Bangladesh is likely to be the biggest mover in the global GDP rankings in 2030, becoming the 26th largest economy in the world from 42nd last year, according to the latest HSBC Global Research report.
The report — The World in 2030: Our long-term projections for 75 countries — showed Bangladesh’s economy would jump 16 notches, the highest by any country between 2018 and 2030. Bangladesh is now the world’s second largest apparel exporter after mighty China, and its entrepreneurs have achieved that with imported machineries and raw materials.
The country exported $36.6 billion worth of goods in fiscal 2017-18, in contrast to Pakistan’s just $23 billion.
The income and value-added tax rates may be cut in the national budget for the upcoming fiscal year, an adviser to the prime minister said.
In Bangladesh, both the VAT and income tax rates are higher than those in other countries, Salman F Rahman, the private industry and investment adviser, said.
He was speaking at the unveiling of Sammilito Babosayee Parishad, a panel for the upcoming biennial election of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), at International Convention City Bashundhara in Dhaka on Sunday night.
The global association of GSM mobile operators ‘GSMA’ has recognised Grameenphone as one of the first telecom operators in South Asia and the first operator in Bangladesh to introduce the NB-IoT network, which puts Bangladesh and Grameenphone on the world IoT map, said a press release.
Narrow Band Internet of Things (NB-IoT) is a cutting-edge communications technology that facilitates the connection of millions of everyday appliances, like waste bins and power meters, all over the country.
NB-IoT is far more energy efficient and uses a fraction of the bandwidth compared to regular 4G communication which means, meters installed in pipes or drains, or parking sensors placed in the basement of car parks, are easily connected with the network, the release said.
Dhaka Chamber of Commerce and Industry (DCCI) yesterday urged Chinese entrepreneurs to come up with investment in Bangladesh’s machineries manufacturing sector.
DCCI made the call as an 11-member delegation from Yunnan Province met with its President Osama Taseer at DCCI office in the capital, said a press statement.
Mentioning Yunnan Province as one of the largest machineries manufacturers in China, Osama Taseer invited entrepreneurs of this sector to invest in Bangladesh.
“Technology transfer and skill development will help Bangladesh to make diversification in its promising sectors,” he added.