Planning adviser Wahiduddin Mahmud said economic corridors can be beneficial for the economies of the countries in the region.
He also said that a favourable geopolitical environment must be established first to realise these opportunities.
He was speaking as chief guest at a seminar titled 鈥楨conomic Corridor and Logistic Development in Bangladesh: Investment Opportunities,鈥� jointly organised by the International Chamber of Commerce (ICC) and the Asian Development Bank in the capital on Monday.
鈥業f Bangladesh can achieve such geopolitical favourable environment, Bangladesh鈥檚 strategic position in this region would be highly advantageous,鈥� he added.
The planning adviser also said that the Chattogram Port holds significant potential to be utilised as the commercial corridor for India鈥檚 northeastern region.
鈥榃e can import raw materials from this region and, after processing for value-addition, we can export it,鈥� he added, saying that India can also export products through the ports.
He also said that countries like India, Bhutan, Nepal, and China also could utilise Mongla Port.
He also said that the ports could be played a pivotal role if the imported raw materials from its hinterland regions can be processed at various economic zones near the ports.
鈥楾hat is why we are planning and taking projects around Chattogram Port. Corridors can facilitate connectivity with neighbouring countries. But, before this, the country must ensure robust internal communication networks,鈥� he added.
However, he cautioned that projects involving wastage of resources must be avoided while improving infrastructure.
He stated that under the Annual Development Programme, initiatives have been taken to enhance infrastructure connectivity through rail, road, and waterways centring the ports.
鈥楾he development of domestic corridors must come first,鈥� he added, saying that only then, through proper regional dialogue, can cross-border economic corridors be effectively functional.
He also revealed that Bangladesh has inherited numerous projects from previous government, nearly 1,200 projects.
鈥楢 significant portion of our funds go to these existing projects, limiting scope for new initiatives,鈥� he explained, adding that the ongoing projects are currently being reviewed for efficiency.
He also said that after evaluation, they have been able to reduce expenses for some projects and to correct design flaws.
鈥楤ut we cannot halt road or bridge projects midway just to start new ones. Such as the official design shows that the Bus Rapid Transit system from Gazipur to Hazrat Shahjalal International Airport has been 95鈥�98 per cent completed, but it was poorly designed,鈥� he added.
The project now requires an additional Tk聽3,000 crore to complete due to design errors.
He underscored the need for including domestic experts alongside foreign consultants in projects.
Anisuzzaman Chowdhury, special assistant to the chief adviser at the Ministry of Finance, said improved communication infrastructure is indispensable for progress.
He also addressed misconceptions about Bangladesh鈥檚 graduation from the Least Developed Country status, highlighting debates on whether the transition should be delayed or pursued immediately.
In the panel discussion, Selim Raihan, executive director of SANEM, said that infrastructure alone cannot drive growth without improving the business environment.
He said that the country鈥檚 export sector remains heavily dependent on ready-made garments, while longstanding challenges in the leather sector remain unresolved.
He stressed the urgent need to attract export-oriented investment, investment not only for domestic market.
Mir Nasir Hossain, managing director of Mir Akhter Hossain Ltd, said that the gas supply crisis affecting factory operations and questioned how business expansion or new investment could arrive under such constraints.
He sought improvements in port facilities and cost reduction in the supply chain and also warned that failure to do so could undermine competitiveness during post-LDC graduation.
HSBC Bangladesh CEO Md Mahbubur Rahman highlighted the importance of business facilitation alongside infrastructure development.
