In order to achieve a sustainable growth and momentum in the economy, Bangladesh should be looking forward and not bogged down with dogmatic agendas. A lot of good can be achieved in bi-partisan decision making which can permeate into the general well-being of the nation. Let’s look into the glass half full and propel our ambitions into prosperity. Confrontational politics is hindering growth and dividing the country into several distinct camps.
Investment and economic growth of Bangladesh depends on a favorable political environment by jointly working to improve the infrastructure of the country. The construction of the Padma Bridge remain uncertain owing to the graft allegations, Hall-Mark scam, Destiny Fund embezzlement, Stock Market debacle, devastating fire incidents in the garment factories, collapse of the “under-construction” flyover in Chittagong, attack on Buddhist temple in Ramu in Cox’s Bazaar, killing of journalist couple Sagar Runi, disappearance of BNP central leader Illias Ali, among others were politically sensitive issues in 2012.
The country’s economy would face two major external threats if the fiscal cliff in the United States and the Eurozone crisis is not solved soon. Our exports depend on the well-being of our customers in these areas and smooth turnaround of movement of goods through our infra-structure. Bangladesh will remain attractive despite all these flaws but cannot remain so in the long run if our law and order, internal security, safety of our work place are compromised.
The macro-economic indicators will face a major setback if the political parties fail to resolve their differences and play their election process on a level plain field. Our priority should be fast development and not confronting each other over issues that do not matter. We will miss a great opportunity if we let the businesses move somewhere else. The labor rates in China, Vietnam and India are rising and the manufacturers are looking for low cost labor and we should grab these opportunities while they last.
While working towards industrial growth, we should not neglect our agriculture and farming. We must have a sustainable farm policy whereby farmers are encouraged to be more productive and profitable. Farmers have suffered last year due to falling prices of their products. Infra-structure projects and decentralized administration should be introduced in the villages. Presently the Parliament members are dishing out the development money which has sifted from the actual works to their pockets. Corruption at the MP level is very high. All funds should be given to the Upozilla/village level directly so that the local people have a say in their development. The procedure is there in paper and pen but has not been seriously applied. MPs are using the money for their pet projects so that they get elected again. Instead of making laws in the parliament, they spend a lot of time in their constituencies.
The communications ministry had difficult times in getting funds for the Mass rapid Transit (MRT) project to set up the first metro rail project between Uttara and Motijheel in Dhaka due to refusal by the Air Force to construct the track through their land in the Bijoy Sharani area. Good news is that the Japan International Cooperation Agency (JICA) has assured to provide a loan of USD 2.1 billion against the cost of USD 2,97 billion. JICA also assured funding for the second Meghna, second Meghna-Gumati and Kachpur bridges to rehabilitate the existing three bridges on the Dhaka-Chittagong highway, the main economic artery of the nation. The Dhaka-Chittagong four lane highway missed its schedule owning to shortage of funds and poor soil condition along the route.
Corruption and less than optimum collection of revenues remain an issue. Like catch 22, these issues will never subside if the entire psyche of the nation is not changed. Politicians have to learn to consult with each other and not like bees in hive dominated by a Queen bee. Administrative power has to shift from central political government to the upozillas and local elected administration. All of these require total dedication by a Prime Minister in power. In Bangladesh all power ends at the table of one person; the head of the ruling political party. The PM rules like the head of a corporation rather than a participatory democracy. When that will change; it is anybody’s guess.
The Bangladesh Chronicle
