Dhaka, Sept 3 (V7N) – Prime Minister Tarique Rahman today said the government's goal of building a trillion-dollar economy by 2034 is not a slogan but a plan to double the size of the economy through exports, investments, and financial discipline, as Bangladesh sets a new direction under its current leadership.
"Bangladesh has a new government, and Bangladesh has a new direction. Our goal is to build a trillion-dollar economy by 2034. This is not a slogan. It is a plan. We intend to double the size of our economy this decade through exports, investments, and financial discipline," he said during the signing of a financing agreement under which the Islamic Development Bank (IsDB) will provide around US$1 billion for the modernization and expansion of Eastern Refinery Limited (ERL) at the Bangladesh Secretariat.
Tarique Rahman said his government's mission is to transform Bangladesh into a manufacturing hub and a gateway to the region. "Garments built our first growth story. Now we want electronics, pharmaceuticals, light engineering, and green industry to build the next one. We want factories that create jobs and jobs that create dignity," he said. The Prime Minister also highlighted the government's social protection initiatives, including the Family Card and Farmer Card, while saying the Health Card is being processed.
Against the backdrop of growing geopolitical tensions, disruptions to global supply chains, energy and food insecurity, climate change, technological transformation, and rising development-financing costs, the Prime Minister called for a new approach to Bangladesh-IsDB cooperation that would be "more innovative, responsive, results-oriented, and closely aligned with Bangladesh's evolving development priorities."
Welcoming IsDB Group Chairman Dr Muhammad Al Jasser to Bangladesh, the Prime Minister congratulated him on his re-election and described the financing agreement as "more than a transaction" and a statement of confidence that the Islamic Development Bank believes in Bangladesh. "For decades, the Islamic Development Bank has stood by Bangladesh, and we are proud to be a founding member of this Bank. That membership means a lot to us. It is built on more than finance. It is built on trust, solidarity, and shared purpose as members of the Islamic Ummah."
The financing agreement for "Modernization and Expansion of Eastern Refinery in Bangladesh" amounting to USD 1,004.29 million was signed between the Government of Bangladesh and IsDB. Dr Mohammad Mizanur Rahman, Additional Secretary, Economic Relations Division, Ministry of Finance, and Anasse Aissami, Director General, Country Programs, IsDB, signed the agreement on behalf of the respective sides. The project will be implemented by Bangladesh Petroleum Corporation (BPC) under the Energy and Mineral Resources Division.
Proper implementation of the project will enhance the BPC's current refining capacity from 1.5 million MT to 4.5 million MT, contributing to further strengthening the country's energy security, producing environmentally friendly (Euro-5 standard) petroleum oil, and reducing dependence on imported refined fuel oil. The project is scheduled to become operational in 2030.
IsDB is one of the trusted multilateral development partners of Bangladesh and has provided continuous support for the country's socioeconomic development since its inception, in the form of grants, project loans, trade financing, private-sector financing, export credit guarantees, etc. Immediately after the signing ceremony, the IsDB Group Chairman called on the Prime Minister and expressed his deep commitment to supporting Bangladesh's development priorities.
Dr Muhammad Al Jasser stated earlier on September 2 that the Islamic Development Bank is deeply committed to supporting Bangladesh's journey toward a trillion-dollar economy by 2034 and praised Bangladesh's recent achievements in the infrastructure sector.
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