Next 50 years of Bangladesh: Developing human capital is the key to success

[Bilal9]

For the days to come, besides economic emancipation, we need to excel to exceed ourselves and ensure economic resilience. In this journey towards excellence, the only key is to develop human capital​

Abdullah Hil Rakib. TBS Sketch

Abdullah Hil Rakib. TBS Sketch

Bangladesh just celebrated the golden jubilee of its independence and we sure made some praiseworthy successes in the last 50 years.

Besides maintaining GDP growth of over 8% for the last few years, our achievements in poverty eradication, creating employment, developing massive infrastructures, and digitalisation has paved the way for graduating Bangladesh from a Least Developing Country (LDC) to a middle-income country.


Industry's contribution to GDP has increased from 17.31% in FY 1980-81 to 35.36% in FY 2019-20. The economy of Bangladesh has already been in the 'take-off' phase and is ready to drive for maturity.

But now it's time to chalk out the development plans for the next 50 years. One thing is for sure that in the coming years the economic growth of Bangladesh will be heavily dependent on the manufacturing sector.

Bangladesh now is living in the era of demographic dividend; around 63.2 million people are engaged in the labour market while around 2 million people are joining the labour force every year. This huge labour force illustrates the comparative advantage of Bangladesh's growth led by the manufacturing sector.

The RMG industry of Bangladesh currently exports around US $35 billion while employing 4.4 million workers directly and creating indirect employment of 10 million.

But the reality is- Bangladesh will not enjoy this demographic dividend for an unlimited period of time. So, for ensuring the desired growth and resilience of the economy, we must learn how to make the best use of this huge labour force and convert this population to human capital.

Despite the fact that Bangladesh is the second-largest exporter of ready-made garments, our export basket is highly homogenous and it is confined to some 5/6 basic items at an average price range of $15/kg! There are huge opportunities for us to grow in the untapped market through diversifying the export basket.

BGMEA University of Fashion & Technology (BUFT) was founded to equip the next generation with the skills to serve the apparel industry of Bangladesh. To date, around fifteen thousand students have graduated from here. Photo: Noor-A-Alam

In doing so one of the major impediments is the skill gap. With the current skills set, we are not in a position to cater to the value-added and diversified market segment. So, to reduce this gap the most prudent way would be to develop the skills of the young people, and also up-skill as well as re-skill the existing labour force.

Moreover, on the verge of the era of disruptive technologies, we need to cope with the challenges of industry 4.0 acquiring a variety of skills.

But sadly, there is not a single chapter on this sector in our school and college curriculum. There is only one public university in the country, the Bangladesh University of Textiles offering education on the apparel and textile industry.

Envisaging the growth of the industry and the industry demand for skilled human resources, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) established BGMEA University of Fashion and Technology (BUFT) in 2012. Starting its journey as an institute, the BUFT now emerges as a full-fledged university with seven faculties, one institute, three centres and one research institute.

With a 5,00,000 sq. feet area having 75 well equipped modern classrooms and 53 state of the art laboratories as well as a modern library, the university created a platform where students from diverse backgrounds can maximise their potential through creativity and innovation.

To date, around fifteen thousand students graduated from BIFT and BUFT who are serving the apparel industry of Bangladesh and creating impact through their leadership roles. Many of the graduates are serving beyond the boundary as well.

Since the competition in the global apparel industry will be more intensified and ruled by innovation in the coming years, BGMEA is setting up the first of kind innovation centre which the BGMEA leadership is going to link with the BUFT

The centre will provide need-based training to mid-level professionals and there will be occasional sessions for top management as well.

The centre will organise different training programmes on business, finance, market development, management process, and marketing to inspire the top management, while the technical people will be trained on product development, innovation, efficiency enhancement, virtual sampling, 3D prototyping, environmental sustainability, worker management relationship, grievance handling, workers well-being, occupational safety and health, and leadership development etc.

Till now, a number of expatriates are serving in leadership positions in our industry. The BUFT innovation centre aims to make the bridge between the industry and academia to equip the industry with the best homegrown talent to remain fittest in the survival of global competition.

