‘Invest more in digital economy to build smart Bangladesh’

Speakers at a session of the Bangladesh Business Summit urged the local and international investors to invest in the country’s Information and Communication Technology (ICT) sector to build a strong digital economy to pave the way to smart Bangladesh.

They also urged the government to provide policy support to facilitate investment in the potential ICT sector.

Sector insiders made the recommendations at a panel discussion, titled “Harnessing Digital Economy to Unlock New Frontiers for a Smart Bangladesh”, on the second day of the ongoing business summit being held at Banglabandhu International Conference Centre in the capital.

The largest ever business summit began on Saturday with the slogan “Accelerating the trillion dollar journey”.

State Minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak was the special guest and key-note speaker at the discussion chaired by ICT Division Secretary Shamsul Arefin and moderated by MasterCard Country Manager Syed Mohammad Kamal.

Ministry of Foreign Affairs Secretary Masud Bin Momen, Executive Vice President and Head of Telenor Asia Jørgen C Arentz Rostrup, Axiata Group Chief Financial Officer Vivek Sood, Chief Blockchain Officer Max Garza III, and Chief Executive Officer of Daraz Bjarke Mikkelsen were the panelists at the discussion.

Founder & CEO of bKash Kamal Quadir, President of Bangladesh Association of Software and Information Services Russell T Ahmed, FBBCI President Md Jashim Uddin, and Bangladesh-Malaysia Chamber of Commerce & Industry President Almas Kabir, among others, also addressed the discussion.

Masud Bin Momen said the RMG sector covers 83 per cent of total exports, but its market is very limited. Bangladesh has all prospects to export software and ITES products. So, the ICT sector companies should make good use of the opportunity.

“We have huge investment opportunities in the digital sector. Investment in technology infrastructures like fibre optic cable and 5G network is a must. Bangladesh has 81 embassies and missions across the globe, through which we can attract investment,” he said.

The right kind of policy frameworks should be in place to facilitate further investment in the sector, he said, adding, “Security and data privacy for digital authentication in digital services are also important.”

Syed Almas Kabir said, “The business summit’s slogan is trillion dollar economy which means a strong digital economy is imperative to achieve that goal. For building the digital economy, two important things need to be done. One is skilled human resources and the second is a robust IT infrastructure. Local companies and conglomerates and international investors must invest in the two sectors to strengthen the digitization process of the country.”

He said the ICT sector businesses have realised that usage of technology is a must for the growth of the business. Investment in the ICT industry will be viable because the government is investment-friendly and the country has a huge youth population.

“FBCCI will extend all kinds of support if anyone thinks it necessary to connect with investors from home and abroad,” said FBCCI chief Md Jashim Uddin.

Bjarke Mikkelsen said the strongest part of Bangladesh’s market is it has a huge consumer base. Every customer should be treated as a client. Customers have created an opportunity for e-commerce and IT businesses, and companies from the ICT sector should grab this opportunity.

“For example, Daraz has eight million customers in Bangladesh. They are buying and selling products online. We alone are not enough to reach the products to their doorsteps. There should be enough facilities for digital transactions, and several fintech companies are doing it. But we need more and more integration among the service providers,” he said.

“On the policy side, the policy framework has to be sustainable, and should be reviewed time and time to make it compatible with the industry and need of time,” he added.

Axiata Group’s Vivek Sood, said, “Smart Bangladesh and Digital Bangladesh are conceptually distinct. Implementing Smart Bangladesh means not just about going digital or ensuring internet connectivity and the current policy in this regard needs some reform.”

He said, “In order to assure the usage of updated technology, the right device is also necessary for the 5G connectivity. Bangladesh’s perspective should be strengthened in this regard. The licensing process in Bangladesh’s telecommunications sector needs to be more realistic and effective. Because telecommunication services involve many things like fibre optics connections, network towers etc.”

In key note speech, the state minister for ICT highlighted the country’s digital economy potential and the recent strides the country has taken in capturing it.

He also highlighted different benefits extended to ICT entrepreneurs in line with the government’s commitment to build smart Bangladesh, and create more investment opportunities.