Cater to job entrants

Bangladesh requires adaptations to cater to the two million annual job entrants amidst the latest geopolitical considerations and climate change, said Abdoulaye Seck, country director for Bangladesh and Bhutan at the World Bank, yesterday.

He considered Bangladesh's upcoming graduation from a least-developed country to a developing nation and economic diversification to be among top challenges the country had to face and prepare for in the near future.

Seck was addressing a luncheon meeting of the Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) at its Gulshan office, said a press release.

He praised Bangladesh for having come a long way since independence.

However, Bangladesh's export as a percentage of its gross domestic product is very low, even when compared to other competing exporting nations, he said.

"Navigating these would require constant dialogues among the public and private sectors along with multilateral organisations."

He said improving the business environment for the private sector, transcending financial obligations to support long-term growth, and improving the effectiveness of public institutions are WB's priorities for Bangladesh.

At the discussion, participants stressed the need for skill development, a reassessment and rearrangement of the entire education system, overcoming the export bias of incentive policies and the need to have a renewed focus on agriculture.

MCCI President Md Saiful Islam praised the WB as a major contributor to the development of business and commerce in Bangladesh.

He hoped to explore collaboration opportunities with the WB in the areas of developing business climate index, which the MCCI has already started doing through its BBX report, and climate change.