NATIONAL UNIVERSITY

TERM PAPER
ON
"Global Challenges of Strategy Implementations in the
industrial sector of Bangladesh"

SUPERVISOR PREPARED BY

JAKIA JAHAN CHOWDHURY MD MAKSEDUL ISLAM

Lecturer
Department of Management
Tejgaon College, Dhaka
MBA Final
Session : 2014-2015
Class Roll: 1415147
Reg. No:
Department of Management
Tejgaon College, Dhaka

Department of Management
Tejgaon College, Dhaka

Date of Submission: 23 October 2017

1
 TEJGAON COLLEGE, DHAKA

DEPARTMENT OF MANAGMENT

TERM PAPER
ON
"Global Challenges of Strategy Implementations in
the industrial sector of Bangladesh"

SUPERVISOR PREPARED BY

JAKIA JAHAN CHOWDHURY MD MAKSEDUL ISLAM

Lecturer
Department of Management
Tejgaon College, Dhaka
MBA Final
Session : 2014-2015
Class Roll: 1415147
Reg. No:
Department of Management
Tejgaon College, Dhaka

Date of Submission: 23 October 2017

2
 LETTER OF TRANSMITTAL

To
Jakia Jahan Chowdhury
Lecturer
Department of management
Tejgaon College, Dhaka

Subject: Submission of the Term Paper

Dear Sir,
Here I present my Term Paper on Global Challenges of Strategy Implementations
in the industrial sector of Bangladesh with due gratitude and appreciation. As per
fulfillment of the requirements for the MBA final, I have completed the Term Paper.
The term paper program has given me the opportunity to learn about global challenge
and implementation industry. Before facing the real business world, I have gathered a
pre idea about the Industrialization.
To prepare this report both the primary and secondary data have been used. A survey
was conducted for getting real information from the customers who have already
taken the Consumer Credit Scheme. However I have gathered all the facts that I could
within this short period & have tried my best to present them clearly and logically.
Despite of limitation, I sincerely hope that my report will meet the requirements that
you set for me.

For further query please do contact with me.

Yours Faithfully

MD MAKSEDUL ISLAM
MBA Final
Session: 2014-2015
Class Roll: 1415147
Reg. No:
Department of Management
Tejgaon College, Dhaka
3
 ACKNOWLEDGEMENT

At first I would like to express my gratitude to the almighty Allah. It is the part and
parcel of MBA program to submit a Term Paper, and as a student of MBA program of
Tejgaon College, Dhaka. I have to submit a Term Paper report. My term paper topic is
Global Challenges of Strategy Implementations in the industrial sector of
Bangladesh, I have complete this term paper with the supervision of Jakia Jahan
Chowdhury, Lecturer, Department of management, Tejgaon College, Dhaka.
Hercordial assistants and advice influenced me much to complete this task.

I would like to express my sincere gratitude to all my teachers of department of

management, Tejgaon College, Dhaka. Who have conveyed all the knowledge and
necessary, information to make enable to complete my term paper successfully and
provide me the opportunity to prove myself in the vigorously competitive modern
area.

I would like to delivery my special thanks to all of my classmate and my entire well
wisher for their inspiration without which I would not he to complete this term paper
report.

4
 DECLARATION

I do hereby declare that this report titled Global Challenges of Strategy

Implementations in the industrial sector of Bangladesh has been written by me
during year of 2017 under the valuable guidance of Jakia Jahan Chowdhury,
Lecturer, Department of management, Tejgaon College, Dhaka in fulfillment of the
requirements for the award of MBA. I am also declaring that not submitted this report
for any degree, diploma and title recognition before.

MD MAKSEDUL ISLAM
MBA Final
Session: 2014-2015
Class Roll: 1415147
Reg. No:
Department of Management
Tejgaon College, Dhaka

5
 CERTIFICATE OF SUPERVISOR

This is to certificate that Md Maksedul Islam a student of MBA (Final),

successfully complete his term paper program entitled Global Challenges of
Strategy Implementations in the industrial sector of Bangladesh under my
supervision as the partial fulfillment for the award of MBA degree.

He has done his job according to my supervision and guidance. He has tried his
best to do this successfully. I think his program will help his in the future to
build up his career. I wish his success and prosperity.

JAKIA JAHAN CHOWDHURY

Lecturer
Department of management
Tejgaon College, Dhaka

6
 TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION PART
Introduction 01
Background of the Study 03
Scope of the term paper 03
Strategic Objectives 03
Limitations 04
CHAPTER TWO: CONCEPTUAL ISSUES
History of Industrialization in Bangladesh 05
Challenges of Industrialization in Bangladesh 06
The Desired Pattern of Industrialization 07
Impact of industrialization in Bangladesh 08
Global Challenges of Strategy Implementation 08
Importance of Industrialization to Bangladeshs Development 09
Industrial Policy in Bangladesh 10
Implementation problems. 12
CHAPTER THREE: RESEARCH METHODOLOGY
Research Design 13
Source of information 13
Population of the Study 14
Data Collection 14
Data Analysis 14
CHAPTER FOUR: DATA ANALYSIS, RESULTS AND DISCUSIION
Mixed Global Outlook for Bangladesh 15
State assistance 15
Finance 16
Strategic confidence and stretch 16
Scale and scope benefits, complexity costs 17
People as an asset and a challenge 17
Foreign and multinational investment 17
Impact of industrialization and trade on the poor 18
Investment of industry 19
Industrialization Linkages with Development Corridors 20
Key Areas of Growth and Capacity Development for Industrialization 21
Discussion 22
CHAPTER FIVE: SUMMARY, CONLUSION, RECOMMENDATIONS
Summary 23
Conclusion 23
Recommendations 24
References. 25

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 CHAPTER ONE: INTRODUCTION
PART
Introduction

