With an increase in startups and an emphasis on digital innovation, Bangladesh has recently emerged as a prospective tech hotspot. The South Asian nation is regarded as the second most promising technical powerhouse in the region and has already grown to be the second-largest source for IT freelancers.
Over 6,500 startups are active in the nation today, and the IT industry has added over 300,000 new employment and 1.3% to the GDP. Russell T Ahmed, president of the Bangladesh Association of Software and Information Services, recently predicted that the IT-Information Technology Enabled Service (ITES) sector in his nation might reach $30 billion by 2031.
There are now four high-tech parks in Bangladesh, six more are being built, and nine more have recently been given the green light by Prime Minister Sheikh Hasina’s administration.
In terms of blockchain and cryptocurrencies, the nation needs to catch up with the rest of the globe. In a Triple-A report, it was said that the Bangladeshi government has a ten-year strategic roadmap outlining its plans for infrastructure document verification, land expertise financing, food agriculture, health supply chain, and smart city judiciary. The following ministries will each receive blockchain implementation as part of government services.
The beginning of study and development into central bank digital currencies was declared by Mustafa Kamal, the minister of finance, in July 2022. Despite the fact that cryptocurrencies have been outlawed in Bangladesh, 2.4%, or 4 million people, still own them.
Bangladesh’s Prime Minister Sheikh Hasina has outlined her nation’s Smart Vision 2041, a strategy to hasten development and convert Bangladesh to a knowledge-based economy. Her ambitious goal involves, among other milestones, zero poverty, full access to high-speed internet, and a fully inclusive, circular, and cashless economy.
When outlining her 2041 vision for a fully developed Bangladesh, the prime minister stated that “our education and learning such as e-education, e-health, e-businesses, e-economy, and e-governance will be technical knowledge-based.”
“We will launch our second satellite after launching Satellite Bangabandhu-I. We’ll use underwater cables to connect the nation’s many regions. All around the nation, we will offer broadband internet,” she continued. The year 2041 will see the development, golden prosperity, and intelligence of Bangladesh.
Children, according to Sheikh Hasina, will be the catalyst for the year 2041. “We will prepare our children to be the skilled labor for the impending fourth Industrial Revolution (4IR) and develop them to cope with the coming days that will be technology driven.”
The World Bank estimates that 64% of the population is under the age of 30, and over 30% is between the ages of 0 and 14. For established businesses and tech startups, this creates a ready talent pool.
The Vision’s four pillars
A detailed plan called Smart Vision 2041 details the steps Bangladesh must follow in order to become a developed nation by that year. The plan is based on four pillars: digitization, private sector development, human resource development, and good governance. Since it seeks to use technology to alter the economy and build a healthy digital environment, the digitisation pillar is crucial.
To accomplish this, the government has outlined a number of efforts, including the creation of digital economic zones, a national e-commerce platform, and a digital service platform. The government is also making significant investments in boosting the nation’s digital infrastructure, including mobile and broadband connectivity.
Bangladesh’s young, educated populace is one of the main forces behind the country’s technological transformation.
The low cost of living and doing business in Bangladesh is another element enhancing its technological potential. In comparison to other regional tech hotspots, the nation has a sizable pool of skilled people, and real estate and office space are reasonably priced. Due of this, Bangladesh is a desirable location for both domestic and foreign investors wishing to establish ICT businesses.
Tech start-up incentives
Additionally, the government is fostering a supportive atmosphere for tech companies by providing a range of benefits like tax breaks and financial access. Additionally, the nation has been moving up in the rankings for how easy it is to do business there, which makes it simpler for businesses to register and run.
Nevertheless, despite these encouraging advances, Bangladesh still has a number of issues that could impede its development as a digital powerhouse. One of the biggest barriers is the nation’s lax intellectual property laws and enforcement systems. That would discourage businesses from putting money into the nation’s tech industry since their inventions and intellectual property might be in danger.
The nation’s digital divide is another issue, as many rural communities need access to fundamental internet infrastructure. Because of this, tech firms’ potential market reach is constrained, and scaling up their businesses is more difficult.
Despite its difficulties, the country offers a promising location for tech businesses and investors due to its big and youthful population, low cost of living, and friendly government regulations. Bangladesh has the potential to grow into a significant player in the global ICT industry if it can overcome the obstacles in its path and keep moving forward. Source: TechRound