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Bangladesh’s journey: From ‘basket case’ to aspiring economic powerhouse
In the 21st century, Bangladesh has transformed into a formidable economic force. This metamorphosis is exemplified by its journey from a once aid-dependent nation in the 1970s to a self-sufficient and aspiring economic powerhouse. The key to this remarkable turnaround? Its people, especially the youth, representing a demographic dividend ready to be harnessed, Zaidi Sattar, economist and Chair of the Policy Research Institute of Bangladesh, writes in WhiteBoard, a premier policy magazine.
Half a century ago, Bangladesh grappled with a food deficit and a population considered a burden. Fast forward to today, the nation boasts a food production of 40 million metric tons, showcasing its journey to self-sufficiency. The country’s economic stride is further marked by its graduation from a lower-middle-income country in 2015 to a developing country status set for 2026 by the United Nations.
This economic renaissance hasn’t gone unnoticed. The Wall Street Journal in 2010 wrote “Bangladesh, ‘Basket Case’ No More,” leading global investment firms like Goldman Sachs and JP Morgan to view Bangladesh as a new investment frontier, Sattar writes. Today, Bangladesh stands as the world’s second-largest apparel exporter, a remarkable feat considering its initial lack of a significant textile industry.
Development economist Amartya Sen lauded Bangladesh’s human development progress, outpacing its South Asian counterparts. Despite advancements, challenges like the low female labour force participation, at 40%, remain. Addressing this could further boost economic growth. The nation’s resilience is also evident in its self-funded mega-infrastructure, the 6.4 km Padma Bridge, highlighting its economic independence.
Under the leadership of Sheikh Hasina’s government, Bangladesh has maintained over a decade of macroeconomic stability, crucial for its current and future growth. The nation’s economic tale is one of balance, with agriculture providing food security and rural employment, while trade and industry propel its development forward, writes the economist.
The year 2022 posed significant challenges to global economies, including Bangladesh. However, its robust macroeconomic management over three decades allowed it to withstand shocks like the Russia-Ukraine war, highlighting its resilience during global crises.
Bangladesh’s economic strategy has been pivotal in its success. Since the 1990s, the country embraced an export-oriented trade policy, a shift from its previous inward-looking approach. This transition was influenced by the successful models of East Asian economies and has played a crucial role in Bangladesh’s development since 2010, Sattar is of the view.
The country’s export success, especially in clothing, is a testament to its effective use of comparative advantage. Embracing an export-led growth model, Bangladesh has seen consistent increases in GDP growth rates and a significant reduction in poverty rates. However, the nation must also focus on modernizing its tariff structure to diversify exports and further its development agenda.
Looking forward, Bangladesh’s economic story is not just about exports but also includes a strong role in global trade in services, bolstered by remittances from migrant workers. The country’s future competitiveness lies in developing world-class service industries, adapting to global trade trends, and adhering to international trading blocs’ disciplines.
As Bangladesh strides towards its graduation from the least developed country status, it faces the challenge of evolving its industrial policies in line with global trends. Its long-term Perspective Plan 2041 aims to transform Bangladesh into an advanced high-income economy, requiring strategic coordination between government and businesses.
Bangladesh’s economic journey from a struggling nation to a promising global player is a story of strategic policy choices, resilience, and innovation. As the world anticipates the “Asian century,” Bangladesh is poised to be a significant player, showcasing its remarkable journey from struggle to prosperity, writes Sattar.
Huawei offers 3-day free tour to MWC in Barcelona
Huawei is offering a three-day tour to Mobile World Congress (MWC) 2024, scheduled to be held in Spain's Barcelona, through a social media contest.
"Anyone can participate in the #SeedsTourMWC24 UGC Campaign. The top three winners will go on the tour from 25-28 February. Huawei will provide air tickets and accommodation for four nights," said a press release.
Two-day long Islami Bank business development conference begins
To participate in the campaign, in the first round, participants must share Huawei's campaign announcement (https://www.facebook.com/huawei/posts/pfbid02P6DSsd6AjUQaYRunPL9toKDyCGA...) post on their personal Twitter, Facebook, or LinkedIn accounts, accompanied by their response to the question, "What are you most excited to discover at MWC 2024 Barcelona?".
Two-day long Islami Bank business development conference begins
A two-day Business Development Conference of Islami Bank Bangladesh PLC began on Saturday at a hotel in the capital.
Dr. Tanveer Ahmad, vice chairman of the Bank inaugurated the conference as chief guest while Mohammed Monirul Moula, managing director and CEO of the bank presided over the program, said a press release.
