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Getting more competitive

  • Published at 08:02 pm October 10th, 2019
Photo: Bigstock

The ranking reveals to what extent Bangladesh’s infrastructure requires an overhaul

Before starting a business in Bangladesh, it is unfortunate that an entrepreneur has to consider a monumental number of obstacles that must first be overcome.

And this issue, reflected in Bangladesh’s poor position in the Business Competitiveness Ranking 2019, continues to act as a severe impediment to Bangladesh’s sustained progress. 

The ranking, which considers 12 aspects of a nation’s economy, reveals to what extent Bangladesh’s infrastructure requires an overhaul, delaying which could very well bring the nation’s economy to its knees in the long run. 

It should come as no surprise that Bangladesh’s business culture and environment were found to be lacking in key areas, such as infrastructure, macroeconomic ability, health, skills, the financial system, and, worst of all perhaps, ICT adoption, among others. 

With such continued lack of improvement in this regard, how can Bangladesh even realistically dream of middle-income status, of a nation suitable for foreign direct investment, of improving the lives of its people? 

That is not to say Bangladesh’s progress throughout the years has not been significant. But one cannot help but wonder to what heights we could reach if not for these issues, which require immediate ironing out if we are to keep our hopes alive of long-term improvement as a nation.

The world is changing, and as global business gets more and more competitive, the government should take a hard look at itself and start working towards improving the overall competitiveness of this country.

To that end, much can be learned by looking at countries like Singapore, Japan, and Hong Kong. They should serve as positive examples for us.