Govt prioritising local capacity, tech transfer in investment policy: State minister

The government is prioritising the development of local capacity, ensuring technology transfer, and protecting national interests while welcoming foreign investment, State Minister for Planning Junaid Abdur Rahim Saki said today (19 May).

Speaking at a roundtable at a hotel in the capital, he said the current government's core policy is "Bangladesh First" and that all policies and measures are being formulated with national interests at the forefront.

Saki said desired outcomes in state governance cannot be achieved without a combination of administrative efficiency and political goodwill. He noted that the administration had long been used for political purposes, creating shortcomings in enhancing the skills and confidence of officials.

"The government now wants to make performance the primary basis for evaluation," he said. "The government now wants to prioritise performance over political considerations, focusing on those who can deliver results."

The state minister said one of Bangladesh's biggest current challenges is public investment management. Referring to the recently approved Annual Development Programme (ADP) worth Tk3 lakh crore, he said questions remain over the implementation rate of the previous revised ADP of Tk2 lakh crore.

He identified delays in project implementation, cost escalation, lack of coordination, and "inflated budgets" as major problems. In many cases, projects fail to deliver expected benefits due to poor coordination, resulting in the wastage of public funds, he added.

On foreign investment, Saki said attracting investment "at any cost" is not the government's policy. Instead, the government will encourage investments that create employment, ensure technology transfer, and strengthen the capabilities of local entrepreneurs.

He said the government is taking initiatives to improve the ease of doing business and reduce the cost of business. Efforts are also being made to simplify licensing procedures, introduce one-stop services, and ensure legal protection for investors.

The state minister further said technology transfer is now being treated as a key priority. He warned that Bangladesh would become dependent on others if it failed to develop its own capabilities in the era of metro rail, automation, and artificial intelligence-based technologies. 

To gain positive outcomes from foreign investment, Bangladesh must ensure conditions for reinvestment of profits, technology transfer, and the creation of a competitive market, he said, adding that many countries have succeeded by implementing such conditions, and Bangladesh should follow the same path.