Staff Correspondent
Metropolitan Chamber of Commerce and Industry (MCCI) on
Thursday suggested maintaining political harmony in the country in order to
achieve growth and inflation targets set by the government.
The chamber observed that adequate infrastructure, energy,
policy continuity, skilled manpower, political stability and
investment‐friendly climate are the key factors for higher economic growth.
‘The economy is progressing well, despite the presence of
some risk factors like marginal growth in remittances, slower growth in the
export receipts and a higher rate of inflation,’ the trade body said in its
review of the economic situation in Bangladesh for the period October-December,
2017.
Citing Bangladesh Bank data, the trade body said that
overall trade deficit in the first five months of the current fiscal year rose
by 96.11 per cent to $7.607 billion from $3.879 billion in the corresponding
period of the previous fiscal year due to lower export earnings alongside
higher import payments.
The report observed that the foreign direct investment
inflow in Bangladesh was low compared to many countries at similar level of
development.
‘Bangladesh’s low labour costs are generally believed to be
attractive to foreign investors, but yet they hesitate to make fresh
investments in the country because of the country’s underdeveloped
infrastructure, and such other impediments as the shortage of power and energy,
lack of consistency in policy and regulatory framework, scarcity of industrial
lands and political uncertainty,’ the report read.
Citing slow export earnings growth, the MCCI suggested
government to focus on new and emerging markets such as China and Japan to
remain safe and boost export growth. The report also emphasised on product
up-gradation for better prices.
Courtesy: New Age Feb 17, 2018
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