World Bank Country Director for Bangladesh Abdoulaye Seck on Monday highlighted improving the business environment for the private sector, transcending financial obligations to support long-term growth, and improving the effectiveness of public institutions as the lending agency's priorities for Bangladesh.
He came up with such observations at the 3rd Quarterly Luncheon Meeting of 2023 of the Metropolitan Chamber of Commerce and Industry, Dhaka at its Gulshan office.
Speaking on the occasion as the chief guest, Abdoulaye Seck considered LDC-graduation and economic diversification to be among the top challenges Bangladesh had to face and prepare for in the near future, said a press
release.
Also, Bangladesh's export as a percentage of GDP was very low, even when
compared to other competing exporting nations, he added.
The World Bank country director said navigating these would require constant
dialogues among the public and the private sectors along with multilateral
organizations.
Seck praised Bangladesh for having come a long way since independence.
However, catering to the two million annual job entrants amid the latest
geopolitical considerations and climate change required adaptations, he
cited.
He also reaffirmed the World Bank's commitment to Bangladesh's development
and its openness to partnerships in the future.
In his welcome remarks, MCCI President Md. Saiful Islam praised the World
Bank as a major contributor to the development of business and commerce in
Bangladesh.
As the oldest trade chamber of the country, MCCI also stood as a pillar of
strength in Bangladesh's trade and commerce arena.
The MCCI President believed that converging the efforts of MCCI and the World
Bank had the potential to elevate Bangladesh's business landscape to new
heights.
He also hoped to explore collaboration opportunities with the lending agency
in the areas of developing business climate index (which MCCI had already
started doing with its BBX report) and climate change.
Other topics that came up during the discussions include the need for skills
development, a reassessment and rearrangement of the entire education system,
overcoming the export bias of incentive polices, the need to have a renewed
focus on agriculture, the need for more losses to be covered by insurance,
and the latest National Tariff Policy 2023.
The event ended with a vote of thanks from the MCCI vice president Habibullah
N. Karim.
Representatives from various member firms of MCCI attended the event.
