Economy
PM asks youth to work for forming cooperative
Prime Minister Sheikh Hasina on Saturday, November 5, called upon the country’s youths to engage in inspiring people to form cooperatives for boosting food production and pulling the country ahead further.
“The youths will have to come forward. We can go a long way if the youths do their activities in bringing village people together as everyone will have the responsibility,” she said.
The premier was addressing a function on the 51st National Cooperatives Day at Bangabandhu International Conference Center, BICC as the chief guest, joining virtually from her official residence Ganobhaban in Dhaka.
She told the youths not to chase after the job but rather get involved in food production activities such as poultry and fish cultivation by forming cooperatives.
Referring to the 100 special economic zones being established by the government, she said, “you (youths) can set up food processing factories there, which will not only meet the local demand but also can help export abroad.”
Sheikh Hasina said she believes that the country could attain desired economic success through cooperatives.
She also urged all to work in combination to overcome the crisis that was created in the country due to the Covid-19 pandemic and the Russian-Ukraine war as well as sanctions and counter-sanctions.
With State Minister for Rural Development and Cooperative Swapan Bhattacharjee in the chair, Register and Director General of the Department of Cooperatives Dr. Tarun Kanti Sikder delivered the welcome address.
Local Government, Rural Development and Cooperatives Minister Md Tazul Islam and Rural Development and Co-operative Division Sectary Md. Mashiur Rahman also spoke as a special guest.
A total of nine Samobay Samity (cooperative associations) and one person were given National Cooperative Award-2021 on the event.
On behalf of the prime minister, Md Tazul Islam handed over the award. Each awardee was conferred with a gold medal and a certificate.
At the outset of the function, a video documentary on national cooperative day was screened. The theme of the day is “Bangabandhu’s Philosophy, Development of Cooperative.
The prime minister said cooperatives are absolutely essential for agricultural production, life and livelihood of the people in the country.
“Cooperatives create enormous scopes in a densely populated country like ours. Paying attention to it, we will have to strengthen cooperatives,” she said.
She stressed the need for giving utmost importance to cooperatives for the development of the country’s people.
Sheikh Hasina said her government is working for the people and wants to create scopes so that every individual can improve their life and livelihood.
She said her government opened every sector for private entrepreneurs so employment is generated.
Talking about inflation, the premier said the price of every commodity has soared throughout the world due to the war and Covid-19, which affected Bangladesh also and almost all the countries are now suffering from high inflation.
“Everyone has to run using its reserve (of foreign currencies). Also, we are to do it for the well-being of the common people of the country,” she added.
She said that now Bangladesh needs to purchase fertilizers, fuel and edible oil at very high prices amid high transportation costs for the sake of the people and agricultural production.
The head of government said although the country has cent per cent electricity coverage, but now they are facing much trouble in generating power as imports of fuel and gas are being hampered due to the war.
“I hope that we can overcome this situation,” she said, referring to the measures taken by the government such as solar power, coal-fired power plant as well as the import of power from Nepal and Bhutan.
She, however, reiterated her call to the countrymen to put concentration on savings and exercising austerity as well as boosting food production.
She once again requested all not to spare any inch of land uncultivated but rather made a call to produce whatever they can.
She said the current progress of Bangladesh should in no way be interrupted.
Though the Covid-19 and current war and sanctions slowed down the progress to some extent, the government’s goal is to go forward overcoming this situation and build the country as Sonar Bangla as dreamt by Father of the Nation Bangabandhu Sheikh Mujibur Rahman, she added.
Sheikh Hasina said her government’s goal is that the rural people would get civic facilities, improved life and lead a decent lifestyle.
In this context, she mentioned several schemes, including “My House My Farm” (Amar Bari Amar Khamar) and “My Village My Town” (Amar Gram Amar Shohor) programmes, which were taken by her government for the development of rural people.
“We want to transform every village into a town,” said the prime minister.
She stressed the need for the construction of modern houses through cooperative societies to make modern flats affordable for the villagers as well as to protect arable lands by stopping the indiscriminate construction of homes everywhere.
The government has also started a project titled “Palli Janapad” to construct modern houses in a planned way for the rural people, she said.
The premier said her government took the ‘My House My Farm scheme’ and micro-saving project under the scheme so that the poor people don’t need to bear the burden of micro-credit rather they can save money and take loans, forming a cooperative society under it.
If they save Tk200, the government would add another Tk200 to it till two years and the money would remain deposited in Palli Sanchay Bank, she added.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
