Infrastructural and skill development needs more focus for industrialization

Despite citing a long list of challenges. Bangladesh is unique role model among world. Inadequate infrastructure, shortage of skilled resources and energy security were the biggest challenges in accelerating economic growth. 

Bangladesh expected to become the 28th largest economy by 2030 and 23rd largest economy by 2050 in terms of GDP ranking on PPP basis. Bangladesh aspires to be a developed country by 2041, achieving per capital GDP of $12,000. An investment of $320 billion in infrastructure is required by 2030 to facilitate this economic transformation.

The country has well established bilateral trade relationships with key partners. Bangladesh’s trade with South Asia stands at $7.6 billion, with the potential to ramp this up to $18.9 billion. Regional connectivity can be further accelerated through Bangladesh-China-India-Myanmar forum for Regional cooperation (BCIM). 

To attract both domestic and foreign investment, Policymakers to focus on factors that drive ease of doing business, strengthening and greater alignment among institutional frameworks and improving efficiency through greater deployment of digitization.

On the investment side, Bangladesh has been truly unique compared to some of our peer countries because the investment has been domestic. That’s the unique sign of development.  We have to stop selling labor, concentrate on making designs and create intellectual property. We will need better education, skill and infrastructure. And skill training needs to be incentivized, for the incentive issue is vital for exporter. If you look at in China – They will ensure 80% of incentives right after export goods. Whereas we are struggling to get our due incentive years over years.  Sharing port capacity with any neighbor country at this point would be a mistake as the Chittagong Port struggles to handle local cargo. Stressing on the improvement the quality and capacity of the port to accelerate services for exporters.

Industrial land has become very scarce, the government planned to establish 100 SEZs but many of them did not come. This has to be developed on a priority basis so that Foreign Direct Investment and local investment can come to those sectors.

We have a massive demographic dividend and the government is putting effort on skill development in line with industry needs. Putting emphasis on the involvement of industry experts and academicians in this effort.

Young entrepreneurs have a really important role to drive our economy to reach its bench mark destination. I have faith on this generation that they can take us higher in next ten years. 

Mizanur Rahman

Chairman

Fortune Shoes Limited

(Fortune Shoes Limited is one of largest exporter of shoes and leather goods.)