‘BD needs expanding private sector role to meet challenges’

Bangladesh needs to expand its private sector role in meeting challenges ahead and reform policies to restore macroeconomic

stability, says Asian Development Bank (ADB) Country Director Edimon Ginting.

Private sector can take the lead in boosting innovation and productivity and leveraging the growing digital landscape with well-

structured initiatives, he said.

The ADB country director told this while speaking at a meeting titled "Bangladesh Macro-Economic Outlook in the Evolving Global

Phenomenon" organized by American Chamber of Commerce, Bangladesh (AmCham) in a city hotel on Sunday.

The AmCham President Syed Ershad Ahmed opened the meeting. The ADB country director said significant opportunities exist for

Bangladesh's private sector to expand to new sectors and upgrade existing ones.

Private sector also needs to increase its role in infrastructure financing to meet huge unmet need for infrastructure, he said and

added that it has so far led a significant role in driving GDP growth. A growing middle class consumer group and supportive

government policy would create a conducive environment for private sector to flourish, he said.

He compared Bangladesh's economic growth during pandemic and ongoing regional conflict in Ukraine saying it is doing well. He

suggested for proactive government measures to face climate change consequences and to improve infrastructure and logistics

services aiming to reduce transport costs that will help the economy to grow.

The AmCham president said, "The world is evolving every day, we are gradually emerging towards a new progression in business as

well as in other sectors with these global issues. New innovations are taking over, epidemics sometimes turned into pandemics,

restructured regional synergies are introduced amidst globalization and we all nowadays have the advantage of having a know-it-all

internet connection in the palm of their hand."

Bangladesh, being a country with unique features attracted global attentions nearly more than a decade with an impressive annual

GDP growth rate, despite all these unforeseen challenges in the pre-COVID era, he said.

Ahmed said there are so many extraordinary stories of macro-economic success that made Bangladesh rising from the crowd of

crawling neighboring nations even from this South Asia."

He said foreign direct investment and bilateral trades are playing a vital role in our economic development. Bangladesh's export

growth is still on a positive trend, remittance earning is back on track, food safety is ensured, compared to the same period of

previous fiscal year.  AmCham Bangladesh will continue to actively promote economic cooperation between Bangladesh and USA

through this continuously changing global arena, Ahmed added.

Among others Syed Mohammad Kamal , AmCham Vice President, Scott Braandon, Political and Economic Counselor, US Embassy

Dhaka, members of the chamber body and former presidents were present in the meeting.