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Virtualization Bangladesh has the most powerful economic base among the South Asian countries. Industrial production is on the rise and export value of textiles, garments, ready-made garments, leather goods and hosiery is increasing. The sector has become one of the mainstays of their economy. It provides employment to about 5 million people in Bangladesh. However, with unabated expansion of textile industry in different emerging markets around the world it has become relatively difficult for Bangladeshi exporters to seize commercial opportunities offered by these markets. They are now looking for alternate avenues where they can grow their exports rather than expanding textile industry which is extremely competitive worldwide. As countries are now interested in diversification of industries, Bangladesh has to find alternate avenues to develop its economy. The government is planning to promote investment in the real estate sector, the energy sector and other sectors. The ground reality of Bangladesh's economic situation has also changed over the years. Prime Minister Sheikh Hasina explained the current condition of Bangladesh economy at a high level meeting with heads of business associations on February 7, 2015. According to her, Bangladesh economy is losing ground because of external factors like global crisis and human factor like poor supply chain management. She said many factories are closing down because they cannot meet their production targets after floods in Rana Plaza building collapse which claimed more than 1,000 lives on April 24, 2013. She said the foreign direct investment in Bangladesh is going down because of these factors. She said capital inflow has been coming to the country from abroad during last few years which will not be able to meet the requirements in future. Last year, she said, about $9 billion were invested into the country from abroad while this year it will be between $5 billion and $7 billion which will keep dropping in coming years. She hoped that a government-sponsored investment program would be launched soon to attract foreign investment. Bangladesh's economy is one of the world's fastest growing economies at 7%. It has a GDP per capita of about $1,020 per annum, close to 65% of India's GDP per capita. Over the past five years, Bangladesh economiically benefited from many factors; mainly the rise in prices of commodities like rice, wheat and rubber, the growth of services sector after two years of decline and rising remittances. Bangladesh economy depends on remittances. Out of $31 billion foreign exchange earnings ($25 billion), $19 billion comes from remittances ($12 billion) and $12 billion comes from exports ($7 billion) in 2010-11. Remittance growth rate is rapid. In 2002-03 it was $4.1 billion but it increased to $6.8 billion in 2010-11 due to which Bangladeshis' standard of living has improved over the years. Bangladesh's foreign exchange reserve stood at $14.6 billion. The gross international reserves of Bangladesh are estimated at US$25.4 billion or 7 months of imports as on February 16, 2015. The World Bank has projected Bangladesh's GDP growth to be 6.2% in 2015, 6.3% in 2016 and 6% in 2017 with the upcoming investment programs of the government targeting to grow economy by 2026. Bangladesh is an emerging market which is not only contributing to the national economy but also boosting its exports by producing goods for Middle East countries like Saudi Arabia, Kuwait and United Arab Emirates (UAE). 28cfa1e7782031
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