Economy
Govt for signing FTA with UK
Federation of Bangladesh Chambers of Commerce and Industry, FBCCI President Md. Jashim Uddin on Tuesday,18 October emphasized that Bangladesh should sign Free Trade Agreement, FTA with the UK since it is one of the development and trade partners of Bangladesh.
Jashim made this statement at the Networking Dinner in honor of the President of the Confederation of British Industry (CBI) & Chancellor of the University of Birmingham Lord Karan Bilimoria, CBE DL FCA this evening at a hotel in the city.
The FBCCI chief sought CBI President’s support in Bangladesh’s initiatives for signing FTA with the UK and also solicited his assistance for continuing the existing trade benefit received from UK in the post-LDC period.
“We look forward to the future of our engagements through signing an MoU with CBI and joint programs for business promotion, industry-academia partnerships and skills development,” the FBCCI President added, said a press release.
At present, trade between Bangladesh and the UK stands at US$5.46 billion. In the FY 2021-22, Bangladesh exported goods worth US$4.83 billion to UK while imports were US$ 0.63 billion.
Seeking more UK investment, the FBCCI President said, “With the present pace of business growth and infrastructural development, we will be able to become the South Asian center for excellence and a regional hub with access via road, rail and sea. We envision the scope of strengthening cooperation in trade and investment with a focus on development and innovation, food processing, ICT, Plastic, petrochemical, shipbuilding, tourism, infrastructure development, petroleum and energy and knowledge transfer to facilitate the transition of the 4IR.”
Speaking as the chief guest, Industries Minister Nurul Majid Mahmud Humayun acknowledged the democracy of Bangladesh and described the economic success stories that took place during the last 14 years of tenure of the Awami League government.
“The UK will remain a friend in the future journey of Bangladesh towards a developing country,” the ministers expected.
President of CBI and Chancellor of the University of Birmingham, UK Lord Karan Bilimoria recalled the liberation war of Bangladesh in 1971 as his father took part in that war as a member of the Indian Army.
The Lord expected both countries to work together in harnessing the potential of the Bangladeshi youths highly skilled in ICT.
In the future, the UK will welcome more Bangladeshi students in UK universities, said the Chancellor of Birmingham University, UK. “Developing empathy between two countries is essential to bolster the bilateral investment,” the lord added.
Masud Bin Momen, Senior Secretary, Ministry of Foreign Affairs urged the private sector of the two countries to conduct a feasibility study on exporting Bangladeshi agro-products to the UK.
He also recommended undertaking initiatives to increase the access of Bangladeshi freelancers to the UK outsourcing market. “The private sector also may work on how Bangladesh can export more doctors, nurses, caregivers to the UK market,” the foreign secretary added.
British High Commissioner Robert Chatterton Dickson urged Bangladesh to work on getting more UK companies interested in investing in Bangladesh. He also suggested further developing the business environment.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu delivered the closing remarks at the event.
Former presidents of FBCCI Md. Mahbubur Rahman, Kazi Akram Uddin Ahmed, AK Azad, Matlub Ahmad, Vice Presidents Md. Amin Helaly, Salahuddin Alamgir, Md. Habib Ullah Dawn and the directors of FBCCI were present, among others.
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.
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