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Bangladesh Trade Center published research articles on Trade, Investment, Commerce, Business, Economic Development, etc. issues here in its Knowledge Center.

  • Attractive Business Ideas to Invest in Bangladesh

    Attractive Business Ideas to Invest in Bangladesh

    Attractive Business Ideas to Invest in Bangladesh:

     

    Bangladesh has been experiencing steady economic growth over the past few years, with a growing number of investment opportunities emerging in various sectors. Here are some attractive sectors to consider investing in Bangladesh:

    1. Textiles and Garments: The textile and garment sector is one of the largest contributors to Bangladesh’s economy, accounting for over 80% of the country’s export earnings. With a large pool of low-cost labor and a favorable business environment, this sector is poised for further growth in the coming years. The textiles and garments sector is one of the largest and fastest-growing industries in Bangladesh, accounting for a significant portion of the country’s export earnings. Here are some business ideas that you can consider in this sector:

    1. Manufacturing: You can set up a manufacturing unit to produce textiles and garments for local and international markets. Bangladesh has a large pool of low-cost labor and a favorable business environment that makes it an attractive destination for textile and garment manufacturing.
    2. Supply Chain Management: You can provide supply chain management services to textile and garment manufacturers in Bangladesh. This can include sourcing raw materials, logistics and distribution, quality control, and inventory management.
    3. Textile Machinery and Equipment: You can import and supply textile machinery and equipment to textile and garment manufacturers in Bangladesh. There is a growing demand for modern machinery and equipment in the industry to improve efficiency and productivity.
    4. Fashion Design and Branding: You can start a fashion design and branding business in Bangladesh, offering services such as product design, branding, and marketing for local and international textile and garment manufacturers.
    5. Textile Recycling: You can set up a textile recycling plant to recycle textile waste into new textile products. This can be a sustainable business model that can help reduce textile waste and create value-added products.
    6. Textile Testing and Certification: You can set up a textile testing and certification lab in Bangladesh, offering testing and certification services for textile and garment products. This can help manufacturers to comply with international quality standards and gain a competitive edge in the market.
    7. E-commerce: You can set up an online marketplace for textile and garment products, connecting local manufacturers with domestic and international buyers. This can be a profitable business model that leverages the growing trend of e-commerce in Bangladesh.
    Attractive Business Ideas to Invest in Bangladesh
    Pharmaceuticals Sector of Bangladesh

    2. Pharmaceuticals: Bangladesh has a rapidly growing pharmaceutical industry, driven by a large domestic market and increasing demand from international markets. The government is also taking steps to support this sector, including offering tax incentives and simplifying regulatory procedures. The pharmaceuticals sector is one of the fastest-growing industries in Bangladesh, driven by a large domestic market and increasing demand from international markets. Here are some business ideas that you can consider in this sector:

    1. Manufacturing: You can set up a pharmaceutical manufacturing plant in Bangladesh to produce drugs and medicines for local and international markets. The government offers various incentives for local and foreign investors to set up pharmaceutical manufacturing plants in the country.
    2. Contract Manufacturing: You can offer contract manufacturing services to pharmaceutical companies in Bangladesh. This can include services such as product development, manufacturing, packaging, and quality control.
    3. Pharmaceutical Distribution: You can set up a pharmaceutical distribution company to distribute drugs and medicines to retail pharmacies and hospitals across Bangladesh. This can be a profitable business model that leverages the growing demand for pharmaceutical products in the country.
    4. Pharmaceutical Research and Development: You can set up a pharmaceutical research and development company in Bangladesh, offering services such as drug discovery, clinical trials, and regulatory affairs. This can help local and international pharmaceutical companies to develop new drugs and bring them to the market.
    5. API Manufacturing: You can set up a plant to manufacture active pharmaceutical ingredients (APIs) in Bangladesh. This can be a profitable business model that leverages the growing demand for APIs in the global pharmaceutical market.
    6. Biotech Research and Development: You can set up a biotech research and development company in Bangladesh, offering services such as genetic engineering, bioprocessing, and bioinformatics. This can help local and international pharmaceutical companies to develop new biotech products and bring them to the market.
    7. Herbal Medicine Manufacturing: You can set up a herbal medicine manufacturing plant in Bangladesh, producing herbal products for local and international markets. The demand for herbal medicines is growing globally, creating opportunities for entrepreneurs in this sector.
    Agro Processing Sector of Bangladesh
    Agro Processing Sector of Bangladesh

    3. Agriculture: Bangladesh has vast and fertile agricultural land, with a large workforce engaged in agriculture. The government has been promoting agricultural productivity, diversification, and value addition to create opportunities for investment in this sector. The agriculture sector is the backbone of the Bangladesh economy, employing around 47% of the labor force and contributing to about 13% of the country’s GDP. Here are some business ideas that you can consider in this sector:

    1)     Agro-processing: You can set up an agro-processing plant in Bangladesh to process agricultural products such as rice, wheat, fruits, and vegetables. This can include services such as cleaning, grading, packaging, and preservation of agricultural products.

    2)     Agricultural Inputs: You can start a business that produces and distributes agricultural inputs such as fertilizers, pesticides, seeds, and irrigation systems. These inputs are essential for improving crop yields and can be in high demand in rural areas of Bangladesh.

    3)     Livestock and Poultry Farming: You can start a livestock or poultry farming business in Bangladesh, raising animals for meat, milk, and eggs. There is a growing demand for animal protein in the country, creating opportunities for entrepreneurs in this sector.

    4)     Fish Farming: You can start a fish farming business in Bangladesh, producing fish for local and international markets. Bangladesh has a large and diverse fishery sector, with the potential for entrepreneurs to produce a range of fish products such as freshwater fish, marine fish, and shrimp.

    5)     Organic Farming: You can start an organic farming business in Bangladesh, producing organic fruits, vegetables, and grains. Organic products are in high demand in international markets, creating opportunities for entrepreneurs in this sector.

    6)     Agricultural Consultancy: You can start an agricultural consultancy business in Bangladesh, offering services such as soil testing, crop management, and post-harvest management. This can be a profitable business model that helps farmers to improve crop yields and increase their income.

    7)     Agricultural Tourism: You can start an agricultural tourism business in Bangladesh, offering visitors the opportunity to experience rural life, visit farms, and participate in agricultural activities. This can be a unique and profitable business model that leverages the country’s rich agricultural heritage.

    Attractive Business Ideas to Invest in Bangladesh:

    Attractive Business Ideas to Invest in Bangladesh
    Information Technology

    4. Information Technology: The IT industry in Bangladesh has been growing rapidly, thanks to the country’s abundant supply of skilled IT professionals and low-cost operating environment. The government has also been supportive of this sector, offering tax incentives and setting up technology parks to attract investment. The Information Technology (IT) sector is one of the fastest-growing industries in Bangladesh, driven by a skilled workforce and a favorable business environment. Here are some business ideas that you can consider in this sector:

    1. Software Development: You can start a software development company in Bangladesh, offering services such as custom software development, web application development, and mobile application development. There is a high demand for software development services in both the local and international markets.
    2. IT Outsourcing: You can start an IT outsourcing company in Bangladesh, offering services such as software development, data entry, and call center operations to clients around the world. Bangladesh has a large pool of talented and low-cost IT professionals, making it an attractive outsourcing destination.
    3. E-commerce: You can start an e-commerce business in Bangladesh, offering products and services to customers through online platforms. The e-commerce market in Bangladesh is growing rapidly, driven by increasing internet penetration and a rising middle class.
    4. Digital Marketing: You can start a digital marketing agency in Bangladesh, offering services such as search engine optimization (SEO), social media marketing, and email marketing. Many businesses in Bangladesh are looking to expand their online presence and reach new customers through digital marketing.
    5. IT Training and Education: You can start an IT training and education company in Bangladesh, offering courses and certifications in areas such as software development, digital marketing, and cybersecurity. There is a high demand for IT training and education in Bangladesh, as many young people are looking to enter the growing IT industry.
    6. Cybersecurity Services: You can start a cybersecurity company in Bangladesh, offering services such as network security, data protection, and vulnerability assessments. As more businesses in Bangladesh move online, there is a growing need for cybersecurity services to protect against cyber threats.
    7. IT Consulting: You can start an IT consulting firm in Bangladesh, offering services such as IT strategy development, project management, and system integration. Many businesses in Bangladesh are looking to adopt new technologies and improve their IT systems, creating opportunities for IT consultants.
    Types of Energy
    Energy

    5. Energy: Bangladesh has significant potential for renewable energy, including solar, wind, and hydro. The government has been actively promoting investment in this sector through various incentives, including tax holidays and subsidies. The energy sector is one of the most important sectors in Bangladesh, as the country faces energy shortages and has a rapidly growing population. Here are some business ideas that you can consider in this sector:

    1. Solar Power: You can start a solar power company in Bangladesh, offering services such as solar panel installation, maintenance, and repair. With ample sunlight and a growing demand for renewable energy, solar power is an attractive investment opportunity in Bangladesh.
    2. Wind Power: You can start a wind power company in Bangladesh, offering services such as wind turbine installation, maintenance, and repair. Bangladesh has a significant potential for wind power generation, especially in coastal areas.
    3. Biomass Energy: You can start a biomass energy company in Bangladesh, offering services such as biomass fuel production, biomass power generation, and biomass gasification. Biomass energy is a renewable energy source that can be produced from agricultural waste, municipal waste, and other organic materials.
    4. Energy Efficiency: You can start an energy efficiency company in Bangladesh, offering services such as energy audits, energy management, and energy conservation. Many businesses in Bangladesh are looking to reduce their energy consumption and improve their energy efficiency, creating opportunities for energy efficiency consultants.
    5. Natural Gas: You can start a natural gas company in Bangladesh, offering services such as natural gas exploration, production, and distribution. Bangladesh has significant reserves of natural gas, and the government is actively encouraging private-sector investment in this sector.
    6. Energy Storage: You can start an energy storage company in Bangladesh, offering services such as battery storage, compressed air energy storage, and flywheel energy storage. As renewable energy sources such as solar and wind become more popular in Bangladesh, there is a growing need for energy storage solutions.
    7. Hydro Power: You can start a hydropower company in Bangladesh, offering services such as hydro turbine installation, maintenance, and repair. Bangladesh has a significant potential for hydropower generation, especially in hilly areas and near waterfalls.

    Attractive Business Ideas to Invest in Bangladesh:

    Attractive Business Ideas to Invest in Bangladesh
    Infrastructure

    6. Infrastructure: Bangladesh has a significant infrastructure deficit, particularly in areas such as power, transport, and telecommunications. The government has launched several large-scale infrastructure development projects, creating opportunities for investors in areas such as construction, engineering, and logistics. Infrastructure is a key area of development in Bangladesh, as the country aims to improve its transportation, communication, and urbanization. Here are some business ideas that you can consider in this sector:

    1)     Real Estate Development: You can start a real estate development company in Bangladesh, offering services such as property development, construction, and management. With a growing middle class and increasing urbanization, there is a high demand for housing and commercial properties in Bangladesh.

    2)     Road Construction: You can start a road construction company in Bangladesh, offering services such as road design, construction, and maintenance. The government of Bangladesh is investing heavily in road infrastructure, creating opportunities for private-sector investment in this sector.

    3)     Railway Development: You can start a railway development company in Bangladesh, offering services such as railway design, construction, and maintenance. The government of Bangladesh is also investing in railway infrastructure, and there are opportunities for private-sector investment in this sector.

    4)     Port Development: You can start a port development company in Bangladesh, offering services such as port design, construction, and management. Bangladesh has several seaports, and the government is investing in its development to increase trade and commerce.

    5)     Telecommunications: You can start a telecommunications company in Bangladesh, offering services such as internet connectivity, mobile services, and other telecommunication services. The telecommunications sector is rapidly growing in Bangladesh, with a high demand for internet and mobile services.

    6)     Water Supply and Sanitation: You can start a water supply and sanitation company in Bangladesh, offering services such as water treatment, distribution, and sanitation services. Many areas in Bangladesh lack access to clean water and proper sanitation, creating opportunities for private-sector investment in this sector.

    7)     Renewable Energy: You can start a renewable energy company in Bangladesh, offering services such as renewable energy development, installation, and maintenance. With a growing demand for clean energy, there are opportunities for private sector investment in renewable energy projects such as solar and wind power.

    Tourist attractions in Bangladesh
    Tourist attractions in Bangladesh

    7. Tourism: Bangladesh has a rich cultural heritage, scenic natural beauty, and diverse wildlife, making it an attractive destination for tourists. The government has been taking steps to promote tourism, including developing new tourist attractions and simplifying visa procedures. Tourism is a growing sector in Bangladesh, with the country’s rich cultural heritage, natural beauty, and friendly people attracting a growing number of tourists. Here are some business ideas that you can consider in this sector:

    1. Hotel and Resort Development: You can start a hotel and resort development company in Bangladesh, offering services such as hotel construction, management, and maintenance. With a growing number of tourists, there is a high demand for quality accommodation in Bangladesh.
    2. Tour Operators: You can start a tour operator company in Bangladesh, offering services such as tour planning, transportation, and accommodation. Many tourists visit Bangladesh to experience its culture, history, and natural beauty, creating opportunities for tour operators to design and offer unique experiences.
    3. Ecotourism: You can start an ecotourism company in Bangladesh, offering services such as nature tours, wildlife safaris, and adventure activities. Bangladesh has a rich biodiversity, with many national parks, wildlife sanctuaries, and wetlands, creating opportunities for ecotourism companies.
    4. Cultural Tourism: You can start a cultural tourism company in Bangladesh, offering services such as heritage tours, food tours, and art and craft tours. Bangladesh has a rich cultural heritage, with ancient temples, mosques, and monuments, creating opportunities for cultural tourism companies.
    5. Adventure Tourism: You can start an adventure tourism company in Bangladesh, offering services such as trekking, mountaineering, and water sports. Bangladesh has several hilly regions, waterfalls, and rivers, creating opportunities for adventure tourism companies.
    6. Transportation: You can start a transportation company in Bangladesh, offering services such as car rental, boat rental, and air transportation. Many tourists require transportation services to move around the country, creating opportunities for transportation companies.
    7. Food and Beverage: You can start a food and beverage company in Bangladesh, offering services such as restaurant and catering services. Many tourists are interested in trying local cuisine, creating opportunities for food and beverage companies.
    Attractive Business Ideas to Invest in Bangladesh
    Education

    8. Education: Bangladesh has a large and growing population, creating demand for quality education at all levels. The private education sector has been expanding rapidly, offering opportunities for investment in areas such as schools, colleges, and vocational training centers. The education sector in Bangladesh has undergone significant growth in recent years, with a growing demand for quality education at all levels. Here are some business ideas that you can consider in this sector:

    1. Private Schools and Colleges: You can start a private school or college in Bangladesh, offering quality education at all levels. Many parents in Bangladesh are willing to pay for quality education, creating opportunities for private educational institutions.
    2. Tutoring and Coaching: You can start a tutoring and coaching company in Bangladesh, offering services such as test preparation, language learning, and subject-specific coaching. Many students in Bangladesh require additional support to succeed in their academic pursuits.
    3. E-Learning: You can start an e-learning company in Bangladesh, offering online courses, educational resources, and virtual classrooms. With the increasing availability of internet connectivity in Bangladesh, e-learning has become a popular and effective way to deliver education.
    4. Education Technology: You can start an education technology company in Bangladesh, offering software, hardware, and other technological solutions to enhance the learning experience. Education technology is a growing field globally, and there is potential for entrepreneurs and investors to develop innovative solutions in Bangladesh.
    5. Teacher Training: You can start a teacher training company in Bangladesh, offering services such as teacher education, professional development, and curriculum design. Quality education requires quality teachers, and there is a high demand for teacher training in Bangladesh.
    6. Education Consulting: You can start an education consulting company in Bangladesh, offering services such as educational planning, assessment, and evaluation. Many institutions and organizations in Bangladesh require expert advice and guidance to improve their educational offerings.
    7. Education Supplies and Equipment: You can start an education supplies and equipment company in Bangladesh, offering services such as textbooks, school supplies, and laboratory equipment. Educational institutions in Bangladesh require a range of supplies and equipment to deliver quality education.
    Attractive Business Ideas to Invest in Bangladesh:
    Attractive Business Ideas to Invest in Bangladesh
    Healthcare

    9. Healthcare: The healthcare sector in Bangladesh has been growing rapidly, driven by increasing demand for healthcare services from the country’s growing middle class. The government has also been investing in this sector, including setting up new hospitals and expanding the coverage of public health insurance. The healthcare sector in Bangladesh is growing rapidly, with a growing demand for quality healthcare services at all levels. Here are some business ideas that you can consider in this sector:

    a)     Hospitals and Clinics: You can start a hospital or clinic in Bangladesh, offering a range of healthcare services such as diagnostics, treatment, and preventive care. With the increasing demand for quality healthcare in Bangladesh, there is potential for entrepreneurs and investors to start successful hospitals and clinics.

    b)     Telemedicine: You can start a telemedicine company in Bangladesh, offering remote medical consultations, diagnosis, and treatment. With the increasing availability of internet connectivity in Bangladesh, telemedicine has become a popular and effective way to deliver healthcare services.

    c)     Medical Equipment and Supplies: You can start a medical equipment and supplies company in Bangladesh, offering services such as medical devices, laboratory equipment, and pharmaceuticals. The healthcare sector in Bangladesh requires a range of equipment and supplies to deliver quality healthcare services.

    d)     Health Insurance: You can start a health insurance company in Bangladesh, offering insurance products and services to individuals and organizations. With the increasing cost of healthcare services in Bangladesh, there is a high demand for affordable and comprehensive health insurance.

    e)     Health and Wellness Centers: You can start a health and wellness center in Bangladesh, offering services such as fitness programs, nutrition counseling, and stress management. Many people in Bangladesh are interested in improving their health and wellness, creating opportunities for health and wellness centers.

    f)      Home Healthcare: You can start a home healthcare company in Bangladesh, offering services such as nursing care, medical equipment rentals, and home health aides. With an aging population in Bangladesh, there is a growing demand for home healthcare services.

    g)     Medical Tourism: You can start a medical tourism company in Bangladesh, offering services such as medical travel packages, hospital and hotel arrangements, and language interpretation services. Many people from around the world are interested in accessing quality healthcare services at affordable prices in Bangladesh.

