CPD calls for examination of past policy failures to inform future strategies

The new interim government established several commissions to reform major sectors. To promote equality, prosperity, and good governance, a Task Force on ‘Re-strategising the Economy and Mobilizing Resources for Equitable and Sustainable Development’ was formed, bringing together experts from different sectors. This task force was tasked with identifying immediate, short-term, and long-term actionable measures, which they discussed in a report.

A two-day conference organised by the Centre for Policy Dialogue (CPD) in collaboration with the Task Force Committee focused on ‘Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development.’ This conference aimed to foster dialogue among high-level policymakers, political leaders, government officials, academics, development practitioners, civil society members, development partners, and journalists.

The first session, titled ‘Strategic Policy Realignment to Boost Investment and Achieve Export Diversification,’ featured keynotes from Dr Selim Raihan and Dr Mohammad A. Razzaque, both members of the Task Force. They discussed comprehensive strategies to revitalise investment and diversify exports effectively.

The Chief Guest, Mr Sk. Bashir Uddin, Hon’ble Adviser, Ministry of Commerce, attended the session and discussed the economic implications of systemic corruption and the necessity of export diversification, while Mr Amir Khosru Mahmud Chowdhury, Former Commerce Minister, recommended deregulation and liberalisation as key strategies for economic recalibration.

Professor Rehman Sobhan, Chairman, CPD, called for an examination of past policy failures to inform future strategies, emphasising the role of domestic market improvements in supporting export capabilities.

In her introductory remarks, Dr Fahmida Khatun, Executive Director, CPD and Member, Task Force on Re-Strategising the Economy,  discussed about the Task Force Report that has been prepared and said that its dissemination aimed to foster shared insights that would be instrumental in designing government action plans and in securing commitments from policymakers regarding the task force’s recommendations, especially those that are immediate and short-term.

Additional insights were provided by Dr K A S Murshid, Chairman, Task Force on Re-Strategising the Economy, who emphasised the importance of diversification in agriculture and industry and highlighted the necessity of digitalisation in governance.

Dr Selim Raihan criticised the fragmented investment strategies that hinder growth and proposed a unified approach to revamping the sector. Dr Mohammad A. Razzaque emphasised the need for expanding beyond the RMG sector to avoid economic crises, advocating for diversification and enhancement of product quality to boost export performance.

Mr Zaved Akhtar, President, The Foreign Investors’ Chamber of Commerce & Industry (FICCI) highlighted the challenges of import substitution and the alignment of Bangladesh’s energy strategy with consumer needs.

Ms Amrita Islam, Deputy Managing Director, Picard Bangladesh Ltd, proposed the creation of a common bond facility or a flat rate of taxation to ensure all local producers have access to quality materials, which is essential for producing competitive products on the international stage.

Mr Abdullah Hil Rakib, Managing Director, TEAM Group, advocated for increased energy efficiency through audits and adopting practices from LEED-certified factories to reduce costs and improve sustainability.

The conference set a collaborative tone for stakeholders to unify around the Task Force’s recommendations, aiming to craft actionable plans that the government could implement to ensure equitable and sustainable development.