Business Desk :
With well-coordinated implementation of the proposed Southwest Bangladesh Economic Corridor (SWBEC), the total output for the country’s southwest region is estimated to reach $148 billion by 2050, about 3.3 times higher than the as usual estimation, says a new study of the Asian Development Bank (ADB).
The study reveals there will be additional 25 million employment opportunities from corridor-induced activities within this period. Besides, the overall employment in this region is expected to increase to 35 million by 2050.
The findings of the study were presented at a dissemination seminar on ‘the Southwest Bangladesh Economic Corridor: Comprehensive Development Plan’ at a city hotel on Tuesday.
The ADB study suggests that robust infrastructure covering multi-modal transport connectivity, logistics and gateways, as well as power will be developed in the corridor region to attract centers of production and consumption and facilitate greater access to markets.
The study estimates that investments in transformational infrastructure of $ 140 billion in the next 30 years will have to be realised.
Speaking at the seminar as the chief guest, Finance Minister AMA Muhith once again stressed the need for increasing the domestic demand and continuing focus on poverty reduction.
“If we continue to increase domestic demand, it means we continue to focus on reduction of poverty. That’s where tremendous growth potential lies for Bangladesh,” he said, adding that the country should not forget it at least till 2030.
Muhith went on saying: “Our attention should be focused much more on poverty alleviation.”
Noting that domestic demand in Bangladesh has increased substantially over the last nine years of the Awami League government, the Finance Minister said: “It has increased very largely and there has been a kind of fantastic growth in domestic demand.”
He said the proposed economic corridor will not only boost connectivity in the country’s southwest region, but also help forge connectivity with some neighboring countries like Nepal, Bhutan and the northeast region of India.
