Agency

The government alone cannot meet the growing demands of the infrastructure sector, finance and planning adviser AB Mirza Azizul Islam said Sunday, adding that it was in the private sector's own interests to expand road and power networks.

Public and private sectors will have to work unitedly to meet infrastructure demands, including the country's gas and power supplies, without which the private sector itself will be hampered, the adviser said at a seminar at Dhaka Sheraton Hotel.

"Our tax-GDP ratio is lower than any other country in the world," Mirza Aziz said.

"But our population is still increasing at a rapid pace. With it comes the rapidly increasing demand for gas, power, road communications and other infrastructure."

"In the present situation, the government alone cannot meet these demands. The problem has to be solved through united efforts of the government and the private sector."

Also addressing the seminar on 'Participation of public and private sectors in development of infrastructure sector', FBCCI president Annisul Huq said: "The GDP growth of Bangladesh can reach two digits if the problems of gas, power and ports can be solved."

Annisul Huq added that the private sector wants to work with the government hand-in-hand to solve these problems.

Speaking as chief guest at the seminar, Mirza Aziz stressed that consumers' interests must be given priority by the private sector in this regard.

But he also urged private companies to come forward to develop infrastructure sector in their own interests.

"So far, expected developments have not taken place with the country's infrastructure due to political causes, red-tape, mismanagement and other reasons."

"But without development in this sector the country cannot progress economically. The development of the private sector itself is hindered," he pointed out.

"The government will formulate friendly policy, improve law and order and ensure a favourable investment climate."

"The private sector will have to take advantage of these and come forward to meet infrastructure needs," Mirza Aziz said.

The finance and planning adviser added that the private sector already contributes, not only to economic development, but also to reducing poverty.

"The major portion of total investments now comes through the private sector. The private sector's contribution is key in GDP growth and creation of employment, and plays an important role in poverty elimination."

The seminar was jointly organised by the Board of Investment and Islamic Research and Training Institute, an associate of Islamic Development Bank (IDB.

BoI executive chairman Kamal Uddin Ahmed and IRTI training programme officer Osman Ahmed also spoke.

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