BSS, Dhaka
Country Director of the Asian Development Bank (ADB) to Bangladesh Manmohan Parkash on Saturday said that the Dhaka-Sylhet corridor bears a strategic importance, and it would open immense possibilities for Bangladesh in subregional, regional and even in international trade.
"There will be many economic zones (in Sylhet region) where connectivity is the most important aspect. Improved connectivity will reduce transportation and trading cost, and promote foreign direct investment. This is a corridor of economic development and employment creation," he said.
The ADB country director said this in an exclusive interview with BSS after the development partner approved a $1.78 billion multitranche financing facility (MFF) yesterday to improve mobility, road safety, and regional trade along the Dhaka–Sylhet trade corridor in Bangladesh.
The Dhaka–Sylhet corridor, once completed, will support a new trade route that connects Chattogram port with India’s northeastern states through the three land ports of Akhaura, Sheola, and Tamabil, and from there to Bhutan and Myanmar.
The corridor is also the centerpiece of the Bangladesh government’s planned Northeast Bangladesh Economic Corridor, which aims to promote key industries in the area, such as energy generation and production of construction materials, and to better integrate them with the rest of the economy in the country.
Manmohan said this project would hopefully lead to multimodal or intermodal transport eventually connecting roads, rails, river ports and the sea ports of Chattogram and Matarbari.
He said if border infrastructures are developed, it would be possible to facilitate a lot of industrial development there with the completion of the project since it is a part of the Asian Highway network.
Citing a recent study of ADB, he said that if it is possible to develop that region through infrastructural development, industrial development and also with skills development, then by 2030, the actual output would be around $30 billion and by 2050, the industrial output from this region can be $112 billion.
The ADB country director said once the project is implemented, the travel time through this corridor would reduce to almost three hours while the vehicle operating cost, transport cost, logistics costs would significantly reduce.
"Side by side, it will also enhance road safety, boost regional trade while the trade competitiveness of the companies and businesses will also improve. So, there will be multiplier impact, it will generate more jobs... we're hopeful it will lead to a sustainable development, much more inclusive development along the corridor," he added. Citing that the entire Sylhet region has rich flora and fauna, Manmohan said it is high time to develop this region and thus build this economic corridor having immense potentials for trade.
Mentioning that this Sylhet region has huge reserves of gas, stones and white clay, he said the glass and ceramic industries could be developed there as well as the food processing industries based on agriculture products and fish production and marketing would also be benefited.
Besides, he said, there can be hospitality industries promoting tourism and eco- tourism as well as pharmaceuticals industries.
Manhoman said since this corridor is next to Meghalaya and Assam, locally manufactured products could go there and even to Tripura, Nepal and Bhutan, adding that this is really a corridor which can promote various industries.
"I think in the next 5-6 years when this project will be implemented, we'll lead to a very balanced regional development," he said, adding that optimum maintenance for roads, performance-based contracting and vehicle emission standard would be pursued in this project.
Manmohan said if performance-based contracting and vehicle emission standard are combined with good roads, vehicle safety standard and environmental considerations, then the people of that region would have a very livable area as a whole.
For ensuring optimum maintenance of the corridor, he said two or more toll plazas would be installed so that enough revenues are generated for maintenance of the corridor as well as there is a proper toll realization system to prevent toll evasion.
"It will be a technology-based corridor which will use good practices in terms of construction, maintenance, toll collection, environmental side and promoting good road behavior. We're looking forward to it as one of the transformational project which will leverage the ADB's commitment to quality infrastructure project... ultimately we would like to create more jobs for people so that they don't need to come to Dhaka," he added.