The country requires to spend US$ 10 billion worth of foreign currencies annually for hiring mid and top level executives especially in multinational companies (MNCs).
This is mainly because the required manpower could not be created in the country.
The observations came at a lecture series titled 'Leadership at the Top of Corporate Houses' organised by Dhaka Chamber of Commerce and Industry (DCCI) Business Institute at the auditorium of the trade body office on Saturday.
"At the mid and top level of the multinational companies in the country most of them are foreigners. The country has to spend US $ 10 billion annually for them," senior vice-president of DCCI Waqar Ahmad Choudhury said.
"We could not create the required number of local expert people. As a result we have to spend a huge amount of money," he said.
He said that there were few local people who are serving in the top positions of the multinational companies in the country.
He stressed the need to groom local talent by keeping pace with the demand in the fast changing world.
He said that the DCCI Business Institute (DBI) had been working for the country's private sector development.
Managing Director and Chief Executive Officer (CEO) of Robi Axiata Ltd Mahtab Uddin Ahmed in his inspirational speech said if a person has firm determination, honesty and dedication, he must succeed.
He advised young entrepreneurs and officials of corporate houses to serve with utmost sincerity and dedication for the betterment of the people and the country.
He called upon the young generation to equip themselves well to face the present global challenges by shunning the traditional mentality.
He stressed the need for quality of leadership.
He urged the young generation to use new technologies to develop their personal skill and quality.
"Every changes give us some prospects and we must utilise the chances," he said.
DCCI vice-president Imran Ahmed offered the vote of thanks.
Officials of different corporate houses and university graduates were present among others.
talhabinhabib@yahoo.com