📈 Outline of Economic Development Plan for Bangladesh

🧭 Strategic Vision

The next phase of Bangladesh’s economic development must be guided by clear, measurable targets aligned with international benchmarks. The government—current or future—should adopt a comprehensive plan that integrates growth, equity, and innovation.

🎯 Key National Targets

• GDP Growth Acceleration:

  • Raise GDP growth from the current 8% to 10% or higher.
  • At 7% growth, per capita income doubles in ~9 years; at 10%, in ~7 years; at 12%, in ~6 years.

• Per Capita Income Benchmarking:

  • Surpass neighboring countries in GDP per capita (PPP):
    • Sri Lanka: $13,100
    • Pakistan: $5,964
    • Bangladesh: $4,680
  • Strategy: Boost national output by scaling productivity across all sectors and institutions.

• Anti-Corruption & Crime Reduction:

  • Improve Bangladesh’s ranking in global anti-corruption indices.
  • Enforce law and order to enhance crime suppression metrics.

• Social Development Goals:

  • Achieve international standards in education, healthcare, infant mortality, and other key indicators.

• Global Benchmarking:

  • Success should be measured not by domestic standards alone, but by international competitiveness.

🧠 Institutional Framework

• National Economic and Planning Council:

  • Led by economists, with representation from industrialists, SMEs, engineers, statisticians, farmers, and labor groups.
  • Mandate: Formulate and implement business-friendly, investment-driven, and entrepreneur-supportive policies.

• Production-Possibility Frontier Analysis:

  • Quantify national inputs: Land, Labor, Capital, Technology.
  • Assess potential for technological advancement through education and innovation.
  • Use this to model long-term input-output strategies and optimize national productivity.

• Infrastructure + Energy + Stability = Investment

  • Prioritize infrastructure upgrades, ensure reliable energy supply, and maintain political stability to attract domestic and foreign investment.

🏭 Industrial Development Strategy

📌 Sector-Specific Planning

• ICT Sector Expansion:

  • Scale exports from $300 million to $5 billion, with a long-term goal of surpassing the garment industry ($20 billion).
  • Develop skilled professionals, promote entrepreneurship, and expand high-speed internet nationwide.

• Garment Industry Innovation:

  • Encourage local cotton production to reduce input costs.
  • Introduce automation to boost productivity.
  • Export via domestically built cargo ships to enhance logistics and reduce costs.

• Emerging Industries:

  • Identify and prioritize high-potential sectors:
    • Shipbuilding
    • Electronics
    • Medical devices
    • Automobiles
    • Tourism
    • Biotechnology
    • Bioinformatics
    • Pharmaceuticals
  • Develop tailored plans for each, addressing field-specific challenges and opportunities.

• Industrial Revolution Vision:

  • Foster the growth of national corporations with the ambition to enter the Fortune Global 500.

🌐 Global Integration

• Offshoring Hub Development:

  • Position Bangladesh as a prime destination for multinational offshoring.
  • Leverage rising manufacturing costs in China to attract global firms.
  • Ensure infrastructure, energy, skilled labor, and diplomatic outreach are aligned with this goal.

• Tourism Industry Growth:

• Enhance security for foreign tourists.
• Improve flight connectivity and international marketing of “Beautiful Bangladesh.”
• Launch integrated regional tourism packages with neighboring countries.

🏛️ Budget & Fiscal Strategy

• Sectoral Planning:

  • Assign short-term and long-term plans to each sector in the national budget.

  • Ensure efficient fund utilization and accountability across ministries and local governments.

• Transparency & Tax Reform:

  • Modernize tax collection systems to ensure transparency.

  • Prioritize national interest over personal or political gain in tariff policies.

    • Increase tariffs on harmful imports (e.g., cigarettes).

    • Reduce tariffs on strategic imports (e.g., computers, networking equipment, IT products).

⚙️ Technology for Development

• Problem-Solving Through Innovation:

  • Use technology to address key challenges:

    • Access to safe and clean water

    • Affordable electricity production (move beyond costly quick rentals)

    • Traffic congestion in urban areas

    • Automation of industrial processes

• Mobile-Based Services:

  • Launch value-added service platforms to leverage widespread mobile phone usage.

