Economy
Global Entrepreneurs Can Now Trade in Commodity Exchanges
Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Professor Shibli Rubayat-Ul-Islam, has announced swift intentions to establish a commodity exchange in Bangladesh, allowing not only local businesses but also entrepreneurs from South Africa and other nations to engage in trade. This significant initiative was revealed during the “Rise of Bengal Tiger: Bangladesh Trade and Business Summit” held in Johannesburg, South Africa, on Wednesday, August 23rd.
The summit, jointly organized by BSEC and the Bangladesh Investment Development Authority (BIDA), marks a strategic collaboration aiming to bolster investment prospects. The event commenced on Wednesday morning at 10:00 am local time in Johannesburg, with Prime Minister Sheikh Hasina gracing the occasion as the chief guest.
In a notable revelation during the “Rise of Bengal Tiger: Bangladesh Trade and Business Summit” in Johannesburg, South Africa, the Chairman of the Bangladesh Securities and Exchange Commission (BSEC), Professor Shibli Rubayat-Ul-Islam, highlighted the historic stance of Bangladesh’s founding father, Sheikh Mujibur Rahman, at the United Nations in 1974. The founder of the nation had advocated for unbiased representation, marking a pivotal step towards ending apartheid.
Over the past 15 years, bilateral trade between Bangladesh and South Africa has surged, reflecting growing economic ties between the two countries. However, despite this progress, there remains substantial room for further enhancement.
Professor Shibli Rubaiyat-ul-Islam emphasized that Bangladesh’s pivotal role in trade stems from its burgeoning population and increasing purchasing power. The country’s reduced production costs owing to abundant electricity supply offer an advantageous edge. The country’s stock market also hosts a multitude of promising companies, fostering a conducive environment for long-term investment. This scenario presents lucrative opportunities for South African businesses seeking expansion through these ventures.
Noteworthy attendees at the event included Dr. A.K. Abdul Momen, Minister of Foreign Affairs of Bangladesh; Sihle Zikalala, Minister of Public Works and Infrastructure of South Africa; Salman F Rahman, Private Industry and Investment Advisor to the Prime Minister; and Noor-e-Helal Saifur Rahman, Bangladesh’s High Commissioner to South Africa. The presence of these prominent figures underscored the significance of the summit in strengthening bilateral trade relations.
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.
