Bangladesh Bank Governor Dr. Ahsan H. Mansur highlighted the untapped potential of data in Bangladesh, stating that data mining holds more value than oil or coal. However, he noted that the country’s data management initiatives are still at a nascent stage, with limited government involvement and individual-level practices.
Speaking at a workshop titled “Cross-Border Data Flow: A Bangladesh Perspective” jointly organized by the Policy Research Institute (PRI) of Bangladesh and the World Bank on Sunday in Dhaka, Dr. Mansur shared that Bangladeshis spend over USD 5 billion annually on medical treatment abroad, much of which occurs through unofficial channels. This puts significant pressure on the country’s balance of payments. India and Thailand remain the primary destinations due to their advanced healthcare systems.
Commenting on the lack of data sharing in Bangladesh, he said, “In Bangladesh, data is mostly siloed. Everyone holds their own data, and even within organizations, data is not shared. If we can improve in areas like database creation, data mining, and storage, we can achieve remarkable progress. For this, we need infrastructural development, a robust legal framework, and behavioral changes. Currently, we lack a data storage policy, and domestic cloud services are underdeveloped. Without these, we cannot store or utilize data effectively, whether in healthcare, tourism, or finance.”
Dr. Mansur also emphasized the challenges in ensuring data security in the banking sector. “Banks are required to maintain three facilities—data centers, recovery centers, and disaster recovery centers. Managing these, especially ensuring data and cyber security, is challenging, particularly for smaller banks. Collaborative, legally supported solutions can be effective in this regard.”
He added, “If we do not adequately adjust localization policies, we will fail to make proper use of data. Government involvement is crucial in this area.”
Touching upon healthcare, he noted, “Many people visit foreign countries on tourist visas to seek medical care. There is much to be done in the field of data exchange within healthcare. Currently, we lack the capacity for comprehensive research because we do not have access to big data. If we had it, we could make more informed decisions on effective solutions.”
Dr. Mansur stressed the immense value of data mining globally, comparing it to natural resource extraction. “Across the world, data mining is now more significant than traditional mining. The value derived from data mining is far greater than that from coal or oil. Bangladesh, with its population of 170 million, is generating vast amounts of data from mobile systems, SMEs, and tourism. However, we are not utilizing it, and thus, its value remains unrealized.”
PRI Chairman and economist Dr. Zaidi Sattar, who moderated the workshop, remarked, “South Asian countries are the least connected in terms of data sharing. Political boundaries often create economic barriers. However, there is significant potential to increase intra-regional economic activities, especially in the digital era.”
The keynote address was delivered by World Bank Digital Development Specialist Nidhi Parekh, while PRI’s Chief Economist Dr. Ashikur Rahman presented insights on Bangladesh’s context.
PRI Research Director Bazlul Haque Khondker, Deputy Director of the Bangladesh Tourism Board Mohibul Islam, and Deputy Managing Director of BRAC Bank Md. Sabbir Hossain also attended the workshop among others.
