Building a trillion-dollar economy is not a slogan, but a plan: Prime Minister

Photo: Collected

News Desk: Prime Minister Tariq Rahman stated that turning Bangladesh into a trillion-dollar economy by 2034 is not just a slogan, but a concrete plan.

He mentioned that the government aims to double the size of the country's economy within this decade through exports, investment, and financial discipline.

He made these statements on Thursday during the signing ceremony of a financing agreement with the Islamic Development Bank (IsDB) in the capital for the "Eastern Refinery Limited (ERL) Modernization and Expansion Project."

The Prime Minister’s Deputy Press Secretary, Mostofa Zulfikar Hasan, disclosed this information.

Tariq Rahman said, "A new government has taken office in Bangladesh, and Bangladesh has a new direction. Our goal is to build a trillion-dollar economy by 2034. This is not a slogan; it is a plan. We want to double the size of our economy this decade through exports, investment, and financial discipline."

The Prime Minister stated that his government's goal is to transform Bangladesh into a manufacturing hub and a gateway to this region.

He added, "The ready-made garment industry created our initial growth story. Now, we want electronics, pharmaceuticals, light engineering, and green industries to drive our next growth story. We want factories that create employment, and we want jobs that build human dignity."

Over $1 billion in financing for ERL expansion:

A financing agreement worth $1,004.29 million USD was signed between the Government of Bangladesh and the Islamic Development Bank for the 'Eastern Refinery Modernization and Expansion' project.

The agreement was signed at the Bangladesh Secretariat in the presence of Prime Minister Tariq Rahman and IsDB Group Chairman Dr. Muhammad Al Jasser.

Dr. Md. Mijanur Rahman, Additional Secretary of the Economic Relations Division (ERD) on behalf of the Government of Bangladesh, and Amer Bukvic, Director General (Global Practice & Partnership) on behalf of the IsDB Group, signed the agreement.

The Bangladesh Petroleum Corporation (BPC), under the Energy and Mineral Resources Division, will implement the project.

Once implemented, BPC's current refining capacity will increase from 1.5 million metric tons to 4.5 million metric tons. This will strengthen the country's energy security, boost the production of Euro-5 standard eco-friendly petroleum products, and reduce reliance on imported refined oil.

Describing the financing agreement as a milestone, the Prime Minister stated that it is not merely a transaction, but a reflection of the Islamic Development Bank's trust in Bangladesh.

He said, "For several decades, the Islamic Development Bank has stood alongside Bangladesh, and we are proud to be a founding member of this bank."

New Growth Sectors

The Prime Minister noted that to further diversify the economy, focus is being placed on electronics, pharmaceuticals, light engineering, and green industries. At the same time, the government aims to establish Bangladesh as a manufacturing hub and a gateway for regional trade.

Highlighting social safety net initiatives, he mentioned that programs like the Family Card and Farmer Card have been launched, while work to roll out the Health Card is currently underway.

Global Challenges

The Prime Minister also highlighted the increasingly complex challenges facing Bangladesh and the international community.

He observed that geopolitical tensions and conflicts, disruptions in global supply chains, energy and food security issues, climate change, technological transformation, and rising development financing costs are placing additional pressure on developing economies.

Tariq Rahman remarked, "No country can address these challenges alone. Partnership is now more critical than ever before."

In this context, he expressed hope for building a new form of partnership between Bangladesh and the IsDB.

The Prime Minister noted that this collaboration will be more innovative, responsive, and outcome-driven, aligning closely with Bangladesh's evolving development priorities.

He added that greater emphasis is being placed on the IsDB and its affiliated entities as reliable sources of development financing for Bangladesh.

Congratulations to the IsDB Chairman

Welcoming IsDB Group Chairman Dr. Muhammad Al Jasser to Bangladesh, the Prime Minister congratulated him on his re-election.

He remarked that under Dr. Al Jasser's leadership over the past five years, the bank has achieved significant milestones for its member countries and the Muslim Ummah.

Tariq Rahman said, "We have full confidence that your second term will bring even greater successes. Our government looks forward to working shoulder to shoulder with you."

The Prime Minister also praised Dr. Al Jasser's leadership in establishing the Islamic Concessional Fund (ICF) as a low-cost financing mechanism for developing nations.

He affirmed Bangladesh's commitment to accessing benefits from the ICF and expressed hope that the fund would further expand concessional financing support to member countries amidst growing global challenges.

The Prime Minister shared that ERD officials are collaborating with IsDB Regional Hub officials in Dhaka to identify potential projects.

Regarding the IsDB's broader role, he noted that the bank can help member countries connect with one another by leveraging their respective strengths.

He said, "Some member states are advanced in the energy sector, while others excel in infrastructure. The bank can serve as a bridge among them—so that members do not just exist side by side, but actively collaborate."

Expressing gratitude to Dr. Al Jasser for visiting Bangladesh and leading efforts to strengthen bilateral relations, the Prime Minister added, "Your presence today signifies the strength of our bond. May this occasion renew our shared commitment to partnership, solidarity, innovation, and collective prosperity."

The Prime Minister said, "Today's agreement signing demonstrates what partnership can achieve. It turns shared goals into tangible results. The Eastern Refinery Modernization and Expansion Project is not merely an energy investment; it is an investment in our energy security, economic stability, and long-term growth capacity."

Following the signing ceremony, the IsDB Group Chairman met with the Prime Minister and reaffirmed his commitment to continued support for Bangladesh's development priorities.

The IsDB is one of Bangladesh's key multilateral development partners. Since its inception, the bank has supported Bangladesh's socio-economic development through various avenues, including grants, project loans, trade financing, private sector funding, and export credit guarantees.