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ICT to Become the Driving Force Behind Economic Growth of Bangladesh

ICT to Become the Driving Force Behind Economic Growth of Bangladesh
Blog IT Sector Trending

ICT is now the new sector where Bangladesh is to drive its most revenue from in the near future. The Digital Bangladesh initiative and the growth of the Bangladeshi economy are defining the future of the nation. Currently, Bangladesh is earning more than a billion dollars from the IT export and it is expected to hit $5 billion in the 2021 fiscal year. According to the Digital Bangladesh announcement in 2008, this nation will be transformed into a digital economy in 2021, while expecting to become a knowledge-based economy by 2040.

Till now, Bangladesh is known for its textile and apparel export all over the world. It is true, the very existence of the Bangladeshi economy was based on agriculture and apparel manufacturing. This south Asian nation is still mostly dependent on agriculture and apparel export. But according to a recent report by Oxford Internet Institute, Bangladesh has the second largest pool in online workers in the world. An estimated 6,00,000 Bangladeshi people are working as freelancers and it is growing day by day.

So how is all this happening? What are the potential reasons behind this transformation?

Human Resource Development is one of the most important aspects of this development. Bangladesh has one of the largest young and middle-aged working population and universities around the country are producing more than 5,00,000 graduates every year. A lot of extensive training facilities have been built especially for ICT training. In just one year, more than 65,000 people have taken training for information technology-enabled services. More than 120 companies are involved in exporting IT services and products all over the world and counting.

The entire country has a wide range of internet services to provide a seamless internet connection. Now Bangladesh has 93 million internet users and 160 million mobile subscribers. Where does it lead us? It definitely leads us to the significance of improved communication. The more speed you get, the better communication you have throughout the world. Since the ICT sector is highly dependent on the internet connection, Bangladeshi citizens have better access to information which is helping it to increase ICT related activities.

Government and many other private organizations are promoting the ICT sector. The government has taken several initiatives including building ICT centers in major cities that are dedicated to the IT sector.

Therefore it is believed that Bangladesh is going to become a developed nation depending on its global ICT services ratio very soon. Many indicate that the IT sector may become the driving factor of the economic growth for Bangladesh while apparel manufacturing, electronics will keep supporting the economy, etc.

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