Industrialization is a process that happens in countries when they start to use machines
to do work that was once done by people. Industrialization changes the society as it
happens. During the industrialization of a country people leave farming work to take
higher paid jobs in factories in towns. Industrialization is part of a process where
people adopt easier and cheaper ways to make things. Using better technology, it
becomes possible to produce more goods in a shorter amount of time. Modernization
and structural transformation of the economy and diversification of the economic
base, increasing returns and economies of scale, technological progress and
productivity increase, accelerated economic growth and employment creation,
increase in incomes and standard of living of the people are the universally recognized
dynamic benefits arising from industrial development. Industrialization is thus
pursued as an overriding development objective in its own right. Industries are the
most important aspect of the economy. Industries refer to the production of an
economic good or service with an economy. The processing of raw materials to
finished goods and provision for services is done by the industries. Industries can be
classified as public and private. Industrial revolution led to the development of
factories for large scale production with consequent changes in society. It is the
extensive organization of an economy for the purpose of manufacturing.
Industrialization introduces a form of philosophical change where people obtain a
different attitude towards their perception of nature, and a sociological process of
ubiquitous rationalization. There is considerable literature on the factors facilitating
industrial modernization and enterprise development. Key positive factors identified
by researchers have ranged from favorable political-legal environments for industry
and commerce, through abundant natural resources of various kinds, to plentiful
supplies of relatively low-cost, skilled and adaptable labors industrial workers

8
incomes rise, markets for consumer goods and services of all kinds tend to expand and
provide a further stimulus to industrial investment and growth.
Background of the Study
Before a strategy is implemented, it has to be formulated. It is often thought to be a
difficult task for any management to formulate a consistent strategy, but implementing
that strategy throughout the industrial sector is even more difficult. In spite of the
importance of strategy implementation in industry success and their achieving goals,
most of them fail to implement those strategies efficiently. Effective implementation
of strategy rarely gets much attention or respect. It is imperative to note that even the
most well crafted strategies are useless if they cannot be implemented. According to
Sterling (2003) the difficulty is not with formulation of a strategy, the difficulty comes
with implementation. This study is founded on two theories; Resource based theory
(RBT) and industry organization (I/O) theory. The resource based view model and the
industrial organization model are used by organizations to generate the strategic inputs
needed to successfully formulate and implement strategies and to maintain strategic
flexibility. The firm resources and capabilities are made up of physical, financial,
human and intangible assets (Day 1994). 2 A closely related theory is industry
organization which received contributions from Michael Porter. Porter (1985)
provided a framework that models an industry as being influenced by five forces; new
entrants, threats of substitutes, bargaining power of buyer, bargaining power of
supplier, and rivalry among the existing firms. Porters competitive strategy concept
forms the basis for much of modern business strategy.

Scope of the term paper

The scope of the report is mostly is limited to importance of strategy implementation
of industry sector in Bangladesh. The report base on practical observation. There was
no scope of doing outsider survey except getting some help from senior officers.

Strategic Objectives
Principle Objectives and Economic Motivation for Industrialization
Subject to the fundamental laws and principles of economics as well as physical
constraints and technological limitations, there are two basic motivations for any
production undertaking that is free of any coercion such as would be the case with
slavery or colonization. In a free economy, there is the fundamental motive to
undertake production to meet own requirements for self-reliance; and there is the
second motive to produce and supply the demand of others through trading to gain
income. The two motives are not mutually exclusive and the optimum situation to
ensure industry auto-regeneration and sustainability is to be able to achieve both
simultaneously. In application of the same fundamentals to the economy of

9
Bangladesh in respect of industrial production, the best scenario would be that of
having domestic demand in critical mass that will amortize and absorb all the
investment costs with an acceptable rate of return on the capital employed, such that
manufactured goods for export trade would be competitively priced on the basis of
marginal cost of producing the surplus for export trade over and above the
requirements to supply domestic demand. The national objectives for industrialization
of Bangladesh are defined by the same direct fundamental economic motives outlined
above, as well as other externalities that have significant socio-economic impact and
consequences in their outcomes which are summarily outlined as follows:-
A. To meet the domestic basic needs for industrial manufactured goods;
B. To create value addition chains for raw materials and commodity outputs
from primary production sectors of the economy such as agriculture, livestock,
fisheries, forestry and mining;
C. To enhance national direct global trading capacity in manufactured goods as
well as to establish transit trade value-addition capacity for re-export to the
regional markets.
D. To transform the economic base of the country from dominance by
agriculture and the extraction industries in order to allow manufacturing and
processing to become lead sectors of the national economy; and
E. To achieve socio-economic transformation through the building of national
enterprise capacity in all key sectors of the economy with requisite technology
and innovation capacities that will build an industrial society in Bangladesh
with endless opportunities to create economic value, wealth and prosperity for
all.
The key objectives of industrialization aforementioned supra provide the criteria for
priority setting in defining the desired pattern of planning industrial development and
for the selection of targeted promotion of foreign direct investments, as well as the
screening and evaluation criteria for industrial projects that may be in a situation of
competition for land, human, financial or any material resources allocation required
for industrialization to take place. 11 With the principle objectives of industrialization
clearly defined, the strategy and desired pattern of industrialization can be determined
in considering domestic conditions as basis for the overall strategy; and in that regard
external factors which will set the conditions and impose constraints to the overall
industrialization strategy and implementation.

Limitation:
The main limitation of the study is the collection of information. Because most of the
information is confidential, so employees were not eager to disclose them. The
employees of industry sector in Bangladesh. Were highly occupied with their work to
provide sufficient support and time to fulfill our queries in detail.
10
 CHAPTER TWO: CONCEPTUAL ISSUES
History of Industrialization in Bangladesh
In 1947, the Indian subcontinent was divided into two parts. One was India and the
other one was Pakistan. Pakistan had two parts. One was West Pakistan and the other
one was East Pakistan, which is now known as Bangladesh. The government of then
West Pakistan dominated the people of this country in different sectors. In the
economic sector, the discrimination was the most. Most of the industries of Pakistan
were in this country. However, the profit from them was taken to West Pakistan. The
progress in jute manufacturing started in that period. Jute manufacturing sector is one
of the oldest traditional manufacturing sectors of Bangladesh, which emerged in
erstwhile East Pakistan in the early 1950s. During the1960s and 1970s major share of
the manufacturing sector in national income and manufacturing employment was
accounted for by this sector. Exports of jute and jute goods were the two most
important sources of foreign exchange of Pakistan during the 1960s. The East was
subjugated, as all the revenue went to West Pakistan. In 1971, with the liberation war
of 9 months, Bangladesh became independent. As after the war, the country was left
in dire states, the industrial development was very slow. However, Ready Made
Garments (RMG) started during this period. And in this sector, Bangladesh could lay
claim to considerable success. Today garment export is the main source of foreign
exchange earnings. Its success was not necessarily influenced by government policy
but essentially by outside forces. It originated in the 1970s when the investors of other
South East Asian nations ventured to set up garment factories in Bangladesh and to
work around the export quotas imposed on their native countries by the United States.
In the 1980s, the Pharmaceutical Sector made advancement in Bangladesh. It is one of
the most developed hi tech sector which is contributing in the country's economy.
After the circulation of Drug Control Ordinance - 1982, its development accelerated.
During the 80s, other sectors like tea manufacturing, leather factories etc also gained
importance. In 1990s, sectors like ship breaking, steel, cement and cold storage goods
etc developed and gained momentum. From 2000 to 2012, many industries started
their journey successfully, and contributed to the economic growth of Bangladesh.
Among them are- electronics, glass, aluminum, plastic, cycle, and ceramic etc.
industries. To sum up the whole thing, we can say that after 1971, Bangladesh is
slowly and steadily turning its attention to develop its economy, through industrial
development, moving away from the agricultural sector.

