Bangladesh: Infinite possibilities, limited utilisation

Bangladesh is a small nation on the world map but it is one of the most densely populated countries. Yet, it produces enough in its croplands to meet the demand for food for the entire nation. However, this wasn't the case just fifty years ago.

While there were eight crore people in Bangladesh and about 2.17 crore hectares of farmland, starvation was common in the country. That very same nation now has nearly 17 crore people living in it and farmlands shrank to just 81.58 lac hectares. Despite the disparity in the ratio of food to cropland, people do not suffer due to a lack of food like they had to. This is made possible through the utilisation of technology.

Yes, it is technology that is allowing us to grow more crops in lesser amounts of land today – and the entire nation is reaping the benefits. But if we look more deeply, though, having just the necessary technology at our disposal wouldn't have been enough to overcome the diminishing availability of cropland. Proper utilisation of that technology enabled us to increase the production of food and meet people's needs. 

Similarly, we need to make proper use of today's young generation. A whole lot of Bangladesh's young talent and resources aren't being utilised to their potential. And as a Bangladeshi, that fills me with anguish.

Here we are; a nation full of energetic, passionate, and extremely talented young people. Yet, we can't reap the benefits. If we are able to take advantage of the demographic dividend from the world market, it is possible to really change the face of this country.

When I started Apex DMIT, formerly Kazi IT, back in 2010, I primarily wanted young blood in the organisation. Bangladesh has a heap of talented youth, and I planned to utilise that potential. Our clients were banks and financial institutions located in the USA. So we needed people who could overcome the language and cultural barrier.

As the organisation grew and our operation expanded, the number of people we needed also increased over time. But there was one challenge consistently in our way – low proficiency in English among young people. We couldn't employ many due to their limited computer skills and poor email writing ability. 

We, as a nation, are losing thousands of opportunities on the world stage due to limited proficiency. If only we could develop our youth a bit more properly then all those opportunities could have been ours.

Now, one might question, why us? Many already know the answer. A lot of the work needed in the developed world can be done from home. Limited availability of skillful people in Europe and the US forces organisations there to enlist the help of freelancers. If someone has the necessary skill, they can bid online and grab an opportunity to work. They no longer have to spend millions to go abroad to work. 

Photo: Reuters

But to truly capitulate the opportunities, we need the long-term development of the youth. For that,  the educational system of Bangladesh needs to step up to ready the people. Because even many MBA graduates do not know how to properly speak in English or the proper way to write an email. Yet, they have degrees from renowned universities. It is the responsibility of these universities to help their students develop the necessary skills. But does the administration think of that? If we had the skills, we wouldn't have the scarcity of dollars we face today. Work would have come to us from abroad.

How will the expatriate income come to us?

About one crore Bangladeshi expatriates are all over the world – a significant portion of which are quite well-off. Many Bangladeshis living in the USA invest in big projects there. Bangladeshis have investments in Canada, England, Germany, and many other countries. Such individuals are always looking for scope of investments. 

However, whenever the idea of investing in their motherland is brought up, their interest starts to fade away. Some come right out and say that they don't want to get embroiled in risks. That means Bangladesh is a risky investment location in their eyes. Even though I do not have a good answer that can quell their worries, my personal entrepreneurial experience in Bangladesh contradicts their perception.

By ensuring expatriate investment in Bangladesh, it is possible to change the economy of the country. That is because their investments, unlike foreign investments, will always remain in the country. Be it a profit or a loss, it will stay in Bangladesh. 

Take properties, for example. Everyone wants to own a home in their motherland, either by buying a flat or land. But incidents such as delayed handover of properties or being scammed after making payments are deterring future property owners. 

Even though such occurrences are not exclusive to Bangladesh and many countries experience such issues, the main difference is that the administration of other countries closely monitors the property sector – something that Bangladesh is lacking.

That is why the policymakers need to keep in mind that if an expatriate falls victim, it will have a reverberating impact on the entire community. And reputation is something that if once destroyed, is very difficult to recover; which will affect the entire economy of the country.

Another aspect that should be monitored is whether the money being sent by the expatriates is being invested or not. Most times, the money sent is just sitting idle. A lack of guidelines and reinforcements is preventing large investments from happening. A profitable platform should be opened for them; new investment opportunities should be created.

Additionally, loan disbursement should be made easier for expatriates – which will encourage them to send more money back home. The importance of foreign currency is easily perceived in today's dollar scarcity. That is why, to increase the flow of remittance and bolster the economy, we need to provide the utmost benefits to expatriates.

The potential for Bangladesh is there; all it needs is for the components to come together and work in unison. By doing that, the country will soar and reach its apex of dreams. We have come very far in the last fifty years and there are no limitations to how far we will go in the coming fifty years.

The author is the chairman of Apex Property Ltd.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.