Economy
Invest in Bangladesh: PM Invites South African Business Leaders
In a compelling call for collaboration, Prime Minister Sheikh Hasina of Bangladesh extended an invitation to South African entrepreneurs to invest in her nation’s ambitious journey towards becoming a trillion-dollar economy and a fully developed smart nation by 2041. Speaking at the Bangladesh Trade & Business Summit in South Africa, the Prime Minister emphasized the country’s progress toward prosperity and extended a warm welcome to potential investors. She assured that investment in Bangladesh is secure, underpinned by consistently high returns and a business-friendly atmosphere.
Bangladesh’s commitment to facilitating business operations was emphasized, backed by organizations such as the Bangladesh Investment Development Authority and the Bangladesh Securities and Exchange Commission. The Prime Minister outlined the burgeoning opportunities in Bangladesh’s capital market and the country’s proactive approach to long-term financing in the era of the Fourth Industrial Revolution.
Prime Minister Hasina underscored the open Foreign Direct Investment policies in Bangladesh, particularly noting the allowance for 100 percent foreign ownership, liberalized industrial policies, a 15-year tax exemption, and streamlined services. The Prime Minister highlighted the underexplored potential of bilateral trade between Bangladesh and South Africa, expressing optimism about enhanced collaboration, especially in sectors like ICT, electronics, textiles, tourism, and heavy industry.
She thanked the significant Bangladeshi population in South Africa for their contribution to the economy and urged further investments. Plans for a joint business forum between key business chambers of Bangladesh and South Africa were also revealed.
Prime Minister Hasina stressed that the heart of Bangladesh’s strength lies in its people, especially its skilled youth population. She acknowledged South Africa’s growing urbanization and economic growth as favorable conditions for expanding Bangladesh’s exports, particularly in sectors like textiles, ready-made garments, pharmaceuticals, and agriculture.
The Prime Minister highlighted Bangladesh’s ‘Look Africa’ policy and its exploration of diplomatic and economic avenues on the continent. She revealed Bangladesh’s pursuit of natural resources and raw materials from African nations to fuel its growing industries.
Concluding her address, Prime Minister Hasina expressed confidence in Bangladesh’s progress and commitment to the path of the Fourth Industrial Revolution. Her visionary appeal underscored the mutual benefits of a strong partnership between Bangladesh and South Africa, fostering shared growth and 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.