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Challenges of Industrialization in Bangladesh
Bangladesh is mainly an agricultural country. Agriculture has always been given
priority and as a result industries have been ignored. Recently some agro-based
industries have been set up. There are some reasons for which the country has lagged
behind in heavy and medium-level industries. Industrialization in Bangladesh faces
some challenges due to some structural constraints that hindered industrial growth. Let
us now consider the challenges faced by the industry sector in general.
a) Lack of adequate capital: Bangladesh being a poor country, peoples saving is
insufficient. As saving is poor, investment is also low. Again peoples per capita
income is not adequate. So their consumption is also low. Consequently local market
oriented industries are also very thin here.
b) Weak investment base: Due to long colonial rule, economic discrimination and
postliberation nationalization of industrialization, the growth of entrepreneurship has
been slow in Bangladesh. Besides, due to bureaucratic red-tapes and lack of
investment climate, capital investment has not been developed here.
c) Insufficient Infrastructure: Infrastructural facilities in our country are insufficient.
Power supply, telecommunication, transport, gas, water supply etc. all facilities are
not adequate which have hindered process of industrialization in Bangladesh.
d) Technological know-how: Lack of proper technological know-how is also another
reason of our industrial backwardness.
e) Lack of adequate resources: Lack of adequate raw materials and natural resources
are also unfavorable for our industrialization.
f) Shortage of Energy: acute shortage of energy and unreliable supply of power and
other utilities such as gas and water.
g) Unskilled human resources Though Bangladesh has a huge population, most of
them are unskilled. Country lacks skilled labor, specialists, professionals and
technologists which also hamper our industrialization.
h) Political instability: A good govt. policy and political stability are precondition for
industrialization. Unfortunately political instability has always been a common
phenomenon here. This is a major hindrance towards the advancement of the industry
sector of Bangladesh. Frequent strikes result in disruption of daily business. This
hampers the smooth running of industries, they are unable to procure raw materials in

12
time hence their production and even transportation is delayed. The politicians only
think about themselves. As such, our industry cannot progress and compete with the
outside world.
i) Labor Unrest: There is a lack of trained workers in this country. Thus, there is a
decline in the efficiency of the company. The companies also need to provide training
(apprenticeship) to these laborers and hence quite an amount of money and time is
spent on them. This challenge is faced by every company or firm in Bangladesh.
j) Limited access to credit, its high cost, legal or illegal, and procedural complexities
in obtaining credit from banks
k) Competition from dumped and smuggled imports
l) Lack of adequate law and order conditions m) Growing incidences of crime and
extortion at every stage starting from production to distribution and marketing of the
products.

The Desired Pattern of Industrialization

Industrialization as its main thrust intended to move the Country out of the perennial
poverty trap of a weak agrarian economy characterized by low technology and
inefficient production methods with consequent low per capita income levels. In that
regard, Bangladesh has identified key industry sectors that will unleash the latent
potential for rapid growth and spearhead the desired high growth rate and economic
transformation for poverty reduction over the next decade and beyond. The desired
pattern for industrialization of Bangladesh to meet the national objectives presented
hereinabove would be achieved through the establishment of the following industry
clusters in optimum time:-
A. Food Agro-processing Industries;
B. Textiles and Apparel Industries;
C. Leather and Leather Goods Industries;
D. Building Materials Industries;
E. Pharmaceutical Industries;
F. Cosmetics and Beauty Products Industries;
G. Jewelry and Lapidary Industries;
H. Consumer Durables Manufacturing, Processing and Assembly Industries;
I. Capital Goods Manufacturing and Assembly Industries; and
J. Basic Capital Intensive Manufacturing and Processing Industries.

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Impact of industrialization in Bangladesh
Play a major role in economic development
Provide a secure basis for a rapid of growth of income.
Help in raising the standard of living
Provide employment, meeting high income demands
Brings in technological progress and change in the outlook of the people
Has decreased the dependency on foreign resources

Challenges of Strategy Implementation

Managing global organizations has been a business challenge for centuries. But the
nature of the task is changing with the accelerating shift of economic activity from
Europe and North America to markets in Africa, Asia, and Latin America. McKinsey
Global Institute research suggests that 400 midsize emerging-market cities, many
unfamiliar in the West, will generate nearly 40 percent of global growth over the next
15 years. The International Monetary Fund confirms that the ten fastest-growing
economies during the years ahead will all be in emerging markets. Against this
backdrop, continuing advances in information and communications technology have
made possible new forms of international coordination within global companies and
potential new ways for them to flourish in these fast-growing markets.
There are individual success stories. IBM expects to earn 30 percent of its revenues in
emerging markets by 2015, up from 17 percent in 2009. At Unilever, emerging
markets make up 56 percent of the business already. And Aditya Birla Group, a
multinational conglomerate based in India, now has operations in 40 countries and
earns more than half its revenue outside India.
But, overall, global organizations are struggling to adapt. A year ago, we uncovered a
globalization penalty: high-performing global companies consistently scored lower
than more locally focused ones on several dimensions of organizational health.1For
example, the former were less effective at establishing a shared vision, encouraging
innovation, executing on the ground, and building relationships with governments
and business partners. Equally arresting was evidence from colleagues in McKinseys
strategy practice showing that global companies headquartered in emerging markets
have been growing faster than counterparts headquartered in developed ones, even
when both are operating on neutral turf: emerging markets where neither is based
(see Parsing the growth advantage of emerging-market companies).
Over the past year, weve tried to understand more clearly the challenges facing global
organizations, as well as approaches that are helping some to thrive. Our work has
included surveys and structured interviews with more than 300 executives at 17 of the
worlds leading global organizations spanning a diverse range of sectors and
geographies, a broader survey of more than 4,600 executives, and time spent working

