It is encouraging news to learn that Hyundai has opened its first manufacturing plant in Bangladesh at the Bangabandhu Hi-Tech Park, with this having the potential to have several effects on the Bangladesh economy.
For starters, Bangladesh has been overly reliant on fully imported cars, and the fact that we will now have Hyundai cars being locally produced could help with bringing down overall cost of the car. However, with Hyundai making its presence felt in Bangladesh, there is hope that other manufacturers may follow suit.
There is no reason for Bangladesh to not harbour ambitions in becoming a destination for manufacturing; with Bangladesh having made its intention clear in becoming a destination for foreign investors, manufacturing could be the perfect sector for us to build our capacity.
Of course, this will not happen overnight, and the onus here is on the relevant authorities to comprehend the opportunity that is there and capitalize on it. This means from having the right policies in place to attract potential manufacturers while simultaneously ensuring that Bangladeshis have the right skill set for the jobs that these manufacturing plants and factories will yield.
However, the time to start is now. When it comes to certain industries, Bangladesh has plenty of catching up to do. With its immediate economic ambitions, we must explore each and every sector with a growth mindset, and as such, we must make the right moves to build the capacity of our manufacturing sector into one that will yield significant economic returns.