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Bangladesh to face 4IR

The Internet has opened a new horizon which was a seedbed of multiple revolutions. We keep challenging our limitations and enhancing our productivity. Technology-based capacity maximization brought us to embrace a revelation whether we are ready or not. At the beginning of technological advancement, we started using the internet as a tool for the completion of tasks, facilitating productivity, and automating difficult and time-consuming work. Walking ahead on this path, we seem to have adopted technology in a way that, it has become an industry and eventually an indicator of social and economic development at national or global level.

A financial organization adopting technology for boosting efficiency and accuracy. Products and Services are being sold digitally through platforms. Paper and Plastic money losing their preference over electronic money. Companies like Alibaba used to sell goods through the internet, they stepped into the money market with Alipay. Being a tech company, Amazon sells almost anything needed to run your family. Business is changing its nature rapidly. It's difficult to determine whether tech companies are involving themselves in every possible sector and making an ecosystem or if it's the big companies with a vision to build an ecosystem becoming tech companies. The driving forces are undoubtedly strong in both the demand and supply sectors resulting revolution. The main underlying objective or expected outcome of any revolution is to have economic proficiency and the welfare of the society.

In this gigantic wave of the Fourth Industrial Revolution (4IR), where does Bangladesh stand with its vision of shaping the economy digitally and calling it "Digital Bangladesh"? Whether the word "Digital Bangladesh" is becoming a cliché and the policymakers are really on the right track with proper vision. The economy should be ready to utilize the revolution to get the best out of it. Otherwise, it just might fall behind due to a lack of preparation.

According to Oxford Internet Institute, Bangladesh is the second largest online labor supplier. Urban life in Bangladesh is much more advanced in terms of transportation, banking, telecommunication, digital payments, e-commerce, etc. Fintech industries are rising, private sectors are adopting technology faster than expected. Telecommunication has made it easier to access the internet, and Bangladeshi youth are very positive about experiencing new things. It was just a wait for the people to get something good to turn it into productivity. People started using cybercafé, post-paid internet, prepaid internet, mobile internet, etc. They made it from desktop to smartphone, and eventually to social media for finding new scope of business. In every sector of technological development, our youths broke their record. The Government is having a tough time to accommodate these talents. Mobile Financial Services (MFS) is one of the mentionable sectors that has grown miraculously. Domestic money transfer has been channelized and deployed in remote areas of the country through MFS. Faster movement of money is vital for a growing economy to boost its movement upward. Platform-based global players like Uber, Daraz (Alibaba), and Bproperty (Emerging Markets Property Group) are already doing well in Bangladesh. Amazon and Walmart are on their way to entering the market. All the banks are changing the way of banking with eKYC and digital banking apps.

People's involvement in IT-ITES is not imposed by regulatory bodies nor is it a result of holistic development. Rather it's the adoptive nature of this nation and facilities extended by the Government.  The wise eyes of tech innovators along with investors have also acted as a catalyst. Business organizations used to adopt technology as an alternative channel. Over time, technology has become the main operational tool for managing business.

Now it's time for the Government to connect the dots along with building the environment and infrastructure for the full-fledged evolution of the ICT sector. People are already walking towards 4IR. The Government is to pave it well and get the best out of this evolving industry. The three most important elements namely Education, Investment, and Projects in ICT can help the nation to march forward. Education and Investment in the ICT sector is already showing a positive economic growth in the industry. Youths educating themselves about ICT, therefore, using ICT as a medium of Education. IT-ITES industries are being invested publicly and privately. Many Government ICT projects have seen the day light and there are more major ongoing projects.

Policymakers are visionaries with power. They are exercising and implementing the power for the betterment of the economy. The mission of the ICT Division of the Government of Bangladesh is to support the attainment of the overall socio-economic development of the country by establishing universal access to ICT for all through research, development successful utilization, and digital management of ICT. An alignment of mindset between people and policymakers would only help us to attain economic proficiency and the welfare of the society, to walk alongside 4IR and call it Digital Bangladesh. 





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Shah Arafat Hossain
Blog group founder

Shah Arafat Hossain

Senior Executive Officer

The Premier Bank Ltd.

Member since

21 Jul 2020



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This post is from a series of posts in the group:

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