    Financial Services
    Financial Services

    10. Financial Services: Bangladesh has a large and growing population, creating demand for a wide range of financial services, including banking, insurance, and microfinance. The government has been promoting financial inclusion, creating opportunities for investors in this sector. The financial services sector in Bangladesh is growing rapidly, with a growing demand for modern financial services at all levels. Here are some business ideas that you can consider in this sector:

    1. Banking and Financial Institutions: You can start a bank or other financial institution in Bangladesh, offering a range of financial products and services such as savings accounts, loans, and insurance. With the increasing demand for modern banking services in Bangladesh, there is potential for entrepreneurs and investors to start successful banks and financial institutions.
    2. Payment and Remittance Services: You can start a payment and remittance company in Bangladesh, offering services such as mobile banking, online payment systems, and international money transfers. With the increasing use of technology in Bangladesh, there is a growing demand for convenient and secure payment and remittance services.
    3. Microfinance: You can start a microfinance institution in Bangladesh, offering loans and other financial services to individuals and small businesses. Many people in Bangladesh lack access to formal financial services, creating opportunities for microfinance institutions to fill the gap.
    4. Investment and Wealth Management: You can start an investment and wealth management company in Bangladesh, offering services such as portfolio management, financial planning, and investment advisory. With the growing interest in investment and wealth management in Bangladesh, there is potential for entrepreneurs and investors to start successful companies in this field.
    5. Insurance: You can start an insurance company in Bangladesh, offering insurance products and services such as life insurance, health insurance, and property insurance. With the increasing risk of various forms of loss, there is a growing demand for insurance products in Bangladesh.
    6. Financial Technology (Fintech): You can start a fintech company in Bangladesh, offering innovative financial services and solutions such as mobile payments, peer-to-peer lending, and blockchain-based transactions. With the increasing use of technology in the financial sector, there is potential for entrepreneurs and investors to develop new fintech solutions in Bangladesh.
    7. Financial Consulting: You can start a financial consulting company in Bangladesh, offering services such as financial planning, budgeting, and investment advice. Many individuals and businesses in Bangladesh require expert financial advice and guidance to make informed decisions.

    In conclusion, Bangladesh is a country with significant potential for investment, and there are many attractive sectors for investors to consider. The government has been taking steps to promote investment and create a favorable business environment, making Bangladesh an increasingly attractive destination for foreign investors.

    Attractive Business Ideas to Invest in Bangladesh

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  • Opportunities and Challenges of India-Bangladesh Connectivity

    Opportunities and Challenges of India-Bangladesh Connectivity

    Opportunities and Challenges of India-Bangladesh Connectivity:

    The connectivity between India and Bangladesh presents both opportunities and challenges for both countries. Here are some of the key factors to consider:

    Opportunities:

    1) Trade and Investment: India and Bangladesh are already significant trading partners, but better connectivity could further enhance trade flows. For example, the opening of new land border crossings and the improvement of existing ones could facilitate the movement of goods between the two countries. Similarly, the development of new ports and the expansion of existing ones could increase maritime trade. Moreover, better connectivity could attract more foreign investment, as it would create a more favorable business environment.

    2) Regional Connectivity: India and Bangladesh are both located in South Asia, which is home to more than 1.8 billion people. Therefore, better connectivity could help integrate the economies of the region, creating a larger market for goods and services. For example, the development of the India-Bangladesh-China-Myanmar Economic Corridor (IBCM) could connect the two countries with China and Myanmar, which could boost trade, investment, and tourism.

    3) Energy Security: India and Bangladesh both face energy shortages, which can hinder economic growth. Therefore, better connectivity could help address this challenge by facilitating the sharing of energy resources. For example, India could export electricity and natural gas to Bangladesh, which could help ensure energy security for the latter. Moreover, the development of renewable energy projects, such as wind and solar power plants, could create new opportunities for cooperation between the two countries.

    4) Tourism: India and Bangladesh are both home to rich cultural and natural heritage, which could attract more tourists if better connectivity is established. For example, India could promote its historical sites, such as the Taj Mahal and the Red Fort, while Bangladesh could promote its natural attractions, such as the Sundarbans and Cox’s Bazar. Moreover, the development of pilgrimage tourism, such as the Buddhist circuit, could create new opportunities for cooperation between the two countries.

    5) Infrastructure: India and Bangladesh both face significant infrastructure gaps, such as poor roads, inadequate ports, and limited railway networks. Therefore, better connectivity would require substantial investments in infrastructure, which could be challenging given the limited financial capacity of both countries. Moreover, the development of infrastructure projects could face delays and cost overruns due to bureaucratic hurdles and political opposition.

    6) Political Tensions: India and Bangladesh have had a history of political tensions, which could hinder the development of better connectivity. For example, the issue of illegal immigration has been a contentious one between the two countries, with India accusing Bangladesh of not doing enough to prevent it. Moreover, there have been disputes over the sharing of river waters, which could create further tensions.

    7) Security Concerns: Improving connectivity could also pose security challenges, such as smuggling, human trafficking, and terrorism. For example, the porous border between India and Bangladesh is a major challenge, as it allows criminals and terrorists to move across the border with ease. Moreover, the development of new ports and infrastructure projects could create new vulnerabilities, such as cyber-attacks and sabotage.

    8) Environmental Concerns: India and Bangladesh both face significant environmental challenges, such as air and water pollution, deforestation, and soil erosion. Therefore, the development of better connectivity could exacerbate these challenges, as it could lead to increased industrialization and urbanization. Moreover, the construction of new infrastructure projects could lead to the displacement of local communities and the loss of biodiversity.

    Opportunities and Challenges of India-Bangladesh Connectivity
    Opportunities and Challenges of India-Bangladesh Connectivity

    Challenges:

    1. Infrastructure: India and Bangladesh both face significant infrastructure gaps, such as poor roads, inadequate ports, and limited railway networks. Therefore, better connectivity would require substantial investments in infrastructure, which could be challenging given the limited financial capacity of both countries. Moreover, the development of infrastructure projects could face delays and cost overruns due to bureaucratic hurdles and political opposition.

    2. Political Tensions: India and Bangladesh have had a history of political tensions, which could hinder the development of better connectivity. For example, the issue of illegal immigration has been a contentious one between the two countries, with India accusing Bangladesh of not doing enough to prevent it. Moreover, there have been disputes over the sharing of river waters, which could create further tensions.

    3. Security Concerns: Improving connectivity could also pose security challenges, such as smuggling, human trafficking, and terrorism. For example, the porous border between India and Bangladesh is a major challenge, as it allows criminals and terrorists to move across the border with ease. Moreover, the development of new ports and infrastructure projects could create new vulnerabilities, such as cyber-attacks and sabotage.

    4. Environmental Concerns: India and Bangladesh both face significant environmental challenges, such as air and water pollution, deforestation, and soil erosion. Therefore, the development of better connectivity could exacerbate these challenges, as it could lead to increased industrialization and urbanization. Moreover, the construction of new infrastructure projects could lead to the displacement of local communities and the loss of biodiversity.

    5. Infrastructure: India and Bangladesh both face significant infrastructure gaps, such as poor roads, inadequate ports, and limited railway networks. Therefore, better connectivity would require substantial investments in infrastructure, which could be challenging given the limited financial capacity of both countries. Moreover, the development of infrastructure projects could face delays and cost overruns due to bureaucratic hurdles and political opposition.

    6. Political Tensions: India and Bangladesh have had a history of political tensions, which could hinder the development of better connectivity. For example, the issue of illegal immigration has been a contentious one between the two countries, with India accusing Bangladesh of not doing enough to prevent it. Moreover, there have been disputes over the sharing of river waters, which could create further tensions.

    7. Security Concerns: Improving connectivity could also pose security challenges, such as smuggling, human trafficking, and terrorism. For example, the porous border between India and Bangladesh is a major challenge, as it allows criminals and terrorists to move across the border with ease. Moreover, the development of new ports and infrastructure projects could create new vulnerabilities, such as cyber-attacks and sabotage.

    8. Environmental Concerns: India and Bangladesh both face significant environmental challenges, such as air and water pollution, deforestation, and soil erosion. Therefore, the development of better connectivity could exacerbate these challenges, as it could lead to increased industrialization and urbanization. Moreover, the construction of new infrastructure projects could lead to the displacement of local communities and the loss of biodiversity.

    Overall, the connectivity between India and Bangladesh presents significant opportunities for both countries, but addressing the challenges will require cooperation and coordination between the two countries, as well as addressing the infrastructure, political, security, and environmental concerns.

    Opportunities and Challenges of India-Bangladesh Connectivity: Opportunities and Challenges of India-Bangladesh Connectivity

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    Opportunities and Challenges of India-Bangladesh Connectivity: Opportunities and Challenges of India-Bangladesh Connectivity

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  • 130 Business Ideas with Low Investment

    130 Business Ideas with Low Investment

    130 Business Ideas with Low Investment

    There are many business ideas that require low investment and can be started with just a few hundred dollars or less. Here are some ideas:

    1. Organic farming: With the increased demand for organic food, you can start an organic farm and produce fruits, vegetables, grains, and other crops using only natural and organic fertilizers and pesticides.
    2. Hydroponic farming: Hydroponic farming is a soil-less method of growing plants using nutrient-rich water. It requires less space, uses less water, and can produce a higher yield of crops.
    3. Aquaculture: Aquaculture involves the farming of fish, shrimp, and other aquatic creatures. You can set up a fish farm or a shrimp farm and sell your products to local markets or restaurants.
    4. Urban farming: With the growing trend of urbanization, there is a high demand for fresh produce in urban areas. You can start an urban farm, using innovative methods like vertical farming or rooftop gardening.
    5. Livestock farming: Livestock farming is another profitable farming business idea. You can rear cows, pigs, goats, or other livestock and sell their meat or dairy products to the market.
    6. Mushroom farming: Mushroom farming is gaining popularity as a profitable business idea. You can grow different types of mushrooms like oyster, shiitake, or button mushrooms and sell them to restaurants or local markets.
    7. Beekeeping: Beekeeping involves the maintenance of bee colonies to produce honey and beeswax. You can sell honey and beeswax to local markets or use them to produce other products like candles, soap, and lip balm.
    8. Herbs and spices farming: With the growing demand for organic herbs and spices, you can start an herb or spice farm and produce a variety of herbs and spices like basil, rosemary, and thyme.
    9. Specialty crop farming: Specialty crops are high-value crops like fruits, vegetables, and flowers that are not commonly grown in a particular region. You can grow specialty crops and sell them to niche markets like organic food stores or high-end restaurants.
    10. Seed production: Seed production is a crucial component of agriculture. You can produce and sell high-quality seeds of various crops, including vegetables, fruits, and grains.
    11. Vermicomposting: Vermicomposting involves using earthworms to decompose organic waste and turn it into high-quality fertilizer. You can start a vermicomposting business and sell the fertilizer to local farmers and gardeners.
    12. Agroforestry: Agroforestry is a farming system that integrates trees, shrubs, and crops. You can start an agroforestry farm and produce fruits, nuts, timber, and other products.
    13. Contract farming: Contract farming involves farmers entering into agreements with agribusinesses to produce specific crops or products. You can act as a middleman and connect farmers with agribusinesses to establish such contracts.
    14. Food processing: Food processing involves adding value to crops by transforming them into food products. You can start a food processing business and produce products like jam, juice, and dried fruits.
    15. Greenhouse farming: Greenhouse farming involves growing crops in controlled environments. You can set up a greenhouse farm and produce high-value crops like tomatoes, peppers, and cucumbers.
    130 Business Ideas with Low Investment
    Farming Business Idea

    130 Business Ideas with Low Investment: 

    1. Goat farming: Goat farming involves rearing goats for their milk, meat, and fiber. You can start a goat farm and sell the products to local markets or use them to produce other products like cheese and wool.
    2. Poultry farming: Poultry farming involves rearing chickens, ducks, or other birds for their meat and eggs. You can start a poultry farm and sell the products to local markets or restaurants.
    3. Importing Unique Products: You could consider importing unique products that are not readily available in your country. This could include handicrafts, textiles, jewelry, and other items that have cultural significance and appeal.
    4. Importing Exotic Foods and Beverages: You could import exotic foods and beverages such as coffee, tea, spices, wine, and chocolates. These products are often in high demand due to their unique taste and quality.
    5. Importing Technology Products: You could consider importing technology products such as smartphones, laptops, and other gadgets that are in high demand but not readily available in your country.
    6. Importing Health and Beauty Products: You could import health and beauty products such as cosmetics, skincare products, and supplements that are popular in other countries.
    7. Importing Machinery and Equipment: You could import machinery and equipment that is required in your country’s industries. This could include agricultural equipment, construction equipment, and manufacturing machinery.
    8. Importing Raw Materials: You could import raw materials such as wood, metals, and plastics that are used in manufacturing and production processes in your country.
    9. Importing Luxury Goods: You could import luxury goods such as designer clothes, jewelry, watches, and accessories that are not readily available in your country.
    10. Importing Organic and Natural Products: With the growing demand for organic and natural products, you could consider importing products such as organic food, natural skincare products, and organic cotton textiles.
    11. Importing Sustainable Products: Similarly, you could consider importing products that are sustainable and eco-friendly, such as bamboo products, reusable bags, and recycled paper products.
    12. Importing Niche Products: You could consider importing niche products that cater to specific interests or hobbies, such as specialty teas, rare books, or collectibles.
    13. Importing Toys and Games: You could import toys and games that are popular in other countries but not easily available in your country. This could include board games, puzzles, and educational toys.
    14. Importing Fashion and Accessories: You could import fashionable clothing, shoes, and accessories that are not readily available in your country. This could include designer handbags, shoes, and clothing.
    15. Importing Food Ingredients: If you have a passion for cooking and baking, you could import high-quality food ingredients such as spices, herbs, and specialty flours that are not readily available in your country.
    130 Business Ideas with Low Investment
    Import Business Idea

    130 Business Ideas with Low Investment: 

    1. Importing Pet Products: With the growing demand for high-quality pet products, you could consider importing pet food, toys, and accessories that are not easily available in your country.
    2. Importing Specialty Beverages: You could consider importing specialty beverages such as craft beer, wine, or spirits that are not easily available in your country. You could also consider importing tea, coffee, or other non-alcoholic drinks that are popular in other countries.
    3. Importing Sporting Goods: If you have a passion for sports, you could consider importing high-quality sporting goods such as golf clubs, tennis rackets, or soccer equipment that are not easily available in your country.
    4. Importing Educational Products: You could import educational products such as textbooks, software, or educational toys that are not easily available in your country.
    5. Importing Home Decor: You could import home decor items such as furniture, lighting, and decorative pieces that are unique and not easily available in your country.
    6. Importing Musical Instruments: You could import musical instruments such as guitars, drums, or keyboards that are not easily available in your country.
    7. Importing Auto Parts: If you have experience in the automotive industry, you could consider importing auto parts that are not easily available in your country.
    8. Importing Baby Products: You could import baby products such as strollers, cribs, or high chairs that are not easily available in your country.
    9. Social media management: Offer social media management services to small businesses and entrepreneurs. You can charge a monthly fee for creating and managing social media profiles, posting content, and engaging with followers.
    10. Tutoring services: Offer online tutoring services in a subject that you are knowledgeable in. You can advertise your services on social media platforms or tutoring websites.
    11. Event planning: Offer event planning services for small events, such as birthday parties, baby showers, or small weddings. You can start by advertising your services on social media and offering your services to family and friends.
    12. Freelance writing: Offer freelance writing services to businesses and individuals. You can write blog posts, articles, and website copy for a fee.
    13. Pet-sitting and dog-walking: Offer pet-sitting and dog-walking services to pet owners in your area. You can advertise your services on social media and local classifieds.
    14. Virtual bookkeeping: Offer bookkeeping services to small businesses that cannot afford to hire a full-time bookkeeper. You can use online accounting software to manage your books.
    15. Online resale: Buy items at garage sales or thrift stores and resell them online for a profit. You can use platforms like eBay, Amazon, or Facebook Marketplace to sell your items.
    130 Business Ideas with Low Investment
    Construction Business Idea

    130 Business Ideas with Low Investment: 

    1. Cleaning services: Offer cleaning services for residential or commercial properties. You can start by offering your services to friends and family, and then expand your business by advertising on social media platforms or local classifieds.
    2. Personal shopping: Offer personal shopping services to busy individuals who do not have the time to shop for themselves. You can charge a fee for finding and purchasing items for them.
    3. Graphic design: Offer graphic design services to businesses and individuals. You can design logos, business cards, and other marketing materials for a fee.
    4. Drop shipping: Start a drop shipping business by selling products online without keeping inventory. You can use platforms like Shoplift to create an online store and sell products from a supplier.
    5. Photography: Offer photography services for events or portrait sessions. You can start by advertising your services on social media and local classifieds.
    6. Translation services: Offer translation services to businesses or individuals who need to communicate with non-native speakers. You can charge a fee per word or per project.
    7. Online courses: Create and sell online courses on a topic that you are knowledgeable in. You can use platforms like Demy or Teachable to create and sell your courses.
    8. Home-based food business: Start a home-based food business by selling baked goods or prepared meals. You will need to comply with local health and safety regulations.
    9. Virtual assistant: Offer virtual assistant services to businesses or busy individuals who need help with administrative tasks. You can manage their schedules, handle email and social media accounts, and more.
    10. Personal training: Offer personal training services to individuals who want to get in shape. You can start by advertising your services on social media or local classifieds.
    11. House sitting: Offer house sitting services for individuals who are traveling or on vacation. You can take care of their pets, water their plants, and ensure their home is safe and secure.
    12. Podcasting: Start a podcast on a topic that you are knowledgeable about. You can monetize your podcast by selling sponsorships, offering exclusive content, or selling merchandise.
    13. Lawn care services: Offer lawn care services to homeowners who need help with maintaining their lawns. You can offer services such as mowing, trimming, and fertilizing.
    14. Personalized gift baskets: Create and sell personalized gift baskets for special occasions such as birthdays, weddings, or baby showers. You can source items from local suppliers or online marketplaces.
    15. Online store: Start an online store selling a product or products that you are passionate about. You can use platforms like Etsy or Amazon to sell your products.
    130 Business Ideas with Low Investment
    Content Creation Business Idea
    130 Business Ideas with Low Investment: 
    1. Social media influencer: Build a following on social media by creating and sharing content that resonates with your audience. You can monetize your influence by partnering with brands for sponsored posts or product promotions.
    2. Home-based daycare: Start a home-based daycare for parents who need childcare services. You will need to comply with local regulations and obtain the necessary licenses.
    3. Mobile app development: Develop and sell mobile apps to businesses or individuals. You will need to hire a team of developers and designers to create the app.
    4. Online marketplace: Create an online marketplace for a specific niche or industry. You can charge a fee for listing products or services on your platform.
    5. E-commerce store: Start an e-commerce store selling a product or products that you are passionate about. You will need to invest in inventory, shipping, and marketing.
    6. Food truck: Start a food truck selling a specific type of cuisine or food item. You will need to invest in a truck, equipment, and ingredients.
    7. Digital marketing agency: Offer digital marketing services to businesses that need help with online marketing campaigns. You will need to hire a team of marketers and designers to create campaigns for clients.
    8. Subscription box service: Start a subscription box service delivering a monthly box of curated products to subscribers. You will need to source products and create a website for your business.
    9. Boutique hotel: Start a boutique hotel that caters to a specific type of traveler. You will need to invest in a property, renovate it, and market it to potential guests.
    10. Fitness studio: Start a fitness studio offering a variety of fitness classes such as yoga, Pilates, or HIIT. You will need to rent a space, purchase equipment, and hire fitness instructors.
    11. Virtual events: Create and host virtual events such as webinars, conferences, or workshops. You will need to invest in software and marketing to attract attendees.
    12. Content creation: Offer content creation services to businesses such as blog posts, articles, and social media posts. You will need to hire a team of writers and designers to create content for clients.
    13. Coffee shop: Start a coffee shop that offers a cozy atmosphere and specialty coffee drinks. You will need to rent a space, purchase equipment, and ingredients, and hire staff.
    14. Personalized clothing: Create and sell personalized clothing items such as t-shirts, hats, or sweatshirts. You will need to invest in a printing machine and source high-quality clothing items.
    15. Home renovation services: Offer home renovation services such as painting, flooring, or remodeling. You will need to invest in tools and equipment, as well as hire a team of contractors.

