Why agribusiness potential and mechanisms should be highlighted in our universities
Universities, especially business schools, should prepare graduates to work in agribusiness, which remains an untapped market
Agribusiness is significant not only for food but also to manage climate change impacts worldwide. In the agriculture industry, the most important elements are the natural environment and temperature.
Bangladesh is prone to floods and cyclones along with its favourable weather and climate that allow vegetables and fruits to grow all year round. It is the recent extreme climate change effects which have made agro-production expensive and very difficult in many developed countries. Therefore, developed and even emerging nations are in search of new and potential sources of food – triggering huge business potentials.
The issue at hand is that most of our graduates do not know much about agricultural businesses. They do not understand that it does not, by default, mean going back to rural areas to produce crops anymore. Rather, agribusiness includes farming, production, management and marketing of agricultural commodities such as livestock and crops and fruits.
This business realm also includes land, machinery, human resource management, farming, conservation, ranching, sales, etc. Most of the young graduates and our policymakers are in the dark regarding the potential of this sustainable business domain, which can be an effective source of employment.
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This is where we propose a proposition.
The students are not to be blamed for their lack of knowledge of agribusinesses. Rather we ought to shift our focus to our universities, especially our business faculties. Most use case studies, books, examples, articles, etc. on traditional fancy business operations and models located in offices and factories in cities. It is time we redefine and modify this pedagogical process and accommodate more agricultural-based business examples.
Agribusiness is different from traditional city-based businesses in many ways, especially in areas of functional processes, employee training, target customers, supply chain, machinery or technologies, organisational politics, seasons, etc. Business faculties, from both public and private universities, should take all these into consideration during their lectures in classes so that they can provide practical examples highlighting unique aspects of agribusinesses.
Currently, Bangladesh imports huge amounts of agricultural commodities every year, which costs a lot. For example, according to an estimation by International Trade Administration, we had to spend $10,334 million on agriculture-based commodities in 2022. Sometimes, global supply complexity and wars such as the one in Russia and Ukraine create difficulties in importing by making the market system unsteady.
Our main agricultural product import list includes wheat, rice, soybeans, pulses, onions, fresh fruits, tree nuts, dairy products, processed foods, etc. The list will be longer if our coming generation keeps neglecting the huge potential of agribusiness opportunities in the country.
Moreover, most of our graduates also do not have much idea about the demand for agricultural goods in the local and international markets or how Bangladesh is struggling in terms of quality crops, and fruit and vegetable production.
In this regard, their involvement could be effective for the country in producing high-quality, even organic, agro-products throughout the year. It is because, in terms of weather, our country is blessed. After all, it has a humid and warm climate where the production of agricultural products will be easy if we can attract our graduates into this business.
At the moment, agro-production is dominated by primarily semi-educated parties, who often neglect scientific production systems, natural changes and seasonal needs and depend on their luck. As a result, every year huge amounts of crops, fruits and fish suffer damage, which creates a crisis in the country's attempt at food security.
However, all these issues can be resolved if we could attract our business graduates to agribusiness. And to attract them, business faculties should provide students with ideas regarding the mechanisms of the agricultural business, especially about equipment, technologies, packaging, processing, storing, the supply chain, insurance possibilities and export potential to developed countries.
Our universities also must highlight how existing and disruptive technologies like artificial intelligence (AI), blockchain, etc. can be useful in the agricultural business sector, especially not only in selling but also in producing. We have to highlight the smart aspects of the agricultural industry so that our graduates' negative perceptions regarding this industry will change.
We should also make guardians aware of the potential of agricultural business so that they feel proud of their children, who would be involved in agribusiness. Moreover, business students should be given the opportunity to visit agricultural sites and agro-product export fairs so that they can perceive the overall agro-industry practically.
As a result, their ideas and attachment to this industry would be positive. They will be more interested in starting a business or starting their career in this sustainable industry.
Bangladesh produces 3.5 lakh graduates every year, most of whom are in the business domain. Being graduates of universities, they are more aware of technologies and the changing world. Therefore, their knowledge can be effective for the agricultural businesses of our country, which deserves to be self-reliant in terms of agro-products.
There is also the issue of Bangladesh's staggering youth employment. In this vein, agribusiness can be ground-breaking if we can create mass awareness. For that our university education system, especially our business curriculum, must be more inclusive of agribusiness information and examples.
Dr Md Asadul Islam is an Assistant Professor at BRAC Business School, BRAC University, Bangladesh.
Dr Mahfuzur Rahman an Associate Professor at Lincoln International Business School, University of Lincoln, United Kingdom
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.
