'From bottomless basket to vibrant economy': Bangladesh's growth story

Bangladesh, once dubbed a "bottomless basket", has now transformed into one of the most vibrant economies in the world, according to Foreign Minister A K Abdul Momen, who has invited foreign investors to tap the vast opportunities available in the country for businesses.

Bangladesh's steady growth has caught the attention of the world and with the forecast that it will grow at over 8 per cent this year as well, Momen's promise to investors seems on the mark.

Robust economic reforms, remittances received from the Bangladeshi expatriate community and boost in exports, have enabled Bangladesh's economic turnaround, according to several top officials and leaders here.

Addressing a group of foreign delegates, including journalists, at the closing ceremony of 'Visit Bangladesh Programme' hosted by the Bangladesh Foreign Ministry here last month, Momen recalled that immediately after independence in 1971, his country had to import everything from abroad.

"It was a big headache for us because we did not have any reserves and our credibility was also low. Some countries said they will not export anything to Bangladesh without any third party guarantee. The only country that helped us out in those difficult days was our next door neighbour India," he said.

India gave the guarantee that if the Bangladesh government fails to meet the demands then it will take the responsibility, he recalled.

"But now things have changed, we are among the most vibrant economies in the world with great prospects. Within a short span of time, the 'bottomless basket' with no hope of survival has become a vibrant economy with tonnes of opportunities," he said in an apparent reference to former US Secretary of State Henry Kissinger dubbing Bangladesh a "bottomless basket".

Urging investors to turn towards his country, Momen said, "If you want to make money, come to Bangladesh because the return on investments is highest compared with our neighbours."