The United States has said it looks forward to working with Bangladesh to "enhance economic investment" over the next 50 years and beyond. The visiting US delegation met Salman F Rahman, Private Industry and Investment Adviser to PM Sheikh Hasina, to hear how government and private companies are collaborating. Eileen Laubacher, Special Assistant to the President and Senior Director for South Asia, US National Security Council (NSC); Michael Schiffer, USAID Assistant Administrator, Bureau for Asia; and Afreen Akhter, US Department of State Deputy Assistant Secretary for South and Central Asia, are on a three-day visit to Bangladesh. For over 50 years, the US has partnered with the government and the people of Bangladesh, providing over $8 billion to tackle issues like public health, education, energy, environment, food security, natural disasters, and more. Read: Want to create a new chapter in our relations: Foreign Minister says after meeting with US delegation The United States is one of the largest investors in Bangladesh and its largest single country export market, said the US Embassy in Dhaka. "Our leadership from Washington D.C. joined local economic experts to discuss a range of issues impacting the bilateral trade relationship," said the US Embassy. The United States "stands ready" to help Bangladesh create a business climate that attracts more investment from the US. The delegation discussed ways to improve the business environment, making investment in Bangladesh more attractive to American companies. Read: Bangladesh-US relations will be stronger based on environment, climate actions: Environment Minister The three officials, according to the US side, are visiting Bangladesh to discuss with the government of Bangladesh ways to "strengthen diplomatic ties, address challenges, and promote a shared vision for the advancement of mutual interests in the Indo-Pacific region." They also met Foreign Minister Dr Hasan Mahmud, Foreign Secretary Masud Bin Momen, civil society representatives, labour leaders, youth activists and those engaged in developing a free and uncensored media. "We discussed with the Foreign Minister how our two countries can work on mutual interests, including economic development, security, refugees, climate, labor, and trade," said the US Embassy in a separate message after the meeting. Bangladesh is an important partner in the Indo-Pacific region, it said. Read more: US Deputy Assistant Secretary meets Bangladeshi civil society members including Zillur and Adilur

Traders and shop owners of Dhaka's Bangabazar Market that burned down on April 4, can operate their businesses temporarily from this Saturday (April 08, 2023) at the site and adjacent area so that they can recover some of the losses. Bangladesh Prime Minister's Adviser on Private Industries and Investment, Salman F Rahman, gave the instruction to the shop owners’ association, after visiting the site today (April 06, 2023). Salman F Rahman visited Bangabazar Market along with leaders of different trade bodies and shop owners' associations. Last Tuesday, a fire broke out at the Bangabazar Complex, one of the main shopping areas in Dhaka city. During his visit to Bangabazar, Rahman also interacted with the affected traders of the market. Read More: Fakhrul suspects influential AL leaders behind Bangabazar Market fire After Rahman left Bangabazar, Bangladesh Shop Owners Association President Helal Uddin told reporters that he (Rahman) called him on his way back from the market. PM’s adviser then told Helal that the burnt area will be cleaned tomorrow (Friday), and the traders can temporarily operate there from Saturday. While visiting the market, Rahman also said that he spoke to Prime Minister Sheikh Hasina, who was deeply saddened by the incident. “The Prime Minister would like to provide assistance from her fund. Apart from this, many people from all over the country want to help,” he was quoted as saying. Read More: Bangabazar traders want interest-free loans to survive in business “For this, the shop owners’ association has been asked to open a joint account with the business organization here,” he said. He urged the Market Committee to prepare a list of affected traders and submit it to the City Corporation by next Sunday to get financial assistance. Rahman also said that if the previous case filed by some traders of Bangabazar Market is withdrawn, initiatives will be taken to implement the government’s previous plan to build a new market there. He said, when the market was burnt down years back, the government wanted to construct a new building there. But a fraction of traders did not want it and filed a lawsuit. If that case is withdrawn, the market will be rebuilt according to the previous government plan. Read More: Govt to assist Bangabazar businesses to recover from fire damages: PM Hasina

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.

