Recently, Syed Ershad Ahmed, President of the American Chamber of Commerce in Bangladesh (AmCham), deftly highlighted the critical role of digitisation in ensuring a smooth transition for Bangladesh as it graduates from Least Developed Country (LDC) status. He rightly pointed out the potential of digital solutions to significantly reduce costs and enhance business efficiency. This is essential not only for navigating the challenges of LDC graduation but also for fostering long-term economic growth and competitiveness.
The current reliance on manual processes can lead to inefficiencies and higher management expenses. Embracing digitisation will streamline operations, allowing businesses to adapt to evolving market demands and compete effectively on the global stage. This transformation will not only benefit the RMG sector but all export-oriented industries.
Financial inclusion through digital payment systems also aligns with the government's vision of a "Cashless Bangladesh" and is crucial for facilitating e-commerce and boosting overall economic activity. The collaboration between the government and financial institutions like Mastercard and Visa in this regard is a positive step towards achieving this goal.
The need for improved logistics infrastructure and a more efficient policy environment is also a point of strong agreement. Streamlining logistics and expediting regulatory processes will not only bolster Bangladesh's export capabilities but also attract much-needed foreign investment.
Digitisation, financial inclusion, and infrastructure development are all key pillars for Bangladesh's continued success as it graduates from LDC status. By working together, the government, businesses, and international partners can ensure a smooth transition and propel Bangladesh towards a prosperous future.
Mahtab Hussain
Student
Stamford University.