Private sector investment needed for profitable agriculture: Minister

Agriculture Minister Md Abdur Razzak says investment and cooperation of the private sector in agriculture will make it a profitable endeavour for the country.

"Work is underway to modernise and commercialise the agriculture sector where mechanisation is progressing rapidly. However, cooperation of the private sector is needed for farmers to get a fair price and add value to agricultural products," said the minister as chief guest at a discussion on the agricultural development of Bangladesh in the last five decades, organised by the International Business Forum of Bangladesh (IBFB) on Thursday.

"The private sector does not want to invest in agriculture but there is a lot of potential in agriculture and investment is needed here," he added.

Abdur Razzak said the government is encouraging and cooperating with the private sector in agricultural research and investment. Since coming to power in 2009, this government has provided 20% incentives to increase agricultural processing and the export of agricultural goods.

He urged the private sector to take full advantage of this opportunity and assured the provision of more facilities if needed.

"Agriculture was one of the foundations of a 'Golden Bengal', the dream of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. He gave the utmost importance to agriculture for the country's development and started an agrarian revolution, taking ground-breaking steps in the development of agriculture and farmers. Continuing on that path, food security has been ensured from agricultural production," he added.

Vice-Chancellor of the University of Global Village, Dr Jahangir Alam, presented the programme's keynote paper, describing how the various agricultural sectors have progressed since independence to the present.