Government Targets a $1 Trillion Economy by 2034: Prime Minister

The government has set a target of transforming Bangladesh into a $1 trillion economy by 2034. Prime Minister Tarique Rahman said the government is prioritising investment, industrialisation, export diversification, energy and food security, and the development of a skilled workforce to achieve this goal.

He made the remarks on Thursday (November 5) at the foundation stone-laying ceremony for an infrastructure development project aimed at expanding and modernising Mongla Port.

The Prime Minister said the modernisation project includes the development of essential infrastructure, including a modern container terminal, yards and cargo-handling facilities. He said completing the work on schedule would open up new economic opportunities not only for the south-western region but also for the country as a whole.

He stressed that the success of a project should not be measured solely by the completion of construction. Instead, it should be assessed by improvements in port services, reductions in cargo transportation time and costs, increases in investment and employment, and the extent to which environmental protection is ensured.

Emphasising environmentally friendly port management, Tarique Rahman said proper management of dredging sediments, control of oil spills and pollution, and effective disposal of ship waste must be ensured. He also called for compliance with international environmental and safety standards, climate-resilient infrastructure, and greater use of renewable energy. He further highlighted the need for fire safety, trained personnel and emergency response capabilities in handling hazardous cargo.

The Prime Minister said opportunities are being created for domestic and foreign investment in promising sectors beyond the ready-made garment industry, including pharmaceuticals, electronics, agro-processing, light engineering and information technology. He urged international partners, development organisations and expatriate Bangladeshis to come forward with investment.

He added that the government is committed to ensuring a favourable investment climate, simplified service procedures, reliable infrastructure and policy continuity.

Highlighting the importance of making Mongla Port more attractive to international shipping companies, the Prime Minister said the port must ensure navigability, reliable navigation channels, safe vessel movement and competitive port services. He described the development of Mongla Port into an important “first-call port” for international shipping, under appropriate commercial and operational conditions, as a timely necessity.

Tarique Rahman said Mongla Port has the potential to become a major economic hub for the south-western and north-western regions. He called for expanding economic activities in Khulna, Bagerhat, Satkhira, Jashore and surrounding districts by leveraging the port.

To achieve this, he spoke of initiatives to develop an integrated four-lane road connection from Panchagarh to Mongla and expand the port's supply chain and cargo transportation facilities. He also identified the development and effective use of Khan Jahan Ali Airport as a government priority.

The Prime Minister also emphasised the need to improve integrated connectivity and supply chain facilities among Mongla Port, Mongla Export Processing Zone (EPZ), the Chinese Special Economic Zone and other industrial areas across the country.

He said ensuring energy and food security and keeping supply chains operational are particularly important in the current global context. Mongla Port can play a significant role in strengthening national economic security through the import of fuel, fertiliser, food grains and industrial raw materials, as well as the export of domestic products.

The Prime Minister expressed hope that the modernisation of Mongla Port would expand the country's industrial and commercial activities while strengthening economic security. He said the project would create sustainable socio-economic value, particularly by generating employment for young people, strengthening investor confidence among entrepreneurs and promoting balanced regional development.