A very recent positive dynamic in Bangladesh’s foreign engagements was the accommodation of the country in the G7 (Group of Seven) Summit’s outreach meeting, portraying its growing importance in the global stage.
The scope for infrastructure-based investment in Bangladesh was one of the important reasons behind the accommodation. This is because, with a fast growing economy, Bangladesh needs infrastructure building, and the big economies are competing to be the major investors in big infrastructure projects in Bangladesh. While many Western countries and Middle Eastern countries have been continuously showing their interests in this regard, China, India and Japan have been at the forefront in expressing their utmost interests for investing in big infrastructure projects in Bangladesh.
Moreover, Bangladesh is among the top 10 fastest growing economies in the world and the country is among Next 11 economies that were famously identified by Goldman Sachs investment bank as having a high potential of becoming the world’s largest economies (alongside the BRICS economies) in the twenty-first century. With resources like huge human capital, cheap labour cost and an increasing number of educated people within the population, Bangladesh is the NEXT BIG THING in terms of global economy and trade. Clearly, these factors were considered when inviting Bangladesh for the outreach meetings besides those factors that were widely discussed, including climate change, health, women and sustainable development.
Militancy is another important reason behind inviting Bangladesh for the meetings. As Bangladesh has been faced with militancy in recent past, the country shares a common interest with the G7 countries in tackling the issue. It is very likely that the G7 countries may well find Bangladesh as one of the major player in tackling the issue.