Economy
Japan Grants 472 Million Yen to Bangladesh for HR Dev. Scholarship Program
The governments of Bangladesh and Japan have solidified their commitment to the implementation of “The Project for Human Resource Development Scholarship (JDS)” through the signing of an Exchange of Notes and Grant Agreement. In a recent press release, it was announced that Japan has granted ¥472 million (equivalent to approximately USD 3.38 million) to support the project in Bangladesh. The primary objective of this grant is to facilitate the education and professional growth of Bangladeshi officials while strengthening bilateral ties between the two nations.
The Exchange of Notes was signed by Sharifa Khan, the Secretary to the Economic Relations Division (ERD) under the Ministry of Finance, and IWAMA Kiminori, the Japanese Ambassador to Bangladesh. Additionally, ICHIGUCHI Tomohide, the Chief Representative of JICA Bangladesh, signed the Grant Agreement on behalf of the Government of Japan.
“The Project for Human Resource Development Scholarship (JDS)” has been operational since 2001 under the supervision of the ERD and is set to continue until 2025. The recently granted funds will be specifically dedicated to providing scholarships to various groups, including BCS cadre officers, Bangladesh Judicial Service officers, First Class Officers of the Legislative and Parliamentary Affairs Division, and officials from Bangladesh Bank.
Beneficiaries of the scholarship program will have the opportunity to pursue Master’s and PhD courses at esteemed universities across Japan. The project has already facilitated the academic accomplishments of 414 officials who have successfully completed their Master’s degrees, while five officials have attained PhD degrees from reputable Japanese universities.
This grant highlights Japan’s commitment to supporting the human resource development of Bangladesh and fostering stronger ties between the two nations. The scholarships provided through “The Project for Human Resource Development Scholarship (JDS)” will undoubtedly contribute to the professional growth and capacity building of Bangladeshi officials, ultimately benefiting the country’s overall development.
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.
