@blue Ocean
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An aspiring developing country starts exporting goods that are available in the country. And with the export proceeds it imports machine and machine building technologies to gradually switch to technology-intensive industries.What I understand from that is our import bill has increased more than twice ?
I wonder why out import bill is double, other that the oil and gas price, what is causing double import bill?
It is not Australia. You have to think that BD lacks all kinds of natural resources except human one. But, without the infusion of technology goods/ machines there is no way BD can utilize its manpower and produce high-value goods.
BD has been producing only one product, garments. But, not producing other merchandizes to grow further. So, it has to import all kinds of goods by paying in dollars.
I believe, BD has lost a huge length of opportune time. It is now besieged with a foreign loan of $100 billion that will rise further to about $120 billion in the next few years.
BD will be paying back about $5.5 billion every year. So, it will have no money to import capital goods that I said earlier.
As such, my personal opinion is even if it wants industrialization now, it cannot. Because most of its dollars will be paid back to the lenders.
However, if suddenly BD exports reach $100 billion and it starts real industrialization, it may survive and will not face the fate of SL or Pakistan.
However, with the current mindset, I hardly believe this will happen. However again. FDI may also help the mismanaged economy.
Let us hope for the best. But, we do not know what our rulers want to solve the issue.