The garment trade is now a $30 billion industry. But the economy is diversifying. The services sector – including microfinance and computing – makes up 53% of the country’s GDP.
GDP rank: 39th (nominal, 2019) 29th (PPP, 2019)
GDP growth: 8.0% (2018) 7.9% (2019) 2.0% (2020e) 9.5% (2021e)
Having projecting this momentum needs to be continue. Corona virus bring the instability all over the world.
At this stage As a editor we are collecting data (Using AI) how and which sector
to focus in terms of business, economy, technology and product to focus in near term and long term perspective.
Personal opinion by SYED HUDA on 04/22/2020 as follows:
Bangladesh must follow countries like Thailand, Vietnam, Indonesia and China and start processing production boom, canned food industry, Non-perishable food's industrialization.
Bangladesh must set-up canned food industries to preserve fruits vegetables, livestock, fisheries and food grains for long term use/food bank / food Securityand primarily get-setup for international exports.
To save a tons of perishable food items and harvest, to save market price, supply and demand equilibrium, food processing industry must blossom.
Bangladesh must start constructing an array of state-of-art cold storage by replacing decades old bad cold storage. Bangladesh must adopt SILLO models from the west. We should also build state-of-art seed banks and distribution centers.
we should link distribution centers and storage facilities with the "Central Agriculture Monitoring Data Center" (CAMDC)
Crop harvesting process must see automation / harvesters. We must enter in the age of "Big Data". We must use "Big Data" to analyze agriculture, agricultural activities in the country - analyze threats and possibilities.
Bangladesh must focus on BLUE ECONOMY. We need to set-up an array of fishing companies and we need to urge shipbuilders to setup new dockyards for building state-of-art, long-haul fishing trawlers besides their regular ship building / warship or maritime vessel building activities.
It will deploy a significant number of youth and it will enable us to send coastal population in BLUE ECONOMY more efficiently; if not now, then never!
Government MUST pump a lot of money in ship building heavy industries targeting BLUE ECONOMY. In fact, Bangladesh can establish a sea fishing net industry for commercial fishing nets! Never thought about that, right? Then, freezer ships, trawlers, fishing gears, processing units.
Train service to and from north Bengal should be free. Let them move back and forth. Let them bring their freights to capital.
Let them go home after their Work / Business / Pulling Rickshaw / Whatever they usually do.
North Bengal routes MUST add more trains, ALL FREE for the people of North Bengal considering their financial means. FREE MEANS FREE. HOP ON, HOP OUT.
Bangladesh Railway MUST add more cargo and passenger trains to North Bengal. They should add more shuttles everyday and a heavy schedule to move a massive number of people. North Bengal's ONLY ESCAPE ROUTE FROM POVERTY IS A "FAST/ RAPID, EFFICIENT RAILWAY". Government must take this as a GIVE AWAY to lift the population of that region from poverty. Dhaka city FOOD TERMINALS will be blessed!
Bangladesh needs to drop bureaucracy and red tape for sole traders/ small business entrepreneurs. Urban street kiosks, food carts, street vendors must be encouraged. Legal documentation, trade licensing, tax filing, auditing processes must be as easy as a cheese cake.
Bangladesh must focus on pure capitalism, intense currency velocity, intense internal trade volume, M0-M8 cycles.
Bangladesh must mandate CORPORATE SOCIAL RESPONSIBILITY for all industries. Government must check if all major business players are doing their part and giving back to the society.
Bangladesh needs to liberalize food grains, essential foods import restrictions for a next few fiscal years. Bangladesh needs to remove levy on food imports. Protectionism and a conservative/ frugal approach will push a vulnerable population to hunger, famine and malnutrition.
I am not talking about fisheries, livestock, vegetables or luxury food items, but essential food grains and staples.
Ban brick fields. Move to state-of-art brick factory setting. Ban diesel motor vehicles, diesel engines. Impose heavy fine on the environment polluters.
Demolish brick fields. Ban air polluting local bus, diesel engines regardless of the mass public outcry and likely protests.
Bangladesh must focus on MICRO-CREDIT. YES! IT WORKS! CO-OPERATIVE BUSINESS MODELS! LIBERAL MICRO-CREDIT SCHEMES SHOULD BE INTENSIFIED!
Government must lease/ build new freezer ships to carry fisheries, livestock, meat, cheese, dairy, fresh supplies from the regions
as Barisal / Khulna/ Noakhali/ Islands on Bay of Bengal. Mega city needs mega food hauling, constant food supply, efficient transportation modes, transportation nodes.
