The government is looking to steer Bangladesh’s economy away from debt dependence and toward investment-driven growth, with fresh efforts underway to expand industrial and development partnerships with key regional partners, officials said Monday.
Prime Minister’s Economic Adviser Rashed Al Mahmud Titumir said the government is prioritising investment, industrialisation and energy cooperation as part of a broader strategy to revitalise the economy.
He spoke to reporters after holding separate meetings with the ambassadors of China and India at the Secretariat.
Titumir said the country’s economy has been left in a weakened condition and requires stronger investment to regain momentum.
“If investment increases, production will increase, employment will increase, and government revenue will also grow,” he said. “With that revenue, it will be possible to invest more in public services such as health and education.”
He said discussions with various countries are continuing to strengthen economic partnerships and attract long-term investment.
Talks with India on credit projects and regional cooperation
During the meeting with the Indian ambassador, officials reviewed the progress of projects financed under India’s Line of Credit (LoC) facilities.
According to Titumir, the talks focused on assessing the status of projects undertaken in the past, how many have been implemented and how future cooperation can move forward.
The two sides also discussed strengthening development collaboration among neighbouring countries in South Asia.
Titumir said some previous agreements in the energy sector had been criticised as “unequal”, indicating that the government may reassess such arrangements to better safeguard national interests.
He added that Bangladesh is also exploring the possibility of participating in India’s electricity market or power exchange system as part of future energy cooperation.
Investment and industrialisation dominate China talks
The meeting with the Chinese ambassador primarily focused on expanding industrial investment and accelerating ongoing projects.
Titumir noted that during the 2016 visit of Chinese President Xi Jinping to Bangladesh, projects worth around $20 billion were discussed. However, implementation has so far progressed on projects valued at about $8.2 billion.
“Although our trade with China is very large, we now need to increase investment that supports industrialisation,” he said.
“We want to move away from the culture of debt and move towards a culture of investment.”
To support that transition, Bangladesh and China are discussing the possibility of creating a joint action plan or working group involving the Bangladesh government, the Chinese government and Chinese state-owned and private enterprises.
Building trust with development partners
Responding to a question on whether any firm commitments on investment had been received, Titumir said economic partnerships develop gradually through trust and mutual respect.
He noted that international partners have shown renewed confidence since the current government took office.
“We are holding discussions with different countries with three goals in mind: increasing investment instead of relying on debt, promoting industrialisation-based growth, and ensuring environmentally sustainable development,” he said.
According to the adviser, the government aims to attract investments that will support long-term industrial expansion, create jobs and promote environmentally friendly economic growth across Bangladesh.