‘BD can attract more investment if they assure less corruption than other markers’
If Bangladesh can assure US citizens and investors that corruption is less prevalent here than in other markets, it will likely attract more investment, said US Ambassador Peter Haas.
“Corruption is a parasite that feeds on the resources of a society and drains it of its strength. It can devastate every level of business and government,” the ambassador said during the “Call to Action Against Corruption Summit” held at the Pan Pacific Sonargaon Hotel in Dhaka on Tuesday (21 March).
He said the United States is committed to working with Bangladesh to eliminate corruption, to enable Bangladeshi citizens to enjoy lives of dignity and inviting more international trade and foreign investment.
“We support initiatives that help Bangladeshi businesses meet international standards and regulations, making them more competitive in the global market.”
By promoting ethical business practices, a more level playing field can be created for businesses of all sizes and encourage more foreign investment, said Peter Haas.
Bangladesh has many advantages that potential investors would find attractive, he said, adding, “But as American business leaders tell me: multi-national firms have options on where they invest.”
He said those will choose whichever country has the lowest levels of corruption, the fewest bureaucratic obstacles, the greatest respect for rule of law, and the best logistics infrastructure for their business.
So, if Bangladesh can attract more investment only by assuring citizens and investors that corruption is less prevalent here than in other markets, he said.
The US Agency for International Development, USAID, has partnered with Bangladesh’s Registrar of Joint Stock Companies to launch an online registration process for new businesses. This makes registering new businesses more transparent, faster, and more affordable.
The USAID has also worked with the Bangladesh National Board of Revenue to establish Authorized Economic Operators. This has empowered the private sector, instead of the government, to release shipments at ports.
As a result, the process has become more transparent and raised the level of trust between the private sector and the government.
The US Department of Commerce’s Commercial Law Development Program (CLDP) works with the Private Public Partnership Authority Bangladesh to conduct workshops to improve the legal and business environment of Bangladesh.
The CLDP also works with Dhaka North City Corporation (DNCC) to improve municipal governance by improving fiscal transparency. Under this program, the CLDP brought a DNCC delegation, including the mayor, to Miami in January.
The US Department of Justice trains investigators and attorneys in the Anti-Corruption Commission on such topics as how to investigate and prosecute money laundering, how to use electronic evidence, and how to investigate financial crimes.
It has also fostered a relationship between Bangladesh’s Financial Intelligence Unit and the International Anti-Corruption Coordination Centre.
The United States is committed to holding corrupt officials accountable for their actions. This can take various forms, said US Ambassador Peter Haas.
Historic Six-Point Day being observed today
Today, Bangladesh solemnly observes the historic Six-Point Day, which holds significant importance in the nation’s struggle for autonomy.
Back in 1966, the Bengalis of the then East Pakistan rallied behind Awami League’s call for a day-long shutdown, demanding specific rights and freedoms. The prominent leader Bangabandhu Sheikh Mujibur Rahman had presented these demands several months prior, aiming to challenge the oppressive rule of the then Pakistani government and their mistreatment of the Bengali population.
In response to Awami League’s call, the people of East Pakistan passionately joined the Six-Point Movement and wholeheartedly participated in a province-wide dawn-to-dusk hartal (shutdown). Unfortunately, the law enforcement authorities resorted to violence, firing upon demonstrators in Dhaka and Narayanganj. Tragically, at least 10 lives were lost as a result of these brutal actions, further fueling the intensity of the movement.
The Six-Point Movement focused on six crucial demands, with the aim of establishing a federal structure of government in alignment with the spirit of the Lahore Resolution of 1940. One of the key demands was the formation of a parliament elected through universal adult franchise, granting genuine representation to the people. Additionally, it advocated for the central government’s jurisdiction to be limited to defense and foreign affairs, while entrusting all other matters to the federating units of the state of Pakistan.
The movement also proposed the adoption of two freely convertible currencies or the establishment of two separate reserve banks for the two regions of Pakistan. This suggestion aimed to address economic disparities and ensure financial stability for both wings of the nation. Furthermore, it emphasized the decentralization of power, calling for the federating units to possess the authority for taxation and revenue collection. Lastly, the movement advocated for separate foreign exchange reserves for East and West Pakistan, safeguarding the economic interests of both regions.
By commemorating the Six-Point Day, Bangladesh pays tribute to the indomitable spirit of its people who fought valiantly for autonomy, ultimately paving the way for the birth of an independent nation.
Air Pollution in Dhaka Ranks as the 4th Worst Globally This Morning
Dhaka, the capital city of Bangladesh, experienced a concerning level of air pollution this morning, as indicated by an air quality index (AQI) score of 139 recorded at 9:10 am on June 6, 2023.
This ranking placed Dhaka as the 4th city with the most polluted air globally. Topping the list were Johannesburg in South Africa, Doha in Qatar, and Jakarta in Indonesia, with AQI scores of 166, 153, and 152, respectively.
When the AQI value falls between 101 and 150, the air quality is deemed “unhealthy for sensitive groups.” If it ranges from 151 to 200, it is classified as “unhealthy.” A reading between 201 and 300 indicates “very unhealthy” conditions, while a value exceeding 301 is considered “hazardous,” posing severe health risks to residents.
In Bangladesh, the AQI calculation incorporates five criteria pollutants, including particulate matter (PM10 and PM2.5), NO2, CO, SO2, and Ozone. Dhaka has long been grappling with air pollution issues, and it consistently ranks among the top risk factors for death and disability worldwide.
The elevated air pollution levels in Dhaka serve as a reminder of the urgent need to address this persistent problem. Efforts to mitigate pollution and improve air quality are crucial to safeguarding the health and well-being of the city’s residents.
Bangladesh Rakes in $4.85 Billion from May Exports
Bangladesh’s May exports reached $4.85 billion (51 thousand 895 crore taka), marking a significant increase of 26.61 percent compared to the previous year.
This positive growth comes as welcome news amidst concerns over foreign exchange reserves. In April, there was a decline in exports by 16.5 percent to $3.96 billion, raising worries about the export sector. However, May witnessed a substantial increase of $890 million in exports, as reported by the Export Promotion Bureau (EPB).
The EPB’s data revealed that during the first 11 months of the current fiscal year 2022-23 (July-May), Bangladesh exported goods worth $50.52 billion, showing a growth rate of 7.11 percent compared to the same period in the previous financial year when exports amounted to $47.17 billion. The export growth can be attributed to sectors such as leather and leather products, non-leather footwear, plastic products, and ready-made garments.
Although ready-made garments remained the leading export item, with exports worth $42.63 billion during the first 11 months of the current fiscal year, other sectors experienced growth as well. Leather and leather products, the second highest export item, saw a substantial growth rate of 42 percent, amounting to $1.12 billion. Home textile products ranked third with exports worth $1.02 billion, despite experiencing a decline of 30 percent.
However, certain sectors faced challenges, as exports of jute and jute products, home textiles, frozen food, agro-processed food, and engineering products declined during this period. Overall, the positive growth in exports during May contributes significantly to Bangladesh’s foreign exchange reserves and offers optimism for the country’s economic outlook.
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