Well and Woes of Tourism Promotion in Bangladesh: Investment Perspective

By Kobra, Khadijatul; Bhuiyan, Kamrul Hasan et al. | Academy of Accounting and Financial Studies Journal, June 2018 | Go to article overview

Well and Woes of Tourism Promotion in Bangladesh: Investment Perspective


Kobra, Khadijatul, Bhuiyan, Kamrul Hasan, Zayed, Nurul Mohammad, Academy of Accounting and Financial Studies Journal


INTRODUCTION

Importance of Tourism for Economic Growth of Bangladesh

Tourism has become one of the largest industries and one of the fastest growing income generating sectors which play important role in the economic development of a country by generating direct foreign revenues. Besides the foreign earning, tourism creates the country's brand image with the countries tradition, norms, natural resources and history. As tourism is employee generating industry, it helps a country to make a strong economic base and helps to uplift the standard of living (Expenditure, 2013). Money generate from the tourism can be used to develop the country's infrastructure that is new roads, airports, bridges and others.

Only tourism can circulate money every corner of the country directly as tourist spend to the destination thus create local people more economically independent, local transport developed, education system promoted, local entrepreneurship created and eventually overall economic base flourished.

Many countries in the world, like Thailand, Malaysia, Singapore, Switzerland, etc., coin strong economic base through focusing and creating tourism friendly environment and maintain the effort. Some countries like Nepal, Vietnam, Sri Lanka, Philippine depend mainly on the tourism industry (Afroz & Hasanuzzaman, 2012).

It also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists. By 2027, Travel & Tourism will account for 1,138,000 jobs directly, an increase of 0.6% pa over the next ten years (World Travel and Tourism Council, 2017). Bangladesh is a least developed country (LDC) which economy based on agriculture, ready-made Garments and labour export. With the large population, it is struggling with poverty, malnutrition, environmental hazard etc. The overall entrepreneurial activities are hampered by the unwelcome regulatory environment, time consuming bureaucratic system, poor infrastructure, poor brand image, uncertain political circumstances, corruption and marginal enforcement of property rights, fragile rules of law, political polarization and absence of long lasting institutional support towards the private sector (Fonseca, 2012).

But recently, Bangladesh is trying to enhance its economic base by maintaining the steady GDP growth over last five years having some favourable economic indicators--declining inflation rate, growing foreign reserve, increasing exports, declining interest rate of loan, controlled budget deficit, less pressure in government subsidy, increasing liquidity and the most importantly maintaining GDP growth rate-though struggling with private investment due to lack of confidence in the investors. Bangladesh can enhance its GDP growth rate and minimize its economic problem by boosting the tourism sector.

It is a country of natural beauty, history and culture. In a small area it has diversified tourist attraction. Mountains, sea beaches, falls, forest and mangrove forest, cave, tea garden, islands, hilly island, different species and flora faunas apotheosize this country's natural beauty. Historical monuments, ruins, monastery and promenades splendour its historical attraction. Diversified ethnic culture, dishes, ceremonies, languages, values, traditions and people make more attractive cultural environment. All this prepare these countries tourism more winsome which can pull huge numbers of tourist from different countries which can generate foreign earnings. Compare to the other industry, the foreign earning form tourism is more sustainable as the money directly spends to the destination where host community directly befitted.

Total contribution of the tourism on economy of Bangladesh can have wider impact directly and indirectly. Tourism spending directly distributed among several sectors like accommodation, transportation, food, entertainments, retail trade, sports and attraction. …

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