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The tourism sector of the country was declared an industry in 1992. In recent years, many local and international think-tanks have called it a promising sector that has the potential to rake in millions of dollars every year.
Yet the sector has not taken off and some analysts have blamed the lack of infrastructure in the country for this. They pointed to the lack of communication and accommodation near popular and potential tourist spots. Due to these problems, the sector has not enjoyed substantial investment over the past few decades.
Against this backdrop, it is heartening to learn that significant progress is being made on a proposed tourism park project to be developed on Jaliardwip island in Naf River in Cox's Bazar. Following an agreement signed between Bangladesh Economic Zones Authority (BEZA) and Thai company Siam Siam International Group in September of last year, the first phase of the proposed Naf Tourism Park is expected to be complete by 2021.
The $500 million-park will be developed on 293 acres of land in Jaliardwip. Once all phases are complete, the park will have international standard hotels, a resort, entertainment park, golf club, shopping mall, cable cars, cinema hall, water sports beach and many other facilities.
The potential of this tourism park will be realised by anyone who has visited Genting Highlands in Malaysia or Sentosa Island in Singapore in recent times. The Genting Highlands Resort is an integrated hill resort in Malaysia that got started in 1965. In 2016, the hill resort received 20.2 million visitors from around the world. The profit of Genting Highlands was around US $ 700.2 million in 2016, which saw a 129 per cent growth over its 2015 annual profit of $ 306 million.
Malaysia's neighbour, Singapore has Sentosa Island which was opened in 1975. Constant improvements and additions to the park have turned it into one of the top tourist destinations in the world. The nearly five square kilometre island houses 14 hotels, Universal Studios Singapore, the Merlion, two golf courses, Fort Siloso (a World War II museum), a casino and numerous other attractions. The operating profit before working capital changes of Sentosa was $ 67.11 million in 2018, up from $ 41.75 million in 2017.
The Naf Tourisn Park is no doubt a step in the right direction. It is very likely to reinforce the tourism potential of Cox's Bazar as well. Once it becomes operational, chances are high that investors from both home and abroad may find similar ventures rewarding. The government, too, may seek foreign investment in similar tourism projects in other areas of the country like Bandarban, Kuakata, Sylhet, Rajshahi etc.