Prime Minister's Private Industry and Investment Adviser Salman F Rahman Monday said the government will take possession of all the historic buildings in Nawabganj and Dohar upazilas that are currently being illegally occupied. No illegal occupants will be spared, he added. The adviser made the comments while visiting Brajo Niketan, a palatial residence of a British-era zamindar, in Nawabganj. On December 31, the government took possession of the old structure, which had been illegally occupied for a long time. Read more: Illegal establishments evicted from Banasree area Also, Salman requested the officials of the Department of Archeology to restore the house to its previous condition. Asked what will happen to the other occupied houses, the adviser said: "There are six other houses which are being occupied in Nawabganj and the ones in Dohar are being listed." "These historical buildings will be recovered following the law. All government properties will be recovered gradually."

Prime Minister’s Private Industries and Investment Advisor Salman F Rahman has said the government recognised logistics as a crucial sector and in these difficult times of major global disruption, they remain committed to be an integral part of the worldwide supply chain. He also said the government is involved in a process of formulating a ‘National Logistics Policy’, which will aid investment and cater to the need of the economy in the long run. While appreciating the white paper on ‘FDI in Logistics Sector’ at its launch on Sunday, brought out by Nordic Chamber of Commerce and Industry (NCCI), Salman F Rahman said it will benefit all the stakeholders in contributing to the policy formulation and its proper implementation. NCCI in Bangladesh hosted the online launch of its white paper, a follow up to the daylong event on the same topic hosted by the chamber in May, 2022. The event was attended by business leaders, foreign dignitaries, government stakeholders, regulatory bodies, policymakers, and advocacy coalitions. Read more: Initiative to develop logistics industry: Baby steps taken with World Bank guidance Ambassador of Denmark to Bangladesh Winnie Estrup Petersen said as Bangladesh focuses on the development of infrastructure, policies and guidelines need to be in place to get the most effective output from such infrastructural investments. “Thus, inputs from all quarters are essential for providing the best to the country,” she said while speaking on behalf of the embassies of Denmark, Norway and Sweden. While talking about the economy of Bangladesh, the ambassador highlighted that the Bangladesh economy has proven to be strong and resilient, boasting a growth even during pandemic when most economies of the world contracted. This uninterrupted trajectory of economic growth will see Bangladesh graduating from the LDC group in 2026. “To be able to be at par with the global standards, foreign direct investments (FDI) in the logistics sector is a good start. It can readily bring in the technology, skill set and dynamism that will elevate the country to a more developed arena,” said the Danish envoy. The ambassador also mentioned that to maintain and enhance the tempo of growth, the logistics sector needs to be strengthened through global connectivity, effective and efficient services guided through the long-term vision of the government. However, to attract such investments, it is important that Bangladesh further enhances a conducive business environment for foreign companies such that they are motivated to invest and do business here, she said. “A conducive general framework and a well-developed logistical infrastructure are closely connected, and it is important not to lose sight of this connection,” the Danish envoy said. Read more: No alternative to synchronised multimodal logistics management system: BUILD Ambassador Petersen applauded the effort of the NCCI in publishing the Whitepaper focused on the logistics sector terming it “timely and necessary discussion”. Speaking as special guest, Executive Member, Bangladesh Investment Development Authority (BIDA) Mohsina Yasmin said white papers are a major asset when it comes to improving business strategy, understanding the current state, and identifying potential growth areas. “It can also act as an influential document to advocate for policy changes and assist policymakers to support business and investment friendly environment,” Yasmin said. NCCI President Tahrin Aman highlighted that the logistics sector is a crucial component of the whole trading ecosystem, and major industries heavily rely on it. “So much so, that without logistics, the whole economy will come to a standstill. Therefore, even though the demand for logistics is derived, this industry plays a pivotal role in turning and improving the economic indicators, both in the micro and macro levels of the economy,” Aman said. He explained, “As we plan to grow our economy, it is imperative that we also focus on infrastructural development to support this economic expansion.” He added that the white paper has concrete recommendations for the policymakers and hoped that the policymakers and stakeholders at the higher echelon of government will consider the effort of the NCCI to inform policy decisions in the future. He reaffirmed the commitment of NCCI to assist the government in all its effort to increase investment and make Bangladesh an economic power, not just regionally but also globally. Riaz A Choudhury, acting Head of Wholesale Banking, HSBC said “The publication of white paper on ‘FDI in Logistics Sector’ is a very timely initiative from the NCCI. Digitization and modernization are inevitable game changers for the future of logistics industry. Leveraging our global expertise and digital platform, HSBC is willing to be a part of this transformation journey.” Asif Khan, Managing Partner of Edge Research and Consulting, in his address shared highlights from the Whitepaper and key policy recommendations suggested in it. Edge Research and Consulting was the research partner of the NCCI for this publication. The ‘Vote of Thanks’ was delivered by Angshuman Mitra Mustafi, Country Manager, Maersk Bangladesh Ltd and Treasurer of NCCI, on behalf of the organizers. Mashur Rahman, Executive Director of NCCI moderated the event. Read more: 'Logistics sector should be declared as thrust sector' The Whitepaper will be available for download from website of the Nordic Chamber- www.nccib.com/resources. The NCCI previously hosted a day-long event with the participation of all stakeholders, both private and government including BIDA, PPPA, 3 Port Authorities, NBR, Bangladesh Bank, Ministry of Foreign Affairs and Ministry of Commerce. Additionally, representation from Think Tanks, Academia and Research, as well as a wide cross section of private sectors actors, including service providers and users attended the event. The program emphasized Bangladesh's diverse range of opportunities, which are based on the country's economic progress since its independence. While highlighting Bangladesh as an attractive investment hub, speakers at the event discussed the need for overall logistics sector development considering Bangladesh's projected increase in trade volume in the coming decades.

