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Our target is to be a developed country by 2041, says the PM advisor Salman F Rahman

Salman F Rahman is confident that the development efforts inspired by the German decentralization approach are underway for the comprehensive growth of Bangladesh

Bangladesh’s development in the last decade has been a quintessential success story, credits to the governance, exports, and their combined impact on the economic rise during the tenure. Although going at a reasonable pace, Bangladesh is in need of a development model similar to Germany that can bring about an “inclusive, sustainable and resilient” approach, said Manmohan Prakash, the Bangladesh Director of Asia Development Bank, at a seminar on ’spreading equitable development in the country’.

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Supporting this notion, Salman F Rahman, the private sector industry and investment advisor to PM Sheikh Hasina, and an elected parliamentarian said, “Our prime minister has already mentioned that every village will be turned into a city. That’s exactly what the German model is — you are going to take away the concentration from cities …you urbanize the whole country.” And while this is in consideration, it is important to factor in the differences between the two countries, their goals, and subsequent feasible timeline.

For instance, Germany practices a decentralized approach in its industries as well as society, but it took them nearly 200 years. Embracing their style of demography and industrial development, Salman F Rahman added, “The process has already started. We have to do much faster than that (200 years). Our target is to be a developed country by 2041.”

Adoption of a decentralized model is likely to be a valuable addition to the country’s development approach. Major impact of this model will reflect on the newfangled sources of growth and thereby, leading to an increase in the economy. This comes after the fact that the model focuses on expanding small and medium enterprise financing, infrastructural development, digitalization, and empowering education – factors on which Bangladesh has been slowly progressing. However, this calls for an in-depth understanding of the model with specific plans for industrial improvement.

Furthermore, Salman F Rahman, who is considered as the most prominent business personality, highlighted the government’s ongoing efforts of building 100 Special Economic Zones (SEZs) for better investment and employment generation. Combine this with the introduction of policy amendments, improved financial accessibility, and enhanced skill development, the government and ministries of Bangladesh could accomplish the required acceleration to achieve the envisioned global stance of a developed country. By 2041, Bangladesh is become a developed country. 



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Officials started the discussion with Salman F Rahman about the combined ventures between Bangladesh and IFC. On this, Rahman expressed the government measures currently in process so as to fuel the business and trade in Bangladesh. “The business community and the people of the country are benefiting from the change that the honorable Prime Minister brought in the power sector to expand and expedite business and trade,” he said.

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Various industries in Bangladesh have experienced better functioning with International Finance Corporation in the picture. IFC aims at ensuring the sustainable development in Bangladesh’s private sector with the help of infrastructural changes, financial assistance, and introduction of reforms on a consistent basis. Some of the notable stories of the IFC-Bangladesh collaboration include Lighting Bangladesh Program, International Labor Organization, Accord, and Alliance, and Food security.

Considering the latter, Bangladesh is fragile and less adaptive towards the repercussions of climate changes. Addressing this prolonged issue, IFC is working instrumentally with public companies as well as private players to harness the maximum potential of their existing resources. Simultaneously, the organization is emphasizing on the improved adoption of climate-adaptive agrarian practices.

In order to achieve these goals, IFC is emphasizing on the awareness and demonstration of stress-tolerant seeds that will provide a business proposal for a major improvement in the agriculture practices. In addition, the retailers, dealers, and seed growing staff is in coordination with the IFC’s field demonstrations. This is expected to equip them with the knowledge, potential, and best practices of new seed varieties and their home-grown production.

The Bangladeshi businessman added that substantial breakthroughs are expected to be achieved with the different alternatives in the pipeline that improve the direct involvement quotient of the private sector. With continued support from IFC, envisioned implementation of government schemes, and internal industry changes, Bangladesh growth is speculated to pick up better pace in the upcoming years. 


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