‘Country needs to advance on targeted development path’
Prime Minister’s Adviser on Finance and Planning Dr. Rashed Al Mahmud Titumir on Saturday said Bangladesh must progress along its intended development path by promoting economic democratization, boosting investment, and ensuring energy security.
He said that a stable and uninterrupted supply of energy and electricity is crucial for attracting investment. In this context, he highlighted the importance of building strategic reserves, maintaining consistent policies, and providing fiscal support, regulatory supervision, and necessary incentives.
Adviser made these remarks as the chief guest at a seminar titled “Economic Stability, Financial Capacity and the Government’s 180-Day Action Plan,” organised by the Economic Reporters Forum (ERF) at its auditorium in Dhaka.
Distinguished Fellow of the Centre for Policy Dialogue (CPD) Professor Dr. Mustafizur Rahman attended the event as the guest of honour.
Chaired by ERF President Doulat Akter Mala, the seminar was also addressed by Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan as special guests.
Dr. Titumir said the BNP’s election manifesto outlines three key targets: building a trillion-dollar economy by 2034, creating a new economic framework centered on investment, production, and employment, and increasing public spending on sectors like education and healthcare to 5 percent of GDP. The manifesto also prioritizes ensuring an inclusive economy through its democratization.
He observed that Bangladesh has navigated multiple crises in the past while maintaining growth. “Despite challenges such as post-war devastation, famine, and global oil shocks, the country has carved out its own development path based on domestic realities,” he said.
According to him, these past experiences can serve as important references for future reforms and policy decisions.
Highlighting human innovation and resilience as major contributors to economic progress, he pointed to their role in agriculture, livestock, and small-scale enterprises. He also emphasized the need to encourage private sector involvement and develop incentive mechanisms to expand renewable energy use.
“The country cannot depend solely on government incentives for sustainable growth; the private sector must also take an active role,” he added.
He further said that attracting foreign investment requires strengthening domestic investment capacity first. He stressed leveraging region-specific opportunities and enhancing the efficiency of regulatory institutions to promote export diversification, especially in sectors like pharmaceuticals, leather, and light engineering.
Dr. Titumir also noted that lasting reforms depend not only on legal structures but also on social cohesion, inclusive growth, and media freedom. “Participatory development, rather than division, will reinforce the economy over time,” he said.
He expressed hope that visible economic progress could be achieved within the next few years through realistic and evidence-based policymaking.
