Bangladesh Insight

Dec 22, 2016 | Issue 140

Bangladesh Insight

Bangladesh signs $7.5 billion railway deal with British company

Bangladesh has signed a deal with Britain’s DP Rail on Tuesday to develop a $7.5 billion rail track, the biggest ever railway project in the country. The 240 kilometre rail track will run between Dhaka and Payra port, a planned new deep sea port, capable of handling large container ships with capacity for 8,000 containers or 120,000 tonnes of cargo. DP Rail will finance the project and would have the exclusive right to develop plans to design, finance, build and operate the railway.

Bangladesh to break LDC status by 2024: UNCTAD

A latest report, as published by United Nations Conference on Trade and Development (UNCTAD), has placed Bangladesh in a league of six countries, around the world, that hold high prospects of graduating out of least developed countries (LDCs) status by 2024. Bangladesh has already attained the economic vulnerability index (EVI) which is 25.1 now and for the graduation from LDC, the index must be under 32. Back in 2015, Bangladesh graduated from the low income status to a lower middle income nation (LMIC), meeting the World Bank's requirements comfortably.

Big opportunities awaits Bangladesh to grow further

Amazed by the current growth rate of Bangladesh, Jeffrey David Sachs, Professor of Economics at Columbia University, lent out high optimism that a plethora of opportunities would set Bangladesh on the road of securing further prosperity and progress in future. According to the globally renowned economist, the country’s development should not be considered on the basis of its GDP growth only, rather spotlight should be focused on the qualitative development it made in sectors like health, energy services and social inclusion of people and minority groups.

HPM Sheikh Hasina invited to 20th IORA founding anniversary

Honorable Prime Minister Sheikh Hasina has been invited to attend the 20th founding anniversary of Indian Ocean Rim Association (IORA) to be held in Indonesia in March next. The IORA is an international organization consisting of 21 coastal states bordering the Indian Ocean. During a recent visit to Bangladesh, Indonesian Foreign Minister Retno LP Marsudi handed over an invitation letter of Indonesian President Joko Widodo to HPM to this end when she called on the premier at her official residence.

2 million Bangladesh workers to get overseas jobs in next 5 years

Owing to successful labour diplomacy of the Awami League government, works are well underway to ensure around 2 million Bangladesh workers can be recruited by overseas employers in different manpower importing countries within the next five years. To this end, plans have been laid out for setting up 50 technical training centres in 50 sub-districts to improve the standard of migration process.

$360 million project to improve waterway connectivity

The government signed a $360 million financing agreement with the World Bank to improve navigability of 900-kilometre inland waterways along the Chittagong-Dhaka-Ashuganj corridor and connecting routes. The project will ensure year-round safe transport for passengers and cargo along the country's busiest waterways. To help the poor population living in remote areas, the project will construct 14 landing stations in riverine islands (chars), where waterways are often the only mode of transportation.

Government set up 81 power stations, generated 10,353 MW in 8 yrs

In sync with the government’s electoral pledge to ensure electricity for all by 2021, some 81 power stations with a generation capacity of 10,353 megawatts (MW) have been set up during the last eight years. According to media reports, the number of electricity users has reached 2,32,00000, while the Bangladesh Rural Electrification Board (BREB) made a commitment to provide 3 million electricity connections by 2016-17, while 3 million more new connections were installed in previous year.

ADB praises efforts to build economic zones

A new report from the Asian Development Bank (ADB) has appreciated Bangladesh's efforts in setting up 100 special economic zones as dedicated industrial districts to help attract foreign investment and boost exports. Under the able and prudent economic management policies introduced by the HPM Sheikh Hasina-led government, works are underway to develop 100 special economic zones in the next 15 years, with a target to earn an additional $40 billion by exporting goods from the economic zones by 2030.

UK to continue help in fighting poverty

During her recent visit to Bangladesh, Rushanara Ali MP, the British Prime Minister's trade envoy, asserted that the government of United Kingdom (UK) would continue to support Bangladesh in its economic development and poverty eradication efforts. In an interview with journalists, the Bangladeshi origin envoy said that Bangladesh is making progress and can make even more progress, adding relations between Bangladesh and the UK remained strong and would be stronger. She praised the talent and entrepreneurial energy of Bangladeshis, saying it has an incredibly dynamic society.

23, Bangabandhu Avenue, Dhaka-1000. Bangladesh.

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