The Undiscovered Economic Powerhouse: Bangladesh’s Emerging Champions Lead the Way

While India and Indonesia have long been the focus for companies and organizations looking to invest or expand in South Asia, the overlooked gem in the region is Bangladesh. This underrecognition can lead to companies missing out on chances for substantial growth and lucrative collaborations.

Bangladesh has been making significant strides, outpacing many of its Asian counterparts by registering an average annual GDP growth of 6.4% between 2016 and 2021, a figure well above the global average of 2.9%. The rising middle and affluent class in the country is powering a swiftly growing domestic consumer market, establishing Bangladesh as a hotbed for expansion and investment. Moreover, its market remains largely untapped, presenting a golden opportunity for early entrants to gain significant advantages.

In the tech industry, India has set high standards, with its software exports in 2021 exceeding even Saudi Arabia's oil exports. With India now being a well-established giant in software development, the hidden potential is unveiled, making affordable solutions scarcer. However, Bangladesh, still relatively unknown and in the initial stages of its journey to becoming a tech powerhouse, offers a similar level of technical expertise at a fraction of the cost.

Now is the prime time for international companies to delve into partnerships and investments in Bangladesh. Collaborations with local experts can yield mutual growth, deeper consumer insights, and the creation of innovative products and services adapted to the diverse and growing market. Bangladesh is more than just a developing economy; it's a reservoir of untapped opportunities, and its dynamic economic growth, coupled with a digital renaissance and a prospering middle and affluent class, makes it a great destination for companies and organizations.

So if you're looking to create software or need developers, don’t miss the opportunity to harness the untapped potential and technical prowess available in Bangladesh. Contact us to book a free consultation call to explore how you can benefit from affordable and innovative solutions tailored to your needs.

Bangladesh is a treasure trove of opportunities ripe for exploration. Its impressive economic trajectory, technological advancements, and flourishing consumer base position it as a compelling alternative to the established tech giants, offering equally competent solutions at a fraction of the cost.

Sources:

https://www.bcg.com/publications/2023/bangladesh-grows-economy-with-emerging-champions

https://www.bcg.com/publications/2022/bangladesh-the-trillion-dollar-prize-local-champions-leading-the-way