Published in The Daily Star on Tuesday, 21 February 2017
Bangladesh needs to adopt a sub-regional policy to strengthen border connectivity and face the challenges that are predicted to come from the uncertain world in the near future, said Debapriya Bhattacharya, distinguished fellow of the Centre for Policy Dialogue.
When the world is in a turbulent transition amid chaotic conflicts among Muslim-majority countries, Brexit and the US presidential election, Bangladesh should look at the neighbouring countries to strengthen business relations, said Bhattacharya.
He delivered a lecture — World Economic Forum 2017 (responsive and responsible leadership) – post-summit ‘food for thought’ for Bangladesh — organised by the School of Business of the University of Liberal Arts Bangladesh in the city yesterday.
Bangladesh is increasing its sub-regional co-operation through BBIN, BCIM, and BIMSTEC, as Saarc is almost dysfunctional at present because of a conflict between countries such as India, Pakistan and Afghanistan, he said.
BBIN is a sub-regional initiative to improve economic cooperation and connectivity among four South Asian countries — Bangladesh, Bhutan, India and Nepal.
BCIM is a forum for regional cooperation among Bangladesh, China, India and Myanmar, while BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is another platform of this kind.
The regional concept is becoming broader and now China is becoming an important player, Bhattacharya said.
Bangladesh is lucky for its geostrategic location, as it is a neighbour of two economic giants — India and China, he added.
Bangladesh can be benefitted from these two growing economies by building roads, railway and strengthening IT related connectivity, he said.
Cross-border relations will have to improve so that goods do not remain stuck at the border or commuters do not need to change transport to pass the border, he said.
Improving connectivity with these two countries will reduce the cost of doing business, Bhattacharya added.
The economist said Brexit and the Trump issue prevailed throughout 2016, but 2017 is completely unpredictable. If this unpredictability remains, every country will focus on local policies in a responsible manner, he added.