There is no denying that 2022 was a difficult year for most economies. As a result of the fallout from Covid-19 and the war in Ukraine as a result of Russian invasion, entire sectors have been reeling and feeling the effects.
That is what makes the growth viewed in Bangladesh's ICT sector all the more impressive; ICT exports from the country reached record highs last year as a result of businesses in the sector receiving an increasing number of orders from international customers, with Export Promotion Bureau (EPB) statistics show that by the first quarter of 2022, local IT companies' export revenues had increased by 52% year over year (YoY) to $369 million. The earnings from the July-April period of FY 2021-22 were also 35.59% more than the target set for the sector in that period.
Overall, in 2022, Bangladesh IT firms have greatly expanded their global footprint, crossing $1.4 billion in annual exports.
This is particularly encouraging as it shows that despite the uncertainty that has been prevalent across the globe, the relevant authorities and stakeholders within our ICT sector have nonetheless marched on. Much praise should be reserved for everyone involved in ensuring that the impressive growth that the ICT sector has been experiencing has not come to a halt.
Nonetheless, the sector continues to face challenges, which have been plaguing the country for far too long such as poor internet connectivity, overall infrastructure, and a lack of skills for high-end products.
Moving forward, it is imperative that the authorities continue to view the growth achieved by the ICT industry as encouragement and not rest on their laurels, but instead address the issues that the sector is experiencing, and facilitate an environment where our ICT sector in the very near future becomes one of our major exports.