Next 7 months crucial for economy; major expansion planned for Ctg port: Alam

Observing that the next seven months are crucial for Bangladesh's economy, Chief Adviser's Press Secretary Shafiqul Alam today said the interim government has taken an ambitious plan to expand the capacity of Chittagong Port sixfold.

"The Interim Government, led by Professor Yunus, appears aware of the stakes. It has unveiled an ambitious plan to expand the capacity of Chittagong Port sixfold - to 7.86 million TEUs," he wrote in a statement posted on his verified Facebook account.

Alam said this would not be possible without partnering with top global port operators.

If successful, such partnerships would send a strong signal to international investors and businesses that Bangladesh is open for business, he said.

"The next seven months are crucial. They could make - or break - Bangladesh," he added.

About the largest export-oriented economies, the press secretary said indeed, reading the New York Times, World Street Journal or Financial Times makes it clear: the old order born from Bretton Woods and institutionalised by the WTO is fading.

The biggest winners of that era - Japan, Taiwan, South Korea, Singapore, China, Vietnam, and Malaysia - prospered by building export-led economies geared toward the U.S. and European markets, he said.

Alam said Thailand, Indonesia and the Philippines followed suit, albeit at a slower pace. South Asia, meanwhile, lagged behind, he said.

"Now, it may finally be Bangladesh's turn. Can we seize this moment?" he questioned.

Noting that politics will play a key role, the press secretary said encouragingly, even the Islamists now seem to understand the need to be business-friendly.

Logistical challenges, however, could be the make-or-break factor, he said.

"Our capacity to ship large volumes of goods quickly and efficiently will soon be tested. Failure here would derail Bangladesh's ambition to emerge as a manufacturing powerhouse," he added.