Economy
PM Sheikh Hasina Urges Strong Foreign Investments
Prime Minister Sheikh Hasina has called for robust foreign investment in Bangladesh, stating that her government is implementing various measures to attract overseas investments. Speaking at the 60th-anniversary celebration of the Foreign Investors Chamber of Commerce and Industry (FICCI) and Investment Expo-2023, the Prime Minister emphasized the creation of economic zones and high-tech parks open for foreign investments.
PM highlighted the establishment of agencies like Bangladesh Investment Development Authority (BIDA) and the simplification of investment policies, including tax waivers and foreign investment protection. Sheikh Hasina underscored her government’s commitment to making offices providing investment services fully online and digitized.
The Prime Minister emphasized the recognition of the logistics sector, fourth industrial revolution-related sectors, and tourism in the National Industrial Policy 2022 to attract both local and foreign investments. New schemes have been formulated to attract investments in the blue economy sector.
Sheikh Hasina projected Bangladesh to become the world’s 9th largest consumer market by 2030, surpassing established markets and high-growth countries. Acknowledging challenges like the COVID-19 pandemic and global geopolitical issues, she noted Bangladesh’s transformation into one of the world’s fastest-growing economies in the last 15 years.
At the event, Sheikh Hasina unveiled a research book, ‘Catalyzing Greater FDI for Vision 2041,’ and received a memorial memento symbolizing Bangladesh’s progress. The Prime Minister stressed the government’s role in fostering private sector growth and credited private sectors for Bangladesh’s remarkable economic development. She highlighted Bangladesh’s position as the world’s second-largest garment exporter and the country’s achievement of developing nation status in 2021.
Sheikh Hasina extended greetings to FICCI for its significant role in attracting foreign investments and called for collaborative efforts to achieve overall economic prosperity.
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.
