Bangladesh has been making strides when it comes to its economic development, which has in turn led to external stakeholders recognizing and commending this achievement. An official commendation of our economic output has come in the form of Bangladesh officially being recognized as being ready to graduate from its LDC status. Now, the United Nations Secretary-General Antonio Guterres has lauded Bangladesh’s socio-economic development.
While praise like this definitely acts as a recognition of the fact that we are heading in the right direction, there are other tangible benefits that we can expect to reap. The fact that someone like the UN Secretary-General is recognizing Bangladesh’s potential means that the international image of Bangladesh being a poor country to invest in is being cleared up.
Of course, there is much more we need to do, and the authorities need to properly sit down with both national and international stakeholders to make sure the national business environment is ripe for investment. At the same time, however, a growth in confidence from external stakeholders means a growth in our FDI, which in turn will positively impact both the economy and the legal environment surrounding the economy. FDI will boost the confidence of domestic investors as well. This will create a cycle of cash injection into the economy which should both increase the momentum of our economic growth and rate of employment.
Kudos to the government for this momentum. We still need to work on our domestic industries and the diversification of the economy. But if we can keep up our current momentum and good practices, the sky's the limit for Bangladesh.