8 key reasons to source from BANGLADESH

1. Favourable economic indicators – Economic Miracle

Under the dynamic leadership of the Honourable Prime Minister Sheikh Hasina, Bangladesh has made remarkable progress in raising incomes, reducing poverty and improving social indicators and has been classified as a middle-income country by World Bank. Bangladesh is also graduating from LDC status to developing economy.

Bangladesh has a population of close to 170 million, making it one of the densely populated countries of the world. Bangladesh is largely ethnically homogeneous. Over 98 percent of the people speak Bangla. English is widely spoken as well. The country has a network of roads, railways and rivers forming an excellent connectivity.

Bangladesh has an impressive track record of growth and poverty reduction. It has been among the fastest growing economies in the world over the past decade, supported by a demographic dividend, strong ready-made garment (RMG) exports, and stable macroeconomic conditions. Continued recovery in exports and consumption will help growth rates pick up to 6.4 percent in fiscal year 2021-22.

Bangladesh is classified among the next 11 emerging middle income economies and a frontier market. Bangladesh has recently achieved a unique milestone: it has become the first country in South Asia to have 100 percent electricity coverage.

2. Stable Political and Business Environment

Bangladesh is classified among the next 11 emerging middle income economies and a frontier market. Bangladesh has recently achieved a unique milestone: it has become the first country in South Asia to have 100 percent electricity coverage.

3. Diversifying export sectors offering much scope for expansion

There are as many as 750 products on the list of exportable, but 85-90 per cent of the annual export receipts come from RMG and a few other items. Whilst the RMG sector needs to be continuously nourished to enable it to retain its competitive edge in the global market, there is great scope for expansion of other export sectors.

Now, the government is providing policy support to the non-RMG products. Those who are small suppliers need networking, matchmaking and information sharing to market their products overseas. Government-to-government negotiations are ongoing to remove or reduce the non-tariff barriers, especially to the non-traditional markets that need non-traditional products.

Of the total exports of the country, 23 per cent goes to the US, nearly 60 per cent to the EU countries, 5.0 per cent to Canada and 12 per cent to the rest of the countries of the globe. So, it is clear how much of the country’s exports rely on a few markets, as such here too there is great scope for expansion. Bangladesh started exploring new export destinations like Japan, Russia, South Africa, Mexico, Brazil, Chile, Malaysia, New Zealand, India, South Korea, China and Australia. Export growth to these countries has been higher over the last few years.

Even within its garment sector, Bangladesh has a lot of scope to diversify. The country mainly produces basic garment items, although the country has a scope to avail the benefit of upscale market through diversification of garment products.

Shipbuilding is an emerging sector for Bangladesh. Two or three companies have already exported small to medium oceangoing ships to some countries like Germany, Denmark and Mozambique.

This industry being a labour-intensive one can provide employment to a large pool of skilled and unskilled workers. Globally, the annual market size of shipbuilding industry is around $1,600 billion, and that of small ships is $400 billion worldwide. If Bangladesh can even avail 1.0 per cent share of small ships, the country will be able to earn $4.0 billion a year.

Pharmaceuticals sector is very promising in the country. Currently, local pharmaceuticals meet 97 per cent of the domestic demand. The country has 270 registered pharmaceutical companies and exports drugs and medicines to more than 90 countries.

Export of jute and jute goods is regaining its previous shine. After a long time, jute and jute goods crossed $1.0-billion-mark export in the last fiscal. Jute and jute goods became the second largest export items in the last fiscal after RMG. Jute and jute goods have high demand, particularly in Turkey and in some Middle Eastern and African countries.

Agriculture and agro-processed food industries have become a major exporting item for Bangladesh now. The demand for Bangladeshi vegetables, fruits and agro-processed food items is high among the non-resident Bangladeshis residing in different countries.

Bangladesh has already become a popular country for exporting quality leather, leather goods and footwear. Bangladesh exported $335.51 million worth of leather goods and footwear in the last fiscal. A number of footwear and leather goods manufacturers are exporting quality products globally.

Bangladesh has great potential in export of ceramic tableware, tiles and earthen tallies, fisheries and crabs, plastic goods and furniture as well. Another important sector that has good potential for export is light engineering.

The government and the private sector are taking join initiatives to diversify exportable products and global markets.

4. Growing quality infrastructure
a. Padma Multipurpose Bridge

It is considered as the most challenging megaproject currently underway in the country. The Padma multipurpose bridge spans the Ganges River and connects the southwest region to northern and eastern areas. The structure accommodates a four-lane highway on top and a single-track railway. It believes that Padma multipurpose bridge will boost the local economy by 1.2.

b. Purbachal Residential Model Town

Dhaka the country’s capital city and the ninth most populous metro region in the world are bursting at the seams to accommodate the growth developers are expanding into surrounding territories. Purbachal residential model town is the most anticipated build-out and a hotbed of investment opportunities just located sixteen miles from the center of Dhaka. Purbachal residential will occupy over six thousand acres and include residential recreational business and institutional components. Notably, Dhaka University will also open a second campus in purbachal.

c. Legacy Tower

It’s part of the Bangabandhu tri-tower development site. The legacy tower is scheduled to be the 111th floor skyscraper in the new purbachal business district. Hirim architects designed the building and engineering teams from Japan, France and South Korea are collaborating on the build. A modern undertaking legacy tower will feature state-of-the-art. Solar power technology and automatic waste systems construction began on the legacy in September 2020. Down the line liberation and language towers are schedule to complete the trio of planned high-rises.