Bangladesh apparel industry has so far followed the model of volume-driven business considering the priority of creating more employment for a huge labour force.

But for the days to come, besides economic emancipation, we need to excel to exceed ourselves and ensure economic resilience. In this journey towards excellence, the only key is to develop human capital.\

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Abdullah Hil Rakib is the Managing Director of Team Group and the Director of Bangladesh Garment Manufacturers & Exporters Association (BGMEA). He is also a Member of the Board of Trustees at BGMEA University of Fashion and Technology (BUFT).
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the opinions and views of The Business Standard.

 

[Samurai_assassin]

Peace and stability contributes to prosperity.

 

[Indus Pakistan]

Peace and stability contributes to prosperity.

And a secular dispensation.

 

[Titanium100]

And a secular dispensation.

What? Being secular or non-secular has no bearing on economy or success of a country but it all comes down to the right intellectual people coming to power...

All in all it all comes down to the elite and they have the power to change a whole country and all comes down to gifted ppl climbing the ladder and coming to power

 

[Indus Pakistan]

Being secular or non-secular has no bearing on economy

Yes, it has very much to do with it. Find me one Muslim country that is not secular but has developed itself? If ou can find one I will castrate myself.

Oh and don't cite lotto countries that hit oil, gas bonanza. The modern trading order is simply out of sync with countries that espouse religious mumbo jumbo.

Countries [Muslim] that have done well and found a niche within the global trading order which they then leveraged to achieve success like Turkey or Malaysia. Then do visit Istanbul or Kaula Lumpur ....

 

[F-6 enthusiast]

Countries [Muslim] that have done well and found a niche within the global trading order which they then leveraged to achieve success like Turkey or Malaysia. Then do visit Istanbul or Kaula Lumpur ....

one of the missed opportunities for the newly Created state of Pakistan in the 1950s and 60s
it was a staunch US ally in the Cold war but couldn't reap the rewards like the other US allies ( Turkey, South Korea, Malaysia,Indonesia and to some extent PRC(ROC) )

The countries you mentioned (Malaysia, Turkey) didn't have to give up their culture tradition etc to develop.

i dont wanna be that guy , but the ppl to the east of the Indus have hijacked your culture, food , clothing ,songs to some extent and promote as their own to get soft power points. add to that a massive English speaking population
Your govs did nothing to counter this.

 

[Indos]

Yes, it has very much to do with it. Find me one Muslim country that is not secular but has developed itself? If ou can find one I will castrate myself.

Oh and don't cite lotto countries that hit oil, gas bonanza. The modern trading order is simply out of sync with countries that espouse religious mumbo jumbo.

Countries [Muslim] that have done well and found a niche within the global trading order which they then leveraged to achieve success like Turkey or Malaysia. Then do visit Istanbul or Kaula Lumpur ....

Kuala Lumpur cannot be said as Muslim region city, majority of Kuala Lumpur resident (60 %) is non Muslim.

Istanbul will likely emerge as Jakarta where majority of the female resident will wear hijab, just wait...

 

[bluesky]

Yes, it has very much to do with it. Find me one Muslim country that is not secular but has developed itself? If ou can find one I will castrate myself.

Oh and don't cite lotto countries that hit oil, gas bonanza. The modern trading order is simply out of sync with countries that espouse religious mumbo jumbo.

Countries [Muslim] that have done well and found a niche within the global trading order which they then leveraged to achieve success like Turkey or Malaysia. Then do visit Istanbul or Kaula Lumpur ....

yes, you are right. If it is a developed country, it is either a Christian, a Buddhist, or a Hebrew country.

Even India, a Hindu country, is technologically more developed than its two Muslim neighbors. But, I do not find any Muslim country which is developed though Turkey is trying to develop.

But it is a Muslim-majority country which is culturally fully influenced by its neighboring Christian countries.

I do not find any other Muslim country although our BD brats tend to think BD will become a highly developed country when it is 2041. But how it can be I have no idea.