‘Expansion into non-traditional markets, adoption of MMF to boost annual export by 15pc’
Says report prepared by World Bank, IFC, MIGA about Bangladesh
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Expansion into non-traditional markets and the adoption of MMF (manmade fibre) could lead to an average annual export growth of 15 per cent, potentially increasing the country’s readymade garment foreign currency earnings to US$94 billion by 2029.
Besides, expansion in domestic pain and dye production could lead to the creation of over 0.664 million formal jobs within the sector, while up to 0.46 million new jobs with formalising up to 0.36 million informal jobs could be possible if required reforms are made for digital financial services.
Reforms in regulatory, supply-side and demand-side constraints that are hampering private investments in housing could create investment potential of about US$2.0 billion in construction and allied industries.
The statistics were disclosed on Tuesday at a dissemination event on the ‘Bangladesh: Country Private Sector Diagnostic (CPSD) for Bangladesh’ report jointly by the World Bank, IFC and MIGA held in a city hotel.
Suhail Kassim, senior operations officer at the World Bank, shared the sectoral overview at the event virtually while
IFC country manager Martin Holtmann, World Bank’s new country division director for Bangladesh and Bhutan Jean Pesme and senior private sector specialist Hosna Ferdous Sumi and IFC operations officer Miah Rahmat Ali and operations analyst Noor Ahmed Naveed, among others, spoke there.
The CPSD contains a thorough analysis by the WBG, which pinpointed four specific sectors-- greening the Ready-Made Garments (RMG) sector, housing for the middle-income segment, paints and textile dyes and digital financial services that have high growth potential and where private investment can stimulate economic growth and development.
It also included an overview of the country context, including a discussion on Foreign Direct Investment (FDI) trends, business environment, cross-cutting constraints to private investment, and the strength of institutional underpinnings for private sector development.
munni_fe@yahoo.com