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‘BD can attract more investment if they assure less corruption than other markers’

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investment

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.

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Economy

FBCCI Urges Action Against Unscrupulous Traders

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FBCCI

The Market Monitoring Committee of FBCCI has urged the concerned market committees to be vigilant in preventing traders from engaging in dishonest practices to earn additional profits.

Md Amin Helaly, Senior Vice-President of FBCCI and Convener of the Market Monitoring Committee, issued this call during a meeting of FBCCI’s Market Monitoring Committee with local market committee leaders at Mohammadpur Town Hall Katcha Market in the capital on Wednesday.

Addressing the meeting as the chief guest, Helaly emphasized the importance of identifying and punishing dishonest businessmen and their associates.

He urged the collection of reports on dishonest traders and their submission to FBCCI, stating, “We will take stringent action against them in collaboration with the government.”

Helaly stated that FBCCI is closely monitoring the market to ensure stability during Ramadan, emphasizing the federation’s role in this regard as a representative of the private sector.

He remarked, “Our efforts will continue in coordination with various government agencies. However, consumers also need to adjust their purchasing habits. Market activities for a month should be more balanced than those on any single day.”

Directors of FBCCI and members of the Bazaar Monitoring Committee were also in attendance at the meeting.

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US Stresses Collaboration with Bangladesh on Key Issues: Blinken

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Blinken

US Secretary of State Antony Blinken extends congratulations to the people of Bangladesh on their Independence Day, March 26.

Blinken, on behalf of the United States, sends warm wishes to all Bangladeshis on this significant occasion.

In a statement, Blinken expresses the United States’ eagerness to bolster the partnership and people-to-people connections between the two nations in the coming year.

“The United States takes pride in collaborating with Bangladesh on various critical issues of today, including combating climate change, promoting economic development, addressing the Rohingya refugee crisis, supporting global peacekeeping efforts, and tackling global health challenges,” he remarks.

Highlighting the partnership’s role in ensuring a free, open, secure, and prosperous Indo-Pacific region, Blinken emphasizes its significance.

“As Bangladesh marks another year of independence, we reiterate our dedication to strengthening democratic governance and safeguarding human rights – endeavors crucial for Bangladesh’s continued prosperity,” he affirms.

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China-Bangladesh Friendship Strengthened, Notes President Xi Jinping

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Xi Jinping

Chinese President Xi Jinping has emphasized the robust and deep-rooted political trust between Bangladesh and China, along with their productive collaboration across various sectors, yielding tangible benefits for both nations.

Xi Jinping highlighted Bangladesh’s steadfast commitment to independence over the past 53 years, its efforts in economic development, and improvements in livelihoods, laying a strong foundation for the realization of the “Sonar Bangla” dream.

In celebration of Independence Day, Xi Jinping conveyed his congratulations to Bangladesh President Mohammed Shahabuddin through a letter.

He underscored the longstanding friendship between China and Bangladesh as traditional neighboring nations, noting its continual strengthening.

Xi Jinping expressed his keen interest in advancing the China-Bangladesh relationship and pledged cooperation with President Mohammed Shahabuddin to further enhance high-quality Belt and Road Cooperation and deepen the Strategic Partnership of Cooperation between the two countries.

Simultaneously, Chinese Premier of the State Council Li Qiang and Member of the Political Bureau of the CPC Central Committee and Foreign Minister Wang Yi extended separate congratulatory messages to Prime Minister Sheikh Hasina and Foreign Minister Hasan Mahmud respectively.

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