Dhaka 16 August : Reviving a nation isn’t an easy feat however, nothing is impossible when you have the resolve.Bangladesh President Sheikh Hasina told a true story about the country’s politico-economic revival. Bangladesh is definitely one of the fastest-growing economies in Asia.The gross domestic product (GDP) has been increasing steadily since 2010, at more than 6 percent annually.It surpassed 8 percent in 2019.
“We have achieved a tremendous amount in the past 50 years.
When we became an independent country at the close of 1971 our war-ravaged nation of 75 million was engulfed in many hardships.The per-capita GDP was $133 and was growing only marginally or at all and the life expectancy was just 47 years.Bangladesh has become a thriving economy of the 165 million, with a per-capita GDP of $2,554 and growing rapidly and the life expectancy has increased to 73 years.” Hasina wrote in an essay entitled ‘Innovations: Bangladesh at 50’ published by MIT Press, US.
The remittances earned by expatriates working abroad amounted to a record $11 billion in 2020, which is the eighth-highest in the world.The reserve of foreign currency in the country is $47 billion.
Of all the injustices which exist in Bangladesh one of the most significant is the one involving housing.In 2020, which is the 100th anniversary year of Bangabandhu Sheikh Mujib’s birthplace, the country has pledged to build homes for the homeless and to provide every citizen with an address that is suitable for home.
Homelessness is a major cause of inequality, improves equity and result in better health for the citizens.
“It was as many other initiatives by Sheikh Mujib who created groups of villages for people who are landless and started the distribution of state-owned land to build better housing.We have followed his model and are currently applying it.” Hasina elaborated.
“Inclusivity is a fundamental concept in our culture.It is due to the fact that the consciousness of our nation was born against discriminatory rules initially under the British and later under the Pakistanis.
Sheikh Mujib was the defender of inclusion and was the best person to speak of this philosophy.Development must involve all of society.It should be inclusive.Participation must be encouraged,” she added.
When digital communication devices became more widespread The country realized they could be harnessed to help financial inclusion.
“As as a consequence, my government adopted the concept of mobile financial services right following the start of my second term in 2009.
Today more than 80 million citizens in the country use the mobile banking services, and we’re an acknowledged world leader in this area.We founded the Karmasangsthan Bank, a bank that focuses on facilitating small-scale businesses that allow young men and women can access loans with the need for a deposit of more than 200,000 Taka (approximately $2400) or more to operate farms or businesses.Other programs for startups offer education and access to loans at low-interest.”
Micro-savings is among of the most important factors that motivates people with less money to make some saving.
Bangladesh is now well-known for its communications and digitalisation.
“Within months of being elected in 1996, I had signed three mobile licenses that were digital that provide services across the country.
These networks now offer access to mobile phones to almost every person in Bangladesh.In 2009, in order to take advantage of the huge accessibility of mobile phones, enhance the trend and propel Bangladesh into the digital age we created the Digital Bangladesh initiative.
“This vision also includes e-governance (bringing direct delivery of government services via digital platforms) and a creation of a technology-centric knowledge-based economy, as well as a sector.We’ve set ourselves the lofty goal of the initial phase of Digital Bangladesh by 2021 I am happy that our progress has been beyond our expectations.Today government services continue their rapid digitization and our ICT sector is a growing export business and our IT freelancers are in demand throughout the world.A few of our initiatives that we have undertaken are listed below.” Hasina said.
Digital centers are being set up in every union council (community-based governance group) in Bangladesh.There exist 5,275 union councils throughout Bangladesh.
Hasina the government has committed $300 million in financing, aiding and encouraging startups.
At present, Bangladesh is exporting $1.3 billion in software and other digital services.In addition, around 650,000 freelancers earn greater than $500 million each year.We plan to boost exports by 5 billion dollars by 2025.
As the developed nations experience population declining, the need for skilled individuals in their service industries is expected to rise.We are currently working on this potential to further boost our earnings.
Bangladesh government has also given an enormous amount of attention to the supply of electricity.
“I have always believed that energy to be an essential component of economic growth.
Therefore, beginning with the Private Power Generation Policy in 1996 and my efforts to privatize power generation in the year 1996 and to increase the production as well as diversification of energy sources.We also developed a variety of other policies, among them that created incentives to attract foreign and private capital for this technology-intensive and capital-intensive sector.
Diversification initiatives have taken into consideration different fuel options, such as renewables and nuclear.Additionally, we have started regional collaboration with India, Bhutan, and Nepal to export and import of power including hydropower.” Hasina said.
In the period prior to the outbreak the foreign direct investments (FDI) in the country was steadily growing and reached close to $3.9 billion.
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