Bangladesh is relatively a new country located in South Asia. Previously known as East Pakistan, Bangladesh achieved independence from Pakistan after a bloody Liberation War in 1971. In that war Bangladesh lost 3 million of its people and had to sacrifice in many more ways to achieve final victory and independence. Bangladesh started journey as a new country on December 16th, 1971 after Pakistan occupational army surrendered to Bangladesh-Indian joint forces.
Within couple of decades of its independence Bangladesh has done tremendous improvement in various socio-economic field. In this regard Bangladesh has become a role model for many countries. Bangladesh termed as “The Next Asian Tiger” by many has experienced average GDP growth rate of 6 percent over the past decade. World Bank has upgraded Bangladesh to “Lower Middle-Income Country” in the year 2015, due to remarkable socio-economic developments under the dynamic leadership of the current Prime Minister Sheikh Hasina, daughter of the Founding Father of Independent Bangladesh, Bangabandhu Sheikh Mujibur Rahman.
Bangladesh exports many traditional and non-traditional item. Major export items include garments, jute and jute goods, frozen fish, leather and leather goods, pharmaceuticals, plastic, furniture, ceramics, light-engineering products, agricultural products such as vegetables and fruits and handicraft products. In the FY 2015-16, Bangladesh made an earnings of US$34.24 billion against it’s export which was an increase of 9.72 percent over the previous year.
Approximately, 10 million expatriate Bangladeshis lives abroad. In the FY 2016-17, they have send nearly about US$12 billion, in foreign currency to their families back at home which acts as a catalyst for the economy of the country.
At the end of June 2017, foreign currency reserve of Bangladesh stood at US$33.49 billion which is second among South Asian Association for Regional Countries (SAARC), that too only after India.
In recent years, current Government has under taken exemplary large projects across the country to boost overall economic activities of Bangladesh. A few of the large projects are the Padma Bridge, Rooppur Nuclear Power Plant, Paira Sea Port, Coal Fired Large Power Projects at Matarbari and Rampal, Metro Rail and LNG terminal.
Bangladesh once termed as “the bottom less basket” has turned around within a couple of decade of its independence and today is giving tough competitiveness to many leading economies of the world. Each day entrepreneurs big and small are coming up with new ideas, concepts, products or services to compete with the outside world.