Bangladesh has great potential for economic corridors, which if utilized, will generate 7.18 crore jobs in Bangladesh by 2050, said a new report of the Asian Development Bank (ADB) on Wednesday.
Besides, by 2040 there will be 4.62 crore in employment, and by 2025, it will be 1.27 crore, it said, adding that if this advantage is used, the trade advantage of Bangladesh will increase by $286 billion by 2050.
The ADB has highlighted these facts in the report titled “Bangladesh Economic Corridor Development Highlights”.
Bangladesh needs a holistic development strategy such as economic corridor development to drive structural transformation and regionally balanced development, the report added.
The report was unveiled at a function held at the Bangabandhu International Conference Center in the capital’s Sher-e-Bangla Nagar on Wednesday.
As Bangladesh builds on a decade of strong economic growth, this executive summary explains why creating an economic corridor can drive the massive structural transformation it needs to ensure its development is sustainable and equitable, the report said.
Detailing the reasons behind its growth, it explains how a Bangladesh Economic Corridor (BEC) would benefit its northeast and southwest regions, which have long suffered from poor economic development and inadequate infrastructure, it mentioned.
It outlines how a BEC would help develop core industries, boost connectivity, and improve critical infrastructure, as Bangladesh looks to harness technology to create millions of new jobs and accelerate economic growth, it added.
Planning Minister MA Mannan said, “These corridors will integrate development across the country. As there will be economic development here, there will be job opportunities at the same time. For this, along with infrastructure development, policy-making support is also needed. We are interested in development. However, there are some political and social obstacles to this development. These obstacles must be overcome.”
He said that Dhaka will be a big obstacle in connecting these corridors across the country.
“For this, a bypass road should be made. Otherwise the opportunity to use the economic corridor will be hindered. We have to open up and work around it. Obstacles must be removed,” he mentioned.
The Planning Minister said that each country has informal border trade with another country. We do not want informal border trade, he said, adding that, we want to be more generous.
“Bangladesh wants to do liberal trade with everyone. But this requires social and political stability so that workers can work in peace. Only then will the country develop,” he mentioned.
Edimon Ginting, Asian Development Bank (ADB) Country Director for Bangladesh, said to address many challenges, Bangladesh needs a holistic development strategy that will facilitate structural transformation and improve welfare across the country.
An economic corridor is one such integrated development tool that enhances infrastructure, enables industrial proliferation, creates employment, connects production centers with urban and social agglomerations, and decentralizes development away from the country's developed areas, he mentioned.
“The Asian Development Bank (ADB) has prepared Bangladesh Economic Corridor Development Highlights to assess the economic potential of the northeast and southwest Bangladesh regions and propose holistic development of the regions to achieve inclusive and sustainable development. This study outlines a corridor development framework through industrial development supported by adequate infrastructure and a sound institutional structure,” he added.
