Role of private universities in Bangladesh: Driving economic growth & providing education

Bangladesh, a developing nation in South Asia, has been witnessing impressive economic growth over the years. One crucial factor behind this progress has been the contribution of private universities to the country's economy. Despite facing significant challenges and a lack of substantial financial support from the government, these institutions have demonstrated remarkable resilience and have played a pivotal role in shaping the educational landscape and driving economic development in Bangladesh.

EXPANDING STUDENT SIZE AND DEVELOPING NEW CAMPUSES: Private universities have stepped up to address the educational gap in Bangladesh by offering diverse and specialised courses that were previously limited to a few public institutions. With a student size of nearly 450,000 spread across 110 private universities, these institutions have provided opportunities to thousands of students who, otherwise, might have struggled to access higher education due to limited seats in public universities. However, to continue this growth, developing new campuses for the universities requires appropriate land size, which can be obtained from government khas land.

SEEKING FOREIGN FUNDING FOR CAMPUS DEVELOPMENT: To address the funding challenges associated with developing new campuses, UGC can take the initiative to talk with organisations like the World Bank, ADB, and other foreign donor agencies. Seeking long-term soft loans can enable the universities to build state-of-the-art campuses that can accommodate the increasing number of students and further contribute to the economy. These funds can be allocated to projects such as constructing research centers, improving infrastructure, and investing in advanced technology to enhance the quality of education.

TRANSFORMING NON-PROFIT STATUS TO ATTRACT INVESTMENT: At present, private universities are running in non-profit status, which restricts potential investment from private and foreign sources. To encourage investment in this sector and boost economic growth, it is essential to change the non-profit status. By opening up the market to private and foreign investments, private universities can receive the necessary funding for expansion and development. However, measures should be put in place to ensure that the quality of education and the welfare of students remain the primary focus amidst the influx of investments.

PROMOTING AUTONOMY FOR QUALITY EDUCATION: Private universities must have relaxed autonomy to ensure quality education and innovation. For this purpose, the University Grants Commission (UGC) and Accreditation Council can collaborate with the Association of Private Universities, which leads this sector as a guardian. This collaborative approach will help maintain educational standards while allowing room for creativity and improvement. Flexibility in curriculum development, faculty hiring, and resource allocation can foster a culture of excellence and responsiveness to the evolving needs of the job market.

FOSTERING ENTREPRENEURSHIP AND INDUSTRY-ACADEMIA COLLABORATION: Private universities in Bangladesh have already fostered a culture of entrepreneurship and innovation. Some of these institutions have established incubation centres and research hubs to encourage students and faculty members to pursue groundbreaking research projects and turn their ideas into viable businesses. To further promote industry-academia collaboration, private universities can work closely with various industries and form partnerships that align curricula with the needs of the job market. Concrete examples of successful collaborations can include innovative startups, industry partnerships, or research breakthroughs with direct commercial applications.

EMPOWERING WOMEN'S EDUCATION: Private universities have played a vital role in promoting women's education and empowerment in Bangladesh. By providing a conducive learning environment and addressing gender disparities, these institutions have encouraged more women to pursue higher education and enter the workforce. This increased participation of educated women in the job market positively impacts economic growth by improving household income, health, and education outcomes for future generations while reducing poverty levels.

Private universities in Bangladesh have demonstrated an unwavering commitment to contributing to the nation's economic growth and development, despite limited financial support from the government. By addressing the education gap, seeking foreign funding for campus development, attracting investments, promoting autonomy, fostering entrepreneurship, and empowering women, these institutions have become integral to Bangladesh's economic success story. With recognition of their significance and support from the government and other stakeholders, private universities can further strengthen the education sector, boost economic growth, and pave the way for a more prosperous Bangladesh.

KBM Moin Uddin Chisty is president, Victoria University of Bangladesh and treasurer, Association of Private Uuniversities of Bangladesh.