Bangladesh is one of the most attractive nations in the South-east Asia region where the foreign companies can easily expand their business having some infrastructural problems. However, such problems need some time to cover up these inabilities within some years. On the global economic radar, Bangladesh has long been overshadowed by its larger neighbor in the region, India. However, with a population exceeding 160 million, Bangladesh has been steadily building its economic strength and is now emerging as an attractive frontier growth market in South Asia. This presents a sizable opportunity for organizations seeking to expand their global footprint and further establish a presence in the South Asia region. In this article, we explore some of the economic growth drivers for Bangladesh and potential opportunities for global companies to tap into.
Electronics business in Bangladesh started since 1930s through the field of communication with the establishment of Telephone, Radio, and wireless. At the time of During WW II, to adjust military needs, the technology of wireless was enhanced and the latest technology was introduced by the British Rulers. The real event had been started in 1950, Consumer electronics industry made an inception in the private sector and a few assembly plants were set up to produce a limited number of radio sets. In the 1960s more assembly plants were established. In 1964, with the establishment of the first television station in Dhaka, some of these plants started assembling television sets. A digital telephone system was introduced in 1983 and mobile phones came in 1992. Before 1980, most of the domestic appliances and equipment were imported, except the one-band radio, but after 1980 many assembly plants for radio, television, audio and video cassette recorders and players were established. And this market was tremendously moved towards a growing industry.
Electronics plants have been launching their mission in Bangladesh from 1990 with a collaboration with the foreign partners. The advanced products like PC, cordless telephones, satellite TV signal receiving equipment etc. started to be assembled and some spare parts also began to be manufactured. By this time, a number of multinational companies have set up assembly and manufacturing plants in the country. Local companies in joint collaboration with foreign companies have established assembly and manufacturing plants. At present the total number of such companies is more than seventy. Since 1994, after Bangladesh’s integration into the agreement, all kinds of commodities including electronic products began to be imported freely, created a competitive environment in siders. By the 2000s, a few local company has started to export locally manufactured electronic home appliances abroad. This a very good initiative to earn foreign currencies.
For the last ten years or more, Walton Hi-tech Industries at Gazipur have been engaged in manufacturing world standard and quality Coolers, refrigerators, motorcycles, parts and other essential electronics items and home appliances. The most interesting event that had been happening in Global consumer goods brands have entered slowly in our market. A recent increased their presence in Bangladesh capitalizing on the significant growth in urban as well as rural areas for the consumers having electricity and Solar power, the concerned industry analysis has been able draw a perfect picture to line mark the market segments of this business.
Meantime, a local brand ‘Marcel’ has reshaped its marketing strategy aimed to mark the top position in the country’s electronics and electrical market through introducing world-class new and diversified models of products among the customers. Considering the present market penetration and ever-growing demands, the Marcel authority has divided the country’s entire geographic into two main parts—south and north—to bring the local brand’s products within the customer’s reach. Top brands of the world like Nestlé, Mondelez International, Del Monte Philips and VLCC to name a few have set foot in the country and already strengthened their position in availing the opportunities in Bangladeshi Markets.
The middle class society is growing with increased purchasing capacity, showing an acute increasing interest for brand products those are manufacturing or assembling in Bangladesh. Toshiba and Panasonic Companies presently distributing products channeling a task force alliances with local marketing firms, are planning to open own lucrative show rooms and stores for joining the bandwagon of consumer goods market. Philips Electronics Bangladesh, the latest to expand portfolio here for a couple of years a range of new products, including kitchen appliances, grooming apparatus, coffee makers, baby care appliances, and other lifestyle changing products. Global Brand Private Limited introduces world famous Taiwanese computer memory device manufacturer brand AVEXIR in Bangladesh, known for their unique RAM design. They are the 1st manufacture company to use plasma tube mimic lighting effect on memory Modules such as their model Raiden. They also introduced ASUS ROG certified memory series impact and Red Tesla. Available models are Raiden, Tesla, Core, Impact and Blitz.
According to national and international organizations, the Bangladesh economy showed strong performance with an average of annual real GDP growth almost 7% during years from 2009 to 2015, with a handsome economic trends in positive attitudes and anticipation that the real annual GDP will be reached up to 7.5% within 2018.
However, a poor transportation networks, and inadequate electricity supply remain the obstacles hindering the business development in Bangladesh. To solve these issues significant improvements in infrastructure are anticipated in years to the next.