“Bangladesh now is among the top-tier locations for prospective businesses to expand in.”
Bangladesh’s economy has grown exponentially over the past two decades.
Its main drivers are low-cost labor, a growing female labor force population, and a shift from agriculture and manufacturing. The Bangladesh Investment Development Authority of 2016 has reformed the country’s business climate and strengthened economic output.
Keep reading to learn four intriguing facts about Bangladesh.
Bangladesh is a relatively new and developing country. The area that makes up modern-day Bangladesh was ruled by Turkic, Indian and Mughal dynasties throughout history. The British even ruled the region at one point. When Britain left, it divided the colony into two parts based on religion: the Hindu part of India and the Muslim parts of modern-day Bangladesh and Pakistan, both under the same country of Pakistan.
In 1947 the region became labeled as East Pakistan despite the fact that it was separated from West Pakistan by 1600 km (994 miles). The Bangladesh War of Independence resulted in the nation’s claim to independence in 1971. However, the country struggled with famine, natural disasters and poverty after the war had ended. Democracy was finally restored in 1991, and since then it has been fairly stable with rapid growth in population and economic progress.
Bangladesh has had a history of Islamic terrorism. However, one of the most surprising facts is that Bangladesh has a female Prime Minister, Sheikha Hasina, since 2009 and she is in office for the third consecutive term. Most developed countries still struggle to appoint a female leader into their government.
Since Bangladesh’s independence in 1971, Bangladesh has been led by female leaders for 25 years (and still is) or 50% of the time. This is a great trend considering the country has been through several internal wars and coups during that time.
However, Hasina was not the first female president of Bangladesh. Between 1991 and 1996, Khaleda Zia was president. She also was the second head of state or government appointed in a Muslim country after Pakistan’s Benazir Butto.
Recently, the amount of skilled Bangladeshi workers and freelancers has been on the rise. The majority of these skilled individuals work in the Information Communication Technology (ICT) industry. Bangladesh earned nearly $ 800 million USD in profit exporting locally made software, and providing ICT-related services like outsourced and freelance work in 2017. Since the cost of labor is low but the expertise is high in Bangladesh, web developers, programmers, and coders are getting more recognition.
As more Bangladeshi people learn English, foreign companies in first world countries are likely to seek services from Bangladeshi workers in order to be cost-efficient without sacrificing quality of work.
According to World Bank, Bangladesh is home to approximately 161 million people, making it the eighth highest population in the world. It is about the size of Pennsylvania. The capital of Dhaka is the 5th largest city in the world but it is the world’s most densely populated according to the World Economic Forum, with 44,500 people per square kilometer.
To put it into perspective, Dhaka’s population density is 10 times that of Madrid. With so many people living in one region, Bangladesh has a huge potential consumer class for business owners who decide to set up shop in the country.
Despite a long history of conflict and poverty, Bangladesh is on the path of progress and developing as a country full of potential.
Get in touch with NNRoad to learn how we can assist your business in Bangladesh.