Economy
Happy Eid-Ul-Fitr 2023
Eid-ul-Fitr 2023 is one of the most important festivals for Muslims all over the World. The day marks the end of the holy month of Ramadan.
The entire month, the devotees observe fast from dusk to dawn. The month-long fasting, which is considered to be one the sternest ones, ends on the eve of Eid after sighting the first crescent of the new moon. Ramadan is the holiest month for the followers of Islam.
As per the belief, Allah on this day delivered the first verses of the Quran. As per tales, the month of Ramadan started when Prophet Mohammad migrated from Mecca to Medina. This festival is celebrated with a lot of fervour and joy. People worldwide greet each other, exchange gifts and feast on special delicacies.
The people from Bangladesh are mostly Muslim Majorities, the celebration of Eid is fascinating as the holiday is at least 3 days, an opportunity for those who stays apart from their families can pay a visit, and also those who also had wife and children.
Dhaka is to observe the Eid-Ul-Fitr on Saturday (22 April), as many other parts of Bangladesh have already observed on Friday (21 April) which they used to follow the Saudi Time.
Chinese exports rebounded in November, breaking a seven-month streak of decline, as reported by the General Administration of Customs (GAC). Overseas shipments registered a 0.5 percent year-on-year increase, reaching $291 billion, surpassing analyst expectations of a 0.3 percent contraction.
This positive development comes amid China’s ongoing efforts to navigate a challenging recovery from the COVID-19 pandemic. Despite the improved export figures, imports experienced a 0.6 percent contraction, highlighting persisting economic challenges.
China’s economy expanded by 4.9 percent in the third quarter, slightly below the government’s five percent target. Challenges include weak global demand, a debt-fueled property crisis, and subdued consumption.
US Ambassador to Bangladesh, Peter Haas, expressed the United States’ commitment to strengthening collaboration with the private sector and various stakeholders in Bangladesh to promote internationally recognized labor rights, particularly in the Readymade Garment (RMG) industry. Speaking at the Bangladesh Cotton Day 2023, Ambassador Haas emphasized the recent minimum wage review in the RMG sector as evidence of the necessity for an objective, inclusive, and evidence-based National Wage Policy. He highlighted the importance of robust labor laws and their effective implementation, considering them crucial for the bilateral relationship, sustainable development, and creating a stable environment for US companies in Bangladesh.
In addressing the RMG sector, Ambassador Haas underscored the US mission’s dedication to achieving sustainable and broadly shared prosperity through enhanced labor standards. Recognizing labor rights as integral to the continued growth of Bangladesh’s RMG sector, he referenced the US Secretary of State’s announcement of a new global labor strategy, emphasizing increased engagement with various stakeholders to promote and protect the rights to freedom of association and collective bargaining.
During the event, BGMEA President Faruque Hassan sought Ambassador Haas’s assistance in conveying the industry’s efforts and concerns to the US administration.
Prime Minister Sheikh Hasina expressed optimism about the recently signed concession agreement between the Chittagong Port Authority (CPA) and Saudi Arabia’s Red Sea Gateway Terminal (RSGT) for the operation of the Patenga Container Terminal (PCT).
The agreement, observed by the Prime Minister and Saudi Investment Minister Khalid Al Falih, is viewed as a significant step to enhance Saudi investment in Bangladesh and foster economic cooperation between the two nations.
The concession agreement stipulates that RSGT will manage the Patenga Container Terminal for the next 22 years, providing a strategic boost to bilateral relations, particularly in the realms of trade and commerce. Prime Minister Hasina underscored the crucial role the terminal would play in enhancing port capacity, facilitating smoother trade processes, and generating job opportunities within Bangladesh.
In her remarks at the signing ceremony, Sheikh Hasina envisioned the Patenga Container Terminal as a gateway to global trade, offering new opportunities for businesses in Bangladesh to connect with the world. She emphasized the self-reliant nature of the modern terminal, anticipating its positive impact on the country’s economic uplift.
Moreover, Prime Minister Hasina highlighted the potential regional significance of the terminal, pointing out that India, Bhutan, and Nepal could also utilize its facilities, thereby boosting economic growth in the broader South Asian region. This aspect aligns with the terminal’s role as a catalyst for regional economic development.
Expressing gratitude for Saudi Arabia’s investment, Sheikh Hasina emphasized the importance of the partnership, describing Saudi Arabia as a friendly nation and a vital development partner for Bangladesh. She recognized the reputation of RSGT as a globally reputed terminal operator designated by the Saudi government, contributing valuable expertise to the Patenga Container Terminal Project.
In conclusion, the Prime Minister viewed the concession agreement as a testament to the joint vision and steadfast commitment to economic cooperation and prosperity shared by Bangladesh and Saudi Arabia.
