Bangladesh growth to surpass China, India if graft tackled
Friday, 21 March 2008
FE Report
Bangladesh has the potentials to achieve higher economic growth than China and India if it can tackle corruption, educate manpower and develop infrastructure, said an award winning young British-Bangladeshi businessman.
"The country's gross domestic product (GDP) growth is sure to surpass those of the fastest growing China and India if it can properly embark upon the issues of corruption, manpower, infrastructure and law and order," Shelim Hussain said.
Corruption in the civil services needs to be tackled, the country's massive population of 150 million must have fair amount of education, roads and infrastructure must be upgraded and law and order situation improved for attaining higher growth, he said.
China, the world's third largest economy has been growing at over 10 per cent in the last two decades while India has clocked over eight per cent growth for over five years.
Bangladesh economy, in contrast, grew an average six per cent in the last four years.
"We see no reason why Bangladesh will not faster than the Asian tigers. It has all the things ready for a takeoff," he said.
Hussain, 30, who won the Eastern Eye Young Achiever Award presented by the Prince of Wales and nominated for Young Achiever at the Asian Jewel Awards in 2003, made the remarks at a briefing in the city.
He is among five high profile and successful British-Bangladeshis who have just concluded four-day visit to the country, interacting people of all walks of life and sharing their success stories.
The Bangladeshi-origin Hussain started his business with only 20 British pounds 12 years ago at the age of 18 while working as a part-time waiter alongside studying at a college for his A' Levels.
Hussain is now the chairman and managing director of Euro Foods (UK) Ltd, S&B Developments Ltd, SRS Poultry Ltd, Eurasia Food Processing (BD) Ltd, Linen Service UK Ltd, Horizon Seafood Ltd, Saidowla Enterprise and Euro Foods (BD) Ltd.
The annual turnover of his business is now around 40 million British Pounds (Tk 5.60 billion).
"I saw an opportunity in prawn and started off by selling a few boxes of frozen prawns with a friend. We used to deliver them at night while continuing education during the day," he said.
Mahee Jalil Ferdaus, another successful British-Bangladeshi businessman and owner of a television channel in London, said non-resident Bangladeshis (NRBs) would be willing to invest in the country in a bigger way, if business-friendly environment is ensured.
"We see bigger and better opportunities here. Making money is much easier here. And a lot of people are now willing to invest," he said.
Konnie Huq, a popular and well-known BBC TV presenter, said Bangladeshi media have grown tremendously during the last few years.
But the media should stress more on impartiality of news they provide, she said.
Akhlaq Chowdhury, renowned barrister in the UK, and Rupa Huq, senior lecturer in Sociology at Kingston University, also spoke on the occasion.
Bangladesh has the potentials to achieve higher economic growth than China and India if it can tackle corruption, educate manpower and develop infrastructure, said an award winning young British-Bangladeshi businessman.
"The country's gross domestic product (GDP) growth is sure to surpass those of the fastest growing China and India if it can properly embark upon the issues of corruption, manpower, infrastructure and law and order," Shelim Hussain said.
Corruption in the civil services needs to be tackled, the country's massive population of 150 million must have fair amount of education, roads and infrastructure must be upgraded and law and order situation improved for attaining higher growth, he said.
China, the world's third largest economy has been growing at over 10 per cent in the last two decades while India has clocked over eight per cent growth for over five years.
Bangladesh economy, in contrast, grew an average six per cent in the last four years.
"We see no reason why Bangladesh will not faster than the Asian tigers. It has all the things ready for a takeoff," he said.
Hussain, 30, who won the Eastern Eye Young Achiever Award presented by the Prince of Wales and nominated for Young Achiever at the Asian Jewel Awards in 2003, made the remarks at a briefing in the city.
He is among five high profile and successful British-Bangladeshis who have just concluded four-day visit to the country, interacting people of all walks of life and sharing their success stories.
The Bangladeshi-origin Hussain started his business with only 20 British pounds 12 years ago at the age of 18 while working as a part-time waiter alongside studying at a college for his A' Levels.
Hussain is now the chairman and managing director of Euro Foods (UK) Ltd, S&B Developments Ltd, SRS Poultry Ltd, Eurasia Food Processing (BD) Ltd, Linen Service UK Ltd, Horizon Seafood Ltd, Saidowla Enterprise and Euro Foods (BD) Ltd.
The annual turnover of his business is now around 40 million British Pounds (Tk 5.60 billion).
"I saw an opportunity in prawn and started off by selling a few boxes of frozen prawns with a friend. We used to deliver them at night while continuing education during the day," he said.
Mahee Jalil Ferdaus, another successful British-Bangladeshi businessman and owner of a television channel in London, said non-resident Bangladeshis (NRBs) would be willing to invest in the country in a bigger way, if business-friendly environment is ensured.
"We see bigger and better opportunities here. Making money is much easier here. And a lot of people are now willing to invest," he said.
Konnie Huq, a popular and well-known BBC TV presenter, said Bangladeshi media have grown tremendously during the last few years.
But the media should stress more on impartiality of news they provide, she said.
Akhlaq Chowdhury, renowned barrister in the UK, and Rupa Huq, senior lecturer in Sociology at Kingston University, also spoke on the occasion.