Dhaka Int’l trade fair begins Sunday
Mohammad Solaiman, FCA, Chairman, Audit Committee, Professor Dr. Mohammad Saleh Jahur, Chairman, Risk Management Committee, Md. Joynal Abedin, Professor Dr. Mohammad Sirajul Karim, Syed Abu Asad, Mohammad Quamrul Hasan, Professor Md. Fashiul Alam, Khurshid-Ul-Alam, Mohammed Nasir Uddin, FCMA, Borhan Uddin Ahmed, Abu Sayeed Mohammad Quasem, & Showkat Hossain, FCA, Directors and Maolana Obaid Ullah Hamzah, Chairman, Shariah Supervisory Committee of the Bank attended the program as special guests.
United Aygaz holds daylong gathering for distributors, retailers in Ctg
Speakers said that Islami Bank paid the highest tax in the govt. exchequer. It has been recognized as the country’s 'Strongest Islamic Retail Bank'. They said that 23 per cent of the country's total remittances came through the Islamic Bank alone.
BGMEA President emphasizes alignment of education with industry needs
Islami Bank received the Bangladesh Bank Remittance Award-2023 for collecting the highest remittance and the "Payment Excellent Award 2023" by world-renowned payment gateway VISA, read the release.
Dhaka Int’l trade fair begins Sunday
The 28th edition of the Dhaka International Trade Fair (DITF) will begin on Sunday at Purbachal—16.6 kilometres east of the capital city.
Prime Minister Sheikh Hasina will inaugurate the month-long event.
AHM Ahsan, vice-chairman of the Export Promotion Bureau (EPB), said like the previous year, the DITF will be held at the Bangabandhu Bangladesh-China Friendship Exhibition Centre (BBCFEC) at Purbachal.
The fair will continue from January 21 to February 20. The Ministry of Commerce and the EPB have been organising trade fairs since 1995.
Read: Myanmar-China border trade fair to be held in Nay Pyi Taw
The DITF usually commences on 1 January each year. However, the EPB postponed the fair due to the 12th national elections.
The trade fair will run from 10 am to 9 pm daily and to 10 pm on weekends. The entry fee is Tk 40 for adults and Tk 20 for children.
BRTC buses have been arranged from Farmgate and Kuril Biswa Road to the fair premises for the convenience of general visitors.
Read: PM will open trade fair on January 21
A total of 330 stalls have been allotted along with 23 pavilions and 27 mini pavilions.
There will also be 15 food stalls of different categories. As usual, local and foreign companies will showcase their products.
Read more: 4 Bangladeshi businesses participate in Mandalay International Trade Fair
United Aygaz holds daylong gathering for distributors, retailers in Ctg
United Aygaz LPG Ltd. organised a daylong meet programme for its distributors and retailers spanning diverse territories in Chattogram at Radisson Blu Hotel, Chattogram Bay View recently.
The event 'Aygaz Business Partner's Meet' featured fervent business-centric discussions, insightful consultations, glimpses into future directions, and the warm embrace of hospitality.
The business firm’s Chief Executive Officer (CEO) Ahmet Ercüment Polat, Plant Operations General Manager Mostafizur Rahman Jinnah and Head of Sales Showkat Osman Jamil, other officials and dedicated distributors affiliated with the company were present on the occasion.
The programme began through reciting from the Quran while one minute of silence was observed for the salvation of the departed soul of United Group Director Nasiruddin Akhter Rashid.
CEO Ahmet said “Today, I had the privilege of acknowledging the invaluable role played by our esteemed group of distributors and retailers. They are not just partners; they are ambassadors for our brand and the driving force behind Aygaz United’s success. Their spontaneous participation in this event brings me genuine joy, reinforcing my confidence in the enduring partnership between Aygaz United and our distributors and retailers. I assure unwavering support in the future as we continue this journey together.”
Showkat Osman Jamil, said “In sharing my vision for future collaboration with our retailers, I unveiled strategic plans during my address. My heartfelt gratitude extends to all attendees who make these endeavors meaningful. I also took the opportunity to introduce our diligent Chittagong team, emphasizing their consistent efforts in maintaining close ties with our valued distributors and retailers.”
The event at Radisson Blu was a testament to the collaborative spirit and shared success of United Aygaz and its dedicated network of retailers, fostering a sense of unity and optimism for the journey ahead.
United Aygaz operates under the broader umbrella of the United Group, a joint venture with the esteemed Turkish LPG company Aygaz A.S.
Aygaz is a concern of Koç Holding, Turkey’s largest industrial and services group, which holds 9% of the GDP. Aygaz United aims to be a game changer in the LPG industry in Bangladesh with its expertise, JV structure with United Group, financial power, sustainable supply chain and distributor and customer-oriented business model.
