The US weekly magazine Newsweek has highlighted the story of Bangladesh's spectacular economic advancement and its achievement in eliminating poverty in its latest issue. 

The New York-based magazine said the nation is entering into its second half-century in strong shape as it becomes one of the fastest-growing economies in the Asia-Pacific region under Prime Minister Sheikh Hasina who has overseen "a rapid transformation of the domestic economy" over more than a decade.

The expansion of industries led by domestic entrepreneurs has paved the way for Bangladesh to begin its journey to becoming an industrial nation by reducing its high reliance on agriculture.

Industry's contribution to Bangladesh's economy grew from less than 20 per cent to 33.5 per cent between 2010 and 2018, said Newsweek

Industry's contribution to Bangladesh's economy grew from less than 20 per cent to more than a third (33.5 per cent) between 2010 and 2018, while manufacturing's contribution to gross domestic product has doubled since 1980, with exports growing 20-fold since the 1990s, said Newsweek's content from The International Investor section.

The magazine also featured several outstanding business houses, including Transcom Group, that drive the growth of the economy.

Transcom, relaunched in 1973 by its Founder Chairman Latifur Rahman, is a fast-growing conglomerate in Bangladesh and is active in diversified sectors of the economy, including healthcare, fast-moving consumer goods, food and beverage, media, electronics, logistics, and distribution.

Latifur Rahman won the Oslo Business for Peace Award in 2012 for maintaining his commitment to social responsibility and ethical values.

"That is where our strength comes from, and this is the legacy our chairman left for us," said Transcom Group Chief Executive Officer Simeen Rahman.

"Along with these values, we have a clear direction of being formidable players in every industry. And of course, quality must never be compromised."

Today, Transcom has the franchise of Pepsi, which is a dominant player in the beverage business in Bangladesh.

The group also manufacturers appliances and white goods for Whirlpool and cosmetics for L'Oreal and acts as the local partner for others, including Frito-Lays, KFC, Pizza Hut, Abbott and Mars.

Its concern Eskayef Pharmaceuticals Ltd has been the leading force in Bangladesh's pharmaceutical market.

It started manufacturing life-saving insulin vials for Novo Nordisk in 2012, four years after it became the distributor of the major multinational pharmaceutical company.

In 2017, Eskayef got into an agreement with Novo Nordisk to produce its modern penfill insulin and became the first company in the world to do so as a manufacturing partner of the Danish multinational company.

"As for global standards, it is important to note that Eskayef Pharmaceuticals has received all the necessary international regulatory approvals from the most stringent bodies in the world," Simeen Rahman said.

"Eskayef's quality is right up there with international standards whilst implementing global best practices. Our standards are identical to any manufacturer in the US or Europe. We have the same accreditations and quality standards."

After the outbreak of Covid-19 in Bangladesh in early 2020, Eskayef launched the first generic in the world for the three most effective anti-viral drugs shortly after the emergency approvals by global regulators. It also exported the drugs to 49 countries and supported patients all over the globe.

Digital development and artificial intelligence are crucial components of the business strategy of Transcom, which employs around 20,000 people. The group aims to achieve exponential growth in its existing industries, expand its footprint globally through Eskayef Pharmaceuticals and focus on technology as the big growth area.

Among others, Newsweek also featured business houses such as Concord Group, a construction and real estate major, Envoy Group, one of the top garment exporters in Bangladesh, and United Group, which operates in the power, real estate and healthcare sectors.

It also highlighted Confidence Group that has business interests in cement, concrete ready-mix, power and telecommunication, Sikder Group, which runs businesses in the infrastructure, power and insurance sectors, Hosaf Group, which has businesses in LED lights and electric metres, and Multimode Group, which is engaged in the seeds, livestock, silk and textile sectors.