Can we brand Bangladesh afresh?

Fallen dictator Sheikh Hasina used to regularly lament that she did a great job, but our civil society members were behaving dumb. A few of my friends were quite aggrieved -- our country made so many achievements, yet the Western media and opinion makers were not recognising any of those.

Natural calamities, political skirmishes, poor governance standards and work ethics didn't allow Bangladesh to achieve the right image it deserved with its young and energetic workforce, resilient entrepreneurs and an increasing number of women in the workplace. Bangladesh's potential as a liberal Muslim country was not being discussed at the right tables. Investors were going to Sri Lanka, Vietnam, Indonesia, and even Pakistan, but not Bangladesh, with some exceptions for infrastructure sector investments. While the new political order and economic surprises awaited with Professor Yunus, Bangladesh's image problem is not over since we have yet to take "nation branding" with a modicum of importance.

Nation branding is substantially different from product branding. We see catchy taglines being used by several nations to promote tourism in their countries, such as "Malaysia, truly Asia," and "Amazing Thailand." However, the function of nation branding is not just limited to tourism. According to Simon Anholt, widely considered the "Father of Nation Branding," the concept of nation branding refers to developing an identity for a nation that encompasses several components of national accounts, including foreign direct investments, exports, culture, sports, migrants, international relations, etc.

Traditional promotional tools, such as advertising or roadshow activities, don't apply in the same manner when it comes to nation branding. Instead, it involves a holistic and well-concerted effort to highlight the key competitive advantages offered by the nation. The government has a huge role to play in this regard. It is the duty of our leaders to showcase our achievements to the world. However, this responsibility does not lie on the shoulders of the government alone. It is a responsibility shared by all of us.

While product branding affects a particular company, the impact of nation branding affects an entire economy, and hence the standard of living of its citizens. However, there also exists an integral connection between the two concepts. Sometimes, we get to know a nation through the great companies which originated in that country and the product brands they offer.

Some of those national brands also build enough equity to graduate to the status of global brands, such as Nokia from Finland, Google from the US, and Toyota from Japan, that we begin to associate these countries with their national brands.

Now, the question for a growing economy like Bangladesh would be: what kind of products should we invest in? We are already known to the world for "micro-finance." Today, countries all over the world are reshaping their identities to gain a competitive edge over their neighbours. If we listen to Philip Kotler, the father of modern marketing, and want to brand Bangladesh as an RMG exporting country, we must question ourselves as to what extent that would be sustainable in the long run. We must ensure adequate capacity-building, productivity improvement, healthy industrial relations, professional management, and new export destinations to remain competitive because uncertainty is more dangerous than instability.

So far, our RMG industry has shown remarkable resilience in terms of weathering turbulence, when the country was faced with some of our worst political turmoil and man-made disasters. Moreover, the sector also seems to have survived the global financial meltdown relatively unscathed.

However, uncertainty still shrouds the future of our RMG industry. There is also ambiguity regarding the future of the microfinance industry.

In the age of fierce competition, nation branding has become more of a necessity than a luxury. Our country has suffered due to a negative brand image, both at home and abroad. The time has come to rebrand our country, to highlight the amazing accomplishments of our people despite the hardships. That is what makes our nation truly remarkable and unique. However, one Nobel laureate professor and his very young and hardcore companions may not be enough to attract the right and sustainable attention to Bangladesh.

The author is the chairman of Financial Excellence Ltd