Economy
UNDP, BSEC Sign MoU to Boost SDG Bonds in Bangladesh
The United Nations Development Programme (UNDP) and the Bangladesh Securities and Exchange Commission (BSEC) have solidified their partnership by signing a Memorandum of Understanding (MoU) aimed at enhancing cooperation and fostering the ecosystem for issuing thematic bonds to achieve the Sustainable Development Goals (SDGs) in Bangladesh. The signing ceremony, held at the BSEC office in Dhaka on Monday, saw BSEC Chairman Shibli Rubayat-Ul-Islam and UNDP Bangladesh Resident Representative Stefan Liller affix their signatures to the agreement.
Under the MoU, UNDP Bangladesh will play a pivotal role in designing an impact measurement and reporting framework based on UNDP’s SDG Impact Standards. Moreover, they will provide assistance in developing bond allocation strategies and impact reporting mechanisms. Leveraging its expertise, UNDP is well-positioned to offer technical support and long-term capacity-building to establish a robust ecosystem for managing SDG thematic bonds, encompassing the entire process from pre-issuance to post-issuance. Additionally, UNDP will engage stakeholders to promote the adoption of thematic bonds among issuers and investors.
Stefan Liller, speaking at the signing ceremony, highlighted the importance of the thematic bond framework and the accompanying technical support. He stressed that these initiatives will create a conducive environment for mobilizing capital in Bangladesh to achieve the SDGs. UNDP is committed to collaborating with regulators, providing catalytic support, and fostering an ecosystem for SDG financing in Bangladesh, while simultaneously expanding opportunities for the private sector to advance their sustainability initiatives.
Expressing enthusiasm about the partnership, BSEC Chairman Shibli Rubayat-Ul-Islam affirmed that this initiative aligns with the various ongoing endeavors of the Government of Bangladesh. He emphasized BSEC’s successful pursuit of establishing a vibrant bond market and the inclusion of a separate section for green bonds in their Guideline for fixed-income securities. Rubayat-Ul-Islam opined that promoting sophisticated green financial products like thematic bonds or sukuks will ultimately fortify the overall bond market and facilitate efficient capital mobilization for achieving the SDG goals. He stressed the urgency of greening the economy and advocated for the early adoption of thematic products, pledging BSEC’s readiness to support in designing and piloting the framework.
The collaboration between UNDP and BSEC represents a significant stride towards directing investments into sustainable development in Bangladesh. By capitalizing on UNDP’s expertise and leveraging BSEC’s regulatory framework, the partnership aims to unlock financing opportunities for SDGs while fostering sustainable practices within the private sector. This joint effort aspires to mobilize fresh capital and promote environmentally friendly financial instruments, thereby contributing to the nation’s sustainable development agenda and climate-related commitments.
Bangladesh is eager to strengthen its bilateral relations with South Korea, particularly in the realms of trade and investment, in pursuit of realizing the dream of achieving a ‘Golden Bengal,’ as envisioned by the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman.
State Minister for Foreign Affairs, Md Shahriar Alam, expressed this commitment as the chief guest at a reception commemorating South Korea’s National Foundation Day. The reception, hosted by South Korean Ambassador to Bangladesh Park Young-Sik, took place at a city hotel on Sunday evening.
During his speech, Minister Alam conveyed Dhaka’s contentment with the consistent growth in bilateral trade and investment between Bangladesh and South Korea. He highlighted the 50-year history of robust bilateral relations and expressed optimism about elevating this friendship to a deeper and more comprehensive level of collaboration.
Furthermore, Minister Alam referenced the recent meeting between Prime Minister Sheikh Hasina and President Yoon Suk Yeol on the sidelines of the G20 Leaders Summit in India, underlining the significance of such high-level engagements.
He reiterated Prime Minister Sheikh Hasina’s vision of establishing a knowledge and technology-based prosperous and intelligent Bangladesh by the year 2041.
Minister Alam also expressed gratitude for South Korea’s prompt recognition of Bangladesh as an independent state shortly after its independence on May 12, 1972.
Economy
Vietnam’s National Assembly President Attends Forum in Dhaka for Economic Collaboration with Bangladesh
Vuong Dinh Hue, the President of the Vietnam National Assembly, recently participated in an event held in Dhaka known as the ‘Forum on Policies and Laws to Foster Economic, Trade, and Investment Collaboration between Vietnam and Bangladesh.’ This significant gathering was jointly organized by the Vietnamese Ministry of Industry and Trade, the Ministry of Planning and Investment, the Vietnamese Embassy in Bangladesh, and in cooperation with key entities including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Vietnamese Business Association in Bangladesh.
The forum drew the presence of a distinguished high-level delegation from the Vietnamese National Assembly, alongside prominent figures from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Dhaka Chamber of Commerce and Industry (DCCI), and a substantial representation from businesses on both sides. Additionally, various ministries from both Vietnam and Bangladesh were represented.
During the forum, three notable business-to-business Memoranda of Understanding (MoUs) were inked. These agreements included collaboration between BMH Vietnam Company and Doreen Group Bangladesh, focusing on investment cooperation, technology transfer, and the advancement of pre-engineered steel production. Another agreement was reached between Bangladesh Vietnam Development Assistance Company and the Bangladesh Pharmaceutical Association, with a specific focus on pharmaceutical exchange. Lastly, Huong Giang Aviation Services and the Bangladesh Tourism Association came together to establish a tourism alliance, marking a significant step in enhancing tourism ties between the two nations.
As part of his official three-day tour, Vuong Dinh Hue visited the state-of-the-art facilities of Beximco Pharma in Tongi, where he received an informative presentation and toured the manufacturing facility.
Prime Minister Sheikh Hasina has reaffirmed her government’s unwavering commitment to implementing the Sustainable Development Goals (SDGs), even in the face of challenges posed by the Covid-19 pandemic, the Ukraine war, and the climate crisis. She made this declaration during a meeting with Helen Clark, Chair of the Partnership for Maternal, Newborn and Child Health (PMNCH), at the United Nations Headquarters.
As part of her commitment to healthcare services accessibility for all citizens, PM Sheikh Hasina mentioned the implementation of the National Health Sector Strategic Plan (2011-2030) and a 27% increase in healthcare sector allocations for the current fiscal year 2023-24.
Helen Clark commended Bangladesh’s exceptional progress in healthcare under Prime Minister Sheikh Hasina’s visionary leadership, citing the nation’s remarkable achievements in reducing maternal and child mortality rates and ensuring universal healthcare services.
