Bangladesh is on track to emerge as one of the world’s major consumer markets by 2030, driven by its strategic geographic location and growing economic capacity, said Bangladesh Investment Development Authority (BIDA) Executive Chairman Ashik Chowdhury on Saturday (7 December).

Speaking at the inauguration of the 12th National SME Product Fair at the Bangladesh-China Friendship Conference Center in Agargaon, Dhaka, Ashik highlighted that nearly 2.5 billion people live within four hours of Bangladesh, providing enormous opportunities for regional economic expansion.

He stated that while the economic revolutions of the last century took place in Europe and America, the next wave of global growth will center on Asia. Yet, he noted that many large investors still perceive Bangladesh primarily as a manufacturing hub rather than a major consumer market.

A key challenge, Ashik said, is the lack of backward linkages, which continues to affect sectors such as mobile phones, automobiles, life engineering, footwear, textiles, garments, and leather.

Bangladesh’s demographic advantage also received emphasis, with the country’s average age at just 27 years, giving entrepreneurs the chance to shape long-term economic development.

He added that partial exporters are being supported through bank guarantees, which will gradually enable SMEs to move toward fully integrated export operations. Diversifying exports beyond textiles and garments remains essential, he stressed.

Discussing governance and ease of doing business, the BIDA chief highlighted ongoing efforts toward anti-corruption measures and digitalisation, enabling entrepreneurs to register and access information online through websites and apps.

While some progress has been made in the power sector and other areas, Ashik acknowledged that starting a business in Bangladesh is still challenging, with complicated registration and banking procedures. He said work is underway on a single-form application system to simplify business registration and bank account opening for both small and large investors.

Addressing SME entrepreneurs at the fair, he praised the participation of women, noting that 60% of exhibitors are women, calling it a remarkable and promising sign for the nation. “For them, something big must certainly be done,” he added.