Facilitate and diversify software, ITES exports

The phenomenal economic transformation of Bangladesh may largely be attributed to the expansion of the RMG sector. Still, over the years, the IT sector has developed to become a reliable foreign exchange earner with particular emphasis on exporting software and other services.

As per a report published in The Business Post yesterday, the software-enabled services earned $ 1.4 billion in 2022. Experts have already stated that this sector may eclipse the RMG arena in forex earnings within the next ten years. There are, of course, reasons for so much optimism. Over the last ten years, the demand for a wide variety of IT-related applications, ranging from games to security to websites, has soared globally. The trend in the developed nations is to outsource this sort of work to developing ones.

The mid-1990s saw a boom in the IT industry in Bangladesh, inspiring many young IT experts to seek work online. The Bangladesh Association of Software Information Services, BASIS, has 2000 members, while 350-400 ICT firms are exporting IT services to more than 30 countries. It may come as a revelation to many that, as per a finding by the Oxford Internet Institute, Bangladesh is the second-largest supplier of online labour with 16 per cent after India with 24 per cent.

The expansion of the IT sector catering to overseas demands is indeed heartening. However, in the Global Business Process Outsourcing, BPO, which is a $ 500 billion market, India tops the table with $ 150 billion followed by the Philippines and Sri Lanka at $ 30 billion and $ 8- $ 10 billion, respectively.

This means Bangladesh has the potential to increase its mark in this area. While we may look to the future with hope, a set of in-depth assessments also need to be done to determine what sort of work has been outsourced to Bangladesh compared to other nations.

This survey will tell us where we need to develop skills because the long IT-based services feature basic software development, online shopping services, and complex corporate troubleshooting.

There is no doubt that our IT experts are skilled in the use of technology, but in most cases, their communication abilities are not up to the mark, which prevents them from competing to get work in internationally reputable corporate bodies.

The world may be dominated by technology, although at the heart of global trade and commerce is the ability to use language to create the maximum impact.

Reportedly, BASIS has decided to revive its training centre, the BITM, which will facilitate the development of skills among local IT experts.

To allow this sector to flourish, the government’s decision to open IT labs at all schools and colleges is laudable. In triggering a nationwide IT revolution, the authority may replicate a strategy used in Indian villages where computers were set up in small kiosks of rural bazaars allowing children to both play games and learn computer skills through fun. Supported by an international development agency, this move took IT to the nooks and corners of the country.

A similar project aimed at giving rural children a chance can be linked to the digital Bangladesh aspiration.

There is, however, a complaint that IT firms do not get loans or that the loan process is too complex. This is where the banks can move in, creating a particular hypothecated loan facility for IT firms under the SME segment.

The pandemic has had a radical impact on work modalities. It may not be an exaggeration to state that the future will see a lot of work being done through computer-based services. Loans on easy conditions, adequate training in languages plus a global projection of the IT potential through our embassies abroad can provide a fillip to this sector.