Investment and Industrialization Must be Ensured

We have been hearing about the immense potential of the country’s economic development for a long time. But in reality, we do not see it manifesting itself in a visible form. In the past, we have seen those in power being satisfied with the story of imaginary high growth. We have not seen them paying attention to perfect and sustainable development plans, resources, logistical support, improving law and order, investment and establishing an industry-friendly environment. The country is still far behind an upper-middle income, industrialized, modern technology-based and internationally competitive economy. We have witnessed the unhealthy competition of relying on foreign countries rather than making the economy self-reliant. This is the first time that a specific goal for the economy has been set by any government. Prime Minister Tarique Rahman has announced to increase the economy to one trillion dollars by 2034. Economists did not hesitate to admit that this is not a dream, but possible. The size of the country’s current economy is about five hundred billion dollars. To achieve the goal announced by the Prime Minister, this size of the economy will have to be at least doubled in the next eight years. To do this, high annual growth will not be enough, in addition to ensuring massive growth in investment and industrialization, export diversification and technology-based economic management will have to be developed. The bright potential of Bangladesh’s economy has been recognized by international financial institutions such as the World Bank, IMF, etc. The IMF has said in one of its forecasts that the size of Bangladesh’s economy could reach $677 billion by 2030. As a result of this growth, Bangladesh can also leave countries like Malaysia, Vietnam and Thailand behind in terms of economy. This IMF forecast supports Prime Minister Tarique Rahman’s goal of setting a one trillion dollar economy. It is an indication of the Prime Minister’s rare foresight. Now the question is, how will this huge economic achievement be possible by 2030 or 2034? Are the conditions and environment favorable enough in this regard? The reality is that the energy, gas and electricity crisis is an understatement to say the least. The financing crisis is glaring. Along with this, there is foreign debt pressure, uncertainty in exports, stagnation in investment, high inflation, revenue deficit, weak banking sector, etc. The achievement of the desired economic growth largely depends on the solution or overcoming of all these crises and problems.

The Prime Minister is determined to remove the obstacles that are now appearing on the path of a trillion dollar economy. He is making every effort to attract domestic and foreign investment. He is constantly requesting domestic and foreign entrepreneurs and businessmen to strengthen the pace of industrialization and production. He has taken various initiatives and steps to quickly resolve the energy, gas and electricity crisis. He has taken initiatives to reduce traffic congestion and make road and highway travel safe and smooth. He has given responsibility to ministers and MPs to improve law and order. He has also continued to try to activate the law and order forces. Needless to say, there is no alternative to large-scale investment and industrialization for the economic development and prosperity of any country. And the prerequisites for investment and industrialization are the necessary land, financial capacity, transportation and communication facilities, easy supply of raw materials, uninterrupted supply of fuel, gas, electricity, operating environment, sound law and order, political stability, etc. Today’s world is a digital world, a world of the Internet, a world of artificial intelligence technology. It is not possible for any country to ensure the expected development and progress by keeping these things away. The Internet has become the rule of many things. However, the internet speed in our country is very slow. It is impossible to build a digital country and a digital economy with this speed of the Internet. The Dhaka-Chittagong highway is called the lifeline of the economy. However, traffic jams are seen on that highway for hours, even up to 50 hours. It is reported that a patient died in an ambulance in a recent long traffic jam. If the road and transport system is not improved, how can investment, industrialization and business and commerce be expected to improve? The condition of roads and highways can be called deplorable.

Within a few days of the construction of roads and highways, they become dilapidated and become a mess. They become unfit for traffic. Bricks, sand, cement, bitumen – that is, the materials for building roads and highways – are all domestic and easily available. However, roads and highways made of these materials are not durable. The reason for this is that the materials are not of good quality. It is necessary to ensure the use of quality materials in the construction of roads and highways. This will not only speed up the movement of traffic, but also reduce the damage to vehicle parts. In today’s world, there is no field, starting from production, business and commerce, where it can run without the use of fuel, gas and electricity. We have understood to some extent in the Ukraine war and fully in the Iran war, how slow and stagnant life can be without fuel, gas and electricity. How much development and economic activities can be disrupted. We have had to cry for fuel oil. Cooking has been disrupted due to the lack of gas. Transportation costs have increased. Inflation has increased. Power load shedding has reached 3,500 megawatts. The suffering of all classes of people, especially the common man, knows no bounds. This reality still exists. The government is making every effort to ensure the security of fuel, gas, and electricity. It is adopting all possible methods to increase the safety stock of fuel for 6 months, increase gas import and supply, and increase power generation.

A master plan for investment and industrialization has already been taken up around the Chittagong region. Work has been undertaken to establish a Chinese industrial zone in Anwara, a Korean EPZ, a deep-sea port in Matarbari in Maheshkhali, an energy hub, the Laldia Terminal of Chittagong Port, Bay Terminal, and Mirsarai Industrial Park. If these projects are implemented, not only will there be huge employment opportunities, but also a large amount of production of various products will be possible. Overall, the Chittagong region will become a hub of finance and trade. Its inevitable positive effects will be reflected in the economy. Rajshahi and Rangpur divisions in the north have been designated as areas for agricultural development. Special measures have been taken to reopen closed industries in Khulna and Jessore in the southwest. These initiatives and measures will undoubtedly accelerate economic growth. Unfortunately, Prime Minister Tarique Rahman is moving forward with a well-thought-out plan. But some other ministers, including the Minister of Finance and Commerce, are not able to move forward with him. A lack of consistency is often observed in their statements. The government is a team. The Prime Minister is the head of this team. If the Prime Minister runs, others will have to follow him. If there is a deviation, reaching the goal may be hindered and delayed, which is not desirable. Finally, it must be said that the set economic goals must be achieved at any cost. To make the economy grow and flourish, fuel, gas, and electricity supply must be ensured. The transportation and commuting system must be improved and streamlined. The digital system, including the internet, must be taken to the highest level. These are the prerequisites for increasing investment and industrialization, which will ensure the achievement of the economic goals. Along with this, the government must focus on meeting the daily needs of the people. There should be no complacency in this regard. That will only increase public anger and opposition, which cannot be good for any government.