Bangladesh has made a great progress in pushing up its brand value globally, according to London-based Brand Finance.
Economists attributed the country’s rapid gain to political stability, long-term planning in infrastructure development, business-friendly environment and improvement in different services in recent times.
Thus, such initiatives undertaken by the government have immensely helped the country to have attracted foreign investors, giving a boost to economic development, they added.
Bangladesh has ranked 39 in the global brand value index among 100 most valuable brands, according to a report titled ‘Nation Brands 2018’, prepared by London-based Brand Finance.
The country has gone up five notches in this year’s ranking compared to that of the last year.
The country’s brand value now stands at $257 billion, up 24 percent from last year.
The US has topped the table as the world’s most valuable nation brand, which has gone up 23 percent over the past year to $25.9 trillion, report said, adding that the US economy has expanded at a speedy pace with growth expected to continue in the months to come.
Meanwhile, China maintains its spot as the second most valuable nation brand, with brand value up 25 percent to $12.8 trillion.
China performs well despite the prospects of a protracted trade war with the US, displaying the established robustness of the Chinese economy.
It was followed by Germany and England respectively.
Besides, India ranked at ninth with value of $2,159 billion, whereas, Pakistan and Sri Lanka stood at 51 and 61 respectively.
However, issues such as corporate ethics, quality of life and security, judicial system, corruption, use of talent, training and education, market development, doing business, research and development use of technology, investor protection and infrastructure and taxation regulation were taken into consideration for valuation, reports informed.
Centre for Policy Dialogue’s Research Director Khandaker Golam Moazzem told Bangladesh Post that Bangladesh has successfully improved safety standards and environment of RMG sector side by side effectively tackled Rohingya crises with generosity.
These two factors acted in favor of Bangladesh in improving the nation’s brand value, he said, adding that rising brand value will help achieve an economic position in future.
BGMEA President Md Siddiqur Rahman told Bangladesh Post that the foreign buyers are now showing more confidence in Bangladeshi products as the country has earned a good image across the world for running environment-friendly readymade garment (RMG) industry.
He said the country’s garment factories are full of orders from international retailers and brands, thanks to the massive progress in workplace safety made by the Accord and Alliance, and the government.
Completion of safety inspection by the Accord on Fire and Building Safety and Alliance for Bangladesh Worker Safety is a great success, which has restored buyers’ confidence in Bangladesh, he added.
Siddiqur Rahman said: “We will be able to export more if the country brand value increases this way.