USTC has opened up a new horizon for the business community of the country by launching 'Faculty of Business Administration' - which is indeed a bold step by the University in fulfilling its mission of expanding higher education through private initiative. Faculty of Business Administration (FBA) is dedicated to provide quality education and training to the selected target students, who will shoulder the responsibilities of managing business and public organizations in future as best qualified managers once they complete USTC MBA programme.
Importance of Business Education
Management education in South Asia is still at an infant stage that draws extensively on external traditions and techniques. In Bangladesh several historical circumstances, including partition, the war of liberation and the period of state socialism following independence, have caused an out-migration of private sector managers along with a diversion of managers to the public sector. Very little emphasis has been given to management development or management education facilities in Bangladesh since independence. It is now widely admitted that if Bangladesh is to benefit from the emerging pro-market policies, it must professionalize industrial management and expand and improve existing management development programmes and facilities.
Since last 10-15 years there has been a major shift in the economic policy of the government. Many industrial units were denationalized. Privatization in practically all sectors of the economy was encouraged. Incentives and facilities were made very liberal and we have witnessed the emergence of a strong private sector. The transition from a centralized economy to a free market economy and phenomenal technological development made significant impact on the fundamental economic issues and management practices.
Chittagong, though known as the 'Commercial Capital' of the country was much neglected and under-represented in the management education. But having the country's biggest natural port and with an already existing export processing zone (EPZ), according to Japan International Cooperation Agency (JICA), 'Chittagong can be considered as the Asian Industrial corridors and triangles'. Recently a team of four Swiss experts conducted a survey on the management education and training needs in Chittagong who also concluded that 'there is a clear need for both addition to and improvements in management education in Bangladesh generally and in Chittagong specifically'.