Call for Sustainable Economy by Reducing Dependence on Foreign Funding: National Professor Mahbub Ullah

National Professor Dr. Mahbub Ullah has called for reducing excessive dependence on foreign financing, increasing domestic value addition, and building a truly self-reliant economy to ensure sustainable economic development of the country.

He made the call while speaking as the chief guest at a seminar titled “Post-Analysis of the National Budget for the Fiscal Year 2026-27 and Future Direction of Bangladesh Economy”, organized by the Economics Club of Bangladesh University of Business and Technology (BUBT) on Wednesday.

The seminar was held at BUBT’s International Conference Hall, where prominent economists, academics, and policy experts participated.

National Professor Dr. Mahbub Ullah said the key sources of investable capital must be identified to accelerate the country’s development. He said that after more than five decades of independence, Bangladesh now needs to move away from excessive reliance on foreign financing and advance towards an economy based on its own capabilities and value addition.

He said priority should be given to sustainable production, technological modernization, and increasing productivity in the readymade garment sector. Emphasizing the importance of bringing export earnings back to the country on time, he said this is crucial for achieving true economic self-reliance.

Speaking as a special guest at the seminar, BUBT’s Dean of the Faculty of Business and Economics, Professor Dr. Syed Masud Hossain, said post-budget analysis plays an important role in determining the future direction of the country’s development and provides effective guidance for policymaking.

Professor Dr. Muhammad Mahbub Ali from the Department of Economics at BUBT presented the keynote paper. He said timely implementation of the Annual Development Programme (ADP) and ensuring quality control of projects are essential for achieving inclusive growth and long-term economic stability.

He also said the electricity distribution system should not be handed over to the private sector; rather, it should be managed within the existing framework with greater transparency and accountability.

Professor Mahbub Ali urged the inclusion of subjects such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, and deep learning as compulsory components in the curricula of all universities, considering future employment market demands. According to him, such technological knowledge is essential to address the challenges after Bangladesh’s graduation from the Least Developed Country (LDC) category and to develop skilled human resources.

In his presidential speech, Chairman of BUBT’s Department of Economics, Professor Dr. Md. Mahmudul Hasan, said such academic discussions enrich constructive thinking and policy debates on the country’s economic development.

The seminar was also addressed by Assistant Professor of the Department of Economics Tariq Imam Zahid, Assistant Professor Md. Rakibul Islam, and Professor Dr. Munsi Mahbubur Rahman, Dean of the Faculty of Science and Engineering and Professor of the Department of Electrical and Electronic Engineering.

(Dhakatimes/30july/RZ)