Economy
Invest in Bangladesh’s SEZs: Foreign Minister’s Call to Indian Entrepreneurs
Bangladesh’s Foreign Minister, Dr. AK Abdul Momen, has called on Indian entrepreneurs to explore investment opportunities in Bangladesh, leveraging the favorable investment climate the nation offers. He emphasized the rapid development of the two designated Special Economic Zones (SEZs) in Mirsarai and Mongla for India, aiming to attract more investments. This appeal was conveyed during a meeting with a delegation from the Indian Chamber of Commerce (ICC) held at the foreign ministry in Dhaka. Dr. Momen expressed his contentment with the strong bilateral relationship between India and Bangladesh, highlighting the substantial growth in trade and investment witnessed in recent years.
Amid the global economic challenges posed by the Covid-19 pandemic and ongoing geopolitical tensions, Dr. Momen underscored the importance of collaborative efforts between the two countries to bolster each other’s economies. He attributed regional stability and economic growth to the effective leadership of Prime Minister Sheikh Hasina. Stressing the need for balanced bilateral trade promotion, Dr. Momen urged the removal of trade barriers, including tariffs and non-tariff obstacles, to enhance trade volume between the two nations.
The visiting Indian delegation lauded Bangladesh’s impressive socio-economic progress under Prime Minister Sheikh Hasina’s visionary leadership. They expressed their enthusiasm to engage with various business entities to foster trade and commerce, particularly focusing on sectors like healthcare, education, and power. Proposing the establishment of a BIMSTEC Chamber of Commerce to enhance trade among member states, the Indian representatives found receptive ears in the Foreign Minister, who welcomed the idea and promised support.
The Indian Chamber of Commerce, founded in 1925 with a special emphasis on promoting trade within South Asian and Southeast Asian countries, embarked on a visit to Dhaka from August 6 to August 8, 2023. During their stay, they engaged with various chambers and business establishments in Bangladesh to further bilateral economic cooperation.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
