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Bangladesh on track to become a top 30 economy: US

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http://www.thefinancialexpress-bd.c...adesh-on-track-to-become-a-top-30-economy:-US
Published : 10 Sep 2016, 10:06:44
Bangladesh on track to become a top 30 economy: US

With two decades of six per cent growth per year, Bangladesh is on track to become a top-30 economies by 2030 despite 'serious' security challenges, says the United States.

"Bangladesh, while facing serious security challenges, has gone from a food importer to a food exporter," said US Deputy Assistant Secretary Angela Aggeler while addressing the East-West Center International Media Conference in New Delhi on Friday.

Aggeler also said Bangladesh lifted tens of millions out of extreme poverty, and met several of its Millennium Development Goals, sharply reducing child mortality and improving maternal health.

"USAID played an important role in those achievements, and it's another great example of what can be accomplished with U.S. partnership," said the US Deputy Assistant Secretary.

She mentioned that US Secretary John Kerry noted two weeks ago in Dhaka, "We're not sure that anyone would have predicted a decade ago that the U.S. and Bangladesh would be consulting so closely on regional security, that Bangladesh would be using American cutters to patrol the Bay of Bengal, and that our shared agenda would include everything from counterterrorism to environmental health and sustainability of our oceans."

Aggeler said each of the countries in the region has a unique set of challenges, but also presents tremendous opportunities, according to US Department of State.

"Above all, we share a commitment to stability, security, and economic growth that we can work to strengthen and support. We believe there's great promise in Indo-Pacific cooperation, and will continue to work towards that," she said.

By 2030, the US Deputy Assistant Secretary said, India will be the globe's most populous nation, with a rising middle class of a half a billion people and a reservoir of entrepreneurial ingenuity and talent.

Sri Lanka is rebalancing its own foreign and economic policies thanks to its strategic maritime location to some of the largest markets in Asia, she said.

"The biggest economic factor is of course India, and Secretary Kerry's visit here just last week is emblematic of the strength and depth of our relationship. President Obama has called this relationship one of the truly defining partnerships of the 21st century, and in the past decade we have seen enormous progress in our bilateral relations," Aggeler added.
 
Currently we are at 44th position.So next 14 years will saw us moving up at least 14 spot.But our target should be to become top 25.By that time G-20 may expand into G-25. So we have a chance to become a member of this elite economic club after 2030.
 
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Currently we are at 44th position.So next 14 years will saw us moving up at least 14 spot.But our target should be to become top 25.By that time G-20 may expand into G-25(Bangladesh and other possible candidate countries should press it!:D). So we have a chance to become a member of this elite economic club after 2030.
What is the use of g20
And why is it elite?
 
What is the use of g20
And why is it elite?
I am not going into details,but G-20 represent top 20 economies of the world who constitute 80 percent of world GDP, 85 percent of world trade and they set the course of global economic agenda.It is pretty much replaced G-7 in importance recently.Not only economic,it's members also enjoy a lot of political and diplomatic clout in international arena.So to be grouped with them will be an achievement.
 
You are leader in providing sanitation and basic healthcare given your income. It is worthy for others to learn from it.
Yeah...on reflection, that came out far more negative than I intended. But, you know how it is...'bad' news sells.

The huge advancements made even in the last decade are often forgotten...and I don't just mean by some people on here.
 
Yeah...on reflection, that came out far more negative than I intended. But, you know how it is...'bad' news sells.

The huge advancements made even in the last decade are often forgotten...and I don't just mean by some people on here.

Trust me your modesty and frankness is a welcome relief from most BD members here.

This forum would be a lot better with more of your sort around than what we have.
 
Hundreds and thousands of non-textile industries are needed to develop the country to the quite a high stage of economic development. We should not put all our eggs in only one textile basket. Many different primary, secondary and tertiary industries involving steel and oil/gas based petrochemical shall have to be built. To concentrate in textile will backfire because many of the underdeveloped countries are coming up with RMG which will squeeze the profit.

However, to build any new chemical and non-chemical industries will require huge investment capital in industries as well as in power, gas and other utilities. I have seen many plots along the Khulna-Jessor road have been bought by the industries who would expand to what industries I do not know. But, many of them will go after chemical and non-chemical sectors as well. The primary industry products will feed the secondary and tertiary industries that will produce consumer goods for domestic use or export.

I believe many good things will come out after the construction of Padma Bridge is over and Payra Seaport starts full operation. Payra will have the backward link to the industries that will be built in Jessore, Khulna and Faridpur greater districts, and foreward link to the international destination ports.
 
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To concentrate in textile will backfire because many of the underdeveloped countries are coming up with RMG which will squeeze the profit.

Yep BD needs to hedge....because already we are seeing strong competition from Vietnam. India is also revamping its textile/RMG policy and finalising the injection/investment plan along with labour and GST reforms....so BD must not fully concentrate here.

The GCF being around 30% (good) will carry BD till 2020...but BD must use that time to develop more kinds of manufacturing, industry and services.....even agro processing (this is turning out to be very good for India in last cpl years so no reason why BD cannot also do it).

Anything that provides max number of jobs for least amount of capital investment and human resource quality intensity must be looked at....to grow the buffers so next stage of economic growth past 5000 PPP per capita can be reached sustainably by using the buffer margins to promote more intensive human capital upgrading at youth level.
 
Yep BD needs to hedge....because already we are seeing strong competition from Vietnam. India is also revamping its textile/RMG policy and finalising the injection/investment plan along with labour and GST reforms....so BD must not fully concentrate here.

The GCF being around 30% (good) will carry BD till 2020...but BD must use that time to develop more kinds of manufacturing, industry and services.....even agro processing (this is turning out to be very good for India in last cpl years so no reason why BD cannot also do it).

Anything that provides max number of jobs for least amount of capital investment and human resource quality intensity must be looked at....to grow the buffers so next stage of economic growth past 5000 PPP per capita can be reached sustainably by using the buffer margins to promote more intensive human capital upgrading at youth level.

It is not hedging that is the issue only.

Textiles cannot provide the well-paid jobs needed to move the economy to middle-income stage. It is a low-productivity industry so to speak.
 

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