Economy
FBCCI, CWEIC Forge Strong Partnership to Boost Bangladesh-Commonwealth Trade
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Commonwealth Enterprise and Investment Council (CWEIC) have forged a strengthened collaboration to boost trade ties between Bangladesh and Commonwealth nations.
FBCCI, led by President Mahbubul Alam, extended an invitation to CWEIC for support in expanding textile, pharmaceutical, and agriculture exports to Commonwealth countries. The call was made during a dinner meeting hosted by FBCCI in honor of Lord Marland, Chairman of CWEIC, on Tuesday evening, 13th February.
President Mahbubul Alam emphasized Bangladesh’s increasing appeal as an investment hub for industry diversification, value chain integration, and export market expansion. Having surpassed the $55.55 billion export milestone in 2022-23, Bangladesh aims to enhance competitiveness, targeting a $300 billion export value by 2041 as part of its trillion-dollar economic journey.
FBCCI stands proud as an advocate for the business community, striving to foster a robust and globally competitive business environment within Bangladesh. Mahbubul Alam highlighted FBCCI’s commitment to supporting trade, industry, and sustainable economic development.
He underscored the significance of FBCCI’s collaboration with CWEIC, citing their participation in the Commonwealth Business Forum, as instrumental in showcasing Bangladesh’s business potential, national development, and prosperity. Mahbubul Alam identified key sectors for collaboration, including Technology Transfer and Innovation, IT, renewable energy, education, skills development, vocational training, healthcare, pharmaceuticals, and access to finance for SMEs.
Lord Marland, Chairman of CWEIC, commended Bangladesh’s recent economic development, expressing optimism about the country achieving ‘Smart Bangladesh’ status by 2031, a decade ahead of projections. He affirmed CWEIC’s commitment to working closely with FBCCI to further enhance trade and investment, tapping into the untapped potential between Bangladesh and Commonwealth nations.
Key figures present at the event included FBCCI Vice President Md. Khairul Huda Chopol, Shomi Kaiser, Md. Munir Hossain, Strategic Advisor of CWEIC Zillur Hussain MBE, FBCCI Director Sujib Ranjan Dash, Secretary General Md. Alamgir, and various business dignitaries.
Expatriate Bangladeshis sent approximately US$ 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.
