The economic task force of Bangladesh’s interim government has unveiled a set of 31 comprehensive recommendations aimed at revitalizing the country’s investment climate and addressing long-standing challenges in economic development. Formed with the objective of steering the nation toward sustainable growth, the recommendations cover various sectors and highlight key areas of reform to attract both domestic and foreign investment.
The task force, led by K. A. S. Murshid, former Director General of the Bangladesh Institute of Development Studies (BIDS), conducted extensive research and discussions with relevant stakeholders to address the underlying issues hindering investment and employment growth. The guidelines emphasize the importance of practical, forward-looking policies that will reshape Bangladesh’s economic landscape.
Notable recommendations include the selection of 1,500 companies capable of exporting goods worth at least one million dollars, with special policy support to help these companies scale. This initiative is expected to strengthen the country’s export sector and provide a significant boost to foreign exchange earnings. In addition, the establishment of a special center called ‘Dhaka Hat’ will focus on fostering growth within the SME sector, allowing small and medium-sized businesses to expand and compete on a larger scale.
Another critical area of focus is the encouragement of foreign investment in healthcare, particularly in the form of international-standard hospitals. This move aims to enhance the quality of medical services and provide advanced healthcare solutions for the population. Alongside this, the task force recommends the increased use of artificial intelligence (AI) technology across various sectors to improve productivity and efficiency.
Environmental sustainability also plays a significant role in the recommendations, with proposals for the revival of the Buriganga River and the enhancement of navigability in other rivers to improve the country’s shipping and environmental health. Moreover, a ‘Global Excellence Center’ is proposed to ensure Bangladesh stays competitive in the global market and enhances the efficiency of state-owned services, including Bangladesh Biman, the national airline.
These recommendations come in the wake of Bangladesh’s fragile investment environment, which has been plagued by chaotic planning, legal complexities, and weak implementation. The task force aims to address these issues through a holistic approach to investment promotion and economic development. Key areas also include ensuring reliable energy supplies for industries, stopping extortion in markets, and improving government services through one-stop service platforms.
The committee’s report highlights the need for the government to create a skilled workforce tailored to the needs of the labor market, diversify exports, and further promote information technology in business processes. It also advocates for the establishment of research centers focused on social and behavioral changes, as well as a regulatory reform commission to streamline business operations and attract foreign investment.
The report is now under review by the government’s planning advisor, and sources suggest that the final plan will play a pivotal role in the country’s economic management. KAS Murshid expressed optimism that the recommendations, once implemented, will lead to significant improvements in the business environment and economic prosperity.
Dr. Selim Raihan, an economist and executive director of the South Asian Network on Economic Modeling (SANEM), emphasized that the implementation of these recommendations would not only streamline government services but also boost business and trade activities, ultimately benefiting the country’s economy and its citizens.
In addition to these broad recommendations, the task force also proposes reforms for government hospitals and rural clinics, as well as the creation of a youth and citizen monitoring team to ensure the effective use of real-time data in government operations.
The proposed measures, if fully implemented, promise to lay the foundation for a more robust, transparent, and attractive investment environment, thereby fostering sustainable economic growth and job creation for Bangladesh’s future.
