Economy
UK Offers Support for Bangladesh’s Banking and Revenue Reforms
The United Kingdom has signaled its willingness to assist Bangladesh in overhauling its banking and revenue sectors, as well as its capital market.
This was revealed by Finance Adviser Dr. Salehuddin Ahmed following a meeting with UK High Commissioner Sarah Cooke on the morning of August 27 at his office in the Economic Relations Division (ERD) in Dhaka’s Sher-e-Bangla Nagar.
“Reforming these sectors is a pressing issue for us, and without these changes, our tasks will become significantly more challenging,” Dr. Salehuddin told reporters post-meeting.
The adviser further noted that the discussion included efforts to strengthen trade and commerce between Bangladesh and the United Kingdom.
“We aim to see growth in trade and commerce. The UK has historically been very supportive, and we anticipate their continued assistance in the future. We are eager for their cooperation,” he remarked.
During the meeting, Cooke and Salehuddin also touched on ongoing collaboration between the two nations.
“The UK is currently engaged with Bangladesh on economic development and women’s empowerment, and this cooperation will persist,” Salehuddin stated.
He also highlighted the importance of private sector investment, acknowledging significant contributions from major British corporations in Bangladesh.
Additionally, Dr. Salehuddin urged the UK to diversify its imports from Bangladesh, pointing out that the country primarily exports ready-made garments (RMG) to the UK and Europe.
He emphasized the necessity for Bangladesh to enhance its business environment to attract more private investment.
“We must improve our business climate, or the private sector will shy away,” he cautioned.
High Commissioner Cooke described the conversation as productive, affirming that the UK and Bangladesh share strong economic, trade, and investment relations.
“We are eager to expand our trade and investment ties. We also discussed how the UK can support the economic reforms Bangladesh is prioritizing, and how we can collaborate by bringing our experts together to address these reforms while also boosting our trade and investment relations,” she said.
When asked about attracting more Foreign Direct Investment (FDI) from the UK, Cooke noted the strong partnership between the two countries.
“We have a robust investment environment. Naturally, we would like to see more FDI in Bangladesh,” she added.
She emphasized that British investors are committed to responsible investment, adding, “I spoke with the adviser about ways to build investor confidence and further strengthen our trade and investment ties.”
Addressing another question, Cooke confirmed that the discussion included how the UK could support Bangladesh in prioritizing its economic reforms.
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.
