While Bangladesh is in an advantageous position in terms of its demographic — with 63.7% of its population under the age of 35 — it will not last forever. According to a recent study published by the United Nations Development Program (UNDP), Bangladesh will become an ageing society starting in 2029, which is six years from now.

To tackle the challenges that would arise from this situation as well as address the concerns of unemployment and keeping in step with the wider world, Bangladesh has to facilitate young entrepreneurs to invest in the diversification of the country’s industries. 

According to the UNDP report, there are currently 3.8 million young entrepreneurs in the country, out of over a 100 million youth living in the nation. By all metrics, this number is astoundingly low, pointing towards deep, systemic flaws within the overall economic system that needs to be fixed. Bangladesh has consistently ranked low in terms of ease of doing business, and there are bureaucratic red-tapes in place which have been causing issues for even foreign direct investment. 

Then there’s the issue regarding the availability of funds. While the administration has taken a number of initiatives such as incubators to support the growth of nascent businesses, the funds committed are not enough. There is also the issue of mentorship. While there have been a number of local startups that have raised considerable funds, not too many of them have turned into full-fledged businesses.

While it is imperative that the authorities bring about policy and regulatory changes to facilitate businesses, they also have to engage with the private sector to better translate different business ideas into the local context. 

All in all, it is imperative that we as a nation prepare for the challenges that are to come. It is especially imperative that authorities and the private sector collaborate to bring about sustainable changes that will make for better businesses. 

Bangladesh will eventually lose its demographic dividend, and the only way to be prepared is to build a diversified, sustainable business environment that puts our burgeoning youth population at its heart.