NEW YORK: Terming Bangladesh a hidden economic gem, United State said that Bangladesh will be one of the world’s 11th emerging economies over the next decade.
The US came up with observation in a report published in the State Magazine, by the U.S. Department of State in Washington.
The report as follows……
“Dhaka threatens to overwhelm the senses of a new arrival: the colors, sounds and aromas of the ubiquitous street food stalls; the call to prayer; the thousands of people walking hurriedly through the streets; the sounds of trucks, bikes, horns and rickshaws.
And if you happen to arrive during the summer monsoon months, there’s the rain: heavy, hard, refreshing monsoon rain. The air instantly fills with the smell of washed dust and summer, and everything quickly cools.
But the new arrival is not overwhelmed, thanks to the uniquely warm and encompassing Bengali welcome perfected in Bangladesh. There is a smile on every face.
The world’s seventh most populous country and third-largest Muslim-majority nation, Bangladesh won independence from Pakistan in December 1971 after a short but traumatic war.
In the years immediately following independence, the country endured staggering poverty, relentless political turmoil and assassinations as it struggled to democratize.
Gradually, Bangladesh has emerged as a moderate, secular democracy of 153 million people that offers an alternative to violent extremism and can promote regional stability in South Asia.
The nation’s domestic politics remain contentious, however. Following two years of military rule, Bangladesh’s 2008 general elections brought Sheikh Hasina’s Awami League party to power. The next elections were to take place in January.
Economic Development
Some would call Bangladesh a hidden economic gem. Its economy has grown 5-6 percent per year for the past two decades, driven by a competitive labor force that has fueled steady growth in ready-made garment (RMG) exports and remittances. This growth, supported by engagement with the United States and other development partners, has contributed to remarkable progress in reducing child mortality and addressing population growth, primary school enrollment and food security. The economy has the potential to grow even more rapidly over the next decade, and is included among Goldman Sachs’ “Next 11” emerging economies.
Bangladesh is the world’s second-largest RMG exporter; the
$20 billion sector accounts for three-quarters of total exports and employs more than 3 million workers, mostly women. With its large pool of low-cost labor, Bangladesh is well positioned to benefit from a shift in manufacturing due to rising wages in China. In the wake of the garment factory disaster that claimed the lives of more than 1,000workers, stakeholders are striving to enhance workers’ rights and improve fire and structural safety.
With bilateral trade at nearly $5.5 billion in 2012, the United States is Bangladesh’s largest single export market, its leading source of investment and its third largest source of remittances behind Saudi Arabia and the United Arab Emirates. U.S. firms such as Boeing, Chevron, GE and ConocoPhillips are keen to expand business with Bangladesh. Walmart and other retailers source much of their apparel from Bangladeshi producers.
The recently signed U.S.-Bangladesh Trade and Investment Cooperation Forum Agreement creates opportunities to expand trade and investment and improve Bangladesh’s regulatory environment.
Former Secretary of State Hillary Clinton’s May 2012 visit to Dhaka underscored the strategic importance of the U.S.-Bangladesh relationship.
She and Foreign Minister Dipu Moni signed the Partnership Dialogue agreement, which was followed by an inaugural bilateral meeting in Washington in September 2012. In the second annual Partnership Dialogue in
Dhaka in May 2013, Under Secretary Wendy Sherman and the U.S. delegation engaged the Bangladesh government on democracy and governance, trade and investment, security cooperation and regional integration. The Private Sector Forum, a new addition to the Partnership Dialogue, was a success, with representatives from U.S. companies meeting with Bangladeshi counterparts on trade and investment, energy, regional integration and labor issues.
Civil Society and Social Development
Bangladesh’s vast, varied and vibrant civil society has been a hallmark of the country since independence.
The country hosts the largest number of NGOs in the world. It is the birthplace of the world’s largest development operation, which provides health, education, microfinance and banking solutions in Asia, Africa and the Caribbean. In 1976, in rural Bangladesh, Nobel Laureate Professor Mohammad Yunus founded
Grameen Bank, which is synonymous with the concept of microcredit worldwide.
Bangladesh is a focus country for the president’s four major global initiatives—Feed the Future, the Global
Health Initiative, Global Climate Change and Engagement with the Muslim World. USAID’s Bangladesh operation, with a fiscal year 2013 budget of about $200 million, is one of its largest.
Inspired by traditional Mogul architecture, the U.S. Embassy sits in the heart of the Dhaka diplomatic zone, close to most mission residences.
Approximately 130 direct-hire employees work for the Department of State; USAID; the departments of Justice, Defense and Agriculture; the Centers for Disease Control and Prevention; the Library of Congress; and a Marine Security Guard detachment. Canteens serve a great variety of local and international cuisine for breakfast and lunch, and the commissary is well.
Community morale is boosted by an American Club with a swimming pool, tennis courts, a squash court and a restaurant. Life in Bangladesh is very affordable, and most embassy households employ a housekeeper, nanny and driver.
Dhaka boasts an outstanding American school. Located close to the embassy, the American International School of Dhaka has art studios, music rooms, several gyms, a heated pool, a 350-seat theater and basketball and tennis courts. Extracurricular activities include charitable work with local underprivileged communities.
Bangladeshis love to entertain on a large scale, and there always is a reception, fashion or art show or some other celebration in Dhaka. The area surrounding the diplomatic zone boasts a plethora of expatriate clubs.
Mission staffers often vacation in neighboring countries, including India, Nepal, Bhutan, Burma, Sri Lanka,
Thailand, Malaysia and the Maldives.
Serving in Dhaka, a 30 percent differential post, is professionally
engaging and socially fascinating. Many mission members have returned for a second and even third tour.
The constantly evolving political climate and rapidly expanding economy provide the context for political and economic reporting. Consular and management officers deal with a range of duties, and the public affairs section oversees an extensive portfolio of cultural and academic exchange programs.
The mission hosts four American Corners and the innovative Edward M. KennedyCenter for Public Service and the Arts in Dhaka’s booming cultural district of Dhanmondi. Boasting the fourth most popular embassy
Facebook page in the world, Mission Dhaka uses social media to reach out to Bangladesh’s vibrant online community.
With so many opportunities for professional development, socializing and travel, serving in Bangladesh is certainly rewarding.”
BDST: 1110 HRS, FEB 06, 2014
