Bangladesh an inspiration for South Asian peers

11 Jan 2021 11:20 AM
Image: Collected
With rising financial growth during the last few decades, Bangladesh has turned into a start-up hub where businesses reach a new height, according to Binod Chaudhary, founder of CG Corp Global.

"The country has extremely popular e-commerce initiatives like Pathao, Daraz and bKash and I wish to congratulate the innovators of the superb ideas because they have grown to be an instrument of people's lives," said the lone Nepalese billionaire.

They had a meaningful effect on addressing people's needs amidst the ongoing coronavirus pandemic, Chaudhary added.

The seasoned business tycoon similarly praised the neighborhood garment industry, highlighting that it had been the world's second largest supplier after China.

The garment sector accocunts for 11 % of the country's GDP and employs about 4.4 million people.

Although Nepal and Bangladesh took to production clothes about several decades ago, the latter could showcase its strength because of entrepreneurial resilience and government support.

Besides, with the global source chain relocating from China, Bangladesh provides a major opportunity to step of progress and be an example because of its South Asian peers.

Chaudhary said his voyage was not easy either but 20 years' hardship led to CG Corp Global, which comprises above 169 companies and 79 brands in 24 countries.

"I moved forward with the fact that hospitality may be the key to victory and entered the big resort group Taj. Today, I have investments in 134 hotels around the globe," he said.

Instant noodle brand Wai Wai was another important propagator, claiming almost 30 per cent of the Indian market and spreading out around the globe.

"We will be honoured to cover 2.6 per cent of the global noodle market tell 2.8 billion packets sold yearly," he said.

Chaudhary was first addressing the 19th edition of Bangladesh Business Awards, an initiative of DHL Exhibit and The Daily Superstar, on December 12, 2020.

The industrialist spoke of the extreme bureaucratic and political challenges of doing organization in South Asia.

"If you can do business in South Asia, you can do organization anywhere in the world," he said while praising Bangladesh's economical success through the years.

Chaudhary as well found it inspiring to learn from various resources that the Bangladesh market was of famous brands China's regarding quickest revival from the Covid-19 fallouts found in Asia.

International Monetary Fund predicted China's GDP growth amidst the pandemic to be 1.9 per cent while that of Bangladesh 3.9 %.

With a GDP per capita income of $2,000, the Bangladesh economy is inspirational for the environment, including South Asia.

The country preserved an impressive financial growth while human being and business creation progressed simultaneously. Poverty dropped by almost a third, joined by increased life expectancy, literacy and per capita food intake.

Entrepreneurship is centered on dreaming, excellent courage and doing factors differently, Chaudhary said.

Chaudhary Group began as a normal family business some 140 years back.

In the last 30 years, Chaudhary established not only business ties but also personal kinds in Bangladesh.

He particularly recalled later Latifur Rahman, ex - chairman and CEO of Transcom Group, with whom he worked in several capacities to condition businesses in South Asia.

The pandemic created a lot of work at home opportunities, including a boom in web business. So Bangladesh can exploit these prospects since it has already become a hub for start-ups, especially in e-commerce.

"The only way to excersice forward is to have a vision and discover how exactly to reach that vision while believing that the sky's the limit," he said.

"When I first started, it had been not easy to conduct business in Nepal," explained Chaudhary. Key hurdles included ambiguous guidelines and laws, shut societies, strict forex restrictions and political regimes.

"But I nonetheless followed my heart and tried to get the solution to each problem and found the legal method of doing international business without violating any regulations of the united states," he added.

"Bangladesh is a house away from home for me personally. I have been intimately touched by this country as I have many friends out right here," he said.

"The country has granted me immense knowledge and friends and I want to take this chance to thank them for enduring a genuine friendship from this program," the industrialist said.

On choosing to purchase Bangladesh, Chaudhury cites four causes - its growth rate, large population, consumer spending behaviors and suitable government plans.

"Most of all though, I love the united states and its persons so my investment is a lot more than money," Chaudhary said.

"In the coming days, this is of life will get re-defined due to will our priorities and I am with you found in this process of modification," Chaudhary added.