Padma Bridge: Its Impact on our national economy

The construction of the Padma Bridge is expected to be completed by 2022, making it the 11th longest bridge in the world and the longest bridge in Bangladesh. This marvelous infrastructure has opened the doors of great potential, especially for the marginalized populations in the southern-west parts of Bangladesh. It will contribute substantially to the nation's Gross Domestic Product (GDP) through the creation of strong supply chains that will enhance investment, external and internal trade, employment generation and poverty alleviation, and eventually better the socioeconomic status of the people in that region. It is expected that the bridge will contribute to nearly two percent of GDP in our economy. According to conventional economic analysis, the accumulative effects on GDP could be traced follows. Ease of transportation will create new business opportunities for the agricultural and industrial sectors. This will generate a new investment hub for both local and foreign investors, which in turn will lead to the establishment of new industrial units resulting in numerous employment opportunities. As demand for labour increases, there will be more recruitment, reskilling or upskilling of the labour force according to industrial needs and a possible rise inwages. The wider economic opportunities will eventually alleviate poverty, raise living standards and produce intergenerational gains through greater affordability of education and healthcare. Given that the agricultural sector is still a vital contributor to GDP, the aforementioned economic gains would be substantial in the case of considerable proportions of investment mobilised towards agriculture. The Padma Bridge will create this invaluable opportunity wherein enhanced connectivity across the country, coupled with strong supply chains, will enable agricultural produce to be transported to different parts of the country within a reasonable time period. Farmers will benefit from being able to maintain the quality of perishable commodities as well as lower production costs arising from transportation and storage facilities. Furthermore, direct communication with the large dealers of agricultural commodities will also ensure fair prices for the farmers. It is noteworthy that this, in turn, will provide a unique potential for the economic engagement of the youth labour force, who could be incentivised to seek employment or create enterprises in the agricultural sector.

The multitude of economic prospects offered by the Padma Bridge mandates the right set of policies targeted towards the most relevant economic actors. Policymakers will need to design and implement business facilitating policies that will boost investor confidence and make business environment conducive to foreign direct investment. The strategic interventions will result in further gains if the policy focus promotes inter-firm networks to attain sustainable and inclusive industrial growth. Furthermore, policies can result in multiplier effects if youth development is prioritised through ensuring their employment in formal job settings and encouraging the establishment and growth of youth entrepreneurship