Harvard Case - Bangladesh: Into the Maelstrom
"Bangladesh: Into the Maelstrom" Harvard business case study is written by Reshmaan N. Hussam, Sophus A. Reinert, Namrata Arora. It deals with the challenges in the field of Business & Government Relations. The case study is 40 page(s) long and it was first published on : Nov 8, 2018
At Fern Fort University, we recommend a multi-pronged strategy for Bangladesh to navigate the complex economic and political landscape, focusing on leveraging its strengths in the garment industry while fostering diversification and sustainable growth. This strategy emphasizes strategic partnerships, targeted investments, and responsible governance to navigate the 'maelstrom' and unlock Bangladesh's potential as a thriving emerging market.
2. Background
The case study 'Bangladesh: Into the Maelstrom' highlights the challenges faced by Bangladesh in its journey towards economic development. Despite remarkable progress in the garment industry, the country grapples with poverty, inequality, and environmental concerns. The case study focuses on the government's efforts to attract foreign investment and diversify the economy, while navigating political instability and the global economic downturn. Key protagonists include the Bangladeshi government, foreign investors, and local businesses.
3. Analysis of the Case Study
To analyze the case, we can utilize the Porter's Five Forces framework to understand the competitive landscape and identify opportunities for Bangladesh:
- Threat of New Entrants: The garment industry faces increasing competition from other developing countries with lower labor costs. However, Bangladesh's established infrastructure and skilled workforce provide a competitive advantage.
- Bargaining Power of Suppliers: Bangladesh relies heavily on imported raw materials, making it vulnerable to price fluctuations. Diversifying supply chains and promoting local manufacturing can mitigate this risk.
- Bargaining Power of Buyers: Large global retailers have significant bargaining power, putting pressure on prices and working conditions. Building stronger local brands and fostering collaboration among garment manufacturers can improve bargaining power.
- Threat of Substitute Products: The rise of e-commerce and fast fashion poses a threat to traditional garment manufacturing. Focusing on niche markets, developing innovative products, and embracing sustainable practices can create a competitive edge.
- Competitive Rivalry: Intense competition within the garment industry requires constant innovation and efficiency improvements. Bangladesh needs to invest in research and development, enhance productivity, and embrace technological advancements.
Additionally, we can consider the Economic Cycle and Trends impacting Bangladesh:
- Global Economic Downturn: The global financial crisis and subsequent economic slowdown negatively impacted demand for Bangladeshi exports. Diversifying export markets and promoting domestic consumption can mitigate this risk.
- Rising Labor Costs: As Bangladesh's economy grows, labor costs are expected to rise, potentially impacting the garment industry's competitiveness. Investing in automation, upskilling the workforce, and promoting higher value-added manufacturing can address this challenge.
- Climate Change: Bangladesh is highly vulnerable to climate change, posing risks to infrastructure and agriculture. Investing in climate adaptation measures, promoting sustainable practices, and fostering resilience are crucial for long-term economic sustainability.
4. Recommendations
- Diversify the Economy: Focus on developing new industries beyond garments, leveraging existing strengths in agriculture, tourism, and technology. This can be achieved through targeted investments in infrastructure, research and development, and skills development.
- Strengthen Governance and Institutions: Improve transparency, accountability, and the rule of law to attract foreign investment and build trust among stakeholders. This includes addressing corruption, strengthening regulatory frameworks, and promoting good corporate governance.
- Foster Public-Private Partnerships: Encourage collaboration between the government and private sector to develop infrastructure, promote innovation, and create jobs. This can involve leveraging private sector expertise and resources for projects like renewable energy, transportation, and healthcare.
- Invest in Human Capital: Enhance education and skills training programs to create a more skilled workforce capable of meeting the demands of a diversified economy. This includes investing in STEM education, vocational training, and entrepreneurship programs.
- Promote Sustainable Development: Integrate environmental sustainability into all economic activities, focusing on resource conservation, pollution reduction, and climate resilience. This can be achieved through green technology adoption, sustainable agriculture practices, and promoting eco-tourism.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Leveraging existing strengths in the garment industry while fostering diversification aligns with Bangladesh's mission to achieve sustainable economic growth and improve the lives of its citizens.
- External Customers and Internal Clients: Attracting foreign investment, creating jobs, and improving living standards benefit both external customers (investors) and internal clients (citizens).
- Competitors: Diversifying the economy and promoting innovation help Bangladesh stay ahead of competitors in the global market.
- Attractiveness ' Quantitative Measures: Investing in infrastructure, education, and technology can lead to increased productivity, improved competitiveness, and higher economic growth.
6. Conclusion
Bangladesh faces significant challenges but also possesses immense potential. By embracing a multi-pronged strategy that prioritizes diversification, good governance, and sustainable development, Bangladesh can navigate the 'maelstrom' and emerge as a thriving emerging market.
7. Discussion
Alternatives:
- Focus solely on the garment industry: This carries risks of over-reliance on a single sector, vulnerability to global economic fluctuations, and potential for exploitation of workers.
- Adopting a laissez-faire approach: This could lead to uncontrolled economic growth, environmental degradation, and social inequality.
Risks:
- Political instability: Political unrest can disrupt economic activity and deter foreign investment.
- Corruption: Corruption can undermine trust and hinder economic development.
- Climate change: Climate change poses significant risks to Bangladesh's economy and environment.
Key Assumptions:
- The government will commit to implementing the recommended strategies.
- Foreign investors will respond positively to improved governance and economic diversification.
- The private sector will actively participate in public-private partnerships.
8. Next Steps
- Develop a comprehensive national development strategy: This should outline specific goals, targets, and timelines for economic diversification, infrastructure development, and human capital development.
- Establish a dedicated agency for attracting foreign investment: This agency should focus on promoting Bangladesh's investment climate, streamlining regulatory processes, and providing support to foreign investors.
- Implement targeted investment programs: Prioritize investments in sectors with high growth potential, such as technology, renewable energy, and tourism.
- Strengthen public-private partnerships: Develop clear frameworks and incentives for collaboration between the government and private sector.
- Monitor progress and make adjustments: Regularly assess the effectiveness of the implemented strategies and make necessary adjustments to ensure progress towards achieving the desired outcomes.
By taking these steps, Bangladesh can navigate the 'maelstrom' and unlock its full potential as a thriving emerging market.
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Case Description
In the fall of 2018, Rohima Begum considered her options as the small island, or "char," on which her family's house rested slowly but inescapably eroded into the mighty Brahmaputra River in northern Bangladesh. The country, once unceremoniously dubbed a "basket case" by then US Secretary of State Henry Kissinger, had since emerged according to many economic metrics. At the same time, it remained faced with a unique set of political, economic, international, and climactic concerns. For while most of the world saw climate change as a future threat to be mitigated, Bangladesh faced the immediate challenge of adaptation. Indeed, "climate refugees" from the country had become the single largest group of immigrants to Europe in 2017, and some observers recognized the country as a proverbial canary in the coalmine. Might Bangladesh's challenges be owned by the world?
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