Economy
“PM for Economic Cooperation Among South, Southeast Asian Nations”
Prime Minister Sheikh Hasina emphasized the need for economic cooperation between South and Southeast Asian countries to benefit the people of the region during a meeting with outgoing ambassador of the Republic of Korea to Bangladesh, Lee Jang-keun.
The meeting took place at the prime minister’s official residence, Ganabhaban, and was followed by a media briefing where the prime minister’s press secretary, Ihsanul Karim, quoted her statements.
In the briefing, Karim stated that Prime Minister Hasina commended Korea’s success in transforming the country into a developed nation within a generation. She expressed how this achievement had inspired Bangladesh in its own pursuit of development and prosperity. The prime minister also recalled her two visits to Korea, where she witnessed the remarkable progress made by the country.
During the meeting, Ambassador Jang-keun emphasized the importance of enhancing trade, official development assistance, employment, and investment between Bangladesh and Korea. He highlighted that the trade volume between the two countries had increased from $1.5 billion in 2020 to $3 billion.
Additionally, he mentioned that the official development assistance had risen from $500 million in 2020 to $3 billion. The ambassador also expressed Korea’s interest in recruiting skilled manpower from Bangladesh’s shipbuilding sector.
Ambassador Jang-keun highly praised the significant development achieved by Bangladesh under Prime Minister Sheikh Hasina’s leadership over the past 14 years. He expressed his deep satisfaction with his tenure in Bangladesh, stating that the people of Bangladesh would always hold a special place in his heart. The meeting was attended by Prime Minister’s Ambassador-at-Large Mohammad Ziauddin and Prime Minister’s Principal Secretary Mohammad Tofazzel Hossain Miah.
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.
