Realizing the Potential of Bangladesh through Economic Corridor Development
Bangladesh needs a holistic development strategy such as economic corridor development to drive structural transformation and regionally balanced development. Economic corridor development is an appropriate integrative strategy for the country as it is proven to be an effective tool to enable industrial proliferation, create jobs, upgrade infrastructure, align infrastructure development with urban and social agglomerations, unify domestic markets, and link production centers with global value chains. Economic corridors would decentralize development away from Dhaka and Chattogram, create jobs, and create markets in regions lagging behind.
- To sustain its economic and social development, Bangladesh requires a sound holistic development approach to drive sustainable and inclusive growth across regions.
- The development of economic corridors is an effective policy instrument integrating industry, infrastructure, urban services, and institutional and regulatory framework.
- The envisaged Southwest Bangladesh Economic Corridor (SWBEC) is aligned with the government’s Seventh Five-Year Plan and is expected to bring huge economic gains.
- The SWBEC will involve projects across multiple sectors aimed at providing a robust infrastructure framework.
- A sound institutional framework will provide inter-agency coordination in planning, prioritizing, and developing economic corridor projects.
- In adopting economic corridors as a development strategy, it is vital that the government show strong political will to ensure the timely implementation of corridor projects.