DHAKA, Feb 3, 2025 (BSS) - The taskforce on re-strategising the economy has proposed a good number of recommendations, including focusing on some pilot projects, to develop scalable models for broader reforms in the future, signaling the government’s commitment to urgent economic transformations.

The recommendations of the taskforce on “Re-strategising the Economy and Mobilizing Resources for Equitable and Sustainable Development” also outlined a strategic framework to guide the interim government of Bangladesh in addressing pressing challenges and facilitating economic growth, social development, and environmental sustainability. 

Considering public service inefficiencies and environmental concerns, there is a critical need for targeted interventions that can create lasting change, said the report of the taskforce.

Chief of the 12-member taskforce KAS Murshid highlighted the salient features of its report at a press briefing held at the NEC Conference Room in the city’s Sher-e-Bangla Nagar area this afternoon.

Planning Adviser Dr Wahiduddin Mahmud and other members spoke at the briefing.

The report said the recommendations comprise well-researched initiatives drawn from various sectors, selected for their immediate feasibility and potential to resonate with public interests. 

By fostering collaboration with citizens and youth groups, these initiatives will enhance transparency and accountability, contributing to a more inclusive environment. 

These recommendations are designed to act as a catalyst for meaningful change, laying the groundwork for a resilient and progressive society while addressing pressing issues affecting the daily lives of citizens.

Dr KAS Murshid said some of the key recommendations are public hospital reform, rural school and clinic reform, reform in the BRTA, revitalizing the Buriganga River, and reforming a ministry.

Besides, considering new institutions, the taskforce suggested for establishing a center of global excellence, reassessing Bangladesh Biman, establishing the Centre for Social and Behavioural Change Communication and Research (CSBCC&R), creating a Regulatory Reform Commission (RRC) and NBR oversight committee.

On urban transport initiatives, the taskforce focused on implementing automatic traffic signaling and transitioning to a single-operator bus franchise.

About the issues on manufacturing, investments, exports and FDI, the taskforce recommended for highlighting ‘Cherry-Picking Winners’, enhancing the One Stop Service (OSS) system, encouraging FDI in the health sector, FDI in technical and vocational education, pursuing economic diplomacy for enhanced market access, seizing opportunities for skilled labour exports, revitalizing Special Economic Zones (SEZs).

Speaking at the press briefing, the Planning Adviser said that the taskforce members accomplished a very important task within a short period of time.

Highlighting some of the recommendations of the taskforce, he said that the report has suggested reconstructing the Bangladesh Biman so that it could become a competitive player in the airline industry.

Dr Mahmud informed that the report suggested for making Bangladesh Biman as a modern and commercially profitable airlines.

Renowned economist and head of the taskforce Dr KAS Murshid said that they had tried to pursue pragmatic and actionable approach while conducting their work and thus framing the report so that welfare of people could be ensured.

Research director of BIDS and taskforce member Dr Monzur Hossain said that the report stressed the need for more investments in the new driving force like technology-based sectors and in the ICT apart from the traditional sector like RMG.

He said that they had highlighted issues on regaining macroeconomic stability alongside adopting accommodative monetary policy.

Former MCCI president Syed Nasim Manzur while joining the briefing via online underscored the need for enacting a new arbitration act, new bankruptcy act, and unifying the two municipalities in Dhaka.

Dhaka University Prof Dr Selim Raihan also joining the event through digital platform suggested for operationalizing some economic zones on priority basis instead of rolling out 100 economic zones, properly operationalize OSS in BIDA and empowering further the BERC.

Another taskforce member and eminent economist Dr Fahmida Khatun suggested for strengthening the internal auditing and compliance in the banks.

Prof Dr Shamsul Haque of BUET said that those who conduct feasibility studies should have to be made more accountable than before.

For making some crosscutting actions, the report suggested leveraging digital and AI technology across sectors, reducing digital divide, reforming the planning process, professionalization of leadership positions, combating everyday extortions, improving government efficiency, implementing NID-based open data platforms, establishing emergency reserves, removing political influence from the banking sector.

Besides, some of the other actions as recommended by the taskforce included utilizing degraded lands for solar energy, exploiting existing gas fields, regulating sand extraction, streamlining public service call centres, establishing a “Dhaka Haat for SMEs” and re-categorizing the SMEs.

The actions and recommendations presented serve as an initial roadmap for economic reform, embodying a vision for a transformed Bangladesh that is responsive to its people's needs. 

By prioritizing impactful projects and healthcare, education, and governance, the interim government can restore trust in public institutions and create momentum for sustained progress, said the report. 

The report said ultimately, these recommendations call for a shared responsibility between government officials and citizens to build a better future.

With strong leadership and strategic planning, Bangladesh can turn challenges into opportunities, fostering a prosperous equitable and resilient nation for current and future generations. 

The report is organized into 17 chapters, excluding the ‘Introduction’, and consists of two broad components: Part I entitled, Sectoral Discussions (Chapters 1-7) that reviews sectoral and sub-sectoral performance and identifies core policy challenges, while Part II focuses on major “Cross-Cutting Themes” (Chapters 8-17) that need special attention to boost economy-wide efficiency and performance.