One of the key aspects of any aspiring middle income nation is the gradual transformation of its economy towards being more skills-based. In terms of export, Bangladesh is still reliant on the RMG sector and overseas remittance from labour work; however a change is indeed taking root in our burgeoning IT sector.
The fact that our IT sector saw export earnings go up by 52% year-on-year to $369 million, in the July-April period of the FY 2021-22, is a good indication to that effect. This statement is further corroborated by our current export earnings exceeding the goal by 35.39%.
We are most certainly on the right track.
The IT sector of the country has been seeing tremendous growth ever since the turn of the last decade. From the individualized work of freelancers to the many homegrown tech companies being built from the ground up, not to mention the increasing presence of tech-based MNCs setting up shop as well. This is one sector that is all but bound for growth.
Companies in the west have increasingly looked at outsourcing to counter growing organizational costs and structuring their day-to-day work in a more efficient manner. This is something we will need to capitalize going forward.
As such, it is imperative that the authorities give their attention to growing the IT skills of the local populace. They have to sit down with relevant stakeholders and figure out the amendments that are necessarily in the macro environment as well to properly facilitate the growth of this sector.
The growth of the IT sector also ties in directly with our goal of export diversification. Given the emergence of the fourth industrial revolution, this is where the future leads. The authorities need to do all they can to keep the momentum going. It is only through a collaborative approach of the public and private sector that the nation can prosper.