Bangladesh must continue to be pro-active and strategize so as to drive its economy through novel situations
The news that the UK Export Finance (UKEF) has recently more than doubled its capacity for Bangladesh to £2.5 billion is welcome news, and shows that developed nations such as the UK continue to see Bangladesh in a positive light as a viable partner for trade.
There is little doubt that Bangladesh has been a tremendous success story as far as economic development is concerned; over the past decade or so we have consistently registered one of the highest GDP growth rates in the world, and this is a testament to our capacity to perform in the face of the severest constraints.
However, Bangladesh continues to have extremely ambitious goals for the short term and the long term, while also displaying massive potential for further economic growth. Before the current pandemic brought the global economy to an abrupt and devastating halt, Bangladesh was looking to ascend towards achieving double digit growth rates, which is still not outside of its scope to achieve.
However, for that to transpire, Bangladesh must continue to be pro-active and strategize so as to drive its economy through novel situations. In that light, it is partnerships such as the one with the UK, that will be integral for the country moving forward.
These are the sort of partnerships and trade opportunities that must be pursued; as an economy looking to graduate to a middle-income country from an LDC, as we lose the benefits afforded to the LDCs, our alliances with other economies will be a major contributor towards ensuring that Bangladesh fulfill its potential and become the major economic force everyone anticipates it to be.