High-tech parks can facilitate knowledge-based economy

It is knowledge and not just wealth that has helped some countries progress and acquire the status of being called ‘developed’ while the rest lag far behind in different spheres of human development. Though scientific innovations have revolutionised human life, they had also made many people poorer as these developments were confined to only a few countries. The gap between the developed countries and the rest of the world will accentuate further as science and technology act as a divider between nations.

The only way to bridge the gap for countries like Bangladesh is to establish a knowledge-based economy. A knowledge-based economy differs from the traditional economy in one key aspect. Unlike most resources that deplete when used, information and knowledge can be shared and grow through applications.

This is the age of information technology, which is an incredible source of knowledge economy. Technology and rapid information access play a key role in economic development and growth taking superiority over traditional drivers of growth; for example, low-skilled labour and human capital.

The global economy has gone through various transitions from an agricultural economy to a knowledge economy. Six modern technologies are considered highly important such as computers, micro-electronics, human-made materials, telecommunications, biotechnology and robotics. These technologies are making a paradigm shift in businesses throughout the world.

Unfortunately, the great majority of the IT professionals in Bangladesh are of mediocre quality who may at best excel in outsourcing but when it comes to innovation and creativity, not many can make the mark. High tech parks through imparting quality training can bring about a positive change to the scenario.

The authorities concerned have been stressing the need for establishing a knowledge-based economy for Bangladesh. We believe that a knowledge-based economy is the need of the hour and the government must channel its resources to this sector to ensure the economy can be aligned with global trends.

According to media reports the State Minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak recently expressed the hope that hi-tech parks will play an important role in building a smart Bangladesh and turn it into a knowledge-based developed economy from a labour-dependent one. The minister said this while laying the foundation stone of a Hi-Tech Park in Singra upazila of Natore district on Sunday.

An agency report carried in The Business Post yesterday stated that the Hi-Tech Park will be built on nine acres of land at Sherkpul Mouja in the upazila. The construction work of the park will be completed within two years. Once the Hi-tech Park is opened, some 1,000 young people can take training every year and it will help to create employment opportunities for 3,000 youths directly and indirectly.

The government is establishing high-tech parks across the country mainly to flourish the digital economy with a target of earning 5 billion dollars by 2025. High-tech parks mean highly sophisticated concentration of technological facilities, equipment and tech-savvy professionals. Nevertheless, a high-tech park demands not just infrastructure at a given place but also connectivity with the outside world. With the introduction of the second submarine cable, internet speed has improved but it is still far below the desired level. Then there is the question of power supply. The frequent power outages that we are witnessing now bode ill for the high-tech parks.

Unfortunately, while the intention behind establishing high-tech parks is a noble one in reality these establishments have failed to make much headway. Much of the spaces of these parks remain unrented. As stated earlier creation of skilled manpower is one of the main objectives behind the setting up of these technology parks. But, entrepreneurs say a lack of skilled manpower is a major reason why they are not being able to start businesses or are being forced to close down after starting them. Reportedly, many of these parks even lack all supposed high-tech facilities including high-speed Internet.

The authorities must ensure that these parks contribute towards establishing a knowledge-based economy through the optimum utilisation of the facilities.