The place to be
Bangladesh’s economy, as it currently stands, is heavily reliant on our two biggest cities: Dhaka and Chittagong
A centralized economy eventually gives way to a centralized nation as more and more people flock to where they have the highest chances of finding employment, which halts the nation’s development from being as holistic as it should be.
To that end, the rapid development of an emerging coastline in Mirsarai signals a potential way out of the vicious cycle of a centralized economy. The Mirsarai Economic Zone stands to become the third largest city in Bangladesh after Dhaka and Chittagong, by generating over 1.5 million jobs with 15 million people living in the adjoining areas, with factories from at least 13 different companies already under construction.
It has the potential to become the country’s largest industrial hub.
In fact, the Mirsarai Economic Zone’s promise is such that it could exponentially catalyze Bangladesh’s aspirations of being a middle-income nation. That is, of course, given that the project does not fall prey to lack of progress itself.
There is no mistaking it, special economic zones (SEZ) are the way to keep up with the changing rules of an increasingly competitive business world. While BEZA has previously gone on record in setting a target of establishing over 100 SEZs in the next decade and a half, progress has been rarely, if ever, visible.
Economic growth in Bangladesh has, for some time, been held back by a narrow export basket and reluctance on part of private investors. SEZs can help us break that cycle by attracting high levels of foreign investment from high performing Asian economies like that of China and Japan.
With the steady progress being made with the Mirsarai Economic Zone it’s time for the administration to double down on SEZs. The future looks bright.