Chittagong Chamber President Mohammad Amirul Haque has called for greater emphasis on the private sector to boost investment and create employment, saying there is no alternative to building a knowledge-based economy to make Bangladesh’s economy stronger and more investment-friendly.

He made the remarks at a stakeholder consultation meeting on Integrated Growth Network Development (IGND), jointly organised by the Chittagong Chamber and the Asian Development Bank (ADB) at the World Trade Center in Chittagong on Monday.

Amirul Haque said the economy could undergo a major transformation if development projects are implemented based on the demands and recommendations of businesses.

He stressed the need for alternative road connectivity for international trade and economic activities. Alongside upgrading the Dhaka-Chittagong Highway to 10 lanes, he proposed constructing an alternative coastal route linking Chittagong, Noakhali, Chandpur, Narayanganj and Dhaka, considering geopolitical risks.

He also called for strengthening rail and waterways as part of a multimodal transport network, expediting the Bay Terminal project at Chittagong Port, and transforming Sonadia-Maheshkhali-Chittagong Port-Mirsarai Economic Zone into an economic corridor to accelerate industrialisation.

He further proposed turning Chittagong Airport into a cargo hub modelled on Sharjah Airport in Dubai and reducing its tariffs compared with Dhaka Airport to increase its operational efficiency.

Amirul Haque also stressed the need for partnerships between leading domestic businesses and foreign companies in major infrastructure projects, as well as developing skilled manpower in line with industrial demand.

ADB Private Sector Development Expert Tahsin H Chowdhury said 70-80 percent of Bangladesh’s development is driven by the private sector. The government wants to establish an integrated economic corridor connecting Bogura, Dhaka, Chittagong and Cox’s Bazar and plans to work jointly with the private sector to implement the initiative.

He said the IGND project is seeking views from the private sector to bring investment, employment generation, export capacity and balanced regional development under an integrated framework.

The initiative is expected to help open up new economic opportunities across different regions, improve connectivity and productivity, and support long-term economic growth, he added.

Chowdhury also said a proposal has been submitted to the ADB seeking financing for the construction of the Dhaka-Chittagong Expressway.

Participants at the meeting stressed the need for uninterrupted utility services, skilled manpower and industrial facilities suited to the geographical characteristics of different regions.

They also called for greater recognition of the domestic private sector and incorporation of its views into policymaking, development of multimodal connectivity, continuity in government policies, solar power projects in Cox’s Bazar, and paperless and faceless customs and port services.