Diversifying economy for a sustainable future

Bangladesh has made remarkable progress in recent years, achieving a steady GDP growth rate. The readymade garment (RMG) sector, which has been the cornerstone of our economy, has propelled Bangladesh onto the global stage. However, our heavy reliance on a single industry poses significant risks, especially amid fluctuating global demand and rising labour costs. To maintain the economic growth momentum, it is imperative that we diversify our industrial base.

Investment in technology and innovation can support this transition, enabling us to move from low-cost manufacturing to higher-value products. Additionally, fostering a vibrant startup ecosystem will harness the entrepreneurial potential of our youth, generating new job opportunities across various sectors. Infrastructure development also demands immediate attention, as current transportation and energy supply remain inadequate to meet the demands of sustained growth. Public-private partnerships could play a critical role in bridging these gaps, building a stronger foundation for future expansion.

As we strive for sustainable development, environmental concerns must be prioritised. Climate change impacts are becoming increasingly evident, and our economic growth strategy must incorporate green practices. Investments in renewable energy and sustainable agricultural techniques will not only protect our environment but also open new economic avenues. Finally, regulatory reforms to improve the business environment are essential for attracting both domestic and foreign investments. Streamlining procedures, enhancing transparency, and establishing a fair legal framework will create a more competitive marketplace and encourage investor confidence.

Despite challenges, the potential for growth is immense. By embracing innovation, strengthening infrastructure, and prioritising sustainability, we can strengthen our economy. It is crucial for policymakers, businesses, and civil society to work together on these issues to ensure a prosperous future for our nation.

Alif Anam

Department of Marketing

North South University

[email protected]