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.
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.