CES Talk Series : The Road to Middle-Income : Bangladesh's Growth Story

On November 10, 2015, Center for Enterprise and Society (CES) has arranged for a renowned speaker, Mr. K Mahmood Sattar to present a talk titled “The Road to Middle-Income:  Bangladesh’s Growth Story” under the banner of ULAB. The talk attended by  the Vice Chancellor of ULAB Mr. Imran Rahman; ULAB Registrar Lt Col Foyzul Islam (Retd); Pro Vice Chancellor Dr. Jahirul Haque; CES advisor Mr. Sajid Amit; Deans, Faculty members and Researchers at ULAB.

Mr. Sattar was invited to speak about his vast experience in the Banking sector which spans over 33 years, currently holding prestigious independent Directorship of reputed organizations, like Association of Bankers Bangladesh, BRAC bank and bKash. He connected his corporate career with the development of Bangladesh and its current status, and the prospect of a Middle Income country by 2021.

Delivering a highly pragmatic speech occasionally laden with growth statistics, Mr. Sattar frequently compared the growth of the Bangladeshi economy, with the growth of Bangladeshi cricket. He

intellectually discussed the obstacles and continuous attempts by Bangladesh to sail beyond the 6.5% GDP growth, which we have been endeavoring for a while now. He reflected a consistent growth of 6.7% annually and the achievement of a 10% growth rate with the rhythm of a high run rate of 28 runs an over near to the end of an innings. He repeatedly asked for reconsideration: is the increase of per capita income from US $200 to US $4000 after decades a great indicator?; is it a success and are we supposed to grow at that rate?

The optimistic Mr. Sattar attributed some of the prized success stories of Bangladesh towards resilient entrepreneurs, the introduction of the bond market and the international Taka bond by the IFC. He greatly appreciated the courage of resilient entrepreneurs growing against all odds; stating dynamic examples of 3 fantastic hotels being built in Cox’s Bazar last year despite political complexities and the transformation of Dhanmondi from his earlier residential years there.

Although Mr. Sattar focused on a few structural handicaps of economic bureaucracy and regulation, his speech was mostly optimistic. It identified the need for Bangladeshi products worldwide, from delivering to top brands like JC Penny, to the dominance of $1 shops in top cities. He identified the need for business outsourcing and establishing domestic companies in foreign to be a remedy for public finance and remittance, not to mention expanding markets. A change of habit and thought processes, clarified by the break-free of traditional education systems in the popular movie 3 Idiots, is what we need to reach a 7% economic growth rate.

Mr. K Mahmood Sattar reached his conclusion on a high note. He pointed out 7% growth as the breaking point which if maintained for 2 years would march us forward and would make us overcome a chasing score of 341 runs, for a win.

After his highly informative and inspirational speech and a post-speech question and answer round, Mr. Sattar was presented a crest from CES and ULAB as a token of appreciation for providing this Talk to the ULAB community.