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.
Chief Adviser Prof Muhammad Yunus on Thursday paid tribute to the Armed Forces Division by placing a floral wreath at its headquarters.
Prof Yunus, who visited the division as part of his official duties, laid the wreath to honor the sacrifices and dedication of the members of the Armed Forces.
Following the wreath-laying ceremony, he signed the visitor’s book.
Chief Election Commissioner (CEC) Kazi Habibul Awal, along with four other election commissioners, announced their resignation during a press conference today at the Election Commission (EC) building. The resignation follows growing speculation and pressure.
CEC Awal stated, “In this changed situation, I and other commissioners have decided to step down. We’re handing over our resignation letters to the EC Secretary to send it to the President.” After submitting the letters, the CEC and some commissioners quickly left the premises, with no clear explanation for the absence of two election commissioners.
The resignations come amid increasing unrest tied to the registration of political parties such as Nagarik Oikya and Gono Odhikar Parishad. Sources revealed the CEC felt unsafe due to aggressive behavior from activists, prompting the decision to step down.
Protesters outside the EC building hurled shoes at vehicles carrying Election Commissioners Rashida Sultana, Md Alamgir, and Anisur Rahman as they left. Meanwhile, preparations for their exit had already been underway, with the commissioners reportedly relocating personal belongings from their offices.
The commission, appointed in February 2022 for a five-year term, had previously expressed confusion over demands for their resignation, maintaining they had conducted fair elections. However, internal discussions led to the collective decision to resign earlier than expected.
The government will now purchase LNG from the international spot market through open tender instead of negotiation.
Cabinet Committee on Economic Affairs (CCEA) in a meeting on Wednesday in principle approved a proposal in this regard.
Adviser of the interim government for Finance Dr. Salehuddin Ahmed, who presided over the meeting, said that the government will procure LNG through open tender.
The Energy and Mineral Division of the Ministry of Power, Energy and Mineral Resources placed the proposal where it sought approval to import LNG from 23 listed companies in the international spot market.
The adviser said that though such 23 companies were enlisted by the previous Awami League government and signed Master Sales and Purchase Agreement, they will remain unchanged.
He said that instead of applying the Speedy Increase of Energy and Power Supply (Special) Act 2010, the interim government will follow the Public Procurement Rules 2008 to ensure the competitive bidding process.
“We don’t want to change them as we wanted to import LNG quickly, ensuring proper competition among the suppliers,” he told reporters.
Committee also approved another proposal in principle to sign a contract to import urea fertiliser for the 2024-25 fiscal year from Fertiglobe Distribution Limited, UAE, on a G-to-G basis.
Meanwhile, the Cabinet Committee on Government Procurement (CCGP) in a meeting, presided over by the Adviser for Finance, approved 3 proposals for import of lentil and fertiliser.
As per the proposal, the Trading Corporation of Bangladesh will procure 10,000 metric tons (MT) of lentil from local firm Sahara Enterprise at a cost of Tk 98.20 crore with each kg priced at Tk 98.20.
The Commerce Ministry which moved the proposal on behalf of the TCB in the meeting mentioned in the proposal that the supplier firm was selected through open tender.
The CCGP approved two separate proposals of the Industries Ministry under which Bangladesh Chemical Industries Corporation will import 30,000 MT of bulk granular urea fertiliser from Fertiglobe Distribution Limited, UAE, under state to state contract at a cost of Tk 121.48 crore.
Each metric ton of fertiliser will cost $343.17.
Another 30,000 MT of bagged granular urea fertiliser will be procured from the local Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 116.99 crore with each metric ton costing $330.50.
