Jitendra Singh says, PM’s vision of “Act East” imparting a new approach in our relations with neighboring countries
Bangladesh borders India towards the east and on the Bay of Bengal. It is a South Asian Country and part of the SAARC initiative. The country boasts itself for lush greenery and waterways. The land is fertile due to Padma (Ganges), Meghna and Jamuna rivers. Bangladesh is famous for Sundarbans, an enormous mangrove forest, and is home to the royal Bengal tiger.
The country’s economy stands at second position in south Asia next to India. It is considered to be one of the fastest-growing economies and has a market based mixed economy. Bangladesh is considered to be one of the Next top emerging markets and has a very good foreign exchange reserves in south Asia.
Bangladesh’s largest trading partners are the European Union, the United States, Japan, India, Australia, China, and ASEAN. Expat workers in the Middle East and Southeast Asia send back a large chunk of remittances. The country is well known for textiles, pharmaceuticals, shipbuilding, steel, electronics, energy, construction materials, chemicals, ceramics, food processing, and leather goods. Agriculture is the largest sector of the economy
The primary concern for Bangladesh’s economic growth is the insufficient power supply, poor governance, weak public institutions, and corruption.