“Innovation and Entrepreneurship are at the Heart of my Development Vision”
Sheikh Hasina and her nation have defied the odds. Under her strong leadership, Bangladesh solidified itself as a stable democracy while drastically improving its citizens’ quality of life. She’s also claiming Bangladesh a seat at the global table, speaking out for justice and the urgent need to deal with climate change. What are the driving factors behind Bangladesh’s growth?
I grew up witnessing my father, Bangabandhu Sheikh Mujibur Rahman, and his commitment to people, democracy and human rights. Following in his footsteps, this government always sets short, medium and long-term development targets. We cherish the fundamental values of democracy and put the fulfillment of basic needs and flourishing at the center of our policies and programs. Our robust agriculture sector, steady export growth, increasing worldwide connectivity and political stability have all been contributing factors. But the power of democracy, government continuity and strong socioeconomic policies and programs have been fundamental.
What’s the state of Bangladesh’s relationship with the US?
The Us-bangladesh relationship is based on our strong commitment to democracy. We have a very strong people-to-people connection, with the US as our second-largest source of remittances. However, we were frustrated when Major Rashed Chowdhury got shelter in the US,
who is convicted of the barbaric killing of our Father of the Nation along with his 18 family members in 1975. Both countries attach utmost importance to the norms of democratic principles and respect for human rights. Hence, we expect his immediate extradition. Bangladesh recognizes the US as a strategic partner and, given our geographic location, I believe the US also considers Bangladesh as a country of strategic importance. We are committed to working on issues of mutual interest to take the existing bilateral relations to the next level.
Which policies have been the most successful in combatting poverty?
My father started social safety net programs immediately after our independence. He allocated lands to the landless, homes for the homeless, free education, and free medical treatments for people living under subsistence levels. Guided by his principles, we focused on achieving inclusive growth, particularly empowering the people living under the poverty line. We’ve had remarkable success in improving literacy, life expectancy, food production, water and sanitation, and reducing infant and maternal mortality rates. We are investing heavily to improve human capital in our less advantaged segment to lift people out of poverty and empower them to emerge as real economic agents. Policies around the digitization of the economy, mechanization of agriculture and promotion of agro-based industries have also facilitated our economy’s structural transformation for inclusive economic growth and poverty reduction. “Had it not been impacted by climate change, our GDP could have grown at the rate of 10% plus for decades.”
How do you think about infrastructure?
We are not only concerned about our own peoples’ comfort, but have extended our attention to building a prosperous South Asia by establishing air, rail, road, inland water, and maritime connectivity with the neighboring countries and the greater Indian and the Pacific Ocean regions. The projects, which we evaluate for feasibility, environmental and social aspects, also enhance our business ecosystem.
What about investment in infrastructure or otherwise?
Innovation and entrepreneurship are at the heart of my development vision for my country. We promote free market enterprises and want entrepreneurs to make Bangladesh their home turf. We have a very liberal tax policy, and we lower corporate taxes and other fees to generate generous public goods. We have a number of mega infrastructure development projects, which will be opened gradually. We offer investment opportunities in any sector without a cap on the amount or percentage of equity. Our law ensures complete protection for foreign investors. The first private investment in the power sector was from the US (AES Corporation). In our energy sector, the US company Chevron has been our longest-serving partner.
How did Bangladesh handle the COVID-19 pandemic?
Bangladesh secured the top position in countering the pandemic in South Asia and fifth in the world, according to the Nikkei COVID-19 Recovery Index. This could not have happened without strong digital infrastructure. We conducted school, government activities and even held court online. We took immediate steps to combat the virus and quickly formulated programs to support the economy and vulnerable segments of the population. Our economy continued growing even throughout 2020.
What is the role of tech and innovation in Bangladesh’s growth?
We are laying the groundwork for a dynamic ICT sector. Our first mission of making Bangladesh a digital country has been achieved. For a brighter future, we have adopted a new program known as ‘Smart Bangladesh.’ We are establishing universities in every district of Bangladesh and technical and vocational institutions in every county. We are encouraging our young people to innovate rather than imitate. We want our young people to be entrepreneurs and give a high priority to start-ups.
How is your administration dealing with climate change?
We are building a sustainable and resilient delta for future generations while securing a balance between food security and energy security without compromising the ability to cope with the adverse impacts of climate change. My government mainstreamed climate change in our national development policies. In 2009, we became the first developing country to have a comprehensive climate plan. We also established our own national climate finance mechanism with our own resources. Bangladesh also has the world’s most extensive solar home system, covering almost 20 million people, and is globally acclaimed for its impressive record in disaster risk reduction. A large chunk of our development budget is channeled into addressing climate change. Had it not been impacted by climate change, our GDP could have grown at the rate of 10% plus for decades, fulfilling the development aspirations of 165 million people. Bangladesh is not responsible for climate change. So, it is our right to seek preferential and unconditional access to green climate technologies. We urge the developed countries to remain faithful to financing commitments under the Paris Accord and then scale it up further for a net zero future.