ICCB calls for good governance to ensure int’l compliance

UNB, Dhaka :
International Chamber of Commerce – Bangladesh (ICCB) President Mahbubur Rahman has said graduation to a middle-income country will require Bangladesh to fulfil a number of international compliances.
“Therefore, good governance must also be addressed in both the public and the private sector, which is still far below the global indexes,” he said while presenting the Executive Board Report at its 28th Annual Council held in Dhaka on Saturday.

Mahbubur said Bangladesh is now on track for graduating from the least developed country status in 2026.
In order to achieve this, he said, the country needs to maintain a GDP (gross domestic product) growth rate of over 8 per cent and increase its per capita income to around $13,000 from $2,824 now in less than two decades to reach the milestones.

He mentioned while chasing big dreams, there are also mega challenges.
Bangladesh made a rapid recovery from the Covid-19 pandemic supported by prudent macroeconomic policies. But, the economy now faces considerable challenges with global economic uncertainty, he noted.
The Executive Board suggested to addresses some key issues for overcoming the challenges. In order to contain the inflationary pressure there should be appropriate monetary and fiscal policies, Mahbubur said.

Increasing dependence on imported fossil fuels, LNG (liquefied natural gas) and coal for power generation has intensified risks, negatively affecting foreign currency reserves and swelling subsidy burdens, he said. “So, Bangladesh should move faster with its exploration activities both on-shore and off-shore to replace expensive LNG with its own natural gas reserve as well as establish nuclear/renewable energies to avoid adverse effect of climate change.”