Kamal foresees double digit growth within next 5 years

Finance Minister AHM Mustafa Kamal today said

Bangladesh would achieve a double digit growth within the next five years

while a vast scope is here to make profit in a larger scale utilizing on its

investment friendly environment and attractive stimulus.

On completion of the Padma Bridge, the country will see one percent GDP

growth while the other ongoing mega projects will generate the rest of the

expected growth he said.

The Finance Minister said this while speaking as the chief guest at the

inaugural session of a two day conference of Asian Development Bank (ADB)

titled Harnessing Blockchain Technology for Development at Bangabandhu

International Conference Center (BICC) in Dhaka.

Earlier this month, the ADB projected eight percent GDP growth for

Bangladesh for the current fiscal year (FY20).

Prime Minister's Advisor for Power, Energy and Mineral Resources Dr

Tawfiq e Elahi Chowdhury spoke on the occasion as special guest. The Economic

Relations Division (ERD) Acting Secretary Farida Nasreen delivered the

opening remarks while ADB Country Director Manmohan Parkash gave the welcome

speech.

Underscoring the need for giving due importance on innovation, Kamal said

there is a need to bring newer technologies like robotics, artificial

intelligence, biotechnology and nano technology.

He opined that a huge scope is there in Bangladesh to make profit in a

larger scale through capitalizing on the best investment friendly environment

and attractive stimulus prevailing among the South Asian countries.

The Finance Minister said Bangladesh would continue to enjoy the

demographic dividend till 2030 while Bangladesh is being positioned in a

geographically strategic location among China, India and other growing

economies of Asia.

He said the geographical location of Bangladesh has turned the country

into a center of regional communication, foreign investment and global

outsourcing and for this it is not possible to gain overall progress of the

globe sidetracking Bangladesh.

By 2024, Bangladesh would be among those countries which would make

significant contributions to global GDP growth as by then the country would

make its place among the top 20 countries in the world in this regard, Kamal

said.

Noting that Bangladesh is gaining growth in an unbelievable pace, he said

wealth does not attract Prime Minister Sheikh Hasina as she has been working

tirelessly for the betterment of common people through gaining their love and

affection.

He also renewed the government's vow to turn Bangladesh into a hunger and

poverty free country within the next decade by 2030.

The Finance Minister also urged the foreign investors to invest more in

Bangladesh. You can use Bangladesh as a safe place for investment. The

production cost here is lower than other countries. Besides, there's a

location advantage too. The speakers at the international conference called

for harnessing Blockchain technology to further promote growth, inclusion,

service delivery and smart governance in Bangladesh.

ADB Country Director Manmohan Parkash said Blockchain is a cutting edge

high level creative technology that can revolutionize many areas of modern

life by improving transparency, accountability and efficiency in service

delivery, governance, finance sector, industries, trade and other areas.

Through this international conference, we want to introduce the

blockchain technology, inspire dialogues among stakeholders and identify

areas where the technology can be used to unleash the growth potential of the

country he added.

He said the burgeoning IT industry, well educated youths, vibrant private

sector, as well as the government can immensely benefit by the early adoption

of home grown Blockchain technology solutions to resolve problems, create new

startups and jobs, attract investments from technology companies and develop

world class business environment.

Experts from Australia, India, Sweden and The United States of America

(USA) attended the event along with policy makers, senior officials, private

sector leaders and technology experts from Bangladesh.

The international conference aims to unleash the potential of Bangladesh

for Blockchain applications.

It also provides a venue to conduct dialogues with government, private

sectors and academia to introduce the blockchain technology, and to identify

areas where the technology can be used to unleash the growth potential of the

country.

Source: Bangladesh Sangbad Sangstha (BSS)