The government has adopted a three-phase strategy to transform Bangladesh into a nation with a trillion-dollar economy by 2034, Prime Minister Tarique Rahman has said.
He said the country’s economy would not be driven by gross domestic product (GDP) growth alone, but through coordinated initiatives to increase investment, production, employment, exports, human resource development and the capacity of the financial sector.
The prime minister made the remarks in Parliament on Wednesday while responding to a question from Member of Parliament Mobasher Alam Bhuiyan.
He said the government’s three-phase strategy for economic recovery, transition and reconstruction focuses on economic recovery and stability in the first phase, restoration in the second phase and reconstruction for accelerated development in the third phase.
The strategy aims to halt the decline in economic activities, restore macroeconomic stability and eventually bring structural transformation to the economy.
The prime minister said the first phase would focus on preventing further economic decline and restoring macroeconomic stability. In the second phase, the government will work to restore and expand capacity in key sectors, including the revenue system, public investment, banking and the financial sector, exports, employment, human resources, agriculture, energy and infrastructure.
The third phase will focus on structural transformation, innovation-led growth, stronger institutions and expanded global connectivity to ensure rapid economic progress over the next five years.
Tarique Rahman said the government has set strategic targets for the fiscal year 2030-31, including raising real GDP growth to 8.5 per cent, bringing inflation down to around 5 per cent and increasing foreign direct investment (FDI) to 2.7 per cent of GDP.
The government also aims to raise total investment to 40 per cent of GDP by creating a favourable investment environment and encouraging greater participation from the private sector.
The prime minister said steps have been taken to improve the investment climate, simplify business procedures, reduce regulatory complexities and restore confidence among domestic and foreign investors.
He said an integrated digital platform has been introduced to simplify business approval processes. The government has also identified 19 potential sectors to attract foreign investment and published a list of investment opportunities and priority areas.
Initiatives are also underway to strengthen the capital market, corporate bonds and alternative sources of long-term financing, he added.
The prime minister said structural reforms are being carried out in the revenue system to increase the government’s capacity for development financing.
The government aims to raise the revenue-to-GDP ratio from the current 8 per cent to 11 per cent and the tax-to-GDP ratio from 6.8 per cent to 9.6 per cent by FY2030-31.
He said building a sustainable economic foundation requires not only public investment but also strengthening the private sector, expanding production, creating employment opportunities and diversifying exports.
The prime minister stressed the need to ensure the best use of investment resources and maximum returns from both public and private investment. Ensuring the highest economic and social benefits from every investment remains a key government priority.
He said Bangladesh faces significant economic challenges but also has immense potential. Through good governance, skilled human resources, higher productivity, an investment-friendly environment and a strong financial sector, the country can achieve its goal of becoming a stronger and more prosperous economy.
Tarique Rahman said the target of becoming a trillion-dollar economy by 2034 is not merely an economic figure, but a comprehensive vision for sustainable development through increased production, employment, investment, human resource development and improved living standards for the people.
