflow of foreign investment and remittance. We have introduced ”economic diplomacy” and, under this package during next few years, we expect to gain—First, an equitable market access; Second – an expansion of our export basket; Third, significant amount of inward FDI inflow; Fourth, transfer of critical technologies and Fifth -greater and better employment opportunities of our professionals and workers—both home and abroad. In addition, to provide quality service, we would like to be a global manufacturing hub.
To achieve the goals of our ”economic diplomacy” in addition to professional diplomats working in the Ministry of Foreign Affairs & Bangladesh missions abroad, we encourage business leaders, political and economic stakeholders, PVOs, NGOs and even individuals to work in partnership and collaboration. We encourage our business leaderships to come up with innovative ideas and strategies.
Bangladesh is fast graduating from being an LDC to a middle-income country with an aim at becoming a developed country by 2041. In today’s world, challenges in security, economy, and ecology have all become, rather delicately, interwoven. Our overarching goal is to achieve the ”Sonar Bangla” envisioned by Bangabandhu. Priorities abound, and consequently, are manifold. No doubt, it’s a huge task. But we are prepared to take the challenges head-on. The Bangladesh Government has already deployed a host of complementary asset portfolios across the full length and breadth of the economy in general and productive capabilities in particular, with the Ministries of Finance, Commerce, and Industry being at the forefront. Various trade and labor bodies are also highly active and mobile in their dispensations. Accelerating growth, reducing poverty and income inequality and establishing regional and sub-regional connectivity – from the Indian oceans across the Himalayan ranges—are the overarching goals of the current development paradigm in Bangladesh. The main strategy for achieving these goals includes the creation of productive employment in the manufacturing and an organized service sector and an increase in connectivity. We believe that connectivity is productivity. We are also planning to augment our skill sets to SME level configurations in the short run and accessing skills and expertise markets in the medium-term future. We want to use the existing market forces and to leverage our potentials by using digital technologies.
Bangladesh’s current economic and social growth has been possible through our resilience, determination and innovative and indomitable spirit. The steady growth trajectory needs to be taken to another height to graduate to be a developing country by 2026 and a developed nation by 2041. A sustained GDP growth of 8% would enable us to fulfill the dream of the Father of the Nation to build the ‘Golden Bengal’–‘Sonar Bangla’. We are confident that the vision of Prime Minister Sheikh Hasina emphasizing on economic diplomacy and its implementation will help realize this dream.
