Speakers on Monday made a call for accelerating institutional reforms and private investment in the economic corridor to unlock the growth potential of the country.
They stressed the urgency of advancing economic corridor development and logistics modernization to transform Bangladesh’s growth trajectory and ensure inclusive, regionally balanced development.
They came up with the observations at a seminar on Economic Corridor and Logistics Development in Bangladesh: Investment Opportunities organized jointly by International Chamber of Commerce (ICC) - Bangladesh, The world business organization and Asian development Bank (ADB) at a city hotel.
Chief Guest Planning Adviser Wahiduddin Mahmud said neighboring countries, specially North-Eastern states of India could be benefitted from the economic corridor in Bangladesh that connects ports, economic zones through rail, road, and water routes.
He said the interim government can’t take up new development projects as all of the development allocations of the interim government are going to be allocated to the development projects taken by the previous government.
Speaking as chair, President of ICC Bangladesh Mahbubur Rahman said the case for economic corridor development is no longer inspirational.
"It is urgent, evidence-based, and actionable," he said.
He stated that, if implemented effectively, the corridor could increase the region’s combined output from $32 billion in 2020 to $286 billion by 2050 under a business-induced scenario (BIS), and generate up to 71.8 million jobs over the same period.
Special Assistant, Ministry of Finance Dr. Anisuzzaman Chowdhury said the country should prioritize two to three products including pharmaceuticals and electronics to diversify export basket immediately.
Country Director of Bangladesh Resident Mission Hoe Yun Jeong said Bangladesh’s logistics sector faces significant structural challenges including over reliance on road transport, congestion, high cost and insufficient multi-modal infrastructure which hinder export-oriented manufacturing.
A key presentation was delivered by Barun Kumar Dey, Senior Economics Officer, ADB, who provided an overview of Bangladesh’s economic growth journey and the strategic vision for future development.
Mohammad Nazrul Islam, Senior Transport Specialist, ADB, and Sabyasachi Mitra, Senior Logistics and Economic Corridor Expert (Former Director, SARD, ADB), jointly presented detailed insights into the proposed economic corridors, logistics hubs, and the critical role of private sector investments in their implementation.