     

    130 Business Ideas with Low Investment
    Online Business Idea
    130 Business Ideas with Low Investment: 
    1. Pet grooming: Start a pet grooming business that offers grooming services for dogs and cats. You will need to invest in grooming equipment and rent a space for your business.
    2. Landscaping services: Offer landscaping services to homeowners who need help with maintaining their yards. You will need to invest in tools and equipment, as well as hire a team of landscapers.
    3. Craft beer brewery: Start a craft beer brewery that offers unique and flavorful beer options. You will need to invest in brewing equipment and rent a space for your business.
    4. Online education platform: Create an online education platform that offers courses on a specific topic or industry. You will need to invest in software and hire instructors to create and teach courses.
    5. 3D Printing Services: With the rise of 3D printing technology, you could start a business offering 3D printing services to individuals and businesses.
    6. Customized T-Shirt Printing: You could start a business that prints customized designs on T-shirts for customers.
    7. Candle Making: You could start a candle-making business where you create and sell your own candles.
    8. Organic Skincare Products: With the rise of organic and natural skin care products, you could start a business manufacturing and selling your own organic skincare line.
    9. Home Decor Products: You could start a business manufacturing and selling home decor products such as decorative pillows, throws, and wall art.
    10. Toy Manufacturing: You could start a business manufacturing and selling children’s toys such as wooden puzzles, board games, and plush toys.
    11. Personalized Gift Manufacturing: You could start a business manufacturing personalized gifts such as engraved pens, custom picture frames, and monogrammed towels.
    12. Pet Treats: You could start a business manufacturing and selling organic, natural, and healthy pet treats for cats and dogs.
    13. Leather Goods: You could start a business manufacturing and selling leather goods such as wallets, belts, bags, and shoes.
    14. Printed Circuit Boards (PCBs): You could start a business that designs and manufactures printed circuit boards (PCBs) for use in various electronic devices.
    15. Green Energy Products: With the increasing concern for the environment, you could start a business manufacturing and selling green energy products such as solar panels, wind turbines, and energy-efficient lighting.
    130 Business Ideas with Low Investment
    Leather Goods Business Idea
    130 Business Ideas with Low Investment: 
    1. Eco-Friendly Products: You could start a business manufacturing and selling eco-friendly products such as reusable shopping bags, bamboo toothbrushes, and biodegradable packaging.
    2. Customized Promotional Products: You could start a business manufacturing and selling customized promotional products such as branded t-shirts, pens, and mugs.
    3. Metal Fabrication: You could start a business specializing in metal fabrication and welding services for industrial and commercial clients.
    4. Foam Production: You could start a business manufacturing and selling foam products such as mattresses, cushions, and packaging materials.
    5. Beauty and Personal Care Products: You could start a business manufacturing and selling beauty and personal care products such as makeup, hair care products, and skincare products.
    6. Customized Furniture: You could start a business manufacturing and selling customized furniture such as cabinets, desks, and chairs.
    7. Clothing Manufacturing: You could start a business manufacturing and selling clothing items such as t-shirts, jeans, and dresses, either for your own brand or on behalf of other brands as a contractor.
    8. Automotive Parts Manufacturing: You could start a business manufacturing automotive part such as brake pads, suspension parts, or electrical components for cars and trucks.
    9. Electronic Gadgets: You could start a business manufacturing and selling electronic gadgets such as smart watches, Bluetooth speakers, or drones.
    10. Food and Beverage Production: You could start a business manufacturing and selling food and beverage products such as chocolate, candy, or craft beer.
    11. Woodworking: You could start a business manufacturing and selling wooden products such as furniture, decorative items, or toys.
    12. Paper Products: You could start a business manufacturing and selling paper products such as stationery, greeting cards, or gift wrap.
    13. Ceramics: You could start a business manufacturing and selling ceramics such as pottery, dinnerware, or decorative items.
    14. Organic Farming: You could start a business growing and selling organic produce, either for local farmers’ markets or grocery stores and restaurants.
    15. Energy Storage Systems: You could start business manufacturing energy storage systems such as batteries or fuel cells for renewable energy sources.
    130 Business Ideas with Low Investment
    Woodworking Business Idea
    130 Business Ideas with Low Investment: 
    1. 3D Scanning and Modeling: You could start a business offering 3D scanning and modeling services for use in various industries such as architecture, engineering, and product design.
    2. Smartphone Repair: With the high demand for smartphone repair services, you could start a business repairing mobile phones and tablets.
    3. Computer and Laptop Repair: You could start a business repairing desktop computers, laptops, and other computer-related devices.
    4. Appliance Repair: You could start a business repairing home appliances such as refrigerators, washing machines, and ovens.
    5. Automotive Repair: You could start a business repairing cars and trucks, either specializing in a particular area like engine repair or offering a range of services like oil changes and tire replacements.
    6. Bicycle Repair: With the growing popularity of cycling, you could start a business repairing bicycles and other cycling-related equipment.
    7. Jewelry Repair: You could start a business repairing jewelry such as fixing broken chains, resizing rings, or replacing missing stones.
    8. Shoe Repair: You could start a business repairing shoes such as fixing worn-out soles, replacing broken buckles, or repairing broken heels.
    9. Watch Repair: You could start a business repairing watches such as replacing batteries, fixing broken watch bands, or restoring antique watches.
    10. Furniture Repair: You could start a business repairing furniture such as fixing broken legs, reupholstering chairs, or repairing scratches and dents.
    11. Musical Instrument Repair: You could start a business repairing musical instruments such as guitars, pianos, or violins.
    12. Home Health Care Services: You could start a home health care service that provides skilled nursing, therapy, and personal care to patients in the comfort of their homes.
    13. Medical Transportation Services: You could start a medical transportation service that provides non-emergency medical transportation to patients who require special assistance or medical care during transport.
    14. Telemedicine Services: You could start a telemedicine service that provides virtual consultations and medical advice to patients through video conferencing or other online tools.
    15. Medical Supply Business: You could start a medical supply business that provides medical equipment and supplies to healthcare providers, hospitals, and clinics.
    130 Business Ideas with Low Investment
    a group of musical instruments including a guitar, drum, keyboard, and tambourine.
    130 Business Ideas with Low Investment: 
    1. Senior Care Services: You could start a senior care service that provides assistance with daily living activities, transportation, and other services for elderly patients.
    2. Nutrition and Wellness Coaching: You could start a nutrition and wellness coaching service that provides personalized nutrition and fitness plans to clients who want to improve their health and well-being.
    3. Medical Billing and Coding Services: You could start a medical billing and coding service that helps healthcare providers manage their billing and reimbursement processes.
    4. Healthcare Consulting: You could start a healthcare consulting service that provides expertise and guidance to healthcare providers, hospitals, and clinics on how to improve patient care, reduce costs, and increase efficiency.
    5. Makeup Artist Services: You could start a makeup artist service that provides professional makeup services for special events such as weddings, proms, or photo shoots.
    6. Skincare Products: You could start a skincare products business that creates and sells natural or organic skincare products, such as cleansers, toners, moisturizers, and masks.
    7. Hair Care Products: You could start a hair care products business that creates and sells high-quality hair care products, such as shampoos, conditioners, and styling products.
    8. Beauty Blogging and Social Media Marketing: You could start a beauty blog or social media account that provides beauty tips, tutorials, and reviews of beauty products. You could monetize your blog or social media account through sponsored content, affiliate marketing, or product endorsements.
    9. Beauty Subscription Box: You could start a beauty subscription box service that sends customers a monthly box of curated beauty products, such as makeup, skincare, and hair care products.
    10. Perfume and Fragrance Business: You could start a perfume and fragrance business that creates and sells unique and high-quality fragrances.
    130 Business Ideas with Low Investment
    Perfume Business Ideas

    Starting a business is a major decision in life; therefore please select a business idea that matches your skills, family background, availability of raw materials, labor, and most importantly the availability of buyers. Start small but with a big dream. Don’t invest all funds in a single business at a time. Go for a phase-wise flexible investment plan. Ensure proper monitoring & evaluation in every stage, so that chances of wrong decisions/mistakes are reduced. Most importantly; start the business first. Because starting is the most important step of any business.

     

    Developing Bangladesh                                                                Bangladesh Trade Center                                                     To read more, click here!

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  • Top 10 Recommendations for Promoting Business

    Top 10 Recommendations for Promoting Business

    Previous policy reforms for promoting business

     

    Before recommending the top 10 recommendations for promoting business let’s try to know when the policy reforms started to make a congenial business environment or promote businesses. The 1990s saw major changes in the global economic environment. Developing countries are taking various rapid steps to integrate their economies into global markets. Developing economies in Asia, especially those in the eastern and southeastern regions, are liberalizing their trading regimes and moving towards trade-oriented policies through the liberalization of foreign direct investment (FDI) policies. It also opens the stock and bond markets to foreign investors.

    The incentive framework for private manufacturing has changed to build a market-oriented economy that caters to the global market. As a result, Bangladesh today enjoys a more or less stable macroeconomic situation. Domestic savings have increased, investment has increased, resources have been used more efficiently, and progress has been made in various areas, including human resource development.

    Bangladesh has tried to speed up the development process. The government has designed and implemented various policy reforms to create a more open and competitive environment for foreign direct investment. Considerable reforms and policy changes have been made in recent years to promote a favorable atmosphere for foreign direct investment in Bangladesh. Private investment from foreign sources is welcome in all sectors except four strategic industries which are reserved for the public sector only.

    (1) Weapons, ammunition, and other defense equipment and machinery; (2) nuclear power. (3) Replanting and mechanical logging within the boundaries of protected forests; (4) Security printing and embossing of banknotes. The Foreign Private Investment (Encouragement and Protection) Act 1980 was passed, providing legal protection for foreign investment from nationalization and expropriation. It also guarantees the repatriation of capital and dividends. Deal fairly with local investors about compensation, indemnification, reimbursement, or other claims made against their investments. The government has bilateral agreements with 26 of her countries to avoid double taxation, and negotiations are underway with 23 of them.

    Investment treaties to promote and protect investments have been signed between Bangladesh with 20 countries, and negotiations are underway with nine other countries.

    The government has already passed bankruptcy laws. A judicial commission was established to identify anomalies and weaknesses in the existing laws and legal system. One of the commission’s main tasks is to update existing trade, trade, and business laws. All of these are designed to improve the overall business climate, together with the environment for foreign direct investment. Efforts are being made to reform the bureaucracy to make it more efficient and to support the influx of foreign direct investment and better services for economic development-oriented activities. Update the laws governing the financial sector. Significant changes have been made to facilitate the flow of foreign direct investment into Bangladesh, the Companies Act 1994 and the Labor Act 2006 were enacted.

    Top 10 Recommendations for Promoting Business
    Top 10 Recommendations for Promoting Business
    Top 10 Recommendations for Promoting Business

    Several EPZs were established in Chittagong, Dhaka, and Khulna in 1980 under the Bangladesh Export Processing Zones Authority (BEPZA) to improve the environment for foreign private investment and foreign direct investment. The Private Export Processing Zones (PEPZ) Act was also enacted to encourage the establishment of “Private Export Processing Zones” by domestic and foreign investors. These EPZs are fully equipped with the necessary infrastructure facilities and are fully protected from law and order issues.

     

    BEPZA approves all projects to be placed in EPZs and provides “One window same day service” to EPZ investors. The government also approved the Private Power Generation Policy of 1996, allowing tax exemption on company income for 15 years from the date of commercial production.

    The government announced a strategy to reduce effective protections in the medium term to make import liberalization and industry deregulation more effective, and continued efforts to reduce and simplify tariffs, It has taken several steps, including announcing a clear tariff plan and developing an action plan on legal action. Develop a blueprint for reform and deregulation, and an action plan to implement the export development strategy. These efforts have improved the investment climate in Bangladesh.

    In some countries, democracy creates an environment conducive to investment. Therefore, the most important determinant of investment in a country today is ‘democracy’. According to the IMF, the other five determinants are (1) good governance, (2) macroeconomic stability, (3) openness to the global economy, (4) investment quality, and (5)) workforce skills.

    In addition, Bangladesh has other determinants to promote its investment climate. (1) Low cost and abundant labor (2) domestic growth market (3) political stability (4) well-developed capital market.

     

    Top 10 Recommendations for Promoting Business

    Existing Business Ecosystem in Bangladesh:

    Bangladesh offers an investment-friendly environment compared to other South Asian countries. Here are some salient features:

     A largely homogenous society with no major internal or external tensions Bangladesh has a population that is highly resilient to adversity.
     The people of Bangladesh, a liberal democracy, have lived peacefully for many years regardless of race or religion.
     Bangladesh enjoys broad bipartisan political support for market-oriented reforms and offers the most investor-friendly regulatory regime in South Asia.
     The country has a large trainable, enthusiastic, hard-working, low-cost workforce suitable for labor-intensive industries.

     As a bridge between ASEAN and her SAARC countries, Bangladesh’s geographical position is ideal for global trade with highly convenient access to international sea and air routes.
     Bangladesh is rich in natural gas, coal, water, and very fertile soils.
     Bangla is the official language. English is widely used as a second language.
     All Bangladeshi products, except weapons, enjoy full tariff- and quota-free access to the EU, Japan, Canada, Australia, Norway, and most developed countries. However, for garment exports to the United States, Bangladesh has a quota system that ended on 1 January 2005.
     Export earnings continue to increase.

    Top 10 Recommendations for Promoting Business
    Top 10 Recommendations for Promoting Business
    Top 10 Recommendations for Promoting Business

    The situation for foreign investment has generally been good since the independence of Bangladesh. The government has passed various policy reforms to create a conducive atmosphere for investment. However, government-decided investment initiatives are inappropriate and sometimes inappropriate for various reasons such as lack of proper governance, lack of law, and order/political instability.

     

    The government has developed and implemented different policies to create a more open and competitive environment for foreign direct investment. Sectors, such as energy and power, coal, and solar energy. Telecommunications and ICT, and lighting technology may attract foreign investment.

     

    Telecommunications and ICT, pharmaceutical raw material production and herbal medicine, lighting, education and energy and power, coal, and solar energy are the preferred sectors for investment in Bangladesh. The private manufacturing incentive framework is tailored to build a market-oriented economy that caters to the global market. As a result, Bangladesh has maintained a stable macroeconomic situation despite the global economic crisis.

     

    Agriculture is the most important sector for Bangladesh. The country earns significant foreign exchange from the export of agricultural products and agro-processed products. We need to increase investment in seeds and other agricultural inputs to boost production and help countries solve their food import problems.

     

    Education is the backbone of the nation and primary education is the backbone of the education system. Investment in education should be increased to 3% of GDP. It is necessary to expand the scope of the introduction and utilization of ICT. User-friendly investment in ICT helps people to use ICT for economic development.

     

    Investment in infrastructure, especially in the railway sector, is significantly inadequate compared to the needs of Bangladesh’s transport system. We should invest more in this area.

    Land ports play an important role in regional trade. Investments in land ports are aimed at minimizing operating costs for regional trade.

     

    Electricity is the most important component of the national economy. Investments in power, gas, and related sectors must be made so that electricity can be produced in the shortest possible time. Research into the use of renewable energy, such as solar power and biomass, can solve all power generation problems.

     

    Counseling / Consulting is not well developed in Bangladesh. Young talents do not dare to make a career in consulting. The country’s consulting industry has become dependent on foreign consultants. Developing the consulting sector in Bangladesh requires pursuing a pragmatic approach through appropriate investments.

    Overall, the country is very weak in research and development activities. Funds should be invested through appropriate organizations to expand the domestic research base.

    Top 10 Recommendations for Promoting Business: Top 10 Recommendations for Promoting Business

    Top 10 recommendations for Promoting businesses:

    1. Electricity demand will continue to grow. Installed power generation capacity must be managed efficiently.

    2. Bangladesh suffers greatly from a shortage of skilled labor. Support can be extended to industrial enterprises to develop the skills of technical workers through on-the-job training.

    3. Farmers need support to develop their entrepreneurial skills, which can contribute to national anti-poverty strategies.

    4. Animal husbandry plays an important role in the economic activities of Bangladesh. The fisheries subsector generates significant foreign exchange income from exports. More support is likely to boost exports to sustain sector growth.

    5. Infrastructure is a key sector to attract foreign investment. The most important infrastructure support should be in import and export activities at ports. Customs procedures should be simplified. Bangladesh’s railway capacity needs to increase to make international trade cheaper in the future.

    6. There are many development projects in the field of education. It is necessary to improve the management capacity of sectoral projects.

    7. Telecommunications and ICT are two interrelated sub-sectors that influence modern life. Steps should be taken to simplify business in these two subsectors.

    8. Bangladesh has become an exporter of medicines. Large companies use vegetable raw materials. The sector should support research and development through liaison with the Bangladesh Scientific and Industrial Research Council.

    9. The Business Consulting profession is underdeveloped in this country. Business Consultants should be developed through training.

    10. People’s health care is still inadequate. Investing in hospitals and medical facilities has multiple benefits for the beneficiaries and the national economy.

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    Top 10 Recommendations for Promoting Business: Top 10 Recommendations for Promoting Business
  • Top 7 Governmental Bodies to Promote Entrepreneurship

    Top 7 Governmental Bodies to Promote Entrepreneurship

    Top 7 Governmental Bodies to Promote Entrepreneurship

    Bangladesh has a long list of governmental bodies working to promote, support, assist, and develop entrepreneurship, investment, business, trade, and commerce.

    The top 7 governmental bodies to promote entrepreneurship could be enlisted (but not limited to) as follows:

    1. National Council for Industrial Development (NCID) – Headed by the Honorable Prime Minister.
    2. Executive Committee of National Council for Industrial Development (ECNCID) – Headed by the Honorable Minister, Ministry of Industries.
    3. Bangladesh Investment Development Authority (BIDA).
    4. Bangladesh Small and Cottage Industries Corporation (BSCIC).
    5. Small and Medium Enterprise Foundation (SME Foundation).
    6. Bangladesh Industrial Technical Assistance Centre (BITAC).
    7. Bangladesh Council of Scientific and Industrial Research (BCSIR).

     

    Other regulatory bodies or support institutions could be enlisted as the Ministry of Industries, Ministry of Finance, Bangladesh Bank (the Central Bank of Bangladesh), National Board of Revenue, Bangladesh Tariff Commission, Bangladesh Standards and Testing Institution (BSTI), Office of the Registrar of Joint Stock Companies and Firms, Office of the Chief Controller of Imports & Exports, Trading Corporation of Bangladesh (TCB), Investment Corporation of Bangladesh (ICB), and Bangladesh Securities and Exchange Commission (BSEC), etc.

     

    All of the above ministries/agencies/organizations have a direct or indirect contribution to the business environment of Bangladesh. Some of these are promoters, a few of these are regulators and others are support institutions.

