Ever since the outbreak of coronavirus in March in the country, Bangladesh's economy has been severely affected, particularly because of its overdependence on RMG sector exports and remittance earnings from the migrant workers. These two major economic activity streams seem to be in a very tumultuous position considering the shifts in the global business environment due to Covid-19 shocks, which will continue well into the future.

The current policy consensus is that Bangladesh's post-coronavirus future chiefly rests on its export and remittance earnings, and to achieve this goal, foreign capital and advanced technology must be invited in to generate jobs within the country while alternative labour markets for Bangladeshis should be explored to fast-track its economic prosperity. However, I would like to propose an alternative development approach that will concentrate on the long-term endogenous development of our eight divisional cities—which can be called the true wealth of the country. Before I explain what I mean by endogenous development, let us look at what is the problem with the current policy consensus and how it affects the quality of life in Bangladesh. For example, remittance earnings from the Middle East have definitely improved the standard of life-style amenities of villages from where migrant workers have gone abroad. Nonetheless, the fact remains that despite the money sent from places like Oman, Qatar and Saudi Arabia and the television sets and other imports that it buys, the economic life or ways of making a living mostly remain unchanged in these villages. Rather, men or women from the migrant workers' immediate families live dreary and lonely lives.

Now moving back to the endogenous development issue—this will heavily focus on investment on certain tangible assets, and this will not only allow sustainable economic growth but will also have the capacity to markedly enhance the citizens' quality of life. Proponents of endogenous development divide these tangible assets into seven clusters—these are social, human, cultural, intellectual, natural, environmental and urban assets. These assets are present in all the divisional cities in varying degrees, and only by nurturing them properly can we truly uplift Bangladesh towards a momentum of economic and social stability.

For example, adopting the endogenous development approach for Rajshahi would mean improving its human assets—that is, its people and the quality of life and livelihoods. Human assets mainly indicate basic human needs, adequate housing with secure tenure, educational opportunities for both girls and boys to prepare them for the changing world, considering the advent of the 4th Industrial Revolution, and lastly, access to good health. The satisfaction of these material needs builds the foundation for our most fundamental right which is the right to life. Achieving housing, education and health needs for all the citizens must, therefore, be the aim for every genuine development agenda.

We have seen how the blind acceptance of the operations of market forces at the expense of the interests of ordinary people, coupled with a lack of proper governance system, have created gross inequalities in Bangladesh, allowing those few who already have a foundation in basic assets to pursue a life of dignity while marginalising the majority who lack the foundations for this most precious of human rights.

Again, another example of endogenous development will be improvising Dhaka city's natural assets such as lakes, parks, etc. As we can see, natural assets within and around Dhaka have been horribly squandered through neglect and thoughtless exploitation. Suburbs around this city used to be a serene landscape of agricultural fields, which now have morphed into a fractured, fragmented environment that is neither urban nor rural and seems utterly out of control. However, an endogenous development process will focus on reinventing Dhaka's public spaces as well as restoring its natural resources. Public spaces have the chance to become essential for the cultural identity and pride of a country, when they respond to its natural and geographical resources as well as to local traditions and trends which ultimately enables the citizens to live a meaningful, dignified life. However, it's also worth noting that Dhaka does not have the means to reinvent its urban space in the radical ways as Baron Haussmann did for Paris in the 19th century, or Shah Abbas did for Isfahan in the 16th century.

Naturally, the question is, how can such a development approach be financed? Endogenous development, or a development from within, can only be achieved by steadily investing in the seven clusters mentioned above. This does not necessarily mean mindlessly soliciting investments from global firms into an already underdeveloped asset base in Bangladesh, which can pose the risk of further degradation of these assets. Rather, we should rely on local savings which have the capacity to be substantial even in relatively poor or moderate-sized economies so long as the government is prepared to impose on itself stringent fiscal discipline and vigorously combat corruption.

Ultimately, an increase of social, human, cultural, intellectual, natural, environmental and urban assets will automatically attract foreign investment in Bangladesh. And, this can only be done by adopting an endogenous development approach in the post-coronavirus economic recovery phase in the country. This also means putting trust in the inner potential of citizens to shape the future that lies ahead of us.

Jannat Adib Chowdhury is a development practitioner and currently works for Swisscontact in Bangladesh. Views expressed in the article are those of the author and do not necessarily reflect the views of the author's organisation.