Connect with us

Economy

Settle disputes through dialogue, say ‘no’ to wars: PM Hasina at UNESCAP meet

Published

on

UNESCAP hasina

Prime Minister Sheikh Hasina today (25 April) called for speaking out against all forms of aggression and atrocities, and say ‘no’ to wars.

“We must speak out against all forms of aggression and atrocities, and say ‘no’ to wars,” she said adding that Bangladesh supports the UN Secretary General’s ‘New Agenda for Peace.

The prime minister was addressing the 80th Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) held at the ESCAP Hall (2nd floor), United Nations Conference Center (UNCC) here.

She arrived in Bangkok on Wednesday on a six-day official visit to Thailand.

The PM said the pre-condition for sustainable development is lasting peace and security.

“We must settle regional disputes and tension through dialogue. Our mutual respect for national sovereignty and territorial integrity must remain paramount,” she said.

Hasina called upon the Asia-Pacific region, especially ASEAN, to redouble their efforts to end Rohingya crisis as all efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle without it.

“The origin of their crisis has been in Myanmar, and its solution also lies in Myanmar,” she declared.

“As long as that solution remains out of reach, all our efforts at regional connectivity, integration, and prosperity will continue to be marked by a missing puzzle. Let us redouble our efforts to put that puzzle back in place,” she said.

She said that in August 2017, when thousands of Rohingya men, women, and children from Myanmar fled to Bangladesh, Bangladesh offered them temporary shelter.

“With an ever growing population, this has now become one of the largest humanitarian situations in the world,” she said.

Sheikh Hasina said that In the backdrop of ongoing armed conflicts in Myanmar, the Rohingya repatriation process is also getting delayed.

“This is creating serious security risks within and beyond our territories,” she said.

She called upon the Asia-Pacific region, especially ASEAN, to play a proactive role in resolving the volatile situation in Myanmar.

“We must ensure that the Rohingya can go back home in safety and dignity at the earliest possible,” she said.

The prime minister said that the Asia-Pacific region must stand united against its common enemies of poverty and hunger.

She said Bangladesh has reduced poverty from 41.51 percent to 18.7 percent between 2006 and 2022.

It also reduced extreme poverty from 25.1 to 5.6 percent during the same period.

“We remain confident about eradicating extreme poverty by 2030,” she said.

She mentioned that Bangladesh has made notable progress on food security, with focused interventions on maternal and child nutrition.

“Our current priority is to address inequalities through income distribution, asset ownership, and social protection,” she said.

The prime minister said that Asia-Pacific region must put up a united front in tackling the climate crisis, biodiversity loss, and transboundary pollution.

“We need to push for ambitious climate financing goals beyond 2025 at COP-29. We need to cooperate on cross-border water management and air quality improvement. We must all prepare for growing extreme weather events,” she said.

In this connection, she suggested looking into Bangladesh’s experience in disaster risk reduction.

“We appreciate UN-ESCAP’s support in improving our early warning capabilities,” she added.

Briefly describing various development programmes and achievements of her govebrment, the prime minister said that much of the development gains are affected by climate impacts.

“As a low-lying delta, Bangladesh has no option but to invest heavily in climate resilience,” she said.

She mentioned that Bangladesh is already recognised as a global leader in climate adaptation.

“We are happy to share our traditional and innovative solutions with other vulnerable countries,” she said.

She said that Bangladesh has urged developed and emerging economies in the region to raise their time-bound emission reduction targets.

“For economies in transition, it is important to have a just energy transition.”

In Bangladesh, she said, “we are working on long-term energy security with a sound mix of clean and renewable energy.”

“We shall continue to do our part in pursuing a circular and low-carbon economic growth pathway.”

She underscored the need for increased and easy access to financing and technology from both the public and private sectors.

“I invite UN-ESCAP to help build the capacity of climate-vulnerable countries to mobilise adequate international climate financing.”

PM Hasina said that Bangladesh now provides critical links to the Trans-Asian Highway and Railway networks.

“Our physical and digital infrastructures are being developed to foster regional trade and connectivity.”

