Economy
PM Woos US Companies for Investment in Bangladesh’s Priority Sectors
Prime Minister Sheikh Hasina has urged increased investment from US companies across various sectors, particularly emphasizing power, energy, ICT, and infrastructure. During a meeting with a US-Bangladesh Business Council delegation, she highlighted Bangladesh’s open Foreign Direct Investment policies and the mutually beneficial relationship between the two countries. Hasina expressed her hope that US companies would continue supporting Bangladesh’s growth, noting the country’s commitment to sustainable long-term development and its vision of becoming a Smart Bangladesh by 2041.
She assured the delegation of a favorable policy framework to enhance the business and investment climate, mentioning initiatives like the US-Bangladesh Energy Taskforce and Digital Economy Task Force. She highlighted Bangladesh’s investment-friendly climate, citing liberalized policies, foreign ownership allowances, tax exemptions, and the establishment of economic zones and technology parks.
Infrastructure projects like the Padma Bridge, Matarbari Deep Sea Port, and metro-rail expansion were noted as pivotal for external connectivity and internal trade. With a population of 170 million and strategic location, Bangladesh’s potential as a trade and investment hub was underscored. Hasina emphasized the country’s strengths, including a skilled workforce of around 55 million youths.
Highlighting Bangladesh’s remarkable progress, she mentioned the reduction of poverty rates and the steady increase in per capita income. With aspirations to become a high-income nation by 2041, she stressed the significance of achieving self-sufficiency in various sectors and creating an attractive investment environment.
The prime minister expressed confidence that the congenial atmosphere in Bangladesh would encourage US businesses to invest. She acknowledged the growth of state-of-the-art manufacturing sectors in the country and welcomed the visit of the US delegation as a positive sign of expanding business ties.
In conclusion, she called for elevating the friendly relations and cooperation between the two countries through increased trade and commerce. Commerce Minister Tipu Munshi, PM’s Energy Adviser Dr. Tawfiq-e-Elahi Chowdhury, and other dignitaries were present during the meeting. The President of the US-Bangladesh Business Council, as well as business executives from both countries, also shared their perspectives.
In a separate address, the prime minister highlighted the importance of nurturing the partnership between Bangladesh and the USA to achieve new heights in trade and commerce. The delegation’s visit was seen as a significant step towards strengthening business ties.
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.
