Public-private partnership: Getting Bangladesh ready for a possible industrial change

Private sector in Bangladesh has been playing an essential role in the development of the country. By employing around 3 million women in the garments sector or providing easy banking services on mobile phones, the private sector in Bangladesh has contributed quite well.

However, with the onset of industrial revolution 4.0, the role can change. It is expected that 4.0 could be centered on advanced technologies such as artificial intelligence, block chain, virtual reality and internet of things. There has been a shift in dynamics and the industries altogether are being digitalized. Mode of transactions have now changed and the country is moving towards digital banking, biometrics, etc.

To meet this objective, Prime Minister Sheikh Hasina led government has been meeting with the officials and ambassadors of different countries. The PM recently stressed on the need for the complete realization of business potential in Bangladesh. “As Bangladesh is marching ahead in various areas of economic growth and development, I invite you to explore the full potential of business and trade relations with Bangladesh,” she said in a meeting with a Chinese business delegates.

Arrival of entrepreneurs with their models such as “Uber” and Bangladesh’s very own “Pathao” have also transformed the way businesses operate these days. Thanks to such success stories, there has been a rise in entrepreneurship which can open more doors for talented individuals and address the unemployment rate.

In light of this, the Prime Minister’s Private Industry and Investment Advisor, Salman F Rahman, emphasized upon the need for new and upcoming entrepreneurs to upgrade their skillset to take Bangladesh further towards development, at a recent meeting in the capital. “The Chinese and Japanese are investing here. So, knowing their languages can help you for the sake of your business,” he said.

Bangladesh is one of the very few countries which is blessed with young workforce and if trained well, they can assist Bangladesh become a potential destination for investment in future, especially during Industrial revolution 4.0. For this, the Hasina led government also met with officials from Japan for a possible youth training center.

However, the Government alone may not achieve the target in the desired time. It needs the help and support of the private players. Bangladesh’s economy is growing at a brisk pace. In the last fiscal year, the country’s GDP was 7.28 percent, 4th highest in the world. It is expected to grow at 7.5 percent in the financial year 2018-19, thereby creating a record of exceeding its expected growth for the eighth time in a row.

Private sector played a huge role in this growth and took it to the next level, but now they need to move beyond their organizations and help in catalysing the systemic change. They can implement new schemes and bring in new ideas that cater to all sections of the society, thereby focusing on inclusive growth. They can adopt an experimental and innovative outlook to build new potential riding on advance technologies and, most importantly, shape the sectors, industries and national agenda locally as well as globally.