‘Agriculture Hub’ helps to build $1 trillion economy by 2034: Titumir

Rashed Al Mahmud Titumir, Finance and Planning Adviser to the Prime Minister, said that the main goal of the current government is to ensure equitable regional development. 

For the first time in the history of Bangladesh, a special refinancing fund of Taka 3,000 crore has been allocated for the development of agriculture and agro-products in North Bengal, especially with the aim of creating an ‘Agriculture Hub’ in this region. 

The agricultural revolution in the northern region will play an important role in the target set to transform Bangladesh into a $1 trillion economy by 2034.

He said these things while speaking as the chief guest at the Rajshahi Regional Conference on Agro Processing held today (4 August) at the conference hall of Rajshahi Primary Teachers Training Institute (PTI).

The finance and planning adviser said the government itself does not do business. The government is creating an investment-friendly environment and paving the way for entrepreneurs, he added. 

In line with the manifesto, work is underway to achieve economic prosperity from the grassroots level based on the philosophy of ‘One Village One Product’.

The chief guest said, to encourage investment, the interest rate has been kept between 5 to 9 percent, which in the context of current inflation can be considered a form of negative interest rate. 

He mentioned the provision of loans at a 5 percent interest rate for women entrepreneurs and special allocations for micro and medium industries.

In total, various financial assistance and refinancing schemes worth about Taka 60,000 crore are in operation through the coordination of the government and Bangladesh Bank (BB).

Highlighting the steps taken by the government to remove barriers to investment, he further said that the entire process from obtaining a license to setting up a factory is being digitized, so that entrepreneurs can track every step. 

Effective steps have been taken to ensure services through a ‘Single Window’ by reducing ‘red tape’.

Regarding infrastructural development, he said that the work of converting the railway line to dual gauge to ensure uninterrupted connectivity from Panchagarh to Chattogram or Mongla port will be completed within the next 2 to 3 years. 

In addition, instructions have been given to utilize the huge potential of solar power in the northern region, especially in Rajshahi, to save energy.
 
Encouraging the entrepreneurs at the conference, he said there is immense potential to build new industries through making starch or API from potatoes and through diversified use of mangoes. 

He expressed hope that a major change in the investment climate will be visible by next December through policy continuity of the government, equity in the tax structure, and removal of bureaucratic complexities.