14
directly with the leaders of dozens of global organizations trying to address these
issues.2
Clearly, no single organizational model is best for all companies handling the realities
of rapid growth in emerging markets and round-the-clock global communications.
Thats partly because the opportunities and challenges facing companies vary,
depending on their business models. R&D-intensive companies, for example, are
working to staff new research centers in the emerging world and to integrate them
with existing operations. Firms focused on extracting natural resources are adapting to
regulatory regimes that are evolving rapidly and sometimes becoming more
interventionist. Consumer-oriented firms are facing sometimes-conflicting imperatives
to tailor their businesses to local needs while maintaining consistent global processes.
Another reason no single model fits all global companies is that their individual
histories are so different. Those that have grown organically often operate relatively
consistently across countries but find it hard to adjust their products and services to
local needs, given their fairly standardized business models. Companies that have
mainly grown through M&A, in contrast, may find it easier to tailor operations to
local markets but harder to integrate their various parts so they can achieve the
potential of scale and scope and align a dispersed workforce behind a single set of
strategies and values.
Although individual companies are necessarily responding differently to the new
opportunities abroad, our work suggests that most face a common set of four tensions
in managing strategy, people, costs, and risk on a global scale. The importance of each
of these four tensions will vary from company to company, depending on its particular
operating model, history, and global footprint. (For more on the implications of these
uneven globalization efforts, see Developing global leaders.) Taking stock of the
status of all four tensions can be a useful starting point for a senior-management team
aiming to boost an organizations global performance.

Importance of Industrialization to Bangladeshs Development:

Nor does Bangladesh have natural resources that can be exploited, with the exception
of natural gas. Thus, industrialization and specialization in manufacturing in the
obvious way in which Bangladesh can raise its per capita income and social
productivity.

The industrial sector consists of manufacturing, together with utilities (gas, electricity,
and water) and construction.

Figure 7.1 shows that Bangladesh has indeed been quite successful in recent years in
achieving rapid manufacturing growth compared to many of its competitors. The
challenge for Bangladesh is to sustain these high growth rates and to develop new

15
manufacturing sectors that can follow in the footsteps of high growth manufacturing
sectors like the garments industry.

The industrial sector accounted for 26.3% of GDP in 2003, with manufacturing (a
subset of the industrial sector) accounting for 15.8% of GDP. The industrial sector as
a whole employed about 10% of the total workforce of Bangladesh.

Industrial Policy in Bangladesh

Bangladesh Government believes that rapid industrialization is a key to the countrys
economic development. Given the present environment of global competition, the
private sector is playing an important role in the industrialization of the country.
Therefore, the Government in the Ministry of Industries has taken the role of a
facilitator. Faced with the challenges of the free market economy and globalization,
the government has accepted private ownership and management of industrial
enterprises as one of the major guiding forces in achieving economic growth. Besides
this, the government has also brought about many constructive and timely reforms in
the running of businesses, and liberalized trade so that private entrepreneurs can seize
opportunities of establishing and running industrial enterprises profitably and freely.
To reduce poverty and generate employment opportunities, more efforts are needed to
establish agro-based industries as well as to raise agricultural production. This will
ensure the protection and fair price of agricultural products and employment of a huge
number of unemployed people. In order to create further employment opportunities
beyond the agricultural sector, initiatives should be taken to set up small, medium and
large industries across the country. If these types of industries are set up in a planned
way, then unemployment rates will decline and poverty alleviation will be accelerated.
With these objectives in mind, the Industrial Policy has been radically reshaped. In
order to provide administrative, institutional and infrastructure facilities in the
country's industrialization, there are organizations such as the Bangladesh Stranded
and Testing Institution (BSTI), Bangladesh Industrial Technical Assistance Center
(BITAC), Bangladesh Institute of Management (BIM), Bangladesh Small and Cottage
Industries Corporation (BSCIC), National Productivity Organization (NPO) and Small
and Cottage Industries Training Institute (SCITI) under the Ministry of Industries, and
the National Institute of Textile Training, Research and Design (NITTRED), Textile
Vocational Institutes, Textile Diploma Institute and Bangladesh Silk Research and
Training Institutes under the Ministry of Textiles and Jute. For the leather industry,
the Bangladesh college of Leather Technology and different district level polytechnic
institutes provide technical education. These institutes also provide assistance for
industrialization by providing training on management and quality control of goods,
safeguarding consumers' interests, producing and repairing import-substitute spare-
parts used in industries, manufacturing new tools necessary for the production of

16
industrial goods that are in demand, and by improving efficiency and overall
productivity. In order to further strengthen the country's industrialization process, the
present government has identified the Small and Medium Enterprises (SMEs) as a
priority sector and as the driving force for industrialization. A national taskforce led
by the Principal Secretary of the Prime Minister's Office has been formed so that
proper policies and planning are followed in establishing SMEs. At the same time,
with a view to providing entrepreneurs with assistance in the establishment of SMEs,
a cell has been created under the supervision of the Ministry of Industries comprising
officials experienced in SMEs from the Ministry of Industries, Bangladesh Small and
Cottage Industries Corporation (BSCIC), National Productivity Organization (NPO),
Asian Development Bank (ADB), FBCCI, National Association of Small and Cottage
Industries, Bangladesh (NASCIB) and women entrepreneurs. The provisions of all
facilities for attracting foreign investments have been envisaged in the Industrial
Policy. The government has taken an initiative to formulate a separate SME policy to
provide entrepreneurs with necessary guidance and strategic support in respect of the
establishment of SME industries all over the country. These strategic guidelines will
be followed in establishing SMEs across the country. The present industrial policy
presents an integrated strategy for achieving high economic growth in the country
through rapid industrialization. The key features of the Government industrial To
expand the production base of the economy by accelerating the level of industrial

Policy 2010 is indicated as follows: To focus the role of the government as the
facilitator in creating an enabling environment

To promote the private sector to lead the growth of industrial production and
investment

Investment for expanding private investment and sustained economic growth To

attract foreign direct investment in both export and domestic market oriented

industries to make up for the deficient domestic investment resources, and to acquire
evolving technology and gain access to export markets To ensure rapid growth of
industrial employment by encouraging investment in labor

Incentive manufacturing industries including investment in efficient small and

cottage To generate female employment in higher skill categories through special
emphasis on

