Role of private sector in the economic development of Bangladesh
The private sector has come a long way. At present the power boost of economic development comes from the private companies. They are in fact playing a vital role to keep pace with global economy.
The financial sector is truly the backbone of the economy. Much of the financing for private enterprises is granted by the banks. In December 2008, the banking sector accounted for above 80% of the country's economic assets. This sector is a key determinant of the growth of the private sector. In Bangladesh, over 90% of the banks are non-government.
The country needs 400 MW power each year to fulfill the demands. It is tough for the government alone to provide the finance to set up new power plants according to the need. That is why in 1996, GOB decided to let private sectors build power plants and thus Independent Power Producers launched their business in Bangladesh. Since then the private sector has been providing the sponsorship for the development of power generation of Bangladesh.
Many private airlines are in regular service and flies to distant places. Many more prosperous airlines are emerging day by day e.g: United Airways made a profit of US$15 million in 2012-13. Now people can frequently fly to their destinations at reasonable cost and do not have to rely on the international aviation anymore.
Pharmaceutical businesses established social welfare of the investors & employees leading to enlargement of wealth. The main aim is to carry out a crystal clear business based on market mechanism within the legal & social frame work with aims to provide quality & modern medication without having to import. Besides this business operation ensures benefit to the shareholders and stakeholders which are economically beneficial.
Garments industry is one of the greatest business sectors of Bangladesh. Most of the factories that export quality goods are private. Only few factories are there which are run by the government so undoubtedly this is yet another example where private companies are leading ahead.
The real estate and housing sector is the motivation of national economic development & industrialization. The real estate has emerged as a significant sector of Bangladesh economy. This sector has been contributing about 15% to Bangladesh's gross domestic product (GDP) along with 2.5 million employment opportunities. It stimulates the demand for over 250 subsidiary industries e.g. steel, cement, tiles, sanitary ware, cable, paint, glass, aluminum, brick etc. Not only that, the real estate and housing sector is contributing 12%- 15% to the national GDP with an annual yield of about 20 billion BDT.
Here is a decent list on the top corporate groups of Bangladesh: Bangladesh corporate world. And Here is a list of top three businessmen of Bangladesh who lead the private sector development.
Many private schools, colleges & universities have been developed in the cities which provide students opportunities to complete their education. The big amount of money which is collected from tuition fees is used in other sort of businesses. This ensures a circulation of wealth resulting in profit.
The strong private sector is the key to attract local and foreign investments, entrepreneurship and technological innovation for a rapid economic growth. Without private investments, jobs and economic opportunities for the thousands of people cannot be ensured.
The government is focused on this important aspect and making necessary opportunities for emerging confidential industrialists to establish in order to enlarge the economic field of the country. It is a good thing that Bangladeshi companies and businessmen are helping the society in a large way.
The financial sector is truly the backbone of the economy. Much of the financing for private enterprises is granted by the banks. In December 2008, the banking sector accounted for above 80% of the country's economic assets. This sector is a key determinant of the growth of the private sector. In Bangladesh, over 90% of the banks are non-government.
The country needs 400 MW power each year to fulfill the demands. It is tough for the government alone to provide the finance to set up new power plants according to the need. That is why in 1996, GOB decided to let private sectors build power plants and thus Independent Power Producers launched their business in Bangladesh. Since then the private sector has been providing the sponsorship for the development of power generation of Bangladesh.
Many private airlines are in regular service and flies to distant places. Many more prosperous airlines are emerging day by day e.g: United Airways made a profit of US$15 million in 2012-13. Now people can frequently fly to their destinations at reasonable cost and do not have to rely on the international aviation anymore.
Pharmaceutical businesses established social welfare of the investors & employees leading to enlargement of wealth. The main aim is to carry out a crystal clear business based on market mechanism within the legal & social frame work with aims to provide quality & modern medication without having to import. Besides this business operation ensures benefit to the shareholders and stakeholders which are economically beneficial.
Garments industry is one of the greatest business sectors of Bangladesh. Most of the factories that export quality goods are private. Only few factories are there which are run by the government so undoubtedly this is yet another example where private companies are leading ahead.
The real estate and housing sector is the motivation of national economic development & industrialization. The real estate has emerged as a significant sector of Bangladesh economy. This sector has been contributing about 15% to Bangladesh's gross domestic product (GDP) along with 2.5 million employment opportunities. It stimulates the demand for over 250 subsidiary industries e.g. steel, cement, tiles, sanitary ware, cable, paint, glass, aluminum, brick etc. Not only that, the real estate and housing sector is contributing 12%- 15% to the national GDP with an annual yield of about 20 billion BDT.
Here is a decent list on the top corporate groups of Bangladesh: Bangladesh corporate world. And Here is a list of top three businessmen of Bangladesh who lead the private sector development.
Many private schools, colleges & universities have been developed in the cities which provide students opportunities to complete their education. The big amount of money which is collected from tuition fees is used in other sort of businesses. This ensures a circulation of wealth resulting in profit.
The strong private sector is the key to attract local and foreign investments, entrepreneurship and technological innovation for a rapid economic growth. Without private investments, jobs and economic opportunities for the thousands of people cannot be ensured.
The government is focused on this important aspect and making necessary opportunities for emerging confidential industrialists to establish in order to enlarge the economic field of the country. It is a good thing that Bangladeshi companies and businessmen are helping the society in a large way.
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