     

    Let’s have a look at the top 7 governmental bodies to promote entrepreneurship along with their objectives and activities as followings:

    1. National Council for Industrial Development (NCID):

    The honorable Prime Minister of the People’s Republic of Bangladesh is the Chairperson of the National Council for Industrial Development (NCID). The Minister for Industries is its Vice Chairman. The formation of the Council is as follows:

    1. Honorable Ministers & Deputy Ministers for Finance, Commerce, Power and Energy, Agriculture, Textiles and Jute, Environment and Forest, Post and Telecommunication, Science and ICT, Labor, and Employment, Civil Aviation and Tourism, Expatriate Welfare and Overseas Employment, Women and Children Affairs, and Fisheries and Livestock.
    2. Executive chairman, Board of Investment
    3. Chairman, Privatization Commission
    4. A Member of Parliament from each of the administrative divisions
    5. Governor, Bangladesh Bank
    6. Secretaries of the relevant Ministries/Divisions (Finance, Industries, Commerce, Planning, ERD, Power and Energy, Textiles and Jute, Post and Telecommunication, Science and ICT, Labor and Employment)
    7. Members of the Industries and Energy Divisions of the Planning Commission
    8. Chairman, Bangladesh Atomic Energy Commission
    9. Chairman, Tariff Commission
    10. Chairman, Bangladesh Small, and cottage Industries Corporation
    11. Executive Chairman, Bangladesh Export Processing Zones Authority
    12. Presidents of the FBCCI, DCCI, MCCI, BCI, FICCI, CCCI, NASCIB, BGMEA, BKMEA, BTMA, BJMA, and SMEF.
    13. President, Bangladesh Employers’ Federation
    14. Chairperson, Women Entrepreneurs’ Association
    15. The government nominated five distinguished industrialists

     

    This council was formed as per the proposal of National Industrial Policy 2010. The Council is supposed to meet once every six months, and the Ministry of Industries is responsible to provide the Council with secretarial assistance. Although the Honorable Minister of the Ministry of Industries has been mentioned as a member of the Council, the Honorable Deputy Minister in Charge of the Ministry is also included in it.

     

    The Council reserves the right to declare the inclusion into the thrust sector of any deserving rising enterprise applying for the same determine the type and terms of incentives to be given and monitor the implementation of Industrial Policy including reviewing and updating the list of existing thrust sectors in the industrial sector. If necessary, new members may be co-opted into the Council. Representatives from a sub-sector might be included in the case of discussion on a particular subsector.

     

    Till now the Ministry of Industries is providing secretarial support to the council. But hopefully, this council will be further strengthened by establishing its own secretariat life BCSIR, NSDC, etc.

    Top 7 Governmental Bodies to Promote Entrepreneurship
    1. Executive Committee of National Council for Industrial Development (ECNCID):

    An executive committee titled Executive Committee of National Council for Industrial Development (ECNCID) is working with the Honorable Minister, Ministry of Industries in the chair to provide support to NCID.  Other members of the ECNCID are the followings:

    1. Secretary, Ministry of Industries
    2. Chairman, National Board of Revenue
    3. Finance Secretary
    4. Secretary, Ministry of Commerce
    5. Secretary, Ministry of Power
    6. Secretary, Ministry of Mineral and Energy
    7. Secretary, Ministry of Jute and Textile
    8. Secretary, Ministry of Agriculture
    9. Secretary, Ministry of Civil Aviation and Tourism
    10. Secretary, Ministry of Overseas Employment and Welfare
    11. Secretary, Ministry of Forest and Environment
    12. Secretary, Ministry of Science and Technology
    13. Secretary, Ministry of Post and Telecommunication
    14. Secretary, Ministry of Women and Children
    15. Secretary, Ministry of Fisheries and Livestock
    16. Secretary, Ministry of Labor and Employment
    17. Member-2, Privatization Commission
    18. Deputy Governor, Bangladesh Bank
    19. A representative from the Board of Investment
    20. Executive Chairman, BEPZA
    21. Chairman, BSCIC
    22. Departmental Head, Industry and Energy section, Planning Commission
    23. Additional Secretary/Joint Secretary, Ministry of Industries, member-secretary
    24. Presidents of FBCCI, BWCCI, MCCI, DCCI, BCI, FICCI

     

    ECNCID convenes meeting every three months. The Committee is responsible to review the competency of the applicant to be recognized as a thrust sector and recommend before the NCID. The committee monitors strict compliance with the industrial policy together with the protection of the environment and advice solutions in case of any complexity. Probe into complaints/allegations and if necessary, recommend action against concerns if found negligence or indifference of any sort in abiding by the directives. New members might be co-opted into the committee if needed.

    Top 7 Governmental Bodies to Promote Entrepreneurship
    1. Bangladesh Investment Development Authority (BIDA):

    By abolishing the Board of Investment and Privatization Commission a new organization titled Bangladesh Investment Development Authority (BIDA) has been established the government of Bangladesh. BIDA started its operation on 1st September 2016. It is the principal private investment promotion and facilitation agency in Bangladesh. The act is created on September 01, 2016. The act mandated BIDA for providing diversified promotional and facilitating services to accelerate the industrial development of the country. In addition, the government also entrusted BIDA with some more functions in its service list. The functions of BIDA are as follows:

    • Country promotion
    • Sector/industry promotions
    • Publications on business processes
    • Pre-investment information and counseling service.
    • Investor welcomes service (faster immigration).
    • Registration/approval of foreign, joint-venture, and local projects.
    • Registration/approval of branch/liaison/representative offices.
    • Approving work permit for foreign nationals.
    • Facilitating utility connections (electricity, gas, water & sewerage, telecom, etc.).
    • Assistance in obtaining industrial plots.
    • Approving remittance of royalty, technical know-how, and technical assistance fees.
    • Facilitating import of capital machinery & raw materials.
    • Approving foreign loan suppliers’ credit, PAYE scheme, etc.
    • Advocating policy suggestions to the government.
    • Assisting the government in framing new policies for private sector development.
    • Assisting the National Taskforce on investment climate facilitation.
    Top 7 Governmental Bodies to Promote Entrepreneurship
    Top 7 Governmental Bodies to Promote Entrepreneurship
    1. Bangladesh Small and Cottage Industries Corporation (BSCIC):

    Bangladesh Small and Cottage Industries Corporation (BSCIC) is the prime mover organization in Bangladesh to support the industrialization process through the creation of an entrepreneurial society. BSCIC was established by an Act of Parliament in 1957. The vision of this corporation is to accelerate industrial growth through the promotion and extension of Medium, small, and cottage industries. Its Headquarter in Dhaka has 4 Regional offices, 64 District offices (Industries Service Centre), 78 Industrial Estates, and 15 Skill Development Centers in different places of the country, the website of BSCIC (www.bscic.gov.bd) focuses on the development program of Medium, Small and Cottage Industries sector in congruence with the govt. policy. The main functions of BSCIC are as follows:

    • Increase of industrial production and productivity in the SCI sector;
    • Creation of employment opportunities;
    • Poverty alleviation;
    • Balanced regional growth;
    • Ensure optimum utilization of economic and human resources;
    • Accelerate overall economic growth of the country through SCI; Services of BSCIC
    • Entrepreneurship development through counseling and training.
    • Provide infrastructural facilities by establishing Industrial Estates.
    • Extend credit facilities to the entrepreneurs from their funds and also through banks and financial institutions.
    • Preparation of Project Profile and project appraisal proposal.
    • Provide technical and consultancy services for establishing new industrial units and quality improvement of SCI products;
    • Development and distribution of new designs and prototype
    • Innovation and adaptation of appropriate technology in the SCI sector.
    • Collect compilation and dissemination of technical and other information leading to investment, production, and marketing of SCI.
    • Conduct research, studies, and survey in the SCI sector.
    • Other pre and post-investment counseling.
    • Regulatory Functions.
    • Registration of small and cottage industrial units.
    • Recommendation for exemption of duties and taxes.
    • Recommendation for import entitlement of raw materials and packaging materials.
    Top 7 Governmental Bodies to Promote Entrepreneurship
    1. Small and Medium Enterprise Foundation (SME Foundation):

    SME Foundation is established by the Government of Bangladesh under the Ministry of Industries as an apex institution for SME development in the country. The major activities of the SME Foundation are the implementation of SME Policy Strategies adopted by the Bangladesh Government, policy advocacy and intervention for the growth of SMEs, facilitating financial support for SMEs, providing skill development and capacity building training, facilitating adaptation with appropriate technologies and access to ICT, providing business support services, etc. It is mentionable here that the Foundation is working for the development of enterprises and entrepreneurs who belong to micro, small, and medium categories as per Industrial Policy 2010. Besides the general support to the development of SMEs and entrepreneurs, the Foundation is providing diversified support to existing and potential women entrepreneurs to position them into the mainstream business community. The major objectives of the SME Foundation are as follows:

    • To promote, support, strengthen and encourage the growth and development of SMEs.
    • To plan, program, and finance interventions for delivery by private sector organizations.
    • To institute SME Awards to promote competitiveness among the SMEs.
    • To facilitate SME access to finance by creating and supporting appropriate strategies and institutions.
    • To rationalize public sector approaches and support structures for SME development.
    • To create a pro-growth and pro-poor business environment.
    • To create appropriate incentives, mechanisms, and support structures to facilitate the formation of new enterprises.
    • To identify and report policy anomalies, and market and institutional failures that are prejudicial to the legitimate interests of SMEs.
    • To create a database on SMEs and SME sectors.
    • To encourage building linkage among the national and international institutions working for SME development.
    • To develop the capacity of public and private sector SME service providers.
    • To enhance productivity, etc.
    Top 7 Governmental Bodies to Promote Entrepreneurship : Top 7 Governmental Bodies to Promote Entrepreneurship
    1. Bangladesh Industrial Technical Assistance Centre (BITAC):

    Bangladesh Industrial Technical Assistance Centre otherwise known as BITAC is the successor to Pakistan Industrial Technical Centre (PITAC). It was renamed BITAC after the independence of Bangladesh. BITAC was established in 1962 by merging two other productivity-oriented public sector organizations namely IRDC & PIPS. With the establishment of BITAC practice-oriented activities for productivity Promotion and improvement of Productivity were created through its laboratory and workshop support. The main objective of BITAC is, therefore, the promotion of the national economy through the development of products, processes, es, and skilled manpower. BITAC has Five Centers in Bangladesh Dhaka, Chittagong, Chandpur, Khulna, and Bogra. Broad objectives of BITAC include:

    • To upgrade the skills of industrial personnel in technical and managerial fields.
    • To disseminate modern technical know-how among industrial personnel through seminars, group discussions, demonstrations publications, film shows, etc.
    • To extend consulting services to industrial organizations and industries primarily in the private sector.
    • To organize the program for capacity buildup in the SME sector.
    • To promote productivity consciousness in the people by encouraging them to form productivity associations in industrial Centers etc.
    • To co-operate with international and national organizations and agencies engaged in activities for increasing industrial productivity.
    • To adopt such measures and take such steps and do all such things as may be conducive to the promotion of cordial relations between the Centre and persons interested in the objectives of the Centre.
    • To secure the recognition of the Centre in Bangladesh and other foreign counties.
    • In conjunction with the upgrading program and to make it more effective, the BITAC shall:
    • assists in the design and manufacture of newly developed jigs, fixtures, gauges, molds, dies, punches, tools, and products (proto-type0 for industries and agriculture;
    • develop products, processes, tools, etc. to help industries in improving quality, increase production, reduce cost and utilize indigenous raw materials, and increase the scope of indigenous manufacture and
    • Conduct productivity studies in such selected plants as may be determined and recommend ways and means for improvement.
    • To do all such other lawful things as the Centre may think identical or conducive to the attainment of any or all the objectives of the Centre mentioned above.
    Top 7 Governmental Bodies to Promote Entrepreneurship : Top 7 Governmental Bodies to Promote Entrepreneurship
    1. Bangladesh Council of Scientific and Industrial Research (BCSIR):

    Bangladesh Council of Scientific and Industrial Research (BCSIR) is the leading multidisciplinary Public Research Institute in the country commenced its magnificent journey as the ‘East Regional Laboratories’ of the Pakistan Council of Scientific and Industrial Research (PCSIR) in January 1955 in the premises of the Polytechnic Institute at Tejgaon, Dhaka. Dr. Muhammad Quadrat-i-khuda, the eminent scientist and educationist, conceived the idea and took initiative for establishing such a laboratory in this part of the continent. In the beginning, this regional multidisciplinary research unit had five-research divisions-viz. Natural Product Division, Food and Fruit Research Division, Fuel Research Division, Glass and Ceramic Research Division, and Leather Research Division.

     

    The Bangladesh Council of Scientific and Industrial Research came into being in 1973 based on the Cabinet Resolution No. 1(24)/73-BCSIR, dated: 16 November 1973. At that time, the Council comprised its headquarters in Dhaka and the other two regional research units one each in Chittagong and Rajshahi, and functioned under the Ministry of Industries. Subsequently, the Parliament enacted Ordinance No. of 1978 as an autonomous body. This ordinance is known as the Bangladesh Council of Scientific and Industrial Research Ordinance, 1978. Professor Dr. Mofizuddin Ahmed was the first Chairman of BCSIR and served here from 23 November 1973 to 21 November 1979. At present, the BCSIR functions under the Ministry of Science and Information and Communication Technology. The major objectives of the BCSIR are as follows:

    1. To initiate, promote and guide scientific, industrial, and technological research having a bearing on problems connected with the establishment and development of industries and such other allied matters as the Government may refer to it;
    2. To establish, maintain and develop laboratories, workshops, institutes, centers, and organizations for the furtherance of scientific and industrial research with the object of utilizing and exploiting the natural resources of the country in the best possible manner;
    3. To give grants-in-aid for scientific, industrial, and technological research schemes and projects of the universities established by law and other research institutions;
    4. To adopt measures for the commercial utilization of discoveries and inventions resulting from the research carried on by the Council, universities, or any other research organization;
    5. To collect and disseminate information on scientific, industrial, and technological matters and publish scientific papers, reports, and periodicals on such matters;
    6. To encourage the establishment of industrial research organizations;
    7. To maintain contact with scientific, industrial, and technological research organizations of other countries;
    8. To take out patents and make arrangements for the industrial utilization of research processes developed in the institutes and laboratories established by the Council;
    9. To establish such libraries, museums, experimental plantations, and herbaria as the Board may consider appropriate;
    10. To do such other acts and things as may be necessary for carrying out the purposes of the Ordinance.

     

    Any entrepreneur can get their support as and when necessary. But in most cases, entrepreneurs don’t know how to get support from which governmental bodies. As a result, Bangladeshi entrepreneurs are suffering from many problems and have solutions available in the market.

    To know more; please click here!

    Top 7 Governmental Bodies to Promote EntrepreneurshipTop 7 Governmental Bodies to Promote Entrepreneurship
  • Top 20 Profitable Sectors for Investment in Bangladesh

    Top 20 Profitable Sectors for Investment in Bangladesh

    Top 20 Profitable Sectors for Investment in Bangladesh

     

    Business dynamics change over decades, existing sectors meet their saturation and newer potential sectors come up. Investors have to untapped emerging sector to invest and gain from its growth opportunity. The longer the growth curve means the longer the entrepreneurial gain. Intellectual businessmen usually diversify their businesses to enjoy growth in their maximum ventures. The maturity of business provides signals for taking preparation for the decline. Socioeconomic conditions, changing reality of the economy, people’s expectations, cultural weave, and finally market demand determine the potentiality of a sector/product line.

     

    In the case of Bangladesh, the economy is transforming from agriculture dependency into an industrial dominancy situation. In such a condition industrial infrastructure like roads, transportation, waterways, airways, electricity, gas, capital machinery, skilled labor, managers, engineers, technicians, fright-forwarders, innovative business ideas, science, and technological superiority, enabled business environment through enacting entrepreneurial friendly policy regime, smooth handling of international trade, international trade relations, so on and so forth.

     

    Top 20 Profitable Sectors for Investment in Bangladesh:

    1. Skill Development:

    There are around 80,000 primary schools and 17,000 high schools enrolling 7.0 million students. Besides, there are over 1200 intermediate colleges, 38 public universities, and 91 private universities in Bangladesh. The existing setup of the education institutes is producing graduates are producing in hundreds of disciplines every year. But a little number of these disciplines have hardly a connection with the professional arena. Professional linkage with the existing curriculums has to be established. Newer discipline has to be introduced as per the demand of the business sectors.

     

    Over 5% of the population of Bangladesh is unemployed the scenario of unemployed graduates is more dangerous. A recent report stated that about 47% of graduates are unemployed in Bangladesh. About 2 million new job seekers are entering the job market each year. This is how the unemployment queue is becoming longer day by day. This is because existing curriculums have far linkage with the demand of growing business sectors of Bangladesh. In this scenario, public and private sector investment should be increased for drafting a new curriculum as per demands of the private sector job fields to produce skilled manpower as per sector’s demand.

     

    On the other hand, there are about 7 million Bangladeshi workers employed overseas now. They contributed about USD 15.27 billion in remittances in the year 2015. Most of these overseas migrants are less skilled or unskilled. As a result, they are drawing in measurable rates / very low wages compare to the Indian or Pakistani overseas employees. Training these overseas workers in a specific trade with an international standard curriculum could give a hundred times more remittance to Bangladesh.

     

    Therefore investing in manpower capacity building both in higher education and in short-term trade/certificate courses with demand-driven curriculum could be one of the most profitable and result-worthy businesses in the coming days.

     

    2. Overseas Employment:

    Overseas employment or manpower export is one of the most contributory sectors to Bangladesh’s economy. At the same time, we have an enormous supply of manpower in hand to export in the coming days. Therefore this sector deserves more attention for both public and private sector investment. The contribution of the overseas employment sector in the last ten years could be shown below:

    Table – 1: Overseas Employment and Remittance Trend.

    Year Total Overseas Employment Total Remittance in million USD
    2006 381,516 5,484.08
    2007 832,609 6,562.71
    2008 875,055 8,979.00
    2009 475,278 10,717.73
    2010 390,702 11,004,73
    2011 568,062 12,168.09
    2012 607,798 14,163.99
    2013 409,253 13,832.13
    2014 425,684 14,942.57
    2015 555,881 15,270.99

    Source: Bureau of Manpower Employment and Training (2016).

    Overseas Employment and Remittance from 1976 to 2016.

    From table – 1 we could state that, the number of overseas employment is decreasing over time though the remittance yearning is increasing. But why the number of overseas employment is decreasing could be studied further. I the number could be increased over time then this sector could be the highest foreign currency earning sector for Bangladesh.

     

    Currently, Bangladesh is exporting mostly workers. But with 47% unemployed graduates Bangladesh could think of professional exports as well. Public and private sector investment/initiative is needed to start exporting professionals like doctors, engineers, managers, nurses, etc. In such cases, a formal working environment has to be ensured through government-to-government negotiation.

     

    Existing manpower recruitment agencies/travel agencies have to be modernized as HR consulting firms to deal with the higher educated people. Therefore overseas employment of professionals could be a very profitable as well as contributory sector for Bangladesh.

     

    3. Energy Sector:

    Earning self-sufficiency in the energy sector including electricity, gas, and other alternative sources is a prerequisite for industrial development. Electricity plays a vital role in economic development and increasing the standard of living of the mass people. At present, Bangladesh has installations with a capacity generating 13,095 Megawatt. Out of installed capacity actual production varied from 7,549 to 8,777 Megawatt, on December 07, 2016.