Industries To raise industrial productivity and to move progressively to higher

value added products

Skill development through skill and technology upgrading To ensure a process of

industrialization which is environmentally sound and consistent
17
 With the resource endowment of the economy To effectively utilize the existing
production capacity

To develop indigenous technology and to expand production based on domestic raw

To coordinate all macroeconomic policies

To rehabilitate and support deserving sick industries

Materials and inputs If all structural and policy obstacles to industrial development
could be overcome, Bangladesh could expect to achieve a double-digit industrial
growth in the coming years and move closer to achieving the target of raising the
industry sectors share in GDP to 35-45% in the next decade as set by the 2010
industrial policy

Implementation problems.
The countrys industries sector has tended to remain narrow-based, with spatial
concentration and a small share of the countrys total workforce. Accelerated pace of
industrialization will be necessary to address the increasingly diminishing capacity of
agriculture to absorb the incremental labour force, strengthen backward and forward
linkages with agriculture and services sectors, cater to the growing domestic demand
for industrial goods, and take advantage of emerging opportunities in the global
market. The textile and readymade garment sector employs about 6.5 million people
and accounts for over one-half of manufacturing production. Diversification of
manufacturing production and exports will be key to sustained growth and
employment creation. Initiatives will be needed to strengthen small and medium scale
enterprises, as well as to create conditions for raising productivity and competitiveness
of large-scale manufacturing industries to enable them to compete in global and
domestic markets. This will necessitate a broadening of the industrial base by creating
a conducive environment for private sector investment, through targeted initiatives
towards technology transfer, upgraded skills and development of appropriate human
resources, development of knowledge-based industries and by raising labour and
capital productivity at the enterprise level. Rationalization and restructuring of SOEs
will need to be continued so that strategically placed SOEs can run profitably on a
commercial basis, and others are handed over to the private sector.

18
 CHAPTER THREE: RESEARCH METHODOLOGY
Research Design
Research design as a plan to obtain appropriate data for investigating the research
hypothesis and/or questions. This can be regarded as a plan or blueprint of how one
intends to conduct the research. The purpose of the research is to identify the
challenges of strategy implementation in the industry sector in bangladesh. A cross-
sectional survey was used in this study. Cross section survey involves collection of
data to make inferences about a population of interest at one point in time. Cross-
sectional surveys can be conducted using any mode of data collection including self
administered questionnaire which has been used in this study. They aim to provide
data on the entire population under study. Cross-sectional studies are descriptive
studies. This was the most appropriate method towards effectively addressing the
research objectives.

Source of information
Government Sources

The "Data by Sector" menu provides access to official government data from the
Bangladesh. Census on topics related to broad industry sectors. Many other sources,
such as those listed below, rely on this data. Includes a section on e-commerce.

ABI Inform

Includes the full text of articles in over 500 business and management journals, both
trade and scholarly. The Browse Tab provides links to industry reports and trade
publications.

Academic One File

The Advanced Search option enables searching on specific document types such as
Industry Overview and Industry Ranking as well as Company and Brand names.

News sources

Sources on private companies

Scholarly, scientific and technical journals and publications in a particular area, e.g.
biomedical engineering sources for emerging medical device technologies,
environmental publications for new green products, sociology journals for trends in
consumer behavior

19
Professional associations, institutes, and organizations that focus on a particular
market or issue

Patents, which describe inventions in industries of the future, as Edison's patent filings
on electricity-related inventions previewed the electrical products and utility industries

Population of the Study

A population is the entire group I am interested in, which I wish to describe or draw
conclusions about. The population of interest in this study was an entire collection of
all the industry/ firms registered with Bangladesh goverment. Information was
gathered from all members of population. These firms are bigger and well established.
I assumed that these firms have adopted strategic management practices. They are
well established with clear vision, mission statements and values.

Collection of Data
The sample has been selected using non-random opportunity sampling technique
(purposive) as most of the business organizations head office is located in the Dhaka
city. In this study, structured questionnaire has been used through scheduled interview
to collect primary data from the respondents while secondary data like books, thesis
papers, articles, reports etc. also have been used.

Analysis of Data
Descriptive statistics, Regression analysis, ANOVA and Chi square tests have been
used to analyze data efficiently through SPSS.

20
 CHAPTER FOUR:
DATA ANALYSIS, RESULTS AND DISCUSIION
Mixed Global Outlook for Bangladesh
Income growth prospects in Bangladeshs main export markets are uneven, but
sustained low oil prices bode well for external and internal balance. With modest
fiscal expansion and some easing of the infrastructure bottlenecks, GDP growth is
projected to rise gradually towards 7 plus percent.

State assistance
Developing countries like Bangladesh typically have entrepreneurs who are unable to
compete in international markets because they do not have the experience and
knowledge of new technologies, market opportunities, and legal systems.

Their ability to start competing in these new markets can be greatly accelerated if
some assistance could be provided by the state. However, this assistance must be very
carefully determined and not given without conditions or monitoring, otherwise such
assistance can easily lead to waste and inefficiency.

The assistance that can help new entrepreneurs in developing countries can take many
different forms, ranging from caring out improvements to local infrastructure to
improve the viability of new enterprises, assistance with the training of workers and
manages, assistance with developing marketing in foreign countries, assistance with
technology licensing establishing partnerships with foreign companies, and so on.

However, none of this assistance should be unconditional. The state has to have
institutions that can monitor the performance of new industries and withdraw support
if progress is not being made.

The mistake that was made in many developing countries with strategies that aimed to
develop infant industries in the past was that when support was given, the state failed
to monitor performance, and even when it was known that performance was poor, the
state lacked the political will to withdraw support.

This resulted in permanent inefficiency and poor industrial performance, a feature that
also affected Bangladeshs experiments with promoting infant industries in the past.

21
Strategic confidence and stretch
Being global brings clear strategic benefits: the ability to access new customer
markets, new suppliers, and new partners. These immediate benefits can also create
secondary ones. Building a customer base in a new market, for example, provides
familiarity and relationships that may enable additional investmentssay, in a
research center.

But being global also brings strategic challenges. Many companies find it increasingly
difficult to be locally flexible and adaptable as they broaden their global footprint. In
particular, processes for developing strategy and allocating resources can struggle to
cope with the increasing diversity of markets, customers, and channels. These issues
were clear in our research: fewer than 40 percent of the 300 senior executives at
global companies we interviewed and surveyed believed that their employers were
better than local competitors at understanding the operating environment and
customers needs. And barely half of the respondents to our broader survey thought
that their companies communicated strategy clearly to the workforce in all markets
where they operate.

