Bangladesh an inspiration to South Asian peers

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Bangladesh's incredible economic rise over time has turned into a way to obtain inspiration for other south Asian nations seeing as the country has already shown it has the resilience even amid the ongoing Covid-19 pandemic, a time when the global economy is struggling to survive, said Binod Chaudhary, founder of CG Corp Global.

Despite all the bureaucratic and political challenges in South Asia, Bangladesh has already established a stunning economic journey.

The International Monetary Fund (IMF) had even projected that Bangladesh would witness economic growth of 3.8 %, the highest among its south Asian peers, during the pandemic time, explained Chaudhary, who says that Bangladesh is similar to a home abroad for him.

Over the last 30 years, Chaudhary hasn't only made numerous organization ties with the country, but a lot of personal relationships aswell.

He mentioned a single name in particular, appearing that of the late Latifur Rahman, a good noted Bangladeshi business icon and former chairman and CEO of Transcom Group. Chaudhary experienced worked with Rahman in a variety of capacities across South Asia.

While addressing the 19th edition of the Bangladesh Business Awards ceremony, an initiative of DHL Express and The Daily Star held yesterday, Chaudhury spoke of the severity of the bureaucratic and political challenges to do business in South Asia.

"If you can conduct business found in South Asia, that can be done business all over the world," said Chaudhary, the first Nepalese billionaire.

The Covid-19 fallout has given surge to several challenges around the globe, forcing many corporate conglomerates to redefine their traditional day-to-day planning.

It is also reshaping the global economy and remodelling trade, said Chaudhury, who has businesses found in 40 countries.

As well though, the pandemic has generated a lot of work at home opportunities. The booming e-commerce sector is certainly a glowing example of the possibilities that stem from Covid-19.

So, Bangladesh also has the scope to exploit these possibilities.


For instance, Bangladesh has recently turn into a hub for start-ups, especially in e-commerce, Chaudhury said, citing soaring e-commerce businesses such as Pathao, Daraz and bKash as prime examples.

During his time because a student, Chaudhury, who was suddenly forced to dominate his family's textile business, had praised the rise of Bangladesh's textile and garment industrial sectors, which eventually started to be the second most significant supplier worldwide following China over four years.

Although Nepal and Bangladesh started their textile and garment journeys as well, Bangladesh showed its remarkable strength in the sector through its entrepreneurial resilience and government supports, he said.

Over the four-decade longer journey, Bangladesh's garment industry, which makes up about 11 % of the country's GDP, is a pioneering organization milestone for the country that employs around 4.4 million people.

"With global source chain value relocating from China abroad, Bangladesh has a big opportunity to step forward. And such models could be a large example for south Parts of asia like Nepal to build up and accelerate the textile organization front," the Nepalese organization tycoon said.

It was inspiring to learn from various sources that Bangladesh's economy was considered alongside that of China's for the revival of monetary growth found in Asia, he added.

The IMF indicated that Asia's recovery will be 1.9 % from China and 3.9 % from Bangladesh. With a GDP per capita income of $5,139, Bangladesh's economy can be not simply inspiring to South Asians but also to the environment in providing economic serenity.

"I would also prefer to take this opportunity to congratulate the federal government of Bangladesh in keeping the pace of economical prosperity towards building South Asia home to the privileged," Chaudhary said.

Bangladesh features maintained an impressive background on growth and advancement. In its exceptional journey, Bangladesh's market and human expansion went together with economic growth.

Poverty dropped by practically a third, in conjunction with increased life span, literacy and per capita diet.

Entrepreneurship is focused on dreaming, superb courage and doing issues differently. The business journey of Chaudhary Group started with a normal family organization that started some 140 years back.

"Also, the courage it took to build our organization around the city and our engagement possesses been the good sense of preference. Consequently, success is usually around social impact. I believe we are often transitioning in life," he said.

The only method possible to excersice forward is to have a vision and regulate how to attain that vision.

"When I first started, it was not easy to do business found in Nepal," said Chaudhury while talking about his bumpy journey to become successful business personality found in South Asia.

Some of the major hurdles were unclear rules and laws, closed world, strict forex regulation and strict political regime.

"I still made a decision to follow my center and tried to find the alternative to each issue and found the legal method of doing international business without violating any laws and regulations of the country," he said.

"The journey was tough and even though it took me twenty years to establish one particular company, I did not give up hope and could accomplish my dream," Chaudhury said, adding that the future will be also brighter.

Source: https://www.thedailystar.net

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