The difficulty of doing business still remains a thorn on our nation’s side
Despite setbacks, Bangladesh is well on track to meeting its economic goals, and that is something we can all be proud of.
A country that was once struggling to keep its own people fed can now proudly claim to be well off enough to give refuge to a million persecuted souls from another nation.
This was a feat made possible through successful government policies which have paved the way for increased business opportunities in our country.
By focusing on power generation and infrastructure, the government has made this sort of growth possible. For example, power capacity in 2009 was a meagre 4,942MW compared to the 13,000MW it is now.
Furthermore, the number of mega projects connecting various parts of Bangladesh to each other have had a tremendous impact in the speed of business being conducted.
All of which have culminated in the steady growth of our GDP, especially in the last few years, which went from 5.51% during FY2009-10 to 7.65% (provisional) in FY2017-18.
Of course, there are caveats.
The difficulty of doing business still remains a thorn on our nation’s side, especially for foreign investors. In spite of being an attractive destination for foreign investors, artificial impediments such as overt bureaucracy, unnecessary red tape, and the gross levels of corruption within our administrative services keep the level of FDI inflow from increasing any further than what it already is.
Diversification of exports is also crucial. Our RMG industry may be the primary engine of our economic growth, but with stiff competition from emerging neighbour economies, it would behoove the government to consider other industries to prop up, industries such as jute, for example.
Bangladesh has come a long way in the last 47 years, and we cannot afford to let that momentum die down. To that end, consistent government policies are imperative.