Sikder Group, a prominent business conglomerate in Bangladesh, has issued a statement in response to various media reports regarding a case filed by the Anti-Corruption Commission (ACC) against its directors, Rick Haque Sikder and Ron Haque Sikder. The group alleges that certain vested interest groups are conspiring to tarnish its reputation by disseminating misleading information. The statement highlights that the accusations, particularly concerning alleged money laundering involving National Bank's credit card, are unfounded. It clarifies that the Sikder Group directors lawfully utilized $9.83 million abroad through credit cards, subsequently settling the total amount, including $2.04 million in interest and charges, from their foreign earnings in accordance with Bangladesh Bank regulations. This matter was resolved two years prior, and the recent resurgence of these allegations is deemed to be maliciously motivated, the statement says. Additionally, Sikder Group explains that the credit cards in question were linked to Foreign Currency (DC) accounts, which are exempt from the standard $12,000 travel quota limit. Eid holiday: Trade activities through Benapole port to be suspended for 5 days The conglomerate emphasizes its longstanding commitment to ethical business practices both domestically and internationally. Sikder Group, founded by Freedom Fighter Zainul Haque Sikder, has made significant contributions to Bangladesh's development sectors, including healthcare, education, and infrastructure, the statement says. The group suggests that the malicious targeting has intensified following the death of its founder, Zainul Haque Sikder. It asserts that under the leadership of Rick Haque Sikder and Ron Haque Sikder, it has continued to achieve remarkable progress, despite ongoing attempts by detractors to hinder its growth. The statement condemns these actions, especially at a time when Sikder Group is endeavoring to secure foreign investment for key national projects, and calls on the public to disregard the baseless accusations circulated by these conspirators.

Foreign Minister Dr Hasan Mahmud on Thursday (January 25, 2024) said any statement “backed by lobbyists” on Nobel laureate Dr Muhammad Yunus would have no adverse impact on foreign investment inflow into the country. “Look, there are several lobbyist firms engaged behind some people who are talking on the Dr Yunus issue. Investment will not be impacted if a statement is backed by lobbyists,” he told reporters at the Ministry of Foreign Affairs. The Foreign Minister said Dr Yunus has been in the discussion over the last 12 years and Bangladesh still received significant foreign investment. Read: China is an important dev and strategic partner of Bangladesh: PM Hasina “Foreign investment is increasing. There is no relation with that. This is simply a legal matter,” said the Awami League joint general secretary. He reiterated that Dr Yunus has been sentenced in a case filed by the aggrieved people, and the government is not a party to it. “With due respect to Dr Yunus, I would like to say that aggrieved people filed the case. The government is not a party to it. It is a decision taken by the court. The government cannot interfere in it,” he said. Earlier, a Dhaka court sentenced Dr Yunus and three top officials of Grameen Telecom to six months’ jail, with fine of Tk 25000 each, in a case over violation of labor law. Read: Russian Ambassador hopes Dhaka-Moscow relations will continue to thrive The others accused in the case are: Ashraful Hasan, CEO of Grameen Telecom Trust; trustee Nurjahan Begum; and managing director M Shahjahan. They were accused of not making some workers and employees of Grameen Telecom permanent, not encashing public leave, and not depositing certain dividends to the Workers Welfare Foundation. In the 84-page verdict, the judge said the charges of violating labor laws were proved against them. The court, however, granted them conditional bail. Dr Yunus claimed that he had been punished for a crime he did not commit. “I have been punished for a crime that I haven’t committed,” Yunus told reporters after he was convicted in a case over violation of labor law. “If you want to call it justice, you can.” Read more: Dr Yunus appointed chair of Moscow Financial University’s international advisory board

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.

