Economy
Bangladesh, Germany Seal 191mn Euro Deal for Development Cooperation
Germany has pledged 191 million euros to Bangladesh, signaling its commitment to support the country’s sustainable development. The two nations recently inked bilateral agreements on Development Cooperation, following up on commitments made during government negotiations in December 2022. These agreements encompass a total volume of 191 million euros, equivalent to approximately 2,215 crore Bangladeshi Taka, with 55 million euros allocated for Technical Cooperation (TC) and 136 million euros for Financial Cooperation (FC), as detailed in a press release.
The signing ceremony, which took place in Dhaka, saw Sharifa Khan, Secretary of the Economic Relations Division, and Jan Janowski, Chargé d’Affaires a.i. of the Federal Republic of Germany in Bangladesh, sign the agreements on behalf of their respective governments. The event was attended by high-ranking officials from the Government of Bangladesh, the German Embassy in Dhaka, and key representatives from the main implementing agencies within German Development Cooperation, namely GIZ for technical cooperation and KfW for financial cooperation.
The projects outlined in these agreements focus on critical areas such as Green and Just Energy Transition, Sustainable Urban Development, Sustainable Supply Chains, Biodiversity and Women Empowerment, as well as support for Host and Displaced Communities in Cox’s Bazar.
Under the Technical Cooperation agreement, the projects encompass various initiatives, including energy efficiency promotion, vocational training, climate-smart urban development, and support for climate adaptation targets, among others.
Meanwhile, the Financial Cooperation agreement includes substantial funding for Climate Change Adapted Urban Development Programs, contributing to the sustainable growth of urban areas in Bangladesh.
Germany has a longstanding history of providing both financial and technical assistance to Bangladesh, dating back to 1972, with a cumulative contribution exceeding 3 billion euros. Their cooperation has played a pivotal role in areas like climate change adaptation, infrastructure development, poverty alleviation, good governance, human rights, energy efficiency, renewable energy, and assistance to Rohingya and host communities in Cox’s Bazar district.
These newly signed agreements signify the continuation of successful bilateral cooperation, aimed at advancing the Sustainable Development Goals (SDGs) and aligning with the Climate Goals outlined in the Paris Agreement. Germany operates its technical and financial cooperation activities in Bangladesh through three institutions: GIZ, KfW Development Bank, and BGR, all of which are overseen by the Embassy of Germany in Bangladesh.
Currently, the German government is financing 23 projects in Bangladesh, totaling 452.5 million euros in loans and 161.054 million euros in grants. Additionally, a separate technical cooperation project, “Strengthening Access to Justice and Legal Reforms (SAJLeR),” was signed between Bangladesh and Germany. This initiative, with a fund of 12.422 million euros, aims to enhance access to justice services for the marginalized, particularly the poor, women, and children, by introducing new reform approaches in the justice sector.
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.
