Economy
BSEC Chairman applauds Bilateral relation between Bangladesh & Japan
On the Investment Summit event which is held in Japan to showcase the economic potential of Bangladesh and strengthen the economic ties between the both countries, as they mark the 50th anniversary of their relationship.
The Bangladesh Securities & Exchange Commission (BSEC) Chairman Prof. Shibli Rubayat-Ul-Islam applauds the Bilateral Relationship Between the two Countries Bangladesh & Japan, th relationship between both nations is about 50 years.
Prof. Shibli Rubayat-Ul-Islam says, Bangladesh has achieved many goals throughout the past few years that includes the Covid19 pandemic, Bangladesh Prime Minister Sheikh Hasina who have achieved the Global Recognition of Leadership, Champion of the Earth, Champion in Children Immunisation, Global Recognition of Development & SDG Progress Award.
Prime Minister Sheikh Hasina has Visited Japan 7 times, Bangladesh has developed a lot during the last decade, says BSEC Chairman.
He also recalls Dr. Radhabinod who was one of the 11 judges appointed to the International Military Tribunal for the Far East, called as ‘Tokyo Trials’ based on World War-2.
Among all the judges of the tribunal, he was the only one who submitted a judgement in 1948 which insisted all defendants were not guilty.
Prof. Shibli Rubayat-Ul-islam added In recognition to the bondage between the countries Japan & Bangladesh, Honorable Prime Minister Sheikh Hasina visited Japan first time in 1997 followed by four more trips in 2010, 2014, 2016 and 2019, this is her sixth trip her Japan in her tenure. She also visited one more time for a private meeting.
From the Bangladesh Economic Vulnerability Index Bangladesh is Performing pretty well. The nation’s GDP growth rate hikes to 7.1%, 2.9% Dependency on Foreign Aid, $2,793 per Capita income and 73 years Life Expectancy.
Hence, the Bilateral relations between Bangladesh and Japan are based on mutual respect, shared values affinity and tradition. The amount of bilateral trade crossed the US $3 billion mark recently, export to Japan has increased by more than three times in last 10 years, presently japan is Bangladesh’s 11th largest export destination in the World and 2nd in Asia. Japan as a country is the 5th largest import source for Bangladesh. Prof. Shibli Rubayat-Ul-Islam added.
In November, the overall point-to-point inflation rate in the country exhibited a marginal decline to 9.49 percent, attributed primarily to decreases in both food and non-food inflation.
The monthly Consumer Price Index (CPI) released by the Bangladesh Bureau of Statistics (BBS) reported a general inflation rate of 9.93 percent in October. Specifically, food inflation decreased to 10.76 percent in November from 12.56 percent in October, while non-food inflation saw a slight dip to 8.16 percent from the 8.30 percent recorded in the previous month.
Breaking down the data, the rural areas experienced a slight decrease in the overall inflation rate to 9.62 percent in November, down from 9.99 percent in October. Similarly, urban areas witnessed a decline in the general inflation rate to 9.16 percent in November, compared to 9.72 percent in October.
The national wage index rate for November increased to 7.72 percent, showing a slight uptick from the 7.69 percent reported in October.
Export earnings for the current fiscal year (FY24) from July to November reached $22,232.28 million, marking a 1.30 percent growth compared to the same period last year, according to the latest data from the Export Promotion Bureau (EPB).
In the corresponding period of the previous fiscal year (FY23), export earnings amounted to $21,946.07 million. However, there was a notable decline in single-month export earnings for November, witnessing a 6.05 percent fall, reaching $4,784.81 million, as opposed to $5,092.56 million in November of the previous year.
The Ready-Made Garments (RMG) sector remained the primary contributor to export earnings during July-November, securing $18,835.65 million. Within this category, knitwear exports accounted for $10,989.42 million, followed by woven garments at $7,846.23 million.
Notable performances in other exportable categories during the July-November period include primary commodities at $601.42 million, agriculture products at $420.59 million, manufactured commodities at $21,630.86 million, plastic products at $92.60 million, leather and leather products at $427.02 million, jute and jute goods at $361.91 million, and specialized technologies [remaining text not provided].
The Foreign Minister, in a meeting today with the outgoing Kosovo ambassador Güner Ureya, urged Kosovo to recruit skilled human resources and consider importing high-quality readymade garments and pharmaceuticals from Bangladesh. The ambassador paid a farewell call on the Foreign Minister at the foreign ministry this afternoon.
During the meeting, the Foreign Minister commended the ambassador for actively advancing bilateral relations and emphasized the importance of enhancing people-to-people contact for stronger mutual relations. The outgoing envoy, in turn, expressed appreciation for Bangladesh’s progress and development across various sectors. Additionally, the envoy briefed the Foreign Minister on the shared interest of business communities in both Bangladesh and Kosovo to boost trade and investment between the two countries.
Discussions also encompassed topics such as women empowerment and the necessity of peace for sustainable development. The outgoing envoy lauded the people, culture, and the beauty of Bangladesh.
