trade
Bangladesh-Australia have huge opportunities to expand trade: BGMEA President
Bangladesh and Australia have immense potential to enhance bilateral trade by further deepening collaboration and cooperation, said Faruque Hassan, President of BGMEA.
Trade between the two countries had grown considerably over the past years and more opportunities still lie ahead that could benefit both sides if reaped together, he said.
He came up with the observations during a meeting with Tim Watts, Assistant Minister for Foreign Affairs of the Australian government, in Dhaka on May 15.
Brendan Hodgson, Director, Bangladesh, Sri Lanka and Maldives Section at Australian Department of Foreign Affairs and Trade; Megan Jones, Assistant Secretary, Indian Ocean and South Asia RegionalAustralian Department of Foreign Affairs and Trade, Australia; and Louisa Bochner, Adviser, office of the Assistant Minister for Foreign Affairs ; Jeremy Bruer, Australian High Commissioner to Bangladesh were also present at the meeting.
The meeting was also attended by Zunaid Ahmed Palak, MP, State Minister for the ICT Division, Government of Bangladesh; Mohibul Hasan Chowdhury, MP, Deputy Minister for Education, Government of Bangladesh; and Russell T. Ahmed, President of Bangladesh Association of Software and Information Services (BASIS).
They had discussions about different issues, including potential areas of expanding trade and investment between Australia and Bangladesh.
Issues relevant to Bangladesh’s RMG industry including its prospects and preparedness to continue the growth momentum were discussed during the meeting.
BGMEA President Faruque Hassan briefed the Australian Assistant Minister for Foreign Affairs about the huge progress made by Bangladesh’s RMG industry in terms of workplace safety, environmental sustainability, and workers' rights and welfare.
He said Bangladesh was interested in importing more cotton and wool from Australia to meet the growing demand of the RMG and textile industry.
The BGMEA President informed the Australian Assistant Minister for Foreign Affairs about about the BGMEA’s initiative to organize the Bangladesh Apparel Summit in Australia on 18th July 2023 and called on him to expend support in organizing the event.
He also sought cooperation from Australia in developing knowledge and skills of the students of BGMEA University of Fashion and Technology (BUFT) in textile, apparel, fashion, design and business through collaboration with leading Australian universities and fashion institutes.
He expressed thanks to the Australian government for its decision to continue duty-free market access for Bangladesh. “It would support Bangladesh in maintaining the momentum of its economic growth after the LDC graduation,” Faruque Hassan added.
Pakistan, Afghan Taliban agree to boost trade, lower tension
Pakistan and Afghanistan's Taliban-appointed government have agreed to boost trade and lower tensions along their border amid a surge in militant attacks on security forces, officials said Monday.
Pakistani Foreign Minister Bilawal Bhutto Zardari and Afghanistan’s Taliban-appointed foreign minister, Amir Khan Muttaqi, struck the deal Sunday in Islamabad, according to Pakistan's Foreign Ministry. The agreement is designed to improve bilateral trade, combat terrorism and boost bilateral ties.
Earlier, Bhutto Zardari and Muttaqi also held talks with China's Foreign Minister Qin Gang, a departure from recent years when such dialogue had been on hold, according to analysts, who say China is expanding its influence in the region. China also has played a role in the resumption of Saudi-Iran diplomatic ties.
In Pakistan, Beijing is bankrolling the so-called China-Pakistan Economic Corridor, or CPEC — a sprawling package that includes such projects as road and power plant construction and boosting agriculture production.
Also Read: UN urges Afghanistan’s Taliban to end floggings, executions
The package is considered a lifeline for this impoverished Islamic nation, which is currently facing one of its worst economic crises amid stalled talks on a bailout with the International Monetary Fund.
CPEC, also known as the One Road Project, is part of China’s Belt and Road Initiative, a global endeavor aimed at reconstituting the ancient Silk Road and linking China to all corners of Asia.
