Just recently, on June 25, Bangladesh celebrated one year since the inauguration of the biggest bridge in the country -- the Padma Multi-Purpose Bridge, more commonly known as the Padma Bridge. Since its grand opening, the bridge has collected over Tk8 billion in tolls.
Bangladesh is going through a large infrastructural development phase, the impact of which will soon be realized. The infrastructure will aid the country to become a stronger and more affluent economy. However, it's high time for Bangladesh to think about developing soft power. The country should look for ways to develop intellectual assets alongside the infrastructure in order to construct a nation that is strong enough to survive with dignity for years to come.
Infrastructural development
Only in this last year, as has been stated in various media, 100 bridges across 25 districts have been inaugurated. This demonstrates Bangladesh's serious intent in increasing its connectivity within the country, with the hope that it will make trade and business easier and less time-consuming.
One of the biggest achievements in ensuring connectivity was the inauguration of the Padma Bridge. Even though concerns were raised on multiple stages, ie funding and economic viability, no one can deny the usefulness of the bridge. This is one of the biggest achievements of the country so far. Moreover, now that the people have seen how much the Bridge is earning, the economic viability of the project is also not an issue now.
Another connectivity project that made Bangladesh enter the metro world is the inauguration of Dhaka Metro Rail. From the latest information available in open sources, within 3 months of operating, Dhaka metro rail had earned Tk6.2 crore. Concerns were raised because the operational cost was Tk7.33 crore.
At first glance, it seems like the project is not economically viable. However, the figures are not precise as the metro rail is not yet fully operational. Once the metro rail is fully operational -- tentatively in October, ie Agargaon-Motijheel route, the viability will become clearer.
Other than that, megaprojects like the airport terminal-3, Matarbari Deep sea port, Karnaphuli Tunnel, etc are under construction with numerous other projects.
Not just in connectivity, Bangladesh is investing heavily in productivity as well. The long awaited Rooppur Nuclear power plant is one of them. The construction work is almost over. All that is left now is to keep the power plant ongoing and reap the benefits.
From September this year, the power plant will start production. The current electricity shortage has caused serious chaos in almost every sphere of life. The power plant will not only help meet the electricity needs, but also have a significant positive social impact.
Nuclear energy is a great carbon-free energy source that in the present environmental and economic scenario, will be very beneficial to generate large amounts of electricity. The production frameworks align with the Bangladesh government's commitment to research and highlight the goal of achieving 40% utilization of renewable energy by 2041 as per the pledge made by the prime minister at the COP26 conference.
Developing the intellectual sector
The megaprojects are pricey and frequently assigned to international businesses because of the precision and efficiency required. What Bangladesh gets are foreign funds and expertise. For now, this might look more fruitful to have the projects to be tendered outside the country. But Bangladesh must have a target to shape the project managers, engineers, and workers in such a way that they become experts in their fields.
It might not cost the authority a higher investment if students, for instance, can take advantage of the chance to work on feasibility studies or cost projections of major national projects. The authority can involve current engineering students in every stage of the construction work starting from the planning and feasibility tests to the inauguration. The students will learn the process and can disseminate what they have learned to the workers and enlighten them about their work and hence improve their skills.
If such expertise is nurtured then it would not be a shocking idea to think that Bangladesh could be responsible for megaprojects not just in Bangladesh, but in other countries as well. Bangladesh must aim to reach there and become self-sufficient.
The development of such cognition, however, takes time. Reaching the ultimate goal could take decades if we started today. Regardless, starting is essential.
Access to organized research and data
The nation needs to guarantee that research-related data are accessible from the outset in a usable format. The nation continues to struggle with timely, accurate, and reliable data delivery. No research can be done if data is not available.
Unlike private sector data, which must be cost-effective, government sector data must be easily accessible. One yearly report from a publicly traded firm, for instance, costs a student Tk50 through DSE. If one wishes to identify the impact of a managerial board on a firm's performance, they might require 20 years of data from at least 100 firms. This will cost them Tk1 lakh without conveyance.
How can the country evaluate future prospects if data from just 1 research costs a student such a handsome amount of money? Moreover, there is no guarantee that one can avail the data in a workable form. The data provided will either be as a PDF or in a non-readable form. Time is wasted adjusting the data to be suitable for Excel, Stata, or any other software. This is one of the biggest barriers that needs to be tackled.
Economic research is just as important as scientific or medical research. So, the country should focus on providing the opportunities. It will be wrong to not acknowledge the country's effort.
Allocation for public universities has increased. Within only 4 years the budget allocation for public universities has reached Tk12,185 crore from Tk8,485 crore. Almost Tk4 crores in 4 years. Thus, investments are to some extent made. But the higher authorities must redirect a significant portion to enhance the research facilities.
Improving skills
For skill development, Bangladesh seems to be working hard as well. Bangladesh is providing training in various skill sets and gaining international recognition. The European labour market is opening for the first time towards Bangladeshi garment workers.
55 skilled Bangladeshi workers are going to Bulgaria with a higher salary for the first time. Romania has also opened its door and has already taken 1,000 workers from the country whereas many more are in the process to board. In further development, Greece has become the first EU country to have signed a memorandum of understanding (MoU) with Bangladesh to recruit workers. On top of that, Italy has also expressed its will to take skilled workers from Bangladesh under bilateral migration and mobility arrangements, particularly in the construction, shipbuilding, and hospitality sectors.
It seems like Bangladeshi workers who only viewed the middle east as their work location can now travel to other countries for work because of their improved skills.
Bangladesh is speedily developing in the freelancing sector as well. There are at least 10.5 lakh active freelancers in Bangladesh, according to the Bangladesh Freelancer Development Society (BFDS) sources. However, unofficial estimates place that number significantly higher. Bangladesh is in the top 10 countries with the fastest-growing earnings for freelancers. However, the sector is not receiving much assistance from the government. It is time for the country to recognize this sector and support it as it supported the RMG sector in the early 2000's.
It is undeniable that Bangladesh is moving at a great speed towards development, but we must also realize that for self-sufficiency, Bangladesh needs to nourish its intellectuals in such a way that in-house skills are developed. For a sustainable future ahead, the country needs to develop the mindset to invest in research, intellectuality, and skill development.
Dr Ashraful Alam Chowdhury is an Independent Researcher and Columnist. He completed his MSS in economics from Dhaka University. Then, he pursued post-graduation and PhD in economics from Emory University, Georgia, USA. He has experience of working in the USA, Bangladesh, Myanmar, and India.
