ADB to help Bangladesh become a trillion-dollar economy by 2034: Yingming Yang
Asian Development Bank (ADB) Vice President Yingming Yang has said the Manila-based lending agency is ready to help Bangladesh realise its ambition of becoming a trillion-dollar economy by 2034.
"Our vision is to help Bangladesh realize its ambition of becoming an upper-middle-income country and a trillion-dollar economy by 2034. ADB remains committed to supporting a more productive, investment-driven, and resilient economy that creates opportunities across the country and improves the lives of all Bangladeshis," he said.
The ADB Vice-President for South, Central and West Asia said this in an exclusive interview with BSS after concluding his visit to Bangladesh from 9 August to 13 August.
During his visit, Yingming Yang held senior-level consultations on ADB's next Country Partnership Strategy (CPS), on key reform and investment priorities, and supporting the operationalization of the Integrated Growth Network Development (IGND) initiative.
He said Bangladesh has demonstrated considerable resilience, supported by strong remittance inflows, sustained services activity, and a dynamic private sector.
"The next opportunity is to translate this resilience into a deeper economic transformation," he said.
As macroeconomic conditions stabilize, inflation moderates, and investor confidence improves, Yingming Yang said ADB expects growth to gradually strengthen, with GDP projected to expand by 3.7 per cent in FY2026 and 4.5 per cent in FY2027.
He said maintaining this momentum will require continued progress on structural reforms. Recent steps to strengthen tax administration, improve banking sector governance, address non-performing loans, enhance financial sector discipline, and move towards a more market-based exchange rate framework are encouraging, he said.
"Looking ahead, Bangladesh can unlock stronger and more inclusive growth by improving the investment climate, expanding reliable and affordable energy, strengthening public investment management, diversifying exports, building workforce skills, creating opportunities for women and young people, and enhancing resilience," added the ADB Vice-President.
He noted that central to this agenda is private sector development and making markets investable so that private capital can flow into productive sectors, create jobs, and drive sustainable growth.
For the people of Bangladesh, Yang said this means better jobs, more competitive enterprises, improved services, and wider opportunities beyond traditional growth centers. These reforms will be critical for raising productivity, attract investment, and support sustainable long-term development.
When asked about the new Country Partnership Strategy for Bangladesh, he said ADB's partnership with Bangladesh has always evolved with the country's aspirations.
"As we prepare the next Country Partnership Strategy, our focus is on helping Bangladesh move toward a more diversified, competitive, inclusive, and resilient economy, anchored in private sector-led economic diversification and stronger resilience to shocks. In essence, our future partnership will support Bangladesh's move from resilience to transformation," he said.
Building on the current priorities, he said the ADB will support reforms and investments that strengthen the business environment, deepen financial and capital markets, expand access to reliable and clean energy, improve connectivity and logistics, accelerate digital transformation, and equip people with the skills needed for the jobs of the future.
"Our focus is to help create the conditions for private investment to thrive by addressing key policy and market constraints and fostering a more dynamic and competitive business environment," he added.
Yang said the Integrated Growth Network Development (IGND) initiative can serve as an important platform for advancing balanced regional development and mobilizing private investment so that new economic opportunities can reach more districts, firms, workers, and communities.
He said the IGND initiative is important because it provides a long-term framework for transforming Bangladesh's growth model from fragmented, project-based development into a more integrated, investment-led approach.
Endorsed by the Government in May 2026 and led by the Economic Relations Division with ADB's technical support, the initiative seeks to better connect production centers, logistics networks, urban hubs, energy systems, and trade gateways across the country. "This can help turn Bangladesh's geographic and economic potential into more productive investment, better jobs, and broader regional opportunities," he added.
By aligning infrastructure, industrial development, skills, and investment planning, Yang said IGND can help create a pipeline of priority, investment-ready projects that attract both public and private capital.
Mentioning that the initiative envisages approximately $80 billion in phased investments over the next two decades, Yang said the ADB has indicated support of up to $5 billion over the next five years.
He said successful implementation could strengthen connectivity, raise productivity, improve industrial competitiveness, diversify exports, and support the creation of millions of jobs over the next decade-across construction, manufacturing, logistics, services, agro-processing, and emerging industries.
By reducing logistics costs, expanding economic opportunities beyond major urban centers, and connecting businesses and workers to larger markets, the ADB Vice-President said IGND can help build a more competitive, diversified, and resilient economy capable of sustaining higher-quality growth and job creation. "It can also help ensure that the benefits of growth are more broadly shared across regions and communities," he said.
Regarding regional cooperation, the ADB Vice-President said Bangladesh is uniquely positioned between the large and rapidly growing markets of South and Southeast Asia.
During his visit to Bangladesh in May, ADB President Masato Kanda highlighted Bangladesh's great potential to become a regional hub for transportation, logistics, energy, and digital connectivity.
"By leveraging its strategic location, Bangladesh can strengthen trade, attract investment, integrate into regional value chains, and deepen its economic links with these regions. This is another important dimension of Bangladesh's transition from resilience to transformation," he said.
He said greater regional energy cooperation can strengthen energy security and support the transition to cleaner energy sources.
ADB's recently launched $20 billion Asia-Pacific Digital Highway initiative also offers Bangladesh an opportunity to strengthen digital connectivity, expand access to reliable broadband, and build digital and AI skills.
By working with the Digital Highway initiative, he said Bangladesh can further enhance its inclusive development agenda, addressing the needs of farmers, entrepreneurs, exporters, young workers, and women-led businesses. "Initiatives such as the IGND and the South Asia Sub-regional Economic Cooperation (SASEC) also provide important platforms for advancing these objectives," he added.
At the same time, he said deeper regional integration complements, rather than replaces domestic reform. "Strengthening competitiveness at home enables Bangladesh to benefit more fully from regional opportunities, while greater regional connectivity creates stronger incentives to invest, innovate, and reform."
Together, the ADB Vice-President said these efforts can help Bangladesh build a more connected, competitive, and opportunity-rich economy for the next stage of its development, one where private sector-led growth, innovation, and investment drive lasting impact.