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Bangladesh - World wide - August 24, 2023

Over 71m people to be employed by 2050

Potentials of Economic Corridors

Staff Correspondent: Bangladesh has great potential of economic corridor. If this facility is utilized, there will be 7.18 crore (71.8 million) jobs in Bangladesh by 2050. Apart from this, there will be 46.2millionemployments by 2040 and 1 crore 27 lakh employment by 2025. Besides, if this facility is used, the trade benefit of Bangladesh will increase by $286 billion by 2050, which is Tk 31 lakh 46 thousand crore.
The Asian Development Bank (ADB) has highlighted these facts in a report titled ‘Bangladesh Economic Corridor Development Highlights’. This was revealed at a function organized at the Bangabandhu International Conference Center in Sher-e-Bangla Nagar of the capital on Wednesday.
Planning Minister MA Mannan was the chief guest on the occasion. Special guests were Economic Relations Department (ERD) Additional Secretary Mostafizar Rahman and Bangladesh Economic Zone (BEZA) Chairman Sheikh Yusuf Haroon.
Edmon Ginting, Country Director of Asian Development Bank (ADB) delivered the welcome address on the occasion. The main article was presented by Mr. Soon Chang Hong.
According to the report, if the corridor facility is not used, employment will be 3 crore 11 lakh in 2050. And if this facility can be used, there will be 7 crore 18 lakh people. Apart from this, in 2025, if the facility cannot be used, it will be 1 crore 34 lakh, if it can be used, it will be 1 crore 57 lakh. In the year 2030, if the facility is not used, 1 crore 70 lakh, and if it is used, there will be 2 crore 34 lakh employers. In 2035, if the facility is not used, 2 crore 10 lakh jobs will be created, if the facility is used, 3 crore 47 lakh jobs will be created. Apart from this, there will be 2 crore 48 lakh jobs in 2040. However, if the corridor facilities are to be utilized, 4 crore 62 lakh jobs will be created.
According to the report, economic corridors have three complementary components-a trade and transport corridor manufacturing clusters, which produce goods for use in both the domestic market and international trade. In addition, urban centers act as major markets for products from manufacturing centers and as sources of labor technology, support services, knowledge and innovation for products imported through international gateways.
These three elements are integrated into a common development blueprint, made possible through appropriate policy support and associated regulatory and institutional reforms. The ultimate objective of economic corridor development is to increase prosperity and inclusion through the integration of less developed regions.
At present the North-East and South-West of Bangladesh are the main backward regions. Hence, Bangladesh Economic Corridor (BEC) has been envisaged to extend from South-West Region (Khulna Division) to North-East Region (Sylhet) for uniform, holistic and sustainable development across the length and breadth of Bangladesh.

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