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Pursue slow and steady privatisation process

ADB country director advises govt

Star Business Report
Private sector is the key to development of Bangladesh but the country should follow a slow and steady privatisation process, ADB Country Director Hua Du said yesterday.
"Don't privatise the state-owned enterprises altogether at a time or in a hurry. It won't bring any good to the country," Du said while speaking at a discussion titled 'Role of the Asian Development Bank (ADB) in Developing Infrastructure for Bangladesh'.
The American Chamber of Commerce in Bangladesh (AmCham) organised the discussion as part of its monthly luncheon meeting in Dhaka.
When China started privatisation two decades ago, 99 percent organisations were run by the government. Now, 90 percent organisations are owned by the private sector, Du, who hails from China, cited an example.
During the period the government and the private investors from home and abroad financed largely in infrastructure development of China, she noted.
Private sector involvement in every sphere is needed to reduce poverty and achieve the millenium development goals (MDGs) for Bangladesh, she pointed out.
Moreover, limited policy and institutional reforms have slowed down infrastructure development, Du went on.
"Unless infrastructure development is accelerated, it will be difficult for Bangladesh to boost global competitiveness and attract the much-needed foreign investment,"
Du said adding that such development also helps establish regional trade linkages and diversify new sources of growth.
The ADB is committed to developing the infrastructure of the Asian countries including Bangladesh, she added.
"Infrastructure development is a priority area of ADB's assistance programme in Bangladesh. As of 2004, the share of ADB's public sector lending to energy sector of Bangladesh is 34 percent. Transport and communications accounted for another 25 percent," Du said.
Bangladesh needs extensive infrastructure financing. For example, the power sector alone requires investments of about $15 billion by 2020. Investment requirements in sectors such as port, roads, railways, gas, ICT and water supply and sanitation,
mainly in Dhaka and Chittagong area, are also high, she continued.
"ADB is interested to work with the government in these sectors," she added.
Addressing the function, AmCham President Aftab-ul Islam said poor quality and poorly managed infrastructure increase cost of doing business in Bangladesh, especially for the private sector. Weak law and order situation is another barrier, he added.
Judith Chammas, charge d'affaires of American Embassy in Dhaka, Andrew Fawthrop, vice president, A Gafur, executive director of AmCham, and Beth Paige, acting director of USAID, also spoke at the function.