  • Empower developers to create impactful mobile solutions for public benefit.

• Human Capital in Tech:

  • Train biotechnologists, bioinformaticians, and engineers for domestic innovation and export potential.

  • Support DIY-style innovation and grassroots tech development.

  • Create incentives to bring back expatriate engineers through modern industry development and competitive opportunities.

👥 Human Development

• Youth Empowerment:

  • 50% of the population is under 23—develop a national youth strategy:

    • Map education levels, skillsets, and employment potential.

    • Create an entrepreneur-friendly, investment-driven environment for youth.

• Expatriate Employment & Remittance Strategy:

  • Use diplomatic channels to expand labor exports.

  • Train workers based on global demand.

  • Channel remittances into productive investments to avoid inflationary pressure.

• Women’s Economic Participation:

  • Enhance women’s productivity through automation in garments and higher wages.

  • Ensure workplace safety and economic empowerment.

🌍 Social Development & Entrepreneurship

• Social Enterprise & Innovation:

  • Apply entrepreneurial models to solve social problems.

  • Promote social businesses that blend profit with purpose.

• Entrepreneurship Ecosystem:

  • Simplify business setup processes.

  • Provide low-interest loans, venture capital, and incubators.

  • Celebrate youth success in global entrepreneurship competitions as a sign of latent potential.

💰 Financial Sector Reform

• Banking & Capital Markets:

  • Eliminate corruption and mismanagement in banks.

  • Enforce creditworthiness checks before loan approvals.

  • Develop a robust venture capital industry.

• Stock Market Confidence:

  • Prevent manipulation and restore investor trust.

  • Align company valuations with international standards.

  • Investigate fraud and return lost funds to citizens.

• Global Investment Access:

  • Allow Bangladeshis to invest in emerging economies and high-growth global firms.

🌐 Investment Promotion

• Infrastructure + Energy + Stability = Investment

  • Improve infrastructure, ensure gas supply, and maintain political stability to attract FDI.

• Recent Investment Trends (2011):

  • Saudi Arabia: Oil, gas, and transport

  • UAE: Shipbuilding

  • Tata: Automobile industry

  • World Bank: Rural roads

  • Rwanda: Pharmaceuticals

  • Samsung: Electronics hub ($1.25B)

  • Japan Bank for International Cooperation: Ranked Bangladesh 15th globally for investment

⚖️ Law, Order & Anti-Corruption

• Rule of Law & Governance:

  • Reduce corruption to unlock GDP growth.

  • Empower competent individuals in key roles.

  • Eliminate bribery and bureaucratic inefficiencies.

• Political Stability:

  • End strike culture, arson, and political intimidation.

  • Resist monopolistic price manipulation and dismantle syndicates.

• Black Money Recovery:

  • Repatriate illicit wealth and reinvest in productive sectors.

  • Target $100B GDP increase through anti-corruption and investment-friendly reforms.

📊 Ease of Doing Business

• Regulatory Reform:

  • Reduce bureaucratic hurdles and costs for businesses.

  • Streamline licensing, taxation, and compliance procedures.

🛒 Commerce & Diplomacy

• Export Diversification:

  • Identify new markets and products for export.

  • Use diplomatic initiatives to secure trade benefits (e.g., duty-free access).

🔬 Research & Development

• Industry-Academia Collaboration:

  • Strengthen partnerships between universities (SUST, DU, BUET, NSU) and industries.

  • Focus on product innovation, technology transfer, and commercialization.

🏢 SME Development

• Support for Small Businesses:

  • Solve operational challenges for SMEs.

  • Provide access to finance, training, and market linkages.

⛏️ Natural Resource Utilization

• Domestic Expertise First:

  • Engage local scientists and engineers in resource extraction.

  • Offer advanced training and appoint expatriate experts as consultants.

🧑‍🌾 Poverty & Rural Development

• Empowerment Through Education & Tech:

  • Use formal and informal education to uplift the poor.

  • Promote tech-based solutions for poverty alleviation.

• NGO Transparency:

  • Create a framework for transparent and impactful NGO operations.

• Village Competitions:

  • Launch contests for excellence in education, health, IT, and agriculture.

  • Celebrate top-performing villages and entrepreneurs to inspire grassroots innovation.