{"id":120244,"date":"2021-11-12T17:47:48","date_gmt":"2021-11-13T00:47:48","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=120244"},"modified":"2021-11-12T17:47:48","modified_gmt":"2021-11-13T00:47:48","slug":"cambodia-can-benefit-from-following-bangladeshs-thriving-through-mega-projects-model","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/11\/12\/cambodia-can-benefit-from-following-bangladeshs-thriving-through-mega-projects-model\/","title":{"rendered":"Cambodia Can Benefit From Following \u2018Bangladesh\u2019s Thriving Through Mega Projects\u2019 Model"},"content":{"rendered":"

MD Pathik Hasan<\/em><\/span><\/h2>\n\n\n

There are many ongoing developmental projects in Cambodia. The council for The Council for the Development of Cambodia\n(CDC) has been declaring and approving these developmental projects. These\nprojects can create jobs amongst locales. Cambodia could more benefit from\nutilizing these projects if they follow the \u2018Bangladesh\u2019s Thriving Through\nMega Projects\u2019 model. Bangladesh is a role model in case of implementing the\nmega projects in the whole world. <\/strong><\/a><\/p>\n\n\n\n

For example, according to Cambodian media\nreports, the Council for the Development of Cambodia (CDC) has approved five investment projects with\nan accumulated investment capital of $1.299billion on March, two new investment\nprojects worth a total of $10.6 million in June, 75\ninvestment projects approved in first eight months this year, <\/strong>Seven more investment projects worth $94.9\nmillion have been approved, according to a press release of the Council for the\nDevelopment of Cambodia issued on Oct. 22. The CDC okayed 70<\/a> projects valued at more than $2.42 billion\nin January-June. In October alone, the Council for the Development of Cambodia\napproved 12<\/a> investment projects worth $112 million. These\nmega projects should be implemented properly for ensuring the greater interest\nof Cambodian people. Cambodia can learn from Bangladesh how to handle the\nprojects utilizing its best outcome. Bangladesh can be an exemplary example for\nCambodia. <\/p>\n\n\n\n

The\npandemic hit numerous sectors of the Cambodian economy. Travel restrictions\nimposed due to the spread of the COVID-19 pandemic, drawbacks in the economic\nactivities due to investors\u2019 lack of confidence to\ninvest, restrictions on international trade as\nwell as limitations on allocation of funds due to fluctuation of exchange rates\nremained as major challenges for the implementation of development projects in Cambodia\nin 2021. The economy has been\naffected by the negative impact of the Covid-19 pandemic, especially the\nFebruary 20 Community Event, which has put a lot of pressure on main sectors of\nCambodia\u2019s economic growth.<\/p>\n\n\n\n

When\nimplementation of mega projects in Cambodia during the first wave to third wave\nof Covid-19 was nearly at slow motion in Cambodia, the implementation of mega\nprojects in Bangladesh was and is being continued even in this covid-19\npandemic situation. <\/p>\n\n\n\n

The\nBangladesh\u2019s economic thriving through the mega projects during the Covid-19\nperiod helps Bangladesh to revive its economy. Cambodia could take lessons from\nBangladesh how to revive the economy through the mega projects amidst the\nCorona epidemic. Cambodian government could and should follow the \u2018Bangladesh\u2019s\nmodel of economic revival during the Pandemic\u2019.<\/p>\n\n\n\n

Basically,\nthis model of economic revival helped Bangladesh to recovery from inflation and\neconomic stagflation to boost up its economic wheel for the people. As a South\nEast Asian neighbors, Cambodia could follow the strategies and tactics of\nBangladesh.<\/p>\n\n\n\n

People\nworked hard to implement these projects in Bangladesh. The projects are being\nimplemented by the foreign fund and loan. Bangladesh has been utilizing the\nmaximum outcome of these foreign loan. As a result, it is going to be South\nAsian Economic miracle. Its inflation is tolerable than that of other countries\nin South Asia.  Its estimated growth rate\nby ADB, World Bank and IMF is comparatively satisfied with other countries in\nthe region. <\/p>\n\n\n\n

Basically,\nthe implementation of 10 fast trac projects during the Covid-19 helps\nBangladesh much to be an economic capable. Now people of Bangladesh are going\nto benefit from those projects.  Cambodia\ncould learn a lot from Bangladesh\u2019s approach.<\/p>\n\n\n\n