People as an asset and a challenge

Many of the executives we interviewed believed strongly that the vast reserves of
skills, knowledge, and experience within the global workforce of their companies
represented an invaluable asset. But making the most of that asset is difficult: for
example, few surveyed executives felt that their companies were good at transferring
lessons learned in one emerging market to another.

At the same time, many companies find deploying and developing talent in emerging
markets to be a major challenge. Barely half the executives at the 17 global companies
we studied in depth thought they were effective at tailoring recruiting, retention,
training, and development processes for different geographies. An emerging-market
leader in one global company told us that our current process favors candidates who
have been to a US school, understand the US culture, and can conduct themselves
effectively on a call with head office in the middle of the night. The process is not
designed to select for people who understand our market.

One of our recent surveys showed how hard it is to develop talent for emerging
markets at a pace that matches their expected growth. Executives reported that just 2
percent of their top 200 employees were located in Asian emerging markets that
would, in the years ahead, account for more than one-third of total sales. Complicating
matters is the fact that local highfliers in some key markets increasingly prefer to work
for local employers . Global companies are conscious of this change. Local

22
competitors brands are now stronger, and they can offer more senior roles in the
home market, noted one multinational executive we interviewed.

Scale and scope benefits, complexity costs

Large global companies still enjoy economic leverage from being able to invest in
shared infrastructure ranging from R&D centers to procurement functions. Economies
of scale in shared services also are significant, though no longer uniquely available to
global companies, as even very local ones can outsource business services and
manufacturing and avail themselves of cloud-based computing.

But as global companies grow bigger and more diverse, complexity costs inevitably
rise. Efforts to standardize the common elements of essential functions, such as sales
or legal services, can clash with local needs. And emerging markets complicate
matters, as operations located there sometimes chafe at the costs they must bear as
part of a group centered in the developed world: their share of the expense of distant
(and perhaps not visibly helpful) corporate and regional centers, the cost of complying
with global standards and of coordinating managers across far-flung geographies, and
the loss of market agility imposed by adhering to rigid global processes.

Risk diversification and the loss of familiarity

A global company benefits from a geographically diverse business portfolio that
provides a natural hedge against the volatility of local growth, country risk, and
currency risk. But pursuing so many emerging-market opportunities is taking global
companies deep into areas with unfamiliar risks that many find difficult to evaluate.
Less than half of the respondents to our 2011 survey thought these organizations had
the right risk-management infrastructure and skills to support the global scale and
diversity of their operations.

Furthermore, globally standard, exhaustive risk-management processes may not be the

best way to deal with risk in markets where global organizations must move fast to
lock in early opportunities. One executive in an emerging-market outpost of a global
company told us a mind-set that this is the way that we do things around here is
very strongly embedded in our risk process. When combined with the fact that the
organization does not fully understand emerging markets, it means that our risk
process might reject opportunities that [the global] CEO would approve.

Foreign and multinational investment

To raise productivity and achieve better quality requires investment, and one
possibility is that this investment will come from foreign countries in the form of
foreign direction investment (FDI) or investment by multinational corporations
(MNCs).

23
The liberalization and privatization that reduced the scope of the state to promote
industrialization increased the potential importance of foreign investment and of
multinational corporations (MNCs) because these have now become the most likely
way in which advanced technologies and new investment will come into developing
countries.

Bangladesh has had limited success so far in attracting foreign investment, for the
reasons discussed earlier. In 2002, Bangladesh attracted a total of US$ 47 million in
foreign direct discussed earlier. In 2002, Bangladesh attracted US$ 823 million in the
same year.

In the same year India, whose population is around 10 times that of Bangladesh,
attracted foreign direct investment that was around 70 times greater than Bangladesh
at US$ 3,030 million. The only area in which Bangladesh has been reasonably
successful in attracting foreign investment has been in the gas exploration sector
where Bangladesh is believed to have large reserves of gas.

Impact of industrialization and trade on the poor

Industrialization is often essential for economic growth, and for long-run poverty
reduction. The pattern of industrialization, however, impacts remarkably on how the
poor benefit from growth. Pro-poor economic and industrial policies focus on
increasing the economic returns to the productive factors that the poor possess, e.g.
raising returns to unskilled labour, whereas policies promoting higher returns to
capital and land tend to increase inequality, unless they also include changes in
existing patterns of concentration of physical and human capital and of land
ownership. Use of capital-intensive methods instead of labour-intensive ones tends to
increase income disparities, as does the employment of skill-biased technologies,
especially where the level of education is low and human capital concentrated. Also,
the location of industrial facilities has an impact on overall poverty reduction and
inequality. As enterprises are often concentrated in urban areas because of ready
access to skilled labour force, better infrastructure, larger markets and technological
spillovers (e.g. Lanjouw and Lanjouw, 2001), industrialization may increase
inequality between urban and rural areas. Promoting development of rural non-
agricultural activities, like production in small and medium-sized enterprises (SMEs),
may decrease this disparity. The degree of economic openness of a country can have
an important influence on its pattern of specialization and industrialization. If
countries are open to trade they should, according to Heckscher-Ohlin theory, special-
300 Industrial Development for the 21st Century ize in the production of commodities
in which they have a comparative advantage. In labour-abundant countries, trade
liberalization would tend to shift production from capital-intensive import substitutes
towards labourintensive exportables. Due to this change, domestic inequality in those

24
countries is expected to decline because of the increased demand for labour, whereas
inequality would increase in countries with an abundant endowment of capital.
Liberalization of foreign direct investment can also decrease inequality in capital-
importing countries, but that depends in part on the degree of skill-bias of
technologies employed by foreign invested firms. In several countries, trade and
investment liberalization has, indeed, decreased absolute poverty and sometimes also
inequality. Bourguignon and Morrison (1990), for example, analyze the determinants
of inequality in 35 developing countries and conclude that the phased removal of trade
protection in manufacturing reduces the income of the richest 20 per cent of the
population and increases the income of the poorest 60 per cent. Examined impacts of
increased trade on growth and inequality, found changes in growth rates to be highly
correlated with changes in trade volumes. No systematic relationship between changes
in trade volumes and changes in household income inequality was found, and they
conclude that on average greater globalization is a force for poverty reduction. Still,
the impact of trade liberalization is likely to vary between countries, depending for
instance on factor endowments, and liberalization creates both winners and losers.
Similarly to international trade, the impact of foreign direct investments on income
inequality is likely to vary between countries.