     

    In Bangladesh, exhaustible own source natural gas and imported source like oil are the main sources of generation of energy. A hydroelectric generation once provided a great deal of electricity worldwide. It was also the main source during the Pakistani days and early days of Bangladesh. The shift to fossil fuels was a choice made on the basis of their temporary abundance and relatively low cost once technology made it possible for developed countries to drill and mine for those.

    According to the Power System Master Plan 2010 of the government of Bangladesh it is forecasted that the demand for electricity would be as follows:

     

    Table – 2: Forecasting about demands and supply of electricity.

    Years Government Policy

    Scenario

    Comparison GDP7%

    Scenario

    Comparison GDP6%

    Scenario

    Peak Demand

    [MW]

    Generation (GWH) Peak Demand

    [MW]

    Generation (GWH) Peak Demand

    [MW]

    Generation (GWH)
    2017 12,644 66,457 10,463 54,994 9,165 48,171
    2018 14,014 73,658 11,300 59,393 9,689 50,925
    2019 15,527 81,610 12,224 64,249 10,255 53,900
    2020 17,304 90,950 13,244 69,610 10,868 57,122
    2021 18,838 99,838 14,249 75,517 11,442 60,640
    2022 20,443 109,239 15,344 81,992 12,056 64,422
    2023 21,993 118,485 16,539 89,102 12,713 68,490
    2024 23,581 128,073 17,840 96,893 13,416 72,865
    2025 25,199 137,965 19,257 105,432 14,167 77,564
    2026 26,838 148,114 20,814 114,868 14,979 82,666
    2027 28,487 158,462 22,509 125,209 15,848 88,156
    2028 30,134 168,943 24,353 136,533 16,776 94,053
    2029 31,873 180,089 26,358 148,928 17,768 100,393
    2030 33,708 191,933 28,537 162,490 18,828 107,207

    Source: Power System Master Plan 2010, Government of Bangladesh.

     

    Government alone could not organize resources for such a big amount of investment required to meet up the above target. Therefore power sector is opened up for private sector investment in electricity generation. This could be a lucrative sector for investment in the upcoming days.

     

    Renewable energy sources wind, water, biomass, and solar power could offer a great amount of electricity to meet up this huge demand.

     

    4. Agro-processing Sector:

    Producing new products by processing (using technology or chemicals) agricultural crops is known as agro-processing. In another sentence, we could state that it is the techno-economic method for producing new products usable for people from the agricultural crops by using machines and applying technology for value addition. The produced new products are named agro-processed products. Agro-processing sector deals with agro-processed products like food, dairy, fish, fuel, feed, etc. We deal in this report with the agro-processed products which are generally used by people as food. The association, Bangladesh Agro-Processors’ Association (BAPA) is working with those who deal with agro-processed food products.

     

    Product Produced:

    In recent years, the entrepreneurs of the agro-processing sector have been able to produce a good number of processed products from the chiefly available local raw materials. Agro-processed products are juice, drinks, biscuit, bread, chanachur, prepared nuts, fried peanuts, potato products- crackers, flakes, chips, starch, etc. rice, flour, flattened and puffed rice, confectionery goods, all kinds of spices, jam-jelly, marmalade, pickles, chutney, all kinds of sauces, vermicelli, rose water, nodules, extruded snacks, fruit bar, candy, bubble gum, loly-pop, kasundi, ruti, parata, purl, spring roll, singara, luchi, samusa, chatpati, chitoi-pitha, molasses, syrup, vinegar of sugarcane and date-juice, honey, cigarettes, biri, jarda, tea, mustard oil, coconut oil, milk powder, fresh milk, mineral water, flavored water, flavored milk, ghee, sweets, active drinks, lemon drinks, khichuri mix, chicken spices, tehari mix, chicken biryani, mutton biryani, jackfruit pickle, oil from rice polishing, vegetable juice, etc.

     

    Current Trend:

    The sector accounts for over 22% of all manufacturing production and employs about 20% of the labor force. All food processing enterprises account for 2% of the national GDP. Bangladesh Agro‐processors Association (BAPA) has now 370 members who are engaged in manufacturing, processing and exporting the products of this emerging sector.

     

    From BAPA’s record, in 2011-12, the export was US$ 86.91 million and in 2012-13 the same was US$ 101.49 million. But in 2013-14 the export stood at nearly US$ 153.50 million. At present 100 types of processed food products are exported to nearly 104 countries, which shows the competitive strength of the agro-processing sector.

     

    Major importing countries of Bangladeshi agro-processing products are the UAE, KSA, India, UK, USA, Bhutan, Malaysia, Kuwait, Singapore, Qatar, Somalia land, Nepal, Angola, Djibouti, Australia, Bahrain, Ghana, Senegal, Canada, Guinea Bissau, South Africa, Mauritania, Italy, Jordan, Belgium, Liberia, Maldives, Congo, China, Nigeria, Mayotte, Benin, Oman, Japan, Sierra Leone, Cyprus, Ivory Coast, Gambia, Burkina Faso, Sweden, Ecuador, Kenya, Loam Togo, Greece, Afghanistan, Lebanon, Korea, Germany, Iran, Cambodia, Sudan, Hong Kong, Spain, and Mauritius, etc.

     

    Only a few products are processed by using primary technologies or processes. A large number of Bangladeshi agricultural crops are yet to be processed and commercialized. There is a great cope to diversify the agro-processed sector having market demands at home and abroad. Therefore this sector deserves more investment and further diversification.

     

    5. Food Processing Sector:

    Food processing is one of the largest agro-processing sub-sectors in Bangladesh. Bangladesh has a well-established food processing sector, which heavily relies on agricultural production. The sector accounts for 22% of total manufactured products, 20% of total labor forces, and 5% of total GDP equal to around USD 4.48 billion. The main focus of this sector is on domestic demand. The export of processed food products is limited and mainly targeted ethnic products, not mainstream international markets. Besides scrimp’s main products being agriculturally based as oils and bakeries, but also fishery plays an important role.

     

    Major subsectors of Bangladeshi processed food are Edible oil, Fisheries, Bakery products, Grain milling, Tea and Soft Drinks, Sugar Molasses, Dairy products, Fruits and vegetables, and other food products, etc. Edible oil is the largest subsector accounting for 39% of the processed food sector followed by Fisheries, Bakery, Tea, Soft drinks,s, etc. The composition of the Bangladeshi processed food sector is as follows:

    Top 20 Profitable Sectors for Investment in Bangladesh
    Top 20 Profitable Sectors for Investment in Bangladesh

    Source: Udenrigsministeriet, Ministry of Foreign Affairs of Denmark (Undated). Food Processing in Bangladesh.

     

    There are nearly 700 processed food manufacturing enterprises in Bangladesh including brands like Teer, Olympia, Milk Vita, Fresh, 7Up, Bombay, Ahmed, Bengal, Pran, Isphahani, and Igloo. The processed food sector has grown 22% during the last 3 years and the growth is expected to continue as the industry is considered the most potential growth industry in Bangladesh.

     

    From BAPA’s record, in 2011-12, the export was 86.91 mill US$ and in 2012-13 the same was USD 101.49 million. But in 2013-14 the export stood at nearly USD 153.50 million. At present 100 types of processed food products are exported to nearly 104 countries, which shows the competitive strength of our growing sector.

     

    Major Countries for Exports: UAE, KSA, India, UK, USA, Bhutan, Malaysia, Kuwait, Singapore, Qatar, Somalia land, Nepal, Angola, Djibouti, Australia, Bahrain, Ghana, Senegal, Canada, Guinea Bissau, South Africa, Mauritania, Italy, Jordan, Belgium, Liberia, Maldives, Congo, China, Nigeria, Mayotte, Benin, Oman, Japan, Sierra Leone, Cyprus, Ivory Coast, Gambia, Burkina Faso, Sweden, Ecuador, Kenya, Loam Togo, Greece, Afghanistan, Lebanon, Korea, Germany, Iran, Cambodia, Sudan, Hong Kong, Spain, Mauritius, etc.

     

    Major Exported Products: Juice, Drinks, Puffed Rice, Snacks, Spices, Chanachur, Biscuits, Mustard Oil, Pickles, Frozen Vegetables, Semai, Potato Crackers, Nuts, Jam-jelly, Candy, Meat, Mango Bars, Molasses, and Flattened Rice.

     

    Till now export of this sectoral product goes to the non-resident Bangladeshi communities living abroad. But it has tremendous potential to create demand among foreign buyers if the companies could achieve international standard certification like ISO, HACCP FSMS etc. certifications. If Bangladeshi processed food could enter foreign markets then the export amount will be increased a hundred times more. So it is a potential sector to invest in and get an optimum return out of it.

     

    6. Infrastructure Development

    Infrastructure is an essential sector for the development of a country. Infrastructure can be divided into three major groups.

    1. Transportation
    2. Ports and Shipping
    3. Water Supply, Sanitation

     

    Transportation:

    In Bangladesh, transportation has three broader sub-categories namely road, railway, air, and waterways. Road transportation has developed tremendously since independence. From about 1000 km of the pucca road at that time the country has now over 50,000 km of pucca road. International trade has increased many folds and there is traffic congestion not only in Dhaka and Chittagong City, but it is also frequently experienced on Dhaka-Chittagong Highway. On an urgent basis, Dhaka Chittagong highway needs to be upgraded to a four-time highway. Three government agencies are involved in road transport development activities. These are the Roads and Highways Department, Bangladesh Bridge Authority, and Local Government Engineering Department (LGED).

     

    There were 97 projects with a total allocation of Tk. 11378 crore have been undertaken under RHD. The mega project construction of Padma Multipurpose Bridge with a total investment plan of Tk.10162 crore will start within this financial year under Bangladesh Bridge Authority. LGED has five projects worth Tk.1683 crore for the construction and development of rural roads.

     

    The railway once used to be the principal mode of transport in all parts of the country except the Barisal Division. Since the 1980s there is virtually no donor-assisted development activity. For causes beyond imagination, this very pro-people mode of the transportation system has continuously been neglected. Recently the interest of people has increased in this mode of transport. The railway is running on a meager budgetary allocation. There are 20 projects in the current fiscal year worth Tk. 7319 crore.

     

    A review of the projects shows that of the 20 projects only one project is financed by World Bank. This project is related to the development of export infrastructure. The budget is Tk. 1140 crore out of which 850 crore is foreign exchange part. Of the projects, only two are construction works relating to enhancing the physical capacity of the movement of trains. These two are

    • Construction of double line track between Laksam and Chinki Astana.
    • Construction of a double line between Tongi and Bhairabbazar.

    Other projects are either related to procurement, rehabilitation, or consultancy. Of the 20 projects 6 have financial support from JBIC;

     

    Waterways:

    Traditionally water transport was the main mode of transportation in Bangladesh. Waterway still provides the cheapest transportation for both passengers and goods. Barriers created by constructing unplanned roads and bridges and encroachment of rivers have reduced the total waterways drastically activities in the Inland Water Transport system are managed by Bangladesh Inland Water Transport Authority (BIWTA) and Bangladesh Inland Water Transport Corporation (BIWTC). Rivers or their tributaries following beside the cities, particularly Dhaka and Chittagong have been forced to become narrow in width and water pollution increased to a level beyond imagination. The government has taken up plans to revive the rivers through the demolition of illegal structures.

     

    There were 4 projects with a total budgetary allocation of Tk. 351 crore in BIWTA. Out of the projects of BIWTA and BIWTC only one project as project aid from South Korea. The negligible number of projects and the minimum amount of budgetary allocation indicates that the waterways subsector is a neglected one.

     

    Riverways have been seriously affected due to siltation. To the lack of dredging river erosion has become serious in some areas of the country. The government has taken up a massive plan to dredge rivers and the planned budget of Tk. 11000 crore. In the water sector, this activity will be a continuous one. Therefore there will be continuous investment in this subsector.

     

    Fatal accidents take place almost every year in river transportation. There is a need to minimize the number of accidents. A very inhuman situation is that in many cases the dead bodies cannot be rescued. Rescuer operations are abandoned quite often. There is no mention of this horrible situation in the development planning document of the Government. There should be projects on the following:

    • Monitoring the load factor of launches before departure.
    • Monitoring fitness throughout the year.
    • Improving Telecommunications System of river vehicles.
    • Realistically strengthening the rescue operations after accidents.
    • Improving Research & Development activities of both BIWT & BIWTC.

    Maintaining the river transport system operational is to the benefit of the economy of Bangladesh because it is a cheap mode of transportation.

     

    Air Transport:

    Bangladesh can be reached by air from any part of the world. The national flag carrier Biman of Bangladesh flies to 26 international and 8 domestic destinations [16]. Biman Bangladesh airlines connected Dhaka with 27 major cities of the world. They are- London, Muscat, Dhahran, Baghdad, Kuwait, Yangon, Bangkok, Mumbai, Calcutta, Doha, Dubai, Jeddah, Karachi, Kathmandu, Kuala Lumpur, Abu Dhabi, Amsterdam, Athens, Rome, Tripoli, Tokyo, Singapore, Bahrain, Frankfurt, Ho Chi Minh City, Hong Kong, Jakarta, Sarjah, Seoul, Riyadh, and Delhi. Biman, Bangladesh Airlines also connected Dhaka with major cities of Bangladesh,

     

    Chittagong, Jessore, Cox’s Bazar, Rajshahi Saidpur, and Sylhet in its 7 domestic routes. There is a total of 11 airports in Bangladesh. These are Dhaka, Barisal, and Chittagong. Comilla, Cox’s Bazar, Ishurdi, Jessore, Rajshahi, Syedpur, Sylhet, and Thakurgaon. The airports at Dhaka, Chittagong, and Sylhet are international. Besides Biman, Air cargo and Short Take-off and Landing (STOL) services have been opened to the private sector by the government.

     

    Sea Ports:

    Seaport is essential for international trade. Bangladesh is fortunate enough to have two seaports. International trade has increased has tremendously increased in Chittagong Port. The movement of ships through Mongla Port did not increase significantly. The recent regional understanding to use Chittagong and Mongla Ports for the movements of goods to seven eastern states of India and the two SAARC countries Nepal and Bhutan will necessitate massive expansion of the two seaports.

     

    Land Ports:

    Bangladesh has land with India and Mairman through land ports. There are 17 land ports in Bangladesh. These are the Benapole, Teknaf, Banglabandha, Sonamasjid, Nakugaon, Bilonia, Hilli, Darshana, Birol, Burimari, Tamabil, Haluaghat, Akhaura, Bibirbazar, Bhomra, Gobrakora & Karaitoli land ports. Making land ports functional needs larger investment by the public or private sector.

     

    7. Hospitals and clinics

    The hospital and clinic service sector in Bangladesh is one of the promising sectors of Bangladesh. Local demand is much higher than that of the available supply. Healthcare is available through both the public sector and private sectors. Private hospitals, clinics, and diagnostic centers are run according to a 1982 ordinance. There are more than 8,000 registered private hospitals, clinics, and diagnostic centers in the country. There are 583 government hospitals and 2,501 registered non-government hospitals. There are also many unregistered private hospitals in the country. The total number of beds in the registered private hospitals and clinics is 42,237. Among the 8 divisions, Dhaka division has the highest number of tertiary hospitals followed by Rajshahi with 26 such healthcare facilities. The Government of Bangladesh encourages foreign companies to partner with local companies for producing drugs, especially high-tech and specialized products.

     

    According to the World Health Organization (WHO 2014), only about 3.7% of the Gross Domestic Product (GDP) is spent on health services through both public and private sector expenditures. Life expectancy in Bangladesh is now nearly 70, whereas both India and Pakistan have 65. Although the percentage of GDP is being spent on the healthcare sector is relatively higher than it used to be but it is a very small amount compared to developed countries which spend 8 to 12% of GDP. The total government contribution to health expenditure is even lower at 7.8%. However, government expenditure on health is only about 35.3% of the total health expenditure, and the rest 64.7% out-of-pocket (OOP) expenses. Inequity, therefore, is a serious problem affecting the healthcare system. There is significant room for market expansion as the country enters lower-middle income status. The fact that more than two-thirds of total health expenditure is out-of-pocket that is privately financed indicates that people are willing to pay for better healthcare.

     

    Current Trend:

    1. Public Sector Hospitals:

    There are 53 District Hospitals with 7,850-bed facilities, 11 General Hospital with 1,350 beds, 5 infectious disease hospitals with 180 beds, 22 Medical / dental college hospitals with 11,960 beds, 7 Specialized hospitals with 2,330 beds, and 1 medical university with 1500 beds.

     

    1. Private Sector Hospitals:

    The private sector can be grouped into two main categories. First, the organized private sector (both for-profit and nonprofit) includes qualified practitioners of different systems of medicine. Second, the private informal sector, which consists of providers practicing in rural areas not have any formal qualifications such as untrained allopaths, homeopaths, kobiraj. According to Asia Pacific Observatory on Public Health Systems and Policies, there are 2,983 private hospitals and clinics registered as of 2013. The total number of beds provided by the private sector is 45,485 (as of 2013).

     

    1. Diagnostic Centers:

    Along with private clinics and hospitals, the number of diagnostic centers in the private sector is growing. In 2012, approximately 5,122 laboratories and other diagnostic centers were registered with the Ministry of Health and Family Welfare (MOHFW, 2012). In the private for-profit sector, there are some large diagnostic centers in the cities (Lab Aid, Ibn Sina, Popular, and Medinova) providing laboratory and specialized radiological tests. Some of these facilities maintain a high standard.

    1. Donors, NGOs, and Professional Groups:

    Bangladesh is known worldwide for having one of the most dynamic NGO sectors, with 2,471 NGOs registered with the NGO Affairs Bureau working in the population, health, and nutrition sectors (as of 2014). NGOs have been active in health promotion and prevention activities, particularly at the community level, and in family planning, and maternal and child health areas.

     

    All the above-mentioned hospitals and clinics are mainly located in the capital city Dhaka, and other divisional cities in Bangladesh. Most of the district cities have healthcare facilities but without emergency / ICU facilities. There is a scope to establish modern hospital facilities at the district level with ICU facilities. Besides, there is a demand for modern diagnostic facilities at Upazila levels as well. There is only one child hospital located in Dhaka for serving the needs of the whole country. Similarly, other specialized hospitals are mainly located in Dhaka. Therefore at least divisional towns are deserving specialized hospital facilities either by the public sector or private sector investors.

    Top 20 Profitable Sectors for Investment in Bangladesh
    Top 20 Profitable Sectors for Investment in Bangladesh

     

     

    8. Telecommunication Sector

    The liberalization of Bangladesh’s telecommunications sector began with small steps in 1989 with the issuance of a license to a private operator for the provision of inter alia cellular mobile services to compete with Bangladesh Telegraph and Telephone Board (BTTB), the previous monopoly provider of telecommunications services within Bangladesh. Significant changes in the number of fixed and mobile services deployed in Bangladesh occurred in the late 1990s and the number of services in operation has subsequently grown exponentially in the past five years.

     

    The incentives both from the government and public sectors have helped the industry grow and it is now one of the biggest industries in Bangladesh. As a populous country, its huge market has attracted many foreign investors. The major milestones of Bangladesh’s telecommunication sector are:

     

    Table – 3: Milestones of Bangladesh telecommunication sector. 