Bangladesh will likely continue to attract increasing investment, despite severe economic headwinds created by the global outbreak of COVID-19, says the United States. The US sees the sustained economic growth over the past decade, a large, young, and hard-working workforce, Bangladesh's strategic location between the large South and Southeast Asian markets, and vibrant private sector as some positive things to attract investment. Bangladesh has made gradual progress in reducing some constraints on investment, including taking steps to better ensure reliable electricity but still there are issues that hinder foreign investment, said the US government in its latest report. The U.S. Department of State’s investment climate statement noted that inadequate infrastructure, limited financing instruments, bureaucratic delays, lax enforcement of labor laws, and corruption continue to hinder foreign investment. Also read: US assistant secretary Sison to visit Bangladesh soon Bangladesh’s Foreign Direct Investment (FDI) stock was $20.87 billion through the end of September 2021, with the United States being the top investing country with $4.1 billion in accumulated investments.  Bangladesh received $2.56 billion FDI in 2020, according to data from the United Nations Conference on Trade and Development (UNCTAD).  The rate of FDI inflows was only 0.77 per cent of GDP, one of the lowest rates in Asia. The government of Bangladesh actively seeks foreign investment.  Sectors with active investments from overseas include agribusiness, garment/textiles, leather/leather goods, light manufacturing, power and energy, electronics, light engineering, information and communications technology (ICT), plastic, healthcare, medical equipment, pharmaceutical, ship building, and infrastructure.  Bangladesh offers a range of investment incentives under its industrial policy and export-oriented growth strategy with few formal distinctions between foreign and domestic private investors, says the US government. The US government says Bangladesh's efforts to improve the business environment in recent years show promise but implementation has yet to materialize. Slow adoption of alternative dispute resolution mechanisms and sluggish judicial processes impede the enforcement of contracts and the resolution of business disputes, according to executive summary of Bangladesh chapter. The U.S. Department of State’s Investment Climate Statements provide information on the business climates of more than 170 economies and are prepared by economic officers stationed in embassies and posts around the world.  Also read: Hasina, Modi likely to inaugurate Maitree Power Project in Sept 1st week They analyze a variety of economies that are or could be markets for U.S. businesses.  The Investment Climate Statements are also references for working with partner governments to create enabling business environments that are not only economically sound, but address issues of labor, human rights, responsible business conduct, and steps taken to combat corruption.  The reports cover topics including openness to investment, legal and regulatory systems, protection of real and intellectual property rights, the financial sector, state-owned enterprises, responsible business conduct, and corruption.   Buoyed by a young workforce and a growing consumer base, Bangladesh has enjoyed consistent annual GDP growth of more than six percent over the past decade, with the exception of the COVID-induced economic slowdown in 2020.  Much of this growth continues to be driven by the ready-made garment (RMG) industry, which exported $35.81 billion of apparel products in fiscal year (FY) 2021, second only to China, and continued remittance inflows, reaching a record $24.77 billion in FY 2021.  As a traditionally moderate, secular, peaceful, and stable country, Bangladesh experienced a decrease in terrorist activity in recent years, accompanied by an increase in terrorism-related investigations and arrests following the Holey Artisan Bakery terrorist attack in 2016, says the US report.  Rohingya Issue: Bangladesh continues to host one of the world’s largest refugee populations. According to UN High Commission for Refugees, more than 923,000 Rohingya from Burma were in Bangladesh as of February 2022.  This humanitarian crisis will likely require notable financial and political support until a return to Myanmar in a voluntary and sustainable manner is possible, says the US government. Workers’ Rights: International retail brands selling Bangladesh-made products and the international community continue to press the government of Bangladesh to meaningfully address worker rights and factory safety problems in Bangladesh, says the US government.  With unprecedented support from the international community and the private sector, the Bangladesh garment sector has made significant progress on fire and structural safety, it said.  Critical work remains on safeguarding workers’ rights to freely associate and bargain collectively, including in Export Processing Zones (EPZs), according to the US government. The Bangladeshi government has limited resources devoted to intellectual property rights (IPR) protection and counterfeit goods are readily available in Bangladesh.  Government policies in the ICT sector are still under development.  Current policies grant the government broad powers to intervene in that sector. Capital markets in Bangladesh are still developing, and the financial sector is still highly dependent on banks.

The country has received foreign investment of over $750 million in the startup sector in a decade, said State Minister for Information and Communication Technology Zunaid Ahmed Palak on Wednesday. He said this at the BCC auditorium of ICT Tower in Dhaka while participating in the second phase of Investment Assistance for Startups under the "Shotoborshe Shoto Alo" campaign organized by ICT Department’s Startup Bangladesh Limited. Read: Inter-operable Digital Transaction to begin from January: Palak He said the government is providing financial assistance to the country’s nearly 22,500 startups through Bangabandhu Innovation Grand (Big), the idea project of Startup Bangladesh Limited. Palak said "Shotoborshe Shoto Alo", an initiative by the department to commemorate the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the golden jubilee of Bangladesh, aims to invest Tk 100 crore in 50 startups and create entrepreneurial culture and employment in the country. As part of this, an investment agreement was signed today to provide capital assistance of Tk 17 crore to eight startups in the second phase. As an investor, Sami Ahmed, managing director of Startup Bangladesh Ltd. and CEOs of the eight companies signed the agreement on behalf of their respective organizations. The eight startups are-  Hello Task, 10 Minutes School, iFarmer, Frontier Nutrition, Loop, Zantrik, Shuttle and Truck Lagbe. In the first phase, seven startups were given Tk 17 crore. Palak said the initiative would create a national entrepreneurial platform in the country and accelerate the implementation of new innovations. Read:Remotest region to connect with broadband internet by 2025: Palak Specialized labs in 53 universities, Fourth Industrial Revolution Centers, Joy Digital Service Centers in 494 upazilas, 300 Schools of Future, Sheikh Hasina Institute of Frontier Technology are being set up to cope with the Fourth Industrial Revolution, he added. Executive Director of Bangladesh Computer Council Dr Md Abdul Mannan, Ambassador of Turkey to Bangladesh Mustafa Osman Turan and President of Bangladesh Association of Call Centers and Outsourcing Wahid Sharif spoke at the event among others.

