“The Bangladesh economy is one of the finest examples of remarkable economic development and is the World Bank’s proclaimed model for ‘poverty reduction”
– Brand Finance
Based on Brand Finance, a top international independent brand valuation and strategy consultancy, Bangladesh’s brand value presently stands at $508 billion compared to $371 billion in 2022. In addition, Bangladesh has developed into one of the fastest-growing companies as a country, rising eight spots to claim the 97th spot in the London-based company’s Global Soft Power Index 2023. While Pakistan, Sri Lanka, and Nepal each have brand values of $232 billion, $48 billion, and $29 billion, correspondingly, Bangladesh is second to India in terms of brand value among the South Asian nations. Every year, Brand Finance tests 5,000 of the most well-known companies in the world and evaluates them in nearly 100 different reports, ranking them across all industries and nations. The Global Soft Power Index sheds light on how a nation’s brand is perceived and identifies the major factors influencing its reputation and impact globally. Therefore, a strong stance portends better prospects for Bangladesh’s economic and diplomatic future. Additionally, this demonstrates the nation’s governmental stability, which will attract more foreign investment. The article will go over the main implications of the index for Bangladesh as well as its prospects.
Markedly, Bangladesh was placed 105th in the Global Soft Power Index 2022 from the previous year, and the south Asian nation experienced a 37% increase in brand value change from 2022 to 2023, making it one of the nation brands with the fastest growth in the ranking. According to the Global Soft Power Index 2023, Bangladesh’s index score increased from 29 in 2022, when the nation’s brand worth was $371 billion, to 35.1 in 2023.
However, Brand Finance analyzes a country’s strength in the international market and its financial success, or gross domestic product, to determine how valuable its brand is. Bangladesh’s nation brand experiences the greatest increase in value and ranking within the 2023 ranking as it gets recognition on a global scale as one of the South Asian economies with the fastest rate of growth, it was noted.
Despite the challenges posited by the COVID-19 pandemic and the Ukraine war, Bangladesh has continued to grow, which has important implications for the nation’s brand value. This steady development can aid Bangladesh in positioning itself as a reputable and alluring business location as well as a significant actor on the global stage.
A significant increase in brand value, as determined by Brand Finance, can depict Bangladesh’s demonstration of economic excellence in a number of ways. Increased investment, commerce, and tourism can result from a country’s reputation improving and its image being seen more favorably. This can then result in continued economic progress and development, enhancing the value of the nation’s brand.
Moreover, increased foreign investment is one way a better brand value can illustrate economic excellence. Foreign investors might be more inclined to engage in Bangladesh as the country’s reputation grows, which could result in an influx of money, technology, and knowledge. This may encourage additional economic development and growth, resulting in job possibilities and a higher standard of living. Additionally enhancing the nation’s economic potential, increased foreign investment can aid in the development of new industries and the growth of already established ones.
Besides, a stronger brand value can show economic excellence by luring in more tourists. Tourists may be more likely to travel as the nation’s attraction grows, increasing tourism-related income. Additionally, this may contribute to the creation of jobs, especially in the hospitality and service sectors, increasing the economic potential of the nation. Increasing tourism can also contribute to showcasing the nation’s cultural heritage and boost its brand worth.
Furthermore, enhancing the nation’s competitiveness on the international stage is another way a greater brand value can show economic excellence. Bangladesh may become more competitive in the international market as its brand value grows. This may draw more companies, company owners, and innovators to the nation, spurring even more economic development. The economic potential of a nation can be further improved by increased innovation and creativity as a result of increased economic competition.
A better brand value can also represent economic excellence by showcasing the nation’s infrastructure and technological prowess. Megaprojects like the Padma Bridge and Metro Rail allow the nation to show its dedication to infrastructure modernization and improved connectivity. This can then result in better transportation, lower expenses, and greater mobility, increasing the potential for the economy of the nation. The completion of these massive projects can also act as symbols of national pride, boosting the worth of the nation as a whole.
Last but not least, a stronger brand value can illustrate economic greatness by highlighting the nation’s dedication to sustainable development. Bangladesh can demonstrate its dedication to protecting the environment, enhancing social and economic conditions, and promoting ethical business practices as it continues to engage in sustainable development. This can result in higher living standards, greater social cohesiveness, and a more positive view of the nation, all of which can boost the country’s brand value.
In a nutshell an increase in brand value can demonstrate Bangladesh’s economic excellence in a number of ways. The country’s emergence as an economic powerhouse in the area and the world can be attributed to increased foreign investment, increased tourism, better competitiveness, improved technological capabilities and infrastructure, and a commitment to sustainable development. Bangladesh has the potential to further improve its image and brand value on the international stage as it continues to invest in these areas and capitalize on its specific strengths.
– Syed Raiyan Amir is a Research Associate at the KRF Center for Bangladesh and Global Affairs (CBGA).