Business Finland brings to you a virtual information session, where we will be joined by several Smart Global Digital companies from both Bangladesh and Sri Lanka. Market studies have acknowledged a mature ecosystem supported by a strong legacy of sectors such as textiles (2nd largest global exporter to Europe and the US), e-governance, and digitalization.
The four pillars of Smart Bangladesh Vision 2041 are Smart Citizens (100% digital access), Smart Economy (high ease of doing business), Smart Governance (among the top 20 digitally innovative countries) and Smart Society (inclusive and sustainable) Bangladesh is also at the centre of the most dynamic region in the globe, with Southeast Asia to the east, China to the north, and India to the west. This puts Bangladesh in a prime location for involvement in international value chains.
Sri Lanka, meanwhile, aims to significantly increase the use of shared solutions and digital services by the end of 2024. Industry experts predict that the country will experience a third wave of technology during this digital transformation, expecting to have 750 tech companies, 1,000 IT and IT-infused startups, and 500 other technology startups by the end of this year. Furthermore, IT/ITes in Sri Lanka is projected to contribute $15 billion to their digital economy by 2030. In 2023, the International Monetary Fund (IMF) agreed to lend Sri Lanka USD 3 billion, and the World Bank provided USD 700 million for budgetary and welfare support, stabilizing the country after recent economic challenges. The Sri Lankan government's technology agency estimates this growth will help the industry reach USD 3 billion in export revenue.
Due to a combination of rising digital economies, youthful populations, and government assistance, Bangladesh and Sri Lanka both offer significant potential in the IT sector. For both economies, custom software development would be a major potential, with numerous local and foreign businesses look for bespoke software solutions. This would also be strongly tied to mobile app development, mostly because of the rising smartphone adoption rate. Consulting system integration and IT services would present an additional potential. Businesses demand services for the integration of disparate software and IT systems, and this is necessary for both economies.
Additionally, as businesses in both countries strive to digitise and optimise their operations, the need for IT consulting services for small and medium-sized businesses is growing. Offering cybersecurity solutions to shield organisations from online threats would be an additional opportunity for Finnish enterprises. Threat prevention is becoming more and more necessary as both countries' populations grow and move their activities and customer data online. Overall, there is a vast range of opportunities which Finnish companies can really take part in, and be part of the growth of both of these emerging economies.
Who is this opportunity for?
A favourable government and high demand for advanced IT consulting, Telecommunications, Cyber Security solutions offers good opportunities for Finnish companies in both countries. The proximity to India (5th largest global economy) for both countries offer added opportunities. Due to interaction with key stakeholders in IT and telecommunications, Business Finland has identified compelling opportunities for Finnish companies.
The first ever business delegation from Finland to Bangladesh is also scheduled for October 2024.
The identified opportunities are:
- Connectivity in infrastructure
- Telecommunications
- Cyber security
- Data Centre services
- Digital economy: E-Commerce, Fintech , Mobile
- Financial Solutions, Digital devices, AR/VR, AI,
- Gaming, Cloud computing.
- Manufacturing: Telecom, Business Process Outsourcing (BPO), logistics, IoT
- Skills development for knowledge and innovation
- R&D Collaboration opportunities
- Software development
- IT Consulting / SaaS
- Sustainability in ICT usage
Solutions and products needed
Solutions in Telecommunications, Cyber Security, Digitalization, e-commerce, Fintech, digital devices, connectivity in infrastructure, offshore software development, AR/VR, AI, Manufacturing, BPO, Logistics, IoT, IT Consulting, SaaS, Data Centre services, Mobile applications.
