Bangladesh: Emerging economy poised for success

With a fast growing economy, Bangladesh has been stirring up some excitement among international development and economic agencies – at the local and global level. This small nation, which is the eighth most populous country in the world is strategically located and making moves to climb up the supply chain ladder – a maneuver which may see it giving stiff competition to China in the area of supply chain solutions. This growth would not be possible without seasoned logistics services providers such as ECU Worldwide which help businesses grow, thereby contributing to the country’s economy.

Bangladesh, shares two international borders with India and Myanmar and opens into the Bay of Bengal in the south. It is a riverine country with 57 rivers criss-crossing the land. Although a relatively young country – it was formed in 1971, historically it has been a very significant country trade-wise. The fabled muslin of Dhaka, found its way across the globe and likewise attracted traders and merchants from faraway lands. Chittagong, today known as Chatogram, the second largest city and the biggest sea-port in Bangladesh, was known to Arabs and Greeks alike as a famous centre of trade. ECU Worldwide has offices in both these cities.

The Bangladesh edge

Today, the Land of Rivers is the 7^th fastest growing economy globally and is classified among the Next Eleven emerging markets, middle income economies and a frontier market. As global supply chains diversify, companies intending to shift their manufacturing bases from China are likely to consider Bangladesh as a potential relocation destination. There are immense possibilities and ECU Worldwide, with its global network operating in more than 180 countries is the ideal partner for businesses that want to leverage them.

“We have had a presence in Bangladesh through our agent for over two decades. Now, by acquiring management control and strategically integrating them into the ECU Worldwide family, we have bolstered our capabilities with our own offices in the key trade centres of Bangladesh and an extensive global network. Customers can now experience the difference with more focused, customized, and seamless solutions that create better value propositions and help expand their business horizons” says Hareram T S, Senior Vice President Indian Subcontinent and Mauritius (NVOCC), Allcargo Logistics.

The burgeoning garments industry, makes Bangladesh a strong hub for readymade garments manufacture and export. It constitutes over 40% of total exports. Over the years, ECU Worldwide Bangladesh has developed its competencies and expertise in offering customized logistics solutions specific to the fashion and retail sector. However, it will focus on expanding the existing LCL container and cargo shipment services not just for garment exports, but all the different types of cargo that ECU Worldwide specialises in.

ECU Worldwide Bangladesh offers a number of solutions for port-to-port freight forwarding as well as land-side activities like customs clearances and inland transportation.

In addition, wide-ranging expertise in project logistics, contract logistics, logistics parks as well as customized solutions in express distribution, and first and last mile logistics can be offered in collaboration with ECU Worldwide’s parent company Allcargo Logistics which is India’s largest integrated logistics services provider.

With an annual EXIM volume of 2.5 Million TEUS from Chattogram port, ECU Worldwide has a great opportunity to consolidate its LCL footprint and expand in the FCL space.

Bangladesh also exports a range of natural and finished goods: footwear, paper yarn, fish, plastics, among others, which finds its way to markets such as the USA, European Union, South East Asia and Middle Eastern countries. Bangladesh’ imports such as raw cotton, heavy pure woven cotton and scrap iron, help support its industries especially the garment industries. These imports are largely drawn from countries such as China, India, Singapore, Malaysia and Indonesia.

Air and water advantages

Bangladesh’s current reliance on roadways, opens up possibilities for ECU Worldwide Bangladesh to explore untapped potential in the space of air freight as well. At present, the major air freight movement is from Dhaka Airport. And airlines based out of the Gulf countries, have a very strong presence in the Bangladesh market and covers major world destinations. Biman Bangladesh, Bangaldesh’s national passenger and cargo carrier, has regular services to Middle East and South East Asian destinations.

Additionally, in a land with 57 rivers crossing the land, and a significant coastline, water routes can also be explored to offer sustainable, efficient global cargo movements.

Bangladesh’s e-commerce boom driving technology solutions

The period from 2013-2019 saw tremendous growth in the e-commerce sector. While the main urban centres are well serviced by logistics companies, with short delivery times, more remote parts of the country face significant delays in delivery. This poses a huge opportunity for the logistics sector to leverage the untapped potential of the e-commerce market.

Moreover, the internet savvy generation of entrepreneurs are looking for digital solutions to help their businesses move faster. ECU Worldwide’s thrust on being digital first, offers Bangladesh the benefits of ECU360 – an app with various features such as live tracking and tracing, instant door-to-door quotations and deliveries in more than 50 countries, quick bookings and easy access to information and shipping schedules. So businesses across Bangladeshi can move cargo to almost any corner of the world 24×7, at their own convenience, with just a few clicks!

Customer-first approach

The expertise of having more than 300 offices across the globe, in over 180 countries, enables ECU Worldwide to offers its Bangladeshi customers its world-class customer-friendly approach where the customers’ needs are put first. The team focuses on listening to customers to understand their needs and then tailor making solutions as per their unique requirements.

Even as various external factors like port congestions, the next phase of the global COVID-19 pandemic and lockdowns create challenges, the team at ECU Worldwide Bangladesh remains committed to go the extra mile and deliver excellence to customers.

Conclusion

With a clear focus on growth and thrust on businesses, Bangladesh is driving development ahead. ECU Worldwide Bangladesh provides the chance to ride the growth wave by offering a variety of services such as warehousing, multimodal transport, and export-import connectivity to over 530 destinations worldwide, powered by technology, and utilise the growth potential offered by Bangladesh.