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What next for Brand BANGLADESH?
PHOTO: COLLECTED
SHEHZAD MUNIM
Bangladesh is a nation on the rise. Over the last decade, we have witnessed a remarkable transformation in our economic, social and political spheres, overcoming challenges such as poverty, natural disasters, political instability and security threats. We have achieved sustained economic growth, averaging 6.5 percent annually over the past decade—one of the few economies in the world to have retained our growth trajectory in the face of an unprecedented pandemic—and have made significant progress in human development indicators, such as education, health and gender equality.
Bangladesh has also enhanced its regional and international connectivity, participating in various trade and investment agreements, such as the South Asian Free Trade Area (SAFTA), the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), and the Belt and Road Initiative (BRI). With macroeconomic stability, strategic location, large domestic market and demographic dividend, Bangladesh is an oasis of growth in the world that is facing increasingly turbulent headwinds. Why then are we lagging behind our peer economies in terms of attracting foreign investment?
THE INVESTMENT DECISION
When assessing an investment destination, we typically assess an opportunity through the prisms of stability, productivity, consistency in terms of policy framework, sustainability, and maturity of circular economy. Bangladesh has made significant strides in each of these areas over the last decade, yet since net FDI inflow peaked in 2015, we have not been able to maintain the same buoyant trajectory. Given the vital role FDI plays in the development of an economy, and in the backdrop of current foreign exchange volatility impacting our economy, this merits some introspection.
While there are areas of improvement that often do the rounds in these conversations, such as the need for a comprehensive FDI policy, updating the Foreign Exchange Regulation Act, and revitalising existing taxation and VAT policies, there is more to this story than just the objective measures. Despite stellar progress across many socioeconomic metrics, despite strong domestic consumption and the promise of high returns and despite showcasing its resilience in the face of adversity time and again, Bangladesh continues to be regarded as one of the best kept secrets of Asia. The question then becomes: has Bangladesh the brand been able to keep pace with Bangladesh the nation and Bangladesh the economy?
In a globalised world, a country’s brand is a powerful narrative that encapsulates the economic, social, and cultural ethos of a nation. For investors, this brand becomes a key determinant in investment decisions. A strong country brand acts as a lighthouse, signalling a robust economy, a skilled workforce, and a stable political environment, all of which Bangladesh can lay claims to. It’s a beacon that attracts foreign direct investment, fostering innovation and growth. As the Managing Director of a leading MNC, I can attest to the magnetic pull of a strong country brand. It is the silent ambassador of a nation, opening doors to global opportunities and partnerships.
THE EVOLUTION OF BRAND BANGLADESH
The narrative arc of Brand Bangladesh has taken many twists and turns over the past five decades. Rising from the ashes in the 1970s, the country started its journey with an economy devastated by war and exploitation.
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When assessing an investment destination, we typically assess an opportunity through the prisms of stability, productivity, consistency in terms of policy framework, sustainability, and maturity of circular economy.