Exploring the Scope of Bangladesh Viral Link 2023 in the Global Market
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With the global pandemic causing disruptions in everyday life worldwide, this time of uncertainty has forced us all to think differently, including organizational strategies. Even before the outbreak, Bangladesh had initiated a plan to make the country an IT hub for the entire South Asian region. As a part of this plan, the Bangladesh government intends to launch ‘Viral Link 2023’, an ambitious project by which the country aims to become a global leader in the outsourcing industry.
In recent years, the growth of the Bangladesh economy has been impressive, with an average annual GDP growth hovering around 6 percent. Meanwhile, the country’s IT industry is booming. According to the Bangladesh Association of Software and Information Services (BASIS), the country’s IT industry grew 25 percent year-on-year in 2019, with a revenue of USD 1 billion.
For Bangladesh to succeed in its goal, the country must improve its infrastructure and operations efficiency, build a conducive business environment, and foster innovation in the industry. The country must also create a vibrant startup ecosystem, which is focused on building a culture of innovation and entrepreneurial risk-taking. Bangladesh’s government aims to improve coordination between stakeholders in the government, industry, and academia to realize ‘Viral Link 2023.’
The central objective of ‘Viral Link 2023’ is to transform Bangladesh into an essential and competitive outsourcing destination in the global market. Through this initiative, Bangladesh aims to increase its IT revenues to USD 5 billion by 2025. However, competition in the outsourcing industry is tough, with several countries like India, China, and the Philippines have long been established players in the IT outsourcing sector. To distinguish itself from competitors, Bangladesh needs to catch up quickly and decisively.
In pursuit of this ambitious goal, it is essential for the government and the IT industry to collaborate and work together seamlessly. The government must improve the country’s infrastructure, making it easier for businesses to set up operations in the country. The country’s telecom sector also needs to improve, so there is no lag in communication infrastructure. The IT industry must develop cutting-edge technologies, provide high-quality services, and continuously improve operational efficiency.
Bangladesh is trying to capture some small outsourcing projects that are being offshored from India and other countries due to the high cost of the skilled workforce. Bangladesh is an attractive alternative for companies looking for skilled IT personnel at affordable prices. With its burgeoning youth population and a high number of university graduates, the country has a ready supply of IT talent.
One of the critical factors that Bangladesh needs to leverage is the low costs of production, which translate into lower overhead costs, making the country an affordable destination for IT outsourcing. The cost of doing business in Bangladesh is almost half of what it would cost in countries like India or China, which is an attractive proposition for companies looking to minimize operational costs without compromising on quality.
Bangladesh’s IT industry has already carved a niche within the global market for delivering high-quality products and services at competitive prices. The companies operating in the country have earned a reputation for implementing innovative solutions tailored to the diverse needs of the outsourcing industry. Bangladesh’s IT companies target niche IT domains, such as software engineering, analytics, and the Internet of Things (IoT), which enables them to compete with established players.
The country’s reliance on English serves as a considerable advantage, making it easier for both international clients and their overseas staff to communicate seamlessly. The country has a vast English-speaking population, which is a formidable advantage over other outsourcing destinations. With better communication, the country has the potential to achieve success on an international stage by providing global services.
Startups and incubators nationally benefit from funding support from the government, banking and financial institutions, and private investors. The country has also put in place supportive policies to encourage the establishment of IT-related startup companies. The government is providing a single platform for software companies to showcase their products in IT parks situated in strategic locations throughout Bangladesh. The government is also encouraging investment in startups by offering tax holidays, cash subsidies, and low-interest loans, to mention just a few.
In conclusion, Bangladesh has immense potential to become a serious contender in the global IT outsourcing industry. Although the country has its infrastructure and operational challenges, there is no question that Bangladesh is a cost-efficient alternative to other outsourcing destinations. The government’s Vision 2021, which envisions Bangladesh as a higher-middle-income country by the nation’s fiftieth year of independence, is laudable. With the launch of ‘Viral Link 2023’ initiative, alongside the support of private sector investment and the incentives awarded by the government for startup incubation, Bangladesh has the potential to drive its IT industry forward, without leaving a stone unturned, to become a true leader in the global outsourcing industry.
This article is compiled and compiled from multiple sources by KRUSH.
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