4IR and Bangladesh: Are We Ready?

The Fourth Industrial Revolution (4IR) is the era of convergence of advanced technology such as Artificial Intelligence (AI), Internet of Things (IoT), automation, blockchain which is changing the rule of the game for the global economic and social paradigms. A transition from the labor-intensive sector to a diversified and technology driven economy represents greater opportunity for Bangladesh. But it faces challenges – from a lack of digital infrastructure, skill shortages and regulatory gaps – which could hinder its ability to reap the benefits. Based on a critical analysis of Bangladesh’s economy, this paper discusses the current dependence of low wage sectors like agriculture and readymade garments (RMG) industry and prospects for integration of 4IR technologies in enhancing sectoral productivity, creation of new job sectors and Human capital development. Key barriers of technological infrastructure deficits and cybersecurity risks, coupled with social inequality, could hamper efforts to reduce disparities, if not addressed with targeted interventions. The paper suggests how to tackle these challenges: by investing in digital infrastructure; educating and training the labor force; promoting public-private partnerships; and putting in place a capable regulatory framework. The utilization of the strategies stated above could help Bangladesh exceed 4IRs intricacies and pursue its sustainable and inclusive growth. It highlights the need for proactive policy making and strategic investment in order to ensure that Bangladesh remain in the race guiding towards becoming a competitive player in the global 4IR landscape.