Qin arrived in Islamabad on Friday and met with President Arif Alvi, Foreign Minister Bhutto Zardari and Pakistan's powerful army chief, Gen. Asim Munir. During these meetings, he was assured that Pakistan will boost security for all Chinese nationals who are working on multi-billion dollar projects in cash-strapped Pakistan.
China has been demanding more security from Pakistan for its nationals residing and working in the Islamic country since 2021, when a suicide bomber killed nine Chinese and four Pakistanis in an attack in Pakistan’s volatile northwest.
According to a Foreign Ministry statement, Bhutto Zardari and Muttaqi on Sunday “held a candid and in-depth exchange on key issues of mutual concern, including peace and security, as well as trade and connectivity." The two sides “reaffirmed their desire to pursue continuous and practical engagement," it said.
According to the Afghan embassy, Muttaqi and his delegation met with Bhutto Zardari and other officials. “During the meeting, matters of mutual interest, Afghan-Pak political, economic, and transit relations as well as challenges of Afghan Refugees in Pakistan have been discussed,” it said on Twitter early Monday.
Pakistan's military said Muttaqi also met with Munir, the army chief, to discuss "issues of mutual interest including aspects related to regional security, border management, and formalization of bilateral security mechanisms for improvement in the current security environment.” Munir sought enhanced cooperation to “effectively tackle the common challenges of terrorism and extremism," the statement added.
Relations between Pakistan and the Afghan Taliban have featured ups and down in the past year.
In February, the two sides shut the main Afghan-Pakistan border crossing at Torkham, stranding people and trucks carrying food and essential items. After a Pakistani delegation traveled to Kabul for talks on the crisis, the border was reopened after a week and Muttaqi's visit to Islamabad was planned.
Afghanistan's Taliban have been shunned by most of the international community for harsh and restrictive measures they have imposed since seizing power in August 2021, when U.S. and NATO troops were in the final weeks of their pullout from the country after 20 years of war. The Afghan Taliban has banned girls from education beyond the sixth grade and barred women from most jobs and public life.
Pakistan has lately expressed concern over a surge of deadly attacks across the country by the Pakistani Taliban — an independent militant group that is allied with and sheltered by the Afghan Taliban.
Islamabad has demanded from the Taliban in Kabul that they do more to rein in anti-Pakistani groups such as the Pakistani Taliban — also known as Tehreek-e-Taliban Pakistan or TTP — which have stepped up attacks on Pakistani security forces in recent months.
Britain to start free trade with New Zealand and Australia
Britain's free trade agreements with New Zealand and Australia will come into force by the end of this month, the leaders from the three nations said Friday.
The announcement came while the prime ministers from the two Southern Hemisphere nations are in London for the coronation of King Charles III.
The deals are part of Britain's efforts to expand its economic ties after it left the European Union. Both deals were first agreed to in 2021.
New Zealand officials say its deal will help boost sales of products like wine, butter, beef and honey, and will increase the size of its economy by up to 1 billion New Zealand dollars ($629 million).
New Zealand Prime Minister Chris Hipkins said it was a gold-standard agreement.
"The market access outcomes are among the very best New Zealand has secured in any trade deal,” Hipkins said in a statement.
British Prime Minister Rishi Sunak said the deal with New Zealand reflected the close relationship between the nations.
“This deal will unlock new opportunities for businesses and investors across New Zealand and the United Kingdom, drive growth, boost jobs, and, most importantly, build a more prosperous future for the next generation,” Sunak said in a statement.
Australian Prime Minister Anthony Albanese said it would mean more market access for its exporters.
“So for beef, for our sheep products, for our seafood, for our other products it will mean much greater access to the British market,” Albanese told the Australian Broadcasting Corp. in an interview.
Albanese said it would also mean greater access for younger Australians to work in Britain and vice versa after the terms of a working holiday arrangement were expanded.
A similar scheme between New Zealand and Britain has also been expanded, increasing the length of working visas from two years to three years and the maximum eligible age from 30 to 35.
Bangladesh, World Bank sign US$ 2.25 billion loan agreement comprising 5 projects
World Bank will provide USD 2.25 billion as loan to Bangladesh to develop various sectors, including regional trade and connectivity, disaster preparedness and environmental management.
