Economy
Bangladesh-Italy Trade Surpasses $3bn, Potential for Further Growth
Bangladesh’s bilateral trade with Italy surpassed $3 billion last year, announced Industries Minister Nurul Majid Mahmud Humayun. Speaking as the chief guest at Italy’s National Day reception in Dhaka’s Gulshan on June 2, he emphasized the potential for further expanding this trade relationship.
“We see substantial opportunities for Italian investment in sectors such as textiles, leather products, renewable energy, waste-to-energy, agro-processing, automotive vehicles, engineering, maritime, and IT,” Humayun stated.
Italian Ambassador to Bangladesh, Antonio Alessandro, along with his wife, welcomed guests at the reception.
Minister Humayun highlighted the shared camaraderie between the people of Bangladesh and Italy. He recalled Italy’s early recognition of Bangladesh’s independence on February 12, 1972, and celebrated the 50th anniversary of diplomatic relations in 2022 with various activities.
He noted that bilateral relations are evolving into a broader strategic partnership. Prime Minister Sheikh Hasina’s landmark visit to Rome in July 2023 and her meeting with Italian Prime Minister Giorgia Meloni marked a significant step in this transition. Recent collaborations in trade, investment, energy, defense, migration, mobility, and culture have shown notable progress.
“Italy has been a steadfast friend and a partner in our journey towards becoming a developed nation,” Humayun remarked, praising Italy for hosting the second-largest Bangladeshi diaspora in Europe. He appreciated the Italian government’s inclusion of Bangladesh in the Flussi Decree for the third consecutive year since 2021, facilitating legal migration.
“I hope our bilateral relations will continue to strengthen, helping us realize the vision of ‘Sonar Bangla’ as envisioned by our Father of the Nation, Bangabandhu Sheikh Mujibur Rahman,” he said.
Italian Ambassador Antonio Alessandro expressed pride in hosting the largest Bangladeshi community in continental Europe. He highlighted their significant contributions to both Italy and Bangladesh, with €1.2 billion in remittances sent back to Bangladesh in 2022.
The ambassador acknowledged Bangladesh’s impressive social progress since independence and Italy’s role in this success through bilateral and multilateral Official Development Assistance (ODA). He emphasized Italy’s commitment to supporting Bangladesh in addressing new challenges, including climate change adaptation, labor standards improvement, and managing migration flows.
Alessandro stressed the need for thorough cost-benefit analyses in Bangladesh’s infrastructure projects to ensure optimal resource utilization. He noted the interest of Italian companies in various sectors, including energy, space technologies, textiles, and leather.
“Bangladesh’s strength lies in its water resources. Like Italy, a sustainable maritime system is crucial for the future. There are many opportunities for cooperation in this area that I look forward to exploring during my tenure in Dhaka,” he added.
The ambassador also mentioned scholarships provided by the Italian government, universities, and regional governments to Bangladeshi students, along with Erasmus+ scholarships that attract many Bangladeshi recipients.
The reception was attended by politicians, business leaders, top civil and military officials, representatives of partner organizations, civil society members, and journalists.
Chief Adviser Prof Muhammad Yunus on Thursday paid tribute to the Armed Forces Division by placing a floral wreath at its headquarters.
Prof Yunus, who visited the division as part of his official duties, laid the wreath to honor the sacrifices and dedication of the members of the Armed Forces.
Following the wreath-laying ceremony, he signed the visitor’s book.
Chief Election Commissioner (CEC) Kazi Habibul Awal, along with four other election commissioners, announced their resignation during a press conference today at the Election Commission (EC) building. The resignation follows growing speculation and pressure.
CEC Awal stated, “In this changed situation, I and other commissioners have decided to step down. We’re handing over our resignation letters to the EC Secretary to send it to the President.” After submitting the letters, the CEC and some commissioners quickly left the premises, with no clear explanation for the absence of two election commissioners.
The resignations come amid increasing unrest tied to the registration of political parties such as Nagarik Oikya and Gono Odhikar Parishad. Sources revealed the CEC felt unsafe due to aggressive behavior from activists, prompting the decision to step down.
Protesters outside the EC building hurled shoes at vehicles carrying Election Commissioners Rashida Sultana, Md Alamgir, and Anisur Rahman as they left. Meanwhile, preparations for their exit had already been underway, with the commissioners reportedly relocating personal belongings from their offices.
The commission, appointed in February 2022 for a five-year term, had previously expressed confusion over demands for their resignation, maintaining they had conducted fair elections. However, internal discussions led to the collective decision to resign earlier than expected.
The government will now purchase LNG from the international spot market through open tender instead of negotiation.
Cabinet Committee on Economic Affairs (CCEA) in a meeting on Wednesday in principle approved a proposal in this regard.
Adviser of the interim government for Finance Dr. Salehuddin Ahmed, who presided over the meeting, said that the government will procure LNG through open tender.
The Energy and Mineral Division of the Ministry of Power, Energy and Mineral Resources placed the proposal where it sought approval to import LNG from 23 listed companies in the international spot market.
The adviser said that though such 23 companies were enlisted by the previous Awami League government and signed Master Sales and Purchase Agreement, they will remain unchanged.
He said that instead of applying the Speedy Increase of Energy and Power Supply (Special) Act 2010, the interim government will follow the Public Procurement Rules 2008 to ensure the competitive bidding process.
“We don’t want to change them as we wanted to import LNG quickly, ensuring proper competition among the suppliers,” he told reporters.
Committee also approved another proposal in principle to sign a contract to import urea fertiliser for the 2024-25 fiscal year from Fertiglobe Distribution Limited, UAE, on a G-to-G basis.
Meanwhile, the Cabinet Committee on Government Procurement (CCGP) in a meeting, presided over by the Adviser for Finance, approved 3 proposals for import of lentil and fertiliser.
As per the proposal, the Trading Corporation of Bangladesh will procure 10,000 metric tons (MT) of lentil from local firm Sahara Enterprise at a cost of Tk 98.20 crore with each kg priced at Tk 98.20.
The Commerce Ministry which moved the proposal on behalf of the TCB in the meeting mentioned in the proposal that the supplier firm was selected through open tender.
The CCGP approved two separate proposals of the Industries Ministry under which Bangladesh Chemical Industries Corporation will import 30,000 MT of bulk granular urea fertiliser from Fertiglobe Distribution Limited, UAE, under state to state contract at a cost of Tk 121.48 crore.
Each metric ton of fertiliser will cost $343.17.
Another 30,000 MT of bagged granular urea fertiliser will be procured from the local Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 116.99 crore with each metric ton costing $330.50.
