Bangladesh Plans Cashless Society by 2031 for Smart Economic Growth


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Bangladesh Plans Cashless Society by 2031 for Smart Economic Growth

The government has set an ambitious goal to transition all types of transactions to a cashless system by 2031, as part of its vision to create a Smart Economy and transform Bangladesh into a developed nation by 2041. This initiative is one of the four pillars supporting the creation of Smart Bangladesh, which also includes Smart Citizens, Smart Government, and Smart Society.

An official document presented to Parliament outlined the objectives, including achieving complete cashless transactions by 2031, reaching an average per capita income of USD 12,500, and eradicating poverty by 2041. The roadmap also aims for a 2.5 percent growth in Total Factor Productivity (TFP) in GDP by 2041, while ensuring digital inclusion for all private sectors, including Cottage, Micro, Small, and Medium Enterprises (CMSME).

Priority will be given to frontier technologies, which represent the most advanced and groundbreaking innovations in fields such as biotechnology, nanotechnology, quantum computing, and advanced materials. These cutting-edge technologies are expected to significantly impact various industries and drive economic progress.

To foster innovation and entrepreneurship, the government plans to create at least 50 unicorn start-ups by 2041 through research, innovation, and the establishment of an entrepreneurial economic system. A unicorn start-up is defined as a privately-owned company valued at over $1 billion. Currently, Bangladesh boasts over 8,000 start-ups, with Bkash and Nagad already achieving unicorn status. Bangladesh ranks 39th globally in terms of the number of unicorns created.

The document also highlights plans to ensure 3 percent of GDP comes from Foreign Direct Investment (FDI) by 2031, facilitated by improving the ease of doing business. By 2041, Bangladesh aims to become a regional export hub for frontier technology. Efforts to enhance the business environment include creating an effective service platform by 2026 and increasing the use of high-speed, reliable broadband to over 70 percent by 2026 and to 100 percent by 2031.

The Awami League, in its manifesto for the 12th National Parliamentary Election, has pledged a comprehensive plan to build a ‘Smart Bangladesh.’ This manifesto emphasizes the importance of youth in driving technological and economic advancements, laying out both immediate and long-term goals for the nation’s progress.

Yasir Monon
Yasir Monon
Online Editor, Business Mirror


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