Digital World 2015 is a four-day conference, was the fourth largest ICT event of
the world, with more than 120 non-public firms and a hundred governmental
organisations from twenty five countries has finished last february. It
additionally featured representatives from leading technology firms, most notably
Google, that sent a broad vary of executives, furthermore as Microsoft and
Facebook, among others.

While the first focus of the event was to focus on the advances of the “Digital
Bangladesh” initiative of the present government furthermore as potential growth
opportunities within the ICT sector, during this long kind we would like to debate
a number of the broader potentials of technology as a catalyst for economic
process.

There is a broad accord that bigger infrastructure investment in developing
countries will turn out quicker economic process. within the case of Bangladesh,
typical estimates square measure that infrastructure bottlenecks, whether or not
within the power sector or transportation/logistics, limits annual value growth by
1-2%.

Infrastructure is what economists decision AN “economic enabler” that permits the
economy to perform at its full potential. However, there\’s less appreciation of
the importance of ICT as an analogous economy turbocharger and one that has equal
and maybe even bigger potential than infrastructure investments to spice up
Bangladesh’s economic process potential.

The Digital Bangladesh initiative undertaken by the present government focuses on
the four key areas of Education, Agriculture, Health, and Transactions/Banking.
but this text aims to require a broader explore the potential transformative power
of technology on the economy.

It has been calculable that one0th|a tenth} increase in broadband penetration will
increase economic process by 1.3 share points, however virtually actually the
impact in developing countries is bigger than that for developed countries.

How will technology have an effect on economic growth? truly, during a abundant
broader approach than most economists had antecedently fanciful, and one that\’s
evolving and dynamical all the time.

Nobel Prize-winning social scientist and former dean of the Stanford graduate
school, archangel Spence, in his book future Convergence, noted that “the
informational structures in markets, offer chains, and dealing systems — so, the
complete world economy — (have seen) a elementary and permanent shift … the
knowledge layer that surrounds, organises, and governs the important economy and
every one its components is gravitating to the net …”

We will explore the impact of technology on economic process across six main
areas: Education/knowledge transfer; productivity sweetening as well as
agriculture; content creation; culture/Facebook generation; access to
markets/outsourcing; and enhancing economic potency currently.

The most ancient mechanism by that technology underpins growth is by facilitating
data and innovation transfer. this might be at the corporate level in terms of
reducing the time and transactions prices by conveyance the most effective world
practices from developed to developing countries.

At a private level, the flexibility to access data and e-learning provides, in
theory, the poorest kid during a remote village a similar access to data as his
counterpart within the United States or Japan.

The scale of learning tools and academic materials that has become on the market
on the net is actually exciting. Anyone within the world with access to broadband
will watch lectures from the absolute best professors at Harvard, MIT, Stanford,
or Cambridge during a approach that was impossible even a decade agone.

The benefits in terms of library access of attending Ivy League universities has
for the most part vanished since most books and articles are digitised through the
pioneering initiatives of firms like Google.

A shortage of good lecturers in technical subjects or English, eminently in rural
areas, could be a prevalent constraint long-faced by developing nations. One may
conduct lectures and edifications by video conference, exploitation high-speed net
connections to broadcast the session in authentic time to multiple categories of
philomaths. Such sessions are often engendered interactive, with the employment of
presentation materials and opportunities or question and answer sessions.

An added advantage is that the teacher will still be physically primarily based
within the urban areas whereas providing lessons to students in rural areas. The
Khan Academy, supported by Salman Khan WHO had a Bangladeshi father from Barisal,
is maybe the foremost well-known of the e-learning platforms.

Of course, so as for a toddler during a Bangladeshi village to be able to benefit
of the huge e-learning opportunities needs not solely access to broadband and
either a smartphone or pill, however additionally bigger coaching in IT
attainment. however the potential is self evident, massive, and in countries like
Bangladesh, for the most part untapped.

Technology enhances company productivity in multiple ways that and therefore the
elevating of cloud-predicated computing has bolstered the impact and enlarged the
probabilities. the first impact of technology in elevating markets on company
productivity were at the fundamental level of workplace software system, more
sizably voluminous laptop utilization and email.

The speedy decline within the price per unit of computing power as microprocessors
become quicker ANd cheaper is growing at an exponential pace furthermore,
advertised by Moore’s Law that declared that the quantity of transistors during a
densely computer circuit doubles around each 2 years.

But a lot of recently, the net has remodeled offer chains and remodeled however
product square measure bought and sold . Technology has helped firms improve
however they move with and take feedback from their customers.

It has additionally helped with talent sourcing and analysis of huge knowledge
sets with the appearance of massive knowledge. The cloud provides firms of any
size access to capabilities and services that antecedently were on the market to
solely the most important enterprises, at a fraction of their historical price.
within the case of ASCII text file software system, at no cost or even quite
subtle software system suites square measure on the market at little price.

The Internet has become a giant radical permitting tiny firms to work on tier
taking part in field with massive ones. the net has created it easier for
producers to obtain inputs (raw materials) for his or her production processes and
reduced production prices.

They have been able to interact in higher and fewer pricey offer chain management
and operate with considerably lower levels of inventory. value discrimination
(targeting selling, products, and costs to specific individuals) has been created
abundant easier by the net.

In the agriculture sector, the Digital Bangladesh initiative is already
manufacturing a serious impact by providing farmers with access to promote costs
and giving them with a possible platform for increasing crop yields. The internet
and smartphones square measure permitting not simply the dissemination of a good
practices for farmers, however can even record crop and soil knowledge for
analysis by consultants.

