TEXT: Bangladesh's economy has certainly seen vast improvements in the years following independence in 1971. Agriculture is one of the main sectors in the country's economy and production has been increasing. The government has also made efforts to create an 'investor friendly' environment so as to attract foreign trade.
Sadly natural disasters have had a negative impact on Bangladesh’s economy. Despite this the country is showing greater self-reliance as foreign aid has declined. There has also been great growth in Bangladesh’s exports. All-in-all, Bangladesh’s economic situation looks set to continue improving.
What is fueling Bangladesh’s economy? The garment industry is massive – one of the most impressive in the world. This industry has been able to create extensive numbers of jobs for the population and particularly for women. Large numbers of garments and knitwear are exported to the United States and Europe. Bangladesh is also the world’s third biggest rice producer. Much of the country’s agricultural land is set aside for the cultivation of rice and jute as well as some wheat. This agricultural economy is, however, very dependent on the monsoonal cycle where the country experiences cyclic flooding and drought. Other exports in the country include leather, ceramics, pharmaceuticals and shrimp.
Encouraging foreign investment in Bangladesh has had significant success – particularly in the power generation, gas production, pharmaceutical, textile and cellular telephony sectors. A Board of Investment was created in 1989. Its role was to make approval and start-up easier for foreign investors in Bangladesh. Far more foreign investment still needs to be made in Bangladesh if the country’s economy is to see even greater improvements.
With increased foreign investment and efforts to reduce poverty Bangladesh’s economy will go from strength to strength.
Copyright Business Recorder, 2022
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