BGMEA President emphasizes alignment of education with industry needs
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has called upon students to prepare themselves as responsible and compassionate individuals ready to make a positive impact on the world.
“Pursue excellence, embrace challenges, and create your path with determination and passion. As you embark on this exciting journey, remember that the choices you make today will shape the person you become tomorrow,” he said.
RANGS eMART launches “Daikin AC- A global leader in air conditioning technology.”
The BGMEA chief was speaking at an orientation proramme organised by the Independent University of Bangladesh (IUB) for the freshers.
He also highlighted the disparity between classroom education and real-world performance.
Faruque Hassan stressed the significance of practical experiences, internships, and interactions with professionals in the students’ respective fields of interest.
80 percent of brokerage houses struggling
Real-life training and industry orientation programmes, he said, are vital in narrowing this gap.
Highlighting the immense contributions of the ready-made garment industry and its ongoing developments, President Faruque urged the students to play a crucial role in portraying the true image of the industry.
Inviting them to visit garment factories, he said, “Explore our factories to witness firsthand how the industry transforms lives and contributes to the economy.”
He also invited the students to visit the BGMEA Complex, exploring its initiatives in R&D, circularity, sustainability, market promotion, and design development, contributing to the advancement of the RMG industry.
Uniqlo sues Shein over alleged copy of its popular ‘Mary Poppins bag’
“Your time at the university is not just about earning a degree; it’s a transformative period that shapes your character and broadens your horizons,” Faruque Hassan said.
Didar A Husain, chairman of the Board of Trustees, IUB; Professor Tanweer Hasan, vice chancellor of the university; Prof. Niaz Ahmed Khan, pro-vice chancellor, Khandker Md Iftekhar Haider, treasurer of IUB were also present at the event.
RANGS eMART launches “Daikin AC- A global leader in air conditioning technology.”
RANGS eMART officially launched the global leader in air-conditioning, Japanese Daikin AC.
Rangs eMART is the only one in Bangladesh offering Daikin (India) latest premium inverter series AC manufactured in its own factory.
80 percent of brokerage houses struggling
Daikin AC was unveiled at the RANGS eMART Dhanmondi showroom on Wednesday, said a press release.
The event was inaugurated by the Divisional Director of RANGS eMART Mr. Yamin Sharif Chowdhury, Head of Sales and Product Md. Rashedul Islam, Susovan Maity, Manager, Export Business, Daikin. Also, senior officials of RANGS eMART and Daikin were present.
Uniqlo sues Shein over alleged copy of its popular ‘Mary Poppins bag’
The air conditioners come with several special features as a result, when it comes to technology, Daikin AC is superior to other ACs available today.
RANGS eMART is dedicated to offering top-notch goods and services to Bangladeshi customers and is the official retailer of numerous globally recognized brands. That is compiled in Daikin. Customers across the nation can now purchase a variety of Daikin items via RANGS eMART, reads the release.
ShareTrip unveils ‘Seat Selection’ feature for enhanced travel experience
80 percent of brokerage houses struggling
About 80 percent of brokerage houses have been struggling to meet their operating expenses for the last one and a half years due to the floor price barrier, the sector’s leaders said on Thursday.
Uniqlo sues Shein over alleged copy of its popular ‘Mary Poppins bag’
They said that trading in the country's stock market has decreased significantly due to the fixing of the floor price (minimum selling rate) by the regulator.
They said this in a views exchange meeting with members of the DSE Brokers Association of Bangladesh (DBA) and Capital Market Journalists Forum (CMJF) at the DSE Tower in Nikunjs of the capital on Thursday.
ShareTrip unveils ‘Seat Selection’ feature for enhanced travel experience
Saiful Islam, President and Director of BRAC EPL Stock Brokerage Limited, Senior Vice President and Managing Director of IDLC Securities Muhammad Saifuddin, Vice President and Managing Director of Eminent Securities Umar Haider Khan, CMJF President SM Golam Samdani Bhuiyan, General Secretary Abu Ali, Former President Ziaur Rahman, and Vice President Babul Burman, among others, were present in the meeting.
CSOs demand VAT cancellation as a poverty reduction strategy
ShareTrip unveils ‘Seat Selection’ feature for enhanced travel experience
ShareTrip, a pioneering travel tech company in Bangladesh, has unveiled its latest Seat Selection feature to foster more comfortable and personalised travel experiences.
Travellers can now conveniently pick their preferred choice of seats through ShareTrip, and enjoy a cosier journey according to individual preference, said a press release.
