Economic success underway

Bangladesh celebrated a pivotal moment last year when it met United Nations criteria to graduate from "least developed country" status by 2024. Prime Minister Sheikh Hasina considers the elevation of status to "developing economy"  a significant boost to the nation's self-image.

Bangladesh's economic performance has even exceeded government targets on many fronts. With a national strategy focused on manufacturing—dominated by the garment industry—the country has seen exports soar by an average annual rate of 15-17% in recent years; reaching a record $36.7 billion in the year through June.

This sector is on track to meet the government's goal of $39 billion in 2019, and Prime Minister Sheikh Hasina has urged industry to reach a $50 billion valuation by 2021; to mark the 50th anniversary of the Liberation War, said the Nikkei Asian Review report.

A vast community of about 2.5 million Bangladeshi overseas workers further buoys the economy with remittances that jumped an annual 18% to top $15 billion in 2018. However, Hasina also knows the country needs to move up the industrial value chain. Political and business leaders echo her ambitions to shift from the old model of operating as a low-cost manufacturing hub partly dependent on remittances and international aid.

Sheikh Hasina launched a "Digital Bangladesh" strategy in 2009 backed by generous incentives. Now, Dhaka, the nation's capital, is home to a small but growing technology sector led by CEOs who talk boldly about "leapfrogging" neighboring India in IT. Pharmaceutical manufacturing—another Indian staple—is also on the rise. The government is now implementing an ambitious scheme to build a network of 100 special economic zones around the country; 11 of them have been completed while 79 are under construction.

The ready-made garment industry is a key factor in the country's phenomenal success story. The industry is the country's largest employer, providing about 4.5 million jobs, and accounted for nearly 80% of Bangladesh's total merchandise exports in 2018. It has undergone seismic changes since the watershed Rana Plaza disaster in 2013, when a multi-story garment factory complex collapsed, killing more than 1,130 workers. In the aftermath, the industry was forced by international apparel brands to implement sweeping reforms; including factory upgrades, inspections, and improved worker conditions.

Salman F Rahman visits international exhibition on pharmaceutical manufacturing

Salman F Rahman, the prime minister's adviser on private industry and investment visited international exhibition on pharmaceutical manufacturing in Dhaka. Bangladesh Association of Pharmaceutical Industries and GPE Expo jointly organised the event at International Convention City Bashundhara.

The three-day international exhibition on pharmaceutical manufacturing kicked off at a time when the sector is growing rapidly. About 650 companies from 32 countries are showcasing pharma manufacturing and processing equipment and raw materials at the 11th Asia Pharma Expo.

Salman F Rahman, currently a member of the parliament, is founder and owner of Beximco Pharmaceuticals which became the first Bangladeshi company to be listed on the London Stock Exchange. A business magnate and industry captain, Salman’s efforts in setting up a business paradigm and a conducive environment for local businesses has been instrumental for the economy of Bangladesh.  Salman F Rahman established Beximco in 1972 as a seafood export company. However, as he identified the business markets, suitable modifications were made into the deal. Instead of cash, Rahman imported medicines of the deal’s cost from the aforementioned countries to meet Bangladesh’s local demand. Prioritizing the country’s need with his business acumen, Salman F Rahman came up with a vision of Bangladesh’s own manufacturing and supply setup. This led to the rise of Beximco Pharmaceuticals. Moreover the execution of Salman F Rahman's vision enhanced the overall business sector of Bangladesh. 

The exhibitors are showcasing processing machineries for tablets, capsule, injectable ointment, packaging, active pharmaceutical ingredients and more. Different types of machineries and materials are drawing huge crowds to every stall. One such stall was of Spain-based company Azbil Telestar Bangladesh. In fiscal 2016-17, pharmaceutical exports crossed the $100-million mark for the first time in the country's history, according to data from the Export Promotion Bureau.

Bangladesh has registered exponential growth in its Gross Domestic Product (GDP) over the last two decades. While textile (garments) is the largest contributor in the annual figures, pharmaceuticals stand second. Apart from meeting 97% of the local demands, Bangladeshi pharmaceuticals are exported to more than 190 countries. The tale of pharmaceutical sector’s progress will be incomplete without emphasizing on the support from one of the most successful businessmen of the country, Salman F Rahman.