Industrialization in Bangladesh

Bangladesh is an underdeveloped country. ( a short story ) The country is industrially backward. Lack of technological know-how, lack of resources, political instability, and infrastructural backwardness are main obstacles to industrialization in our country. ( a short story ) However, the country has some significant advancement in small and medium level industries. ( a short story ) Many new and heavy industries have also been set up at private enterprises which are remarkably contributing to our national economy.

Problems of industrialization in Bangladesh :

            Bangladesh is mainly an agricultural country. Agriculture has always been given priority and as a result industries have been ignored. Recently some agro-based industries have been set up. ( a short story ) There are some reasons for which the country has lagged behind in heavy and medium-level industries.( a short story )

(1)Lack of capital : Bangladesh being a poor country, people’s saving is very low. As saving is very poor, investment is also very low.  Again people’s per capita income is very low. So their consumption is also very low. ( a short story ) Consequently local market oriented industries are also very thin here.

(2)Weak investment base : due long colonial rule, economic discrimination and post-liberation nationalization of industrialization, the growth of entrepreneurship has been slow in Bangladesh. Besides, due to bureaucratic red-tapism and lack of investment climate, capital investment has not been developed here.( a short story )

Poor infrastructure:

            Infructural facilies in our country are also poor. Power supply, telecommunication, transport, gas, water supply etc. – all facilities are poor which have hindered process of industrialization in Bangladesh.

Technological know-how:

            Lack of technological know-how is also another reason of our industrial backwardness.

Lack of resources:

            Lack of raw materials and natural resources are also infavourable for our industrialization.

Unskilled human resources :

            Though Bangladesh has a huge population, most of them are uneducated and unskilled. Country lacks specialists, professionals and technologists which also hamper our industrialization.( a short story )

Political instability and lack of proper govt. policy:

            A good govt. policy and political stability are precondition for industrialization. Unfortunately political and instability has always been a common phenomenon here. Besides, no govt. have planned or implemented an industry-oriented policy.

Industrialization : Current scenario :

            However, in recent times, Bangladesh has experienced a dramatic expansion in small and medium level industries, particularly in ready-made garments and textile sector which have boosted country’s economy greatly. In fact, garments sector has emerged as country’s  largest foreign exchange earning sector and provided employment opportunities to millions.( a short story )  Moreover, Bangladesh has also greatly developed in fertilizer, suger, cement, small and light engineering, telecommunication, leather and agro-based industries.

Industrialization : Policies :

            Bangladesh must develop and implement a good investment friendly environment so that foreign direct investment increases here. We have also to set up new export processing zones improve infrastructural facilities. ( a short story ) Political stability must be ensured. Ore human resources should be made skilled and more training and technical institute should be set up for this. ( a short story ) Govt. can encourage privatization and give incentives on exported goods.( a short story )

Conclusion :

            We have vast human resources. Our natural resources and agro-based raw materials are also not negligible.( a short story )  Only a good govt. policy and environment can speed up industrialization and create employment opportunities for millions.( a short story )  So, considering our natural and financial constraints and huge pressure for employment, we should focus on small and medium level export oriented and lab our thick industries