Bangladesh to become a major consumer market by 2030: Bida chief

By 2030, Bangladesh will become a major consumer market in the world as the country’s geographical location offers vast opportunities for this expansion, Executive Chairman of the Bangladesh Investment Development Authority (Bida) Ashik Chowdhury said today (7 December).

Nearly 2.5 billion people live within four hours of Bangladesh, creating economic expansion potential through neighboring countries, he said at the inaugural ceremony of the 12th National SME Product Fair at the Bangladesh-China Friendship Conference Center in Agargaon, Dhaka.

Ashik said while the economic revolution of the past century took place in Europe and America, the next century’s economic expansion will occur in Asia. He mentioned that large investors in the country still view Bangladesh primarily as a manufacturing hub or factory location. 

However, a major challenge is the absence of backward linkages, which will affect sectors including mobile phones, the automotive industry, life engineering, footwear, textiles, garments, and leather, he noted.

He mentioned that Bangladesh is a young country, with an average age of just 27 years. Entrepreneurs in the country still have time to make long-term contributions to the economy.

He said partial exporters are being offered benefits through bank guarantees, which will gradually help SMEs engage in fully integrated exports. 

He emphasised that the country needs diversification in exports, not just textiles and garments.

He also highlighted efforts against corruption and digitalisation initiatives. He said through websites and apps, businesspeople will be able to register directly online and access information.

The Bida chairman said while some good work has already been done in the power sector and other areas, much progress is still needed

. Starting a business in the country remains very difficult, and bank registration processes are complex. However, he assured that efforts are underway to simplify registration and bank account opening through a single-form app, so that small and large investors alike receive equal benefits.

Addressing the entrepreneurs participating in the fair, he said that an impressive 60% are women, which is highly commendable and important for the country. 

“For them, something big must certainly be done,” he added.