Home ›› 29 Aug 2022 ›› Editorial
Plans to fortify the economy from possible dangers of a global recession are underway as Bangladesh Investment Development Authority, BIDA, has taken initiatives to develop the South West Bangladesh Economic Corridor (SWBEC), which it thinks will add $150 billion to the country’s GDP.
The bridge was constructed not only to facilitate communication and make connection between Dhaka and the south-western part of the country smoother but also to support the economic development process of areas which were, for too long, deemed far away from the capital.
One of the main objectives of the bridge is to bring the south west part to the fore as a possible investment point and BIDA’s planned corridor will only work to solidify that aspiration.
A BIDA report states that at least $140 billion should be invested in transformed infrastructure in the next 28 years to develop the corridor.
Reportedly, the southwest region will have annual economic outputs of $40-45 billion by 2050 if the current economic conditions continue. But if the corridor is developed, the figure may jump to $150 billion and 35 million jobs could be created with lucrative investment from multinational bodies.
The plans include constructing 17 economic zones around the bridge, giving priority to 18 sectors including fishery and agricultural products; leather and leather goods, footwear, textiles, and readymade garments; ceramics; glass and glassware; furniture; automobiles; bicycles; pharmaceuticals; shipbuilding; plastic products; tyre and tube manufacturing; electronics; electrical equipment; jute; and petrochemical products.
The other plan is to construct a large hi-tech park with the aim to boost technological development.
This plan comes at a time when the world is passing through a maelstrom of conflict, economic woes, high inflation plus imploding economies. Therefore, any plan has to be buffeted by a strategic step by step approach driven by ground realities and not just quixotic ideals.
Economic zones around the bridge will be a pulling factor although Bangladesh needs aggressive marketing overseas to lure foreign investors. Uninterrupted power supply, smooth socio-political condition plus skilled workers will be the key factors in attracting foreign manufacturers.
The first step is to promote the connectivity of the south west part abroad through the missions. Bangladesh has to be vigorously publicized as a country which can manufacture at a competitive price.
From trade shows to government to government colloquia can be followed by government sponsored visits of foreign trade bodies to the economic zones in the south west part of Bangladesh.
In the last ten years, many globally renowned car manufacturing brands have moved to Asia - an area that can be explored. Locally produced cars, especially electric vehicles, will be cheaper while reducing dependence on fossil fuels. BIDA has focused more on business although asking reputed universities from other countries to set up overseas campus near the bridge can also open up another area.
The other side which no one mentioned is the development of world class movie shooting sets over sprawling areas. The ministry of culture can be a vital conduit between Bangladesh and other states, especially the booming film industries in the region, creating movie locations where shooting can be done at a comparatively lower cost.
Move sets are tailor made and over a large area, any geographical condition can be created from rocky mountains to deserts to snow filled slopes to barren surfaces of a faraway planet.
On one hand, such ventures will create employment for thousands on the movie sets and on the other, the presence of multi-million film making ventures will boost the local industry.
BIDA’s plan is commendable and needs to be implemented through a practical plan, taking into consideration the ever evolving geo political conditions.
