Economy
Algeria, Bangladesh Aim to Elevate Bilateral Cooperation
Algeria has underscored the imperative for intensified efforts to elevate bilateral cooperation with Bangladesh, emphasizing the significance of a concerted approach. In response, Bangladesh has emphasized the expansion of cooperation in emerging domains through a time-bound and targeted roadmap, along with the acceleration of pending agreements, MOUs, and new avenues for collaboration.
The Ministry of Foreign Affairs confirmed Algeria’s commitment to promptly concluding these agreements, signaling their dedication to fostering enhanced relations.
A courteous meeting unfolded between Laaziz Faid, the Minister of Finance and Head of the Algerian delegation to the BRICS Outreach Forum, and Bangladesh’s Foreign Minister Dr AK Abdul Momen in Johannesburg, South Africa. Acknowledging Bangladesh’s growing demand for energy due to economic expansion, Foreign Minister Momen underlined the importance of Algerian support to address the present energy crisis.
Furthermore, he expressed Bangladesh’s keen interest in procuring LNG from Algeria, demonstrating a strategic alignment between the nations.
Diverse bilateral matters of mutual concern were discussed between the Foreign Minister and the Algerian Finance Minister during this exchange. Reflecting on the historical ties between both countries, attributed to the pioneering efforts of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, Foreign Minister Momen expressed contentment with the robust bilateral relations between Algeria and Bangladesh.
He highlighted the evolving collaboration across political, economic, business, trade, and investment sectors.
Underlining Bangladesh’s earnest aspiration to join the BRICS group, Foreign Minister Momen shared insights into the nation’s intentions. The Algerian Finance Minister referenced the NAM Summit of 1973, characterizing BRICS as a product of NAM’s ideals.
Both sides acknowledged that despite the existing strong relations, there remains significant untapped potential between the two nations.
Foreign Minister Momen urged the Algerian Finance Minister to expedite the completion of agreements concerning ‘Reciprocal Bilateral Promotion and Protection of Investment’ and ‘Avoidance of Double Taxation’. He provided an overview of Bangladesh’s socio-economic development and future prospects.
Stressing Bangladesh’s pharmaceutical exports to over 100 countries, Foreign Minister Momen suggested that Algeria could import high-quality pharmaceutical products at a reasonable cost. This suggestion also extended to the possibility of a joint venture in the pharmaceutical sector.
Additional areas of potential cooperation, including IT, ICT, defense, construction, edible oil, and agriculture, were proposed.
Both nations mutually agreed to schedule high-level visits in the coming year, further solidifying their commitment to collaborative growth.
The Algerian Finance Minister affirmed his intent to address these matters with the relevant stakeholders.
The meeting saw the presence of the Bangladesh Ambassador to Algeria, as well as officials from the Foreign Ministry, lending weight to the discussions.
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.
