In the journey towards becoming a developed nation, Bangladesh must not overlook the critical need to protect its infant industries-those emerging sectors still too young to compete with established international players.
While Bangladesh has made commendable economic progress, particularly through its ready-made garments (RMG) sector, it remains at a crossroads. The nation aspires to diversify and strengthen its industrial base, yet many new industries remain vulnerable in the face of stiff global competition.
To foster the growth of these industries, the government should consider implementing protective measures. These include imposing higher tariffs on certain foreign imports while reducing tariffs for domestic companies to ensure local products remain competitively priced. Subsidies and tax incentives targeted at fledgling industries would also lower production costs, enabling them to scale efficiently. Moreover, introducing non-tariff barriers-such as import licensing-can further shield local enterprises from premature exposure to global market forces.
Such strategies are not only economically sound but also essential for sustainable national development. By nurturing infant industries today, Bangladesh can secure a more diverse and resilient economy tomorrow-one that showcases innovation and industrial strength on the world stage.
Government support at this pivotal moment could determine whether these industries become the future pillars of a developed Bangladesh.
Md Jahid Munsi
Student, Bachelor of Business Administration
North South University
jahid.munsi@northsouth.edu