UNB, Singapore :
Experts from Bangladesh and Singapore stressed on how consistent Bangladesh’s economic growth has been and advised more on what needs to be done for further development.
This was part of a joint panel discussion between Singapore’s Institute of South Asian Studies (ISAS) and Bangladesh’s Cosmos Foundation at the Ballroom of the city’s Orchard Hotel on March 5. The panel discussed the key challenges which are relevant not only to Bangladesh, but also to the South Asian region and the rest of the world. It also shared its perspectives on various economic opportunities offered by the country.
Enayetullah Khan, Chairman of Cosmos Foundation, cited from his interview with the Chinese Foreign Minister, who said that Bangladesh is the bridge between China and India – which correctly defines Bangladesh’s role in Asia. “At a point in time, when Bangladesh is powering ahead across a broad spectrum in socioeconomic activities, a lot remains to be done,” he said. He also added that the panel discussion is an icebreaker on the issue of Bangladesh as an investment destination. “The result of the discussion should be an excellent example what we can achieve together.” In his opening remarks, ISAS Chairman, Ambassador Gopinath Pillai, recollected memories of being part of the Singapore State Trading Corporation group which had established a garment factory in the early 1980s in Bangladesh, being one of the first foreign organizations to do so.
Drawing the anecdote of Henry Kissinger terming Bangladesh as a “bottomless basket”, he said that although such declarations affected investors, Bangladesh stood up to the occasion. “Last year, I had visited Bangladesh with a few of my colleagues and had noticed a stark difference from what I had witnessed back in the 80s,” he added.
In order for Bangladesh to step up and develop further, he advised that the country’s vast population must be empowered, fed and educated. “The infrastructure calls for further improvement, and the nation’s intellectual resources must be channeled in the right direction.” Md Mustafizur Rahman, High Commissioner of Bangladesh to Singapore, marked how Bangladesh’s economy had made remarkable progress in the last decade.
“The growth has been accompanied by a significant decline in poverty rate, increase in employment and greater access to health and education, and improvement in basic infrastructure,” he commented. The high commissioner attributed this success to the RMG industry and sustained inflow of remittances. “Bangladesh today is the 33rd largest economy in the world, in terms of purchasing power parity,” Mustafizur added, “other social indicators such as gender equality, women empowerment, mortality rate and such, are remarkably better compared to its other neighbours.” He furthered that some challenges still persist, such as the population size, resource constraints, vulnerability to climate change, the Rohingya refugee crisis and others. Mustafizur concluded by stating Singapore is a potential source country to attract Foreign Direct Investment (FDI) and for doing business. “The impending visit of Prime Minister Sheikh Hasina to Singapore will add a new impetus to our existing bilateral relations,” he said.
Dr Iftekhar Ahmed Chowdhury, a former caretaker government adviser and Principal Research Fellow at ISAS, said that Bangladesh had successfully been able to negotiate preferential market access based on norms of spatial and differential treatment at major trade organisations like the World Trade Organisation (WTO) for its manufacturers. Dr Chowdhury, who presided over the programme, said that Bangladesh transformed its economy over time from an agricultural one to a mainly manufacturing one. As a foremost exporter of garment and pharmaceutical products, Bangladesh’s ever-spreading diaspora supports it with high remittance figures as well. The successes of microcredit, non-formal education etc. emanated from the Bangladeshi soil and spread its ideas across the globe, Dr Chowdhury observed. In terms of challenges, he pointed out the high population numbers and need for skilled employment for the youth as major blockades to development.
“Bangladesh is a country anxious to move forward,” he commented. Dr Mashiur Rahman, Economic Adviser to Prime Minister Sheikh Hasina, said that any observer of Bangladesh can easily notice Bangladesh’s sustained growth and its acceleration of growth from 6 percent to a little over 7 percent.
Experts from Bangladesh and Singapore stressed on how consistent Bangladesh’s economic growth has been and advised more on what needs to be done for further development.
This was part of a joint panel discussion between Singapore’s Institute of South Asian Studies (ISAS) and Bangladesh’s Cosmos Foundation at the Ballroom of the city’s Orchard Hotel on March 5. The panel discussed the key challenges which are relevant not only to Bangladesh, but also to the South Asian region and the rest of the world. It also shared its perspectives on various economic opportunities offered by the country.
Enayetullah Khan, Chairman of Cosmos Foundation, cited from his interview with the Chinese Foreign Minister, who said that Bangladesh is the bridge between China and India – which correctly defines Bangladesh’s role in Asia. “At a point in time, when Bangladesh is powering ahead across a broad spectrum in socioeconomic activities, a lot remains to be done,” he said. He also added that the panel discussion is an icebreaker on the issue of Bangladesh as an investment destination. “The result of the discussion should be an excellent example what we can achieve together.” In his opening remarks, ISAS Chairman, Ambassador Gopinath Pillai, recollected memories of being part of the Singapore State Trading Corporation group which had established a garment factory in the early 1980s in Bangladesh, being one of the first foreign organizations to do so.
Drawing the anecdote of Henry Kissinger terming Bangladesh as a “bottomless basket”, he said that although such declarations affected investors, Bangladesh stood up to the occasion. “Last year, I had visited Bangladesh with a few of my colleagues and had noticed a stark difference from what I had witnessed back in the 80s,” he added.
In order for Bangladesh to step up and develop further, he advised that the country’s vast population must be empowered, fed and educated. “The infrastructure calls for further improvement, and the nation’s intellectual resources must be channeled in the right direction.” Md Mustafizur Rahman, High Commissioner of Bangladesh to Singapore, marked how Bangladesh’s economy had made remarkable progress in the last decade.
“The growth has been accompanied by a significant decline in poverty rate, increase in employment and greater access to health and education, and improvement in basic infrastructure,” he commented. The high commissioner attributed this success to the RMG industry and sustained inflow of remittances. “Bangladesh today is the 33rd largest economy in the world, in terms of purchasing power parity,” Mustafizur added, “other social indicators such as gender equality, women empowerment, mortality rate and such, are remarkably better compared to its other neighbours.” He furthered that some challenges still persist, such as the population size, resource constraints, vulnerability to climate change, the Rohingya refugee crisis and others. Mustafizur concluded by stating Singapore is a potential source country to attract Foreign Direct Investment (FDI) and for doing business. “The impending visit of Prime Minister Sheikh Hasina to Singapore will add a new impetus to our existing bilateral relations,” he said.
Dr Iftekhar Ahmed Chowdhury, a former caretaker government adviser and Principal Research Fellow at ISAS, said that Bangladesh had successfully been able to negotiate preferential market access based on norms of spatial and differential treatment at major trade organisations like the World Trade Organisation (WTO) for its manufacturers. Dr Chowdhury, who presided over the programme, said that Bangladesh transformed its economy over time from an agricultural one to a mainly manufacturing one. As a foremost exporter of garment and pharmaceutical products, Bangladesh’s ever-spreading diaspora supports it with high remittance figures as well. The successes of microcredit, non-formal education etc. emanated from the Bangladeshi soil and spread its ideas across the globe, Dr Chowdhury observed. In terms of challenges, he pointed out the high population numbers and need for skilled employment for the youth as major blockades to development.
“Bangladesh is a country anxious to move forward,” he commented. Dr Mashiur Rahman, Economic Adviser to Prime Minister Sheikh Hasina, said that any observer of Bangladesh can easily notice Bangladesh’s sustained growth and its acceleration of growth from 6 percent to a little over 7 percent.
