State Minister for Finance, Waseqa Ayesha Khan on Tuesday said in the context of fourth industrial revolution, the government's vision of Smart Bangladesh will be realized by intersecting cutting-edge technologies and financial inclusion.
She mentioned that the financial inclusion and easy access to financial service are regarded as an important prerequisite for poverty alleviation and boosting e-commerce. It has appeared as one of the vital areas for sustainable economic development.
She was addressing the monthly Luncheon of the American Chamber of Commerce in Bangladesh (AmCham) titled “Driving Financial Inclusion for Smart Bangladesh” at a city hotel .
The state Minister attended the event as the guest of honor with AmCham President Syed Ershad Ahmed as the session chair.
"Our government and financial institutions have been implementing numerous plans to encourage digital payments", Waseka added.
While addressing, AmCham President said Bangladesh has made good progress so far, but we will lose several benefits when we graduate from LDC status in 2026. Therefore, to overcome the challenges, RMG and all other exports must focus more on reducing management expenses and operational cost and increasing efficiency.
"Prime Minister has announced 100% cashless transaction by 2031 at her 8th – 5 years plan. AmCham is a strong believer of “Cashless & Digital Economy” and recommended to Bangladesh Govt for “Dis-incentivizing Cash payments” and introduction of digital payments at every sector", he added.
Ershad said American Companies like Mastercard & Visa are closely involved in Bangladesh Bank’s “Cashless Bangladesh” initiative from day one & so far launched cashless payments at Motijheel, 8 Thanas at 4 districts, Dhaka university, Barishal & 2 Dhaka North City Corporation markets. Mentioning that the inflation is currently one of Bangladesh's major challenges, he said the government has prioritized inflation management in the FY 2024-2025 budget; executing this will be crucial for achieving a Smart Bangladesh.
Some of the barriers to FDI include policy and regulatory uncertainty, frequent Changes in the policy and logistics is an important component in global Buz arena.
AmCham members, foreign dignitaries, business leaders attended the session among others.
