This article assesses Bangladesh’s potential for economic transformation by drawing lessons from the success of Vietnam and Rwanda. Key focus areas include strategic investments in infrastructure, workforce development, good governance, and diversification of manufacturing. The overarching message emphasizes wise resource utilization over mere financial expenditure to create lasting economic impact.
Growing an economy is akin to tending to a farm. Success requires not just effort but also fertile conditions, meticulous planning, and strategic investments. Bangladesh has made progress, yet it must refine its investment approach and allocation to foster substantial growth.
Vietnam’s evolution from a struggling economy to a robust industrial entity resulted from deliberate reforms. The Đổi Mới reforms initiated in 1986 propelled the country into a manufacturing powerhouse by enhancing infrastructure and establishing Special Economic Zones to attract foreign investments.
Bangladesh has the potential to diversify its industrial sector beyond textiles to include electronics, information technology, and automobile manufacturing, based on Vietnam’s model. A major focus should be on infrastructure development, with Vietnam investing approximately $120 billion from 2010 to 2020 on vital physical networks like highways and ports.
Moreover, the efficacy of an economy stems from its people. Vietnam emphasized education, especially in technology and engineering. Bangladesh should aim to nurture its youthful workforce through vocational training and STEM education, which are crucial for meeting the needs of modern industries.
To facilitate business growth, Vietnam’s streamlined trade policies and regulatory environments proved essential. Bangladesh has a similar opportunity to simplify its business setup processes, encouraging both entrepreneurship and foreign investment.
Rwanda exemplifies a nation that has transformed itself through strategic choices rather than circumstance. Despite its tragic history and minimal natural resources, Rwanda has emerged as an economic leader in Africa through investments in governance, transparency, and technology.
Rwanda’s agricultural sector is thriving due to enhancements in irrigation and modernization, substantially raising productivity. Bangladesh can adopt similar measures to ensure efficiency and stimulate rural economic development, especially in agriculture, which traditionally relies on labor-intensive practices.
Good governance is foundational to Rwanda’s growth, with robust anti-corruption protocols fostering investor confidence. Vietnam’s successful efforts in improving transparency further illustrate the significance of accountable governance. Bangladesh could benefit from prioritizing transparency, streamlining public services, and implementing e-governance.
While Bangladesh has achieved notable progress, there remains significant scope for further advancements. By diversifying its manufacturing base, investing in infrastructure, and bolstering workforce training, it can mirror Vietnam’s successes. Incorporating digital advancements and institutional reforms, akin to Rwanda, will enhance its economic landscape.
Ultimately, the emphasis should not merely be on the volume of investment but rather on the strategic utilization of resources. With its youthful populace, abundant resources, and a vision for the future, Bangladesh stands at a pivotal juncture to create meaningful and sustainable economic impact.
In summary, Bangladesh has a unique opportunity to capitalize on lessons learned from Vietnam and Rwanda. By focusing on strategic investments, enhancing infrastructure, and prioritizing education and good governance, it can pivot towards a more diversified and impactful economy. A measured approach to resource allocation will enable Bangladesh to harness its potential effectively, ensuring both growth and sustainability.
Original Source: thefinancialexpress.com.bd
