Dhaka: Bangladesh Investment Development Authority (BIDA) Executive Chairman Chowdhury Ashik Mahmud Bin Harun today announced that Bangladesh is on track to emerge as a significant global consumer market by 2030, largely due to its strategic geographical position. ‘Nearly 2.5 billion people live within four hours of Bangladesh, creating economic expansion potential through neighbouring countries,’ he stated at the inaugural ceremony of the 12th National SME Product Fair held at the Bangladesh-China Friendship Conference Center in the city.
According to Bangladesh Sangbad Sangstha, Ashik Chowdhury highlighted that while the economic revolution of the past century took place in Europe and America, the next century’s economic expansion will occur in Asia. He noted that large investors still primarily view Bangladesh as a manufacturing hub. However, the lack of backward linkages poses a challenge for sectors such as mobile phones, the automotive industry, life engineering, footwear, textiles, garments, and leather.
Chowdhury pointed out that Bangladesh’s demographic advantage, with an average age of just 27 years, offers a window of opportunity for entrepreneurs to make long-term contributions to the economy. He mentioned that partial exporters are being offered benefits through bank guarantees, which will eventually help SMEs engage in fully integrated exports. He stressed the need for diversification in exports beyond textiles and garments.
Furthermore, Chowdhury highlighted efforts against corruption and the push towards digitalisation, allowing businesspeople to register online and access information through websites and apps. Despite some progress in the power sector and other areas, he acknowledged that more work is needed.
In addressing the entrepreneurs at the fair, he commended the participation of women, who make up an impressive 60% of the attendees, marking an important step for the country.