Tourism Sector Hits 4% GDP Contribution

Bangladeshi medical tourists have dominated India’s medical tourism sector for years, making up nearly 70% of foreign patients. Between 2017 and 2022, their numbers grew by 48%, reaching 70.8% of total medical tourists in 2023. However, the fall of Sheikh Hasina’s government on August 5, 2024, led to diplomatic tensions, visa restrictions, and a sharp decline in Bangladeshi patients traveling to India.

Due to political instability and visa restrictions following Sheikh Hasina's fall on August 5, India has limited visa issuance to Bangladeshi citizens, causing a significant impact on tourism and business. There was a 28.44% decrease in Bangladeshi tourists visiting India in August, September, and October 2023 compared to the previous year.

Midland Bank PLC has signed a Memorandum of Understanding (MoU) with "Easy to Europe" and "TripZik Limited" at the bank’s head office. Under this agreement, both organizations will utilize Midland Bank’s advanced online Cash Management solution, Midland Cash Management (MCM), to streamline their daily business banking and cash management activities across the country.

In 2024, Bangladesh's tourism sector faced severe challenges due to economic slowdown, political unrest, and regional geopolitical tensions. Significant events, including national elections, regime change, and restrictions on tourism spots, hampered growth. Major floods and violence in the Chittagong Hill Tracts further impacted the industry.

As winter approaches, Cox’s Bazar has witnessed a surge in visitors, rejuvenating the local tourism industry. After months of stagnation caused by student protests, political instability, and adverse weather, the longest unbroken beach in the world is bustling with holidaymakers. Industry insiders reported that local businesses, including jet ski riders, horse riders, and vendors, are seeing a significant boost in income, with daily earnings ranging from Tk 1,500 to Tk 20,000.

The suspension of Indian visas since 5 August has significantly impacted Bangladesh's travel industry, shifting outbound tourism towards South Asian and Southeast Asian destinations like Nepal, Sri Lanka, and Thailand. Leisure travel to these locations has increased by 10%-15%, driven by limited visa availability and the peak season.