ICT policy overhaul expected by June-July to boost digital economy: Faiz Ahmad

Highlights: 

• Reforms expected in cyber security, data protection, telecom licensing, infrastructure
• Right policies, quality infrastructure, incentives planned to boost digital investment
• Entrepreneurs  for lifting digital transaction restrictions to unlock further digital growth
• BB revealed plans for full interoperability in the digital payment ecosystem by next year

The interim government plans to revise key policies and laws concerning Information and Communications Technology (ICT) and telecommunications by June-July this year to eliminate obstacles hindering the growth of the digital economy.

Having the right policies, quality electricity, internet, land, and incentives for companies in high-tech parks will create the right environment for investing in Bangladesh's digital potential, said Faiz Ahmad Taiyeb, chief adviser's special assistant for Posts, Telecommunications, and ICT.

The list of policy reforms includes the Cyber Security Ordinance that will be finalised by the end of this month, he said during a session at the Bangladesh Investment Summit 2025 Thursday (10 April), the summit's final day.

To uphold democratic values and human rights, it will compel the government to publish the information about the online contents it blocks, and anyone can sue the government based on it, Faiz Ahmad told investors.

Reforming the policies and laws will be done gradually, starting with the issuance of a gazette on the Cyber Security Ordinance by the end of this month, followed by policy overhauling in data protection, telecom licensing regime and topology, he said.

Isolated digitalisation efforts over the past 15 years created too many silos (isolated or disconnected systems) in each sector that lack integration and interoperability, resulting in poor services to the people, he said.

From citizen services to digital payments, issues persist, and the interim government is prioritising their resolution to unlock the potential of Bangladesh's young population with the help of technology, Faiz said.

Entrepreneurs highlight key reforms for boosting digital economy

At the panel discussion titled "Inclusive Digital Growth-breaking Barriers Through Policy and Technology," ANT Group International Director for International Public Policy and Government Affairs, Yinfang Zhang, stressed removing cross-border barriers in e-commerce to benefit SMEs as they need access to the international market online.

Meta Bangladesh and Nepal Public Policy Head Ruzan Sarwar suggested removing restrictions on digital transactions to unlock the digital growth potential.

Bangladesh Bank Executive Director Debdulal Roy said that by next year, the central bank will come up with complete interoperability in the digital payment ecosystem.

Grameenphone CEO Yasir Azman showcased the impact of the top mobile operator's business in transforming the economy as well as its business achievements.

bKash CEO Kamal Quadir shared how his mobile financial services (MFS) company leveraged mobile phones for transactions, now serving 80 million users and engaging 350,000 agents across the country. He added that MFS is evolving into a key payment method, with micro-savings and lending playing a crucial role in the future of the digital economy.

Mir Shahrukh Islam, managing director of Bondstein Technologies, highlighted the emergence of 350,000 formal ICT jobs and over half a million freelancers, creating a substantial IT workforce in Bangladesh. 

With a $1.5 billion local market and $0.9 billion in exports, Bangladesh boasts a $2.4 billion IT-enabled services industry, while the business process outsourcing (BPO) sector generates $1.2 billion annually by serving global clients, he said.

Abhishek Gupta, partner at Ernst and Young, pointed to opportunities in the semiconductor sector, while Enayetur Rahman, CEO of Ulkasemi, announced plans to ramp up efforts in the chip design industry. The global semiconductor market, projected to reach $1 trillion by 2030 from its current $645 billion, is expected to grow to $2 trillion by 2032 due to the rise of AI and quantum computing.

Enayetur Rahman also noted that the semiconductor industry will need an additional million chip engineers, creating a gap that can be filled by training more engineers in Bangladesh. 

He said that public-private partnerships and engaging the diaspora will be key to capitalising on opportunities in the high-tech sector.

During the panel discussion, speakers from various sectors called for the implementation of fully automated government services.