DHAKA, Jan 24, 2024 (BSS) - The Foreign Investors' Chamber of Commerce and Industry (FICCI) today organized the 1st monthly luncheon meeting at a hotel in the capital to periodically engage leaders on Bangladesh's investment, trade and commerce related possibilities and opportunities.

Dr Atiur Rahman, Emeritus Professor of University of Dhaka and Former Governor of Bangladesh Bank made the keynote presentation on "Towards a Trillion Dollar Economy of Bangladesh Opportunities and Challenges," at the meeting, said a press release.

During presenting the keynote, Dr Atiur said, "Bangladesh needs multi-pronged approach to set the economy right and create opportunities for building a Trillion $ economy."

Expressing his optimism he said, "With a modest 5 percent growth rate Bangladesh economy will touch the trillion-dollar-mark by 2040. It can do so even faster (by 2030) if a double-digit growth rate can be ensured."

He opined that Bangladesh's success should be attributed to its multidimensional approach to sustainable development.

He emphasized on manufacturing (mostly led by RMG, but other export-led industries are growing); Remittance (exporting unskilled or low-skilled labor, USD 233 billion inward remittance over the period of 2009-2023); Agriculture (ensuring food security even amid global crisis as well as creating scope of agro-exports); Inclusive financing (use of digital technology to reach the bottom of the social pyramid); Women empowerment (female labor force participation rate increased from 30 percent to 38 percent between 2009 and 2022) and 100% population under electricity coverage (improved quality of life as well as business environment.

Atiur Rahman also termed inadequate trade logistics and infrastructure, Complex investment policy and business regulations, Low productivity (e.g., skills, technology adoption), Lack of depth in the financial sector (e.g., underdeveloped & inconsistent capital market) and Unfavorable tax environment as the factors hindering FDI in Bangladesh.

FICCI President Zaved Akhtar in his welcome speech said, "Bangladesh has huge economic headwinds, but we will not go far by worrying about them rather we should be concerned more about the chances we miss when we didn't try when the opportunities arise in our country. FICCI Luncheons are designed to look at those economic and business opportunities so that we put our best foot forward to set our country back into the right economic trajectory."

"I would like to thank Dr Atiur Rahman for his inspiring and thought proving talk, as us, the business community needs to lean on thought leaders like him for guidance and learn to weather the headwinds and find new opportunities for growth," he added.