Balanced foreign policy crucial for economic stability: Diplomats, economists

   To achieve economic stability, maintaining a balanced foreign policy and ensuring good governance are crucial for Bangladesh, according to diplomats and economists.  

"In the current multipolar world system, there are at least 4-5 major crises, such as the Russia-Ukraine war and the Sudan conflict, which have given rise to a cold war-like situation. In such a situation, Japan, despite being an ally of the West, has been practising autonomy in many areas, one which we can follow," Dr Delwar Hossain, professor of International Relations, University of Dhaka, said at a roundtable organised by the Editors Guild on Saturday.

"Boosting ties with Japan does not mean cutting ties with China. Rather, we can highlight the importance of balanced ties, which are a win-win situation for everyone concerned," he added at the roundtable, held at the capital's Dhaka Gallery.

He felt that owing to mature leadership and an equally mature foreign policy, Bangladesh has never entered into a major power conflict in the past 12 years or so.

Dr Ahsan H Mansur, executive director of Policy Research Institute, said, "The world has noticed that the country has progressed a lot and the possibility of further progress is very good. In this context, everyone has an interest in Bangladesh."

Stating that Bangladesh can use the interest of the big powers in economic development, he said, "If we lean towards one side, we will not be able to leverage economic benefits."

He said that if there is no macro stability in the country, investment will not come.

"To bring in investment, we have to retain macro stability, policy dimension. At one time, many investments from other countries, including the USA, went to Pakistan. But they could not retain it," he said.

"That's why we need to mitigate the dollar crisis. It's unfortunate that we haven't done it yet. Our reserves are still falling. The exchange rate needs to be flexible and needs to be kept stable with support," he added.

Ambassador Muhammad Zamir said that in any bilateral relationship, it should be seen whether or not the national interest is getting priority.

"Our imports from India and China are increasing, but our exports are not," he said.

Munshi Faiz Ahmed, former Bangladesh ambassador to China, said that India, China and the United States are the most important factors in our foreign relations.

"Partners will not be unhappy if we engage with any country on specific projects with national interests in mind," he said.

Security analyst Air Cdre (Retd) Ishfaq Ilahi Choudhury stressed the need for defence diversity and said, "India's defence forces are currently suffering greatly in the face of western sanctions due to their over-dependence on Russia. Therefore, Bangladesh should develop a multi-faceted defence relationship without depending on a single country."

Former Foreign Secretary Md Shahidul Haque said, in the current world situation Bangladesh needs to navigate its way forward skilfully.

Former secretary and once high commissioner to Britain AH Mofazzal Karim and Ambassador Nasim Firdaus spoke among others at the event, which was moderated by Mozammel Babu, president of Editors Guild Bangladesh.