Our lesson from the incidents in the past one year is that we will have to continue endeavours for making improvement in business environment and working conditions. Our entrepreneurs have shown the courage to face the harsh reality, especially after Rana Plaza tragedy, and determination to overcome business challenges. We believe our soil-searching in this regard should not come to an end.
In the cover story of this issue — The Trapped Transition —, we have tried to make a critical analysis of our target to become a middle income country by 2021. Bangladesh has achieved quick success in poverty reduction and social sectors and made its case for attaining the status of a more prosperous nation. But we have to break the barriers to achieving the goal.
‘For the next stage of growth, we need to switch from replication to innovation in terms of productivity increases, technological improvements and skill development,’ notes Professor Wahiduddin Mahmud outlining his formula for attaining the middle income status. In an exclusive interview, he has underlined the importance of a ‘more capable system of economic management that can respond to the needs of putting the economy firmly on a path of modernisation and global integration’.
Dr Hossain Zillur Rahman, in his column, has recommended utilisation of public resources for entrepreneurship development. In a situation where the government has little fiscal space to dedicate more resources in cash form, public assets such as urban land that are yet to be monetised, could be used for supporting the entrepreneurs.
In the guest column, former NBR chairman Dr Mohammad Abdul Mazid has come up with the idea of generating more tax by covering more taxpayers to help the government to come out of credit trap. Another article on ‘Changes and remnants’ has emphasised ethical practice and corporate responsibility for doing better business in today’s global and national context.
In the sector focus, this time on light engineering, we have foussed on the positive developments and prospects of growth and higher investments as Dholaikhal and Bogra prove to be local success stories. The story on our business growth around the first day of Bangla New Year, Boishakh, brings some encouragement for other sectors.
However, the secondary bond market is a poor show in our business policy as it remains only in paper. The story on the issue has mentioned that banks have to face a lot of burden due to absence of a functional bond market and investors, too, suffer.
We hope we will succeed in our efforts to build Bangladesh a prosperous country by creating opportunities through business, job creation and social welfare. ICE Business Times is with all stakeholders in the common journey towards progress.
