The news that Bangladesh Export Processing Zones Authority (BEPZA), the leading investment promotional agency of the country, has seen an all time high growth in its 40 years of operations is remarkable indeed.
This is especially auspicious given the recent economic crises enveloping the whole world, the effects of which we are feeling in Bangladesh as well. The authorities have recently announced that they might have to revise the given timeline for post-pandemic recovery given global events. That might no longer be needed now.
BEPZA exports have soared over 30% and investments over 20% over last year. Given that more nations are expressing an interest in Bangladesh as a hub of business and commerce, this is a good indication of what's to come.
At the same time, we must be ever more pro-active in making our business and legal environment less daunting for foreign investors. There are legal requirements that put unnecessary red tape in investment that need to be removed. The government economic zones have attracted a good amount of attention as well, so that is something we need to double down on.
We also need to work on the diversification and further expansion of our industries. Bangladesh, as it stands, is heavily reliant on its RMG sector, but the recent economic crisis has shown that relying on a sole source of revenue like this is not sustainable in the long run.
Our nation is seeing an increase in entrepreneurial activity and a number of startups have raised millions due to their innovative approach to existing problems. The authorities have been encouraging such initiatives through monetary incentives and infrastructural support.
As a yet-developing nation we have proven that we have what it takes to take our economy to unprecedented heights. Let's make sure we capitalize on this potential.
