Economy
China, KSA signed MoU on 1st day of Business Summit
Bangladesh has signed an agreement and three memorandums of understanding with Saudi Arabia and China on an inaugural day (Saturday 11 March) of Bangladesh Business Summit 2023.
An agreement has been signed with a Saudi Company to set up gas pipelines through India and Bangladesh on a public-private partnership basis.
Besides, two MoUs were signed with Saudi Arabia for developing Rangpur Sugar Mills and Patenga Container Terminal, another MoU was signed with China for infrastructure development.
The Federation of Bangladesh Chamber of Commerce and Industry also signed a memorandum of understanding with China Council for the Promotion of International Trade.
Commerce minister Tipu Munshi set a meeting separately with the delegation of Saudi Arabia, China, and Bhutan.
After the meeting, the minister told reporters that Saudi Arabia, China, and Bhutan expressed interest in investing in Bangladesh.
Chinese investors have expressed interest in investing in Bangladesh more and more in energy, agro-based industry, food processing, and infrastructure development sectors and China has expressed interest in further increasing ongoing trade and investment with Bangladesh, Tipu said.
‘Saudi Arabia is a friendly country that has decided to invest heavily in the energy sector of Bangladesh,’ he added.
In addition, Saudi Arabia is interested in investing in the agro-based industry and food sector.
Bhutan is keen to increase trade with Bangladesh.
For this, it wants to increase rapid trade by eliminating various problems of sea and land ports, the commerce minister said.
Tipu said, ‘The development of Bangladesh is now visible and the economy is stronger than ever. Different countries are coming forward to increase trade and investment with Bangladesh.’
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.
