Reaping full benefit of 4IR

The quickness of fourth industrial revolution breakthroughs is unprecedented because the breadth and depth of these switches have resulted in metamorphosis of entire systems of production, management and governance. World Economic Forum has found that 70 per cent of the 169 targets that are foundational to the United Nations’ 17 Global Goals could be enabled by the technology already in play as part of the fourth industrial revolution. Bangladesh needs to be prepared for reaping the gains of this revolution. And the business community is keen that it happens. For countries like Bangladesh to reap the benefits of the fourth industrial revolution regional cooperation is crucial. According to a report published by this newspaper on Thursday the president of Federation of Bangladesh Chambers of Commerce and Industry, Md Jashim Uddin, has urged all the neighbouring countries to work together for securing maximum benefits from the fourth industrial revolution at a virtual programme titled “Future of India-South Asia 4th IR Partnerships”.

The fourth industrial revolution or 4IR, for short, is altering human development through the advent of rapid-progressive technology. The Internet of Things (IoT), AI powered computers and big data are just some of the manifestations of this technological transformation. In simple terms, the 4IR is the amalgamation of the digital, physical and biological aspects of our daily lives. This was preceded by a digital revolution which primarily involved computers and information technology. What differentiates 4IR from its predecessor is the speed of the relevant technologies and its expansive effects on the people’s day to day lives.

Bangladesh is slowly but surely making its entry into the 4IR. Significant investment is being made in areas such as connectivity, infrastructure and payment systems. It is great to see that the Bangladesh Export Processing Zone Authority (Bepza) is prioritising IT, electronics, spare parts, and computer accessories at the Bepza Economic Zone in Chittagong. The e-commerce industry of the country is booming. Entrepreneurs are rapidly adopting technologies involving AI, the Internet of Things (IoT), 3D-printing, advanced robotics and neuroscience. Visionary leadership in Bangladeshis industry is bringing the country into the arc of progress sweeping the world. The technology of the fourth Industrial Revolution is taking root in different businesses. However, there are a number of issues that need to be addressed before Bangladesh can experience true progress. These problems include, but are not limited to, financial security, ease of payments and transparency in the transactions. These issues need to be addressed in conjunction with the practices and dynamics of 4IR. 

It is imperative that the aforementioned pitfalls are not only circumvented, but filled so that obstacles, that may hinder Bangladesh’s progress as it moves deeper into the 4IR, are removed. The country must hone the technical skills of its human resources, particularly the youth, to avail the full potential and economic rewards of this phase of the fourth industrial revolution. Technologies and people’s skills, as well as their attitudes and aspirations, have to be lifted across the board.

For Bangladesh the fourth industrial revolution brings tremendous opportunities to leapfrog many stages of development, hastening its journey towards becoming a developed economy. In many ways, this industrial revolution is a great leveller. The technologies being used in this country are the same as those in use in the developed world.

Many experts believe that the claims about this revolution displacing jobs are exaggerated. In fact, it may create new jobs which were non-existent earlier. The advanced technology will enable an erstwhile unit to produce more with same amount of labour. So, if proportionate demand is generated for more output, there will effectively be no loss in jobs.

Be that as it may Bangladesh needs to create a long-term ecosystem that trains and educates professionals. In addition to regional cooperation Bangladesh could also collaborate with the developed countries.

The government can consider a joint platform between ministries concerned and industry bodies to create a mission for making the most of the fourth industrial revolution.