Economy
PM Woos US Companies for Investment in Bangladesh’s Priority Sectors
Prime Minister Sheikh Hasina has urged increased investment from US companies across various sectors, particularly emphasizing power, energy, ICT, and infrastructure. During a meeting with a US-Bangladesh Business Council delegation, she highlighted Bangladesh’s open Foreign Direct Investment policies and the mutually beneficial relationship between the two countries. Hasina expressed her hope that US companies would continue supporting Bangladesh’s growth, noting the country’s commitment to sustainable long-term development and its vision of becoming a Smart Bangladesh by 2041.
She assured the delegation of a favorable policy framework to enhance the business and investment climate, mentioning initiatives like the US-Bangladesh Energy Taskforce and Digital Economy Task Force. She highlighted Bangladesh’s investment-friendly climate, citing liberalized policies, foreign ownership allowances, tax exemptions, and the establishment of economic zones and technology parks.
Infrastructure projects like the Padma Bridge, Matarbari Deep Sea Port, and metro-rail expansion were noted as pivotal for external connectivity and internal trade. With a population of 170 million and strategic location, Bangladesh’s potential as a trade and investment hub was underscored. Hasina emphasized the country’s strengths, including a skilled workforce of around 55 million youths.
Highlighting Bangladesh’s remarkable progress, she mentioned the reduction of poverty rates and the steady increase in per capita income. With aspirations to become a high-income nation by 2041, she stressed the significance of achieving self-sufficiency in various sectors and creating an attractive investment environment.
The prime minister expressed confidence that the congenial atmosphere in Bangladesh would encourage US businesses to invest. She acknowledged the growth of state-of-the-art manufacturing sectors in the country and welcomed the visit of the US delegation as a positive sign of expanding business ties.
In conclusion, she called for elevating the friendly relations and cooperation between the two countries through increased trade and commerce. Commerce Minister Tipu Munshi, PM’s Energy Adviser Dr. Tawfiq-e-Elahi Chowdhury, and other dignitaries were present during the meeting. The President of the US-Bangladesh Business Council, as well as business executives from both countries, also shared their perspectives.
In a separate address, the prime minister highlighted the importance of nurturing the partnership between Bangladesh and the USA to achieve new heights in trade and commerce. The delegation’s visit was seen as a significant step towards strengthening business ties.
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.
