Economy
Benefits from Investment in Bangladesh
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.
Bangladesh urged Japan to make investments for that they will be benefited from in the future soon.
The Bangladesh Securities & Exchange Commission chairman Professor Shibli Rubayat-Ul-Islam explains from a graph presentation about the benefits from investments in Bangladesh.
Faster Economic Growth
Shock Absorbing Capability against Global Volatility
Favorable Monetary & Fiscal Policy and Investment Friendly Government
No Pre-Approval to repatriate investment with profit
A resourceful Blue Economy, Green for Investment
From another chart BSEC Chairman shows Bangladesh’s consumer market will be bigger than the UK in 2030 according to HSBC Global Research, which defines. Bangladesh is expected to see the fastest growth in its consumer market – that is, the population earning more than $20 per day in constant PPP terms – in the current decade.
Also added, Bangladesh is expected to overtake the UK and Germany and thus become the World’s ninth largest consumer market globally by 2030.
Women Empowerment in Bangladesh
In Bangladesh female literacy rate is 71.18% according to UNESCO, reserve quota has been created in judiciary, administrative and govt. Jobs, women entreprenuers in the finacial sector grew from 21,400 to 56,732 in six month from March to September in 2021. Government is arranging many training programs to empower women.
Top Japanese Investments in Bangladesh
JTI – acquired local conglomerate Akij Group’s tobacco business for approximately USD 1.5 billion in 2018 making it the single largest FDI in the Bangladesh private sector till date.
Honda – invented more than USD 27 million on buildings, equipment, facilities and a land area of 25 acres setting up a motor cycle manufacturing plant since 2018.
In June 2020, Japan East West Medical College Hospital was inaugurated, which is a 300-bed joint venture project between Ship Healthcare Holdings of Japan and Aichi Medical Group of Bangladesh.
Bangladesh: A perfect destination for Japanese firms
The latest survey of JETRO says that Bangladesh is the top choice for Japanese companies seeking to expand business in Asia.
Yuji Ando, Country Representative of the Japan External Trade Organization, expects the number of Japanese firms to double within the next 5 years.
The export ratio of Japanese companies operating Bangladesh is on top among Asia and Oceania countries as the ratio of exports to total sales by Japanese companies currently stands at 65.4%.
Number of Japanese companies in Bangladesh tripled over the last 10 years to hit 338 in 2022.
Garment export to Japan was US $ 1.1 bllion in 2021-2022 & expected to rise 10 fold to reach US $ 10 billion by 2030
At the same time BD’s imports from Japan will increase 5 fold to reach US $10 billion and as such bilateral trade will cross US $20 billion by 2030
Bangladesh and Qatar signed 10 cooperation documents on Tuesday, including five agreements and five MoUs, aimed at strengthening ties and elevating relations to new heights.
Prime Minister Sheikh Hasina and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani witnessed the signing of the documents.
The five agreements cover cooperation in the legal field, promotion and protection of mutual investments, avoidance of double taxation, maritime transport, and the establishment of a Joint Business Council (JBC) between FBCCI & QCCI.
The five MoUs include cooperation in sports and youth, manpower employment (Labour), diplomatic training, education, higher education, scientific research, and between Qatar Ports management Company “MAWANI QATAR” and Chittagong Ports Authority.
Earlier in the morning, PM Hasina warmly welcomed and received Emir Sheikh Tamim at her office.
They had a tête-à-tête meeting at the Prime Minister’s Office, followed by a bilateral meeting.
After signing the visitors’ book, the emir headed for Bangabhaban where the president received him.
A high-level Qatari delegation led by Qatar’s emir is on a state visit to Bangladesh at the invitation of the president and the prime minister.
During the ceremony, a road and a park in Dhaka were named after Emir of Qatar Sheikh Tamim Bin Hamad Al Thani.
The park, constructed in Kalshi area of Mirpur under Dhaka North City Corporation, and the road from Mirpur ECB point to Kalsi Fly Over were named after Emir of Qatar.
Now, the road and park are known as Sheikh Tamim Bin Hamad Al Thani Avenue and Sheikh Tamim Bin Hamad Al Thani Park.
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is urging for greater involvement of marginal, small, and medium enterprises in international trade fairs. This initiative aims to spotlight Bangladesh’s promising products on the global market.
FBCCI President Mahbubul Alam made the call during the first meeting of the organisation’s Standing Committee on National and International Trade Fairs and Foreign Delegations. He emphasised the need to provide marginal, small, and medium enterprises with the space and resources to effectively display their products at these events.
“The participation of marginal, small, and medium enterprises is crucial at both national and international levels,” Mahbubul Alam said. “This will allow us to export Bangladesh’s promising products and open new markets.”
The FBCCI president informed that his organisation is actively discussing and collaborating with the government to make this a reality. He also proposed organising roadshows in neighbouring countries and Europe to revive the country’s handicraft industry and increase export opportunities for these products.
Standing Committee Chairman Nuruzzaman echoed Mahbubul Alam’s sentiments, highlighting Bangladesh’s vast potential and young population. “We need to move beyond the garment sector and focus on product diversification and market creation,” Nuruzzaman said.
Achieving this, he acknowledged, will require close collaboration with the Export Promotion Bureau, Ministry of Foreign Affairs, and Bangladesh Investment Development Authority.
FBCCI Senior Vice President Md Amin Helaly pledged the organisation’s support in facilitating increased exports through participation in foreign trade fairs. He stressed, however, the importance of raising awareness among Bangladeshis about the country’s diverse and promising products.
The meeting concluded with an open discussion where participants expressed keen interest in organising and participating in various sectoral fairs, both domestically and internationally, under the FBCCI’s umbrella.
Bangladesh’s Ambassador to the United States (US), Muhammad Imran, has urged Bangladeshi expatriates to send remittances through legal channels to further strengthen the country’s economy. He also encouraged them to showcase the country’s success stories to enhance its image abroad.
Speaking as the chief guest at the Customers’ Gathering and SECI App Campaign of Sonali Exchange at the Bangabandhu Auditorium of the Bangladesh Embassy in Washington DC on Friday evening, Ambassador Imran emphasized the importance of sending remittances legally.
The event, jointly organized by the Bangladesh Embassy in Washington DC and Sonali Exchange, a subsidiary company of Sonali Bank, aimed to raise awareness about sending remittances to Bangladesh through legal channels.
Sonali Bank’s Chief Executive Officer (CEO) and Managing Director, Md. Afzal Karim, attended the event as a special guest, while Devasree Mitra, CEO of Sonali Exchange Company Incorporation, USA, delivered the welcome address.
Ambassador Imran highlighted Bangladesh’s significant progress across all sectors over the past decade and a half under the visionary leadership of Prime Minister Sheikh Hasina. He emphasized the positive achievements and changes that have occurred in the country during this period.
Imran stressed the importance of sharing Bangladesh’s success stories globally, believing that doing so would elevate the country’s stature on the international stage. He noted Bangladesh’s victorious history, achieved through the Liberation War under the leadership of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Bangabandhu’s vision of establishing “Sonar Bangla” (Golden Bengal) free from hunger and poverty remains a driving force for the nation, Imran stated, expressing confidence that Bangladesh is steadily progressing towards this goal.
The event saw participation from a large number of expatriate Bangladeshis residing in Washington DC and its neighboring states. Counsellor and Head of Chancery Shamima Yeasmin Smrite conducted the proceedings.
