Economy
Invest in Bangladesh: PM Invites South African Business Leaders
In a compelling call for collaboration, Prime Minister Sheikh Hasina of Bangladesh extended an invitation to South African entrepreneurs to invest in her nation’s ambitious journey towards becoming a trillion-dollar economy and a fully developed smart nation by 2041. Speaking at the Bangladesh Trade & Business Summit in South Africa, the Prime Minister emphasized the country’s progress toward prosperity and extended a warm welcome to potential investors. She assured that investment in Bangladesh is secure, underpinned by consistently high returns and a business-friendly atmosphere.
Bangladesh’s commitment to facilitating business operations was emphasized, backed by organizations such as the Bangladesh Investment Development Authority and the Bangladesh Securities and Exchange Commission. The Prime Minister outlined the burgeoning opportunities in Bangladesh’s capital market and the country’s proactive approach to long-term financing in the era of the Fourth Industrial Revolution.
Prime Minister Hasina underscored the open Foreign Direct Investment policies in Bangladesh, particularly noting the allowance for 100 percent foreign ownership, liberalized industrial policies, a 15-year tax exemption, and streamlined services. The Prime Minister highlighted the underexplored potential of bilateral trade between Bangladesh and South Africa, expressing optimism about enhanced collaboration, especially in sectors like ICT, electronics, textiles, tourism, and heavy industry.
She thanked the significant Bangladeshi population in South Africa for their contribution to the economy and urged further investments. Plans for a joint business forum between key business chambers of Bangladesh and South Africa were also revealed.
Prime Minister Hasina stressed that the heart of Bangladesh’s strength lies in its people, especially its skilled youth population. She acknowledged South Africa’s growing urbanization and economic growth as favorable conditions for expanding Bangladesh’s exports, particularly in sectors like textiles, ready-made garments, pharmaceuticals, and agriculture.
The Prime Minister highlighted Bangladesh’s ‘Look Africa’ policy and its exploration of diplomatic and economic avenues on the continent. She revealed Bangladesh’s pursuit of natural resources and raw materials from African nations to fuel its growing industries.
Concluding her address, Prime Minister Hasina expressed confidence in Bangladesh’s progress and commitment to the path of the Fourth Industrial Revolution. Her visionary appeal underscored the mutual benefits of a strong partnership between Bangladesh and South Africa, fostering shared growth and prosperity.
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.