Prime Minister's Private Industries and Investment Adviser Salman F Rahman on Saturday said the existing dollar crisis in banks will be gone by next month. read more: Bangladesh broadens its sources for energy supply; no shortage of dollars: FM “Necessary goods can be imported ahead of Ramadan and there will be no crisis during the month of Ramadan,” Rahman said while replying to journalists after placing a wreath and paying tribute at Mujibnagar mausoleum in Meherpur. He said prices of essentials in the global market have gone up and it has created a pressure on Bangladesh’s economy. read more: Remittance: Bangladesh Bank tells banks to provide Tk 107 per dollar “Yet we are selling essential commodities to 1 crore families through TCB. As at least 4 to 5 crore people are getting benefited from it, no major problem will remain,” he said.

Salman F. Rahman, adviser on the private sector to the Prime Minister and one of the country's leading businessmen, has said all export-oriented industries should get similar facilities to meet the objective of export diversification. Salman, also a first-time MP, was speaking as the chief guest at a webinar organized by the think-tank Policy Research Institute (PRI) on improving export trade facilities. The Prime Minister's private industry and investment adviser admitted that there is a problem with bureaucracy. Although the bureaucratic mentality in the administration has changed at the highest level, at the ground level it still remains the same. Every export-oriented sector can be improved if the bureaucratic complexities are reformed, he said. Read: Austerity reducing imports to $6 billion a month: Salman F. Rahman “I always say that everything was confined to high-level bureaucracy earlier. But now the problem has been reduced. There is a positive mental change at the highest levels of the bureaucracy. However, problems remain at the lower level and field level,” said Salman. The National Board of Revenue (NBR) and Commerce Ministry are working on these challenges to improve the business environment, he said. "We have to change the mindset of the bureaucracy at the field level. We all have to think about the geopolitical situation, how it is affecting the supply chain,” he added. Read Uniform rate: Tk 108/dollar max for remittance, Tk 99/dollar for export income from tomorrow Salman also focused on increasing the capacity of ports for increasing export opportunities. He said, “The capacity of Chittagong Port will be further increased. It is being worked on. Work is underway on the proposed deep sea port in the Matarbari area of Cox's Bazar district. It will be constructed as a full-fledged commercial port by expanding the coal-carrying jetty.” Once these are done, exports can be further increased, he said. State Minister for Planning Shamsul Alam also participated in the webinar. PRI Executive Director Ahsan H. Mansur, Chairman Dr Zaidi Sattar, Policy Exchange Chairman Dr M Masrur Riaz, IFC Manager Selma Rasavac, NBR Member (Customs Audit) Dr Abdul Mannan Sikder, Additional commerce secretary Hafizur Rahman, former president of BKMEA Fazlul Haque, CEO of Standard Chartered Bank Enamul Hoque, Country Manager of IFC Martin Holtmann among others, also joined the program. Read Govt served legal notice to ban Hilsa export to India in 7 days

