US aircraft manufacturer giant Boeing has predicted that air travel in Bangladesh will double in the next decade – driven by the country’s growing population, expanding economy and the middleclass. Boeing provided details about the increasing demand and capacity for air travel in Bangladesh in a briefing today in Dhaka, on its Commercial Market Outlook (CMO), a yearly forecast of global and regional demand for aircraft. Through 2032, Bangladesh is expected to achieve an annual economic growth rate of more than 5% -- double the global average, supporting air traffic growth at nearly 8.5% annually, according to Boeing. Read More: NOVOAIR launches direct flight on Jashore-Cox’s Bazar route “As travel restrictions were relaxed over the past year, capacity growth in Bangladesh has increased by 11% year-over-year,” said Dave Schulte, Boeing Commercial Marketing Managing Director for Asia Pacific and India, on Wednesday (May 10, 2023). Led by regional traffic to the Middle East and India, Bangladesh’s air travel could double over the next 10 years, he said. To meet strong demands in passenger travel and air cargo, Boeing anticipates South Asia’s carriers will need more than 2,300 new commercial airplanes over the next 20 years, more than tripling South Asia’s current in-service fleet of 700 airplanes. Read: US-Bangla Airlines to operate Boeing 737 Max 8  “We see tremendous opportunity in South Asia, with more than 80% of new deliveries supporting air travel growth and 20% replacing older, less fuel-efficient airplanes,” said Schulte. Single-aisle airplanes like the Boeing 737 family will make up nearly 90% of South Asia’s future fleet, while 10% of the regional fleet will be widebody airplanes like the Boeing 787 Dreamliner. Both airplane models are currently in operation with Biman Bangladesh Airlines and US-Bangla Airlines. “Boeing airplanes have played a tremendous role in the rapid growth of commercial aviation in Bangladesh. Commonality across the fleet will continue to play a major role in furthering growth, especially as it enables our airline customers to reduce operating costs and expenditures associated with training and maintenance,” added the Boeing Commercial Marketing Managing Director for Asia Pacific and India. Read More: Target trade-based capital flight, not genuine consumption through imports: Economists

US President Joe Biden has said his country acknowledges their enduring partnership with Dhaka and termed Bangladesh's economic growth in the past 50 years “a remarkable story”. “I hope our nations will continue to work on democratic governance, climate change, refugees, and maritime security. We are invested in your success and support the ability of all Bangladeshis to freely participate in and contribute to their country's development,” he said. The US President made the remarks while accepting the credentials of the newly-appointed Bangladesh Ambassador to the US, Muhammad Imran, at the White House, according to the Bangladesh Embassy in Washington DC. “As 2022 marks the 50th anniversary of US-Bangladesh relations, I would like to acknowledge our enduring partnership with Bangladesh,” Biden mentioned in his written remarks. Read more: US National Security Council official arrives Saturday While formally presenting the credentials to the US President recently, Ambassador Imran conveyed the greetings of President Md. Abdul Hamid and Prime Minister Sheikh Hasina to the US President. Welcoming the new Bangladesh envoy in the United States, Biden said his administration looks forward to working with the ambassador to expand bilateral relations between the two countries. “My Administration looks forward to working with you to deepen our relations as we address the opportunities and challenges ahead. It is a pleasure to welcome you to Washington,” he said in a letter to the Ambassador. Biden also assured the Bangladesh ambassador of extending all sorts of cooperation during his tenure in the United States. Read More: India to host "Voice of Global South Summit" January 12-13 virtually under theme "Unity of Voice, Unity of Purpose”

Bangladesh and the World Bank have signed a $250 million financing agreement to support the country’s reform efforts to sustain growth following the pandemic and to enhance resilience to future shocks, including climate change. The Bangladesh First Recovery and Resilience Development Policy Credit — the first in a series of two credits — will help Bangladesh build a stronger fiscal and financial sector to sustain growth, the World Bank said in a release. The credit is from the World Bank’s International Development Association (IDA), which provides concessional financing, has a 30-year term, including a five-year grace period. It will help streamline the bank recovery framework with all scheduled banks to update recovery plans annually. Read: Deal signed with World Bank for $250 million towards post-pandemic recovery The programme supports the legislative framework on payments, which will contribute to a more efficient financial system. The programme supports adjustments to the interest rates of public savings instruments such as the National Savings Certificate. Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan, said that Bangladesh has made a robust economic recovery from the pandemic. “This programme will further support the government’s policies to make the economy more resilient and competitive as Bangladesh strives to become an upper-middle income country by 2031.” The cancellation of 8,451 MW of investments in coal-fired electricity generation projects will accelerate the country’s transition to decarbonisation and a green economy. The revised National Building Code will help the country reduce greenhouse gas emissions by improving energy efficiency in buildings. Read: World Bank projects Ukraine's economy to shrink by 45 pct this year The programme will support the National Tariff Policy to modernise taxes and foster a globally competitive export industry. It will help to better leverage digital technologies and enable non-resident firms to submit VAT returns, according to the World Bank. The increased coverage of the electronic government (e-GP) system will improve efficiency of public procurement. It will also support the coverage, speed, and efficiency of social protection programmes to help the government rapidly respond to extreme climate events such as floods and cyclones. By using the government-to-person payment platform for cash transfers, the government can identify new and existing beneficiaries for emergency assistance while also capturing gender-disaggregated payment data.