Economy
Bangladesh-Italy Trade Surpasses $3bn, Potential for Further Growth
Bangladesh’s bilateral trade with Italy surpassed $3 billion last year, announced Industries Minister Nurul Majid Mahmud Humayun. Speaking as the chief guest at Italy’s National Day reception in Dhaka’s Gulshan on June 2, he emphasized the potential for further expanding this trade relationship.
“We see substantial opportunities for Italian investment in sectors such as textiles, leather products, renewable energy, waste-to-energy, agro-processing, automotive vehicles, engineering, maritime, and IT,” Humayun stated.
Italian Ambassador to Bangladesh, Antonio Alessandro, along with his wife, welcomed guests at the reception.
Minister Humayun highlighted the shared camaraderie between the people of Bangladesh and Italy. He recalled Italy’s early recognition of Bangladesh’s independence on February 12, 1972, and celebrated the 50th anniversary of diplomatic relations in 2022 with various activities.
He noted that bilateral relations are evolving into a broader strategic partnership. Prime Minister Sheikh Hasina’s landmark visit to Rome in July 2023 and her meeting with Italian Prime Minister Giorgia Meloni marked a significant step in this transition. Recent collaborations in trade, investment, energy, defense, migration, mobility, and culture have shown notable progress.
“Italy has been a steadfast friend and a partner in our journey towards becoming a developed nation,” Humayun remarked, praising Italy for hosting the second-largest Bangladeshi diaspora in Europe. He appreciated the Italian government’s inclusion of Bangladesh in the Flussi Decree for the third consecutive year since 2021, facilitating legal migration.
“I hope our bilateral relations will continue to strengthen, helping us realize the vision of ‘Sonar Bangla’ as envisioned by our Father of the Nation, Bangabandhu Sheikh Mujibur Rahman,” he said.
Italian Ambassador Antonio Alessandro expressed pride in hosting the largest Bangladeshi community in continental Europe. He highlighted their significant contributions to both Italy and Bangladesh, with €1.2 billion in remittances sent back to Bangladesh in 2022.
The ambassador acknowledged Bangladesh’s impressive social progress since independence and Italy’s role in this success through bilateral and multilateral Official Development Assistance (ODA). He emphasized Italy’s commitment to supporting Bangladesh in addressing new challenges, including climate change adaptation, labor standards improvement, and managing migration flows.
Alessandro stressed the need for thorough cost-benefit analyses in Bangladesh’s infrastructure projects to ensure optimal resource utilization. He noted the interest of Italian companies in various sectors, including energy, space technologies, textiles, and leather.
“Bangladesh’s strength lies in its water resources. Like Italy, a sustainable maritime system is crucial for the future. There are many opportunities for cooperation in this area that I look forward to exploring during my tenure in Dhaka,” he added.
The ambassador also mentioned scholarships provided by the Italian government, universities, and regional governments to Bangladeshi students, along with Erasmus+ scholarships that attract many Bangladeshi recipients.
The reception was attended by politicians, business leaders, top civil and military officials, representatives of partner organizations, civil society members, and journalists.
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.