PM’s Adviser for Private Industry and Investment Salman F Rahman has sought the assistance from the US government to encourage their vaccine-producing companies to partner with capable pharmaceutical companies in Bangladesh. Recalling the two countries’ close cooperation in combating Covid-19 since the early days of the pandemic, Adviser Rahman stressed scaling up of the global production of the Covid-19 vaccines and other pandemic management equipment to tackle the virus. He also stated that Bangladesh is ready to make necessary investments for the capacity enhancement of pharmaceutical companies for such partnerships. Adviser Rahman and Senior Official for Economic Growth, Energy, and the Environment of the US Department of State Ambassador Marcia Bernicat discussed ways to have stronger collaboration on Covid-19 front. Bangladesh and the US have expressed willingness to work more closely to fight against the Covid-19 pandemic, including partnership, in vaccine production. Read: Countries like Bangladesh need support for vaccine production: FM

Prime Minister's Private Industry and Investment Affairs Adviser Salman F Rahman on Tuesday said like Accord and Alliance in the RMG sector, a body would be formed for the domestic industries to ensure that they strictly follow compliance standards while the government would extend long-term financing and loans for becoming compliant. He also said that the factories of those industries which fail to be complaint would not be able to sell their products in the domestic market in future. Salman said these at a webinar tilted ‘Reviving the Leather Sector in the Aftermath of COVID-19’ as the chief guest jointly organized by the Economic Reporters’ Forum (ERF), Research Policy Integration for Development (RAPID) and The Asia Foundation (TAF) held through Zoom platform. Speakers at the webinar stressed the need for ensuring compliance in the local industries, especially in the leather sector, to become more competitive. They also stressed the need for forming a task force to look at the recommendations from different stakeholders and work on the betterment of the leather sector as well as improving rawhide management in an integrated way. They also advocated for modernizing and making more functional the Central Effluent Treatment Plant (CETP) in the Savar Leather Village through addressing its loopholes, improving solid waste management, addressing the environmental and labour rights issues in this sector and thus manufacturing quality products and providing the same facilities to all other sectors that the RMG sector is now enjoying. Former Advisor to the Caretaker Government Syed Manzur Elahi joined the session as the guest of honor. Commerce Secretary Tapan Kanti Ghosh, Chairman, BFLLFEA Mohiuddin Ahmed Mahin and Chairman, BTA Md Shaheen Ahamed joined it as the special guests. Professor & Director, ILET, DU Dr. M Mizanur Rahman, Managing Director, DTIEWTPCL (TIED) Brig. Gen. M Zahid Hasan and The President, Tannery Workers’ Union Abul Kalam Azad attended the webinar as panel discussants. Managing Director of Apex Footwear LtdSyed Nasim Manzur, Chairman of RAPID Dr. Mohammad Abdur Razzaque and its Executive Director Dr. Abu Eusuf jointly presented the keynote paper. Country Representative, The Asia Foundation Kazi Faisal Bin Seraj delivered the welcome remarks. ERF President Sharmeen Rinvy chaired the event while ERF General Secretary S M Rashidul Islam moderated the event.

