Bangladesh graduated from low-income status to lower middle-income status (LMIC) on July 01 last year. According to provisional government figures, Bangladesh's per capita income rose to US$1,314 in the fiscal year that ended on June 30, 2015. In terms of purchasing power parity (PPP), Bangladesh secured the 33rd place in 2015 by moving two steps ahead from the 35th position in 2014. According to the IMF World Economic Outlook Report 2015, Bangladesh is presently the world's 44th largest economy, notching up 11 steps from 55th position in 2014.
Bangladesh stands as a role model in achieving several of the Millennium Development Goals (MGDs). The country is positively on target for achieving Post-2015 Sustainable Development Goals (SDGs). Resilience and potential of the economy of Bangladesh have been conspicuously noted in recent years by leading global economic scenario exercises.
ASPIRATIONS FOR GROWTH: Recent economic achievements uphold the relevance of aspirations raised in the conference of the Dhaka Chamber of Commerce and Industry (DCCI) titled 'Bangladesh 2030: Strategy for Growth' held on December 07, 2010. By engraving 2030 on the coin, the DCCI had then raised aspirations by putting up the question: can Bangladesh by the year 2030 take its place among the 'top 30 countries' of the world as an economic powerhouse and graduate to MIC (middle-income country) before 2021? With that goal on the table, the conference had called attention to 'what growth path and policy mix will lead Bangladesh towards this transformation and what is the roadmap in attaining such a growth scenario'.
On July 02, 2015, Prime Minister Sheikh Hasina declared that Bangladesh would become a middle-income country within the next three years, before the targeted 2021 since the country has already stepped onto that ladder through becoming a lower middle-income country.
Despite the country's cheap labour and attractive incentives offered by the government, a lacklustre situation prevails in the country's investment scenario, both in local private and foreign direct investment (FDI). If Bangladesh is to attain the MCI status by 2021, there is no other alternative but to raising the level of investment.
BRANDING IN OPEN ECONOMY: A country's overall image in the international public mind attracts FDI. Most images formed about countries are stereotypes, extreme simplifications of reality that are not necessarily correct. Even when a country does not project its name as a brand, people usually form their own picture about each country. Branding in today's open market economy has come out as an inevitable target for countries that aspire to prosper. Country branding is no longer an option, but is actually a necessity in today's business world.
A pre-existing country image can be long-lasting and difficult to change. Simply initiating a national branding communication campaign often does not address the underlying factors that influence the current public image of a country. So, it is important to have a holistic strategy that includes understanding of the current state of the country's image, identifying many factors that influence it, developing a strategy, implementing that strategy, and tracking progress over time.
ADDRESSING IMPEDIMENTS: Bangladesh is a safe haven of FDI as the government offers various incentives including corporate tax holiday ranging from five to seven years in certain areas and sectors. The incentives also include a liberal regulatory environment characterised by allowance of 100 per cent foreign equity, unrestricted exit policy, full repatriation of dividends and capital and remittance of royalty and attractive incentive package for export-oriented industries. But the investors are still to get the confidence.
Prospective foreign investors generally identify underdeveloped infrastructure, shortage of power and energy, procedural bottlenecks, lack of proper regulatory framework, scarcity of industrial lands, and political uncertainty as major impediments to new investment. The government needs to address these impediments to attract more FDI in the country.
CREATING A REWARDING BRAND: Creation of a rewarding brand for the country requires a comprehensive and integrated strategy. For projecting the right image, the need is to identify how the country is perceived domestically as well as internationally. Country Branding is not actually a function performed individually by the government, state bodies or associations of private companies. Effective country branding requires integrated and concentrated effort of all stakeholders.
Some initiatives have already been taken in recent years to brand Bangladesh. But those initiatives have hardly been effect as those have mostly been private and sporadic. Even among the government bodies there is a lack of coordination and integration in projecting Bangladesh's image. For example, the tag line being used by the Export Promotion Bureau (EPB) is: 'An Important Business Destination' whereas the tag line used by the Board of Investment (BOI) is: 'Your Dream Investment Destination'. Â
Another example of an enthusiastic but sporadic projection of national image was the colourful event of forming the largest human national flag. On December 16, 2013, commemorating the 43rd Victory Day of Liberation War in 1971, Bangladesh created a global record by forming the world's biggest human national flag. About 27,117 volunteers from the Bangladesh Army, educational institutions and the general public stood with red and green placards to form the national flag in Dhaka's National Parade Ground. Mobile Network Operator Robi Axiata Limited, in collaboration with the Bangladesh Army, organised the event. Organisers said the main objective of this event was not only to celebrate Bangladesh's Victory Day but also to show to the world the inner strength and unity of the people of the country.
MALAYSIA'S REWARDING EXAMPLE: From the economic point of view, Malaysia has progressed from being a developing country to a developed country. It is one of the most developed countries in Southeast Asia. When the Malaysian government launched the project of building a country brand in 1999, analysts believed that there was nothing that set Malaysia apart from other Asian countries. So unlike China, Japan, India or Singapore when people thought about Malaysia they did not find significant arguments to attract them as tourists, business people or potential residents.
Focus groups saw a strong point in what others thought to be a disadvantage. Experts viewed Malaysia's ethnic diversity as the main and most important element that makes that country unique. No other country offers so many cultural sites, culinary variety, festivals, customs and traditions of these great Asian civilisations. On this philosophy Malaysian brand was created - 'Malaysia: Truly Asia' which promises to deliver a unique experience, grouping elements from all across Asia.
The results of the campaign were impressive from the economic and financial points of view. With the launching of the campaign, the number of tourists visiting that country tripled. Similar escalation occurred in revenues from tourism at national level, reaching US$ 14 billion in 2008 from US$ 4.0 billion in 1999. In 2009, Malaysia ranked among top ten most-visited countries.
'Malaysia: Truly Asia' is an example of a brand which created a new dimension by positioning the country as a multicultural destination in one location in contrast with the mono-cultural destinations like China, Thailand or India. Success of the campaign has been recognised internationally, rewarded by 31 specialty awards, of which 18 are gold medals, more than any other branding campaign in over a decade's time.
PROJECTING THE RIGHT IMAGE: Bangladesh has a bright future due to its large domestic market of 160 million, the fast growing middle class, and 17 per cent of its population being rising youngsters. Identifying the role of the private sector as the prime engine of growth, a number of initiatives have been taken up by the government to create an enabling environment for the private sector so that it can play its due role as a vital economic driver. It is important to take steps to improve the investment climate to attain the MCI status by 2021.
Although there are many external assessment channels like the World Bank's Doing Business Report and Country Development Report, we lack in a coherent internal assessment practice. The government should have an autonomous research unit where facts and experiences of all the stakeholders can be shared, pooled and analysed with regular exercise of periodic assessments and updates. Â
Projection of the right country image represents the result of an integrated effort in the long term, which requires consistent and stable marketing strategies. Each country's emphasis in brand campaign has to aim at promoting its own image, depending on its competitive advantages, and the essence of its existing image. A positive image can promote tourism, exports, FDI and business diplomacy. Increasingly strong competition in international markets requires creation of a well-integrated holistic national image.
The writer is ICT, Business and IPR Policy Analyst.
timnkabir@gmail.com
Country Brand: Projecting achievements despite challenges
writes T. I. M. Nurul Kabir | Published: February 21, 2016 00:00:00 | Updated: February 01, 2018 00:00:00
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