PwC forecasts Bangladesh as next outsourcing powerhouse
DHAKA, BANGLADESH — Professional services firm PwC foresees Bangladesh as the next outsourcing destination, supported by its youthful workforce and governmental initiatives encouraging investments.
In PwC’s latest Destination Bangladesh report, the firm underscored Bangladesh’s effort to amplify its exports across all sectors,
The report — presented by the country’s Planning Minister MA Mannan — delved into market access, funding opportunities, regulatory aspects, and incentives to attract foreign investments.
Bangladesh displayed resilience post-pandemic, registering a 6.9% economic growth in FY2021 and 7.2% in FY2022.
The Bangladesh Economic Zones Authority has also revealed its plans to establish 100 economic zones in public and private sectors, many of which are operational and investment-ready.
Furthermore, the government is also heavily investing in the export sector and has provided 100% tax exemption to IT and IT-enabled service providers up to 2024, with expectations of extending the benefit to 2030.
PwC added that Bangladesh’s rising attractiveness as an outsourcing destination is reflected in its improved ranking in AT Kearney’s Global Services Location Index 2021, moving up two places to 35th.
Job creation is also a big influence as the government aims to generate over 200,000 direct and 50,000 indirect jobs and earn $5 billion annually from outsourcing within the next decade.
PwC’s report also highlighted the government’s diversification efforts beyond the dominant garment and textile exports, stressing the development of light engineering, agro-processing, and ICT sectors.
