ICC-B President Mahbubur Rahman (centre) presents the report of the executive board at the 14th Annual Council of ICC-B in Dhaka yesterday. Vice presidents Latifur Rahman (2-L) and Samson H Chowdhury (2-R), ICC-B Executive Board Member and Ficci President Waliur Rahman Bhuiyan (extreme left) and MCCI President Abdul Hafiz Choudhury (extreme right) are also seen. Photo: ICCB
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More integrated privatepublic partnership is essential to face the ongoing world economic challenges, says the president of the Bangladesh chapter of International Chamber of Commerce.

Mahbubur Rahman was presenting a report of the executive board at the 14th ICC-B Annual Council 2008 yesterday.

Rahman said Bangladesh has done relatively well in developing its manufacturing sector, a key requirement for rapid economic growth.

Pointing to the fact that in almost every field of economic activity, the binding constraint has been energy, the ICC-B chief said Bangladesh is in the grip of a massive energy crisis.

Mismanagement, inappropriate strategy, corruption, lack of professional approach, shortage of competent professionals and politicisation of trade unions have created serious crisis in all segments of the energy value chain, he added.

Regarding Digital Bangladesh, Rahman observed that the new government has given ICT a high profile in its plans. The ICT industry has the potential to become an important export industry and employer of quality manpower. To achieve this, emphasis on English, computer and programming proficiency and exposure to the outside world will be essential, he remarked.

Rahman in his annual report mentioned that the global financial crisis has now transformed the economies of many countries, pulling some into deep recession.

“Where Bangladesh had dealings with them, such as the destinations of our exports or expatriate workers, recession in those countries is also going to affect us as a consequence. The issue is, whether we can put in place appropriate policies that will guard us against the fall-out,” he said.

The council marked that the challenge for Bangladesh’s development is multifaceted. On the one hand, the reduction of poverty requires investment in the social sectors, such as education, health, and rural development. At the same time, without rapid growth of the economy, the reduction of poverty cannot be sustained; this requires an active trade and industrial policy.

To reduce poverty from its present level over forty percent to about fifteen percent, Bangladesh needs to achieve a GDP growth rate of 8 percent annually during the coming 20 years, Rahman said in the council’s annual report.

Despite all odds, the ICC-B council expects that Bangladesh will realise its goals and emerge as one of the next eleven fast developing countries, as predicted by Goldman Sachs. The business community’s demand is a business-friendly enabling environment.

ICC-B Vice Presidents Latifur Rahman and Samson H Chowdhury, Board members ASM Quasem, Aftab ul Islam, Kazi Mahmood Sattar, Kutubuddin Ahmed, Mahbub Jamil, Masih Ul Karim, BKMEA President Md Fazlul Hoque, R Maksud Khan, Ficci President Waliur Rahman Bhuiyan, MCCI President Abdul Hafiz Choudhury, Agrani Bank Limited Managing Director Syed Naser Bakhteyar and senior officials of banks, insurance companies, national and multinational companies also attended the council.