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Government prioritises five areas to boost jobs, investment: Titumir

Published : Monday, 19 October, 2026 at 4:30 PM

Observer Online Report

The government is prioritising policy consistency, a business-friendly environment, financing, energy security and transport infrastructure to boost employment, increase productive investment and strengthen social protection, Prime Minister’s Economic and Planning Adviser Dr Rashed Al Mahmud Titumir has said.

He made the remarks as the chief guest at the inauguration of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA)’s ESG Platform in Dhaka on Monday.

Titumir said the government faced major challenges in reviving the economy amid inherited economic fragility, high inflation, unemployment and an energy crisis caused by conflicts in the Middle East.

Highlighting steps to improve the investment climate, he said the government had taken initiatives to ensure five-year consistency in tax policy. A Tk 60,000 crore support package had also been announced to reopen closed industrial units, with plans to provide loans at interest rates below the inflation rate.

Increasing investment in productive sectors and creating jobs would help boost domestic revenue mobilisation without raising tax rates, he said. This would also create greater scope for spending on education and healthcare and developing a skilled and healthy workforce.

On energy security, Titumir said initiatives had been taken to expand renewable electricity generation, explore new gas fields, increase supplies of liquefied natural gas (LNG) and liquefied petroleum gas (LPG), and install floating storage and regasification units (FSRUs).

The government was also implementing initiatives to improve goods transportation, develop the railway network and upgrade transport infrastructure along the Dhaka-Chattogram corridor. These projects are expected to be completed by 2029, he said.

Titumir identified employment for the country's young and educated population as a major challenge. Women account for a significant share of those outside education, training and employment, making it essential to expand job opportunities and increase the participation of women and young people in economic activities.

Outlining the government's social protection measures, he said initiatives had been taken to waive agricultural loans, introduce family cards and increase spending on education and healthcare since the government took office. These measures were intended to ease the financial pressure on low-income households and strengthen social protection.

Referring to assessments by independent research institutions, he said implementing the family card programme over five years could significantly reduce poverty. He also highlighted the increase in the number of people falling below the poverty line during the previous government's tenure, attributing it to a lack of effective measures.

Recalling Bangladesh's economic history, Titumir said the country had created new sources of income and employment while overcoming major crises. He referred to initiatives taken by former president Ziaur Rahman after 1975 amid a war-ravaged economy, famine, high inflation and energy shortages. He also said progress in poverty reduction had been made during former prime minister Khaleda Zia's tenure through greater participation of women in the formal labour market.

On economic growth projections, Titumir said forecasts differed among international organisations. The International Monetary Fund's projections were generally lower than those of the Asian Development Bank, while the World Bank's estimates fell between the two. Ultimately, growth would depend on how effectively reforms were implemented, he said.

Regarding Bangladesh's graduation from the least developed country (LDC) category, he said discussions were progressing at the relevant international level over a proposal to extend the preparation period. Given the shortcomings in preparation in the past, he stressed the need to make domestic industries and the economy better prepared for graduation.

He thanked Denmark, the European Union and other development partners for their support.

Praising the BGMEA's ESG Platform initiative, Titumir said adopting environmental, social and governance standards would improve transparency, efficiency and competitiveness in the industrial sector. Such initiatives could also strengthen the acceptance and competitiveness of Bangladesh's manufacturing sector in global markets.

He said the central goals of economic reform were to create jobs, reduce poverty, strengthen social protection and increase investment in productive sectors to build a stronger economy.

BGMEA President Mahmud Hasan Khan chaired the event. Dr M Masrur Reaz, chairman and chief executive officer of Policy Exchange Bangladesh, and Christian Brix Møller, Denmark's ambassador to Bangladesh, attended as special guests.

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