After a long period of good work, finally, Bangladesh got the status of a Developing country. Now, the real challenge for Bangladesh is to transition from underdeveloped country to developing country. We all know that as life progresses towards on top, more and more challenges come into the way. Although this is overall a positive sign from Business Development in Bangladesh. Investors in Bangladesh must be on the positive frame of mind post this development in the status of Bangladesh.
Key Challenges for Bangladesh after the status of Developing Country:
Key challenges from commercial and Business Development point of view are as under:
- Infrastructure Development
- Development of Information Technology
- Trained Manpower
- World-class Technology
- Development of Urban infrastructure
- Availability of necessary necessities at a very low cost
- Improvement of Per Capita Income
- Duty- free market access for products in Developed countries
- Smooth Business climate to Businesses
- Higher poverty alleviation efforts
Challenges and Opportunities always go together. In line with challenges, there are various opportunities also coming into the journey.
Opportunities and Benefits to Bangladesh:
Key benefits may be summarised as under:
- Improved creditworthiness and as a result credit rating will improve at world level
- Bangladesh can take loans and financial assistance from world bank or other providers at a competitive interest rate
- Outside Bangladesh investor’s perception must be changed and they will be in a better position to invest in Bangladesh Business
- This will also improve the mindset of local citizens in terms of taking more initiative and also to invest into their personal skill development
- More investment in terms of technological development by outside Investors
- The attraction of Foreign Direct Investment (FDI)
What should be the key steps and immediate action points as a Developing Country?
- The first step should be to prepare a list of challenges to face as a developing country
- Prepare the steps to meet each of those challenges
- Prepare the sustainable plan so that it will be workable
If Bangladesh really wants to achieve its target to become a developed country by 2041, the journey will certainly be difficult.
Corevyan are one of the good consulting companies in India/Bangladesh providing management consulting services on innovation, strategy, problem solving and business transformation to our clients for India/ Bangladesh.