This article discusses how Bangladesh can transform its economy by emulating strategies from Vietnam and Rwanda, focusing on smart investments in manufacturing, infrastructure, and workforce development. It highlights the importance of good governance, transparency, and digital innovation in achieving sustainable economic growth.
Economic growth is akin to farming; successful cultivation requires strategic planning, fertile conditions, and substantial investment. Countries such as Vietnam and Rwanda illustrate the power of smart investments and robust policies in transforming economies. For Bangladesh, making informed decisions about investment quantity, allocation, and application is essential for achieving the next level of economic development.
Vietnam’s transition from a struggling economy to a manufacturing leader was driven by intentional reforms, particularly the Đổi Mới initiative in 1986. This reform not only welcomed businesses but also facilitated infrastructure development including roads and ports. Bangladesh could benefit significantly by expanding its industrial sectors beyond textiles to include electronics, IT, and automobile manufacturing, guided by Vietnam’s economic blueprint.
Between 2010 and 2020, Vietnam invested almost $120 billion in infrastructure, a crucial factor for growth. Bangladesh must address its infrastructural deficiencies, as issues such as traffic congestion and power shortages hinder economic progress. Investment in advanced infrastructure can support the overall economic landscape by providing the necessary foundations for businesses.
Equally important is investment in human capital. Vietnam’s commitment to education, particularly in technology and engineering, has equipped its workforce to meet the challenges of modern industries. Bangladesh can mirror this by enhancing vocational training and emphasizing STEM education, thus addressing both the quality and quantity of its labor force.
Trade policies and business regulations played a vital role in Vietnam’s economic surge. The reduction of bureaucratic barriers made it easier for businesses to flourish. Bangladesh has an opportunity to refine its regulatory framework, simplifying processes for entrepreneurs and foreign investors to facilitate their contributions to the economy.
Rwanda presents another inspiring case, having transformed its socio-economic landscape post-genocide through strategic choices focused on technology and good governance. The country has leveraged broadband connectivity and digital innovation to boost its economy, positioning Kigali as a tech hub.
Despite its agricultural focus, Rwanda has prioritized modernizing its farming systems through enhanced irrigation and mechanization, poised to realize significant productivity gains. This strategy not only promotes efficiency but also strengthens rural economies.
Rwanda’s strong governance, evidenced by anti-corruption measures, has fostered investor confidence. Similar initiatives in Vietnam have improved accountability and transparency. Bangladesh can adopt these governance practices, focusing on reducing corruption and streamlining processes through digital tools and effective public service mechanisms.
Bangladesh has made commendable advancements, yet significant potential for growth remains. By diversifying manufacturing, investing in infrastructure, and improving workforce training while drawing inspiration from Vietnam and Rwanda, it can create a dynamic economy. The emphasis must be on judicious resource allocation, ensuring that investments yield substantial returns in growth and societal impact.
In conclusion, Bangladesh has the opportunity to emulate the successful strategies of Vietnam and Rwanda to usher in significant economic transformation. By focusing on manufacturing diversification, enhancing infrastructure, investing in human capital, and promoting accountable governance, the nation can achieve sustainable growth. The journey towards a prosperous future relies not solely on the quantity of investments but on their effective utilization and strategic planning.
Original Source: thefinancialexpress.com.bd
