Foreign Minister Hasan Mahmud has invited Irish investment in Bangladesh, particularly in agro-processing, pharmaceuticals and IT sectors. He also thanked Ireland for hosting a few thousand Bangladeshis and requested the Irish Minister for Enterprise, Trade and Employment Simon Coveney to ease the visa process to enable more Bangladeshi students and IT professionals to pursue higher studies and work in Ireland. The Foreign Minister thanked the Irish Minister for visiting Bangladesh to further strengthen Bangladesh-Ireland bilateral relations. He suggested further enhancement of bilateral trade in goods and services through new initiatives and sought Ireland’s support for EU’s EBA trade preferences to Bangladesh until 2032 and GSP+ benefits beyond 2032. Minister Simon Coveney met with the Foreign Minister at the Ministry of Foreign Affairs on March 18. Foreign Minister requests visiting Irish Minister to ease the visa process The Irish Minister congratulated the Foreign Minister on his new appointment. Highly praising Bangladesh’s sustained high economic growth, he suggested exchange of visits of delegations with special focus on bilateral trade and collaboration in the areas of technology, pharmaceuticals and energy. He also assured Irish support in favour of Bangladesh’s appeal for extension of EBA facilities until 2032 and GSP+ facilities beyond 2032. Referring to the migrant-friendly policy of the Irish government, the Irish Minister welcomed more Bangladeshi students and professionals to Ireland. The Irish Minister hoped for an early solution of the Rohingya crisis and added that an additional Euro 1.5 million humanitarian assistance would be provided to the Rohingyas in Bangladesh. The two ministers shared their views on the war in Gaza and expressed deep concern over the killing of people, particularly women and children. They agreed that the two-state solution can bring lasting peace in the region. Earlier, the Irish Minister officially opened Ireland’s first Honorary Consulate in Dhaka, which is seen as an “important milestone” in the relations between Bangladesh and Ireland. In its desire to further expand the bilateral relations with Dhaka, Ireland has recently appointed Cosmos Group Deputy Managing Director Masud Jamil Khan as its Honorary Consul in Bangladesh. Ambassador of Ireland to India, Kevin Kelly, and Masud Jamil Khan, among others, were present during the opening ceremony. The Irish Minister arrived in Dhaka on Sunday on a two-day official visit aimed at boosting bilateral trade and investment. FM thanks Ireland for opening its Honorary Consulate in Dhaka On the occasion of St Patrick’s Day, the National Day of Ireland and official opening of the Honorary Consulate of Ireland in Bangladesh, Masud Jamil Khan and Kate Khan hosted an Iftar-dinner at a Dhaka hotel on Monday. The Irish Minister, Irish Ambassador to India, former Foreign Minister Dr AK Abdul Momen, diplomats stationed in Dhaka, senior officials at the Ministry of Foreign Affairs, business leaders and journalists were present at the event.

European Investment Bank (EIB) President Dr Werner Hoyer has appreciated the use of Euro 1 billion loan portfolio for Bangladesh since 2000 in areas of shared priorities. He noted, in particular, progress in projects – under implementation – under water treatment and rail link upgradation. Prime Minister Sheikh Hasina held a meeting with the EIB President recently at her hotel suite in Brussels. The prime minister referred to the achievements made so far in ensuring safe water and sanitation for nearly 97 percent of the population in Bangladesh. Also read: ‘Dear PM Hasina, 50th anniversary of EU-Bangladesh relations is the occasion to take our partnership to the next level’ She requested EIB to consider supporting river dredging, water conservation, and surface irrigation. PM Hasina also mentioned the initiatives taken by her government to develop dual-track railway, to promote cost-effective passenger and container traffic. She appreciated the interest of multilateral development banks in financing such impactful connectivity projects. The EIB president referred to the loan package of Euro 250 million signed in 2021, said the Ministry of Foreign Affairs on Thursday (October 26, 2023). He shared that the disbursement of the amount would commence soon for the purpose of health system strengthening. Also read: PM leaves for Belgium Tuesday on a significant EU visit The EIB president observed that Bangladesh was in an ideal situation to roll out vaccine production. The prime minister informed him about the measures taken by the government to develop a vaccine production facility and a molecular testing laboratory. She suggested that EIB extend support for necessary infrastructure development for these initiatives. She reiterated that Bangladesh could support EU’s efforts to diversify production of pharmaceuticals, vaccines and medical equipment. She also discussed possible support measures for combating dengue outbreaks, including through vaccines. The EIB is the largest multilateral public bank in the world. In 2022 it financed around Euro 10.8 billion in investments outside the European Union via EIB Global, the arm of the bank created that year for activities beyond Europe. Since the beginning of its operations in Bangladesh in 2000, the EIB has supported six projects in the country and has invested more than Euro 670 million in water, transport and health projects. Also read: PM Hasina asks EU to extend GSP+ facilities for 6yrs to graduating LDCs like Bangladesh END/UNB/MK/KW