CSOs demand VAT cancellation as a poverty reduction strategy
Frequent travellers often enjoy the advantage of having early access to seat selection, enabling them to secure their favourite seats before other passengers. Whether it is for extra legroom seats, bulkhead seats, or seats near the front of the aircraft – the option to book own preferred seats can be a game-changer. This is why ShareTrip brings the seat selection feature to Bangladesh for the first time as a travel tech platform.
Users can easily book their desired spots in advance by heading to the “My Booking” section on the ShareTrip app or website, after completing the review and payment procedures. Afterwards, in the “Seat Details” section, all one has to do is click “Start Selecting Seats” and then pick their desired seats from the available options to maximise their travel experiences. Currently, users can enjoy this seat selection feature on the ShareTrip website specifically for Singapore Airlines.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
“When it comes to air travel, pre-booking seats can significantly impact the overall experience of the journey”, said Nafiz Chowdhury, senior manager of Product, Campaign & Partnership, and Marketing.
“By reserving seats in advance, you can ensure a comfortable journey and peace of mind, knowing you have confirmed your favourite seats. As a platform that strives to view consumer convenience with great priority, ShareTrip is delighted to introduce this new feature. We hope our customers will enjoy the unique feature, and cherish their smoother travel experiences”, he added.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
The service personalisation may require an additional charge.
Users can download the ShareTrip app Link, or visit its website for more information, reads the release.
CSOs demand VAT cancellation as a poverty reduction strategy
Leaders of Civil Society Organisations (CSOs) on Wednesday demanded the necessity to abolish the regressive tax system to eliminate the severe income inequality that has been created among the people in different countries of the world, including Bangladesh.
The demand was from a rally organised by twelve civil society organisations led by Equity and Justice Working Group (EquityBD) in front of the National Press Club in the capital in solidarity with the global civil society network Fight Inequality Alliance on the eve of the 54th Conference of the World Economic Forum with the slogan "Tax the rich, not the poor".
Bangladesh Krishok Federation, Bangladesh Climate Journalists sorum, CPRD, Sundarbans and Coast Protection Movement, Online Knowledge Society, ASOD, Water Keeper Bangladesh, Trinamool Development Organization, CSRL, JSKS and Coast Foundation participated in the rally.
E-commerce business must be sustained to build Smart Bangladesh: DNCRP DG
Mostafa Kamal Akand, Director of Coast Foundation, moderated the programme, while ASM Badrul Alam of Bangladesh Farmers Federation presided over the meeting.
Several recommendations were placed in the rally, including a balanced and fair tax system should be established through legislation and enforcement to prevent tax evasion.
Other recommendations included that research,investigation and other effective measures should be taken to prevent capital flight and profit repatriation. Besides, the tax burden on the poor and underprivileged should be eased by gradually reducing all types of indirect taxes, including VAT.
Motahar Hossain, on behalf of the Bangladesh Climate Journalist Forum, said that through indirect tax, basically, one person is forced to pay the tax of the other. Common consumers typically pay taxes levied on a company. This increases the cost of living for poor people.
On the other hand, the company that is making income is exempted from tax. This system needs to be changed, he added.
Shoeb Chy made Chairman of FBCCI standing committee on press, media
Syed Aminul Hoque, Secretary of EquityBD, said that the ongoing conference of the World Economic Forum (WEF), in fact, works for the multinational profiteering companies engaged in tax dodging and money laundering from poor countries.
"In this context, we need a global tax network under the UN framework where poor countries can protect themselves against tax dodging, and thus, money laundering will also be stopped. We expect our Prime Minister to convey this message while participating in the 54th Annual Conference of WEF," he said.
Imran Hossain of the CPRD said that tax evasion has become a normal practice in Bangladesh.
"We have laws and penalties for this, but they are not enforced. Emphasis should be placed on income tax and wealth tax collection to reduce indirect taxes," he said.
Nikhil Chandra Bhadra of the Sundarbans and Coast Protection Movement said that the people of Bangladesh fought the liberation war to abolish a discriminatory social system. But now, the disparity between the rich and the poor is the highest ever in the country’s history. This disparity can be reduced through an accountable and well-governed tax system.
Pradip Kumar Roy of Online Knowledge Society said that Bangladesh has often been praised for standing up for poor people and less developed countries at international conferences.
Cautionary monetary policy likely to stabilise forex reserve, contain Inflation: DCCI President
"We want Bangladesh to become the voice against discrimination and poverty alleviation in the upcoming conference of the World Economic Forum," he said.
In the closing speech, ASM Badrul Alam of the Bangladesh Krishok Federation said that all indirect taxes, including VAT, should be gradually reduced to ease the tax burden on the poor, and emphasis should be placed on bringing all industrialists and corporations under direct tax to increase the government's revenue.