    Year Details
    1853 Telegraph branch under Posts and Telegraph Department, British India.
    1971 Reconstructed as Bangladesh Telegraph and Telephone Department under the Ministry of Posts and Telecommunications.
    1975 Reconstructed as Telegraph and Telephone Board.
    1979 Reconstructed as Bangladesh Telegraph and Telephone Board (BTTB) with the right to issue licenses for telecom and wireless services.
    1981 Digital Telex Exchange in Bangladesh.
    1983 Automatic Digital ITX started in Dhaka.
    1985 Coin box Telephone service was introduced in Bangladesh by BTTB.
    1989 GENTEX Telegraph messaging service introduced in Bangladesh.
    1989 Bangladesh Rural Telecom Authority got a license to operate exchanges in 200 upazila.
    1989 Sheba Telecom got the license to operate an exchange is 199 upazila.
    1989 Cellular mobile phone companies Pacific Bangladesh Telephone Limited and Bangladesh Telecom got licenses.
    1995 Card Telephone service was introduced in Bangladesh by BTTB and TSS.
    1995 The regulatory power of BTTB was transferred to Ministry (MoPT).
    1995 2nd and 3rd ITX was installed in Dhaka.
    1996 GrameenPhone got a cellular mobile Telephone license.
    1996 Telecom Malaysia International Bangladesh got a cellular mobile license.
    1998 Telecom Policy.
    2000 Global Telecom Service (GTS) Telex Exchange venture with British Telecom.
    2001 Telecommunication Act, to establish Bangladesh Telecommunication Regulatory Commission (BTRC).
    2002 ICT Policy.
    2004 Teletalk cellular mobile launched.
    2005 Egypt-based Orascom acquired Sheba Telecom
    2006 NGN was introduced in BTTB.
    2008 BTTB converted into Bangladesh Telecommunications Company Limited (BTCL) with 100% shares owned by Government. The Submarine Cable Project transformed into Bangladesh Submarine Cable Company Limited (BSCCL)
    2008 Japanese NTT DoCoMo bought a 30 percent stake in Aktel
    2009 Bharti Airtel acquired a 70 percent stake in Warid Telecom
    2009 Internet Protocol Telephony Service Provider (IPTSP) Operators launched.
    2010 Aktel rebranded to Robi Axiata Limited
    2012 3G mobile service is introduced by state-owned Teletalk in October.
    2013 3G auction held for private companies
    2014 64 districts covered with 3G by Grameenphone, Banglalink, and Robi

    Source: Tele Info (2016). History of Telecom Industry in Bangladesh. The link is http://tele.info-bd.com/telecommunications-in-bangladesh cited on November 11, 2016

    Currently, there are six mobile operators in Bangladesh with Grameenphone (GP) as the market leader with 42% share of a total of 126.87 million (BTRC June ‘15). Among other operators, Banglalink has 26%, Robi 22%, Airtel 7%, Teletalk 2%, and Citicell 1% of the market share.

     

    Till now data service is available at town levels only. Speed in most places is very slow due to poor infrastructure. Call rate and data package both are expensive in Bangladesh. On the other hand, Bangladesh is entering into the global outsourcing market with its services providing professionals. High-speed internet connectivity has to be ensured to support the outsourcing sector. Therefore there is a need for further investment in Bangladesh’s telecommunication sector. It could be a backward linkage sector for the outsourcing sector.

     

    9. Pharmaceuticals sector

    Pharmaceutical is one of the SME Booster Sectors having the special attention of policymakers due to its growth potential. In the 1970s three fourth of the pharmaceutical industry was dominated by multinational companies. Local pharmaceutical companies started initiation in the 1980s and have grown in the last two decades at a considerable rate. The National Drug Policy (NDP) in 1982 and 2005 has had a major impact on the development and growth of the Bangladesh pharmaceutical sector of Bangladesh.

     

    The Bangladeshi pharmaceutical industry is dominated by local manufacturers. Local vs. multinational companies has 97% vs. 3% market shares. The top ten market leaders of the Bangladeshi pharmaceuticals sector are local companies. Square and Incepta pharma has 30% of local market shares.  The size of the retail market reached BDT 84.0 billion (US$ 1.136 billion) in 2011 based on IMS health Bangladesh (Haroon, 2012). The report additionally stated that retail sales in the domestic market achieved 23.59% growth in 2011 which is following 23.8% and 16.8% growth in 2010 and 2009 respectively. This industry has an annual growth rate of 10.2% during the fiscal year 2002. The values fell by 4.3% in 2003. The lower growth rate shown in 2003 and 2004 is largely because of the country’s economic recession. Again the growth rate increased by 9% in 2005. The growth rate in 2005 was 17.5%. In recent times the growth rate has literally doubled which is 23.59% in 2011.

     

    According to the Directorate General of Drug Administration (DGDA), there are currently 200 active allopathic companies in Bangladesh. About 22,000 brands of drugs are sold which cover 1500 types of medication. There are 1495 wholesale drug license holders and about 37700 retail drug license holders. The industry meets 98% of the demand for medication in the country and can be considered to be self-sufficient.

     

    The sector employs 1, 15,000 workers and between 2013 and 2014, the growth stood at around 11.37%. According to IMS Health, annual pharmaceutical sales in the local market may reach BDT 160 billion in 2018.

     

    Current Trend:

    According to IMS Health, the top 10 companies hold 68.5% market share, the top 20 hold 85.73%, and the top 31 hold 94.1%, while the remaining 169 companies shared 5.9% among them. Square Pharmaceuticals led the industry with a market share of 19.21%. Incepta and Beximco took 2nd and 3rd positions with market shares of 10.42% and 8.47% respectively.

     

    Currently, formulations are exported to 107 countries around the world. The major destinations for Bangladeshi medicines are Germany, the USA, France, Italy, the UK, Canada, Netherlands, Denmark, Myanmar, Sri Lanka, and Kenya, while nearly 50 countries import Bangladeshi medicines regularly. The growth in exports has averaged over 10% from 2010 to 2014. In 2015, the exports were over $ 41.17 million. Pharmaceutical companies are trying to export to regulated, unregulated, and moderately regulated markets.

     

     

    10. Tourism and Hospitability

    Bangladesh has great tourism potential. It is potential in terms of continuous economic growth, strategic location for regional connectivity, enriched natural and historical beauty, diversified landscape including plain lands, hills, rivers, and sea sights, etc.   It has green plain land, a medium-height hilly range with evergreen trees, sandy sea beaches, and the largest mangrove forest in its beauty basket. With such land diversity, it has ethnic diversity of people, religious varieties, cultural differences, and different lifestyles of the people.

     

    The direct contribution of tourism to Bangladesh’s GDP was 2.2 percent in 2014, which is expected to grow to about 4.7 percent by 2024 according to the projection of WTTC. This level puts Bangladesh at a rank of 165, whereas countries like Thailand and Malaysia are ranked at 35 and 41, and neighboring India is ranked at 135. The total contributions of the tourism sector to GDP for the abovementioned countries are respectively – Thailand (20.2 percent of GDP); Malaysia (16.6 percent of GDP) and India (6.2 percent of GDP.) These statistics suggest that Bangladesh needs to improve its performance significantly over the medium term to attain the target achieved by India.

     

    Similarly, the tourism sector has so far generated about 3 million jobs in 2014 and is projected to generate up to 4 million jobs by 2024. Thus the contribution of the tourism sector to total employment is around 4 percent and according to the WTTC projections, it may reach 4.3 by 2024. The projections, however, are not very promising as it suggests only a 0.3 percent increase in employment generation over the next 10 years time period.

     

    Bangladesh’s beauty basket contains beautiful landscapes like Bisanakandi at Sylhet, Sangu River at Thanchi in Bandarban, tea gardens in Srimongol, Bhawal National Park in Gazipur, Himchari National Park in Cox’s Bazar, Kaptai National Park in the Chittagong Hill Tracts, Lawachara National Park in Moulavibazar, etc. Its archeological excellence includes Lalbagh Fort in Dhaka, Ahsan Manzil in Dhaka, Shalbon Bihar in Kotbari, Comilla, the War Cemetery in Moynamati, Comilla, Mahasthan­garh in Bogra, Shat Gombuj Mosque in Bagherhat, Tajhat Palace in Rangpur, Paharpur Bihar in Naogan, Kantoji Temple in Dinajpur, Puthia Palace in Rajshahi, and Suna Mosque in Chapai Nawabgaonj, etc. Beautiful sea beaches like Cox’s Bazar Sea Beach, Patenga Sea Beach in Chittagong, Teknaf Sea Beach in Cox’s Bazar, Saint Martin’s sea beach in Cox’s Bazar, Kuakata Sea Beach in Patuakhali, etc.

     

    Bangladesh is having diversified and rich religious attractions like Mazar of Hazrat Shah Jalal (Rh.) and  Shah Poran (Rh.) in Sylhet, Shah Mostafa (Rh.) in Moulvibazar, Khan Jahan Ali (Rh.) in Bagherhat, Shah Mokhdum (Rh.) in Rajshahi, Baro Awlia in Chittagong, etc. All of these are considered holy places by the Muslim community. Bangladesh is also home to religious heritages of the Hindu community like Dhakeshwari Temple in Dhaka, Joy Kali Temple in Dhaka, Kantaji Temple in Dinajpur, Chandranath Temple in Chittagong, Dhamrai Jagannath Roth in Dhamrai, Boro Kali Bari Temple in Mymensingh, Comilla Jagannath Temple in Comilla, Adinath Temple, Moheshkhali, Cox’s Bazar and Bhabanipur Shaktipeethin Bogra, etc. There are places in Bangladesh carrying memories of the famous Buddhist Saint Atish Dipankar and many more.

     

    Bangladesh could easily attract more local and foreign tourists if transportation, housing, and security system could be improved in the tourist spots. Private sector investment could play a vital role in the development of tourism in Bangladesh if government policy inspires private investors to do so.

     

    11. Organic Fertilizer, Seeds, Insecticides

    For the production of crops fertilizer, seeds, and insecticides are important elements. The country depends heavily on the use of chemical fertilizers for its agriculture. The use of mega granules of urea (guti-urea) has optimized the efficiency of the use of fertilizers.

     

    There is also some use of organic fertilizer. There is no reliable data available on the use of organic fertilizer in agriculture in Bangladesh. To make a balance in the production of health hazard-free crops some NGOs are encouraging entrepreneurs to produce organic fertilizer through the use of cow dung, water-hyacinth, etc. However, this can be the subject of another research activity.

     

    Seed is the main input of agricultural production. The yield level of a crop depends on the quality of the seed. Preservation of seeds has been an age-old practice in Bangladesh. Bangladesh Agriculture Development Corporation (BADC) has played a significant role in popularizing the systematic production and storage of seeds. There are seed multiplication farms and contract rowers through whom BADC participates in seed production. The seeds are usually paddy, wheat, potato, jute, oil seed, pulse, maize, and vegetables. The farmers can enhance their income by participating in the production of seeds.

     

    All agricultural crops are attacked by diseases and pests of different types. Paddy is attacked by the black bugs, fruits fly attack jackfruit, guava, tomato, and mango is attacked by bats, cabbage and vegetables are attacked by diamondback moth, and rats attack almost all types of crops. To protect the growing crops and vegetables farmers use different type’s insecticides. The use of insecticides beyond the limit is harmful to public health. Almost all the insecticides are imported from abroad.

     

    Agricultural scientists have found out that all insects that are seen in a farm or a garden are harmful, some are friendly to the crop and vegetables and some are harmful.  To protect the crop from the attack of pests agricultural scientists have developed Integrated Pest Management (IPM) methods. In Bangladesh, the Directorate of Agriculture Extension (DAE) has been implementing progress on IPM. There can be more investment in the research and development of IPM. The government’s import policy allows for the import of insecticides and the imports have to be declared to DAE and need to be used according to Pesticides Rules, 1985.

     

    12. Consultancy and Business Support Service

    Consultancy is an industry in developed and advanced developing economies. The organization seeks the services of consultants both during strong growth of the economy and during a recession. An organization seeks the services of consultants for two reasons (i) it can afford the consultants and (ii) Consultants can advise on how to spread their business. During a recession, organizations turn to consultants for advice on how to cut costs, save money and weather the economic storm.

     

    In Bangladesh, consultancy services are sought and used mostly by big investment projects. Due to interaction with the international market public sector organization are also seeking the services of consultants. But consultancy has not taken any shape of an industry or so there is a crisis of consultants. Usually, the consultancy organization can be divided into the following four categories:

     

    • Engineering Consultancy Firm.
    • Management and Socio-economic Consultancy Firms.
    • Chartered Accountancy and Audit Firms.
    • Business Support Services.

     

    Usually, clients look for two types of consultants: (i) those who emphasize their problem-solving ability and (ii) those that help the client help improve their performance. Clients seek to hire consultants because they may lack expertise and knowledge or they cannot afford their time and rather than doing the job they take the services of the consultants.

     

    There is a difference between an expert and a successful consultant. A successful consultant is one who translates his or her expert knowledge into useful applications for clients. The skills needed by a successful consultant fall into four major categories: Technical skills, communications skills, interpersonal skills, and Administrative skills. Any one skill alone will not help one to become a successful consultant. Bangladesh is in serious lack of export consultants. There are firms but they do not have the minimum service conditions to attract young talented people to take up consultancy as a profession.

     

    There are no consultancy firms in Bangladesh offering business startup support services like registrations and licensing, project profile and financing, linkage with forward and backward processes, and one-stop service for technology selection, commissioning, and operations. Such types of consultancy services could play a pivotal role in increasing the speed of economic development in Bangladesh. New investment could be worthwhile in this sector.

     

    13. Light Engineering Sector

    The light engineering sector occupies a unique position in the Bangladesh economy. It prudently acts as a feeder of support industries to all other industries and plays a vital role in the socio-economic development of the country. Therefore, it is known as the mother of heavy industries. This sector has the potential to make a significant contribution towards technological and economic development along with wide opportunities for employment generation.

     

    There are about 40,000 Light Engineering enterprises all over the country. Around 6 lack people are directly involved with the light engineering sector. It is engaged with the production and manufacturing of high-value-added engineering goods and services with a value of annual turnover of more than TK. 10,000 crore. In recognizing this fact, the government has declared this sector as a thrust sector in its Industry Policy –2010.

     

    Products Produced:       

    Major products of this sector are Agricultural Machinery & Spares,       Motor launch & Marine Transport Spares,     Textile Machinery & Spares,      Jute Machinery & Spares,       Tea plant Machinery & Spares, Construction Machinery & Spares,       Bread, Biscuit and Food Processing Machinery & Spares, Metal Furniture, Paper and Pulp Machinery & Spares,    Mold & Dies, Components & Spares of Gas Transmission & Distribution, Printing & Packaging Machinery & Spares, Poultry Machinery & Spares,  Kitchen Wear & Bathroom Fittings, Metal Product & Hard Ware, LP Gas Cylinder & Fire Extinguisher, and Pharmaceutical Machinery & Spares, etc.

     

    The current trend of the sector:

    Since the development of the sector, entrepreneurs are providing their products and services to the local market. LES keeps the national economy running by offering cost-effective maintenance services and much-required spares & capital machinery. The light engineering industry has two segments of the market i.e. local market and the export market. In the local demand, there is a secular growth of around 30% per annum. The size of the local market is around US$ 2 billion.

     

    In the meantime, the local light engineering industry has stepped up its presence in the export market. The major products include iron sheets, G.I. pipes, cast iron articles, aluminum household articles, iron chains, SS ware, machinery, diesel engine, motor parts, bicycle, light fittings, and dry cell batteries.

     

    This sector has an option for further expansion into manufacturing of made in Bangladesh electrical and electronic goods for the local market as well as for the export market. So further investment could result worthy in this sector.

     

     

    14. Software Development and IT Enabled Services Sector

    Bangladesh’s economy is transforming into a digital version. The Government of Bangladesh is committed to developing a digital Bangladesh soon. Therefore Software development could be one of the most progressive sectors of Bangladesh. According to the BASIS survey, there are over 800 registered software and ITES (IT Enabled Service) companies in Bangladesh. There is another few hundred unregistered small and home-based software and IT ventures doing business for both local and international markets.

     

    IT Enables Service (ITES) is one of the growing sectors of Bangladesh. The ITeS sector of Bangladesh has grown considerably in recent years. Today, it counts more than 1,500 registered ITeS service providers employing over 250,000 ICT professionals. Total ITeS revenue generated by the country reached approximately US$600 million for the period 2013-2014, with export revenue accounting for US$250 million, including the freelance outsourcing segment [20].  Industry estimates have pegged the ITO sector to comprise a vast majority of services exports, with industry stakeholders estimating that ITO comprises upwards to 90% of total services exports. Though the country’s BPO sector has continued to grow, it has remained focused on servicing the domestic market. Though this may be the current scenario, Tholons believes that there lies an opportunity for both the ITO and BPO (particularly for non-voice BPO services) spaces to expand more aggressively in the global market. As previously implied, for this to happen, specific supply-side inhibitors must be purposely addressed.

     

    The majority of ITO service providers in the country specialize in Customized Software Development and IT Enabled Services service groups, comprising 56% and 17% of BASIS members, respectively. As of December 14, 2015 – BASIS counts 986 member companies under its fold.

    Currently, the majority of Bangladesh IT/ITeS providers, as found by BASIS, depend on the domestic market as a primary revenue source, with 63% of members focused on providing services to local industries.  Local demand is reported to be driven by companies seeking to improve business processes and adopt global ‘IT Best Practices,’ a relatively recent trend, only beginning to spread in the country.  In a 2014 survey carried out by BASIS of around 110 member service providers, the majority of providers delivering services to the domestic market were focused on developing business application solutions including ERP, Accounting Software, HR Software, Sales Automation, and Inventory Management systems, among others.

    Different Segments of ITES Sector in Bangladesh
    Different Segments of ITES Sector in Bangladesh

    Source: BASIS (2014). Catalog of BASIS.  

     

    15. Leather Goods Sector

    The leather goods sector is one of the fastest-growing sectors of Bangladesh’s economy. It employed about 1, 80,000 (One lac eighty thousand) people directly. This sector includes about 3,500 micro, small, and medium leather goods factories with about 110 large industries. This sector is divided into two major heads i.e. leather processing units called tanneries, leather goods like shoes, bags, and belts,s, etc. manufacturers called leather goods factories. There are about 220 to 250 tanneries in Bangladesh mostly located in the Hazaribagh area of Dhaka city. As a Muslim-majority country, Bangladesh used to produce a huge amount of leather every year mainly during Eid ul Azha.

     

    There are a good number of leather goods clusters around the country mainly located in Dhaka, Bhairab, Satkhira, Chittagong, and Brahmanbaria. In Bhairab, about 3000 SME workshops are situated. All of these workshops are dealing with footwear production. Almost all workshops are mostly manual (the lasting process is done by hand). Around 25,000 people are working in these workshops but female employment is almost absent.

     

    Product Produced:

    Major Bangladeshi leather goods are pocket or handbags, including purses, wallets, key cases, passport cases, note cases, card cases, cigarette cases, cigar cases, matchbox cases, handbags, shopping bags, shoulder bags, document cases, attach cases, belts, wallets, shoe, and footwears, etc.

     

    Current Trend:

    Only 15 – 18 % of the total leather production of Bangladesh can meet up local demand for leather goods. The rest of the amount is export-oriented. The leather and leather goods sector is the fourth largest export-earning sector of Bangladesh. Export earning of this sector is rising with about 48% growth per year. Bangladesh earned USD 1.29 billion by exporting leather goods in the 2013-14 fiscal year. SD Asia forecasted that very soon this export could be increased to USD 15 billion.

