- Emphasize the time-bound goals (2037 and 2041) for Bangladesh’s economic development.
- Highlight the importance of economic zones and hi-tech parks in attracting foreign investments.
Prime Minister Sheikh Hasina delivered an impactful address at the inauguration of the 60th-year celebration and Investment Expo, 2023, hosted by the Foreign Investors Chamber of Commerce and Industry (FICCI) at Hotel Radisson Blu. Her insights shed light on Bangladesh’s ambitious goals and remarkable growth trajectory.
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Prime Minister Sheikh Hasina stated that by 2030, Bangladesh aims to become the ninth-largest consumer market globally. The government is actively striving to surpass established markets such as the UK and Germany, as well as high-growth nations like Vietnam and Thailand.
“About 170 million people in our Bangladesh. Besides, we’ve strengthened connectivity with our neighbouring countries. We hope Bangladesh would become the world’s 9th largest consumer market by 2030,”Prime Minister Sheikh Hasina
The premier also said that her administration is in the process of establishing 100 economic zones and has successfully constructed 39 high-tech parks throughout Bangladesh.
PM Sheikh Hasina’s Vision for Consumer Market
- Consumer Market Aspiration:
- Goal: 9th largest global consumer market by 2030.
- Target: Aiming to surpass UK, Germany, Vietnam, and Thailand.
- Population: Around 170 million.
PM Hasina’s ongoing effort to seek foreign investment
Bangladesh is preparing for its shift into a developing nation starting in 2026 and is actively getting ready for this significant transformation. The government has already set up key bodies like the Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zone Authority (BEZA), Bangladesh Economic Processing Zone Authority (BEPZA), Bangladesh Hi-Tech Park Authority (HTPA), and Public Private Partnership Authority (PPPA). Additionally, the Awami League government has opened up the private sector and implemented strategies to entice foreign investments, following the principles of Bangabandhu Sheikh Mujibur Rahman, the Father of the Nation.
Prime Minister Hasina has highlighted the immense potential for infrastructure growth, estimating a staggering USD 350 billion opportunity in the energy, water, logistics, and transport sectors. Particularly, the logistics sector alone is forecasted to hit a market value of USD 90 billion by 2025.
Expressing gratitude to FICCI leaders for their significant role in drawing foreign investments since its inception in 1973, the prime minister acknowledged the chamber’s 60 years of existence. FICCI, as a major entity, represents investors from 35 countries across 21 sectors in Bangladesh. The prime minister underscored FICCI’s substantial contribution, noting that its 200 member institutions have accounted for about 30% of the country’s domestic revenue over the past six decades. Notably, FICCI has been responsible for driving 90% of inward foreign direct investment, playing a pivotal role in Bangladesh’s holistic development.
Committing to fostering increased investments in Bangladesh, the prime minister affirmed FICCI’s readiness to take the necessary measures toward this objective. She urged for collective efforts to achieve comprehensive economic prosperity, rallying for collaborative action to overcome shared obstacles.
With determination and a spirit of victory, the nation is resolute in pursuing its goals. Aligned with the vision of a ‘Golden Bangla’ envisioned by the Father of the Nation, the prime minister called for collective efforts to build a Smart Bangladesh by 2041, characterized by astute citizens, a vibrant economy, efficient governance, and a progressive society.
Vision for Future Growth
Looking ahead, Prime Minister Hasina outlined a vision for Bangladesh to transform into the 20th largest economy globally by 2037. Additionally, she articulated aspirations for a developed and prosperous “Smart Bangladesh” by 2041, with the establishment of economic zones and hi-tech parks welcoming foreign investments.
- Economic Projections:
- GDP Per Capita: Expected to reach $5,880 by 2040.
- GDP Growth: Rose to 7.25%.
- Per Capita Income Surge: Increased from $543 to $2,793.
- GDP Size Growth: From Tk 4 lakh crore in 2006 to Tk 50.31 lakh crore.
- Poverty Reduction: Nearly tripled to 18.7%.
Bangladesh expected to see fastest growth in its consumer market
Prime Minister Hasina highlighted Bangladesh’s population of around 170 million and emphasized the nation’s enhanced connectivity with neighbouring countries. She also presented forecasts indicating a burgeoning middle-class and affluent population, projected to reach 3.40 crore by 2025. Projections suggest a considerable increase in GDP per capita, expected to reach $5,880 by 2040.
In this context, Prime Minister Hasina said “Our GDP growth rate has risen to 7.25 percent while our per capita income rising to $2,793 from only $543. The GDP size has increased from Tk 4 lakh crore in 2006 to Tk 50.31 lakh crore. The poverty reduction rate has almost tripled to 18.7 percent during this period,”.
- Predicted Consumer Base:
- 2030 Estimate: Over 800m consumers.
- 2040 Projection: Expected to reach 820m
According to the HSBC Global Research report titled ‘The Flying Dutchman: Asia’s Shoppers in 2030,’ Bangladesh is anticipated to become the world’s 9th largest consumer market by 2030, surpassing the UK. The report emphasizes Bangladesh’s anticipated swift growth in its consumer market, particularly among individuals earning more than $20 per day in constant Purchasing Power Parity (PPP) terms.
However, the report anticipates that by 2030, China, India, and Indonesia will outpace Bangladesh in this global ranking. Conversely, Korea and Japan are expected to witness a reduction in their overall market size by the same year.
The report further predicts Mainland China’s sustained dominance as the largest consumer market globally, estimating over 800 million consumers by 2030 and a projected 820 million by 2040, based on the report’s insights.
Additionally, HSBC’s analysis underscores substantial demographic shifts, particularly across Asia. These shifts include an ageing population, increased wealth, and a trend toward smaller households. These transformative demographic changes are expected to instigate significant alterations in spending patterns across Asia in the coming decades.
Bangladesh’s Remarkable Development Journey
Reflecting on Bangladesh’s economic transformation under her government’s leadership since assuming office in 2009, Prime Minister Hasina highlighted the nation’s emergence as one of the fastest-growing economies globally over the past 15 years.
“Bangladesh has made significant strides, evolving into the 35th largest economy globally. Our focused efforts on macroeconomic stability and trade enhancement have led to a commendable GDP growth rate of 7.25 percent,” she remarked.
In recent years, Bangladesh has witnessed a remarkable transformation under the leadership of Prime Minister Sheikh Hasina.
Notable Infrastructure Projects
- Dhaka Metro Rail Project
- Dhaka elevated expressway
- Bangabandhu Sheikh Mujibur Rahman Tunnel
- Cox’s Bazar Railway Station
- Matarbari land prices /From Tk 1 lakh to Tk 1cr in three years
- Payra Sea Port
- Padma Bridge
- Tourism Boost
- Sustainable Development Initiatives
- Rampal Power Plant
- Payra Power Plant
- Bangladesh Hi-tech Park
- Information and Communication Technology (ICT) Infrastructure
- Special Economic Zones
- PM inaugurates 43 projects in Gopalganj
- PM inaugurates 32 projects in Rajshahi
- Education project launched for children with disabilities