The investment situation in the country has been in a fragile state for a long time. Development efforts are underway, but planning is chaotic. Apart from this, legal complexities and weak implementation have become major challenges. Various problems of government services and the existing economy are also creating obstacles in the way of transition from this situation.
The Interim Government's Economic Task Force is coming up with a guideline to address these challenges and strengthen the employment base by increasing investment in the country. The committee members formulated 31 fact-based recommendations through extensive research and discussions with stakeholders.
These recommendations highlight some new aspects, which were not considered relevant until now, to increase investment and employment. Through their implementation, it will be possible to increase the flow of resources in the economy and ensure a sustainable development framework.
The question now is how effectively the plans will be implemented and how orderly and attractive the investment sector will become. A concerted effort and attention of all concerned parties is essential in this task force initiative.
The notable recommendations are to select 1,500 companies that have the ability to export products equivalent to one million dollars to strengthen the country's economy and take a plan to provide special policy support to them; Besides, the initiative to set up a special center named 'Dhaka Hat' in the capital to promote the SME sector, which will help small and medium entrepreneurs to expand their business.
Foreign investment is being encouraged to set up international standard hospitals in the country, which will open the door to better healthcare. Increasing application of artificial intelligence (AI) technology in various industries and service sectors aims to increase productivity and efficiency.
As a part of environmental restoration, taking up projects to revive the river Buriganga and increase the navigability of other rivers, which will have a positive impact on the country's environment and shipping system. Apart from this, there are plans to improve the efficiency and service quality of the national airline Bangladesh Biman by setting up a 'Global Center of Excellence' to stay ahead of the global competition. These initiatives, if implemented, will create a far-reaching potential for economic development and national capacity building.
A task force was formed in September last year to redefine the economic strategy and mobilize the required resources. Former Director General of Bangladesh Institute of Development Research (BIDS) KAS Murshid was made the head of this task force.
The rationale of these proposals is currently being scrutinized more deeply. According to sources concerned, the recommendations of the committee have been submitted to the government's planning adviser. It is expected to play an important role in economic management and resource mobilization of the country if implemented.
KAS Murshid told Ajker newspaper that the report of the committee has been finalized and it is currently in editing stage.
In response to a question, KAS Murshid said that the current situation of the country's economy has been analyzed in detail in the report. Along with identifying the existing crises, the solutions are also clearly mentioned. He expressed hope that through this it will be easy for the government to decide what to do.
The report details the investable sectors of the country. Along with the fundamentals of the economy, the health and education sectors have received special importance. Although there may be some conflict among local health care providers over the recommendations, these proposals will pave the way for long-term solutions for the country. These are in public interest and will help in saving foreign exchange as well as increasing employment and improving quality of services.
The report recommends ensuring gas and electricity facilities in industries and stopping extortion in markets and businesses to increase investment. Emphasis is on training government departments, simplifying services and introducing one-stop services.
The report also mentions proposals to diversify exports and increase the use of information technology in addition to creating a skilled workforce as per the demand of the labor market.
If asked, Dhaka University's economics department professor and research institute South Asian Network on Economic Modeling (SANEM) executive director Dr. Salim Raihan told Ajker newspaper that if the recommendations are implemented, the people of the country will get government services easily and business will increase.
The report suggested renovation of a government hospital and rural school-clinic in the capital. BRTA reform, proposed creation of Youth and Citizen Monitoring Team for real-time data usage.
The importance of establishing research centers in social and behavioral change is highlighted. It recommended the establishment of a Regulatory Reforms Commission and an independent 'anti-gang squad' to combat extortion and remove excessive controls on trade and foreign investment.