A loan agreement was signed on Monday (May 01, 2023) between Bangladesh and the World Bank for implementing five projects.
Prime Minister Sheikh Hasina and World Bank President David Malpass witnessed the exchanges of the financing agreement.
Read: Stay with us in implementing future physical & social mega projects: PM Hasina to WB
This loan agreement comprises five projects:
· Accelerating transport and trade connectivity in Eastern South Asia (ACCESS) – Bangladesh Phase-1 Project worth USD 753.45 million.
· USD 500 million Resilient Infrastructure Building Project (RIVER) for resilience, adaptation and vulnerability reduction that will be the first major investment to support Bangladesh’s Delta Plan 2100. It will help improve disaster preparedness against inland flooding.
· USD 500 million First Bangladesh Green and Climate Resilient Development (GCRD) project is the first such credit that will help the country’s transition to resilient development.
· USD 250 million Sustainable Microenterprise and Resilient Transformation (SMART) project aims to help transform the microenterprise sector into a more dynamic, less polluting, resource efficient and climate resilient growth sector.
· USD 250 million Bangladesh Environmental Sustainability and Transformation (BEST) project to help strengthen environmental management and promote private sector participation in green investment.
Read More: External pressure behind World Bank's withdrawal from Padma Bridge, says PM Hasina urging it to look into future
India-Bangladesh trade using rupee instead of US dollar could start soon
Bangladesh could soon start trading with India using rupee instead of US dollar, trial for which has been done by Bangladesh Bank recently.The ministry of commerce has placed a written recommendation at the last cabinet meeting regarding the possibility and opportunity of using rupee instead of dollar.
Currently Bangladesh exports goods to India worth around USD 2 billion.
“The use of rupee will start with Bangladesh's $2 billion trade with India. Bangladesh Bank has almost finished all kinds of trials in this regard. Trading in rupee will be introduced in both countries only after bilateral decision on some issues,” an executive director of Bangladesh Bank told UNB.
Read More: Bangladesh Bank yet to allow Indian rupee in foreign trade
Wishing anonymity, he said that banking systems in India and Bangladesh have to sign separate agreements on using rupee.
Meanwhile India-Bangladesh Chamber of Commerce and Industry (IBCCI) has submitted the total trade account to the central bank in the form of a proposal. This initiative is being taken to overcome the existing dollar crisis, sources said.
Bangladesh Bank spokesperson Md Mezbaul Haque said that India-Bangladesh trade, using rupee instead of US dollar, is still in the experimental stage. Some issues still need to be settled.
“There are some bilateral issues that need to be resolved. Then the banks have to prepare. But there will be a positive decision in this regard,” he added.
Read More: Indian businesses eager to invest in various sectors
In response to a question whether there will be a fixed annual dollar quota for opening LCs, he said, LCs will be opened according to the needs of businessmen. But the only source of rupees is from the export earnings of Bangladeshi goods in India.
“We are importing more from India than we export. This is why there is a trade deficit. As a result, the amount of rupee is also being considered,” Mezbaul said.
Currently India is trading in rupees with Russia, Mauritius, Iran and Sri Lanka.
At the Bangladesh-India ministerial meeting on trade, held in the Indian capital New Delhi on December 22-23 last year, India proposed to introduce the rupee as a medium of trade for both countries.
Read More: Bangladesh maintains close ties with all – China, US and India: PM tells CNN
Then, on the sidelines of the meeting of G20 Finance Ministers and Central Bank Governors held in Bengaluru, India on February 24-25, there was a discussion between the two countries about moving the dollar as an exchange currency.
There, Bangladesh Bank Governor Abdur Rauf Talukder and Reserve Bank of India Governor Shaktikanta Das discussed the possibility of such a system using rupee instead of US dollar.
