Economy
Australia Announces Additional Funding to Support Bangladesh’s Economic Reforms
Australia will increase funding for the Australian Trade Agency to enhance economic engagement with Bangladesh and support its economic reforms as it graduates from least developed country status, Australian Foreign Minister Penny Wong announced today.
“We will provide additional funds to help Bangladesh align its labour laws with the requirements and aspirations of that graduation,” Wong stated during a press briefing following her meeting with Bangladeshi Foreign Minister Hasan Mahmud at the State Guest House Padma in Dhaka.
She emphasized Australia’s commitment to the multilateral system and the importance of upholding international rules and norms. Besides deepening economic ties, Australia will also fund technical education training colleges in Bangladesh.
“We share a region, we share an ocean, and we share a future. We are determined to do all that we can to work with you and other partners to ensure a region that is peaceful, stable, and prosperous,” Wong added.
Foreign Minister Hasan highlighted that this marks the first visit by an Australian Foreign Minister in 26 years. “We had a very good discussion. Bangladesh and Australia are having a very good relationship. Australia has contributed a lot,” he said.
He noted that two-way trade has grown to around $4 billion, reflecting Bangladesh’s significant economic growth. “This is quite impressive. The trade volume was much smaller ten years ago.”
Hasan mentioned that the Australian FM assured him of continued duty-free and quota-free market access to Australia.
Wong praised Bangladesh’s leadership on climate action, which aligns with Australia’s commitment to significant emissions reductions and a clean energy economy. She confirmed Australia’s ongoing support for Bangladesh’s transition.
Hasan requested investment in Bangladesh’s 100 economic zones and 40 high-tech villages. “We discussed collaboration in this area, as well as addressing human trafficking and environmental cooperation,” he said.
Wong also addressed the Rohingya crisis, stating, “We need a safe and enduring solution that allows the Rohingya a safe return to their homeland. Tomorrow I will travel to Cox’s Bazar to see firsthand how our assistance is being delivered.”
Australia has invested around 860 million Australian dollars over six years in response to the Rohingya crisis. Wong affirmed continued cooperation with ASEAN and other regional countries to resolve the conflict in Myanmar.
“We are working on practical solutions to climate change, regional maritime security, and people smuggling. These challenges require partnership and collaboration,” Wong said, emphasizing the importance of deeper cooperation between the Australian and Bangladeshi Coast Guards.
When asked about the Quadrilateral Security Dialogue (QSD) or Quad, Wong responded, “We are a member of the Quad and other regional forums. Australia, as a middle power, values partnerships, collaboration, and engagement. We will continue to collaborate with Indian Ocean countries through the Indian Ocean Rim Association (IORA).”
Bangladesh High Commissioner to Australia M Allama Siddiqui and acting Australian High Commissioner to Dhaka Nadia Simpson were also present at the meeting.
Expatriate Bangladeshis sent approximately US$ 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.
