The continuity in government holds immense significance in the development of the country. The 15 years of stay in power has offered the ruling Awami League scope to frame and execute policies for attaining tremendous economic development.
Though the recent political instability centring the 12th parliamentary election casts a shadow on the future of the country, the peaceful election has removed all the uncertainties. The retention of power by the ruling party has created opportunities for them to create an investment-friendly environment to attract investments from the international business community as the perceived political stability will help grow the confidence of the investor.
The extended duration of rule has enabled the Awami League to implement measures that have stimulated economic growth. Bangladesh’s implementation of infrastructure development, social welfare programmes, and pro-business policies has established it as an emerging economic force in South Asia.
The continuity in administration facilitates the consolidation of these achievements and the execution of additional reforms, guaranteeing a stable and favourable atmosphere for both local and foreign investors.
Thus, the government of Bangladesh must utilise its political stability to attract foreign investments. The aftermath of the last election in Bangladesh has showcased the robustness of the democratic process, despite early apprehensions.
The current state of political stability is a vital consideration for international investors who are looking for dependable and safe places to put their money. To foster an environment conducive to investment, it is crucial for the government to effectively convey the stability and predictability of the political climate to prospective investors.
With its burgeoning economy and stable administration, Bangladesh is poised to attract foreign money, making it an attractive prospect for the worldwide business community seeking chances in emerging markets.
The government should contemplate providing inducements, simplifying administrative procedures, and establishing a clear and open regulatory environment to stimulate foreign direct investment. Moreover, actively pursuing diplomatic efforts to position Bangladesh as an attractive investment hub would play a crucial role in attracting international businesses seeking to broaden their business activities.
Concurrently, the government should utilise this period of calm to enhance diplomatic relations with nations that may have had doubts before the election.
Established allies, along with prospective new collaborators, offer prospects for broadening bilateral connections. The United States and the European Union, along with other countries, have shown a desire to expand their involvement with Bangladesh, not just in diplomatic terms but also in terms of commercial partnerships.
The Biden administration’s focus on revitalising global alliances and the EU’s strategic perspective on Asia present a favourable opportunity for Bangladesh to strengthen its diplomatic ties. By engaging in communication and cooperation with these significant partners, Bangladesh may create opportunities for enhanced business, transfer of technology, and reciprocal investments. The government must capitalise on this opportunity to establish Bangladesh as a dependable and collaborative global partner, enhancing its international reputation and promoting economic development.
In the current era of a globalised economy, diplomatic connections are intricately linked with economic concerns. Bangladesh can access the global market by carefully coordinating its diplomatic endeavours with economic goals.
By cultivating alliances that extend beyond mere rhetoric and yield concrete economic advantages, Bangladesh may strengthen its position as a pivotal participant on the global stage.
Furthermore, the government should prioritise the expansion of its diplomatic and economic alliances to decrease reliance on any particular country or area.
By venturing into burgeoning markets and participating in diplomatic exchanges with nations in Asia, Africa, and Latin America, opportunities for commerce and cooperation can be expanded. An all-encompassing diplomatic approach would not only bolster Bangladesh’s economic robustness but also foster global stability through positive foreign interactions.
While leveraging diplomatic and economic potential, it is imperative for the government to also attend to home issues. Implementing comprehensive and enduring development strategies, together with initiatives to enhance the business environment, would not only entice international investors but also promote domestic entrepreneurship. An equitable strategy that takes into account the interests of both local and global stakeholders would enhance sustained economic well-being.
Ultimately, the uninterrupted tenure of the Awami League’s government offers Bangladesh an exceptional chance to advance its position in terms of investment and diplomacy. The government’s emphasis on fostering an investment-friendly atmosphere and enhancing diplomatic relations is in line with the global trends of cooperation and alliance. During this crucial period, Bangladesh must develop a carefully planned approach that effectively manages both internal and foreign concerns. This strategy will play a key role in unlocking the country’s whole economic capabilities and ensuring its position on the global platform.
Finally, it can be said that the government’s fourth consecutive landslide victory has provided an opportunity to strengthen its position in the country and advance its development by offering assurances to foreign business partners and global superpowers. If the government successfully exploits the potential, the country will be on track to achieve the objective of being a developed nation by 2041.
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The writer is a Professor in the Department of Public Administration at the University of Rajshahi