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PM: Bangladesh to Review Maersk’s Chattogram Terminal Proposal

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Bangladesh’s Prime Minister, Sheikh Hasina, has announced that the nation’s relevant authorities will evaluate a proposal put forth by the Danish shipping and logistics giant, Maersk Group. The proposal pertains to the construction and operation of a novel container terminal at Laldia in Chattogram.

During a meeting at her office with Robert Maersk Uggla, the CEO of Maersk Group, and Danish Charges D’Affaires in Bangladesh, Andres B Karlsen, Prime Minister Hasina affirmed her government’s openness to considering the proposition. Highlighting the growing engagement between the two countries, PM noted that more than 50 Danish companies are currently active in Bangladesh.

Maersk Group’s interest in establishing and operating an APM terminal at Laldia was acknowledged by the premier, who conveyed her remarks through a media briefing held after the meeting. Sheikh Hasina also shared insights about the formulation of a logistic policy through a national committee to stimulate port development in the country.

With the Chattogram and Mongla ports already operational, and the forthcoming Payra Port’s imminent activation, Hasina highlighted the potential for India, Nepal, and Bhutan to utilize these ports for mutual benefits. Emphasizing the advantages, she pointed out the allure of the Payra port, which is expected to bring multiple opportunities.

Robert Maersk Uggla, the CEO of Maersk Group, acknowledged the immense potential within container shipping and logistic support in Bangladesh. He expressed enthusiasm for investing in port and logistic infrastructure, alluding to significant opportunities in these sectors. Notably, he underlined that renowned companies like H&M, M&S, and Walmart are keen on importing more Ready-Made Garment (RMG) products from Bangladesh.

Uggla also commended Prime Minister Sheikh Hasina’s vision to create a technologically advanced Bangladesh and foresees its manifestation at Chattogram seaport. He articulated the Group’s eagerness to engage in the development of ports and logistic support in Bangladesh, citing the supportive stance of the Danish government toward the nation’s logistic policy.

Prime Minister’s Principal Secretary, M Tofazzel Hossain Miah, and Chairman of Chattogram Port Authority, Rear Admiral Mohammad Sohail, were also present during the productive exchange of ideas. As Bangladesh’s leadership examines the proposal, the potential collaboration with Maersk Group marks a significant stride toward bolstering the nation’s maritime and logistic endeavors.

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Bangladesh’s Foreign Reserves Dip Below $19bn Mark

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During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.

According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.

Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.

However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.

According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.

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DSE, DBA Commends PM’s Directive for Govt. Listing

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The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.

The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.

Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.

Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.

Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”

Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.

Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.

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India Shows Interest in Funding Bangladesh’s Teesta Project

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India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.

Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.

When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.

Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.

The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.

Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.

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