Bangladesh urgently needs to go for a fresh round of reforms to strengthen the private sector to tap its economic potentials and accelerate the export-led growth, said a report on Wednesday. The report titled ‘Bangladesh Country Private Sector Diagnostic (CPSD), prepared by IFC and the World Bank, also said Bangladesh’s post–Covid recovery will force a reimagining of its developmental model, highlighting the importance of the private sector and making the reform agenda even more urgent. Taking part in the virtual report-launching event, experts said Bangladesh has the potential of becoming an economy of $800 billion by 2030 from the current $300-billion one if proper steps are taken to diversify its export basket and ensure the ease of doing business through necessary reforms. Launching the report, Prime Minister's Private Industry and Investment Affairs Adviser Salman F Rahman said the diversification of export is very important, though the country has been facing challenges in this regard. “Our dependence on the RMG has been highlighted for a long time that we need to diversify our exports …diversification should be our priority now.” He said the RMG sector has got tremendous support from the government for its expansion, but similar support has not been given to other areas, and this is something the government is now seriously looking at. “What we really need to do is to identify the reasons for which the garment sector has been so successful and we can apply the same principles to the other sectors.” Also read: Covid-19 affected 60 million-plus domestic workers in informal economy: ILO Salman said protectionism for the domestic industry is necessary since the country is going to graduate to a middle-income one.  “The pharmaceutical industry which has been identified as a real growth sector since it has got that protectionism. “Bangladesh had a positive GDP growth rate last year despite the adverse impact of the Covid-19 pandemic and it was the only country in South Asia which did not experience a recession. We’ve prepared the Eighth Five Year Plan keeping all the challenges of the pandemic in mind,” he said. The PM’s adviser said the CPSD recommendations are well aligned with the priorities of the government’s Eighth Five Year plan for setting a trajectory towards a prosperous Bangladesh by 2041. As the country is aspiring to achieve double-digit growth, Salman said, the government has taken various steps, including developing the infrastructure, increasing foreign direct investment and creating an investment-friendly climate. He said the economic zones and mega connectivity projects like Matarbari Port and Padma Bridge that are now under construction will be the gamechangers in the coming years. He said the agro-processing industry is making good progress and it will be another gamechanger for Bangladesh.    Also read: Govt. goes for more consumption and investment to recover economy from pandemic loss Mamun Rashid, Managing Partner, PricewaterhouseCoopers Bangladesh Private Limited, said the report has focused on the private sector capacity building as well as the government’s capacity building.  “When we’re talking about reforms and strengthening capacity building, I try to draw your attention towards the capacity building of our private sector, efficiency improvement of our private sector as well as improving the overall balance sheet of the private sector,” he said. IFC’s Vice President (Asia and Pacific), Alfonso Garcia Mora said the need for reforms will become even more compelling for Bangladesh to overcome the fallouts of the Covid-19 pandemic. “Finding new sources of income and growth will be an urgent priority.” He also said the private sector, which already accounts for more than 70 percent of all investment in Bangladesh, supported by a strong financial sector, will need to play an important role in spurring the recovery so the country can grow, export and create quality jobs. IFC Country Manager Wendy Werner said it is clear the private sector has an important role to play to meet the rising demand for quality healthcare and improving the efficiency of delivering health services, as health financing in the country is low compared to others at a similar level of development. “Bangladesh could also target high-end markets and introduce new technology in the readymade garment sector, and seize opportunities in footwear, leather electrical goods, and agribusiness exports,” she observed. Also read: Budget document: Preparations under way to face the challenges of developing economy World Bank’s Country Director Mercy Tembon said readymade garments have contributed significantly to Bangladesh’s economic growth. “For a more resilient, inclusive and sustainable growth, Bangladesh will need to diversify its export basket and develop a robust and sophisticated private sector, relevant in the post–Covid recovery phase when public resources will be needed most in the social sectors.” The report says key priority areas for the reform agenda include creating a favourable trade and investment environment for domestic and foreign investors, modernising and expanding the financial sector and removing impediments for developing infrastructure. “Transport and logistics, energy, financial services, light manufacturing, agribusiness, healthcare and pharmaceuticals sectors are among those with the strongest potential for private investment that could play a significant role in boosting economic growth,” the report observes.