'Bangladesh transforms into a global integrated manufacturing economy'Staff Correspondent
Bangladesh Bank governor Atiur Rahman on Friday said Bangladesh has transformed into a global integrated manufacturing economy from the initial position as a primary goods producing small agrarian economy.
‘Bangladesh has positioned herself in the global community as a forward looking nation, with firm footprint on path of steady accelerating growth and development towards rapid poverty elimination and eventual prosperity,’ he said.
The central bank governor said this while giving a presentation on innovations in banking at World Marketing Summit 2012 being held at Bangabandhu International Conference Centre in Dhaka.
Atiur said the productive activities in the country’s economy were growing buoyantly driven by strong domestic demand from a large population, and earnings from exports that continued to grow at least at double digit rates while the current global growth outlook was subdued.
To attract the world business attention, the BB governor pointed out that Bangladesh had a large pool of young workforce available at low, extremely competitive costs, which could be the point of core interest for foreign investors.
‘This potential in Bangladesh’s economy remains wider in days ahead,’ he added.
As part of marketing, the BB governor said that trade openness has integrated Bangladesh with the global economy with trade GDP ratio rising from around 20 per cent in the 1970s and 1980s to 40.7 per cent in the financial year 2011.
‘Bangladesh is ahead of most of the South Asian nations in progress in human development indicators,’ the central bank governor said.
Over the past 40 years, nominal GDP has increased more than eighteen-fold, while the population has increased a little over two-fold, he said.
‘We aspire for joining the group of upper middle income countries by 2030 and mature development economy status by 2050 with sustained development dynamism,’ Atiur said while speaking about roadmap to development.
He stressed on making innovations in the banking sector and financial inclusion to promote inclusive economic and social growth.
The governor said the central bank had been contributing to the nation’s efforts to speed up inclusive growth not only through its traditional role in protecting monetary and macro-economic stability but also by orchestrating a comprehensive financial inclusion campaign.
He said the central bank was pushing all banks and financial institutions to extend financial services for all productive pursuits of all under-served or un-served population in the society.
The BB governor pointed out some initiatives taken by the central bank to promote inclusive economic growth that includes opening farmer’s account at Tk 10, sharecroppers’ refinance scheme, promoting SME and women entrepreneurship, automation in banking, mobile financing services, introduction of Bangladesh Automated Clearing House (BACH) and Bangladesh Electronic Fund Transfer Network (BEFTN).
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