Connect with us

Uncategorized

Xi Jinping Reaffirms China’s Commitment to Aid Bangladesh

Published

on

china bangladesh

Chinese President Xi Jinping has reiterated his country’s unwavering commitment to stand by Bangladesh, offering support across various realms, including facilitating Bangladesh’s entrance into BRICS and assisting in finding a lasting resolution to the Rohingya crisis.

During bilateral talks on the sidelines of the 15th BRICS Summit in Johannesburg, President Xi conveyed his steadfast support to Bangladesh Prime Minister Sheikh Hasina. Foreign Minister Dr AK Abdul Momen quoted Xi as expressing his readiness to back Bangladesh’s membership in BRICS, underscoring the potential for collaboration.

Furthermore, President Xi emphasized the importance of ensuring a permanent solution to the Rohingya crisis. He reassured that China is dedicated to assisting Bangladesh in resolving this humanitarian challenge, acknowledging the imperative of regional stability.

Following their meeting at the Hilton Sandton Hotel, Foreign Minister Momen stated that President Xi proposed a tripartite engagement involving China, Bangladesh, and Myanmar to address the Rohingya issue. Bangladesh Prime Minister Sheikh Hasina emphasized her government’s intent to repatriate the displaced Rohingyas to their homeland, highlighting concerns about their involvement in illicit activities, such as drug and arms trading, which pose a threat to regional peace.

In response, President Xi pledged continuous support in resolving the Rohingya crisis and expressed China’s eagerness to contribute to Bangladesh’s energy, renewable energy, and infrastructure development. He also extended a commitment to aid Bangladesh in realizing its vision of becoming a prosperous and developed “Sonar Bangla.”

President Xi affirmed, “China will assist you in materializing your dream of building a developed and prosperous ‘Sonar Bangla’ as swiftly as possible.”

Notably, Bangladesh sought President Xi’s assistance in expediting the implementation of Chinese-funded projects that are facing financial obstacles. President Xi assured a thorough review of the situation.

Addressing the trade imbalance between Bangladesh and China, Prime Minister Sheikh Hasina stressed the need to narrow the gap. She highlighted the substantial trade deficit, with Bangladesh importing Chinese goods worth about 20 billion US dollars annually, while China’s imports from Bangladesh total only 700 million US dollars. President Xi acknowledged the concern and expressed willingness to initiate measures to rectify this trade disparity.

President Xi underscored that China has already granted duty-free and quota-free access to 98 percent of Bangladeshi products in the Chinese market. He asserted that by fostering Chinese investments in Bangladesh, the trade gap can be mitigated.

Discussions also centered on the Preferential Trade Agreement (PTA) between the two countries. Prime Minister Sheikh Hasina emphasized its significance, and President Xi assured proactive steps to expedite its signing.

During the bilateral meeting, Bangladesh expressed interest in exporting fresh fruits, vegetables, cattle, poultry feeds, and other goods to China. President Xi committed to considering this matter attentively.

In a reciprocal gesture, President Xi invited Prime Minister Sheikh Hasina to China, while also extending an invitation for her to witness the opening of the Padma Rail Bridge in Bangladesh in October. Both leaders agreed to coordinate the details of the visits.

As Bangladesh participates in the BRICS summit, Prime Minister Sheikh Hasina is set to deliver a speech on behalf of Bangladesh as a member of the “New Development Bank of BRICS.”

The bilateral engagement between Bangladesh and China underscores the strong ties and mutual interests that guide their collaborative efforts.

Share this

Uncategorized

Container rate surge enters longest stretch since the pandemic

Published

on

Container export

The spot rate for shipping goods in containers to Europe from Asia rose for a ninth straight week, the longest stretch of rising prices since the pandemic disrupted global supply chains in 2021.

The rate for a 40-foot container to Genoa, Italy, from China hit $7,029 over the past week, the highest level since September 2022, according to the Drewry World Container Index released Thursday. The cost to Rotterdam increased to $6,867. Both rates have essentially doubled since April.

For the busy trade route from Shanghai to Los Angeles, the rate rose for a seventh straight week, to $6,441.

