Dhaka: Bangladesh must build strong institutions, including centres of excellence in education, to prosper in a globalised economy, a US-based expert said while delivering the keynote address at a seminar organised by Cosmos Foundation in the capital on Saturday.

Prof Haider Khan, John Evans Distinguished Professor of Economics at the University of Denver, said for developing countries like Bangladesh, the ultimate end is development, not just liberalisation or protection, and therefore a hybrid approach to globalisation might be the best solution.

“There should be a hybrid architecture, with institutions that will have a global aspect but will also address local concerns,” he said adding, “When it comes to globalisation, one size does not fit all.”

Prof Khan, an eminent economist who has been an adviser to the United Nations Development Programme, Asian Development Bank Institute, the United Nations Conference on Trade and Development and many other development organisations, was delivering the keynote speech at the inaugural Cosmos Dialogue, a series of discussions on critical, contemporary issues organised by Cosmos Foundation.

UNB Chairman Amanullah Khan, Cosmos Foundation Chairman Enayetullah Khan, Cosmos Foundation Adviser Zain Al Mahmood, The Daily Observer Associate Editor Syed Badrul Ahsan, UNB Director (Digital and Strategy) Nahar Khan, Dhaka Courier Executive Editor Shayan S Khan and Lt Gen (retd) ATM Zahirul Alam were, among others, present.

Titled “Globalisation, ICT and Ecology”, the speech by Prof Khan touched on the benefits and risks of globalisation, as well as the promise of technology and the perils of climate change.

He said globalisation must be understood not only in terms of economic integration, but also as an environment that allows the flow of ideas and people across national borders.

He said the developed countries like the US had benefited from the inflow of talent from others parts of the world including Europe during the Second World War. Bangladesh’s neighbour India has gained massively by attracting Business Process Outsourcing (BPO) from America and other developed countries.

Bangladesh needs to set up educational centres like the Indian Institute of Technology (IIT) that can produce the skilled manpower that can boost Bangladesh’s development, he said.

He, however, said unless growth is ecologically sound it actually can bring disasters and laid emphasis on joint efforts to that end.

Appreciating Cosmos Foundation’s role in creating debate on important issues, Haider Khan said they need many more entrepreneurs, civil society figures to do similar things like this setting. “We should do this nationally, locally and internationally.”

Enayetullah Khan said the Cosmos Foundation will continue to arrange such events that will explore issues of national and international significance. “This is the beginning of a new journey for Cosmos Foundation,” he said.