BSS, Dhaka

Prime Minister Tarique Rahman said on Thursday that the government’s goal of building a trillion-dollar economy by 2034 is not a slogan but a plan to double the size of the economy through exports, investments, and financial discipline.

“Bangladesh has a new government, and Bangladesh has a new direction. Our goal is to build a trillion-dollar economy by 2034. This is not a slogan. It is a plan. We intend to double the size of our economy this decade through exports, investments, and financial discipline,” he said.

The prime minister made the remarks during the signing of a financing agreement under which the Islamic Development Bank (IsDB) will provide around $1 billion for the modernisation and expansion of Eastern Refinery Limited (ERL) at the Bangladesh Secretariat here, said Prime Minister’s Deputy Press Secretary Hasan Shiplu.

Tarique Rahman said his government’s mission is to transform Bangladesh into a manufacturing hub and a gateway to the region.

“Garments built our first growth story. Now we want electronics, pharmaceuticals, light engineering, and the green industry to build the next one. We want factories that create jobs and jobs that create dignity.”

The prime minister also highlighted the government’s social protection initiatives, including the Family Card and Farmer Card, while saying the Health Card is being processed.

Against the backdrop of growing geopolitical tensions, disruptions to global supply chains, energy and food insecurity, climate change, technological transformation, and rising development-financing costs, he said partnerships had become more important than ever.

In this context, Prime Minister Tarique called for a new approach to Bangladesh-IsDB cooperation that would be “more innovative, responsive, results-oriented, and closely aligned with Bangladesh’s evolving development priorities.”

To reiterate, Bangladesh is focusing more on IsDB and its affiliates as reliable sources of development financing, he said.

Welcoming Al Jasser to Bangladesh, the prime minister congratulated him on his re-election as chairman of the IsDB Group, saying the bank had achieved significant results for its member countries and the Muslims under his leadership over the past five years.

“We have every confidence that your second term will bring greater achievements, and my government looks forward to working side by side with you to achieve our mission,” he said.

Describing the financing agreement as a milestone, the prime minister said it was “more than a transaction” and a statement of confidence that the Islamic Development Bank believes in Bangladesh.

“For decades, the Islamic Development Bank has stood by Bangladesh, and we are proud to be a founding member of this Bank,” he said, adding, “That membership means a lot to us. It is built on more than finance. It is built on trust, solidarity, and shared purpose as members of the Islamic Ummah.”

The prime minister appreciated Al Jasser’s leadership in establishing the Islamic Concessional Fund (ICF) as a low-cost financing window for developing-country members.

He said Bangladesh was deeply committed to benefiting from the ICF and expressed hope that the fund would expand its concessional financing assistance to member countries amid growing global challenges.

Tarique said officials of the ERD were working with their counterparts at the IsDB Regional Hub in Dhaka to identify potential projects.

Turning to the broader role of the IsDB, he said the bank could help connect its member countries by leveraging their respective strengths. “Some member states lead in energy. Others lead in infrastructure. The bank can be the bridge between them—let the members build with each other, not just alongside each other.”

The prime minister expressed gratitude to Al Jasser for visiting Bangladesh and for his leadership in strengthening bilateral relations, saying, “Your presence today speaks to the strength of the bond between us. Let this occasion renew our shared commitment—to partnership, solidarity, innovation, and shared prosperity.”

He added, “Today’s signing shows what partnership can do. It turns shared goals into real outcomes. The Eastern Refinery Modernisation and Expansion Project is not just an energy investment. It is an investment in our energy security, our economic resilience, and our long-term capacity to grow.”

The financing agreement for “Modernisation and Expansion of Eastern Refinery in Bangladesh” amounting to $1004.29 million was signed between the Government of Bangladesh (GoB) and the Islamic Development Bank (IsDB).

Mohammad Mizanur Rahman, additional secretary, Economic Relations Division, Ministry of Finance, and Anasse Aissami, director general, Country Programmes, IsDB, signed the agreement on behalf of the GoB and IsDB, respectively.

Prime Minister Tarique Rahman and Islamic Development Bank Group Chairman Muhammad Al Jasser graced the signing ceremony.

The project will be implemented by Bangladesh Petroleum Corporation (BPC) under the Energy and Mineral Resources Division.

Proper implementation of the project will enhance the BPC’s current refining capacity from 1.5 million tonnes to 4.5 million tonnes, contributing to further strengthening the country’s energy security, producing environmentally friendly (Euro-5 standard) petroleum oil, and reducing dependence on imported refined fuel oil.

IsDB is one of the trusted multilateral development partners of Bangladesh and has provided continuous support for the socioeconomic development of Bangladesh since its inception, in the form of grants, project loans, trade financing, private-sector financing, export credit guarantees, etc.

Immediately after the signing ceremony, the IsDB Group chairman called on the prime minister and expressed his deep commitment to supporting Bangladesh’s development priorities.