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 $400 million for establishing a large-scale PPE and PET bottle production factory on 33 acres of land in Mongla Economic Zone.
Additionally, Billion 10 Communication Limited and CHINTS (Hangzhou) Intelligent EV Company Limited agreed to collaborate on manufacturing electric vehicles in Bangladesh. Similarly, Billion 10 Communication signed agreements with Ningbo Sun East Solar Co. Limited to establish solar parks in Sylhet, along with other strategic partnerships in lubricant oil recovery and refining.
The summit, jointly organized by Bangladesh’s Ministry of Finance, Ministry of Commerce, Ministry of Foreign Affairs, Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Investment Development Authority (BIDA), Bangladesh-China Chamber of Commerce and Industry (BCCCI), and the Embassy of Bangladesh in Beijing, underscores Bangladesh’s commitment to enhancing economic relations with China.
Finance Minister Abul Hassan Mahmood Ali, Foreign Minister Dr. Hasan Mahmud, Private Industry and Investment Advisor to the Prime Minister Salman F Rahman, Commerce Minister Tipu Munshi, Posts and Telecommunications Minister Junaid Ahmed Palak, Mayor of Dhaka North City Corporation Atiqul Islam, and President of BCCCI Gazi Golam Martuza were among the dignitaries present at the summit.
Expatriate Bangladeshis sent approximately US$ 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.