Bangladesh can draw more investment if corruption remains less prevalent: Peter Haas
US Ambassador to Bangladesh Peter Haas today (March 21, 2023) said his country is committed to working with Bangladesh to eliminate corruption – enabling Bangladeshis to enjoy lives of dignity and drawing more international trade and foreign investment.
“If Bangladesh can assure citizens and investors that corruption is less prevalent here than in other markets, it will attract more investment and help the country continue on the path of economic growth,” he said.
Ambassador Haas made the remarks at an event, titled “Call to Action Against Corruption Summit”, at a Dhaka hotel, organized by Centre for Governance Studies (CGS) and Center for International Private Enterprises.
The US ambassador said corruption exists, to one degree or another, in every corner of the globe, and they are all too familiar with what it looks like.
Read More: Excited to see more Bangladeshi students are choosing US: Peter Haas
“It’s trying to get a driver’s license and having to pay ‘speed money’. It’s knowing that if you want a passport appointment, it’s going to cost you extra. It’s needing to bribe the right official to register a plot of land you just purchased,” Haas said.
Corruption is a parasite that feeds on the resources of a society and drains it of its strength and can devastate every level of business and government, he said.
“Sadly, some notorious scandals have occurred in my own country,” said the US ambassador.
Yet, he said, exposing corruption and holding perpetrators accountable have catalyzed economic growth in the United States and elsewhere.
Read More: New US Ambassador Peter Haas arrives in Dhaka
“When societies exert such efforts, they prosper. I am confident this can be the case here in Bangladesh, as well, and the United States is eager to help,” he said.
Under President Biden, the US government has established the fight against corruption as a core national security interest, he added.
“We support initiatives that help Bangladeshi businesses meet international standards and regulations, making them more competitive in the global market,” said the envoy.
“By promoting ethical business practices, we can create a more level playing field for businesses of all sizes and encourage more foreign investment,” he added.
Read More: Peter Haas nominated next US Ambassador to Bangladesh
The US Agency for International Development, USAID, has partnered with Bangladesh’s Registrar of Joint Stock Companies to launch an online registration process for new businesses.
This makes registering new businesses more transparent, faster, and more affordable, Ambassador Haas said.
USAID has also worked with the Bangladesh National Board of Revenue to establish authorized economic operators. This endeavour empowers the private sector, instead of the government, to release shipments at ports, he said.
As a result, Haas said, the process has become more transparent and raised the level of trust between the private sector and the government.
Read More: Prevent corruption in every sector: President to ACC
The US Department of Commerce’s Commercial Law Development Program (CLDP) works with the Private Public Partnership Authority Bangladesh to conduct workshops to improve the legal and business environment of Bangladesh.
CLDP also works with Dhaka North City Corporation (DNCC) to improve municipal governance by improving fiscal transparency. Under this program, CLDP invited over a DNCC delegation, including the mayor, to Miami in January.
The US Department of Justice trains investigators and attorneys in the Anti-Corruption Commission on topics such as how to investigate and prosecute money laundering, how to use electronic evidence, and how to investigate financial crimes.
“It has also fostered a relationship between Bangladesh’s Financial Intelligence Unit and the International Anti-Corruption Coordination Centre,” Haas said.
Read More: All-pervasive corruption by AL destroys economy: Fakhrul
“The United States is committed to holding corrupt officials accountable for their actions. This can take various forms,” said the ambassador.
Just as US laws hold American citizens and businesses accountable for corrupt practices, there are US laws and penalties that apply to non-citizens who use corrupt practices in violation of the laws.
“What can the Bangladeshi government do to reduce corruption? It could think about ways to empower institutions to tackle corruption and promote transparency and accountability in governance and business,” he said.
One idea is to reduce the amount of cash that officials handle by replacing cash-based financial transactions with the government with online transactions, Haas said.
Read More: Power tariff being raised frequently to manage corruption: Fakhrul
“Citizens could pay bills, fines, and taxes electronically. Such a process would minimize the opportunity for bureaucrats to overcharge or misplace public funds into their own pockets,” he said.
Haas recognized the important role a vibrant civil society and free media play in investigating and exposing instances of corruption.
