The global markets have been suffering from several issues recently. But still, Bangladesh has arrived with its head high and continues to be Asia’s biggest emerging star in sourcing. Surprisingly, the GDP growth of Bangladesh got accelerated to 7.1% up from 6.6%. With this, the nation’s economic outlook has become comparatively bright. The economy of Bangladesh has grown partly due to the back of exports, and consistent and continued investment by the private sector. Almost 1.4 million new workers are joining the workforce of the nation annually. This has already caused trouble for the Bangladesh government in maintaining its growth rate. But at the same time, the government is strategizing to diversify its economy and build up services sectors also through Bangladesh sourcing.
The new player, Bangladesh, has simply created a big difference in Asia. It has enabled various businessmen to invest in relaxing in the nation the getting the best out of it. Since organizations are convinced with Bangladesh’s performance and reputation, especially in sourcing, it now becomes easy for them to roll into it ideally.
The Economy is Being Digitized
Bangladesh has literally enjoyed its success in terms of the reduction of poverty and corruption. On the other hand, the other elements of its economic strategy have undoubtedly flown under the radar. One of all the elements is the drive of Bangladesh which is meant to be expanding the digitization of both its private and public sectors. Global sourcing services have Bangladesh at the top also because the nation is greatly willing to make itself Digital Bangladesh. In this case, the government is said to be keeping objectives which would be revolving around opening up access to government services, improving accountability and transparency, and bootstrapping the diversification of the economy of the nation while also aspiring to become one of the major sources of technology sourcing.
Bangladesh’s Challenges to Outsourcing Growth
Besides all good things, the nation also has a few challenges that may come in between the good results of sourcing. Many organizations may also have to face such challenges while dealing with Bangladesh. Read below to know in detail about them.
- Slow Internet Connection and Limited Bandwidth
Internet connectivity is one of the most things today to keep everything running healthily. Bangladesh has only one submarine Internet cable and is desperate to have another line as soon as possible for the betterment of work. Bangladesh sourcing requires another line of Internet connectivity with high bandwidth for preventing frequent service disruptions.
- Power Shortages
An uninterrupted power supply should be there to support all sourcing activities in Bangladesh. The nation has suffered a lot mostly due to its power supply issues. The power supply of Bangladesh only has a generating capacity of around 5,000 megawatts of electricity a day. This becomes a major in the nation.
- Lack of Internet Banking
Internet banking in Bangladesh is still banned by the government which somehow stops the nation from being a fast-emerging nation in Asia. Keeping the rank aside, the nation should quickly think of a solution as seamless financial transfers are very important for growing both freelance IT services and traditional BPM outsourcing.
Bangladesh can always take help from several global sourcing services to get things sorted ideally. These are very minor challenges that the nation faces but still these are primarily related to the lifestyles of people around the world. If an organization is participating in Bangladesh for sourcing, you must take the cover of everything until the organization is happily leaving. Almost everything in the nation can be counted as advantageous but the above-mentioned three things are not healthy at all. Yet, enough opportunities are there to have such issues resolved sitting with the government.