     

    Bangladeshi leather goods are exported into mainly European markets like Germany, Italy, France, Belgium, Sweden, the UK, Austria, Switzerland, etc. Besides these Bangladesh used to export leather goods to the USA, Canada, Japan, China, South Korea, Malaysia, and Singapore.

     

    Bangladesh’s leather goods export is growing with double-digit growth during the last few years. International buyers are showing their keen interest to purchase more Bangladeshi leather goods but till now a little number of Bangladeshi leather goods factories are capable to supply an adequate number of orders within a short lead time. More investment is required in this sector to make it an export-oriented and rewarding sector like the readymade garment sector.

     

    16. Developers and Housing Sector at District Level

    As one of the most densely populated countries in the world, Bangladesh has been experiencing severe housing shortages. With the majority of the population in the middle and low-income groups, ensuring housing for all is difficult here. The private sector housing developers have met a large proportion of the national housing demand in the last 40 years.

     

    But Bangladesh also suffers from a scarcity of land. It is an agriculture-based country where the urbanization level of 28% (Islam, 2012) is substantially lower than in developed countries. However, urban centers are housing huge populations. People are migrating to urban areas because of both push and pull factors, thereby creating urban sprawl. Meeting the huge demand for housing has become a challenge for the government. The real estate sector in Bangladesh has been operating for four decades, within which period it has fluctuated greatly.

     

    Today the sector plays a major role in the national economy, contributing up to 7.08% of the national GDP in FY 2013-14 (BBS, 2014). In addition, the sector also contributed to the national economy through linkage industries, such as MS bar, cement, brick, sand, ceramic tile, paint, and other fixtures and fittings. The Real Estate and Housing Association of Bangladesh (REHAB) declared that the sector along with its linkage industries contributed about 12% to the national GDP in 2014.

     

    Through analyzing the consumer responses, it is estimated that the demand for houses in the upcoming three years is around 30,000 to 40,000; in the upcoming five years demand is around 60,000 to 80,000; and in the upcoming 10 years demand is around 95,000 to 130,000. In the case of flats, the estimated demand in the upcoming three years is around 75,000 to 100,000; in the upcoming five years demand is around 90,000 to 125,000; and in the upcoming 10 years demand is around 70,000 to 95,000.

     

    Apart from meeting housing needs, the Real Estate sector contributes to the Government exchequer through Registration Fees, VAT, Advance Income Tax (AIT), Stamp Duty, Property Handover Tax, etc. Also, the construction industry is a labor-intensive industry, whose capacity of absorbing labor is great. The industry provides many jobs for skilled, semi-skilled, and unskilled workers both in the formal and informal sectors. For the migrants from rural areas, the construction industry is often a stepping stone to urban life. The Real Estate sector is a major part of the construction sector. Most of the labor force engaged in the construction sector is basically engaged in the Real Estate sector. Thus real estate sector is also contributing a lot to the overall economy of Bangladesh.

     

    Besides the major divisional towns, there is a scope for investing in the housing business in the district even upazila levels.

     

    17. Sea Food Collection and Processing

    Bangladesh is the largest Delta in the world having hundreds of rivers, rivulets, and tributaries. In terms of area and varieties of fish species, the inland water resources of the country are considered one of the richest in the world. In 2008, the Department of Fisheries (DoF) declared that there are 260 species of freshwater fish, 475 species of marine fish, 24 inland water prawn species, 36 species of marine shrimp, and 12 species of exotic fishes available in Bangladesh. Around 60% of the total national demand for animal protein in the country is contributed by the fisheries industry and the sector is also one of the major export-earning segments.

     

    Bangladesh earned about BDT 40,970 million by exporting frozen fish, shrimps, and prawns in FY14 which was about 2.3% of the country’s total export (without considering the proceeds from EPZ). Its share in the Gross Domestic Product (GDP) and value of the agricultural sector amounted to 4.37% and 23.37% respectively in FY13. Following several macroeconomic hurdles, the industry lost its second position in export and stood seventh (export amount- USD 568.0 million; 1.82% of the country’s total export) in FY15.

     

    According to the declaration made by Bangladesh Frozen Food Exporters Association (BFFEA), the country has 14.7 million shrimp and fish farmers along with 1.3 million fishermen. The export portion of the sector directly provides a livelihood to nearly 1.2 million people, while about 4.8 million people indirectly depend upon this sector [35].

     

    Frozen fish has traditionally been the most important export product; however, exports of fresh fish have been increasing rapidly and now represent a significant portion of export revenue. Currently, only a small portion is exported as fillets. For frozen fish, the most important markets are the UK, Saudi Arabia, the US, and to some extent Italy and China. For fresh fish, the most important markets are India, China, Germany, and Oman.

     

    According to the estimation of exporters and sector representatives, the exported categories are shrimps and prawns (75%), frozen whole fish (10%), fresh fish (8%), fish fillets (5%), and fish slices (2%). The export-oriented fisheries industry is divided into two broad subsectors: Shrimp and prawns (exported as frozen) and Whitefish (exported as both frozen and fresh). Sea food collection and processing could be a profitable sector for investment in Bangladesh.

     

    18. Amusement Sector

    Bangladesh is one of the most densely populated countries in the world. Economic development is making its people concerned about their mental health. Purchasing power of the population is rising day by day. As a result amusement park is not only a source of entertainment but could be a vibrant source of profit for an entrepreneur. Rapid economic growth along with evolving service sector espouses a substantial number of people who have regular income with diversified needs. Among those needs, entertainment plays a very important role. Because today’s people are aggressively active in entertainment markets in order to maintain as well bring something new to their busy and rigid life structure.

     

    Major amusement destinations of Bangladesh are Dhaka National Zoo, Balda Garden, Mirpur Botanical Garden, Shishu Park, Nandan Family Amusement Park, Fantasy Kingdom Amusement Park, Bangabandhu Sheikh Mujibur Rahman Novo Theatre, Heritage Park Concord Ashulia, Dhaka, Dream Holiday Park, Chaitaba, Panchdona, Narsingdi, Tamanna World Family Park Picnic & Shooting Spot, Mirpur, Dhaka, Foy’s Lake Amusement World, Bangladesh Butterfly Park, Zastat amusement park, Sylhet, Toggi World (Theme Park), VINNYAJAGAT, Ganjipur, Rangpur, Ananda Bhaban Shaheed Zia Smriti Complex, Dublar Char (Island), Bhawal National Park, Modhupur National Park, Ramsagar National Park, Kaptai National Park, Himchari National Park, Madhabkunda Eco-Park, Sitakunda Botanical Garden and Eco-park, and Dulahazara Safari Parks, etc.

    Amusement parks, safari parks, children’s parks, hill station development, foreign or sea sights development, islands development, and river station development, etc. could be profitable businesses in Bangladesh.

     

    19. Diversified Products

    Diversification of products makes sense when good opportunities exist outside the present business on the main raw material of production i.e., the sector is attractive and provides an opportunity for a six mix of business strengths to be successful. For example because of International jute organizations’ efforts through Jute Diversification Promotion Centre (IDPC) now diversified products are made frost jute and there is expanding market for these products. Some of the mentionable products are:

    Bags & Baggins: Shoulder bag, Travel bag, Carry bag, Shopping bag, School bag, Water bag, Briefcase, Purse, Money bag, Coin box, Vanity bag, Gift box, Jewelry box, Kit box.

     

    Office accessories: Office bag, Seminar bag, File cover, Penholder, Folder, Table lamp shed, Photo stand, Basket.

     

    Floor Covers table mat, Carpet, Shatranji, Prayer mat, Running mat, Bedside mat, Bathroom mat, Doormat.

     

    Home Textiles: Furnishing fabrics, Curtains, Bed covers, Bad Sheets, Sofa covers, Cushion covers, Tapestries, Wall Hangings mats, etc.

     

    Nursery Products: Nursery pot, Nursery sheet, Nursery triangle, Tap.

     

    Shoes and Others: Sandals, Shoes, Slippers, Fancy Lady’s Shoes, Seabreeze Slipper, Espadrille.

     

    Handmade Paper: Handmade Paper and its Diversified Products.

     

    Apparel: Fabrics, Scurf, Chaddar, Top apparel, Sweeter, Muffler, Jacket.

     

    Toys: Dolls, Decorative pieces, Decorative balls.

     

    Some of these products are exported in large volumes. Some of these products still do not have HS codes but they are being exported. There is a scope to introduce such diversification for indigenous raw materials-based industries like leather, cane, bamboo, etc.

     

    20. News Product Design and Development

    There are no organizations in Bangladesh that are working on designing and developing new products. Almost every sector is in need of designing new products. Most companies do not have the capacity to establish R&D / new product designing and development centers of their own. There are no secondary organizations in Bangladesh that are working to design and develop new products. But product diversification is an essential need for Bangladesh. Establishing a new product design and development center could be a profitable venture in Bangladesh. To know more please click here

     

  • Definition & Top 26 Types of Research

    Definition & Top 26 Types of Research

    Definition & Top 26 Types of Research

    The term research is very closely associated with each and every branch of knowledge. It is equally used by science, arts, and commerce faculties. Academicians and practitioners used to conduct research to identify or solve any inconvenience in human life. Even research is used to offer new ways/instruments to accomplish the job than that of previous days. It is a methodical step-by-step process of performing a few prescribed operations.  If something even better comes out without accomplishing the methodical cycle could not be termed as research output. It could be an accidental or incidental innovation but not a research outcome. There is a big debate about what is research and what is not research.

     

    A systematic approach to collecting data and analyzing the outputs for the advancement of human knowledge could be termed research. But the same process could be termed as research while it is done by somebody for evaluating the standard of the products of a manufacturing plant is not research. It could be termed an evaluation. The basic difference between research and evaluation could be its objective. The objective of research could be generating new knowledge in a particular field. While the objective of an evaluation is to provide information for decision-making.

     

    What is not Research?

    Now come to the point what is not research even follows scientific methods of data collection, analysis, and observing outputs. For example;

    • Routine testing and analysis of materials to understand its standard.
    • Routine fitness test of a machine or chemical.
    • Routine data collection to prepare a progress report of a task.
    • Regular evaluation of the impact of an intervention.
    • General purpose reading to be familiar with a concept or issue. But remember that a literature review of a specific issue is also readying but it is part of formal research.
    • Even the best innovations come out from accidental or incidental is not research.

     

    Research is going beyond personal experience, thoughts, feelings, and opinions that do not refer to other sources of information. Objectives of conducting the research could be exploring an idea, proving an issue, solving a problem, and making an argument that could lead to reaching a conclusion.

     

    The process of conducting the research could be completely different based on its faculty, situation, and concurrent environment. Similarly, single research could be conducted in different ways based on the resources available in hand and allowed lead time.

     

    The scope of research could give us the direction for selecting study methods. The single scope may give different results over time or dimensions of considerable scopes.

     

    Research is a systematic inquiry to describe, explain, predict, and control the observed phenomenon. Research involves inductive and deductive methods (Babbie, 1998). Inductive methods analyze the observed phenomenon and identify the general principles, structures, or processes underlying the phenomenon observed; deductive methods verify the hypothesized codes through observations.

     

    Researchers conducted research to fulfill various purposes like understanding a natural phenomenon, identifying a problem, solving a problem, establishing a theory, offering newer ways of performing the job, enhancing human understanding of a particular issue, etc.

     

    A simple research process includes 10 steps namely selecting a research topic, identifying the research problem or core issues to be evaluated, conducting a literature review, preparing research questions, determining research design, selecting research methods, conducting a pilot study, conducting the main study, analyzing data, preparing the report and communicating with stakeholders.

     

    Maintaining research ethics is a very important issue for impartial reporting of the study outcomes. The researcher must not be emotional or biased to any predetermined finding / expected outcome of a research. Therefore maintaining a higher standard of ethics by a researcher is important in the case of conducting research, particularly in social science research.

     

    Definition of Research:

     

    The term RESEARCH means ‘Search for Knowledge’. Generally, research is a systematic process of searching for new knowledge. It is defined by various faculties with various sentences. But the main theme is research is a systematic search for new knowledge with a specific research question and going beyond personal experience, thoughts, feelings, and opinion that does not refer to other sources of information.

     

    Social Scientists defined research as a systematic investigative process to increase or revise current knowledge by discovering new facts. It is divided into two general categories:

    • Basic research is inquiry aimed at increasing scientific knowledge, and
    • Applied research is an effort aimed at using basic research for solving problems or developing new processes, products, or techniques.

     

    On the other hand application of the scientific method to the investigation of relationships among natural phenomena, or to solve a medical or technical problem is known as scientific research.

     

    From the above definitions, it is prominent that, research is a systematic investigation, conducted for discovering new facts to solve a human problem.

    Definition & Top 26 Types of Research
    Definition & Top 26 Types of Research

     

    Classification of Research:

    Research could be classified into various categories based on the subject matter, research methods, source of data to be used, types of data to be used, the objective of the research, purpose of the research, scope of the research, etc.

     

    Classification based on the source of data:

    1. Primary Research: Primary research is defined as a factual, firsthand study written by a person who was part of the study. The methods vary on how researchers run an experiment or study, but it typically follows the scientific method. In other words, primary research is the original research.
    2. Secondary Research: Secondary research is defined as an analysis and interpretation of primary research. The method of writing secondary research is to collect primary research that is relevant to a writing topic and interpret what the primary research found. For instance, secondary research often takes the form of the results from two or more primary research articles and explains what the two separate findings are telling us. In other words, secondary research is conducted to explain or refer to or come up with a concluding decision by explaining primary research.

    Classification based on data analysis:

    1. Qualitative Research: Qualitative Research is primarily exploratory research. It is used to gain an understanding of underlying reasons, opinions, and motivations. It provides insights into the problem or helps to develop ideas or hypotheses for potential quantitative research. Qualitative Research is also used to uncover trends in thought and opinions and dive deeper into the problem.
    2. Quantitative Research: Quantitative Research is used to quantify the problem by way of generating numerical data or data that can be transformed into useable statistics. It is used to quantify attitudes, opinions, behaviors, and other defined variables – and generalize results from a larger sample population. Quantitative Research uses measurable data to formulate facts and uncover patterns in research. Quantitative data collection methods are much more structured than Qualitative data collection methods.

    Classification based on purpose:

    1. Theoretical Research: A non-empirical approach to research, this usually involves the perusal of mostly published works like researching through archives of public libraries, courtrooms, and published academic journals. In other words, we could state that theoretical research is research driven by curiosity or interest in a scientific question. The main motivation is to expand man’s knowledge, not to create or invent something.
    2. Applied Research: The practical approach consists of the empirical (based on testing or experience) study of the topic under research and chiefly consists of a hands-on approach. This involves first-hand research in the form of questionnaires, surveys, interviews, observations, and discussion groups. In another form, we could describe that, applied research is designed to solve practical problems of the modern world.

     

    Classification based on the objective:

    1. Exploratory Research: Research conducted for formulating a problem for more clear investigation is known as exploratory research. The primary objective of exploratory research is to explore a problem to provide insights into and comprehension for more precise investigation. It focuses on the discovery of ideas and thoughts. The exploratory research design is suitable for studies that are flexible enough to provide an opportunity for considering all the aspects of the problem.
    2. Descriptive Research: Research that explores and explains an individual, group, or situation, is known as descriptive or concluding research. It is concerned with describing the characteristics of a particular individual or group. It includes research related to specific predictions, features, or functions of a person or group, the narration of facts, etc.

     

    Classification based on the scope of research:

    1. Diagnostic Study: Diagnostic research refers to studies that aim to quantify a test’s added contribution beyond test results readily available to the physician in determining the presence or absence of a particular disease.
    2. Evaluation Study: Evaluation is the systematic acquisition and assessment of information to provide useful feedback about the outcome of a project or intervention.

     

    Classification based on the application of research:

    1. Action Research: Action research is either research initiated to solve an immediate problem or a reflective process of progressive problem-solving led by individuals working with others in teams or as part of a “community of practice” to improve the way they address issues and solve problems. It is conducted to find solutions to problems in a specific context.
    2. Educational Research: Educational research refers to a variety of methods, in which individuals evaluate different aspects of education including: “student learning, teaching methods, teacher training, and classroom dynamics”. It is conducted to develop and test educational theory and derive generalizations.

     

    Classification based on target:

    1. Problem-Oriented Research: Research conducted by the apex private sector institutions/development agencies to identify development barriers of any particular sector is known as problem-oriented research.
    2. Problem-Solving Research: Research conducted by an individual organization to solve a problem faced by it is known as problem-solving research.

     

    Classification based on the researchers:

    1. Collaborative Research: Research conducted with cross-faculty / cross-disciplinary issues is known as collaborative research. This type of research team generally includes more than one academic faculties/discipline to get the study done. Biomedical physics could be an example of such a research field.
    2. Practitioner Research: Practitioner research addresses the investigator, the setting, and the purpose. The investigator is the practitioner, in workplace settings ranging from hospitals to schools and communities. The general purpose is to better align the practitioner’s purpose with their actions. There are those who argue that practitioner research stems from a larger social justice movement within qualitative research. Even when social justice is not the sole motivating principle, an underlying commonality of purpose is the desire to improve upon and develop deeper insights into one’s practice. Practitioner research by its nature offers practitioners a voice in the research conversation.

     

    Some consider it a bridge of sorts between theory and practice, although practitioners claim a rightful place in the research continuum.

