$1 Trillion Economy by 2034 Is a Plan, Not a Slogan: PM

$1 Trillion Economy by 2034 Is a Plan, Not a Slogan: PM

Prime Minister Tarique Rahman on Thursday said the government’s target of building a $1 trillion economy by 2034 is not merely a slogan but a concrete plan to double the size of Bangladesh’s economy through higher exports, increased investment and financial discipline.

“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.

The prime minister made the remarks at the Bangladesh Secretariat while witnessing the signing of a $1.004 billion financing agreement with the Islamic Development Bank (IsDB) for the modernisation and expansion of Eastern Refinery Limited (ERL), said his Deputy Press Secretary Hasan Shiplu.

Tarique Rahman said the government aims to transform Bangladesh into a manufacturing hub and a gateway to the region, with new growth driven by sectors beyond the ready-made garment industry.

“Garments built our first growth story. Now we want electronics, pharmaceuticals, light engineering, and the 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 programmes, including the Family Card and Farmer Card, and said work on the Health Card was underway.

Against a backdrop of rising geopolitical tensions, global supply-chain disruptions, energy and food insecurity, climate change, technological transformation and increasing development-financing costs, he said international partnerships had become more important than ever.

Calling for a new approach to Bangladesh-IsDB cooperation, Tarique said the partnership should be “more innovative, responsive, results-oriented, and closely aligned with Bangladesh’s evolving development priorities.”

He said Bangladesh was increasingly looking to the IsDB and its affiliates as reliable sources of development financing.

Welcoming IsDB Group Chairman Muhammad Al Jasser to Bangladesh, the prime minister congratulated him on his re-election and praised the bank’s achievements under his leadership over the past five years.

“We have every confidence that your second term will bring greater achievements, and my government looks forward to working side by side with you to achieve our mission,” he said.

Describing the financing agreement as a milestone, Tarique said it represented “more than a transaction” and reflected the IsDB’s confidence in Bangladesh.

“For decades, the Islamic Development Bank has stood by Bangladesh, and we are proud to be a founding member of this Bank,” he said, stressing that the relationship was based not only on finance but also on “trust, solidarity, and shared purpose.”

The prime minister also appreciated Al Jasser’s role in establishing the Islamic Concessional Fund (ICF), a low-cost financing facility for developing member countries. He expressed Bangladesh’s commitment to benefiting from the fund and hoped it would expand its concessional financing support amid growing global challenges.

Tarique said officials of the Economic Relations Division (ERD) were working with their counterparts at the IsDB Regional Hub in Dhaka to identify potential projects for future cooperation.

Highlighting the broader role the IsDB could play, he said the bank could help connect member countries by leveraging their respective strengths.

“Some member states lead in energy. Others lead in infrastructure. The bank can be the bridge between them—let the members build with each other, not just alongside each other,” he said.

The prime minister thanked Al Jasser for visiting Bangladesh and for his role in strengthening bilateral ties, saying the visit reflected the strength of the relationship between Bangladesh and the IsDB.

“Today’s signing shows what partnership can do. It turns shared goals into real outcomes. The Eastern Refinery Modernisation and Expansion Project is not just an energy investment. It is an investment in our energy security, our economic resilience, and our long-term capacity to grow,” he said.

The $1,004.29 million financing agreement for the “Modernisation and Expansion of Eastern Refinery in Bangladesh” was signed by Mohammad Mizanur Rahman, additional secretary of the Economic Relations Division, on behalf of the Government of Bangladesh, and Anasse Aissami, IsDB director general for Country Programmes, on behalf of the bank.

Prime Minister Tarique Rahman and IsDB Group Chairman Muhammad Al Jasser attended the signing ceremony.

The project will be implemented by Bangladesh Petroleum Corporation (BPC) under the Energy and Mineral Resources Division.

Once implemented, the project is expected to increase BPC’s refining capacity from the current 1.5 million tonnes to 4.5 million tonnes annually. It will also support the production of Euro-5 standard petroleum products, strengthen Bangladesh’s energy security and reduce dependence on imported refined fuel.

The IsDB has been a longstanding multilateral development partner of Bangladesh, providing grants, project loans, trade financing, private-sector financing and export credit guarantees to support the country’s socioeconomic development.

Following the signing ceremony, Al Jasser called on Prime Minister Tarique Rahman and reaffirmed the IsDB Group’s commitment to supporting Bangladesh’s development priorities.