Fastest-Growing Sectors Other Than textiles and garments sector in Bangladesh

In Bangladesh, numerous industries have a lot of low-cost labor available, and the business climate is conducive to growth in the years to come. The economy grew its industrial output by 8.8% on average between 2010 and 2023. Industrial output growth in 2023 was 8.2%. Other than textiles and clothing, these are some of the industries with the quickest growth during that period :

IT Industry: With an emphasis on software exports, outsourcing, and technology services, the IT and software development industry has been growing quickly. Bangladesh has been making efforts to establish itself as a competitive force in the international IT sector. In Bangladesh, more than 4,500 IT and ITES companies are growing and employing more than 750,000 ICT workers. 2019 saw export revenues surpass $1 billion, representing a 21% compound annual growth rate since 2013. The large pool of online workers further boosts the earnings. One of the most promising industries in the nation is the IT sector, which is expected to grow to USD 5 billion by 2025.

Pharmaceuticals: The pharmaceutical industry has expanded steadily, rising from roughly $25 million in 1982 to roughly $3 billion as of June 2020. Driven by rising domestic purchasing power, the domestic pharmaceutical market is expected to reach over USD 6 billion by 2025. Currently, the industry exports to over 100 countries worldwide and serves 97% of the domestic market. The industry has seen investments in high-value pharmaceutical product manufacturing as well as research and development.

Renewable Energy: Bangladesh has made investments in renewable energy, especially wind and solar energy. In order to promote and facilitate investment in renewable energy projects by the public and private sectors, the government established the Renewable Energy Policy in 2008. Currently, Bangladesh has about 1,200 MW of installed renewable energy capacity (including off-grid and on-grid), of which 950 MW comes from solar energy and 230 MW from hydropower. The remaining energy is generated by biomass, biogas, and wind. Bangladesh's draft national solar energy action plan calls for approximately 41GW of solar power by 2041, which is the most ambitious scenario. The nation also requires increased local capacity to create and implement renewable technologies as well as to create pertinent policies.

Telecommunications: The three primary sub-sectors that make up the telecommunications industry are wireless communication, telecom services, and telecom equipment, which is the largest. Over the past ten years, Bangladesh's mobile market has expanded rapidly. A GSMA report states that there were 90 million unique users in 2020 compared to 47 million in 2010 (a rise of more than 90%). Bangladesh had a penetration rate of 101% for all connections by the end of the previous year, with some users having many connections, and 54% for unique subscribers. According to Idem Est Research, fixed broadband subscribers will grow at an average annual rate of 10% over 2023–2030 and mobile subscriptions will grow at an average annual rate of 2.4%. During the 2023–30 forecast period, the percentage of people using the Internet will rise at an average annual rate of 12.9%. In 2022, 39% of the population is expected to be online; by 2030, that number will have increased to 80.2%.

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References :

https://bida.gov.bd

https://www.thedailystar.net/opinion/views/news/unlocking-bangladeshs-renewable-energy-potential-3367231

https://www.mordorintelligence.com/industry-reports/bangladesh-telecom-market