BD Post Desk
The economy of Chattogram is one of the largest and most rapidly growing economies in Bangladesh. Chittagong is home of some of Bangladesh’s and the world’s top corporations. Chattogram is the port-city of Bangladesh and the busiest port in South Asia.
Chattogram is the export hub of Bangladesh and it grosses more than $20 billion from export, accounting for 45 percent of Bangladesh’s national export. In 2014, Chattogram ‘s gross state product was $41.45 billion in nominal terms and $174.06 billion in purchasing power parity, four times as much as Nepal and equivalent to Myanmar.
The city’s per capita income is $5,719; highest in the country and poverty rate and unemployment rate is lowest; reported 4% and 4.70%. It is the largest province of Bangladesh in terms of size and second largest in population. The city has the best standard of living among all Bangladeshi Divisions. Annual GNP growth of Chattogram is 6.3% as on 2014.
A substantial share of Bangladesh’s national GDP is attributed to Chittagong. The division generated approximately US$45 billion in nominal and US$176.06 billion in PPP terms, contributing around 21% of the nation’s economy. Chattogram holds the status of being the second largest economy in Bangladesh, only behind Dhaka Division. The economy of Chattogram is largely based on textile and garment industry. Chattogram Division consists of eleven districts, including Chattogram district and Cumilla district. A substantial chunk of Chattogram Division’s GDP is attributed to Chattogram district (contributing around 21% of Bangladesh’s GDP). In recent years,[ Chattogram has been established as a large shipbuilding industry. More than 60% of the country’s revenue earnings come from Chittagong.
In recent years, Chattogram has emerged as one of the largest shipbuilding industries in Bangladesh alongside Khulna. Companies such as Western Marine Shipyard have exported ships to Denmark, the Netherlands, New Zealand, Germany, Kenya and India.
Chittagong Stock Exchange (CSE)
CSE is one of two stock exchanges in Bangladesh. The stock exchange was established in 1995. The market is one of the top performing stock exchange in Asia.
Chattogram is the home of regional headquarters of many renowned international companies including Glaxo Smith Kline, Reckitt Benckiser, Unilever, James Finlay PLC, BOC Bangladesh Ltd., GEC Bangladesh Ltd., Coats Thread, Berger, KAFCO, and Duncan.
Major companies based in Chattogram
• Abul Khair Group
• A K Khan & Company: A K Khan & Company Ltd. is one of the oldest and most renowned private
sector organisations in Bangladesh.
• BSRM: Bangladeshi steel manufacturing conglomerate based in Chittagong. It was founded in 1952.
• Habib Group: Habib Group was founded in 1947.
• Jamuna Oil Company: Jamuna Oil Company Limited (estd. as Pakistan National Oil in 1964; renamed as Bangladesh National Oil in 1972) is a subsidiary of the Bangladesh Petroleum Corporation that nationally
markets Octane, Petrol, Diesel, Kerosene, Furnace Oil, Bitumen and Lubricants in Bangladesh.
• KDS Group: Founded in 1983, through the
establishment of one of the first garments
industries in Bangladesh.
• M M Ispahani Limited
• Padma Oil Company: The Padma Oil Company Limited, formerly Burmah Eastern Limited, is a Bangladesh
state-owned petroleum company with its head office in Strand Road, Chattogram.
• PHP Group (BD)
• S. Alam Group of Industries: Bangladeshi industrial conglomerate. The industries under this group include food & allied products, steel, banking,
consumer products, sugar, cement, power, energy, transportation, shipping, manufacturing, hospitality, financial institution, agro, trading, oil, gas.
• Seamark Group: Multinational food processing
conglomerate wholesale company with offices in Manchester, Chattogram, New Jersey and Brooklyn.