Chittagong's contribution to the economy

The vast economic potential of Chittagong, a city with unique advantages of ports, roads and railways, largely remains untapped 44 years on, since our independence. The port city can well drive the economy to achieve the coveted middle income status and reach the target of USD 50 billion garment export, according to a leading economist.

Hosting about 40 percent of the country's heavy industries and the second RMG heartland, the commercial city has the potential to cement the nation's status, and one could argue, its future, with traditional and emerging sectors like tourism, shipbuilding and steel.

This extraordinary growth, however, has mostly been driven by individual entrepreneurs overcoming unplanned and inadequate infrastructure, energy shortage and most strikingly, the lackluster performance of its port.

There is room for improvement in the ways the Chittagong Port—which can become a bridge between ASEAN and SAARC—operates.  Loading and unloading of cargo, reportedly, take a painstakingly long time with various 'hidden costs' adding to the woes of exporters. Business leaders are demanding a deep-sea port in Sonadia, off the coast of Cox's Bazaar. 

Lessons could be learned from Singapore. Business communities have stressed the importance of financial institutions setting up head offices in the city making decision-making easier. Polytechnics could be established for skill-development. Chittagong needs an entrepreneurial ecosystem supported by the government where doing business will not be hindered by bureaucratic inertia.