Bangladesh pushes for new regional Economic Zone to boost trade
Chief Adviser Professor Muhammad Yunus has emphasised the importance of establishing a new regional economic zone involving Bangladesh, India, Nepal, and Bhutan, with a specific focus on enhancing trade opportunities, particularly in the ready-made garments (RMG) sector. Speaking at a program organised by the Bangladesh Administrative Service Association (BASA) at the Bangladesh-China Friendship Centre, Yunus urged for an expedited process to bring this economic zone to fruition.
“The process has begun, and we must accelerate it so that the economic zone can be established,” he stated, highlighting Bangladesh’s strategic geographical location between two major economies, India and China. He noted that both neighbouring countries are advancing rapidly, and Bangladesh has significant potential to grow alongside them.
Prof. Yunus pointed out the untapped marine resources and potential for hydropower generation in the region. He mentioned Nepal’s interest in exporting hydroelectricity, which Bangladesh is prepared to purchase, contingent on India allowing transit through its territory. He expressed optimism that India would recognize the mutual economic benefits of facilitating this trade.
“If Bangladesh can leverage Indian land for broader economic activities, it will pave the way for our progress,” Prof. Yunus said, emphasising the strategic advantage of Bangladesh’s location.
The Chief Adviser also discussed the potential for establishing marine ports along Bangladesh’s coastline, from Cumilla to Teknaf, including a deep seaport at Matarbari. He asserted that if these ports were developed to accommodate global shipping traffic, it would significantly enhance the nation’s economy.
He noted that while a regional economic zone exists in South Asia, it has yet to be fully operational. This presents an opportunity for Bangladesh, Nepal, Bhutan, and India to explore vast trade potential, especially in the RMG sector, which is a cornerstone of Bangladesh’s economy.
Prof. Yunus explained that the new economic zone would facilitate direct transportation of goods among the participating countries, allowing for smoother trade flows. “This is the economy,” he stated, reiterating the advantages presented by Bangladesh’s geographical position.
With the RMG sector being a vital contributor to Bangladesh’s economic landscape, the establishment of an economic zone could not only bolster trade volumes but also enhance the country’s competitiveness in the global market. The Chief Adviser concluded by stating, “In the context of geographical location, we are incredibly fortunate.”
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