Over the years Bangladesh has made commendable economic progress. However, the heavy reliance on the RMG sector poses significant risks. It is high time to explore sectors like renewable energy, technology, and agro-processing to diversify the economy and ensure long-term stability. These industries align with global climate goals and can help mitigate the risks associated with supply chain disruptions.
Nonetheless, governmental and administrative delays, limited infrastructure, and insufficient financing for SMEs hinder innovation. Urgent actions are needed, such as streamlining regulations, encouraging the adoption of green technologies, and expanding public-private partnerships to address these challenges. Additionally, addressing youth unemployment requires better coordination between education and industry/market needs. In this context, the North South University's focus on practical skills is crucial to bridging this gap.
Lawmakers must prioritise sustainable industrialisation to attract ethical investments and generate employment. By balancing growth with environmental management, Bangladesh can evolve into a resilient and progressive economy. Let's align policies that promote prosperity without compromising the health of our planet.
Mohammad Nazif Uddin
Student
School of Business and Economics
North South University
mohammad.uddin03@northsouth.edu