Bangladesh is reeling from the impact of the US imposing a 37% tariff on its exports. Professor Muhammad Yunus, the Nobel Peace Prize winner and interim leader of Bangladesh, believes this disruption can be a catalyst for change.
The country has long struggled with poverty, with people desperate for work and willing to follow company rules. This led to a perception that Bangladeshis are not good at business, but rather good at following instructions. Yunus, speaking to Thai Rath reporters during a visit to Thailand for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit, disagreed. He said that people are capable of using money effectively, but they lack the means.
A New Approach to Poverty
Yunus’ microcredit initiative aims to break the cycle of poverty by providing low-interest loans. He believes that the root cause of poverty lies not with individuals, but with the system that traps them in it. In rural areas, people work hard but struggle to make ends meet, often turning to informal lenders with exorbitant interest rates. Yunus’ approach is different. He encourages people to think entrepreneurially, to ask themselves how they can increase their income. For example, if someone has five chickens, why not ten? This simple mindset shift can have a profound impact.
As people share their success stories with others, a chain reaction is triggered. Yunus believes that this approach is more effective than simply handing out money or promoting success stories through advertising. People are inspired by real-life examples, and this motivates them to create their own opportunities.
Empowering the Next Generation
Yunus also spoke about the potential of the younger generation. He believes that people are born to be entrepreneurs, but often end up looking for jobs because they lack the resources. The younger generation has an advantage – they are connected through technology and can make quick decisions. Yunus has partnered with Thai universities to create a network for young people to exchange ideas and develop their entrepreneurial skills.
The goal is to empower them to take control of their lives and create their own opportunities, rather than relying on government handouts. Yunus’ vision is for a future where people are self-sufficient and can build their own world without waiting for others.