Economy
PM Sheikh Hasina Urges Strong Foreign Investments
Prime Minister Sheikh Hasina has called for robust foreign investment in Bangladesh, stating that her government is implementing various measures to attract overseas investments. Speaking at the 60th-anniversary celebration of the Foreign Investors Chamber of Commerce and Industry (FICCI) and Investment Expo-2023, the Prime Minister emphasized the creation of economic zones and high-tech parks open for foreign investments.
PM highlighted the establishment of agencies like Bangladesh Investment Development Authority (BIDA) and the simplification of investment policies, including tax waivers and foreign investment protection. Sheikh Hasina underscored her government’s commitment to making offices providing investment services fully online and digitized.
The Prime Minister emphasized the recognition of the logistics sector, fourth industrial revolution-related sectors, and tourism in the National Industrial Policy 2022 to attract both local and foreign investments. New schemes have been formulated to attract investments in the blue economy sector.
Sheikh Hasina projected Bangladesh to become the world’s 9th largest consumer market by 2030, surpassing established markets and high-growth countries. Acknowledging challenges like the COVID-19 pandemic and global geopolitical issues, she noted Bangladesh’s transformation into one of the world’s fastest-growing economies in the last 15 years.
At the event, Sheikh Hasina unveiled a research book, ‘Catalyzing Greater FDI for Vision 2041,’ and received a memorial memento symbolizing Bangladesh’s progress. The Prime Minister stressed the government’s role in fostering private sector growth and credited private sectors for Bangladesh’s remarkable economic development. She highlighted Bangladesh’s position as the world’s second-largest garment exporter and the country’s achievement of developing nation status in 2021.
Sheikh Hasina extended greetings to FICCI for its significant role in attracting foreign investments and called for collaborative efforts to achieve overall economic prosperity.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
