Invest in people

It is regrettable that Bangladesh has slipped three notches in the Global Human Capital Index, according to the World Economic Forum’s Global Human Capital Report. Clearly, we need to do more to unleash the full potential of our human capital, which, according to the WEF report, is being held back by “insufficient educational enrolment rates and poor-quality primary school.” The fact is, despite the tremendous strides made by the Bangladeshi economy, we have not done enough to invest in the right kinds of skills through widespread educational reform. Our focus has often been too narrow, with university students preferring to specialise in a very limited range of subjects, which restricts the scope for new and innovative thinking. While the methodology used to compile the index may not be perfect, its findings cannot be ignored, and there is something to be said for countries like Sri Lanka, Nepal, and India scoring higher than us when it comes to Global Human Capital. While none can deny that industries like the RMG sector have taken us forward and made us an important player in global business, still nearly 90% of our workers are untrained. This skill gap, particularly in RMG, agro-foods, and construction must be closed if we want to keep moving ahead. Bangladesh could take a page out of policies of high-performing nations like Norway, Switzerland, and Finland when it comes to human capital. Every year, a very large number of young people enter the job market in Bangladesh. When they do, it is of the greatest importance that they are armed with inventive and adaptive skill sets and ready to take on the global economy.