Bangladesh Lays out its 2041 Vision to Become a Top Smart Regional Tech Hub

[Bilal9]

05.10.2023 10:MAY AM EDT

PHOTO : Collected

Bangladesh is rapidly becoming a central regional tech hub, with a growing number of startups and a focus on digital innovation. With over 6,500 startups and over 300,000 new jobs created, the IT sector has contributed 1.3% to Bangladesh's GDP. It has already become South Asia's second-largest source of IT freelancers and is considered the region's second most promising technological hub.

According to the President of Bangladesh Association of Software and Information Services, Russel T. Ahmned, the country's IT-Information Technology Enabled Service (ITES) sector could grow to $30 billion by 2031. To accelerate this growth, the government has approved building nine new high-tech parks; six more are currently under construction.

While Bangladesh has some catching up regarding blockchain and crypto, the government has identified infrastructure document verification, land expertise finance, food agriculture, health supply chain, and smart city judiciary as critical areas where industry, businesses, and government can implement blockchain.

The government has plans to provide different governmental services under these ministries using blockchain technology. And in July 2022, the Minister of Finance Mustafa Kamal announced the start of research and exploration of Central Bank Digital Currencies. However, Bangladesh has banned cryptocurrencies, despite which 2.4% or 4 million people own cryptocurrency.

A Smart Vision 2041​

Bangladesh has also laid out its Smart Vision 2041, a plan to transform the country into a knowledge-based economy. The ambitious project includes goals such as 0% poverty, 100% high-speed internet accessibility, and a 100% inclusive, circular, and cashless economy.

One of the key drivers of Bangladesh's tech revolution is its young and educated population, with 64% under 30. The country's low cost of living and business makes it an attractive destination for tech startups and investors, with affordable real estate and office space.

Prime Minister Sheikh Hasina has laid out her country's Smart Vision 2041, a plan to accelerate Bangladesh's progress and transform it into a knowledge-based economy. Her ambitious project includes 0% poverty, 100% high-speed internet accessibility, and a 100% inclusive, circular, and cashless economy, among other milestones.

https://a2i.gov.bd/a2i-missions/smart-bangladesh-vision-2041/

"Our education and learning such as e-education, e-health, e-businesses, e-economy, e-governance will be technical knowledge-based," the prime minister said when announcing her 2041 vision for a fully developed Bangladesh.

Sheikh Hasina explained - children will be the driving force toward 2041. "We will develop our children to cope with the coming days that will be technology driven and prepare them to be the skilled manpower for the upcoming fourth Industrial Revolution (4IR)."

Furthermore, the government is creating an enabling environment for tech startups by offering various incentives, such as tax exemptions and access to funding. Bangladesh has also been improving its ease of doing business ranking, making it easier for startups to register and operate.

Challenges that need addressing​

Despite these positive developments, Bangladesh still faces challenges that could hinder its progress as a tech hub. Weak intellectual property laws, enforcement mechanisms, and a digital divide in rural areas are among the most significant obstacles.

Nevertheless, Bangladesh can become a significant global tech industry player. With its large and young population, low living costs, supportive government policies, and thriving digital ecosystem, the country is well-positioned to become a significant tech hub in the coming years. If it can address its challenges and continue its current trajectory, the future looks bright for Bangladesh's tech sector.

 

[mb444]

Block chain has real life application....crypto is just a ponzi scheme....

 

[bluesky]

It is only BD where people think IT is the only source of knowledge and engineering. But, is the Dhka MetroRail built with IT or something else? How about the train coaches and the rail line construction?

The govt follows the Indian approach to IT development that has failed without creating much physical wealth or employment. I am certainly not against the IT sector. But, it is no way to make the country develop.

Today's developed countries had developed two centuries before IT came into existence.

