The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) has stressed the need for increasing the level of investment in the country.
“(An) All-out effort will be needed to mobilise investment, including foreign direct investment (FDI) in the country,” it said in its quarterly economic review report released on Thursday.
“There is no alternative to raising the level of investment if Bangladesh is to attain the status of a middle income country by 2021,” it added.
Referring to the seventh five-year plan (7FYP) target of 7.40 per cent economic growth per annum, it says, “In order to achieve the targeted GDP growth, private investment in FY18 should be 24.4 per cent, and public investment should be 7.4 per cent of GDP.”
The latest estimation of the Bangladesh Bureau of Statistics (BBS) showed that investment-GDP ratio stood at 30.27 per cent in the current fiscal year which is close to 31 per cent targeted in the 7FYP.
The MCCI was of the view that the country’s economy is progressing well, but below its true potential.
Inadequate infrastructure, lack of confidence among investors that discourages fresh investment, and shortage of power and energy are now the major impediments to the economic growth.
