India, Pakistan have much to learn from Bangladesh: Bloomberg article

GBNEWS24 DESK//

Bangladesh is destined to be South Asia’s standout success and countries like India and Pakistan have much to learn from Bangladesh, says a Bloomberg article.

“Today, the country’s 160 million-plus people, packed into a fertile delta that’s more densely populated than the Vatican City, seem destined to be South Asia’s standout success,” writes Mihir Swarup Sharma, a Bloomberg Opinion columnist.

Sharma, also a senior fellow at the Observer Research Foundation in New Delhi and head of its Economy and Growth Programme, mentioned that the past 50 years have shown how unwise it is to bet against Bangladesh.

“In 1971, success seemed well beyond a long shot,” reads the article titled “South Asia Should Pay Attention to Its Standout Star.”

Once again, Bangladesh should benchmark itself against Vietnam, which is not only part of the China-centric Regional Comprehensive Economic Partnership and the successor to the Trans-Pacific Partnership, but also signed an FTA with the European Union in 2019, reads the article.

“Transforming the terms of Bangladesh’s trade won’t be easy, which is why the effort needs to start now. Dhaka will have to beef up its negotiating capacity in particular: It doesn’t even have a dedicated set of trade negotiators in its commerce ministry.”

Half a century ago, in March 1971, Bangladesh’s founders declared their independence from richer and more powerful Pakistan, the article reads.

The country was born amid famine and war; millions fled to India or were killed by Pakistani soldiers.

To the Pakistani military’s American backers, the new country seemed destined to fail: Henry Kissinger, then Secretary of State, famously called it a “basketcase.” George Harrison and Ravi Shankar organized the first-ever super-benefit to raise money for UNICEF relief work in the struggling country.

This month, Bangladesh’s Cabinet Secretary told reporters that GDP per capita had grown by 9% over the past year, rising to $2,227.

Pakistan’s per capita income, meanwhile, is $1,543. In 1971, Pakistan was 70% richer than Bangladesh; today, Bangladesh is 45% richer than Pakistan.