 

[Bilal9]

A freelancing boom is reshaping Bangladesh and its economy​

Rapid digitalisation and a high rate of educated unemployment has made Bangladesh the second largest exporter of online labour.​

AZAZ ZAMAN
https://api.whatsapp.com/send?text=...-reshaping-bangladesh-and-its-economy/252971/
https://www.linkedin.com/shareArtic...+boom+is+reshaping+Bangladesh+and+its+economy

Image for representational purposes | Commons
Text Size: A- A+
With the advent of rapid digitalization, many developing countries like Bangladesh are focusing on the digital economy: a global market for digital outsourcing.

The digitalization of a country’s economy not only drives innovation in its service industry, it also fuels domestic job opportunities, enabling faster economic growth. In the quest to lower costs and risks, many large corporations in developed nations like the US, UK and Australia are turning to IT outsourcing from countries including Bangladesh, leading to a recent boom in freelancing.

Freelancing jobs include everything from computer programming to web design, tax preparation, and search engine optimization. This has generated a wide range of new opportunities for people in emerging markets that did not previously exist. Asia has become the number-one region for providing outsourcing services to the rest of the world.

Freelancing offers many advantages, including the freedom to choose clients and projects, access to the global market, and flexibility over location. Most importantly, freelancers can avoid the long, frustrating hours commuting in traffic in the Bangladeshi capital of Dhaka.

Consequently, freelancing has become a popular career option for many Bangladeshi people, offering a new and flexible source of income that suits their lifestyles.

The rapid digitalization of Bangladesh – including easy internet access in urban areas and government and non-government initiatives to promote freelancing – has contributed to the recent growth of this way of working.

As a result, Bangladesh has already become the second-largest supplier of online labour, according to the Oxford Internet Institute (OII). About 500,000 active freelancers are working regularly, out of 650,000 registered freelancers in the country; between them they are generating $100 million annually, according to the ICT Division of Bangladesh.

India is the largest supplier of online labour, with close to 24% of total global freelance workers, followed by Bangladesh (16%) and the US (12%). Different countries focus on different sectors of freelancing services. For instance, technology and software development is dominated by Indian freelancers, while Bangladesh is the top supplier of sales and marketing support services.

Freelancing: a solution to the unemployment problem​

One in every 10 of Bangladesh’s 44 million young people is unemployed, according to research by World Vision Bangladesh. Moreover, thousands of graduates who are finishing their studies at different public and private universities in Bangladesh are failing to find suitable positions in the job market each year.

As a result, the rate of educated unemployment in the country is increasing exponentially. However, these young unemployed people can easily start their career by taking some IT training and freelancing online. By doing so, they not only make a living but also contribute to the economy by earning a salary in a valuable foreign currency.

Opportunities for women​

A lot of women in Bangladesh, including highly educated women, often sacrifice their careers in order to take care of their families. Freelancing is becoming a preferred career option for many Bangladeshi women, as it provides them with an opportunity to work from home.

Bangladeshi women who are looking to take a step out of their traditional domestic roles are finding freelance jobs to be a great solution. Research shows that in terms of the quality of the work, Bangladesh’s female freelancers have started gaining more credibility than their male counterparts. Increasing women’s participation in freelancing is therefore boosting trust in the sector.

---

Challenges​

Government initiatives to develop the ICT service sector, such as creating a high-tech park in every district, coupled with the low-cost workforce, have made Bangladesh a key player in the global outsourcing market.

Nevertheless, several challenges hinder the growth of this industry in Bangladesh. The absence of an uninterrupted power supply is still a major problem for the country. Freelancing work, like complex coding for software development, requires a high level of concentration, which is often shattered by the frequent power cuts.

A lack of quality internet services, along with higher broadband prices, is a major problem for freelancers in rural areas. In spite of having broadband connections in some areas, freelancers often find it too slow to suit their work.

The lack of an easy payment system – especially for receiving payments from foreign clients – is another problem for this fast-growing industry.
And women’s participation in freelancing, although increasing gradually, is still not high enough.

