DHAKA, Feb 18, 2024 (BSS) - Experts at a seminar today laid emphasis on 
sustainable policy reforms and long-term roadmap to achieve trillion dollar 
economy.

They made the observation at the seminar on "Bi-annual economic state and 
future outlook of Bangladesh economy: private sector perspective" held at 
DCCI in the city, said a press release.

Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, attended 
the seminar as chief guest while Ashraf Ahmed, President of the Dhaka Chamber 
of Commerce and Industry (DCCI) presented the keynote paper in the seminar. 

Mashiur Rahman said that Bangladesh's economy has experienced fundamental 
changes during the last decade. 

"During this period private sector has also flourished remarkably," he added. 

He also said policies should be formed considering the problems and prospects 
of private sector. 

Consistent policies will expedite private sector investment as well as foster 
FDI, he added. 

He also laid emphasis on export diversification and value addition to export 
products. 

The Adviser termed pharmaceutical and light engineering sectors as most 
potential sectors for Bangladesh. 

He later said that Bangladesh has to functionalize the API Park as soon as 
possible. 

He also agreed that reforms are needed in the taxation system as still there 
are some problems and challenges. 

"We should also tap the benefit and huge potentials of blue economy," he 
added.

Ashraf Ahmed said long term growth target of achieving a trillion dollar 
Smart economy requires concerted efforts to reduce cost of doing business, 
improved ease of doing business, improved regulatory efficiency, install 
appropriate infrastructure, ensure energy security, improve logistics and 
finally ensure access to finance for the private sector.

He highlighted that Bangladesh needs to put emphasis on product as well as 
market diversification. 

He termed that private sector investment is targeted in FY2024 at 27.4% of 
GDP while it was 21.8% in FY2023. 

Required policies considering the LDC graduation will expedite the private 
sector investment, he added. 

To facilitate private sector more, he requested lower corporate tax, complete 
automation of taxation system, increasing tax net, reform of SD and Vat act. 

As NPL has an impact on increasing some intermediary costs for the private 
sector, that is why, he suggested reducing NPL.