It started rough for Bangladesh. The 1971 war changed everything in the Indian subcontinent. Bangladesh came into being after the people fought fiercely for their rights. The regional economy was shaken badly, causing the GDP rate to dive to -14% in 1972. Nationalization of the industries happened and all private factories were taken by the central government.
The economy was still unreliable until the government started rolling back its policies in the 80s. It took more than a decade for industrialists like Salman F Rahman and his brother Sohail F Rahman to get back their assets. Their father owned a jute mill, which had been taken away during the nationalization. After the reclamation of the jute mill, Salman F Rahman and his brother realized that relying on jute for business is not a great idea. Hence, they started diversifying their business.
The brothers established Beximco Group, which grew to be a conglomerate that single-handedly pulled the Bangladeshi economy away from crashing badly during its formative years. Currently, the Beximco Group has more than 20 verticals that service the aviation sector, IT, pharmaceuticals, petroleum, banking, sports, and many more.
Beximco Group has become the leading conglomerate of Bangladesh, as it contributes an boost of to 6% to the Bangladeshi GDP every year. The company is now responsible for more than 75% of the country’s GDP. For the last 5 years, the GDP rate of Bangladesh has not gone below 7%. The success of Beximco Group and Salman F Rahman promoted the latter as PM Sheikh Hasina’s Private Sector Development Advisor as well.
For a country that’s known for frequent political and civil turmoil, its industries are well off and brimming with prosperity. Salman F Rahman and his brother are among those people who are responsible for the present-day Bangladesh that boasts a GDP rate of 7.1%.