Economy
Bangladesh Signs 16 MoUs in China Business Summit
Bangladesh has organized a business summit in Beijing to attract Chinese investors and companies, marking a significant initiative during Prime Minister Sheikh Hasina’s visit to China. The summit, titled ‘The Rise of Bengal Tiger: Summit on Trade, Business, and Investment Opportunities between Bangladesh and China,’ commenced on Tuesday morning local time. Prime Minister Sheikh Hasina graced the event as the chief guest.
During the summit, Bangladesh signed 16 memoranda of understanding (MoUs) and agreements with various Chinese companies, aimed at strengthening bilateral commercial ties. These agreements cover a wide range of sectors including digital finance platforms, textile manufacturing, industrial infrastructure, renewable energy, and transportation.
Among the notable agreements, Huawei Technologies (Bangladesh) Limited agreed to invest approximately $50 million to support the development of a smart Bangladesh through digital financial platforms. Another significant agreement involves DEiTEX Bangladesh Limited and Huawei Technologies (Bangladesh) Limited, committing $20 million for digital transformation in Bangladesh’s textile market.
In the economic and industrial zone of Bangladesh, China Road and Bridge Corporation (CRBC) and Ningbo Sixing Company Limited signed a deal worth $400 million for establishing a large-scale PPE and PET bottle production factory on 33 acres of land in Mongla Economic Zone.
Additionally, Billion 10 Communication Limited and CHINTS (Hangzhou) Intelligent EV Company Limited agreed to collaborate on manufacturing electric vehicles in Bangladesh. Similarly, Billion 10 Communication signed agreements with Ningbo Sun East Solar Co. Limited to establish solar parks in Sylhet, along with other strategic partnerships in lubricant oil recovery and refining.
The summit, jointly organized by Bangladesh’s Ministry of Finance, Ministry of Commerce, Ministry of Foreign Affairs, Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Investment Development Authority (BIDA), Bangladesh-China Chamber of Commerce and Industry (BCCCI), and the Embassy of Bangladesh in Beijing, underscores Bangladesh’s commitment to enhancing economic relations with China.
Finance Minister Abul Hassan Mahmood Ali, Foreign Minister Dr. Hasan Mahmud, Private Industry and Investment Advisor to the Prime Minister Salman F Rahman, Commerce Minister Tipu Munshi, Posts and Telecommunications Minister Junaid Ahmed Palak, Mayor of Dhaka North City Corporation Atiqul Islam, and President of BCCCI Gazi Golam Martuza were among the dignitaries present at the summit.
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.