Bangladesh has many advantages that potential investors would find attractive, he said. “But as American business leaders tell me: multi-national firms have options on where they invest.”
They will choose whichever country has the lowest levels of corruption, the fewest bureaucratic obstacles, the greatest respect for rule of law, and the best logistics infrastructure for their business, he added.
Read More: BNP's complaints about corruption 'laughable': Hasan Mahmud
EPB, Portugal's AICEP sign MoU on trade, investment cooperation
The Export Promotion Bureau (EPB) of Bangladesh and the Agência para o Investimento e Comércio Externo of Portugal (AICEP) or the Trade and Investment Agency of Portugal have signed a memorandum of understanding (MoU) on trade and investment cooperation online.
The MoU, signed Thursday, will focus on strengthening economic relations between the two countries by promoting trade and industry as well as by bringing together business leaders from all sectors of the economy.
At the ceremony held simultaneously at two institutions, EPB Vice-Chairman AHM Ahsan in Dhaka and AICEP Chairman and CEO Luís Castro Henriques in Lisbon signed the MoU.
Through this MoU, the AICEP and EPB aim to collaborate on developing direct business relations between their respective business communities of the two nations.
Also Read: Portugal church sex abuse study: victims may number 4,800
It will also promote the exchange of economic, trade and business information and entrepreneurial experience between the two organisations and help them undertake actions to support each other in the development of fairs and symposiums, conferences and other events aimed at expanding the bilateral trade and economic cooperation, said the Bangladesh Embassy in Lisbon on Friday.
It is expected that both organisations will facilitate sending business missions between the two countries to examine the prospects for cooperation in industry and trade.
Also Read: Bangladesh seeks Portugal's investment, expertise in blue economy, wind power generation
Henriques hoped that both organisations of the two friendly countries would work closely for furthering business cooperation.
"This is only the beginning. My institution is ready to explore areas of cooperation under this framework. There is a huge untapped business potential between the two countries on which the two countries can work," he added.
Ahsan said this is the first cooperation MoU on business cooperation in the history of Bangladesh-Portugal bilateral relations.
Also Read: EU’s EBA Scheme for LDCs: Portugal terms Bangladesh best success story
He hoped that now business communities from both countries would get the opportunity to work closely which will "certainly in turn boost the bilateral trade and investment of the two nations."
Ambassador Tarik Ahsan congratulated both the Export Promotion Bureau of Bangladesh and Agência para o Investimento e Comércio Externo de Portugal on this momentous decision to tie up for a partnership.
Referring to the historic linkage between the countries, Bangladesh Ambassador to Portugal Tarik Ahsan said the people of Bangladesh and Portugal have been connected since the early 16 century.
On the Lisbon side of the ceremony, Manuel António Gaeiras, director of external relations and foreign markets, Maria José Alvarenga, deputy director of external relations and foreign markets, Daniel Pontes, market manager of external relations and foreign markets, of AICEP and First Secretary of Bangladesh Embassy Alamgeer Hossain were also present.
On the Dhaka side, EPB Director General Mahbubur Rahman, Director General of the West Europe and EU wing of the Ministry of Foreign Affairs of Bangladesh Kazi Russel Pervez, and others attended the signing ceremony.
Bangladeshi diplomats have to be active in strengthening economic diplomacy: PM in Doha
Prime Minister Sheikh Hasina yesterday (March 06, 2023) asked Bangladeshi diplomats to play an active role in strengthening economic diplomacy in order to sustain the country’s graduation to the developing status through enhancing trade and export with different countries.
“Bangladeshi diplomats working in different countries will have to be active in strengthening economic diplomacy alongside brightening the image of the country,” she said.
The premier gave the directive at a regional envoy conference, held at her place of residence in Doha, with participation of Bangladeshi diplomats stationed in the Middle Eastern countries.
She said since Bangladesh is going to graduate to a developing country, attention is needed on countries where Bangladesh could enhance its trade and business.
