WB country director for improving business environment for pvt sector

World Bank Country Director for Bangladesh Abdoulaye Seck today highlighted improving the business environment for the private sector, transcending financial obligations to support long-term growth, and improving the effectiveness of public institutions as the lending agency's priorities for Bangladesh.

He came up with such observations at the 3rd Quarterly Luncheon Meeting of 2023 of the Metropolitan Chamber of Commerce and Industry, Dhaka at its Gulshan office.

Speaking on the occasion as the chief guest, Abdoulaye Seck considered LDC- graduation and economic diversification to be among the top challenges Bangladesh had to face and prepare for in the near future, said a press release.

Also, Bangladesh's export as a percentage of GDP was very low, even when compared to other competing exporting nations, he added.

The World Bank country director said navigating these would require constant dialogues among the public and the private sectors along with multilateral organizations.

Seck praised Bangladesh for having come a long way since independence. However, catering to the two million annual job entrants amid the latest geopolitical considerations and climate change required adaptations, he cited.

He also reaffirmed the World Bank's commitment to Bangladesh's development and its openness to partnerships in the future.

In his welcome remarks, MCCI President Md. Saiful Islam praised the World Bank as a major contributor to the development of business and commerce in Bangladesh.

As the oldest trade chamber of the country, MCCI also stood as a pillar of strength in Bangladesh's trade and commerce arena.

The MCCI President believed that converging the efforts of MCCI and the World Bank had the potential to elevate Bangladesh's business landscape to new heights.

He also hoped to explore collaboration opportunities with the lending agency in the areas of developing business climate index (which MCCI had already started doing with its BBX report) and climate change.

Other topics that came up during the discussions include the need for skills development, a reassessment and rearrangement of the entire education system, overcoming the export bias of incentive polices, the need to have a renewed focus on agriculture, the need for more losses to be covered by insurance, and the latest National Tariff Policy 2023.

The event ended with a vote of thanks from the MCCI vice president Habibullah N. Karim.

Representatives from various member firms of MCCI attended the event.