I hope what you have written is true...
excerpt:
two million young jobseekers entering the labor market each year for the
next decade, and climate change posing formidable risks (it is ranked as the 7th most vulnerable country), Bangladesh faces severe challenges. It enjoys growth momentum, but its fortunes are much too closely tied to a single, low-tech industry and to overseas remittances. The failure to use garments as a springboard to diversify into more complex products, as Korea did; to nurture world class firms with brand recognition, as several East Asian economies have done; to improve the business environment and governance; and to raise factor productivity, which determines whether a country moves steadily up the income ladder, warn of troubles ahead.
Second, the experience of Korea and other East Asian economies demonstrated the need for early diversification into higher-value manufacturers. All these countries began their ascent up the income ladder by producing light manufactures but then quickly branched out into complex products.
In the Hausman-Hidalgo-Klinger terminology, these “monkeys” moved from one end of the forest to the other in one big leap. That sort of structural transformation now looks forbiddingly difficult for an LDC, even Bangladesh. There are technological barriers to entry, high-value GVCs are harder to integrate with for newcomers, manufacturing is automating and becoming servitized,
and the share of manufacturing in GDP and its contribution to growth is diminishing. As we can see from the Bangladeshi case, the Korea/Taiwan-type manufacturing and export-led growth stories are not being replicated—not by Bangladesh, or emerging markets such as India, Brazil, and Mexico.
Third, Vietnam, the only country that appears to be following the East Asian playbook, highlights the importance of foreign direct investment (FDI) in firmly placing a country on the path to rapid and sustainable growth. It would seem highly desirable for countries that are ambitious and entrepreneurial to pull out the stops—fiscal and otherwise—to attract FDI that could accelerate the process of diversification. The Singapores and Irelands of the world would never have made it without a high volume of FDI.