According to statistics by Bangladesh Bank, the country received $1.33 billion in March 2015 as incoming remittances, which is the highest in six months. This is principally due to the fact that migrant workers are finding jobs abroad in large numbers. The amount is 12% higher than in the previous month and 3.41% more than the same month a year ago. March's receipts take the fiscal year's total to $11.25 billion so far, which is a year-on-year increase of 7.21%. Bangladeshis going abroad for jobs rose 29% to 45,319 in March compared to February.

Despite the nearly three months long BNP-Jamaat violence, the country has witnessed 2.98% growth in its export earnings in the first nine months (July-March) of the 2014-15 fiscal year, as per data of the Export Promotion Bureau (EPB). The country earned $22.9 billion from exports during this period against $20.31 billion in the previous corresponding period. In the month of March 2015 alone, exports witnessed 7.43% export growth, compared to same month of previous year. The growth in the midst of unrest signifies the resilience of the country’s export sector.

The government has approved an amendment to the India-Bangladesh Trade Agreement that will facilitate trade with third countries by using India’s land, water, and rail routes. The amendment will enable Bangladesh to transport goods to and from any third country like Nepal and Bhutan using India’s highway, waterway and railway. India can enjoy the same facilities to trade with a third country through Bangladesh. According to Cabinet Secretary Md Mosharraf Hossain Bhuiyan, the two countries would mutually determine the fees for the facilities.

Khaleda Zia recently returned home after confining herself in her political office for more than 3 months, putting to rest any doubts whether she was free to do so or not. During this period, under her instructions, or at the very least, with her tacit support, her activists and her allies in Jamaat-Shibir carried out an unprecedented campaign of arson, vandalism and bombing, claiming more than 130 lives, and causing the economy billions of dollars in losses. The question that naturally needs to be asked now is what did she gain from all these mayhem?

INFRASTRUCTURE AND MEGA PROJECTS

Work is progressing on a $600 million rural electricity project aimed at ensuring reliable electricity supply to rural areas by increasing power generation capacity, reducing system loss and improving and expanding distribution networks. The project, funded by the World Bank, will also support substations as well as upgrading existing lines in the rural areas of Dhaka, Chittagong and Sylhet divisions. It will also enhance the distribution network capacity to make the lines ready for carrying additional electricity when power generation will increase in the country.

GROWTH AND DEVELOPMENT

In continuation of warm economic relations, India has offered Bangladesh another Line of Credit (LoC) worth around $1 billion. The visiting Secretary of Indian External Affairs Ministry, Sujata Mehta disclosed this to Bangladesh Finance Minister AMA Muhith this week. The Minister stated that the amount would be used in Bangladesh’s health and education sectors. India granted Bangladesh the first $1 billion LoC in 2010, the single largest soft loan from any nation, during the visit of the then Prime Minister Manmohan Singh.

The government has initiated a move to provide refinance of more than $25.6 million to the country’s shipbuilding industry, considering its potential to emerge as a major export earner. The export Promotion Bureau (EPB) has already requested the ministry of commerce (MoC) to take necessary measures for the refinances. Bangladesh earned US$440,000 in fiscal year 2013-14 by exporting ships and plans to capture 10% share of the global market amounting to $30 billion in the future. 350,000 people are directly or indirectly employed by this industry.

SOCIAL JUSTICE AND EQUITY

The government is going to adopt a policy to provide financial assistance for ensuring admission of the poor and meritorious students to schools and colleges. Another policy is being framed to give financial support to the students in case of sustaining critical injury in any accident. These policies are aimed to ensure admission of poor and meritorious students to schools and colleges and to reduce dropout rate of the students and would be funded via the Prime Minister's Education Assistance Trust Fund established in 2012-2013.

TRADE AND INVESTMENT

According to the newly appointed Chinese envoy to Bangladesh Ma Mingqiang, foreign direct investment (FDI) from China will see phenomenal boost when the planned economic zone for Chinese investors starts operations. Bangladesh is likely to see a Chinese FDI growth of 50% as more and more private companies in China are interested to look at Bangladesh to invest, especially in sectors like quality leather. Dhaka has already completed acquisition of land for a separate economic and industrial zone in Chittagong for Chinese investors.

INTERNATIONAL AND REGIONAL COOPERATION

India and Bangladesh have reaffirmed their commitment to strengthen bilateral cooperation in fighting maritime crimes. High officials of Indian Coast Guard and Bangladesh Coast Guard held a meeting in New Delhi on Monday to explore ways to fight all forms of maritime crimes. Several key issues like training for Bangladesh Coast Guard personnel, maritime search and rescue, arms smuggling and response to marine pollution were discussed. Bangladesh delegation will be briefed on the shipbuilding industry in India before they leave.