Asian Development Bank on Sunday said at a time when trade tension between USA and China starts affecting many countries, a door of opportunity has already opened for Bangladesh. “Following the trade tension, more foreign buyers are being attracted to import products from Bangladesh,” said Asian Development Bank Country Director to Bangladesh Manmohan Parkash.
“I am very pleased to observe the great economic and social development of Bangladesh, which is now a model case for the world,” he added. He came up with the observations at a Consultation Workshop styled ‘Northeast Bangladesh Economic Corridor Development’ in the city on Sunday.
”We have good foundation to believe that this positive trend will continue in the coming years,” he said. The government is setting up 100 economic zones to further strengthen its industry and export, he said adding that, we already know that 88 sites are approved and are under various stage of development.
“We believe the government’s 8th Five Year Plan and Perspective Plan 2041 will pave the way for achieving the goal of becoming an upper middle-income and high-income country within the target year,” he said. To accomplish these goals, we need to maintain or even accelerate the current growth trajectory for the coming decades, Parkash said.
He said, “The success to achieve this vision will depend on how we utilise the opportunities and overcome the challenges we face, and then find the solutions which can make it possible.” “More importantly, industry, infrastructure and urban or rural areas should be developed organically in a well-coordinated manner.
“Infrastructure development should consider the industrial transformation, not only for the existing industries, but also for the upcoming industries. “Urban and rural areas should be strategically developed as they are not only the consumption centers, but also innovation centers which can provide knowledge and expertise for industries.
“Economic corridor is a development tool which can make such coordinated and holistic development possible. It aims to foster development of promising industries in the corridor region. “The infrastructure is built based on planned industrial development, and urban centers are developed to meet the demand of the industries.
“Such an approach helps achieve rapid inclusive growth by ensuring better distribution of the benefits of development. “ADB’s earlier study on Southwest Bangladesh Economic Corridor indicates that the southwest region of Bangladesh can contribute to the economic growth of the country, with industrial output of up to $148 billion by the target industries, and 25 million of corridor induced employment by 2050,” said the ADB director.