There\nare many projects in Cambodia. Foreign funded (FDI) projects are being\nimplemented in Cambodia. If the authority of Cambodia saw the approach of\nBangladesh, the projects of Cambodia would be completed. To some extent Cambodia\nwould be capable to revive its economy.<\/p>\n\n\n\n

Bangladesh\nhas written its name in the list of middle-income countries.  Development\npartners have also been informed about the capacity of its internal resources\nby implementing large projects like the Padma Bridge with their own funds.\nBesides, construction work of Metro Rail, Karnaphuli Tunnel, Bay Terminal,\nRuppur Nuclear Power Station, Dhaka Elevated Expressway, Bus Rapid Transit, and\nThird Terminal of the airport is also going ahead in the Corona epidemic.<\/p>\n\n\n\n


\nThe workers and engineers are working day and night in\ncompliance with the hygiene rules. Bangladesh is going to rise to a unique\nheight in terms of foreign lending with loans from the reserves. <\/p>\n\n\n\n

Meanwhile,\nBangladesh’s economy is showing its potential where many countries of the\ndeveloped world are affected by the Corona epidemic. After managing the first\nwave, it is now handling the second and third waves. Government officials and\nexperts say that if these mega projects can be implemented, Bangladesh’s status\nin the world court will increase a lot. It will bring radical change in the\ncommunication and infrastructure sector.<\/p>\n\n\n\n

 It is learned that after the overwhelming\nvictory in the ninth parliamentary elections and the formation of the\ngovernment in early 2009, massive development activities started all over the\ncountry. As the government remained unchanged in the second term, the\ndevelopment activities gained more momentum. Development activities started in\nimportant sectors including roads, infrastructure, power and energy of the\nwhole country including Dhaka.<\/p>\n\n\n\n

Unprecedented\nsuccess in the power and energy sector comes after overcoming long-standing\nobstacles. Following this, the Awami League formed the government after winning\nthe 11th national election for the third time in a row. Earlier, at the\nbeginning of the second term, the government started work of about a dozen\nlarge projects on priority basis in the related sectors including\ncommunication, power and energy, with the aim of creating employment and achieving\nrapid economic growth. Going forward quite fast.<\/p>\n\n\n\n

 Significant progress has been made in the work\nof Metrorail Line-6 has been 67.63 percent. The progress of the Padma Bridge\nproject has been more than 93 percent. It is hoped that the Padma Bridge will\nbe opened to traffic within the stipulated time. The construction of\nBangladesh’s first tunnel under the Karnaphuli River has not stopped even\nduring the second wave of the Corona epidemic.<\/p>\n\n\n\n

The\nconstruction work of Karnafuli Tunnel is going on despite various obstacles\nincluding labor crisis and disruption in the supply of construction materials\nduring the Corona epidemic. Although the pace of work is a bit slower than\nusual, the project participants are optimistic about making it suitable for\ntraffic within the stipulated time. In the meantime, the overall work progress\nof the mega project has been 70 percent.<\/p>\n\n\n\n

According\nto Bangladeshi media outlets, work is not progressing as usual in the second\nwave of the corona. Necessary construction materials are not arriving on time\ndue to corona. All in all, the pace of work has slowed down a bit. However,\nefforts are being made to complete the project quickly.
\n
\nThe overall progress of the Bus Rapid Transit (BRT) project is about 35 percent\ntill September. The Planning Commission of Bangladesh has approved the\nextension of the project till June, 2022. Besides, overall assistance is being\nprovided to the Roads and Highways Department for revising the DPP of the\nproject, according to the bridge department. Construction of Dhaka-Ashulia\nElevated Expressway project has also been delayed.<\/p>\n\n\n\n

Bangladesh\nis a role model for many countries in the world in terms of economic\ndevelopment and poverty alleviation. As a result, if these mega projects are\ncompleted, the image of the country will be much brighter to the outside world;\nmany Bangladeshi Economists think that this will take Bangladesh to a seat of\nunique dignity.<\/p>\n\n\n\n