     

    Other types of research include the followings:

    1. Experimental Research: Experimental research is a systematic and scientific approach to research in which the researcher manipulates one or more variables, and controls and measures any change in other variables.
    2. Ex Post Facto Research: Ex post facto study or after-the-fact research is a category of research design in which the investigation starts after the fact has occurred without interference from the researcher. The majority of social research, in contexts in which it is not possible or acceptable to manipulate the characteristics of human participants, is based on ex post facto research designs. It is also often applied as a substitute for true experimental research to test hypotheses about cause-and-effect relationships or in situations in which it is not practical or ethically acceptable to apply the full protocol of a true experimental design. Despite studying facts that have already occurred, ex post facto research shares with experimental research design some of its basic logic of inquiry.
    3. Comparative Research: Research conducted to compare two phenomena is known as a comparative study. It could be a concurrent comparison or historical comparison between two phenomena.
    4. Historical Research: Historical research is a method of social science that examines historical events in order to create explanations that are valid beyond a particular time and place, either by direct comparison to other historical events, theory building, or reference to the present day.
    5. Ethnographic Research: Ethnography is a qualitative method for collecting data often used in the social and behavioral sciences. Data are collected through observations and interviews, which are then used to draw conclusions about how societies and individuals function or behave. In other words, we could state that it is the study of people in their own environment through the use of methods such as participant observation and face-to-face interviewing.
    6. Correlational Research: A study conducted to identify the interrelation between two or more variables is known as correlational research. It is a quantitative method of research in which you have 2 or more quantitative variables from the same group of subjects, & researchers are trying to determine if there is a relationship (or covariation) between the 2 variables (a similarity between them, not a difference between their means).
    7. Grounded Theory Research: Grounded theory is a systematic methodology in the social sciences involving the construction of theory through data analysis.
    8. Phenomenological Research: Phenomenological research study is a study that attempts to understand people’s perceptions, perspectives, and understandings of a particular situation (or phenomenon).
    9. Explanatory Research: Explanatory research is defined as an attempt to connect ideas to understand cause and effect, meaning researchers want to explain what is going on.
    10. Predictive Research: Predictive analytics/research is a form of advanced analytics that uses both new and historical data to forecast future activity, behavior, and trends. To Know More!
  • Regulatory Environment for Promoting Investment in Bangladesh

    Regulatory Environment for Promoting Investment in Bangladesh

    Regulatory Environment for Promoting Investment in Bangladesh

    Indian subcontinent inherited the British legal system since the colonial period. As a result, Bangladesh has had a very structured legal system since its inception. It has about 45 laws relevant to investment, business, trade, and commerce in various sectors. There are more than 10 policies with different incentives and supports of the government to promote private sector investment in various sectors. Existing investment, business, trade, and commerce-related laws and policies of the country could be classified into the following categories:

    Regulatory Environment (Investment-Related Laws):

    The Foreign Private Investment (Promotion and Protection) Act, 1980

    The Bangladesh Export Processing Zones Authority Act, 1980

    The Investment Board Act, 1989

    The Bangladesh Private Export Processing Zones Authority Act, 1996

    The Bangladesh Economic Zones Act 2010

    Bangladesh Investment Development Authority (BIDA) Act 2016

     

    Investment-Related Policies:

    Private Sector Power Generation Policy Of Bangladesh 2004

    Bangladesh Private Sector Infrastructure Guidelines 2004

    SME Policy Strategies -2005

    Policy Guidelines for Enhancement of Private Participation in the Power Sector, 2008

    National Tourism Policy 2009

    Renewable Energy Policy of Bangladesh 2009

    Plot Allocation Policy in BSCIC Industrial Estate 2010

    Policy and Strategy for Public-Private Partnership (PPP) 2010

    Export Policy 2015 – 2018

    Import Policy Order 2015-2018

    National Industrial Policy 2016

     

    Trade, Companies, Commercial or Mercantile Laws:

    The Contract Act, 1872

    The Partnership Act, 1932

    The Drugs Act, 1940

    The Bangladesh Small and Cottage Industries Corporation Act, 1957

    The Negotiable Instruments Act, 1881

    The Drugs (Control) Ordinance, 1982

    The Bangladesh Standards and Testing Institution Ordinance, 1985

    The Companies Act,1994

     

    Securities & Exchange Laws:

    The Securities Act, 1920

    The Securities and Exchange Ordinance, 1969

    The Depository Act, 1999

     

    Taxation, Customs & Revenue Laws:

    The Customs Act, 1969

    The Income Tax Ordinance, 1984

    The Value Added Tax Act,1991

    The Travel Tax Act,2003

    The Finance (2008-09 FY) Act 2009

     

    Banking & Financial Institution Laws:

    The Banking Companies Act, 1991

    The Financial Institutions Act, 1993

    The Money Laundering Prevention Act, 2009

     

    Regulatory Environment for Promoting Investment in Bangladesh : Regulatory Environment for Promoting Investment in Bangladesh

    Insurance Laws:

    The Insurance Act, 2010

     

    Land/Property Laws:

    The Transfer of Property Act, 1882

    The Registration Act, 1908

     

    Imports-Exports & Shipping Laws:

    The Bills of Lading Act, 1856

    The Imports and Exports (Control) Act, 1950

     

    Labor and Industrial Laws:

    The EPZ Workers Association and Industrial Relations Act, 2004

    The Bangladesh Labor Act, 2006

     

    Consumer Laws:

    The Consumer-Right Protection Act, 2009

     

    Intellectual Property Laws: 

    The Patents and Designs Act, 1911

    The Copyright Act, 2000

    The Trade Mark Act, 2009

     

    Foreign Trade & Foreign Exchange Laws:

    The Foreign Exchange Regulation Act, 1947

     

    Regulatory Environment for Promoting Investment in Bangladesh :Regulatory Environment for Promoting Investment in Bangladesh 

     

    ICT laws:

    The Information and Communication Technology Act, 2006

    The Bangladesh High-Tech Park Authority Act, 2010

     

    Public Procurement Laws:

    The Public Procurement Act, 2006

     

    Environmental Laws:

    The Bangladesh Environment Conservation Act, 1995

     

    Procedural Laws:

    The Arbitration Act, 2001

    The Artha Rin Adalat Ain, 2003 (The Money Loan Court Act 2003)

     

    Tourism Laws:

    The Bangladesh Tourism Reserved Area and Special Tourism Zone Act, 2010

     

    Fire Service Laws:

    Fire Prevention and Extinction Act, 2003

    Regulatory Environment for Promoting Investment in Bangladesh
    Regulatory Environment for Promoting Investment in Bangladesh
    Investment relevant laws and policies (Regulatory Environment for Promoting Investment in Bangladesh):

    A brief introduction about the major regulatory instruments to promote investment/business in Bangladesh could be shown as follows:

    1. The Foreign Private Investment (Promotion and Protection) Act, 1980: This is a revolutionary act for facilitating and promoting foreign investment in Bangladesh. This act was adopted on 1st April 1980 by the government of Bangladesh. The main objective of this act was to provide promotion and protection of foreign private investment in Bangladesh. This act allowed a foreign entity to development of capital, technical, and managerial resources of Bangladesh; discovery, mobilization, or better utilization of the natural resources. It resulted in the strengthening of the balance of payment in Bangladesh; increasing employment opportunities in Bangladesh; and the economic development of the country.

     

    1. The Bangladesh Export Processing Zones Authority Act, 1980: This is another first-generation act while the government shifted its direction from a state-owned socialism motive towards a free market economy and private sector development policy. This act was adopted on 26th December 1980. It was formulated to establish the Bangladesh Export Processing Zones Authority (BEPZA). BEPZA is responsible for the creation, development, operation, management, and control of export processing zones (EPZ) and for matters connected therewith. EPZ is a name of success in Bangladesh to attract foreign investment and increase the export / international trade of the country.

     

    1. The Investment Board Act, 1989: This act was adopted on 2nd March 1989 to establish the Board of Investment. The objective of the Board of investment was to inspire investment in the private sector and organize investment-related logistic support for the promotion of the private sector. Primarily the Board of investment was attached to the Ministry of Industries and later on it was looked after by the Prime Minister’s Office. There is criticism in the market that the Board of Investment failed to perform its duty as per expectation. But it has had many successes as well. Very recently this Board of Investment has been abolished by the government and created a new entity titled Bangladesh Investment Development Authority (BIDA) under the Bangladesh Investment Development Authority (BIDA) Act 2016. The Bangladesh Investment Development Authority (BIDA) is the principal private investment promotion and facilitation agency of Bangladesh. The act is created on September 01, 2016. The act mandated BIDA for providing diversified promotional and facilitating services with a view to accelerating the industrial development of the country.

     

    1. National Industrial Policy 2022: The government of Bangladesh adopted the latest industrial policy in 2022 titled ‘National Industrial Policy 2022’. This policy emphasized the aim of increasing the contribution of the industrial sector to the gross domestic product to 40 percent by 2027 by enhancing skills, productivity, and generating employment. The policy also focused on the establishment of diversified export-oriented industries, creating a conducive environment for the cottage, micro, small, and indium industries and attracting more local and foreign investment in the country. An action plan with a five-year timeframe has been included in the industrial policy to develop dynamic and efficient manufacturing and service industry.

     

    1. SME Policy 2019: The government of Bangladesh adopted the latest SME Policy Strategy in 2019. This SME policy has 11 strategies based on six broader areas — human resource development, business development services, access to finance, transfer of technology, cluster-based SME development strategy, and access to marketing and information. The policy emphasizes extensive SME Development activities. It is dedicated to building a sustainable, environment-friendly SME sector and has underlined the4 need for creating necessary cluster and infrastructure development. Accordingly, different financial and non-financial supports would be provided to women entrepreneurs for their development.
    Regulatory Environment for Promoting Investment in Bangladesh :Regulatory Environment for Promoting Investment in Bangladesh 
    1. The Export Policy 2021 – 2024: The Export Policy 2021-2024 was adopted by the government of Bangladesh on 28th February 2022. This policy aims to almost double Bangladesh’s export earnings to $80 billion from $45 billion within the period by facilitating shipments of diversified, non-traditional goods and labor-based products. It focused on increasing the productivity of the export-oriented sector, ensuring the quality of exportable products at competitive prices, diversification of export items and market destinations, special attention to ICT-based and service export, selecting a priority list, selecting one focal point in all Bangladeshi embassies in abroad, activating commercial wings of the embassies to build commercial relations with respective countries in order to increase export of Bangladesh.

     

    1. The Import Policy Order 2021 – 2024: The Import Policy Order 2021 – 2024 of Bangladesh was adopted by the government on 24th April 2022. This policy focused on controlling imports of Bangladesh to ensure the quality of imported products (allowed), control the import of conditionally importable products, and import procedures. It contains seven chapters, these are general provisions for import, special directives to import, Industrial Import, policies and directives for commercial import, import by the government, and a chapter on the Import Trade Control (ITC) Committee which looks after disputes between an importer and the Customs Authority on ITC classification or description of goods imported under First Schedule of Customs Act. Therefore it is an order with mandatory implementable power like an act.

     

    1. The Bangladesh Small and Cottage Industries Corporation Act, 1957: The Bangladesh Small and Cottage Industries Corporation (BSCIC) act was adopted during the Pakistan regime on 21st May 1957. The main objective of this act was to establish a Corporation for the purpose of promoting the development of small and cottage industries in the country. BSCIC played a very significant role in the promotion and development of cottage, micro, and small industries in Bangladesh. There are 79 BSCIC industrial estates established by the organization that planted the root of industrialization in the country. BSCIC is working to develop, promote, and further the cottage, micro, and small industries of Bangladesh. They are providing all sorts of industrial logistics in BSCIC industrial estates. SCITI is operating entrepreneurship development training for new and potential entrepreneurs throughout the year.

     

    1. The Bangladesh Standards and Testing Institution Ordinance, 1985: The Bangladesh Standards and Testing Institution (BSTI) Ordinance was adopted on 25th July 1985. The main objective of this act was to establish an Institution for standardization, testing, metrology, quality control, grading, and marking of goods. Standardization and ensuring the proper quality of products is a very important issue for the safety of life and wealth. Ensuring world-class quality is the most significant criterion of a product to enter the export market. Therefore the strong capacity of BSTI could play a vital role in maintaining safety and product quality in the domestic market as well as ensure quick growth of export.

     

    1. The Companies Act, 1994: The government of Bangladesh adopted the companies act on 12th September 1994. This is the bible of a joint stock limited companies, associations, and NGOs operating in Bangladesh. Actually, this is the compiled and updated version of a few older acts related to the companies and other associations. This is the guiding principle of incorporating, managing, day-to-day operation, profit sharing, sustaining, or dissolution of all sorts of companies in Bangladesh. It is a safeguard for investors and a guidebook for operating companies and associations in Bangladesh. It controls registration, classification, MoA & AoA management, the role of the directors, transferring of ownership, and possibly all types of circumstances to operate companies are covered in this act in detail.
    Regulatory Environment for Promoting Investment in Bangladesh :Regulatory Environment for Promoting Investment in Bangladesh 
    1. The Drugs (Control) Ordinance, 1982: The drugs (control) ordinance was adopted by the government of Bangladesh on 12th June 1982. The main objective of this ordinance is to control the manufacture, import, distribution, and sale of drugs. Therefore it is a sector-specific ordinance and guidebook for the pharmaceuticals industry of Bangladesh. Pharmaceutical is one of the major contributory sectors of Bangladesh by starting its journey in 1982. Currently, Bangladesh is almost self-sufficient in medicine. Bangladeshi pharmaceutical companies are exporting their world-class products to 107 countries, including Germany, the USA, France, Italy, the UK, Canada, the Netherlands, and Denmark, etc.

     

    1. The Contract Act, 1872: This is one of the oldest acts enacted during the British period on 25th April 1872. This is the legal framework related to signing, managing, and dissolution/void of contracts. This act is practiced by most of the commonwealth states. Therefore it is a universal type of act.

     

    1. The Partnership Act, 1932: This is another inherited act practiced by Bangladesh by the British colonial regime. This act was enacted on 8th April 1932. The main objective of this act is to define and direct to manage the rules relating to partnership.

     

    1. Taxation, Customs & Revenue Related Laws: Bangladesh’s revenue sector is operating and controlled under four acts and one ordinance. These are the Customs Act 1969, The Finance (2008-09 FY) Act 2009, The Income Tax Ordinance 1984, The Travel Tax Act 2003, and The Value Added Tax Act 1991.

     

    1. Intellectual Property Rights Related Laws: Bangladesh has three separate acts related to copyright, patent, and trademark titled the Copyright Act 2000, the Patents and Designs Act 1911, and the Trade Mark Act 2009 to protect all sorts of intellectual rights of the innovators.
    Regulatory Environment for Promoting Investment in BangladeshRegulatory Environment for Promoting Investment in Bangladesh :

    The government of Bangladesh has already reformed many laws and policies to improve the Regulatory Environment for Promoting Investment in Bangladesh. To Know More, Please Click Here!

  • Best Career Development Tips for 100% Success

    Best Career Development Tips for 100% Success

    Best Career Development Tips for 100% Success

     

    A career is a sequence of work-related experiences, skills, and achievements that a person builds up over time. It is a long-term pursuit of a particular profession or field of work that provides a person with a sense of purpose, fulfillment, and financial stability. We will discuss on best career development tips to prepare you for the upcoming competitive job market in tomorrow’s world.

    A career typically involves setting and achieving career goals, such as acquiring new skills, gaining experience, and advancing to higher positions within an organization. It also involves developing a personal brand, building a network of professional contacts, and maintaining a strong work ethic.

    The concept of career development has evolved, and it is no longer limited to working for a single organization or in a single industry. Many people today pursue careers that span multiple industries, professions, and even countries.

    The objective of this article is to provide the best Career Development Tips to guide you into solid career planning, preparing you with relevant skills, networking, and career development tips, and tricks.

     

    Career Development:

    Career development refers to the process of acquiring the skills, knowledge, and experiences necessary to achieve one’s career goals. It involves a deliberate and continuous effort to enhance one’s professional growth and achieve personal fulfillment in their chosen career.

     

    There are various stages involved in career development, including exploration, establishment, maintenance, and disengagement. During the exploration stage, individuals seek to gain an understanding of their interests, strengths, and values, and explore different career options that align with their goals. In the establishment stage, individuals take steps to launch their careers and gain experience in their chosen fields. The maintenance stage involves continuous learning and growth to advance in one’s career, while the disengagement stage may involve transitioning to a new career or retirement.

     

    Career development can be facilitated through a variety of methods, such as formal education and training, mentorship, networking, and career counseling. Individuals need to stay up-to-date with industry trends, build a professional network, and continuously develop new skills to remain competitive and advance in their careers.

     

    Overall, career development is an ongoing process but 95% of Bangladeshi students thought it is nothing more than academic lessons, they don’t recognize that it requires planning, self-reflection, and a willingness to adapt to changing circumstances. It is a crucial component of personal and professional growth and can lead to greater job satisfaction and financial success. Therefore  Career Development Tips can make you aware of the process.

    Best Career Development Tips for 100% Success
    Best Career Development Tips for 100% Success

    Preparations for Career Development:

    Preparing for career development involves several key steps that individuals can take to enhance their skills, knowledge, and experience. Here are some important preparations for career development:

    1.  Identify your goals: It is essential to identify your career goals and create a plan to achieve them. Determine what skills, knowledge, and experiences you need to gain to reach your desired career path.
    2.  Self-reflection: Engage in self-reflection to understand your strengths, weaknesses, values, interests, and motivations. Knowing these factors can help you choose a career that aligns with your interests and passions.
    3.  Continuous learning: Continuously seek opportunities to learn and develop new skills. Take courses, attend workshops, and seek mentorship opportunities to enhance your knowledge and skills.
    4.  Networking: Build a professional network by attending events, joining professional organizations, and connecting with people in your field. Building a network can provide you with valuable insights, resources, and potential job opportunities.
    5.  Gain experience: Seek opportunities to gain experience in your chosen field, such as internships, volunteering, or part-time work. This can help you gain practical experience, develop new skills, and build a network of contacts.
    6.  Stay current: Stay up-to-date with industry trends, technologies, and best practices. Read industry publications, attend conferences and webinars, and engage in professional development activities to remain current in your field.

    By following these tips for career development, individuals can position themselves to pursue their career goals and achieve personal and professional success.

     

    Career Development Options:

    There are several career development options available to individuals looking to enhance their skills and advance in their careers. Here are some of the most common options:

    1. Formal education: Pursuing formal education, such as a degree or certification program, can provide individuals with the knowledge and skills needed to advance in their careers. This option can also help individuals stay current with industry trends and best practices.
    2.  On-the-job training for Career Development: Many organizations offer on-the-job training programs to help employees develop new skills and advance in their careers. This can include mentorship opportunities, job shadowing, and cross-functional training.
    3.  Professional development programs: Professional development programs, such as workshops, seminars, and conferences, provide individuals with opportunities to learn new skills, network with peers, and stay up-to-date with industry trends.
    4.  Career coaching: Career coaching provides individuals with guidance and support to help them identify their career goals and develop a plan to achieve them. Career coaches can help individuals navigate career transitions, develop job search strategies, and enhance their professional skills.
    5.  Mentoring for Career Development: Mentoring provides individuals with the opportunity to learn from more experienced professionals in their field. This can include guidance on career development, feedback on job performance, and insights on industry trends.
    6.  Career Development Relevant Self-learning: Individuals can also pursue self-directed learning opportunities, such as reading industry publications, taking online courses, or joining professional groups. These options can help individuals stay up-to-date with industry trends and develop new skills on their own time.

     

    Career Development Tips:

    Here are some career development tips that can help individuals enhance their skills, knowledge, and experience, and advance in their careers:

    • Set clear career goals: Identify your long-term career goals and create a plan to achieve them. Make sure your goals are specific, measurable, achievable, relevant, and time-bound (SMART).
    • Seek feedback: Regularly seek feedback from your supervisors, peers, and mentors. This can help you identify areas for improvement and enhance your job performance.
    •  Build a professional network: Networking is critical to career development. Attend industry events, join professional organizations, and connect with peers and mentors in your field to expand your professional network.
    •  Continuously learn and develop new skills: Stay up-to-date with industry trends and best practices by pursuing formal education, attending training programs, and engaging in self-directed learning opportunities.
    •  Take on new challenges: Seek out new challenges and opportunities to expand your skills and knowledge. This can include taking on new projects, volunteering for cross-functional teams, or pursuing job rotations.
    •  Communicate effectively: Developing strong communication skills, both verbal and written is also important for career development. to effectively convey your ideas and build relationships with colleagues and clients.
    •  Maintain a positive attitude: Maintaining a positive attitude, even during difficult times, can help you build resilience and demonstrate your commitment to your career.
    •  Seek mentorship: Identify mentors in your field who can provide guidance and support as you navigate your career. This can help you gain valuable insights and develop new skills for your career development in the same field.

    By following these career development tips, individuals can enhance their skills, knowledge, and experience, and position themselves for long-term career success.