Bangladesh has invited Qatar to benefit from Bangladesh’s growth by investing in its Special Economic Zones.  Bangladesh also thanked the Qatari government for providing free Covid-19 vaccines to Bangladeshi expatriate workers in Qatar.  Read: Biman to run special flights to 5 countries from Apr 17  Outgoing Ambassador of the State of Qatar to Bangladesh Ahmed Bin Mohamed Nasser Al Dehaimi met State Minister for Foreign Affairs Md Shahriar Alam in his office on Tuesday and discussed these and other issues of mutual interest.  Shahriar underlined that the bilateral ties between the two countries have reached new heights as envisaged by Prime Minister Sheikh Hasina and the Emir of Qatar in areas, including energy and power, business, trade and investment.  The State Minister congratulated the Ambassador on the successful completion of his tour of duty in Bangladesh and appreciated him for his efforts to boost the bilateral ties between Bangladesh and Qatar during his tenure. Read:Dhaka for enhanced trade ties with Doha The outgoing envoy praised the socioeconomic development of Bangladesh and conveyed the Qatar government’s eagerness to work more closely with Bangladesh in areas of mutual interests.  He thanked the State Minister for extending his support to him while performing his duties.             

Netherlands has put emphasis on an accommodating business climate for foreign investment and trade, as well as adherence to global labour and environmental standards, to attract more foreign investment and business to Bangladesh. The Bangladesh side underscored the need for promoting responsible business conduct in the global supply chain and for continued international support measures after its graduation from the Least Developed Country (LDC) status. Bangladesh and the Netherlands held the Foreign Office Consultations on Thursday virtually and discussed the issues. Both countries shared their concerns about recent developments in Myanmar, including the serious challenges these developments pose for the safe, sustainable, dignified and voluntary return of the Rohingyas to their homeland. Also read: Dutch investors urged to invest in Bangladesh’s aquaculture sector for growth, diversification The two countries also reiterated their continued commitment to justice and accountability for the human rights violations committed in Myanmar. The Bangladesh delegation was led by Foreign Secretary (Senior Secretary) Ambassador Masud Bin Momen while the Netherlands delegation was led by the Secretary-General of the Dutch Ministry of Foreign Affairs Paul Huijts. The fourth round of Foreign Office Consultations took place amid Bangladesh’s Golden Jubilee and Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s birth centenary celebrations, and the upcoming 50th anniversary of the establishment of diplomatic ties between the two countries. The Netherlands and Bangladesh have maintained an enduring friendship over the course of those 50 years, marked by a significant Dutch role in Bangladesh’s early infrastructural development and water management and food security efforts, now considered key successes for both countries. Also read: Dutch NGOs reiterate support to Bangladesh Both delegation leaders acknowledged the impact COVID-19 has had on their societies and shared their views on post-COVID-19 economic recovery to ‘build back better’. They noted the strong ties between the two countries over the past 50 years and elaborated on political and economic developments as well as the evolving nature of the bilateral relationship, with a shift from development cooperation to economic cooperation. Both sides agreed to continue exchanging views on human rights and rule of law, including in multilateral fora. The delegations held an in-depth discussion on how to further strengthen the economic ties and knowledge exchange in a wide variety of areas, including water management, agriculture, digitalisation and climate adaptation. The Bangladesh Delta Plan 2100 was specifically discussed as a key vehicle for integrating cooperation on water management and food security. Also read: Swedish, Dutch envoys for maintaining focus on Rohingya crisis until their repatriation The two delegation leaders discussed developments in the region, including the current focus on increasing cooperation and connectivity between the EU and the Indo-Pacific region. The Netherlands expressed its gratitude for Bangladesh’s hospitality towards the Rohingya people and noted ongoing discussions on humanitarian issues between the international donor community and Bangladesh. The Foreign Office Consultations underlined the willingness of both countries to explore and take up opportunities to further deepen and diversify the bilateral ties.

Prime Minister Sheikh Hasina on Tuesday stressed the need for having adequate policy support from the USA government to expand bilateral trade between the two countries. “It’s important that both the countries provide adequate policy support to further expand bilateral trade,” she said while addressing the virtual launching of the US-Bangladesh Business Council in a pre-recorded video message. The Prime Minister mentioned that Bangladesh buys a considerable amount of industrial raw materials and consumer items like cotton, soybean and wheat from the United States.  “All these items enjoy zero tariff in Bangladesh,” she added. Regarding development, she said the United States has remained as a strong partner in Bangladesh’s journey towards democracy and development. “It’s [US] the largest destination of our exports, the largest source of foreign direct investment, a longstanding development partner and an important source of technology and training.” The Prime Minister said while Bangladesh’s dependence on foreign aid has come down substantially, the need for foreign direct investment increased to create jobs for millions of youths.  Also read: Will work together with Bangladesh, global partners against Covid-19 pandemic: Miller

Foreign Minister Dr AK Abdul Momen on Tuesday said Bangladesh, with its 165 million hard-working people in between two large economies like China and India, is a lucrative destination for investment.