Meanwhile,\nafter a long wait, the proposed Bangabandhu Railway Bridge is finally seeing\nthe light of day. Prime Minister Sheikh Hasina is going to lay the foundation\nstone of this project. If the project is implemented, the pressure on the\nBangabandhu Bridge over the Jamuna River will be reduced. The risk of\nBangabandhu Bridge will also be reduced. <\/p>\n\n\n\n

At\nthe same time, transportation of goods from North Bengal will be easier. Cost\nof transporting goods will be reduced bringing positive changes in the economic\nsituation and social life of the region.
\n
\nThe average progress of the nine projects till December is 56.31 percent. When\nimplemented, it will add about two percent growth to the country’s economy.<\/p>\n\n\n\n

Therefore,\nthe Ministry of Finance has also termed the projects as Transformational\nprojects. By 2025, Bangladesh will reach its dream through the implementation\nof these projects.<\/p>\n\n\n\n

Apart\nfrom this, construction of single line dual gauge track from Cox’s Bazar via\nDohazari-Ramu and Ghundhum near Ramu-Myanmar, LNG terminal, Payra deep seaport\nand Matarbari power project. Communication development and economy will be integrated.\nIt will make the movement of products and people much easier. Will ensure\nsustainable power generation. This will result in massive investment and\nincrease in employment.<\/p>\n\n\n\n

And\nall the mega projects together will add about two percent growth to the country’s\nGDP. Because of this, the goal of the Eighth Five-Year Plan – to achieve 7.50\npercent GDP growth by 2025 – will be easy to meet.<\/p>\n\n\n\n

These\nmega projects are helping Bangladesh revive and transform its economy in South\nAsia, Bangladesh is going to be a South Asian economic miracle. Bangladesh has\nproved already that it is a rising economic super star. Many countries in the\nworld can take lesson from Bangladesh. Every country including Cambodia can\nfollow the economic model and utilize the approach to revive its economy\naverting the all-stagnant economic situation for ensuring sustainable economic\ngrowth.<\/p>\n\n\n\n

Bangladesh shows the path to all\nSouth Asian and South East Asian countries. \nCambodia can follow the same path of Bangladesh model. For example, the\nCambodian government is working to transform Sihanoukville province, also known\nas Preah Sihanouk province, into a multi-purpose special economic zone (SEZ)\nafter the province received the designation earlier this year.<\/p>\n\n\n\n

On June 9, 2021, Cambodian Prime\nMinister Hun Sen signed a sub-decree that will make Sihanoukville province a\nmulti-purpose SEZ<\/a>.\nThe designation stands to give Sihanoukville province more latitude in\nstructuring development initiatives and investment incentives into a wider array\nof areas.<\/p>\n\n\n\n

Japan and Cambodia signed a\ngrant aid and loans worth approximately $72 million to implement six projects\non October. The six projects are in the areas of water supply, mine action,\nconstruction materials, cadastral surveys, human resource development and\nmanufacturing. The Australian government announced an aid package of\napproximately $65<\/a>\nmillion to Cambodia for its five-year development programme.<\/p>\n\n\n\n

The key BRI\nprojects in Cambodia such as the Phnom Penh-Sihanoukville expressway, new\ninternational airports in Siem Reap and Phnom Penh, ADB\u2019s Road Network Improvement\nProject (Phase 2) need to be implemented as soon as possible.<\/p>\n\n\n\n

There are\nsome developmental projects including SEZ such as <\/strong>Sihanoukville\nSEZ, Svay Rieng Giga Resource SEZ, <\/strong>Manhattan\n(Svay Rieng) SEZ etc. which need to be\nimplemented as soon as possible. The authority of Cambodia can implement the\nprojects following in the line of \u2018Implementation of Bangladesh\u2019s mega projects\nmodel\u2019. Ultimately Cambodia would benefit.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MD Pathik Hasan There are many ongoing developmental projects in Cambodia. The council for The Council for the Development of Cambodia (CDC) has been declaring and approving these developmental projects. These projects can create jobs amongst locales. Cambodia could more benefit from utilizing these projects if they follow the \u2018Bangladesh\u2019s Thriving Through Mega Projects\u2019 model. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[179],"tags":[],"class_list":["post-120244","post","type-post","status-publish","format-standard","hentry","category-md-pathik-hasan"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/120244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=120244"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/120244\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=120244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=120244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=120244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}