United News of Bangladesh

Prime Minister Tarique Rahman on Thursday said the government’s mission is to transform Bangladesh into a manufacturing hub and a gateway to the region, with electronics, pharmaceuticals, light engineering and green industries driving the country’s next phase of economic growth. Speaking at the signing ceremony of a US$1 billion financing agreement with the Islamic Development Bank (IsDB) for the modernisation and expansion of Eastern Refinery Limited, he also said this deal is more than a financial transaction, calling it a “statement of confidence” in Bangladesh. “Garments built our first growth story. Now we want electronics, pharmaceuticals, light engineering, and green industry to build the next one. We want factories that create jobs and dignity,” Tarique said. He said the Eastern Refinery project is not merely an investment in the energy sector but an investment in Bangladesh’s energy security, economic resilience and long-term capacity to grow. Tarique said Bangladesh has a new government and a new direction, with a target of building a trillion-dollar economy by 2034. “This is not a slogan. It is a plan. We intend to double the size of our economy this decade through exports, investment, and financial discipline,” Tarique said. He said the government has also launched the Family Card and Farmers Card and is processing the Health Card to provide direct support to citizens.

Chief Adviser Prof Muhammad Yunus on Thursday said Bangladesh's strategic location and its human resources can transform the country into a manufacturing hub for top global companies -- both from China and elsewhere in the world. The Chief Adviser invited top Chinese private manufacturers to relocate their factories to Bangladesh, saying his government would offer attractive benefits for the manufacturers and provide a trade corridor. "Bangladesh can be complementary to China as far as manufacturing is concerned," Prof Yunus said when  Chairman of China's Export-Import Bank Chen Huaiyu met him on the sidelines of the Boao Forum for Asia Annual Conference 2025 at the Chinese coastal town of Boao. Dr Yunus said the interim government is fast-tracking construction of a Chinese Special Economic Zone in the Chattogram region. The Chairman of China's Export-Import Bank said his bank would support the relocation of Chinese manufacturing plants to Bangladesh to use the country as a platform for export to other nations. The Chinese Exim Bank is a key financier of Beijing-funded infrastructure and energy projects in Bangladesh, but this is the first time it showed interest in supporting investment from Chinese private manufacturers in the South Asian country. Prof Yunus said Bangladesh was also building large new ports to serve not only its economy but also the landlocked countries of Nepal and Bhutan and India's seven northeastern states. CA Dr Yunus off to China, eyeing to take Dhaka-Beijing ties to new height Chen Huaiyu said Bangladesh is perfectly located to serve both southeastern and far eastern Asia and also the Middle East and Western Asia, Chief Adviser's Deputy Press Secretary Abul Kalam Azad Majumder told UNB. He said more and more Chinese companies are going global, and his bank would support their investment in Bangladesh and "develop manufacturing" in the country. Chen Huaiyu said the bank would also support building infrastructures in Bangladesh to support the country's socio-economic and sustainable growth. Citing how Vietnam has transformed its economy by attracting Chinese and Western manufacturers, Chen said Bangladesh needs to improve its business environment in an effort to woo investors from China. "We will learn from Vietnam," Professor Yunus said. During the meeting, Bangladeshi officials also sought quick disbursement of Exim's funding and support in new infrastructure projects such as the Dasherkandi Sewage plant. Dhaka also urged the bank to reduce the bank's commitment fees, which raise project costs. Chen said his bank would look into these proposals, and urged Bangladesh to switch to take more concessionary loans in RMB, the Chinese currency. Bangladesh, China to sign key deals as Dr Yunus to meet Xi in Beijing on March 28 The senior officials from both countries are likely to reconvene soon to firm up and take decisive actions enabling key decisions, which were made in the meeting on Thursday. Foreign Adviser Md Touhid Hossain, Energy and Transport Adviser Fouzul Kabir Khan, High Representative of the Chief Adviser Dr Khalilur Rahman and the Executive Chairman of the Bangladesh Investment Development Authority Ashiq Chowdhury were also present during the meeting.