Economy
Padma Bridge Initiates Trial Phase for Electronic Toll Collection System
The Padma Bridge has commenced the trial phase of its Electronic Toll Collection System (ETCS) on Wednesday. Out of the total 17 booths, 14 have been integrated with the automatic toll collection system.
Additionally, the Padma Bridge Traffic Monitoring Center was inaugurated at the Mawa end, facilitating real-time monitoring of traffic movement on the bridge. Utilizing the Radio Frequency Identification (RFID) method, tolls can now be collected from vehicles while they are in motion. As a registered vehicle approaches the toll plaza, the scanner at booth number-1 identifies the vehicle automatically.
Md Monjur Hossain, Secretary of the Bridges Division, experienced the new smart toll payment method by crossing the toll plaza and making the payment around 10:30 am. Md Monjur Hossain highlighted the introduction of two additional smart toll collection booths on both sides of the bridge, bringing the total number of toll booths under the electronic toll collection system to 14 out of 17.
To facilitate the registration process for ETCS, a dedicated registration booth has been established on the east side of the Padma Bridge, near the Uttar Police Station at Mawa end. Once fully implemented, this system aims to minimize waiting times for vehicles and alleviate traffic congestion at toll plazas.
However, it should be noted that three booths – booth no. 8 at the Mawa end and booths no. 8 and no. 9 at the Zajira end of the bridge – will continue to collect tolls manually from motorcycles.
The introduction of the ETCS on the Padma Bridge signifies a significant step towards efficient toll collection and smoother traffic flow. The trial phase will help assess the system’s effectiveness and address any potential issues before its full-scale implementation, offering a more convenient and seamless experience for commuters.
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.
Bangladesh’s economy is anticipated to expand by 6.5% in fiscal year 2024, reflecting an improvement in domestic demand and enhanced export growth, as per the recent Asian Development Bank (ADB) report titled “Asian Development Outlook (ADO) September 2023.” This growth projection is slightly higher than the 6.0% recorded in the previous fiscal year, driven by a recovering euro area.
Inflation is predicted to decrease to 6.6% in the current fiscal year, down from 9.0% in FY2023. Additionally, the current account deficit is expected to narrow marginally, from 0.7% of GDP in the previous fiscal year to 0.5% in FY2024, thanks to improved remittance growth.
The report identifies the main risk to this growth projection as a potential deterioration in export growth if global demand remains weaker than anticipated.
ADB Country Director Edimon Ginting commented on the government’s effective management of external economic uncertainties, highlighting ongoing infrastructure development and crucial reforms aimed at enhancing the investment climate. These structural reforms encompass bolstering public financial management, mobilizing domestic resources, optimizing logistics, and deepening the financial sector to foster private sector growth, diversify exports, and create productive employment opportunities in the medium term.
The report also underscores the importance of addressing climate change by expanding domestic renewable energy supply in the context of elevated oil prices.
The revival of private consumption, driven by moderate inflation and increased remittances, coupled with the completion of significant government infrastructure projects boosting investment, is expected to stimulate economic growth. However, the initial uptick in interest rates following adjustments to the country’s monetary policy framework may temper private investment.
Inflation is projected to ease due to lower global non-fuel commodity prices, increased agricultural production, and the initial tightening of monetary policy under the new framework.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the country’s foremost trade organization, has joined hands with the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) to bolster business and investment opportunities and narrow the trade deficit between Bangladesh and Malaysia. Both organizations aim to facilitate the export of skilled labor from Bangladesh to Malaysia, a crucial labor market for the nation.
During a courtesy meeting at the FBCCI Icon in Dhaka on September 19, 2023, FBCCI President Mr. Mahbubul Alam expressed these intentions while meeting with a BMCCI delegation, led by its President, Syed Almas Kabir. The collaboration between FBCCI and BMCCI seeks to address Bangladesh’s substantial trade deficit through Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs), and other trade mechanisms. Both organizations are committed to working together to tackle this issue.
The meeting was attended by FBCCI Director Hafez Hazi Harun-Or-Rashid (CIP), Mohammad Nizam Uddin, BMCCI Senior Vice President Mr. Sabbir Ahmed Khan, Vice President Mr. Jamilur Rahman, BMCCI Secretary General Mr. Md. Motaher Hoshan Khan, Director Mr. Mamunur Rahman, and other dignitaries.
