The Fourth Industrial Revolution: 5.4 Million Bangladeshis at Risk of Losing Jobs.

The Fourth Industrial Revolution may result in nearly 5.4 million workers in Bangladesh losing their jobs, according to research conducted by government organization A2i and the International Labour Organization (ILO). Experts have pointed out that while the revolution brings risks to the country’s economy, it could also create new opportunities. Therefore, the government needs to develop a new strategy to address these challenges and harness the potential benefits.

This issue was discussed at a seminar titled ‘The Fourth Industrial Revolution: Opportunities and Challenges for SMEs in Bangladesh’ organized by the SME Foundation and the German Development Agency Friedrich-Ebert-Stiftung (FES) Bangladesh on Monday (November 13) at the Agargaon Tourism Bhaban. The seminar was inaugurated by Anwar Hossain Chowdhury, Managing Director of SME Foundation, and attended by Secretary of the Ministry of Information and Communication Technology (ICT) Shish Haidar Chowdhury, NDC, along with other senior officials.

The keynote speaker was Professor Dr. Kazi Muhaymin-us-Sakib, from the Institute of Information Technology, Dhaka University. Citing research from A2i and ILO, he stated that sectors like ready-made garments, furniture, agriculture, tourism, and the leather industry could see a reduction of 5.4 million jobs. Specifically, the ready-made garment sector could lose 2.7 million jobs, the furniture sector nearly 1.4 million, the agriculture and tourism sectors could lose 1.2 million jobs combined, and the leather industry could lose 100,000 jobs.

The paper further emphasized that the country’s SME sector could also face significant difficulties due to a lack of skilled labor and infrastructure. Despite contributing significantly to the economy and job creation, Bangladesh’s SME sector still lags behind in adopting Information and Communication Technology (ICT). Experts argue that if a new strategy is developed to tackle the challenges posed by the Fourth Industrial Revolution, the SME sector could see growth in exports, new business models, and even create new job opportunities.

The seminar was attended by SME entrepreneurs, representatives from various ministries and departments, SME chambers and associations, banks, financial institutions, researchers, economists, and other stakeholders.

According to experts, the impact of the Fourth Industrial Revolution has already begun to affect Bangladesh. In 2023, A2i conducted a study on future employment in 16 sectors, including ready-made garments and textiles, furniture, agro-food, leather, tourism and hospitality, ceramics, light engineering, healthcare, ICT, construction, real estate, transportation, pharmaceuticals, insurance and banking, creative media, and informal SMEs.

The study predicts that by 2041, over 7 million people currently working in these sectors may lose their jobs. However, at the same time, over 11 million new jobs will be created in emerging fields. The significant new professions expected to emerge include AI specialists, blockchain experts, 3D designers, customer experience managers, AR and VR developers, autonomous vehicle technicians, drone surveyors, cyber-physical control system operators, and robot doctors, among others.