While not all freight is moving at such elevated prices, the spot market for containers reflects the supply of available space on ships and the demand from importers. That balance has tightened during the past six months as vessels avoid the Red Sea, where Houthi rebels have attacked commercial traffic, including a bulk commodity carrier that sunk earlier this week.

Most container lines are taking the longer route around southern Africa, creating disruptions similar to those two or three years ago. Ryan Petersen, founder and chief executive officer of Flexport Inc., said “we’re right back almost to where we were during the peak Covid situation.” He’s seeing spot rates even higher than the numbers Drewry just reported.

“Right now, if you want to ship a container from China to here in the UK it will cost you about $10,000 unless you have a contract,” Petersen said during a Bloomberg Television interview in London on Thursday. “And by the way, most of those contracts that were signed at lower prices are not being honoured and they’re adding surcharges to them.”

Petersen said it’s hard to predict how long shipping prices will keep climbing, noting that carriers spent some of their record-high profits made during the pandemic on new vessels that are entering service through 2026, which should help ease the latest capacity crunch.

But he also said uncertainty about delivery reliability later this year is worrying some companies and motivating them to order now rather than wait. Among the threats is a dockworker strike at ports along the US East and Gulf coasts, which Petersen said might send container rates above their pandemic highs if cargo bound for those gateways is significantly disrupted.

Share this
Continue Reading

Uncategorized

PM Sheikh Hasina Urges UAE Investors to Tap into Bangladesh’s Special Economic Zones

Published

on

PM Sheikh Hasina Urges UAE Investors to Tap into Bangladesh's Special Economic Zones

Prime Minister Sheikh Hasina has called on United Arab Emirates (UAE) investors to invest in Bangladesh’s special economic zones. The request was made during a meeting with UAE Ambassador Abdulla Ali Abdulla Khaseif Alhmoudi at her official residence, Ganabhaban, this morning.

According to the Prime Minister’s Press Secretary, Md Nayeemul Islam Khan, the UAE ambassador assured the prime minister that his country would issue visas for Bangladeshi workers, ensuring they have jobs waiting for them in the UAE. The envoy emphasized the importance of preventing illegal migration from Bangladesh, a concern both countries agreed to address more diligently.

The UAE ambassador also mentioned that several UAE ministers are planning to visit Bangladesh soon to explore new avenues for strengthening bilateral relations. “We already have a very extensive and deep tie, but we are eager to take it to a new height,” Alhmoudi stated.

Alhmoudi highlighted that approximately 20,000 Bangladeshis travel to the UAE each month, with the UAE embassy issuing around 1,000 visas daily—500 directly and 500 through agents. He extended an invitation to Prime Minister Sheikh Hasina to visit the UAE, noting that UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum are eagerly waiting to welcome her.

In response to Sheikh Hasina’s appeal for UAE investment in Bangladesh’s special economic zones, Alhmoudi said that the visiting UAE ministers would discuss the matter further. The envoy also sought cooperation from the prime minister to expedite UAE investments in Bangladesh, including in the container terminal sector. Sheikh Hasina assured him that her government is accelerating processes across all sectors.

Additionally, Alhmoudi mentioned that a UAE company is in the final stages of negotiating prices to provide an Advance Passenger Information System (APIS) to Bangladesh’s civil aviation sector. The prime minister delegated the task to PMO Secretary Mohammad Salahuddin.

For security reasons, the US, EU member states, and other countries now require detailed passenger information from airlines before travel, known as Advance Passenger Information (API).

Share this
Continue Reading

Uncategorized

Bata Shoe Reveals Impressive EPS Surge in Q1

Published

on

Bata Shoe

One of the listed companies, Bata Shoe Bangladesh Limited discloses its financial reports for the first quarter, (January – March 24).

The company’s earnings per share (EPS) was Tk 13.42 paisa in Q1 of the current financial year (January – March 24). EPS was Tk 9.96 (restated) paisa during the same period last year. As of March 31, 2024, at the end of the first quarter of the fiscal year, the company’s net asset value (NAV) per share stood at Tk 251.35.

Share this
Continue Reading