Moheshkhali, Matarbari will become Singapore, Shanghai in 30 years, says BIDA chief Ashik

He expects the areas to emerge as Bangladesh’s next economic hub

Cox’s Bazar’s Moheshkhali and Matarbari, centred around a power plant and deep-sea port, will not only resemble “a new version of Chattogram” but, over the next 30 years, are expected to emerge as cities comparable with Singapore and Shanghai, according to BIDA boss.

BIDA Executive Chairman Ashik Mahmud Bin Harun spoke about the government’s expectations for these two coastal zones.

He said, “In 30 years, we want to see a township here like Singapore and Shanghai. It will be a new version of Chattogram and will also serve as an economic hub.”

Ashik, also the Executive Chairman of the newly formed Moheshkhali Integrated Development Authority (MIDA), made the remarks at a press conference after meeting with Chief Advisor Muhammad Yunus on Wednesday.

Highlighting the interim government’s plan for these economically promising areas, Ashik said the project marks the beginning of a 30-year development plan. The development will require investments between $60 billion and $65 billion, including $5 billion in foreign direct investment, with the rest coming from local sources.

The project is expected to create direct employment for 150,000 people and a total of 2.5 million jobs, he added.

During the meeting, Yunus spoke about a future township around Moheshkhali and Matarbari.

“Not only the deep-sea port, we must work with a vision to building a blue economy, he said. “That area will not only serve as a facilitating zone, but also give birth to a new city. From there, our international connectivity will grow. The sea will become our highway to the world.”

The chief advisor also stressed the need for deeper research on ocean resources.

He said international standard training facilities must be established in Moheshkhali to support the plan.

“We have never entered the ocean world,” he added. “We never even thought about it. There are no findings or studies. We need to identify relevant research, compare it with studies from other countries, and conduct our own.

“For that, institutions are needed. Academia must be built, and international conferences on ocean economy must be organised.”

Yunus also highlighted the importance of planning the future state of the area’s forest land.

During the meeting, Ashik presented the Moheshkhali-Matarbari project and outlined a four-month work plan.

At the briefing, he said the project will be executed in three phases: 2025-2030, 2030-2045, and 2045-2055.

Speaking at the Foreign Service Academy, the BIDA chairman explained the rationale behind forming the authority.

He said in 2014 the previous government planned an economic or power hub in Moheshkhali as part of the Big-B project. In 2018, JICA drafted a preliminary plan. Covering about 13,355 hectares, the project faced inter-ministerial delays, prompting the establishment of a dedicated authority to oversee development.