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PwC survey: 91% family businesses in Bangladesh to grow in 2 years

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PwC survey: 91% family businesses in Bangladesh to grow in 2 years
Tribune Desk
  • Published at 10:47 pm January 30th, 2019

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According to the survey, only a fraction of family businesses understand specific technologies, with only 19% of them being aware of the implications of going digital

Mostly run by first generation entrepreneurs, almost all family businesses (FBs) in Bangladesh are expected to grow in the next two years, contributing significantly to the economy’s growth story, according to the findings of PwC’s first survey of family businesses in the country, a press release issued on Wednesday stated, despite only 34% of them having a strategic midterm plan in place.

According to the survey, only a fraction of FBs understand specific technologies, with only 19% of them being aware of the implications of going digital, as compared to 30% of family businesses globally.

In this case, hiring skilled talent and empowering the next in line family members could lead to a sustainable business model.

Mamun Rashid, managing partner, PwC Bangladesh said, “Family businesses have played a key role in nation building, employment generation and wealth creation in Bangladesh. These businesses have also been instrumental in driving foreign investments into the country.”

Ganesh Raju K, entrepreneurial and private business leader, PwC India added, “Family businesses globally are at the crossroads. They have to constantly innovate and transform themselves to keep themselves relevant, while holding on to their set of their values, which are at the heart of every such businesses.”

Commerce Minister Tipu Munshi said strategic partnerships, international exposure and adoption of global best practices will help family businesses mature further and drive the economy.

Speaking at the occasion, he also said that Bangladesh's economy is on a positive growth curve and it is expected to be one of the best performing economies among the developing nations this year.

“Family businesses in Bangladesh reflect the same growth story,” he added.



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