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BCI for ensuring investment-friendly environ for private sector growth
FE Report
12/28/2005
Authorities concerned have been urged to ensure an investment-friendly environment at home by improving law and order through political, judicial and electoral reforms for smooth private sector growth.
President of the Bangladesh Chamber of Industries (BCI) AK Azad made the appeal while presiding over its 19th annual general meeting (AGM) in the city Tuesday, according to a press release.
The BCI president mentioned that private sector was the key player in the fields of investment, employment and savings of the country.
This sector therefore needs to emerge as an engine of growth and work in cooperation with government in policy formulation and implementation, he added.
“In the global presence, we should soon build a very sound industrial base to earn benefit from the expanded international markets,” he said further.
The BCI president termed deterioration of law and order, terrorism, political instability and recent bombings as the major problems for industrialisation and for this reason, the economy could not reach the expected target.
In this connection, he urged the government to remove all the handicaps on the way to industrialisation and provide all necessary facilities for the same.
AK Azad also mentioned that the savings and investment rates needed to be stepped up substantially to move the country on to a higher scale of growth.
Achieving the Millennium Development Goals (MDGs) of reducing 50 per cent poverty by 2015 will require increase in the gross domestic product (GDP) growth to at least 8.0 per cent and the growth of this magnitude needs investment increasing to at least 30 per cent to 35 per cent of GDP.
He also urged all concerned to act for investment to reach the target.
The BCI president expressed his satisfaction at Bangladesh's export performance after MFA era and said the country is to compete now with its big neighbouring export giants like China and India.
Meanwhile, the meeting discussed the problems and impediments of industrialisation, investment, terrorism and extortions, abnormal price hike and infrastructure problems including power, gas, water and laid emphasis on solutions of those problems.
The meeting was attended, among others, by BCI Senior Vice President Shamsur Rahman, directors Md Rajjab Sharif, Obaidur Rahman, Md Jahangir Alam, Md Abdul Tahid Majumder, Shamim Ahmed, Ranjan Chowdhury, Enayet Ullah Siddiqui, Shahidul Islam Niru, Delwar Hossain Raja, Syed Mosharraf Hossain, Kohinoor Akhter Suchanda and Md Jaqir Hossain and members Asaduzzaman, Zakir Hossain and BCI Secretary General Md Nuruzzaman Bhuiyan.
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