Saturday, 2 December, 2023, 4:24 AM
Advance Search
Home Editorial

Bangladesh set to become world’s 9th largest market

Published : Tuesday, 21 November, 2023 at 12:00 AM  Count : 331

Prime Minister Sheikh Hasina's recent remarks at the 60th anniversary celebration of the Foreign Investors Chamber of Commerce and Industry (FICCI) shed light on Bangladesh's ambition to become world's one of the top ten largest consumer markets. Her visionary outlook and strategic goals with unwavering commitment dovetail with the nation's progress to transforming it into a global economic powerhouse.

PM's assertion that Bangladesh aims to become the 9th largest consumer market by 2030 reflects the remarkable strides the country has made and continues to make on the economic front. Her emphasis on surpassing established markets like the UK, Germany, Vietnam, and Thailand signifies her unwavering determination to redefine Bangladesh's economic landscape.

With a population of over 170 million and bolstered connectivity with neighbouring countries, Bangladesh stands poised to harness its demographic dividend. Additionally, PM's focus on cultivating skilled manpower aligns with the nation's strategy to leverage its human resources for sustained growth.

The projected increase in the middle-class populace and the surge in GDP per capita paint a picture of a flourishing economy. The strategic geographical location of Bangladesh as a potential hub for a regional market of 3 billion people underscores the immense opportunities awaiting realization.

The government's pivotal role in catalysing this growth cannot be understated. Bangladesh's remarkable transformation into one of the world's fastest-growing economies, with a current GDP growth rate of 7.25 percent, speaks volumes about the robust macroeconomic fundamentals and trade consolidation fostered by the administration.

Although the COVID-19 pandemic presented challenges, Bangladesh's resilience shines through. Despite a slight dip in growth rates, the nation remains steadfast on its upward trajectory, driven by initiatives to bolster the economy and ensure sustainable development.

The government's focus on poverty alleviation, rural economy development, and strengthening the private sector has yielded commendable results. Bangladesh's ascension to the second-largest garment exporter and the envisioned ranking as the 20th largest economy by 2037 exemplify the nation's unwavering commitment to progress.

The government's proactive measures, including the establishment of economic zones and hi-tech parks, underscore its openness to foreign investment. Initiatives like the one-stop service for investors and the digitization of investment-related services demonstrate Bangladesh's commitment to fostering an investor-friendly ecosystem.

Moreover, Bangladesh's vast potential in infrastructure development, particularly in sectors like energy, logistics, and transport, opens doors for substantial investment opportunities. The Prime Minister's vision to increase private investment to 31.43 percent of GDP by 2031 further solidifies Bangladesh's commitment to economic expansion.

The celebration of FICCI's 60 years signifies a collaborative journey in facilitating foreign investment and contributing significantly to Bangladesh's economic landscape. FICCI's representation of investors from 35 countries across diverse sectors underscores its pivotal role in the nation's economic development.

Bangladesh's transformation into a global economic force is imminent. With a robust foundation, strategic foresight, and resolute commitment to progress, the nation is poised to achieve unprecedented economic milestones, cementing its place on the global stage.

Latest News
Most Read News
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Online: 41053014; Advertisement: 41053012.
E-mail: [email protected], [email protected], [email protected], For Online Edition: [email protected]
  [ABOUT US]     [CONTACT US]   [AD RATE]   Developed & Maintenance by i2soft