Economy
PM Sheikh Hasina Invites Commonwealth Nations to Invest in Its Booming Market
Prime Minister Sheikh Hasina has extended an invitation for investment from Commonwealth countries and others into Bangladesh, emphasizing the nation’s strategic location as a gateway to a market of three billion people. During the inauguration of the two-day Commonwealth Trade and Investment Forum-2023, she highlighted Bangladesh’s position at the heart of this expansive market and its own population of 170 million. Sheikh Hasina also projected that, by 2030, Bangladesh’s affluent population would reach 35 million, making it the world’s third-largest market, surpassing Germany and the United Kingdom.
Sheikh Hasina expressed her government’s readiness to establish enduring partnerships with nations and investors willing to contribute to Bangladesh’s development and that of other Commonwealth countries through this forum. She underlined the need for high-quality and sustainable investments to accelerate Bangladesh’s economic advancement.
The Prime Minister pointed out that her government had prioritized organizational reforms and established entities such as the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA) to facilitate investors with attractive incentives and post-investment services. She emphasized that almost all sectors in Bangladesh are open for investment, with a particular emphasis on encouraging investments in agriculture, food processing, leather, medical equipment, automobiles, shipbuilding, and ICT.
Furthermore, Sheikh Hasina highlighted Bangladesh’s leadership in the Commonwealth Business to Business (B2B) Connectivity Cluster and its goal to achieve the Intra-Commonwealth trade target of US$2 trillion. She proposed the formation of a “Legal Reform and Digitization Working Group” among Commonwealth members to promote trade and business while maintaining a balance with climate concerns.
She underscored that a significant portion of Bangladesh’s foreign direct investment stems from reinvestment, indicating the favorable investment environment. BIDA’s one-stop fast-track delivery service, providing access to 78 services from 26 government departments through a single platform, was also noted.
Regarding infrastructure development, Sheikh Hasina highlighted the establishment of economic zones, hi-tech and software technology parks, and IT training centers across Bangladesh. She mentioned ongoing efforts to improve land, rail, and air connectivity, including the Padma Bridge, the first underwater tunnel in South Asia in Chattogram, and the development of Matarbari Deep Sea port.
To bolster logistics capabilities, the government has set up a “Floating LNG” terminal and is constructing the Payra Sea Port and Chattogram Bay Terminal. Infrastructure enhancements, such as the Hazrat Shahjalal International Airport’s Third Terminal and Cox’s Bazar Airport’s upgrade, are poised to enhance business prospects.
The Prime Minister outlined Bangladesh’s socio-economic progress, transitioning from a “digital Bangladesh” to a “Smart Bangladesh” by building a smart government, smart citizens, a smart economy, and a smart society. The nation’s goal is to become a knowledge-based and developed smart country by 2041 and a prosperous delta by 2100.
The Commonwealth Trade and Investment Forum-2023 was organized by the Commonwealth Enterprise and Investment Council (CWEIC) in collaboration with the Bangladesh Investment Development Authority (BIDA), the Ministry of Foreign Affairs, and ZI Foundation. The event featured the presentation of the “Commonwealth-Bangladesh Bangabandhu Green Investment Award,” with Eco Brixs of Uganda as the recipient.
In the two-day forum, participants from various countries engaged in over 12 sessions, reflecting the Commonwealth’s role as a voluntary association of 56 countries sharing common values, with Bangladesh as its 34th member since 1972.
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.
