Bangladesh Economy and Industrial Revolution

After the Independence in 1971, during the last five decades Bangladesh has been changing from inside with industrial revolutions. The bottomless basket (!!!) is now breaks all the previous records through the wheel of RMG ready-made-garment sector, Ship, Cars, Cement, Paper, Medicine, Footwear, Steel to billet and other various industries in the country. Thousands of crores has been invested and still investing in these sectors. Cottage industries of the 1970s and the small and medium industries of the 1980s are being replacing with new industrial set up in Bangladesh. The economy is moving to the new heights.

RMG:

The low-cost ready-made garment is the main source of Bangladesh's export earnings. Some environment-friendly new green RMG factory is being built; as a result big investment in clothing sector is coming. The Green Building Council of the United States has recognized the world's top 10 green factories across the globe, and the Good NEWS is among these, seven factories are from Bangladesh including the first, second and third one. These factories are being manufacturing high quality clothing and denim products. Due to the decline of China, Bangladesh has taken the top position in the European denim market.

Power:

Over a decade ago, some foreign companies had the absolute dominance of big power projects in the power and energy sector of Bangladesh. But time has changed; some of renowned domestic industry is coming forward with such investments. Bashundhara Group, one of the largest industrial groups in the country, has taken initiatives to set up the largest fuel oil refinery plant in Sitakunda, Chittagong. If this project is implemented then it will be possible to provide 80 percent of the country's fuel supply.

Steel:

At present there are about BDT 35 thousand crores of investment is in the country's steel industry sectors. One of the major industrial groups of the country PHP Family came forward to increase this investment. PhP Steel Works Limited will set up steel plants in about 440 acres of land in Mirsharai Economic Zone. The company has taken an initiative to invest around $ 400 million in steel factory. McDonald Steel Building Products, another steel company in the country, is coming with big investment in this sector. They will jointly invest around $ 59.19 million with Japan's Nippon Steel and Sumitomo Metal, the world's third largest steel producer.

In addition to steel, the expansion of billet industry is also being done in the country. Entrepreneurs have set up new factories in this sector due to the power crisis has solved. Now the factories of manufacturing Rod and Rod-related products themselves such as billet from old iron. In 1996, the BSRM Group formed the largest factory in the country for manufacturing billets. The group now produces about 18 lac metric tons of billet annually.

Leather Goods:

At present, about 30 large shoe factories have been established in the country's export processing zones (EPZs). Young One has set up the largest shoe factory in the country. Besides, Apex footwear is also exporting to international market by meeting the country's local demand. By 2021, export targets from leather footwear and other related products have been estimated to be about 5 billion dollars. Currently income is more than $ 1 billion.

Ship Building Industry:

Ship building industry in private sector has moved forward in last one or two decades. Industrialized countries like Spain, France and Italy are also coming to Bangladesh to build bigger ships. Through the export of quality standard goods in different parts of the world, the Shipbuilding Industry of the country earns $ 150 million foreign currency in last five years by exporting 27 ships. Currently there are more than 10 shipyards in the country who are able to build international standards and high-tech ships.

Car & Bike:

Honda, one of Japan's largest car and motorbike manufacturing companies, has set up factories to invest in Bangladesh. Honda has built their bike manufacturing unit in Abdul Monem Economic Zone near Daudkandi Bridge beside Dhaka – Chattogram National Highway. Apart from these foreign companies, local companies such as Walton and Runner have earned their reputation in the electronics and automobiles industry. Walton's electronics products are now being exported to foreign countries beyond the boundaries of the country. Bangladeshi motorcycles made of domestic brand runner automobiles are now being exported to the neighboring country Nepal. Runner brand motorcycle can also be seen in African countries very soon.

By seeing Bangladesh's potential in the automobile industry, the world's renowned car (private car) maker Malaysia's Proton-Saga has set up factory in Chittagong. Mahindra, another car manufacturer in India, is planning to set up their factories in Bangladesh. Apart from this, world famous companies like China's Geely, Iran's Saipa, India's Tata, Bajaj, are also interested in setting up automobile manufacturing unit in Bangladesh.

Drugs & Medicine:

World-class medicine is not available anywhere at such a low price. Bangladesh has recently made a new history by exporting drugs to the US market. Beximco Group and Square Group's medicines are now going on in the European-American market after passing the international standard examinations. Vice Chairman of Beximco Group and Prime Minister's Private Sector Advisor Salman F Rahman recently said in an event, the domestic market of pharmaceutical industry is around BDT 17,000 Crores and the international market is more than BDT 2,200 crores. Drugs are exported to 144 countries in the country by meeting 98 percent of the country's demand.

From small and medium to large industries, all sectors are being developed in the equality. At present, there are at least 20 large private industrial groups in the country who have earned investment capacity of BDT 10 to 25 thousand Crore in any big project. There are at least 100 top business men, who have changed the country's trade and commerce. Due to the available of cheap labor, markets of nearly 16 million people and the increase in income of the people of the country; China, Japan, some Middle East and Europe companies are interested in setting up heavy industries in Bangladesh. Recently a royal delegation from Saudi Arabia has shown interest in investing around $ 30 billion in various sectors, including power plants, fertilizer, food processing, chemical factories, hotel-motel and tourism sector of Bangladesh.

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