Read more: Qatar Foundation Chair Nasser meets PM
“You will have to discuss and negotiate with all the countries, so that we can sustain as a developing country, move forward, and can finally graduate to a developed country,” she said.
Sheikh Hasina said once diplomacy was a political issue, and now it is an economic issue. “So, those of us who are working (in different countries) will have to identify trade and business opportunities there so that we can boost our exports and import goods at competitive prices.”
“Identify the places where there is demand for our products and where we have the scope to market our goods,” she added.
Referring to the policy of Bangladesh to maintain good relations with all countries, the PM reiterated the cornerstone of the country’s foreign policy is ‘friendship to all, malice towards none.’
Read More: Bangladesh open to Qatar’s investment in energy sector: PM tells Doha Investment Summit
The premier said Bangladesh would maintain friendly relations with everyone. But when injustice is done, Bangladesh will definitely speak out while maintaining friendly relations, as it did with Myanmar. “…We gave shelter to the Rohingyas on humanitarian grounds, but we did not engage in conflict with Myanmar. Bangladesh is making diplomatic efforts to send the Rohingyas back to their homeland,” she said.
Foreign Minister Dr AK Abdul Momen, Education Minister Dr Dipu Moni and Commerce Minister Tipu Munshi, among others, were present at the conference.
The Prime Minister is now visiting Qatar to attend the Fifth United Nations Conference on Least Developed Countries (LDC-5). She arrived in Qatar last Saturday at the invitation of Qatar's Emir Sheikh Tamim bin Hamad Al Thani and United Nations Secretary-General Antonio Guterres. The Prime Minister of Bangladesh is scheduled to leave here for Dhaka on Wednesday.
Read More: PM Sheikh Hasina arrives in Qatar to join UN conference on LDCs.
Bangladesh open to Qatar’s investment in energy sector: PM tells Doha Investment Summit
Prime Minister Sheikh Hasina on Monday (March 06, 2023) urged oil-rich Qatar to make investment in Bangladesh’s energy sector, especially in renewable energy.
“We remain open to investment proposals in our infrastructures and logistics sectors. We believe there is scope for Qatari investment in the energy sector, including in renewable energy,” she said.
The premier was addressing the Doha Investment Summit 2023 Titled ‘The Rise of Bengal Tiger: Potentials of Trade and Investment in Bangladesh’ held at Grand Ballroom of The St. Regis Doha.
She mentioned that Bangladesh could benefit from Qatar’s expertise in offshore gas exploration and energy distribution system.
Read more: PM Sheikh Hasina arrives in Qatar to join UN conference on LDCs
She urged the business people from Qatar to look at certain thrust sectors in Bangladesh and invited a delegation of Qatari business people to visit the country soon.
“I also urge the non-resident Bangladeshis based in Qatar to invest in Bangladesh. We need your participation in our nation-building efforts,” she said.
PM Hasina said that Bangladesh’s bilateral relations with Qatar should be readjusted based on a mutually beneficial economic partnership as there are immense untapped potentials.
“Bangladesh and Qatar are bound by strong brotherly ties and friendship. Our two nations need to reposition our ties based on a mutually beneficial economic partnership,” she said.
Read More: PM in Doha: LDCs need 5 key support from dev partners
She also put emphasis on setting up a Joint Committee on Trade and Investment and a Joint Business Forum to bring private sectors on a single platform.
“Our two governments should work on setting up a Joint Committee on Trade and Investment. There should also be a Joint Business Forum to bring our private sectors on a single platform,” she said.
She mentioned that Bangladesh’s agricultural growth also creates scope for cooperation in agro-processing industries, with buy-back arrangements to Qatar.
“We have plans to set up three special tourism zones, where Qatar can engage in both real estate and hospitality sectors,” she said.
Read More: PM meets Guterres in Doha, discusses Ukraine, Rohingyas
The PM said that Bangladesh aspires to have at least ten Unicorns in ‘Smart Bangladesh’, and country’s vibrant start-up scene is ready to draw Qatari investment.
In addition, she said, Qatari investors can consider portfolio investment in Bangladesh.