Investment of industry
Bangladesh is now trying to establish itself as the next rising star in South Asia for
foreign investment. The government has implemented a number of policy reforms
designed to create a more open and competitive climate for private investment, both
foreignandlocal.
The country has a genuinely democratic system of government and enjoys political
stability seen as a sine qua non for ensuring a favorable climate for investment and
sustained development.
Bangladesh has been quick to undertake major restructuring for establishing a market
economy, with the major thrust coming from the private sector. The country enjoys
modest but steady economic growth. Its current development strategy is based on the
premise that the creation and distribution of wealth occurs through the acceleration of
growth driven by competitive market forces, with the government facilitating growth
and making a clean break from the practices of a controlled economy where private
investment is constrained. With this end in view. The government has been gradually
withdrawing its involvement in this industrial and infrastructure sectors and promoting
private sector participation.

The government has moved speedily to translate its policy pronouncements into
specific reforms. It has been consistently pursuing an open-door investment policy and
playing a catalytic rather than a regulatory role.
Regulatory controls and constrains have been reduced to a minimum. The government

25
has steadily liberalized its trade regime. Significant progress has been achieved in
reducing non-tariff restrictions on trade, rationalizing tariff rates and improving export
incentives. The introduction of VAT has helped rationalization of the import tariff and
domestic tax structures. The tariff structure and the import policy are kept under
constant review to identify areas where further improvements are called for.
On the legal and administrative front, the government has initiated measures to give
greater autonomy and independence to the judiciary - a pre-requisite as viewed by
investors, for the restoration of confidence in the judicial system.
A permanent Law Reform Commission has already been set up to ensure greater
transparency and predictability in the way rules and regulations are made and
implemented.
The Company Law has been updated and modernized. The Securities and Exchange
Commission has been established to oversee and regulate the operations of the stock
market.
The financial services have been strengthened through enactment of the Banking
Companies Act, 1991 and the Financial Institution Act, 1993. The Industrial Relations
Act has been amended to enhance labour market efficiency.
Motivated by the simple realization that state-owned enterprises are a drain on its
scarce resources and that these are generally inefficient, very costly and slow in
responding to changing markets and consumer desires, the country has embarked on a
privatization programme, offering substantial opportunities for international investors.

Industrialization Linkages with Development Corridors

Sustainable industrial development requires markets to provide the demand that
production enterprises must supply through trade which is enabled by transport and
logistics as well as intermediation by financial institutions. Development Corridors
provide the framework for industrial development integrated with markets for trade
through transport infrastructure and logistics. Therefore, the desired industrial pattern
and development strategy should be designed and implemented using Development
Corridors as the framework for integrated development. Development Corridors and
Spatial Development Initiatives are designed to unlock inherent potential in local
primary production (agriculture, livestock, forestry and minerals production); and to
link that localized production to regional and global markets through trade using
efficient transport infrastructure connecting to logistics and trade hubs that supply
domestic and regional markets, as well as to gateway ports for international trade.
Hence, the Development Corridor and Spatial Development Initiative settings provide
for synchronized and coordinated public and private sector investments. Furthermore,
Spatial Development Initiative settings provide for local economic development and
social services delivery programs to be integrated and coordinated with the large scale
and macro-economic setting of the host Development Corridor. In that way, growth,
development and positive social transformation can be realized concurrently with
poverty reduction.

26
Key Areas of Growth and Capacity Development for Industrialization

The national industrial development strategy is recommended to be implemented

using Development Corridors as the integrated framework for implementing a strategy
that seeks to integrate and synchronize national composite development with poverty
reduction on a regional scale as the total impact of achieving success in the following
key areas of growth and development that will bring about positive socio-economic
transformation:-
a. Development of Industrial Production Capacity Through the establishment
of a manufacturing and processing platform to create a value chain that will create
reliable and stable markets for the primary production activities. In that way,
investments and production will increase with resulting higher levels of income and
consumption which in turn will create effective demand for the industrial sector;
b. Development of Human Capacities for Industrialization Through transfer
of technology and skills to transform the largely agrarian and poor society of Tanzania
engaged in the production of low value commodities with corresponding low
productivity and income levels, to be transformed into an industrial society engaged in
high value production with capacities for industrial innovation that can sustain
competitiveness in industrial quality and productivity while enjoying rising incomes to
reduce poverty;
c. Development of Trade Capacity in Industrial Goods To be achieved
through the development of business infrastructure of trading enterprises and networks
with capacities to market, transport, warehouse as well as to promote domestic and
export sales of products that will be manufactured and processed by the domestic
industrial sector;
d. Development of Economic Services Infrastructure To be realized through
public investments or public-private-partnership (PPP) structures and private-
finance-initiatives (PFI) to develop, design, build, operate and maintain roads,
railways, ports, airports, electric power stations and transmission, gas supply, water
treatment and supply, sewerage and telecommunication;
e. Development of National Innovation Systems (NIS) to promote
innovation for economic development as a necessary condition for building national
capacities to adapt the technology which will be received with the industrialization
collaboration;
f. Development of Financial Services to provide financial intermediation for
investment in capital projects as well as to fund trade and productive sectors of the
domestic economy; and
g. Development of Local Business Infrastructure in the form of small,
medium and micro enterprises that will provide local participation in the economic
production services as well as the provision of services to industrial investors as

27
suppliers, main contractors and subcontractors to large scale construction projects and
production enterprises.
All in all, the Development Corridors and SDIs provide an integrated development
framework that will also promote synergies in socio-economic development initiatives
that can exploit the inherent advantages and efficiencies of economies of scale, for
economic enterprises and infrastructure projects which can straddle sovereign or
regional and district administrative boundaries or borders. In that context, it is the
economic imperatives and market forces, rather than narrow social group interests that
will determine the physical location and dispersion of industries with a view to
maximize economic efficiency.

