Wednesday, 6 July, 2022

Gold refinery: New avenue of economic growth

  • Sun Editorial
  • 31st March, 2022 07:30:48 PM
  • Print news

Bangladesh has already entered the threshold of middle income country status and is now gearing up to become a high income country by 2041, in line with the government’s vision 2041. Achieving the middle income country status is something for a nation to be really proud of. The country has been trapped in low income country status since independence. Now the leapfrog to middle income country status is a tremendous success. It is the recognition and reflection of continuous economic development of the country, and it is obviously a great achievement.

However, we must not become complacent if want to become a developed country. There are a lot of challenges which we must overcome to avoid the middle-income trap. We will have to ensure optimum utilization of our economic prospects, maintain a high GDP growth rate and increase per capita income. To that end, there is no alternative to generating employment through more local and foreign investment.

In this regard, setting up of the country’s first gold refinery by Bashundhara Group at a cost of Tk51.57 billion can serve as an example, because this is the type of new innovative projects which can take Bangladesh’s economy to the next level. Reportedly, Bashundhara Gold Refinery Limited on Wednesday signed an agreement to mobilise Tk30.32 billion under a syndicated term loan from lead arranger Agrani Bank Limited and four other state-run banks. This marked an important milestone in transforming much cherished dream of bringing a gold refinery of our own into a reality.

The construction work of Bashundhara Gold Refinery is going on in full swing at Bashundhara-Vatara area, adjacent to the Dhaka-Purbachal highway. It is expected to start commercial production in 2023. Once commercial production begins, the gold refinery will facilitate export of gold ornaments from Bangladesh, which will bring additional foreign exchange for the country. Besides, the jobs that will be created and technical know-how and technology that will be brought in from abroad will have multiplier effects on the economy. In a pure economic sense, the ambitious project will serve as an energizer to bring growth and development.