Prime Minister Sheikh Hasina today (March 20, 2023) put emphasis on formulating new long term export policy for Bangladesh, considering graduation to a developing country from LDC after 2026. “After 2026, while we will graduate to a developing country from LDC, we will get some opportunities… We have to utilise those opportunities to make our economy stronger and develop the country further,” she said. The prime minister said this while speaking at the 11th meeting of the National Committee on Export, at her official residence Ganabhaban. She mentioned that after graduating to a developing nation, the next aim will be to become a developed one. Read More: Canada to increase potash exports to Bangladesh to boost food production, says country’s trade ministry Sheikh Hasina also asked the concerned to utilise opportunities regarding enhancing Bangladesh’s export items that have emerged due to Russia-Ukraine war. She said that due to Russia-Ukraine was, there is an opportunity for Bangladesh to create new markets with its own products. In this regard, she said that many countries have already shown interest to import food items from Bangladesh. “We could export food items after fulfilling local demands. We can take initiatives for that,” she said. Read More: Simplified policy, product diversification could boost exports to UK over $12 billion by 2029: Study says She said that immense opportunities could be created through establishing food processing industries in the country and export those items. The PM said that the government has given importance to the export sector. “After assuming office, we have taken steps to formulate long term export policies instead of policies on one-year basis. To sustain achievements, there is no alternative to long term strategy,” she said. She said that the government has formulated export policy until 2024 (2021-2024). Read More: Apparel export to EU up 14.3% during July-February of FY23  “…But what will we do after that? In the meantime, we are graduating to a developing country. I think this is the right time to consider what we will do in the coming days or how we will advance,” she said. She put emphasis on setting the next moves for economy, keeping in mind the current economic turmoil across the globe. “We have to find new markets across the globe. We have to diversify our products, we have to include new items in our export basket,” she said. The PM said that the Awami League government has given utmost importance to the private sector and it opened every sector to entrepreneurs as it is not possible for the government alone to develop the country. Read More: 'India a great potential market for Bangladesh's RMG exports' For the development of the export sector, she said, a strategy needs to be adopted and products have to be identified. “For that we have formulated a prospective plan – to turn the country into a developed one by 2041,” she said. The PM also mentioned ICT and digital devices, RMG, pharmaceuticals, light and medium weight industries, motor vehicles and electronic motor vehicles, while talking about diversifying products. She said that the government is preparing 100 economic zones with investment from home and abroad. Read More: Bangladesh export income rises despite bad global economy “Bangladesh has been able to attract foreign investments,” PM Hasina said.

With joint investment from Bangladesh and Saudi Arabia, Beximco Pharmaceuticals is set to start producing medicines in the kingdom from next year, Prime Minister's Private Industries and Investment Adviser Salman F Rahman said on Saturday (March 11, 2023). Bangladesh will provide Saudi Arabia with manpower and technical support for the plant, he said while speaking to reporters after a visit to Beximco Pharmaceuticals with a delegation led by Saudi Commerce Minister Majid bin Abdullah Al Qasabi. Rahman said, "We are committed to producing medicines, maintaining top quality. In terms of pharmaceutical exports, we must adhere to a variety of international procedures. This is why people around the world have trust in medicines produced in Bangladesh." “According to reports, the medicine produced in Bangladesh are of high quality. Besides, prices are also quite reasonable compared to other countries,” he added. Read more: Find ways to bring commodity prices to a normal level: PM tells business leaders Referring to the growth of the pharmaceutical industry in Bangladesh, he said the industry in the country has made good progress and made a mark in the global market. “The government is setting up a pharmaceutical park. The raw materials for medicines will be produced there very soon, which will further accelerate the growth of this industry.” Saudi Commerce Minister Majid bin Abdullah Al Qasabi arrived in Dhaka on Friday afternoon to attend the Bangladesh Business Summit-2023, organized by the FBCCI in the capital. Earlier on Saturday, Bangladesh and Saudi Arabia had signed three MoUs in order to strengthen economic and trade relations between the two countries. Read more: Business Summit: Deals signed with Saudi Arabia, China on first day One of the agreements would allow a Saudi company to set up gas pipelines through India and Bangladesh under a public-private partnership (PPP) basis. Two MoUs were signed with Saudi Arabia for developing Rangpur Sugar Mills and Patenga Container Terminal. Later, a group led by the Saudi commerce minister visited Beximco Pharmaceuticals and met with a delegation from Beximco Pharmaceuticals. While speaking to reporters, the Saudi minister said: “Trade and investment between Bangladesh and Saudi Arabia have not yet reached the desired level. We will explore the trade relations between the two countries through the visit.” “We also want to harness our potential in information technology, communication, and manpower exports,” Qasabi said. Read More: Policies must to stop misuse, overuse of antibiotics: Health Minister Citing Beximco Pharmaceutical as a "world-class pharmaceutical manufacturing factory", the Saudi commerce minister said Beximco Pharmaceutical is producing medicines using all advanced technologies. Meanwhile, Nazmul Hasan Papon, managing director of Beximco Pharmaceuticals, said at least 30 types of medicines will be produced at the plant in Saudi Arabia. “Even though the plant is being constructed with joint investment from both Saudi Arabia and Bangladesh, we are providing the majority of the funds,” he said. Bangladesh is currently exporting medicines to 160 countries around the world after meeting its own demand.  Read More: Fake drug manufacturing unit busted in Dhaka, 7 held According to the Directorate General of Drug Administration, the export of medicines in the 2021–22 fiscal year was US$ 188.78 million.