ADB keen on investing in NE region

Staff Correspondent

8th September, 2019 10:54:45 printer

ADB keen on investing in NE region

The Asian Development Bank (ADB) seeks to make huge investment in developing northeast Bangladesh economic corridor development, which it says will multiply the region’s income.

The Manilla-based lender revealed this at a consultation workshop at a hotel in Dhaka on Sunday where Planning Minister MA Mannan was present as the chief guest.

Bangladesh Investment Development Authority (BIDA) joined hands with ADB to organise the workshop.

Bangladesh will be able to earn $148 billion by 2050 if it invests in the northeastern economic corridor in line with ADB’s proposal, which will be 3.3 times higher than the region’s current income, an ADB study presented at the event showed.

Not only that, employment will be created for 35 million people of the region by 2050 along with increased per-capita income. The region will see development in infrastructure and technology, ADB said.

ADB Country Director Manmohan Parkash highlighted the advantages of the northeastern region of Bangladesh with rich endowments of resources and strategic location.

He further emphasised the need for comprehensive economic corridor development for coordinated and holistic development of industry, infrastructure and urban and rural areas.

“The study will identify promising industries in the region and propose infrastructure and urban services needs for planned industrial development, offering solutions for inclusive and regionally balanced high economic growth,” he said.

Prime Minister’s Advisor for Private Sector Industries and Investment Salman F Rahman, Principal Coordinator (SDG Affairs) Md Abul Kalam Azad AND BIDA Executive Chairman Sirazul Islam were also present.

“The concept is very important and at the same time, it is necessary for us as we want to be a developed nation by 2041,” Salman F Rahman commented.

“If the northeastern region is left out or the whole country is not developed, achieving it won’t be possible,” he added.

Speaking on the occasion, Planning Minister MA Mannan assured that necessary infrastructure will be set up and necessary facilities will be given to make the ADB’s initiative successful.

Over 130 participants, including government officials, development experts, researchers and development partner representatives attended the workshop, which discussed matters about Northeast Bangladesh Economic Corridor (NEBEC) development prior to launching a study for detailing development priorities of the region.

The Poverty Reduction and Regional Cooperation Fund of the People’s Republic of China funded the workshop.