She said Bangladesh offers access to the Bay of Bengal for land-locked territories in its neighbourhood.

“We stand ready to work together with all regional partners through mutual understanding and cooperation,” said the prime minister.

Share this

Economy

President of S. Korea Announces record $19 bn plan to boost chip industry

By

Published

on

president s.korea

South Korean President Yoon Suk Yeol on Thursday announced a record $19-billion-dollar support plan for the country’s crucial semiconductor industry.

South Korea is home to the world’s top memory chipmakers Samsung Electronics and SK hynix and last year pledged to build the world’s largest chip centre using $456 billion of private investment as it seeks an edge in the global industry.

“We have created a comprehensive support programme for the semiconductor industry worth 26 trillion Korean won, which encompasses financial, infrastructure, research and development, as well as support for small and medium-sized companies,” he said, according to a statement from his office.

The package includes a $7 billion investment announced earlier this month.

Yoon also said Seoul would extend tax benefits for chip investments, in hopes of boosting employment and attracting more talent to the industry.

The country is also building a “mega chip cluster” just outside Seoul, which the government claims will be the world’s largest semiconductor-making complex and create millions of jobs.

“As you all know, semiconductors are a field of national all-out war,” Yoon said.

“Winning or losing depends on who makes the state-of-the-art semiconductors with high information processing capabilities first. The state must provide support for semiconductors so that they do not lag behind competitors,” he added.

With the new package, Yoon said there would be a “new semiconductor financial support programme worth 17 trillion won” run through the Korea Development Bank, to allow companies to make crucial new investments.

“As companies invest enormous amounts of money in facilities such as new factories and line expansions, liquidity problems arise,” he said.

“I believe that these difficulties will be largely resolved through the Korea Development Bank’s support programme,” he added.

– Key sector –

The plan will also create a “semiconductor ecosystem fund” worth a trillion won, which will support fabless companies and small and medium enterprises linked to the industry.
“Our fabless market share is still in the one percent range, and foundry, which manufactures system semiconductors, is unable to close the gap with leading companies such as TSMC,” Yoon said.

Earlier this month, Seoul said it would set up an aid package worth more than $7 billion to support its chip industry, as part of its drive to boost the semiconductor sector, which is critical to Asia’s fourth-largest economy.

The moves come as the government looks to invest heavily in six key technologies including chips, displays and batteries, all areas where the country’s tech giants are well-established already.

Semiconductors are South Korea’s leading export and hit $11.7 billion in March, their highest level in almost two years, accounting for a fifth of South Korea’s total exports, according to trade ministry figures.

Samsung in May 2022 unveiled a massive 450 trillion won five-year investment blueprint aimed at making the country a frontrunner in key sectors from semiconductors to biologics.

Securing supplies of advanced chips has become a crucial issue internationally, with the United States and China locked in a fierce battle for control of the market.

“South Korea is supplying 80 percent of the world’s memory semiconductors, and has said it is investing 300 trillion won in the Yongin cluster, but there has been a water supply issue with it,” Kim Dae-jong, a professor of business administration at Sejong University in Seoul, told AFP.

“On top of tackling such issues, today’s announcement seems to be an effort to support innovative small and medium-sized enterprises to further strengthen their competitiveness against (rivals) like Taiwan.”

Share this
Continue Reading

Economy

Australia Announces Additional Funding to Support Bangladesh’s Economic Reforms

Published

on

australia bangladesh

Australia will increase funding for the Australian Trade Agency to enhance economic engagement with Bangladesh and support its economic reforms as it graduates from least developed country status, Australian Foreign Minister Penny Wong announced today.

“We will provide additional funds to help Bangladesh align its labour laws with the requirements and aspirations of that graduation,” Wong stated during a press briefing following her meeting with Bangladeshi Foreign Minister Hasan Mahmud at the State Guest House Padma in Dhaka.

She emphasized Australia’s commitment to the multilateral system and the importance of upholding international rules and norms. Besides deepening economic ties, Australia will also fund technical education training colleges in Bangladesh.

