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.
Bangladesh is eager to strengthen its bilateral relations with South Korea, particularly in the realms of trade and investment, in pursuit of realizing the dream of achieving a ‘Golden Bengal,’ as envisioned by the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman.
State Minister for Foreign Affairs, Md Shahriar Alam, expressed this commitment as the chief guest at a reception commemorating South Korea’s National Foundation Day. The reception, hosted by South Korean Ambassador to Bangladesh Park Young-Sik, took place at a city hotel on Sunday evening.
During his speech, Minister Alam conveyed Dhaka’s contentment with the consistent growth in bilateral trade and investment between Bangladesh and South Korea. He highlighted the 50-year history of robust bilateral relations and expressed optimism about elevating this friendship to a deeper and more comprehensive level of collaboration.
Furthermore, Minister Alam referenced the recent meeting between Prime Minister Sheikh Hasina and President Yoon Suk Yeol on the sidelines of the G20 Leaders Summit in India, underlining the significance of such high-level engagements.
He reiterated Prime Minister Sheikh Hasina’s vision of establishing a knowledge and technology-based prosperous and intelligent Bangladesh by the year 2041.
Minister Alam also expressed gratitude for South Korea’s prompt recognition of Bangladesh as an independent state shortly after its independence on May 12, 1972.
Economy
Vietnam’s National Assembly President Attends Forum in Dhaka for Economic Collaboration with Bangladesh
Vuong Dinh Hue, the President of the Vietnam National Assembly, recently participated in an event held in Dhaka known as the ‘Forum on Policies and Laws to Foster Economic, Trade, and Investment Collaboration between Vietnam and Bangladesh.’ This significant gathering was jointly organized by the Vietnamese Ministry of Industry and Trade, the Ministry of Planning and Investment, the Vietnamese Embassy in Bangladesh, and in cooperation with key entities including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Vietnamese Business Association in Bangladesh.
The forum drew the presence of a distinguished high-level delegation from the Vietnamese National Assembly, alongside prominent figures from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Dhaka Chamber of Commerce and Industry (DCCI), and a substantial representation from businesses on both sides. Additionally, various ministries from both Vietnam and Bangladesh were represented.
During the forum, three notable business-to-business Memoranda of Understanding (MoUs) were inked. These agreements included collaboration between BMH Vietnam Company and Doreen Group Bangladesh, focusing on investment cooperation, technology transfer, and the advancement of pre-engineered steel production. Another agreement was reached between Bangladesh Vietnam Development Assistance Company and the Bangladesh Pharmaceutical Association, with a specific focus on pharmaceutical exchange. Lastly, Huong Giang Aviation Services and the Bangladesh Tourism Association came together to establish a tourism alliance, marking a significant step in enhancing tourism ties between the two nations.
As part of his official three-day tour, Vuong Dinh Hue visited the state-of-the-art facilities of Beximco Pharma in Tongi, where he received an informative presentation and toured the manufacturing facility.
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.
