Bangladesh has started on a path to become a developed country. As a country with a rich past and a promising future, it can learn valuable lessons from South Korea's amazing rise from the ruins of war to prominence as an economic superpower in this attempt. The historical framework, common battles, important policies, the function of education and research, as well as the prospects for development, are intertwined for both nations and makes South Korea the perfect case-study for Bangladesh to learn from and flourish.
A K-development story
In just a few decades, South Korea went from being an impoverished, rural nation to becoming a major economic force in the world. South Korea's infrastructure and industries were completely destroyed by the Korean War, which ranged from 1950 to 1953, making it one of the world's poorest nations.
But the nation overcame its obstacles and saw quick economic expansion. The South Korean government was paragon in directing the economy, putting policies in place to encourage industrialization and export expansion.
After the Korean War, South Korea's economy developed quickly thanks in large part to its strategic economic policies, which included land reforms, infrastructure investment, and industrialization. In order to create new technology and a competent workforce, the government also made large investments in research and development, and education.
An emphasis was placed on export-oriented growth, with sectors including electronics, shipbuilding, and textiles producing foreign exchange and financing economic expansion. Policy changes like universal education and land reform helped reduce social and economic inequality.
To lower costs for businesses and promote trade, the South Korean government made large expenditures in infrastructure, such as roads, trains, and ports. The land reforms were put into place in order to increase agricultural output and redistribute land to farmers and other landless people.
South Korea’s investment in robust education and research and development (R&D) systems is mainly responsible for the country's economic success. It is clear that a strong culture of R&D has been promoted by the nation's extremely competitive and selective education system, which mandates standardized assessments at various stages of schooling. The government’s current financing for R&D is significant, and commercial investment in this area is also significant.
The Bangladeshi mirror
Following the Korean War, South Korea and Bangladesh both experienced political unrest, economic hardships, and a lack of resources. Both nations were split up, subject to military dictatorships, and had serious economic problems. Bangladesh was impoverished, had a high percentage of illiteracy, and had a short life expectancy, whereas South Korea was ravaged by the war. Both nations invested heavily in education, prioritized industrialization geared toward exports, and received substantial amounts of international aid.
With South Korea’s example, Bangladesh may reach its full economic potential and evolve into a developed nation by adopting similar policies, like investing in education and R&D, encouraging industrialization and export growth, strengthening the business climate, and building a strong human capital. Bangladesh can draw in international investment and encourage domestic investment by lowering corruption, modernizing laws, and enhancing contract enforcement.
Bangladesh can lay the groundwork for sustained development by taking the following initiatives:
Education and R&D:
Growth in the economy requires a well-educated population. A workforce with higher education is more creative and productive. Bangladesh needs to restructure its educational system to raise the standard of instruction and put more of an emphasis on career and skill development.
Bangladesh may take inspiration from South Korea's commitment to education by boosting funding for education at all levels, raising the standard of instruction via improved teacher preparation, infrastructure, and accessibility to high-quality educational resources.
In order to provide the workforce with the skills required for the economy of the twenty-first century, it should also push STEAM (Science, Technology, Engineering, Arts and Mathematics) education. The government should also help entrepreneurs and encourage corporations to invest in R&D in order to promote an innovative culture.
Economic progress depends on R&D. New technologies are created as a result of it, thereby accelerating economic growth. To encourage research and innovation, Bangladesh must raise its R&D spending and form alliances with businesses and academic institutions.
There are numerous advantages of R&D and education that contribute to the economy. It produces a trained labour force, stimulates economic development, lowers inequality and poverty, and encourages the creation of new goods and services that can enhance the quality of life for people in emerging nations.
Infrastructure Development:
Bangladesh can follow a similar strategy to South Korea by enacting laws emphasizing industrialization focused on exports, making infrastructural investments, and enacting land reforms. Bangladesh should concentrate on businesses that are geared towards export, such as clothing, textiles, and medicines, since these may produce a sizable amount of foreign cash. To lower corporate costs and encourage domestic investment, the government should also make infrastructural investments.
For the economy to grow, modern infrastructure is crucial. Infrastructure makes it simpler for firms to operate and trade while also lowering the cost of doing business. Bangladesh must build new highways, railroads, ports, and power plants, among other types of contemporary infrastructure.
Further prospects
Along with these takeaways, Bangladesh may collaborate with international universities and research organizations to exchange information and resources, create innovation centres to encourage creativity, and offer tax exemptions and other incentives to companies who invest in R&D.
Bangladesh can emulate South Korea's path to development and achieve its full economic potential. South Korea's miracle development story shows that a country can overcome hardship and make amazing progress if it is determined, has a long-term vision, and adopts strategic policies to foster growth.
By studying South Korea’s rich history, adopting similar sensible policies, placing an equivalently high value on education and innovation, and remaining committed to preserving political stability, Bangladesh can reproduce South Korea's success.
Dr Md Sazzad Hossain is an ICT expert and a full-time member of University Grants Commission of Bangladesh (UGC), Director of Bangladesh Satellite Company Ltd (BSCL), President of Education, Research and Development Forum Bangladesh (ERDFB) and Vice-President, Amrai Digital Bangladesh.
