Foreign investment key for financing, technology transfer: BB governor
Companies in the country do not invest in innovation for development, leaving talented students without opportunities to strengthen their skills, he says
Bangladesh Bank Governor Ahsan H Mansur has emphasised that foreign investment is essential for the country's growth, serving not only as a source of financing but also as a vital channel for technology transfer.
Speaking at a seminar in Dhaka today (21 September), the Bangladesh Bank governor stressed that technology is the single most important driver of modern business and economic growth, but warned that Bangladesh still lags far behind in creating an enabling ecosystem.
The seminar titled "Bank Crisis, Reforms & Regulations – The Implications on Bank Governance," was jointly organised by the University of Asia Pacific (UAP), University of Dhaka, and Germany's OTH Amberg-Weiden.
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"Weak infrastructure, shortage of skilled manpower, poor performance in global innovation rankings, and underfunded universities limit the country's ability to attract technology-based firms," Mansur said.
He said companies in the country do not invest in innovation for development, leaving talented students without opportunities to strengthen their skills.
The governor also called for the adoption of an open, merit-based, technology-focused approach to development.
He stated that global giants such as Google, Microsoft, Meta and Nvidia show how consistent investment in research and innovation can rapidly create multi-trillion-dollar companies.
At the same time, he said the US economy itself owes much of its dominance to technological leadership.
Artificial intelligence alone, he noted, is projected to become a $30 trillion global economy.
Citing the experience of East Asian economies, the governor pointed out that South Korea and China grew rapidly not only through innovation but also by adapting and upgrading existing technologies.
"China's automotive industry, now a global leader in electric vehicles, developed largely through foreign direct investment and strategic adaptation," he said, adding that FDI significantly contributes to technological upgradation, as seen in China's automotive sector.
He also said that 10 to 15 years ago the USA and European countries were dominated and leading the automobile sector. But currently, China is leading this sector. "We have to learn from others if we want to improve our conditions."
