In favour of \\\'look-east\\\' policy

Asia's economic integration is going strong, thanks to free trade and other special regional trading arrangements. But these developments are bypassing Bangladesh.  
The country is located along the Bay of Bengal from the sea point of view and stands in between South Asia and South East Asia in terms of geography under the current global economic power shift toward the Indo-Pacific Ocean region. This geographical advantage will provide a unique opportunity to the country to play the role of a hub in the region as well as in inter-regional matters. This also suggests Bangladesh's renewed focus on 'look-east' policy to exploit the vibrant economic growth from the Pacific to the Indian Ocean.
The people of South Asian countries, particularly Bangladesh, had been looking east long before the country adopted the look-east policy. When Japan started the process of being modernised during the Meiji Restoration, East Asians, who were then faced with aggressive European-American free traders to open their countries for trade, looked at Japan's handling of this problem.
After post-World War II, Asian economic emergence began from the East, particularly from Japan, and then South Korea. Now China is at the centre-stage and gradually, it has diverted its attention to the West and other East Asian countries such as Vietnam and Myanmar. Chinese economic influence has also started rolling into other parts of Asia.  
Now, the economies of Asia concern more than 4.2 billion people where 60 per cent of the world population is living in 46 different states. It has grown as the fastest economic growth region and the largest continental economy in terms of GDP-PPP in the world. Moreover, Asia is a continent which has witnessed some of the world's longest economic booms starting from the Japanese economic miracle, miracle of the Han River in South Korea and the economic boom in China.
Bangladesh's geographical location is the most favourable to focus on a look-east policy. It is an important place where most of South Asian, Southeast Asian and East Asian countries enjoy benefits by doing trade and businesses because of common characteristics and similar spirits.
Historically, Bangladesh's seaports had been 'ports of call' of ancient traders and a hub of economic activities connecting the West and the Far East. Today it is witnessing Bangladesh's resurgence as a regional hub.
It is time that the policy-makers put thrust on full exploitation of potential of trade and investment in countries of South East Asia and East Asia.
Happily, it maintains friendly relations with all countries of South East Asia and East Asia, which were least affected by the global recession. China, Japan, Thailand, Singapore, Malaysia and Brunei can immensely help the country with their investment and gain enormously from easily trainable but cheaper manpower available in the country. These countries can be persuaded to set up their industries in economic zones now being offered in Bangladesh.

The writer is an Assistant General Manager of Bangladesh Krishi Bank and a life member of the Bangladesh Economic Association. 

sobhan_bd2003@yahoo.com