What is the story about?
What's Happening?
Commerce Adviser Sheikh Bashiruddin has highlighted the need for Bangladesh to strengthen its backward linkages in industrial and agricultural sectors to avoid falling behind in development. Speaking at a seminar, Bashiruddin noted the country's loss of manufacturing diversity due to an 'anti-manufacturing bias.' He emphasized the importance of adopting automation and creating a clear industrial model to enhance capacity. BCI President Anwar-ul Alam Chowdhury echoed these concerns, stressing the need for increased backward linkage capacity to achieve self-sufficiency in food production. The seminar also addressed the unemployment challenge, with over 2.6 million people jobless, and the limited potential of the RMG sector to generate new opportunities. Experts called for a shift in focus to manufacturing, particularly light engineering, to drive future growth.
Why It's Important?
The emphasis on strengthening backward linkages and adopting automation is crucial for Bangladesh's economic growth. The current reliance on agriculture, RMG, and remittances is insufficient to sustain long-term development. By focusing on manufacturing and technology-driven businesses, Bangladesh can diversify its economy and reduce dependency on imports. This shift could create new employment opportunities and enhance the country's competitiveness in global markets. The potential growth in sectors like farm machinery and auto spare parts presents significant opportunities for Bangladesh to capture emerging markets and boost its economic standing.
What's Next?
The proposal to establish an economic zone for agricultural products is under review, which could facilitate the development of backward linkages. Additionally, policies supporting 'Made in Bangladesh' products are being considered to promote domestic manufacturing and exports. Coordinated action from government and private stakeholders is essential to identify problems and create opportunities for growth. The focus on agriculture, SMEs, and technology-driven businesses as new engines of the economy will require consensus-building and strategic planning to achieve a national economic vision.
Beyond the Headlines
The call for a national economic vision beyond political differences and LDC status highlights the need for unity in addressing economic challenges. The emphasis on backward linkages and automation reflects a broader trend towards modernization and self-sufficiency. This development could lead to long-term shifts in Bangladesh's economic structure, reducing reliance on traditional sectors and fostering innovation.
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