The country’s ongoing social and economic progress, along with political stability, has caused its global brand value to increase. London-based Brand Finance has recently revealed this in a report where it was mentioned that Bangladesh stands at 39 in the global value index among 100 other brands. This improved status will help the economy gain more foreign direct investments (FDIs) and thus higher economic growth. Brand value of Bangladesh is now estimated to be USD 257 billion which is a great leap from 2017. According to the report, countries such as USA and China have maintained their top spots.
The brand value index was built around various issues such as corporate ethics, training and education, research and development, use of technology, investor protection and many more. Experts are of the opinion that Bangladesh’s brand value has increased due to its effective management of the Rohingya crisis and the RMG sector. An enhanced brand value will also help Bangladesh achieve a significant position in global economy.
After series of unfortunate incidents the RMG sector lost GSP facilities and it faced barriers to growth. However, lately invesstors at home and abroad are slowly gaining their confidence back in the industry because garments owners are working on improving workplace safety standards and livelihood of the workers. There are orders pouring in from across the world which is strengthening the brand value. Number of jobs is increasing and more and more youngsters are becoming involved in the RMG business.
Increasing brand value is vital for building success in the long run. When companies grow and expand, it automatically affects their brand value. Therefore, investment should be increased on sectors with untapped potential and at the same time, infant industries should also be nurtured so that in future Bangladesh has an established brand image in the global market. Increasing the number of skilled workers and building more entrepreneur friendly environment should also be focused on.