Government Targets a One Trillion Dollar Economy by 2034, Prime Minister Says in Mongla

The government has set a target of transforming Bangladesh into a one trillion dollar economy by 2034. Prime Minister Tarique Rahman made the remarks on Thursday (5 November) at the foundation stone laying ceremony for infrastructure development including the construction of two container jetties for the expansion and modernisation of Mongla Port in Bagerhat.

The prime minister said that to achieve this target, the highest importance is being given to investment, industrialisation, export diversification, energy and food security, and skilled human resource development.

On Mongla Port, he said that under the modernisation project, necessary infrastructure including a modern container terminal, yard and cargo handling facilities is being built. If the work is completed on schedule, the economic picture of this region will change, he said.

He added that a new door of economic possibility will open not only for the south-western region, but for the whole country.

The prime minister said the success of a project is not limited to completing construction work. Real success depends on how much the quality of port services has improved, how much time and cost in transporting goods have fallen, how much investment and employment have increased, and how much the environment has been protected, he said.

Emphasising building Mongla Port as environmentally friendly and safe, he said management of dredging silt, control of oil spills and pollution, and ship waste management must be ensured. International environmental and safety standards must be followed, climate-resilient infrastructure built, and the use of renewable energy increased, he said.

He added that fire safety, trained manpower and the capacity to deal with emergencies in the management of dangerous goods are essential.

Outlining the government's economic plan, Tarique Rahman said opportunities for domestic and foreign investment are being created in promising industrial sectors including pharmaceuticals, electronics, agro-processing, light engineering and information technology, alongside the ready-made garment industry. The government is working to make such investment safe and profitable for all, he said.

He called on international stakeholders, development partner institutions and especially expatriate Bangladeshis to invest in the country. The prime minister said the government is committed to ensuring a favourable investment environment, easy service processes, reliable infrastructure and policy continuity.

Describing the modernisation of Mongla Port as part of the plan to build a one trillion dollar economy, the prime minister said the port's navigability, reliability of the navigation channel, safe movement of ships and competitive port services must be ensured. Building it as a 'first calling port' on suitable commercial and operational terms to make Mongla Port attractive to international shipping companies is now a demand of the time, he said.

He also emphasised building Mongla Port as a promising economic centre for the south-western and north-western regions. To that end, the prime minister spoke of expanding economic activities in surrounding districts including Khulna, Bagerhat, Satkhira and Jashore.

He said initiatives must be taken for integrated four-lane road communication from Panchagarh to Mongla, and for expanding the port's supply system and goods transport facilities. The development and effective use of Khan Jahan Ali Airport is also one of the government's priorities, he said.

The prime minister highlighted the need to further ease integrated communication and supply systems among Mongla Port, Mongla EPZ, the Chinese special economic zone and other industrial areas of the country. He said that in the current global reality, energy and food security and keeping the supply system running are extremely important. Mongla Port can strengthen national economic security as a complementary port of the country for importing fuel, fertiliser, food grains and industrial raw materials and for exporting domestic products, he said.

The prime minister expressed hope that this Mongla Port modernisation initiative will strengthen the country's industry, trade and economic security. At the same time, it will add sustainable socio-economic value to youth employment, entrepreneurs' confidence in investment and balanced regional development, he said.