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IN PERSUASION OF ECONOMIC DEVELOPMENT - OPTIONS FOR BANGLADESH

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IN PERSUASION OF ECONOMIC DEVELOPMENT - OPTIONS FOR BANGLADESH

“We just have the will and determination. We will not only survive, we will

prosper.”

- S. Dhanabalan INTRODUCTION

1. Bangladesh with all the potentialities is not prospering like many other

countries liberated during same era. Singapore, a tiny island state, got

independence from Malaysia in 1965 and now is a developed nation. Their

journey from third world to first world was not that smooth. Visionary leadership,

strong determination and instinct for survival had helped in materializing this

dream. Singapore could identify correctly that, economic development is the pivot

of all development activities and is successful in attaining that goal. After more

than three decades, Bangladesh is still struggling as a under developed country.

2. There are many similarities between Bangladesh and Singapore in respect

of the situation that prevailed after the liberation of these two countries. Till now

Bangladesh could not overcome those barriers in what Singapore was

successful. While studying the national aim, interests and objectives a question

came automatically, why Bangladesh is still a developing nation? To address this

issue a comparative study is carried out highlighting some of the similar situations

faced by Bangladesh and Singapore to find out the options that may be adopted

for economic development of Bangladesh.

AIM

3. The aim of this paper is to analyze the common problems faced by both

Bangladesh and Singapore and recommend the options open for Bangladesh.

ANALOGY BETWEEN BANGLADESH AND SINGAPORE

Visionary Leadership 4. Bangladesh is passing through a very critical stage in terms of political

situation. Absence of healthy political culture deprived Bangladesh from attaining

many benefits of the developed world. Singapore also faced intense political

turmoil along with Poverty, and lawlessness. Visionary leadership of Singapore

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took quick and decisive actions to overcome all those difficulties. All political

agendas were directed towards economic development of the nation. Bangladesh

is yet to take adequate measures in this area. A stable political environment,

appropriate national policy and its implementation will provide a strong foundation

for other development activities that a nation require.

5. Nations with strong determination can pursuit its goal provided a visionary

leadership works behind it. In the quotation above S. Dhanabalan, one of the

senior economists of Singapore expressed his nation’s strong will for its

prosperity and survival. Today’s Singapore is the product of that determination.

Government and the people of the country could materialize that. For Bangladesh

such determination is required for the development of the country. A leader with

vision, judicious political judgment and strategy can lead a nation towards

prosperity.

Economic Objectives 6. Bangladesh government is trying to manage its economic policies with

little success. For the economic development the leadership of Singapore looked

towards the developed world. Singapore leadership was out to convince the

investors that Singapore was a safe and subtle country to invest their capital.

Laws were amended to guarantee the preservation of the property of foreign

investors. At the same time the barriers to commerce such as corruption and

labour unrest were removed.

7. Singapore realized that it had to establish financial credibility to win the

trust of international investors. To avoided inflation, devaluation, Singapore

government was careful to priorities it’s economic planning and implemented

those in stages over a period of time. Bangladesh also needs to ensure a secure

and sustained environment for gaining the confidence of the investors. Problem

regarding labour unrest must be identifies and appropriate measures should be

taken to solve those problems.

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Human Resources Development 8. Singapore’s economic success was also augmented by the importance the

government has attached to the development of Singapore’s human resources.

National trade union congress set up technical schools and paid foreign

corporations to train unskilled workers for higher paying jobs in electronics, ship

repair and petrochemical. Creation of a healthy business environment along with

the government incentive in economic sector attracted foreign investments.

Trained manpower also acted as force multiplier.

9. It is well recognized that the people of Bangladesh is hard working.

Bangladesh can attract multinational companies to train the manpower for their

employment. Cost of training can be shared by our government. This way the

companies will also get interest and it will serve the long term goal.

OPTIONS FOR BANGLADESH

10. As an independent nation Bangladesh has crossed thirty seven years

without significant development. From the analogy in earlier paragraphs, it can be

stated that, a fresh beginning is possible. Selection of some specific objectives

and their strong implementation will pave the way for development and stability.

The options opened for Bangladesh may be as follows:

a. Bangladesh needs visionary leadership. A leader, with his

pragmatic vision will implement the policies focusing towards the

development.

b. For economic development foreign investors should be attracted to

invest in Bangladesh. Terms and conditions for the investments should be

clear and competitive. A secure environment must be ensured so that

investors feel safe to invest in long term projects. This intern will benefit

the country.

c. Multinational companies and the government can jointly arrange the

training of manpower on cost sharing basis. Long term goal should be set

to train the manpower in specific sectors which in tern will contribute to

economic development.

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d. For a sustained development Bangladesh needs to ensure political

stability. A stable political platform is prerequisite for economic

development.

e. Corruption is impeding the development of the country. Appropriate

countermeasure can control this to a significant level. If the corruption is

controlled then its effect will be felt in the economic sector.

CONCLUSION

11. Economic development is prerequisite for a nation in present era. A nation

must pursuit its economic objectives by all means available with it. National

objectives are interrelated and attainment of economic objectives will have

influence over other objectives like political, diplomatic, military and social etc. In

order to ensure the national security and well being of the people a visionary

leadership with strong determination in implementing the national aim is

essential.

12. In the development process of a nation political stability plays a vital role.

Barriers toward stability must be identified and appropriate legal steps to be taken

against it. Foreign investment should be encouraged to compensate our limited

resources. Development of human recourses must get the priority to meet the

future demands. Controlling the corruption will also contribute in sustained

economic growth. Implementation of all these will help Bangladesh in stepping

towards a sanguine era.

References not added with this paper. @ Written and edited by, Hasan Md Shamsuddin, 2008.