d. Dhaka Elevated Expressway

Dhaka’s explosive population growth and small landmass have made it the poster child for infrastructure dysfunction. A 2016 New York times framed the city’s dire traffic situation as quote – “traffic in extreme a state of chaos so persistent” and everlasting that it has converted the city’s establishing principle [10]. It’s not an uncommon for an eight-mile drive to take two and a half hours, but officials hope to fix the crisis with the Dhaka elevated expressway a 150000-foot highway that will run between Shahjalal airport and kutubkhali. The country’s prime minister announced 1.4 billion projects in the spring of 2011 and gave it a three-year completion time. But things didn’t work out exactly as planned as of 2021. The elevated expressway still isn’t complete. However, there is a glimmer of hope that it will be done by 2022.

e. Bangabandhu Sheikh Mujibur Rahman Tunnel

The Bangabandhu sheikh Mujibur Rahman tunnel (karnaphuli tunnel) will be the first river tunnel in Asia located in Chattogram and expected to open in 2022. The country’s most active port city the underground throughway will measure 2.06 miles and span about 34 feet. some of the region’s energy issues. Currently, it is exacerbated by the growing economy and population.

f. Dhaka Subway

In the not-too-distant past common wisdom discounted a Dhaka subway on account of the country’s monsoonal flooding. But where there is a will there is a way and engineers figured out how to make it happen. So, if all goes according to plan the city will have a fully functioned underground train network by 2041. The 8 billion ventures is expected to span 160 miles and run 11 lines but don’t expect to hop on the Dhaka express anytime soon the first line probably won’t be open for at least another decade.

g. Matarbari Port

It is located in the moheshkhali region. Matarbari is a deep seaport the country’s first. It’s modified after two highly trafficked ports in Japan Nîgata and Kashima and the Japanese international cooperation agency won the contract to manage it’s part of the port is complete and boats have already docked at matarbari. However, the project won’t be 100 percent done until 2026.

h. Roop-pur Nuclear Power Plant

The country’s first nuclear power plant Roop-pur is about 87 miles west of Dhaka Rosatom state atomic energy cooperation a Russian conglomerate is building the energy critical components and local developers are handling the rest 2023 is the target launch date for two units and officials hope it will help alleviate project is supported by the South Asia Sub-regional Economic Cooperation (SASEC). It will take five years to complete the project and hire about 3,500 workers in the community. It will also boost the country’s southernmost trade and tourism. Construction work on the project will begin in March 2018 and is expected to be completed by 2022.

In a developing country like Bangladesh, where GDP is growing at 7% per year, infrastructure megaprojects are frequently cited as critical drivers for faster economic growth. These large-scale infrastructure projects and megaprojects are projected to revolutionize the country’s communications, transportation, ports, and energy scenarios by 2030, assisting the country in achieving high-middle-income status by 2041.

5. Robust and efficient financial system

The banking sector in Bangladesh consists of several types of institutions. Bangladesh Bank is the central bank of Bangladesh and the chief regulatory authority in the banking sector.

There are 61 scheduled banks in Bangladesh who operate under full control and supervision of central bank of Bangladesh which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991.

State-owned commercial banks (SOCBs)

There are 6 state-owned commercial banks (SOCBs) that are fully or majorly owned by the Government of Bangladesh.

  • Agrani Bank Limited
  • Bangladesh Development Bank
  • BASIC Bank Limited
  • Janata Bank Limited
  • Rupali Bank Limited
  • Sonali Bank Limited
Specialized banks (SDBs)

3 specialized banks are now operating which were established for specific objectives like agricultural or industrial development. These banks are also fully or majorly owned by the Government of Bangladesh.

  • Bangladesh Krishi Bank
  • Rajshahi Krishi Unnayan Bank
  • Probashi Kallyan Bank
Private commercial banks (PCBs)

There is a total of 43 PCBs in operation right now. They are majorly owned by private entities and classified into two types.

Conventional PCBs

In total 33 conventional PCBs are now operating in the industry. They perform the banking functions in conventional fashion i.e. interest-based operations.

Islami Shariah Based PCBs

There are 10 Islami Shariah-based PCBs in Bangladesh and they execute banking activities according to Islami Shariah-based principles i.e. Profit-Loss Sharing (PLS) mode.

Foreign commercial banks (FCBs)

In total 9 FCBs are operating in Bangladesh as the branches of the banks which are incorporated in abroad.

6. Export Oriented Policies

The Export Policy 2021-2024 has prepared with the aim to almost double Bangladesh’s export earnings to $80 billion from $45 billion within the period by facilitating shipments of diversified, non-traditional goods and labour based products.

The policy prepared for three years also aims to bolster the shipment of high-value products by ensuring standards and compliance as well as encouraging modern, sustainable and green technologies, to cope with the upcoming challenges that will emerge after the country’s graduation from the least developed country category. The policy has given emphasis on product diversification, identification of priority products, expansion of export industries, and making trade and investment easier to boost exports.

Special importance was also given to devise the strategy for the 4th Industrial Revolution, economic diplomacy to expand markets, and bring dynamism in exports. The policy gives priority to the ICT and services sectors, e-commerce, e-governance, and women as well as small entrepreneurs engaged in export-oriented industries. To attain the goal, steps will be taken to identify areas of cooperation among government chambers and related agencies. Specific, time-bound plans will be taken to achieve the targets.

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7. Good Sea Connections & Internal Waterways

There are two main sea ports in Bangladesh, which are located in Chittagong and Mongla. A lot of large shipping lines (such as Maersk, COSCO, CMA CGM) regularly call and depart from these ports.

Indeed, Bangladesh has a good transportation (air, land and sea) system which greatly facilitates international business between Bangladesh and its trading partners globally. Many well-known airlines such as Emirates, Saudi Airlines, Singapore Airlines and Turkish Airlines have a strong presence in Bangladesh and, making air traffic in terms of passengers and cargo.

8. Open for Business

In sum, Bangladesh is open for business. International buyers’ and investors’ expectations will be more than met when they choose to come to Bangladesh!