“Bangladesh Securities and Exchange Commission is working hard to further develop our capital markets. We have taken several steps to establish our bond market on a solid footing. We are soon going to include derivative products in our capital markets,” she said.
PM Hasina said that the disruptions in international fuel market due to the war in Ukraine have pushed countries like Bangladesh into a hard spot.
Read More: Energy-rich Qatar faces fast-rising climate risks at home
In order to meet the growing energy need, she said, Bangladesh is interested in increasing its LNG imports from Qatar.
She also requested Qatar to explore opportunities for increasing import of goods from Bangladesh.
She said that Bangladesh is now well on track to graduate from the UN LDC Group in 2026 which has been achieved by 168 million people through their hard work and commitment.
She said that just before the pandemic, country’s economy reached a growth rate of 8.15 percent, and even during the pandemic, it posted a growth rate of 6.94 percent.
Read More: PM urges South Korea for more investments in Bangladesh
She said that Bangladesh is now the world’s 35th largest economy with a GDP of USD 460 billion while projected to become the 24th largest by the first half of the 2030s.
“It was during my first tenure in 1996-2001 that our government fully opened up the door of trade and business for the private sector. Now our private sector is flourishing and our government is working as a facilitator. Together, we hope to take Bangladesh to the next level of development,” the PM said.
Sheikh Hasina mentioned that Bangladesh has one of the most liberal investment regimes in the region.
She mentioned that the incentives being offered include tax holiday, concessionary duty on machinery import, remittance of royalty, technical know-how and fees, allowing 100 percent foreign equity, unrestricted exit policy, full repatriation facilities of dividend and capital on exit, etc.
Read More: Eswatini wants trade, investment promotion with Bangladesh
“The Bangladesh Investment Development Authority (BIDA) is offering a number of services to foreign investors under one roof.”
She mentioned that the government is setting up 100 Special Economic Zones with coordinated facilities and there are so far five country-specific Economic Zones in the making.
“We are investing heavily in our infrastructures fit for a regional connectivity and logistics hub. Our mega-projects like the Padma Multi-purpose Bridge, the Karnaphuli river tunnel, the Matarbari Deep Sea Port, the expanded Third Terminal at Dhaka International Airport, the Rooppur Nuclear Power Plant, the Metro-rail system in Dhaka all testify to our determined march forward.”
Hasina mentioned that the government has already brought the entire nation under electricity and internet coverage while country’s first communication satellite Bangabandhu-I has opened up new horizons.
Read More: Bangladesh, South Africa discuss ways to boost trade and investment
“We have a large pool of easily trainable workforce available at a competitive wage<” she said, adding “Bangladesh has got the world’s second largest community of registered IT freelancers.”
She mentioned that Bangladesh has made big leaps in developing its digital backbone down to the remote areas. “Our boys and girls are preparing themselves to join the Fourth Industrial Revolution.”
She said that the government is gradually building 38 Hi-tech Parks, with opening for foreign investment.
She said that government’s vision now is to build a ‘Smart Bangladesh’ by 2041, drawing strength from a knowledge-based society.
Read More: It is high time to work together on more projects, investment areas: Chinese Envoy
“Bangladesh offers to be a willing partner in realizing the Qatar National Vision 2030. We can equip our workforce with knowledge and skills to cater to the advanced employment market in Qatar,” she said.
She reaffirmed her commitment to fulfill Bangabandhu Sheikh Mujib’s dream of building a ‘Sonar Bangla’ and said that she is confident the Qatari leadership and people will continue to stand by Bangladesh as they did in the past decades.
“I encourage our business peoples to keep adding new feathers to our excellent bilateral relations,” she said.
Chairman of Bangladesh Securities and Exchange Commission Prof Shibli Rubayat Ul Islam and Executive Chairman of Bangladesh Investment Development Authority (BIDA) Lokman Hosaain Miah made two separate presentations focusing on potentials of trade and investment in Bangladesh.
