Economy of Sylhet
The Location of Sylhet on the Map of Bangladesh
Statistics
GDP
  • Increase $16 billion (Nominal, 2019)
  • Increase $40 billion (PPP, 2019)
GDP per capita
$3050+ (Nominal, 2019)
$6,250 (PPP, 2019)
Population below poverty line
6.5%
Unemployment7.80% (2010)

The economy of Sylhet is the 5th largest in the Peoples Republic of Bangladesh. It has a gross state product of $16 billion in nominal terms, and $40 billion in terms of purchasing power parity, making it the third largest behind Dhaka, Chittagong, Khulna and Rajshahi. Since the formation of Bangladesh, Sylhet has been regarded as the spiritual and cultural center of the country, and often termed as the agricultural capital of Bangladesh. Due to vast natural resources and emerging metropolitan, Sylhet is a major economic hub of the country alongside Dhaka and Chittagong. In recent years, Sylhet is experiencing major infrastructural developments, and projected to be the forefront of Bangladesh's economic growth. Sylhet is known for its tea plantations.[1] About 80% of the country's agar processing factories are located in Barlekha Upazila.[2]

As of 2019, Sylhet's per capita GDP is $3,050 in nominal terms and 6,250 in purchasing power parity terms, which is the second highest in Bangladesh. According to the World Bank, Sylhet and Chittagong have the lowest incidence of poverty in Bangladesh.[3]

Economy

Sylhet region is the most enriched area of Bangladesh. A vast quantity of proven gas reserve and Bangladesh's only oil field in located in the region.

Natural gas

Sylhet contains a vast amount of proven natural gas reserve. There are total eight gas fields located in the region. Total reserve of gas fields of the region is about 14 trillion cubit feet. According to Jalalabad Gas System Limited, The company's annual revenue earning is around 5.66 billion.

Remittance

Surma River Sylhet

Remittance is one of the biggest source behind Sylhetis economic growth. Many Sylhetis that live abroad live in many countries, notably countries in the Middle East such as Saudi Arabia, the United Arab Emirates, etc., France, the United States, and the United Kingdom. Many remittances are sent from the United Kingdom to Sylhet unlike many other countries as the majority, believed to be around 90-95%, of the British Bangladeshi population claim they are from Sylhet. The remittance of financial year 2012–13 is estimated around $10 billion. Numerous projects and businesses in the city and in large towns have been funded by Sylhetis living and working abroad. As of 1986, an estimated 95 percent of the ethnic British Bangladeshis originated from or had ancestors from the Sylhet region.[4] The city receives a significant portion of the country's annual remittances, which have driven growth in real estate and construction.[5] A number of shopping centres, restaurants and hotels have opened as a result.

Tourism

A luxurious 5 star hotel in Srimongol

Sylhet is one of the most popular tourist destinations in Bangladesh. The province offers tourists with variety of options ranging from natural to commercial. The province is home to some of the most luxurious Hotels, Resorts and Shopping Malls in Bangladesh. Sylhet also relies on religious tourism, with thousands of devotees visiting its Sufi shrines annually, as well as ecotourism in its broader natural hinterland. Nature resorts have been built in the city's outskirts.

Fisheries

A large portion of fishes in Bangladesh comes from rivers and Haor region, among them Hakaluki Haor, Tanguar Haor including many more rivers in Sylhet meet the demand of fishes in this region.

Tanguar haor

Tanguar haor plays an important role in fish production as it functions as a 'mother fishery' for the country.[6][7] It is the source of livelihood for more than 40,000 people.[6]

Every winter the haor is home to about 200 types of migratory birds. The haor is an important source of fish. In 1999–2000, the government earned 7,073,184 takas as revenue just from fisheries of the haor. There are more than 140 species of fresh water fish in the haor. The more predominant among them are: ayir, Cat fish, baim, tara, gutum, gulsha, tengra, titna, garia, beti, kakia.[7]

Hakaluki, the largest Hawor in Bangladesh
Malnicherra Tea Garden in Sylhet

Tea industry

The area around Sylhet is a traditional tea growing area. The Surma Valley is covered with terraces of tea gardens and tropical forests. Srimangal is known as the tea capital of Bangladesh; for miles around, tea gardens are visible on the hill slopes. As a result, Bangladesh Tea Research Institute (BTRI) is an autonomous organisation under the Bangladesh Tea Board (BTB).[8][9][10] have been established here. Today, Bangladesh has 172 commercial tea estates, including many of the world's largest working plantations.[11][12] Among which, Sylhet has over 150 tea gardens, including three of the largest tea plantations in the world, both in terms of area and production. The area Nearly 300,000 workers, of which more than 75% are women, are employed on the tea estates. The industry accounts for 3% of global tea production, and employs more than 4 million people.[13]

Tea is the second largest export oriented cash crop of Bangladesh, following jute. The industry accounts for 1% of national GDP.[14] Including Moulvibazar, Habiganj, Sylhet, this area has three Tea-producing districts.

References

  1. ↑ "Sylhet". Encyclopaedia Britannica.
  2. ↑ Siddiquee, Iqbal (19 October 2011). "Agar farming sees export markets". The Daily Star.
  3. ↑ "Poverty Maps of Bangladesh 2010" (PDF). World Bank. Retrieved 4 July 2020.
  4. ↑ Gardner, Katy (July 1992). "International migration and the rural context in Sylhet". New Community. 18 (4): 579–590. doi:10.1080/1369183X.1992.9976331.
  5. ↑ "'Londonis' build big in Bangladesh". BBC News. 22 December 2011.
  6. 1 2 "Tanguar Haor". Swiss Agency for Development and Cooperation. Archived from the original on 14 November 2007. Retrieved 23 November 2007.
  7. 1 2 Talukdar, Nixon (2012). "Tanguar Haor". In Islam, Sirajul; Jamal, Ahmed A. (eds.). Banglapedia: National Encyclopedia of Bangladesh (Second ed.). Asiatic Society of Bangladesh.
  8. ↑ Minuddin Ahmed; AFM Badrul Alam (January 2003). "Bangladesh Tea Research Institute". In Sirajul Islam (ed.). Banglapedia. Dhaka: Asiatic Society of Bangladesh. ISBN 984-32-0576-6. Retrieved 12 May 2016.
  9. ↑ "Brain drain dims achievements". The Daily Star. 1 November 2012. Retrieved 18 November 2016.
  10. ↑ "Bangladesh tea trade gets new brew". BBC News. Retrieved 18 November 2016.
  11. ↑ Dr. Kazi Muzafar Ahammed. "Investment for Sustainable Development of Bangladesh Tea Industry – An Empirical Study" (PDF). Bangladesh Economic Association. Retrieved 3 April 2015.
  12. ↑ "Tea Gardens in Bangladesh". bangladesh.com. Retrieved 24 March 2015.
  13. ↑ "Tea". scribd.com. Retrieved 24 March 2015.
  14. ↑ "Tea @ Global Trade Concern – Bangladesh". Tea.globaltradeconcern.com. Retrieved 3 April 2015.
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