Economy
Commerce Minister Urges Asian Investors to Boost Trade with Bangladesh
State Minister for Commerce, Ahsanul Islam Titu, has called upon businesses and investors from Asian countries to bolster their trade and investment ties with Bangladesh. Titu delivered this appeal at a seminar titled ‘Branding Bangladesh,’ jointly organized by the Export Promotion Bureau (EPB) and the Ministry of Commerce.
The event, held at the Bangabandhu Bangladesh China Friendship Exhibition Center in Purbachal, drew ambassadors and high commissioners from various nations. Titu highlighted the potential for global countries to leverage trade facilities in Bangladesh through investments and enhanced trade relations. He emphasized regional communication and resource exchange as crucial in addressing supply chain challenges.
Prime Minister Sheikh Hasina’s directive to strengthen trade relations with East Asian countries was underscored by Titu. He noted the presence of diplomats from East Asian nations among the gathering’s friends. The state minister emphasized the declaration of ‘handicrafts’ as the product of the year and advocated for the success of the ‘one village, one product’ initiative, foreseeing its positive impact on women’s empowerment and export diversification. Titu disclosed ongoing efforts to expand markets for various items, including leather, handicrafts, pharmaceuticals, alongside the thriving readymade garment sector.
Titu urged extensive media coverage of the Dhaka International Trade Fair-2024. Senior Secretary of the Commerce Ministry, Tapan Kanti Ghosh, EPB Vice Chairman HM Ahsan, Incepta Pharmaceuticals Chairman Abdul Muktadir, and BGMEA President Faruque Hassan were also present at the event.
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.
