The economic growth of a nation depends on the industry that it harbors. Typically, the spearheading industries are built based on the resources available around. Bangladesh has developed many such sectors over the years after independence. Some of them, especially the RMG industry, has been particularly influential in boosting the economy of the country. However, considering what Bangladesh has to offer, not all the resources are being utilized to their potential. Tourism is one of the most promising aspects in this regard. Bangladesh already attracts tourists from various countries every year. Nevertheless, the range of tourists and the recognition of Bangladesh as a tourism hotspot is still lacking in most cases. Even though many visit the country for their leisure, the number has been on a slow decline in recent years.

Let’s first take a look at how the tourism industry can influence a positive economic growth of a country. With over one billion tourists visiting an international destination each year, tourism has emerged as a major economic sector, accounting for 9.8 percent of global GDP and 7 percent of total global exports. Travel and tourism are expected to contribute 10.8 percent of the total GDP by the end of 2026.

These figures represent something more than economic strength; they also demonstrate tourism’s vast potential to solve some of the world’s most pressing issues, such as socio-economic growth as well as equitable development. This industry, if utilized and maintained properly, can change the socio-economic status and the livelihood of the people drastically. This is particularly true for developing countries. It is a fact that developing countries are emerging as key players, and they are becoming more aware of their economic potential. For the developing world, which was largely excluded from the tourism industry, is now its primary growth area. These countries rely heavily on tourism to supplement their foreign currency reserves. Tourism right now is the world’s second-most important economic sector after oil for the world’s forty poorest countries.

Because of its growing contribution to long-term economic growth, the importance of inbound tourism has grown exponentially. It promotes economic growth by increasing foreign currency reserves, encouraging investing in infrastructure and human capital, increasing competition, facilitating industrial development, creating jobs, and thus maintaining profitability, inbound tourism also yields positive externalities, and finally, as the economy expands, one can argue that GDP growth could lead to a rise in international tourism.

Generating money through foreign visitors is not the only positive impact tourism offers. Establishing a better environment and welcoming atmosphere is necessary to keep the industry in focus and keep the visitors attracted. Therefore, the tourism industry also entails a huge infrastructure improvement, which can boost the economy and the market rather exponentially. Although the infrastructural improvements may in its face appear to only have been made for the tourists. However, looking at the bigger picture, these improvements ultimately benefit the locals and the country in general.

Let’s take Singapore as a comparative example. Based on the recent economic nature it is evident that Singapore has become a symbolic country for tourism. It has had a major role in Singapore for the past few years, bringing millions of tourists each year while also generating significant revenue for the Singapore government. It contributes to Singapore’s infrastructure development and higher living standards. As a result, with Singapore becoming increasingly popular in Asia, several investors like Marina Bay Sands and Universal Studios desire to invest in activities there. These prospects have also created numerous job opportunities for Singaporean locals.

Looking further into East Asia, we can see that tourism is the primary driver of Maldives’ economic growth, financial profits, and foreign exchange earnings. According to the World Travel and Tourism Council, tourism contributed 41.5 percent of the total GDP of the Maldives’ economy in 2014. When the indirect contribution of tourism is factored in, the GDP proportion rises to 78.1 percent. In 2014, the Maldives ranked second in the world in terms of travel and tourism’s direct economic importance.

These were just examples of how small nations capitalized and utilized the tourism industry in their favor and prosperity. If all the elements are considered, it is apparent that Bangladesh, a smaller tropical country in South Asia, has a lot of potential for economic growth through proper marketing and utilization of the industry. Let’s take a look at the potential of Bangladesh in the tourism industry.

In recent years Bangladesh has already garnered quite a bit of attention as a tourist hotspot in the subcontinent. Blessed with numerous heritage sites and abundant natural beauty, Bangladesh indeed has the materials to attract even more tourist attention through proper management, marketing, and branding policy. Up until the year 2019, the number of foreign visitors saw a gradual increase. However, the Covid-19 pandemic, along with some other post-pandemic situations, have throttled the said improvement of the industry.

The growing tourism industry of the country is plagued with a few major problems. Problems which include a lack of proper infrastructure along with proper recreational facilities to promote to the tourists. The post-pandemic times have also created a lack of security in tourist hotspots. Furthermore, there is also a recent uprising in tourist complaints which suggests that the local business runners arbitrarily charge the tourists for their services. Adding to this, without proper supervision and organization, pollution of tourist spots is also increasing at an alarming rate. Lack of proper human resources and adequate training are also aggravating this problem.

In these situations, it becomes pertinent for proper marketing as well as organization and branding to be established. Both governmental and private bodies need to invest and patronize the industry to bring order to the industry. If anything, a proper organization can solve most of the problems, while proper marketing and investment can surely help tourism to flourish. Domestic investment and allowing the international market to penetrate the industry will not only preserve the elements harboring its very soul of it; it will also bring tremendous growth to the socio-economic scenario in Bangladesh.

In reference to the statistics mentioned before and putting them into perspective, it can be said with confidence that, with a growing nature and as a multi-dimensional sector, the tourism industry commands an immense possibility which only requires a good marketing strategy and branding intervention to bring in an equally tempting profit to the economy. Until now, the industry has been controlled by unorganized locals and businesses. However, a proper strategy can reveal the full potential of tourism in Bangladesh and create a better future for both individuals and the country as a whole.

Author- Shiddhartho Zaman