Discussion

The most frequently incurred challenge is taking more time than originally allocated.
This is a clear indication that there is generally a mismatch between anticipated time
and the actual time taken to complete the implementation of strategy. Poor and
improper communication is also more frequently incurred challenge. Alexander
(1985) points out that communication is mentioned more frequently than any other
single item promoting successful strategy implementation. The content of such
communications includes clearly explaining what new responsibilities, tasks, and
duties need to be performed by the affected employees. The environmental uncertainty
also poses challenge more frequently. This shows that managers are not thoroughly
carrying out strategy analysis, linked to such tools as SWOT. The managers are
therefore unaware of major problems that surfaced during the implementation period.
It also emerged that lower level employees are not properly trained and as a result
these employees lack necessary. Among the challenges identified in table 4.1 are
touching on employees, technology, leadership and finances. This is in line with the
resource based theory which argues that it is not the environment but resources of the
organization which form foundation of the firms strategy. 90% of the strategy
implementation challenges identified in this study are 36 about the internal
environment of an organization. The internal environment is a source of a firms
sustainable competitive advantage. According to Hitt et al (2005), resources are
categorised into; physical, human and organizational capital. Organizations with
unique resources and capabilities provide the basis for a strategy. External
environment plays a key role in strategy implementation. Without proper
environmental analysis, managers may not be aware of the problems that may arise in
future. This is because the environment is uncertain and this was found to be one of
the challenges in this study. Industry organization theory describes well the external
environment. This theory suggests that strategy implementation is dictated by the
characteristics of the general industry and competitive environment. Previous studies
indicate that human related elements play a major role in ensuring the successful
implementation of any strategy.

28
 CHAPTER FIVE
SUMMARY, CONLUSION, RECOMMENDATIONS

Summary

On challenges of strategy implementation, the study found that the most frequent
challenges in strategy implementation among the Kenyan private security firms
studied were; environmental uncertainty, took more time than originally allocated,
poor and improper communication, inadequate training given to lower level
employees. Also poor coordination, poor leadership style, lack of understanding well
the overall goals, organizational culture and change in technology. The findings of this
study coincide with those found by AL-Ghamdhi (2005), in his study to identify the
recurring implementation problems in Saudi Arabian petrochemical industry. The
findings also confirms the results of Nyika (2007), where he found out that the same
challenges were serious among motor vehicle franchise holders in Kenya. On the
measures that could be adopted to overcome the above identified challenges, the study
established that spending more time and analysis of the environment both internally
and externally; developing and evaluating strategies that expedite implementation
were considered most effective. Clear communication and information should be
given on implementation of major tasks and activities and also clarify the role of
organizational structure and positions in the implementation of strategies. 38 Training
employees in strategic implementation will enhance their skills and capabilities.
Having higher involvement of lower level employees in strategic planning inputs and
feedback could minimise such problems as resistance from lower level staff. Involve
key decision-makers in the developing implementation tasks and employees in the
formulation of goals will provide good leadership.

Conclusion

Thus, the policy environment that emerged in the 1980s did not address the problem
of low efficiency and low productivity in the large-scale industries that had been set
up with state assistance. Nevertheless, largely owing to the newer industries like
garments that emerged in the liberalized economy, industrial output overall increased
by a substantial 86% in the decade 1990- 2000, ensuring Bangladeshs emergence as
one of the rapidly growing and globalizing economies of the developing world.
Its industrial growth rate was comparable to the industrial growth rates in the very
successful Indian economy, even though much of ht industrial growth in Bangladesh

29
was coming from low technology sectors like reader-made garments, shrimp
procession and so on.
The challenge for Bangladesh is how to move up the technology ladder through
backward and forward linkage industries. This will require a combination of policies
involving improving the investment environment, attracting foreign investments, and
providing support to new entrepreneurs while importing the capacity of the state to
withdraw support from poorly performing industries and entrepreneurs.

Recommendations
Industry sector is one of the major sectors for income source in Bangladesh. There
were many flaws in this sector but Bangladesh could come up with phenomenal
results for the enrolment of people and to come out Bangladesh from poverty though
this Industry sector. Some recommendations to improve the condition of
industrialization in Bangladesh are as follows: Develop and implement a good
investment friendly environment so that foreign direct
Develop and implement a good investment friendly environment so that foreign

direct
Proper industrial environment should be maintained that will increase the
productivity
Investment increases here Political stability must be ensured
Set up new export processing zones to improve infrastructural facilities
Political issues should not affect the industrial activity
The human resources should be made skilled and more trained
Scientific method of management should be introduced
Technical institute should be set up for training human resources
Government should take lots of steps for building up the Industry sector; they even
Industries should look for more technologically advanced equipment should thought
to build up a city only for the industries, so that the people can easily get
into the job site easily Necessary arrangements should be taken to make small and
medium enterprises (SMEs)
There is a need to attract more investment and production in our industrial sector
The Industrial Policy should be implemented properly and effectively
Government should make rule to put a barrier for import of foreign low quality

30
 product Profitable
Special economic zones should be established in the underdeveloped region or less
industrialized districts with some subsidies
Bangladesh govt. should encourage foreign investment to accumulate capital and for
Backward linkage and forward linkage industries should be set up in garments
sector technology transfer The emphasis on Public Private Partnership (PPP) in the
proposed industrial policy is
Wages of worker should be increased to contribute to higher value added activities
with state support laudable but the concept is still in a rudimentary stage. Government
will need to act expeditiously to devise a transport mechanism and frame well-defined
rules for participating in and mobilizing funds for the PPP projects.

References:
[1] Ministry of Industries, Bangladesh. Website: www.moind.gov.bd
[2] Board of Investment Bangladesh (BOI). Website: www.boibd.org
[3] http:// www.inforbd.com/Bangladesh/industry
[4] http://boi.gov.bd/about-bangladesh
[5] http://simple.wikipedia.org/wiki/Industrialization
[6] Dhaka Chamber of Commerce & Industry (DCCI). Website: www.dhakachamber.com
[7] Anwar, Tanvir B ; Alam, A. S. M and Hossain, M. Parvez (2006). Industrial Sector of
Bangladesh. Business Environment Final Term Paper. Institute of Business Administration,
University of Dhaka.
[8] National Policy Forum, Dhaka: 20-22 August, 2001
[9] Industrial Policy 2009, Government of the Peoples [10] Industrial Policy 2010,
Government of the Peoples Republic of Bangladesh
[11] Export Promotion Bureau, Bangladesh. Website: www.epb.gov.bd/details.php?page=24
[12] Sarkar, M. A. R.; Islam, S. M. Nazrul; Chowdhury, S. A review of Bangladesh
Industrial Policy 2010. Mechanical Engineering Department, Bangladesh University of
Engineering & Technoloy.
[13] Bangladesh Journal of Political Economy, Vol. XII, No.1, Bangladesh Economic
Association.

31