Prime Minister Sheikh Hasina on Sunday said Bangladesh would be the 9th largest consumer market by 2030 with the government working with the goal of overtaking many established markets in the world, report agencies.
The premier said this while inaugurating the 60 years' celebration and Investment Expo, 2023 of Foreign Investors Chamber of Commerce and Industry (FICCI) at Hotel Radisson Blu in the city.
Prime Minister sought robust foreign investment in Bangladesh saying her government has been taking every possible measure to attract overseas investment.
"We're taking various measures as foreign investment in larger volume can come to Bangladesh," she said.
Sheikh Hasina said her government has recognized logistics sector, fourth industrial revolution related sectors and tourism sector as industries in the National Industrial Policy 2022 to attract local and foreign investments.
She continued that her government has formulated new schemes to attract investments in larger volume in the blue-economy sector.
"There are some 170 million people in our Bangladesh. Besides, we've strengthened connectivity with our neighbouring countries. We think Bangladesh would become the world's 9th largest consumer market by 2030," she said.
Noting that Bangladesh has a large population, she said the government is developing them as skilled manpower for its better utilization.
The PM said the number of middle class and rich people will be 34 million by 2025 in Bangladesh and the estimated GDP per capita will be $5,880 by 2040.
"Due to its strategic geographical location, Bangladesh can be the hub of the regional market of 3 billion people," she said adding that her government has taken steps to strengthen the connectivity with this region.
Noting that Bangladesh is now considered as the 35th largest economy in the world, she said they have raised the GDP growth rate to 7.25 per cent now due to strong macroeconomic fundamentals and trade consolidation.
"Bangladesh is expected to be the 20th largest economy in the world by 2037," said Sheikh Hasina, adding that the country will be transformed into a developed and prosperous Smart Bangladesh by 2041.
Mentioning that the government is setting up some 100 economic zones and established 39 hi-tech parks throughout the country, she said those economic zones and parks are kept open for foreign investment.
If any country can want land singly, seek land under joint venture or public private partnership (PPP), the government would allow them and provide them with lands, she said.
In Bangladesh, there is a scope to develop USD 350-billion infrastructures in the energy, water, logistics and transport sectors. "By 2025, the logistics sector alone is expected to become a US$90 billion market," she said.
The prime minister said they want to raise private investment to 31.43 per cent of GDP by 2031.
The premier extended sincere thanks to all former and current members of FICCI on the occasion of the celebration of its 60 years.
Commerce Minister Tipu Munshi and PM's Private Industry and Investment Adviser Salman F Rahman, among others, spoke at the function, while FICCI President and CEO of Standard Chartered Bank Naser Ezaz Bijoy delivered the welcome speech.
The premier also unveiled a research book titled 'Catalyzing Greater FDI for Vision 2041', which was published by FICCI.