Bangladesh must act soon to take advantage of its low-cost edge to become the "next China" before Dhaka's competitors take the markets the world's second largest economy is leaving, according to the World Bank.
In a report, the lender said Bangladesh can become the alternative to China with its labour-intensive exports growing at double digits if it can address infrastructure bottleneck and take advantage of its large pool of underemployed labour-force.
"If Bangladesh could improve the business environment half way to the level of India's, it could increase its trade by about 38 percent," said the report styled “Bangladesh: Towards Accelerated, Inclusive and Sustainable Growth-Opportunities and Challenges”.
If Bangladesh fails to act soon, others will take the markets China is vacating, it said.
The report, unveiled at the Westin Hotel in Dhaka yesterday, said the average monthly wage in Bangladesh is $43, while it is $61 in Cambodia, $87 in India, $63 to $90 in Vietnam and $150 to $250 in China.