Prime Minister Sheikh Hasina on Sunday said Bangladesh would be the 9th largest consumer market by 2030 with the government working with the goal of overtaking many established markets in the world.
“We’ve been working with a goal so Bangladesh could surpass established markets like the UK and Germany, and the current high-growth countries Vietnam and Thailand at that time. We’ve this effort,” she said.
The premier said this while inaugurating the 60 years’ celebration and Investment Expo, 2023 of Foreign Investors Chamber of Commerce and Industry (FICCI) at Hotel Radisson Blu in the city.
“There are some 17 crore people in our Bangladesh. Besides, we’ve strengthened connectivity with our neighbouring countries. We think Bangladesh would become the world’s 9th largest consumer market by 2030,” she said.
Noting that Bangladesh has a large population, she said the government is developing them as skilled manpower for its better utilization.
Read: Bangladesh to become world’s 9th largest market by 2030 overtaking UK, Germany: PM Hasina
The PM said the number of growing middle class and rich people will be 3.40 crore by 2025 in Bangladesh and the estimated GDP per capita will be 5,880 US$ by 2040.
“Due to its strategic geographical location, Bangladesh can be the hub of the regional market of 3 billion people,” she said adding that her government has taken steps to strengthen the connectivity with this region.
Hasina said her government has successfully been able to bring a significant change in Bangladesh after assuming office in 2009. “Bangladesh has become one of the fastest growing economies in the world in the last 15 years,” she said.
Noting that Bangladesh is now considered as the 35th largest economy in the world, she said they have raised the GDP growth rate to 7.25 percent now due to strong macroeconomic fundamentals and trade consolidation.
The PM, however, said the growth rate was even higher during the pre-Covid period as the government raised it to 8:10pc before the pandemic.
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The government has successfully increased per capita income to US$2,793 from only US$ 543 and raised the GDP size to Tk 50.31 lakh crore now from Tk 4 lakh crore in 2006, she said.
During this period, they brought down the poverty rate to 18.7 percent from 41.1 percent, while extreme poverty rate to 5.6 percent from over 25pc, she said adding that her government has given the most importance to the development of the rural economy.
In the last 15 years, the Awami League government took multifaceted measures for the development of the business sector of the country. So, the private sector has become stronger and more developed. Bangladesh is currently the second largest garment exporter in the world, she said.
“Bangladesh is expected to be the 20th largest economy in the world by 2037,” said Sheikh Hasina, adding that the country will be transformed into a developed and prosperous Smart Bangladesh by 2041.
Mentioning that the government is setting up some 100 economic zones and established 39 hi-tech parks throughout the country, she said those economic zones and parks are kept open for foreign investment.
If any country can want land singly, seek land under joint venture or public private partnership (PPP), the government would allow them and provide them with lands, she said.
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The premier said one stop service has been introduced in investment development agencies to facilitate investment. “We have undertaken plans to make all offices providing investment services fully online and digitized,” she said.
In Bangladesh, there is a scope to develop USD 350-billion infrastructures in the energy, water, logistics and transport sectors. “By 2025, the logistics sector alone is expected to become a US$90 billion market,” she said.
The prime minister said they want to raise private investment to 31.43 percent of GDP by 2031.
She said Bangladesh has become an attractive destination to many countries around the world for investment, industrialisation and export due to various reasons including its economic growth, structural development programmes, investment-friendly policy, large domestic market, strategic location, high profitability and large workforce.
Talking about the FICCI’s celebration, she said the chamber has stepped into 60 years this year since the inception of its journey in 1936.
As a leading chamber, FICCI represents investors from 35 countries in more than 21 sectors of Bangladesh. “FICCI represents 90 percent of the country's inward FDI, which carries special importance to the overall development of our country,” she said.
The premier extended sincere thanks to all former and current members of FICCI on the occasion of the celebration of its 60 years.
Commerce Minister Tipu Munshi and PM’s Private Industry and Investment Adviser Salman F Rahman, among others, spoke at the function, while FICCI President and CEO of Standard Chartered Bank Naser Ezaz Bijoy delivered the welcome speech.
The premier also unveiled a research book titled ‘Catalyzing Greater FDI for Vision 2041’, which was published by FICCI.