• Tuesday, Oct 22, 2019
  • Last Update : 05:30 pm

Staying competitive in a global market

  • Published at 12:00 am February 22nd, 2017
  • Last updated at 12:47 pm February 22nd, 2017
Staying competitive  in a global market

If Bangladesh wants to become a bigger player in the global market, it is imperative to reduce the cost of doing business here at home.

The World Economic Forum recently listed the five key challenges for business and technology leaders for 2017, and it is time to meet them head on.

The world is changing, and Bangladesh needs to come to grips with the fourth industrial revolution, building a multi-stakeholder governing system, restoring global economic growth, reforming market capitalism, and addressing the pervasive crisis in identity.

We cannot afford to lag behind -- we must constantly update our business practices and keep up.

Regional connectivity is now more important than ever, and Saarc has failed to deliver satisfactory results -- the focus should now shift to alterative avenues for cooperation.

BBIM, BCIM, and Bimstec all show promise in spurring economic growth in the region.

We must also focus on improving our economic freedoms.

This means fighting corruption, cracking down on criminality, and increasing transparency in bureaucratic proceedings.

As consumers become more and more aware of the environmental impacts of the products they use, businesses must also become conscious of their carbon footprint.

The Bangladesh economy has shown tremendous resilience over the years, and that is down to the creativity and hard work of the nation’s entrepreneurs and workers.

But that can only take us so far -- we must reduce the cost of doing business in Bangladesh, and also tear down the institutional barriers that often hold us back.

We have tremendous potential -- it is time to realise that poten