“We share a region, we share an ocean, and we share a future. We are determined to do all that we can to work with you and other partners to ensure a region that is peaceful, stable, and prosperous,” Wong added.

Foreign Minister Hasan highlighted that this marks the first visit by an Australian Foreign Minister in 26 years. “We had a very good discussion. Bangladesh and Australia are having a very good relationship. Australia has contributed a lot,” he said.

He noted that two-way trade has grown to around $4 billion, reflecting Bangladesh’s significant economic growth. “This is quite impressive. The trade volume was much smaller ten years ago.”

Hasan mentioned that the Australian FM assured him of continued duty-free and quota-free market access to Australia.

Wong praised Bangladesh’s leadership on climate action, which aligns with Australia’s commitment to significant emissions reductions and a clean energy economy. She confirmed Australia’s ongoing support for Bangladesh’s transition.

Hasan requested investment in Bangladesh’s 100 economic zones and 40 high-tech villages. “We discussed collaboration in this area, as well as addressing human trafficking and environmental cooperation,” he said.

Wong also addressed the Rohingya crisis, stating, “We need a safe and enduring solution that allows the Rohingya a safe return to their homeland. Tomorrow I will travel to Cox’s Bazar to see firsthand how our assistance is being delivered.”

Australia has invested around 860 million Australian dollars over six years in response to the Rohingya crisis. Wong affirmed continued cooperation with ASEAN and other regional countries to resolve the conflict in Myanmar.

“We are working on practical solutions to climate change, regional maritime security, and people smuggling. These challenges require partnership and collaboration,” Wong said, emphasizing the importance of deeper cooperation between the Australian and Bangladeshi Coast Guards.

When asked about the Quadrilateral Security Dialogue (QSD) or Quad, Wong responded, “We are a member of the Quad and other regional forums. Australia, as a middle power, values partnerships, collaboration, and engagement. We will continue to collaborate with Indian Ocean countries through the Indian Ocean Rim Association (IORA).”

Bangladesh High Commissioner to Australia M Allama Siddiqui and acting Australian High Commissioner to Dhaka Nadia Simpson were also present at the meeting.

Share this
Continue Reading

Economy

Bangladesh’s Economy Projected to Grow at 5.82% in FY24

Published

on

bangladesh economy

The Bangladesh Bureau of Statistics (BBS) has projected that the country’s economy will grow at a rate of 5.82% in the current fiscal year (FY24), ending on June 30. This provisional estimate shows a slight increase from last fiscal year’s 5.78% growth. The figure aligns closely with forecasts by the International Monetary Fund (5.7%) and the World Bank (5.6%).

In terms of per capita income, there has been a modest rise to $2,784 in the current fiscal year from $2,749 in the previous year. This estimate is based on data from the first seven months of FY24.

Initially, the government had projected a growth rate of 7.5% for the current fiscal year in the budget, but this was later revised downward to 7%.

Bangladesh’s Gross Domestic Product (GDP) at current prices has increased to $459 billion, up from $452 billion in the previous fiscal year.

Sector-wise analysis shows mixed trends. The agriculture sector is estimated to grow by 3.21% this fiscal year, down from 3.37% last year, marking a 0.16% decrease. The industry sector is projected to grow by 6.66%, down from 8.37%, reflecting a 1.71% decrease. Conversely, the services sector is expected to grow by 5.80% this fiscal year, up from 5.37% in the previous year, indicating a 0.43% increase.

The investment-to-GDP ratio remains steady at 30.98%, according to BBS data. In the agriculture sector, the estimated growth for this fiscal year is 3.21%, down from 3.37% the previous year, marking a 0.16% decrease.

Additionally, the domestic savings and national savings rates stand at 27.61% and 31.86%, respectively, for the current fiscal year. Compared to the previous fiscal year, investment increased by 0.03%, domestic savings by 1.85%, and national savings by 1.91%.

Private sector investment growth is estimated at 23.5% this fiscal year, compared to 24.18% in the previous year.

The BBS also estimated the consumption rate at 74.24% in FY24, up from 72.39% in the previous fiscal year.

Share this
Continue Reading