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.
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.
