Considered a key driver of the country’s economy, the ongoing infrastructure development will change the socio-economic landscape, connecting the entire country with multimodal infrastructure to facilitate smooth transportation of people and goods as well.
Keeping in mind to strengthen Bangladesh’s global competitiveness, the government is implementing mega projects in order to strengthen the country’s communication network to boost the economy.
The megaprojects including the Padma Bridge, the tunnel under the Karnaphuli river and the Dhaka Elevated Expressway from Hazrat Shahjalal International Airport to Kutubkhali of Dhaka-Chattogram highway will establish an integrated and uninterrupted communication network in the country.
Economists said that these large infrastructural development and mega projects can change communications, transportation, ports and energy scenarios of the country and take Bangladesh towards high mid-income status.
Executive director of South Asian Network on Economic Modeling (SANEM) Selim Raihan said Bangladesh’s progress in Logistic Performance Index (LPI) between 2007 and 2018 is not up to the expected level whereas China, Vietnam and Thailand gained tremendous growth.
“Lower position in LPI may hurt our competitiveness. Besides, to increase export, improvement in LPI is crucial,” he told a webinar emphasising faster implementation of large Infrastructure projects, upgradation of railways, shipping and river connectivity on the priority basis.
A recent study by the Implementation, Monitoring and Evaluation Division (IMED) of the Planning Ministry showed how the change of communication leads to the development of socio-economic system. The research was conducted on ‘Joydebpur-Mymensingh 4-Lane Road Improvement Project (JMRIP)’.
It said, “The four-lane road upgradation will change the people’s fate of these areas. People are now enjoying smooth transportation avoiding traffic congestion. Farmers used to suffer a lot in transporting agricultural products, but they have now been relieved of that suffering. The cost of transporting goods has also come down.
Job opportunities in different sectors are creating. Land prices have risen on the side of the roads. The number of industries and factories is increasing day by day and branches of various offices are also being set up. The IMED study revealed that the highway has completely changed the living standard of people in Gazipur, Sreepur, Bhaluka, Trishal and Mymensingh Sadar.
Experts opined that a mega project not only has direct benefits, but also has many positive effects indirectly. Based on a single project big changes can be observed in the society and economy. It has a positive effect on the growth of the gross domestic product (GDP).
General Economics Department (GED) member (Senior Secretary) Shamsul Alam told the media that, “After taking power, the present government has taken mega projects in various sectors including road communication, rural infrastructure and electricity. The implementation of these projects has greatly improved the socio-economic situation in the country.”
Businessmen blame the lack of infrastructure for poor private investment in the country. The government has undertaken several mega projects in the last one decade to develop infrastructure, one of which is the dream Padma Bridge. The construction of the six-and-a-half-kilometer long bridge has already been completed by 81 percent. According to a study by the World Bank, the Padma Bridge will increase Bangladesh’s GDP growth by 1 percent. The entire southern region will be changed through the Bridge.
Khulna Chamber of Commerce and Industry (KCCI) president Kazi Aminul Haque told this journalist that, “The benefits of the Padma Bridge, we will enjoy in future, are beyond expression. Economic activities will rise for sure.”
Apart from the mega projects, the government is also constructing 100 special economic zones. There will be an industrial revolution in the country by 2030. Overall economy of the country will change. Millions of people will be employed. Separate areas have been earmarked for foreign investors.