Bangladesh - one of the fastest growing economies of South Asia got her independence in 1971 after the 9-month long Liberation war under the undisputed and unrivalled leadership of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman. Under the dynamic leadership of his able daughter, 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 belongs to the largest river delta as well as one of the most fertile regions of the world with a total area of 1,47,570 sq.km. and a coastline of 710 (check) km. It has a population of 166.50 million (Economic Review 2020), making it one of the densely populated countries of the world. Bangladesh is largely ethnically homogeneous. Over 98 percent of the people speak in Bangla. English is widely spoken as well. The country is covered with network of rivers and canals forming a maze of interconnecting channels and rich water ways.
Bangladesh exports to 202 countries and territories of the world and the number of products with HS code is 766 (Seven Hundred Sixty-Six). The volume of merchandise and service export in terms of value was 45,367.8 million in the concluding FY 2020-2021. The growth of export is also phenomenal. Due to the fallout of covid like other dominant economies, Bangladesh was also affected but in the FY 2020-2021 Bangladesh rebounded and registered 15.10% growth. The export scenario of Bangladesh indicates her faster moving forward towards Middle Income Country by 2024.
|No. of Products||25||751 (H.S. Code 4 digit)|
|No. of Markets||68||203|
|Export Value||US$ 348.41 M||US$ 45,367.8 M|
A statement of comparative year-wise export earnings for 8 year is given below:
|FY||Export Earnings||Total||Growth (%)|
Apparel is the prime exportable of Bangladesh and contributing around 84% to the total export earnings. Product-wise export performance is furnished below for greater look:
|Frozen & Live Fish||526.45||508.43||500.40||456.15||574.00|
|Leather & Leather Products||1234.00||1085.51||1019.78||797.60||941.67|
|Eng. Products (without Bi-Cycle)||688.84||270.23||257.06||210.08||398.11|
|Footwear (Without Leather)||240.88||244.09||271.53||277.13||344.46|
|Cotton & Cotton (fabrics, Yarn, Waste Etc)||109.49||124.85||152.16||133.56||154.29|
|Other mfd. goods||229.81||211.62||254.61||274.63||324.18|
|FY||Exports||Import||Balance||Export as a percentage to import|
|Countries||Export July- June 2020-21||Export July- June 2019-20||Growth (%)|
|US: United States||6974.01||5832.39||19.57|
|GB: Great Britain||3751.27||3453.88||8.61|
|AE: United Arab Emirates||495.85||294.91||68.14|
|KR: Korean Republic of||398.67||352.82||13.00|
(as per Export Policy 2018-2021)
(Exportable with special export potentials, but such potentials could not be utilized property due to certain constraints.)
(Potential sectors with strong production & supply base)
Bangladesh is one of the fastest growing economies in the world. Its economy has been growing steadily at the rate of above 6.5% on average over a decade and thus has transformed the country into a land of opportunities. It is now being considered as the next Asian Tiger.
Bangladesh offers the most liberal FDI regime in South Asia, allowing 100% foreign equity ownership with unrestricted exit policy. Almost all the sectors are open for foreign investment without any quantitative restrictions. The country offers generous tax holiday, reduced tax rate for specific sectors, bond facility, export incentives, and other fiscal incentives. The country offers the most generous incentive Packages in the South Asian region which include the followings:
Consequently, under these circumstances, Bangladesh in comparison to the other south Asian economies, has catalyzed an exceptional investment ambience within the past few years. A superior investment environment is vital for the private sectors to be able to contribute to the global sustainable development agenda in the support of the following facilities prevailing for the investors.
Signed memberships and agreements include:
Bangladesh welcomes foreign investment in most sectors and providing favourable conditions for doing business.
Some of the incentives Bangladesh offers to foreign investors are:
Furthermore, one of the leading trading partners of Bangladesh has been the EU.
The Skills for Employment Investment Program (SEIP). The SEIP introduced large-scale partnerships with the private sector to scale up the country’s skilling capacity.
Bangladesh’s high growth is often highlighted by the RMG industry, the share of which in total exports surged from 40% in 1990 to 80% by 2015.
It is estimated that women’s employment grew by 4.4% annually due to demand from urban industrial employment, well over twice the rate of growth in the overall working-age population. The majority of the labor force are still engaged in agriculture and allied sectors (41%), while about 20% are employed in the industry sector and 39% in the services sector. But the workforce is diversifying. Bangladesh has a 60 million plus youth force. The government has set up multiple specialized training and skill development centers around the country.
The youth of Bangladesh are ready to seize the opportunities offered by the 21st century, as their potential is being realized in eclectic range of sectors.
In Bangladesh, we don’t have extreme temperature changes. We have six seasons: Summer, The Rainy season, Autumn, Late Autumn, Winter and The Spring. But we have over 8 different microclimates that combined with fertile grounds, provide the ideal conditions to grow, process, pack and export some of the best exotic fruits, vegetables and crops for the most demanding palates in the food industry.
Bangladesh encompasses only 0.03% of the world’s surface, but is the home of 5% of Earth’s biodiversity. The country has many different kinds of forests, from the dry ones in the southern pacific to the famous rain forests, making it a breathing live lab.
Located on the border of South and Southeast Asia, Bangladesh is close to other major markets in the region, such as China.
Bangladesh’s capital city Dhaka has easy access to its neighbouring countries. It is also the commercial and financial hub of Bangladesh and the largest economic center of Eastern South Asia.