Expanding The Industrial Base of Economy

Abstract

This article by Dr. M. Azizur Rahman discusses the "break-through stage" of the Bangladesh economy as it transitions from an agrarian society to an industrial one. The author highlights that while agriculture remains important, the current economic stage requires a strategic emphasis on physical and non-physical infrastructure to support industrial development. A "golden opportunity" is identified as labor-intensive industries seek to relocate from China due to rising local wages, making Bangladesh an attractive destination due to its cheap and loyal labor force. The article emphasizes that industrialization cannot succeed without essential utilities such as power, gas, electricity, and telecommunications. Furthermore, it suggests fiscal reforms, including expanding the tax net (as currently less than 1% of the population pays income tax) and providing tax holidays to attract entrepreneurs. Rahman concludes that a combination of infrastructure investment, higher domestic savings, and food security through agricultural research is vital for sustainable economic growth.