Agribusiness Prospects and Challenges in Developing Countries: Contribution to Overcoming World Food Crisis in the Post-pandemic Period
Agribusiness Prospects and Challenges in Developing Countries: Contribution to Overcoming World Food Crisis in the Post-pandemic Period
Md. Maniruzzaman1, Md. Kamrul Haque1,3, Md Rokonuzzaman2, Md. Mahmudul Hasan3, Rumana Biswas4, Md. Mustafizur Rahman5, Tahmina Akter Rimi6, Md. Rahat Uz Zaman7*, Md. Alauddin8, Md. Abdul Baki9 and Md. Yeamin Hossain10
ABSTRACT
In Bangladesh, agro-business is considered a “thrust” sector but remains a largely untapped area that has not developed properly, considering the country’s prospects in this particular field. With few exceptions, the agro-industrial sector of Bangladesh remains underdeveloped, and mainly without significant institutional, technical and financial support. Still, the size of the agribusiness sector in the domestic economy is relatively small, and the country’s total exports are also negligible. This study aims to determine the prospects and challenges of agribusiness in developing countries considering Bangladesh as an example, and investigate the opportunities. With the country’s massive population, agribusiness would grow quickly. Similar factors would increase the demand for food and agricultural goods globally, expanding the country’s export prospects. There are several chances for growth in this industry for domestic and international markets. Intermediary-based poor marketing channels, inadequate finance facilities, a lack of infrastructure, and trained personnel are the significant constraints found in the current study. These constraints can be resolved by creating a new marketing channel, enhancing export, minimizing on-season product wastage, processing food and encouraging private investment in the industry. This article recommends a new marketing chain that combines several alternative methods such as food processing, exporting to other countries, and involvement of GOs-NGOs and research institutes with the overall production system in terms of training, information transformation, and market research. The pandemic disproportionately affected various sectors of the Bangladesh economy. In this dark moment, agribusiness has shown a little light. The Coronavirus has created many opportunities in this sector that can help the economy of Bangladesh in the future.
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