Bangladesh must intensify food and livestock trade with India, Nepal, Bhutan, Maldives, Srilanka, even with Myanmar. AGRIBUSINESS must be the number #1 priority. SET FOCUS ON AFRICA, LATIN AMERICA. I'd like to see a "reverse-deterrence" strategy regarding "ESSENTIAL GOODS" imports.
MUST GIVE UP BUREAUCRACY, RED TAPE, LOCUS OF CONTROL on small entrepreneurs, sole traders, cooperative organizations, self-employment.
WORK TOWARDS A PURE CAPITALISM.
Bangladesh must acquire a stake in an international shipping line. Supply chain logistics is a big part of the game. MASTER SUPPLY CHAIN LOGISTICS. takeover trade routes. This is the right time to flex your muscle in maritime routes. As a river delta, you have full potentials.
Bangladesh needs to conceal "CHINA'S LOST BUSINESS / WEST'S XENOPHOBIA VICTIM TRADES". As before, as now! A PROMISING FUTURE AWAITS WITH DIRT CHEAP LABOR.
Bangladesh MUST secure China's lost export basket. Bangladesh should profit on West's Xenophobia.
If you are not a novice in foreign diplomacy and foreign policy, lend your hand to your unconditional all weather friends as Italy and Japan and the rest.
Bangladesh must utilize LDC nation's status and produce most of the generic drugs, licensed drugs. Bangladesh's pharmaceutical industries can flourish in a post-COVID world.
Bangladesh must overlook IMF, WB guidelines; must ignore criminal We Forum Davos whisperers and flatters. Act as a communist thug while being a pure capitalist in soul, a firm believer of the free market economy.
SEVERELY PUNISH MONEY LAUNDERERS, I DON'T MIND IF YOU HANG THEM. Alleged banking channels / gateways should be punished/ terminated or should be slapped with a hefty fine. A banking channel which is found involved in a money laundering activity should be charged 10x the amount drained away.
Biman MUST add CARGO aircraft. Biman's airfreight must open a new horizon for our industries.
PRETEND THAT NOTHING HAS HAPPENED. JUST MAKE SURE YOU HAVE PLENTY OF FOOD SUPPLY IN THE COUNTRY. THERE SHOULD BE PLENTY OF FOOD FOR EVERYBODY.
FOOD SECURITY IS A MUST. YOU MUST HAVE A BUFFER FOR UNCERTAINTY.
Bangladesh navy can run an emergency operation to collect food grains from offshore to boost supply in the market. BN and coastguard can operate temporary outlets to distribute food grains at break-even point. Not expecting a BDR Mutiny.
Bangladesh Air Force cargo lifters, cargo aircraft can bring essential goods from neighboring countries. we can utilize our Hercules fleet for the medium haul cargo flights. we can secure essentials as a charm.
Bangladesh should encourage SOLE PROPRIETORSHIP. That's something Western economies have killed for corporate world's greed. Government must
assure incentives and financial encouragement.
Bangladesh should back OUTSOURCING, FREELANCING, ONLINE PAYMENT mechanisms, e-cash, e-payments. That's the NEXT BIG THING in post-COVID WORLD.
There will be lazy / laid back or incompetent persons in Western corporate world who will certainly look for any home office support or assignment assistance from a third party source.
We should continue SHOPPING MALLS , MEGA MALLS; since, Bangladesh doesn't have adequate land for brick-and-mortars. Not a big number of people are tech-savvy; therefore, e-commerce, e-freighting, e-trade etc are not going too far anytime soon. Yes, there will be a boom of e-commerce;
but, that's only for the urban populations and the consumer base is not a significant chunk of the internal market. We cannot move away from the Shopping mall trend. Western societies can, we cannot. We need to think practically, not resorting on global trends and unrealistic perspectives.
Bangladesh government must continue all mega projects. In fact, Bangladesh government must start new mega projects with soft loan and foreign finance.
It will create mass employment, will pump money in the industries and development sectors, professional and general labor categories. Bangladesh government must start a brand new mega airport project in Arial Bil. Bangladesh government must proceed with new seaports and new infrastructures.
There is NO SET BACK. JUST PROCEED.
Look for soft term loans and international financiers. Cont in bios-security and related investment with our friends as China, Japan, Malaysia, Italy etc. Don't look back. projects will pump massive volume of money to the economy, and you bet, employment.
On top of everything - Bio-security - National Bio-security screening analysis facilities, military involvement must be taken as a high priority project.
We must take bio-security very seriously. We must encourage biotech firms in private sector. our universities should start bio-security program.
Also, we need to focus on " big data". Bangladesh must invest in " Big data". Our government must construct " data center" and we must have array of "Data storage" facilities, Our national data cloud, stored locally in secured tires.