Bangladesh, which emerged as an independent nation in 1971, is a developing economy of South Asia. With a population of 140 million the country's basic economic policy aimed at achieving high and steady growth, reduce widespread poverty and sustain macroeconomic stability. The economy is in transition from a public sector dominated economy to a private sector led economy. International trade and foreign investment is considered to be vital in its endeavour to become a robust economy in South Asia. The ready made garments (woven and knitwear) industry is responsible for nearly 75% of the country's export revenues. Other sectors such as frozen food, leather, ceramics, pharmaceuticals and software development are growing and contributing positively to Bangladesh's economy. Foreign investment, including Australia, has filtered into Bangladesh in many sectors. The economy's biggest asset is its plentiful supply of very cheap labour, a major attraction for foreign investors. The country's other endowments include its vast skilled and semi-skilled human resource base, fertile agricultural land, and substantial reserves of natural gas and coal.
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