In developed countries, ICT has remodeled the print, movie, music, and vice
industries with an increasing range of customers currently making their own
content through podcasts, wikis, blogs, Facebook, Instagram, and Vine. Authors
will publish their books digitally on Amazon for a fraction of the price of
exploitation ancient publishers. Musicians and filmmakers likewise have web-based
access to potential customers through Youtube and alternative on-line platforms.

A might 2014 estimate advised that there square measure seven.4 million Facebook
users in Bangladesh of that six.4 million square measure accessing the location
via mobile phones. this is often really an out of this world range for a
developing country and has large implications for property, awareness of world
news and cultural trends, and speed of knowledge dissemination, particularly among
the younger generation.

Technology additionally deeply changes market access, particularly for SMEs. it\’s
become abundant easier for terribly tiny corporations to coordinate production of
extremely tailored product as a part of extended offer chains. the net is an
element of the method of technological amendment that has enabled this shift.

We need to encourage an area mobile apps scheme which method has already begun
with the arrival of technical school VC corporations from overseas like Fenox that
is within the method of fixing a $200m Bangladesh fund to speculate in technical
school firms here. variety of incubators have additionally been established to
encourage a startup culture wherever Mobile operators can even facilitate to
encourage and support the event of mobile apps.

The ICT sector itself, as an engendered of products and accommodations, has become
more and more vital as proved by the elevating of India’s ITES and outsourcing
sector over the last 15 years. we incline to supplementally imagine Bangladesh’s
outsourcing sector to elongate considerably in size over future ten years to
become a $5bn export sector.

Technology additionally contributes to growth by increasing competition. it\’s
calculable that within the United States, on-line merchandise square measure on
the average 100% cheaper than those sold by ancient bricks and mortar stores.
this is often part thanks to multiplied value transparency and therefore the
ability of customers to use on-line value comparison tools to search out the most
affordable product. second the net e-commerce platforms, most splendidly Amazon,
provide large economies of scale.

Ebay auction sites were additionally a turbulent technology in marketing area by
creating the sale of used product and new merchandise abundant easier, once more
golf shot down pressure on costs.

So net markets square measure argued to be a lot of economical thanks to the
benefit of knowledge transmission, that results in lower dealing prices.
completely different evaluation and commerce mechanisms, like on-line auctions,
additionally contribute to multiplied potency.

We have already seen a rising of e-commerce in {bangladesh|Bangladesh|People\’s
Republic of Bangladesh|Bangladesh|East Pakistan|Asian country|Asian nation} with
the Digital Bangladesh initiative continued to encourage the growth of this
sector. Recent initiatives by Bangladesh Bank to permit e-payment facilities on-
line, exploitation credit cards like by sanctioning Paypal in Bangladesh, can
facilitate the expansion of the arena even any. during a country like Bangladesh,
wherever offer chains don\’t seem to be that economical, ICT can scale back the
scope for value distortions and manipulation by unscrupulous middlemen to confirm
that customers receive honest costs.

To the extent that we tend to settle for that the effective employment of
technology will have a transformative impact on the economy, it\’s vital to work
out what steps policymakers ought to absorb Bangladesh. At first, they must
guarantee world standard digital infrastructure and networks at competitive costs.
during this space, the Bangladesh regime has engendered major progress in recent
years with the dramatic fall in broadband costs, the expeditious rollout of 3G
accommodations, and therefore the prospects for expeditious prelude within the
proximate to way forward for 4G and LTE.

Secondly, the govt will encourage the event of a powerful native IT scheme.
Thirdly, increasing the IT skills base is important with a lot of job schools to
extend the availability of programmers and IT management and selling
professionals. Effective use of ICT can even play a key role in feminine
authorisation by conveyance a lot of ladies into the work and permitting them
bigger flexibility in acting from home/working hours that allows bigger balance
with family commitments.

It is additionally vital that the govt ensures a stable and supportive regulative
framework each in terms of avoiding regulative volatility and inconsistent or
negative taxation policies for the IT sector.

The government has committed to establishing twelve new technology parks in Bangla
Desh, with the primary being the 238 acre park in Kaliakoir close to national
capital. however there square measure another encouraging initiatives from the
non-public sector within the pipeline. ICT consultant to the Prime Minister, Mr.
Sajeeb Wazeb Joy has noted in his speech at the Digital World 2015 that: “One of
the issues is funding. In America, new innovations don’t get support from the
govt. They get their funding from the non-public sector.”

In this context, the promulgation of November that Fenox, a geographical area
capital firm, was raising a $200m fund for Bangladesh IT, is concretely
inspiriting. Kyle King from Fenox noted:

“Bangladesh incorporates a massive, young population, an impressive net and mobile
growth with an undiscovered entrepreneurial system that all build Bangladesh an
area for discovery, innovation, disruption, change, creation, and investment … For
Fenox, Bangladesh qualifies because the right country to be a vicinity of in terms
of developing the world’s most influential startups.”

Sajeeb Wazed Joy additionally stated: “I wish firms like Google and Facebook to
emerge from Bangladesh.”

On the face which will sound like fantasy. however if truth be told technology is
levelling the competitive taking part in field thus quick that in our generation
it\’s positively conceivable, maybe even seemingly, that a boy from a Bangladeshi
village has the potential to form a corporation with a turbulent technology as
powerful as Google or Facebook.

To paraphrase New York State Times journalist Thomas Friedman. Technology is that
the primary driver of such “flattening” of the world economic landscape.

In conclusion, we tend to believe that ICT is as as vital as energy and
infrastructure investment in raising the trend rate. Effective implementation of
Digital {bangladesh|Bangladesh|People\’s Republic of Bangladesh|Bangladesh|East
Pakistan|Asian country|Asian nation} might however convince be the one most
significant weapon in poorness alleviation permitting Bangladesh to realize its
potential because the quickest growing economy in Asia.