Bangladesh moving toward $1 trillion economy: Finance Minister

The country is moving toward becoming a one-trillion-dollar economy given the way domestic and foreign investment is being attracted, Finance Minister Amir Khosru Mahmud Chowdhury said.

He made the remarks while speaking to reporters at Shah Amanat International Airport during a visit to Chattogram on Saturday (July 4).

Outlining plans to develop Chattogram into one of the country's key economic and logistical centres, the finance minister said the port city holds enormous potential. A decision has been made to set up a free zone on 600 acres of land across the river, alongside plans to build multiple ports simultaneously.

He said the vision to turn Chattogram into a logistical hub is reflected in the current budget, along with plans to develop Chattogram airport into both a cargo and passenger hub.

Describing Chattogram's geographic location as one of the country's key economic strengths, Amir Khosru said that beyond its seaport, the city holds significant geographic and strategic importance, and the government's plans have factored this in extensively.

He further said a Chinese economic zone is planned for Chattogram, and the budget includes plans to cut travel time on the Dhaka-Chattogram rail route by two hours through development of the Laksam section. Once implemented, he said, the Chattogram-centred economic corridor will become a full logistical hub, allowing ports to operate at greater capacity. Large-scale activities around Matarbari are also underway, he added.

On the planned free trade zone in Anwara, the minister said foreign investment, direct investment, capital market investment, and fund manager investment are all flowing into Bangladesh. The budget, he said, was designed with the potential of every region of the country in mind.

Acknowledging these are long-term projects, Amir Khosru said implementation will take several years, though efforts will be made to begin work as soon as possible.

On the broader economic picture, the finance minister said implementing such a large budget is a difficult task, as the current government inherited a fragile economy from its predecessor, compounded further by the effects of the Middle East war.

He said that the priority is to stabilise the economy first before capitalizing on its potential, adding that a period of prosperity is expected to begin from the government's third and fourth years, with the economy expected to turn around as Bangladesh works toward its trillion-dollar goal.