Cutting costs are crucial to maintaining sustainable profit margins
In an increasingly competitive global arena, we cannot let our negligence and lethargy allow the status quo to become the norm, merely “the way things are done.”
This is especially true for our economy, which continues to suffer not only from corruption, but from a chaotic system that provides it with inadequate logistical support.
This has been supported by a recent report by the World Bank, which estimates that Bangladesh could accelerate its economic growth by 20% if it were to cut down on logistical costs.
Why, then, have we done so little to improve in this regard?
The main logistical obstacle seems to be the immense congestion in Bangladesh’s poor infrastructure, every step of the way, from roads to seaports. This includes the amount of time trucks spend stuck in traffic, to the number of days on average an import container spends at Chittagong port.
Speaking of the port city, nothing so epitomizes lost potential as Chittagong, as we have implemented strategies for short-term gain which have failed to capitalize on the potential of the city to the fullest.
In this highly competitive world, cutting costs is crucial to maintaining sustainable profit margins, so we cannot let the current state of affairs to continue -- other countries have continued to innovate and improve both their infrastructure and thereby their economies.
We have come a long way, no doubt, but it is time for some long-term thinking.
Through policies which prioritize decentralization, and the use of modern technology, we can reduce traffic congestion, ease the pressure on our ports, and cut down logistics costs significant, thereby letting our economy reach its full potential.