“Maheshkhali-Matarbari in Bangladesh Will Become the Next Singapore, Shanghai”

Darwin, September 3 — The Executive Chairman of the Bangladesh Investment Development Authority (BIDA), Chowdhury Ashiq Mahmud Bin Harun, has announced an ambitious plan to transform Maheshkhali and Matarbari in Cox’s Bazar into a city akin to Singapore or Shanghai.

Speaking at a press conference on Wednesday afternoon at the auditorium of the Foreign Service Academy in Dhaka, he said the development plan extends to the year 2055 and is expected to directly create employment for around 150,000 people.

To implement the project, a new agency named Maheshkhali Integrated Development Authority has been established, he informed.

The masterplan and 120-day implementation roadmap have already been presented to the project’s Chief Advisor, Dr Muhammad Yunus, he added.

Outlining the government’s vision, Ashiq Chowdhury said, “We envision Maheshkhali-Matarbari as a township.”

“Singapore is considered one of the most successful deep seaport cities in the world. Another name that often comes up is Shanghai. If we want to build a ‘Singapore of Bangladesh’ or a port like Shanghai within Bangladesh, this is our opportunity.”

He stated that the future city will include a deep-sea port, supply chain hubs, utility and energy facilities, and a fishing center.

Ashiq Chowdhury mentioned that the implementation will take 30 years. He emphasized, “This will not just be a port town or a satellite town; it will be a fully-fledged, reformed and modern city like Chattogram.”

According to him, the project could add approximately $150 billion to Bangladesh’s GDP, making it a major commercial hub and a strong contributor to the country’s foreign exchange reserves.

The initiative is expected to indirectly create employment for another 2.5 million people.

The project will be rolled out in three phases from 2025 to 2055:

1. First Phase (2025–2030): Development stage — building infrastructure, especially road connectivity.

2. Second Phase (2031–2044): Environmental development — construction of the port and setting up industries.

3. Final Phase (2045–2055): Development of tourism.

“Closure of Uttara EPZ is Regrettable”

Ashiq Chowdhury also commented on the closure of the Uttara Export Processing Zone (EPZ) in Nilphamari, calling it “unfortunate”. Responding to a question, he said such incidents could slow down the pace of foreign investment.

The decision came after a worker died during clashes between law enforcement and protestors amid worker demonstrations. The EPZ was declared closed on Wednesday.

“Any form of instability can hinder investment momentum,” he noted.

Chowdhury said that there was a sharp drop in Foreign Direct Investment (FDI) from July to September last year, but the situation started improving from October to December.

“We’re trying to improve the situation. If we want to maintain economic momentum, we must handle such incidents with maturity,” he added.

He acknowledged the ongoing challenges with labor laws, saying, “We need to work on the triangular relationship between workers, the government, and businesses to create a more balanced and productive system.”