Read More: Bangladesh-Turkiye Business Forum launched to usher in new era of economic cooperation
Bangladesh Securities and Exchange Commission and Bangladesh Investment Development Authority (BIDA) in partnership with the Foreign Affairs Ministry arranged the event.
Reopening embassy will boost trade between Argentina, Bangladesh: Visiting minister hopes
Argentina’s Minister for Foreign Affairs, International Trade and Worship Santiago Andrés Cafiero today (February 28, 2023) hoped that the economic, trade and business collaboration between his country and Bangladesh will get a boost following the reopening of the Argentine embassy in Dhaka.
He expressed the optimism while paying a courtesy call on Prime Minister Sheikh Hasina at the latter’s official residence Ganabhaban this morning.
PM’s speechwriter Md Nazrul Islam briefed reporters after the meeting.
“Argentina is happy to reopen its embassy in Dhaka,” the visiting foreign minister was quoted as saying while extending thanks to Sheikh Hasina for giving the opportunity to reopen the mission in such a short time.
Read More: Bangladesh should go for PTA with Mercosur instead of FTA: Argentine minister
He hoped that economic, trade and business collaboration between the two countries will be enhanced, as well as friendship will be strengthened further with reopening the embassy.
“There is enough scope to enhance cooperation between our two countries,” Cafiero was quoted as saying.
Argentina first opened its embassy in Dhaka in 1974 but it was closed in 1978 by the military junta that ruled the South American country at the time. The Argentina embassy was reopened in Dhaka’s Banani area yesterday.
Prime Minister Sheikh Hasina said that Bangladesh is very keen to enhance relations with Argentina.
Read: All roads in haor areas will be elevated for unobstructed water flow: PM
“There is huge scope to enhance trade and tourism between Bangladesh and Argentina,” she was quoted.
Argentina can import garments and pharmaceutical items, jute and related products, and leather goods from Bangladesh, she said.
Bangladesh mainly imports edible oil, particularly soybean oil, animal and vegetable fats, seeds, fruits, grains, dairy products, eggs and natural honey.
“We can also collaborate in the fields of sports, education and culture,” she said, seeking cooperation from Argentina for the development of Bangladesh football.
Read More: Latin America-Bangladesh Chamber president meets Argentine business delegate in Dhaka
Sheikh Hasina said the whole world is going through turmoil caused by the impacts of the Covid-19 pandemic, Russia-Ukraine war, economic sanctions and counter-sanctions.
Not only Bangladesh, but many developed countries are being impacted as prices of food items and inflation have gone up significantly around the world, she said.
In this context, she said that public suffering can be eased through enhancing cooperation and relations among friendly countries.
The PM said Bangladesh has put emphasis on raising food production and setting up 100 special economic zones to generate employment, developing infrastructures and connectivity with neighbouring countries. Now Bangladesh is a marketing hub in South Asia, she added.
Read: President at Mithamain to welcome PM
The visiting Argentine minister said the people of his country are also bearing the brunt of high inflation induced by the Russia-Ukraine war and the Covid-19 pandemic.
Talking about climate change, he said relations among the member states of the global south forum can be strengthened to fight the impact.
He praised Prime Minister Sheikh Hasina’s leadership in fighting climate change.
Appreciating the development of Bangladesh, he said, “We are highly impressed with the socio-economic development of Bangladesh.”
Read More: Bangladesh attractive destination for business, investment: Momen tells Argentine delegation
Noting that this is his first visit here, the Argentine foreign minister said he did not imagine that Bangladesh would be so beautiful.
PMO Secretary Mohammad Salahuddin, Secretary (West) at the Foreign Ministry Shabbir Ahmad Chowdhury and non-resident Ambassador of Argentina to Bangladesh Hugo Gobbi were present.
On Monday, Argentine Foreign Minister Cafiero arrived in Dhaka to inaugurate his country’s new embassy here and deepen trade and cultural relations. Diplomatic operations, such as visas in order to travel, were handled by the Argentine embassy in India until now.
Read More: Argentine FM to hold bilateral talks with Momen in Dhaka Monday