• Wednesday, May 22, 2019
  • Last Update : 02:53 pm

Building on our success

  • Published at 12:00 am March 15th, 2019

Emerging economies such as Bangladesh would do well to take all the help it can get

Considering the combined efforts of the Bangladeshi people and the government over the last decade or so, it should come as no surprise that Bangladesh is now on the verge of becoming the world’s 30th largest economy, at least according to the vice president of the Multilateral Investment Guarantee Agency (MIGA). 

But such good news from MIGA, which is the political risk insurance arm of the World Bank, should not be seen as an achievement per se, but rather as a recognition of the great work we have done up until now, and the even greater goals we can achieve in the future.

What we must do now is ensure that we continue to iron out the various problems which still plague the nation’s economy: Starting with our overt reliance on the RMG sector -- which we can tackle by further diversifying our export basket -- to improving our ranking in the ease of doing business index. 

This is especially important if we are to make our presence felt in the global arena, as this will ensure that entrepreneurs and businesspeople in our own country are provided the opportunity to create and innovate, while also welcoming foreign direct investment. 

Emerging economies such as Bangladesh would do well to take all the help it can get and ensure that we take advantage of the aid and advice being provided to us from an institution like MIGA, which strives to promote foreign investment in countries such as ours.

For sustained success in the long run, it is of the utmost importance that we fight the corruption and inefficiency which still plague our economy, and work towards a more successful nation.