Not confined to Bangladesh alone, the political landscape is currently heated, especially with the impending 12th National Parliament election. The United States and its allies are backing the opposition in Bangladesh for their own interests, aiming to exert pressure on the government and instigate fears of potential sanctions. Many Bangladeshi citizens are expressing concerns over this support.

The case of Iraq serves as a stark example of the severe consequences such interference can bring. Despite Iraqis initially inviting US involvement during the invasion, they continue to bear the repercussions today. While differing political opinions are expected, our primary concern lies in the best interests of Bangladesh. The opposition and their support groups' efforts to impose a ban on the country for political gain are deemed unacceptable.

Given that the majority of Bangladesh's population comprises working individuals, any substantial restriction on the country could lead to a breakdown of our economy and hinder progress toward becoming a developed nation. Such restrictions would inevitably result in suffering for all citizens of our country.

In this critical political situation, I would like to emphasize that everyone must exhibit patience for the long-term interest of our country. Bangladesh's traditionally dominant political parties need to engage in dialogue for the sake of the state. Economically, we find ourselves in a dire situation. Our reserve amount is diminishing, partly due to the global recession, and we are grappling with various unfair US policies. To navigate this, as citizens of a industrious nation, our primary focus should be meeting our basic needs and ensuring their security.

Economical Diversification: Given our economic dependency on a single sector, namely RMG (readymade garments), it is imperative to diversify the economy. The primary objective is to ensure the economic security of our people. Diversification shields our country’s backbone from potential economic sanctions by other nations. This approach brings dual benefits—elevating both the economy and the security of our citizens while bolstering the strength of our nation. India serves as a noteworthy example, strategically avoiding sole dependence on any single country for exports, especially in pharmaceuticals and refined oil trade.

Diversifying the economy doesn't imply excluding the RMG sector; instead, we should enhance its quality and explore non-Western markets for exports. Government initiatives to establish economic zones for foreign investment are underway, and if the state invests substantially, larger industrial zones can be developed. This not only ensures employment for a significant portion of our population but also injects diversity into our country's economy. Furthermore, it is essential to develop good governance and accountability systems across various state sectors, enabling our citizens to meet their needs effectively.

Unity is paramount for the survival of any country, and I earnestly call upon every brother and sister of our nation to work together, prioritize our country, and take proactive steps. In addition, I appeal to higher state officials to pay special attention to these matters and take action. Incorporating this proposal into future plans, such as Vision-2041, is crucial for the sustainable development of our country.

Suggested Citation: Mahdi, T. (2023, December 1). Driving Growth: The Imperative Need for Diversification in the Bangladeshi Economy. Available at: Sites.google.com/view/t-mahdi/articles-and-reports/why-are-there-delays-in-bangladeshs-research-and-development-in-the-space