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Some of the views expressed by the EU Ambassador in Dhaka Rensje Teerink late last month have an animated ring even after a fortnight of her having aired them. This is because of the candid expression of what she had to say.
In an interview with the UNB, the EU ambassador, while commending the country's 'very admirable and amazing economic growth', struck a serious note on sustaining the trend on a securely incremental but inclusive growth trajectory.
The EU emissary argued that since Bangladesh is growing 'so fast' despite not having 'performed well at all' in terms of ease of doing business ,how much more her economy could have grown had she been a better host to businesses! A predictable and somewhat simplistic line of thought, an argument that has to be reinforced by pinpointing the areas of 'unease' in doing business to help matters out with the host country.
Bangladesh has gone one notch down in the World Bank's ranking 'mainly because of the hurdle businesses face at the start of their operations.' This point is well-taken . A seriously revamped under-one roof - service will have to be taken beyond the so-called done and dusted paperwork of clearances to provide synchronized facilities on the ground.
Yet, to begin with ,we need to emphasise our sell-points. We can do so while being cognizant of our infrastructural deficiencies that are clearly on the way to improvement by way of maintaining competitiveness with those who are candidates for a slice of FDIs or trade quotas. Our strong point is a thriving domestic market with a high demand profile which cushioned our economy from external shocks and promises to fend existing and future investors against trade vulnerabilities. Corporate business has been hugely profitable in Bangladesh by the entrepreneurs' own admission.
A growing middle class, let alone upend consumers with purchasing power comparable to their counterparts' in some developed East European countries, youthful and trainable work force, demographic dividends waiting to be reaped, highly potential land and marine resource bases ,huge connectivity prospects are Bangladesh's strong points that are intrinsic to the country. On the basis of such strengths of Bangladesh prestigious international think tanks continue to regard her highly as one of the fastest growing emerging economies.
The EU ambassador's suggestions for export diversification and attracting more foreign direct investments (FDIs) resonate with us well. These can be, however, mutually reinforcing through operationalising a hard core of five-six special economic zones out of a hundred that are planned. So the need is to be focused. intensive, fail-safe for sustainable multiplier effect of the enterprise.
Predictably, the EU ambassador in Dhaka laid stress on democracy and human rights, adding that the concerns need to be addressed.
A point to ponder is underscored by her suggestion that Bangladesh will have to go for the GSP plus status from the EU when she graduates to the developing country bracket in 2021.
This is a very important transformation Bangladesh will have to undergo considering that the EU is the destination for 60 per cent of Bangladesh's garment products. To be entitled to the GSP-plus status, Bangladesh will be required to fulfil certain conditions like strengthening workplace safety, improved labour rights, saving the environment and reduction of corruption.
From: Safari Hi [email protected]