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Bangladesh at right direction to be a developed country

Experts say at a discussion on ‘Bangladesh’s Fifties’

Published : 08 Oct 2021 10:41 PM | Updated : 09 Oct 2021 11:47 AM

Projects like Padma Bridge, Bangabandhu Karnafuli Tunnel and Metro Rail are almost completed and once these become fully operational, GDP will increase by 1% and poverty will decrease by 0.85%. This will enhance the image of Bangladesh and let the country be a leading economy.

Former Governor of Bangladesh Bank Professor Mohammed Farashuddin made the remarks on the second day of a virtual conference titled "Bangladesh in the Fifties: A Role Model for Development from an Uncertain Journey" broadcast globally from the University of Queensland, Australia on Friday.

He also said, “Purchasing power has increased with the increasing income of the people of Bangladesh. However, the tax rate has not increased compared to that, only 10 percent of people pay taxes. In order to increase state capital, tax collection must be increased. ”

In addition, Mohammed Farashuddin, an advisor to East West University now, has identified money laundering, corruption and drugs as major problems. Noting that corruption in the capitalist economy cannot be stopped at once, he said, “Even if there are 1000 billionaires in the country, there is not much investment. Only 11% is invested in the private sector. Millionaires do not want to invest. The stock market could not be enlarged. 5-6 million a year gets trafficked abroad. We need to bring in foreign investment.”

Bangladesh has gained ownership of a huge area in the sea, which has opened the door to blue economy. Although massive work has not yet begun here, Bangladesh will move forward soon if work begins on all potential areas such as marine fishing and tourism.

Advising to provide insurance to the common citizens of the country and to provide various state benefits to the senior citizens, he added, “Everything should be decentralized by forming Dhaka City government. I believe that Sheikh Hasina will be able to do it by following the path of Bangabandhu Sheikh Mujibur Rahman.”

BGMEA President Faruque Hassan said, "The garment sector is running with 4 million workers where 60% are women. Another 10 million people are indirectly involved in the sector. About 83% of export earnings come from the garment sector."

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