At least 5 unicorns will emerge in the IT sector by 2025: Blink

News desk : A growing private sector will propel Bangladesh to become a trillion dollar economy: Boston Consulting Group study. 

A growing consumer market with a business community, a rapidly expanding upper and middle class, a growing gig economy with more than 650,000 freelancers, digital transformation and multifaceted government efforts continue to accelerate Bangladesh's economic growth. A report titled 'The Trillion-Dollar Prize - Local Champions Leading the Way' published on Friday, 25 November 2022 revealed such information.

Global management consulting firm 'Boston Consulting Group' recently conducted a study looking at the dynamics of Bangladesh's economy and how the country's economy is moving forward despite the setbacks of recent years. The results of this survey were presented to the journalists in an event organized at The Westin Dhaka in the capital on Friday. 

Minister of State for Information and Communication Technology Junaid Ahmed Palak, MP was present as the chief guest on the occasion. 

On the occasion, Minister of State for Information and Communication Technology Department, Junaid Ahmed Palak, MP said that Bangabandhu emphasized on soil and people as invaluable resources of the country. It is possible to make the country a developed Bangladesh by using these two resources properly. 

The State Minister shed light on the strategies implemented to successfully deal with the Corona situation under the leadership of Honorable Prime Minister Jannetri Sheikh Hasina by utilizing information technology. 

He said, we believe in public private partnership. We are moving ahead with the aim of achieving Smart Bangladesh. I believe that by 2025 at least 5 unicorn companies will emerge in the IT sector in Bangladesh.

State Minister Palak said that under the visionary leadership of our honorable Prime Minister, Bangladesh has long dreamed of becoming a prosperous nation through digital transformation. This has now become a reality. Now we are one of the emerging economies of the world. I thank the Boston Consulting Group for conducting such a survey, which gives a picture of our economic viability.

Riaz A Chowdhury, Country Head of Corporate Commercial Banking, HSBC Bangladesh was the keynote speaker of the event. Also, Boston Consulting Group's Global Chair Emeritus and Managing Director Hans-Paul Berkner, Boston Consulting Group's Senior Partner and Managing Director Zarif Munir, the firm's Partner and Managing Director Shaibal Chakraborty and Boston Colconsulting Group's Partner Tausif Ipshtiyak and other senior officials were present on the occasion.

Bangladesh has emerged as the fastest growing economy, overtaking countries like Vietnam, India, Indonesia and Thailand and is on track to become a trillion dollar economy. Optimistic outlook (strong optimism), gig economy (internet-dependent part-time work), increasing demand for consumer goods, young and growing workforce, economic stability (high economic resilience), widespread use of digital media, government initiatives and a large , various factors, including a well-organized private sector, have played a supportive role.

Global Chair Emeritus of Boston Consulting Group. Hans-Paul Berkner said, “Bangladesh is now a role model for other developing economies. This country has already achieved a lot; In particular, this achievement has been possible due to the immense contribution of the country's private sector. The transformation of corporate institutions and the significant contribution of the country's private sector has accelerated this pace. Our study outlines the next steps for the local private sector to achieve the goals and continue this trend of economic growth in the country.”

Zarif Munir, senior partner and managing director of Boston Consulting Group, said, "We are excited about this report. 5-7 years ago the upper and middle class acted as the main driving force behind the country's growth; On the other hand, there are emerging champions from the private sector, on the basis of which Bangladesh will move towards a prosperous future – becoming a trillion dollar economy. Our emerging champions also aim to expand globally and their motto going forward will be; Always prioritizing conversion, social impact and more.”

In addition, the study provides insights into what governments can do to create an enabling environment for champions (stakeholders in the corporate sector ecosystem); May they be able to advance to the next step through national programs and digital infrastructure development.

 

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