The way forward​

Bangladesh is one of the few countries in Asia that has a huge youth population. Of its 163 million people, almost 65% are under the age of 25. This vast, young and strong human resource, however, is still lacking in the knowledge necessary to thrive in the competitive global market.

Although freelancing as a career has gained in popularity over the last few years, thousands of Bangladesh’s young people are in need of proper training and government support to help them take advantage of this opportunity.

The government should focus on turning unemployed young people into tech-savvy workers and engage them in IT-based freelancing. In this way, the government of Bangladesh can attain its goal of translating the vision of Digital Bangladesh into a reality by focusing on human capital development for the global digital economy.

Azaz Zaman is a Lecturer of Finance at the Bangladesh Army International University of Science and Technology

This article was originally published in World Economic Forum

 

[bluesky]

Rapid digitalisation and a high rate of educated unemployment has made Bangladesh the second largest exporter of online labour.

A high rate of educated or half-educated unemployment is the cause of the underdevelopment of the country. The IT sector provides jobs for a few thousand. So, I ask what the govt is doing to employ the other millions.

Can it be done without investing in and developing physically visible sectors like construction, metallurgy, mechanical engineering, chemical engineering, or electrical engineering?

The half-educated politicians even stopped developing Bhola gas extraction. And now the country has a shortage of gas.

Can someone tell me which country has ever developed without engineering in the front wheel? But, the GoB talks only about a shortcut way of escaping with the IT sector.

IT sector earns dollars that are used to import mechanical goods. Not a very efficient way. No country ever developed with this idiotic approach.

 

[Bilal9]

A high rate of educated or half-educated unemployment is the cause of the underdevelopment of the country. The IT sector provides jobs for a few thousand. So, I ask what the govt is doing to employ the other millions.

Can it be done without investing in and developing physically visible sectors like construction, metallurgy, mechanical engineering, chemical engineering, or electrical engineering?

The half-educated politicians even stopped developing Bhola gas extraction. And now the country has a shortage of gas.

Can someone tell me which country has ever developed without engineering in the front wheel? But, the GoB talks only about a shortcut way of escaping with the IT sector.

IT sector earns dollars that are used to import mechanical goods. Not a very efficient way. No country ever developed with this idiotic approach.

You are absolutely right, the govt. should focus more on vocational education and engineering colleges to train middle and lower middle class youth for engg. related export jobs in metallurgy (foundry, forging and heavy casting type jobs for rail and shipbuilding), mechanical engineering (lathe work, sheet metal work, automotive etc.), chemical engineering (such as chemical spinning for polyester), or electrical engineering (electrical items mfg.).

Even if NO Industry gets set up for these locally - these trained people can go overseas with these skills and earn a few dollars....

The bright bulbs (!) we have at the leadership and ministerial portfolios could easily see what neighbor countries like Thailand, India and Malaysia are exporting and could target those for expanding and diversifying the export basket.

Instead they are jumping up and down about IT and Freelancing.

 

[bluesky]

Instead they are jumping up and down about IT and Freelancing.

The govt does it because its bureaucrats find little clue to development. They go after foreign money and build a few projects. Now, they go for IT things because our educated group is fond of this sitting job.

But, both of these two approaches neither create jobs nor develop a country.

A Japanese approach: It asked a British engineering company in 1872 to build a 10-km stretch of rail line. The GoJ contracted another Japanese company to be with the Britishers and learn. The Japanese learned and then built 30,000 km of railroads by themselves.

It is the same with many other big industries that Japan built similarly. For example, the 1st steel mills were built by a French company.

But, what is the BD approach? Borrow dollars from Japan or China and ask them to build all the technology projects until Qayamat, and repay the money by exporting low-value textile goods.

Our idiotic BD cannot even produce sewing machines. Very shameful.

And this is what you guys pamper about by calling it development, saying "BD is more developed than India and Pakistan are", and then bringing out fictitious GDP data.