Khosru: Private sector crucial to achieving $1 trillion economy

Finance and Planning Minister Amir Khosru Mahmud Chowdhury on Sunday said the private sector would be the main driver behind the government’s ambition to build a $1 trillion economy by 2034.

“We have a lot of faith in the private sector. The economy is actually driven by this sector. The government’s role is to facilitate and act as an enabler,” Khosru said while speaking as chief guest at the groundbreaking ceremony of the Laldia Container Terminal (LCT) at Laldiar Char in Patenga, Chattogram.

APM Terminals, a subsidiary of Danish shipping giant Maersk, will develop the terminal under a Design, Build, Finance, Operate and Transfer (DBFOT) model, investing more than $550 million. The LCT is being described as Bangladesh’s first greenfield port facility developed entirely through direct foreign investment.

Shipping Minister Sheikh Rabiul Alam attended the ceremony as the special guest. Danish Ambassador to Bangladesh Christian Brix Møller, Shipping Secretary Zakaria, Chattogram Port Authority Chairman Rear Admiral Md Moniruzzaman and APM Terminals officials were also present.

Khosru said the new terminal, along with planned port facilities, a free trade zone and additional export processing zones in Chattogram, would help the government achieve its economic objectives.

He said the government had set an ambitious target of transforming Bangladesh into a trillion-dollar economy by 2034, noting that the country’s current economy is valued at around $500 billion.

“We have to be ambitious because of the economic conditions we have experienced over the years. It is not a slogan or political statement. It is indeed a commitment,” he said.

Khosru stressed that the target could not be achieved without strong private-sector participation, noting that the BNP was founded on the principle of private sector-led growth.

He also said the government was negotiating additional port and logistics projects along the Bay of Bengal coastline. Discussions are also underway with the Asian Development Bank on projects worth $80 billion, while the government is engaging global fund managers and considering a floating dollar bond in international markets.

Shipping Minister Rabiul Alam said the Laldia terminal would have an annual handling capacity of 800,000 TEUs. He said the project demonstrated international confidence in the government and Bangladesh’s economic prospects, adding that several other foreign companies had shown interest in developing additional port facilities.

Danish Ambassador Christian Brix Møller said the investment demonstrated confidence in Bangladesh’s economic future and highlighted the growing economic partnership between Denmark and Bangladesh.

He said Denmark wanted to support Bangladesh’s transition “from a production hub to a sustainable production hub.”