16 years of deceptive investments burdened Bangladesh: Commerce adviser
For the past 16 years, we have invested in what can only be described as fallacy-based projects. Whether it's the Karnaphuli Tunnel or other projects, we’ve made high-cost investments, he says
Bangladesh has engaged in numerous deceptive investments over the past 16 years, leading to severe financial consequences for the nation, Commerce Adviser Sheikh Bashir Uddin said today (25 June).
"For the past 16 years, we have invested in what can only be described as fallacy-based projects. Whether it's the Karnaphuli Tunnel or other projects, we've made high-cost investments," the adviser said as the chief guest at a workshop in Dhaka.
The workshop titled "Conductive Automobile Policy for Green Growth and Competitive Economy," was organised by the Economic Reporters' Forum (ERF).
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He stressed that these investments not only imposed heavy economic liabilities but also significantly harmed the environment. "In pursuing this kind of development, we've created a massive economic burden. Now, the largest share of our national expenditure is being used to service both domestic and international debts.
"This is unsustainable and cannot continue in the long term. We must shift course," he added.
Bashir further revealed that his ministry is currently scrapping projects worth thousands of crores of taka.
"Many projects have already spent 70-80% of their allocated budget, and now we're caught in a dilemma — whether to continue and risk more losses or to halt and waste what's already been spent. But we want to set an example by cancelling non-essential and non-returning projects," he said.
