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Oct 11, 2020 NEWSLETTER |
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Bangladesh economy shows signs of recovery amid pandemic At a time when the global economy is in turmoil due to the coronavirus epidemic, most of the major indicators in Bangladesh offer cause for optimism over the country's economic prospects. The inflow of remittances has defied expectations as it continues to scale new heights during the pandemic. Foreign exchange reserves are also on course to surpass the $40 billion milestone. Meanwhile, the capital market also seems to have sprung back to life after a prolonged slump. The sales of savings certificates, on the other hand, have risen by leaps and bounds. Export earnings are also on the rise, with Bangladesh currently posting a large surplus in its balance of payments. The flow of credit to the private sector is growing as well. |
Honourable Prime Minister (HPM) Sheikh Hasina called for ensuring $100 billion a year for developing countries to save them from climate change impacts as she placed a four-point proposal including "establishing climate justice" at a virtual "Climate Vulnerable Leaders' Event". She also informed that her government has decided to launch a programme to develop national "Mujib Climate Prosperity Plan" to help mobilise resources for the implementation of a new pathway to secure the future of the people. "We should ensure that at least $100 billion a year are available to developing countries for mitigation, adaptation and disaster response and recovery," she told the event titled "Midnight Survival Deadline for the Climate" while presiding over it as the current Chair of Climate Vulnerable Forum (CVF). In this connection, the prime minister put forth four-point proposal to save the planet from the adverse impact of the climate change through "robust international partnership". |
Diplomats stationed in Dhaka have extolled HPM for her "able and prudent" leadership and tireless efforts in changing the course of national progress, braving a sea of challenges and setbacks along her way. Impressed at the overwhelming course of development overseen by the premier, the diplomats and heads of foreign missions in Dhaka came up with the remarks for HPM Sheikh Hasina terming her a "champion of human security". Taking part in a webinar, organised by Awami League's International Affairs Sub Committee on Saturday night, they also reiterated their commitments to help Sheikh Hasina in fulfillment of Vision 2041, set out by the Bangladesh Primer. Paying tributes to her leadership in taking the bilateral ties between Bangladesh and Japan to a new dimension, the Japanese Ambassador referred to the launching of Big B (The Bay of Bengal Industrial Growth Belt) initiative following exchange of visits between the Premiers which laid the foundation for achieving Vision 2041 that includes infrastructure building, including Dhaka metro rail. |
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High-speed internet for 10o million rural netizens 
As many as 100 million rural people of the country are going to get high-speed internet access by the end of this year. The Bangladesh Computer Council (BCC) under the Department of Information and Communication Technology (ICT) undertook the Info Sarkar-3 project in 2016 to provide 2,600 broadband internet services at the Union Parishad level in this regard. According to the project progress report, the broadband network is being set up in 2,600 unions under 448 upazilas of 63 districts under the project. As a result of this project, discrimination between urban and rural areas will be eliminated and the benefits of digital technology will be easily available in rural areas. |
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Steel industry thriving on economic dev, mega projects 
Bangladesh’s steel industry is thriving fast, riding on the mega infrastructure projects, rapid urbanisation and economic development in the country. Owing to the growing demand for local steel, the local steel industry is getting bigger while many foreign investors are showing interest to invest in the steel sector in Bangladesh. According to leading manufacturers, more than 4 million tonnes of steel was produced in 2016 representing a market value of $3.57 billion, which is estimated to double by 2022. Bangladesh is one of the few countries in the world vastly outperforming global steel industry growth. According to media reports, major industry players are also injecting fresh investment in this sector to enhance their production capacity to grab the potential of a huge demand for the implementation of the government’s gigantic infrastructure development plans. There are around 400 steel mills in Bangladesh with a total production capacity of around 8 million tonnes. |
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Bangladesh, US to deepen cooperation, boost economic ties 
The US and Bangladesh governments will continue to engage at political and senior official levels to further deepen the cooperation and consolidate economic ties, and devise ways to overcome the challenges posed by COVID-19. The two governments will also remain meaningfully engaged through different institutional mechanisms and beyond, and take concrete actions to realise this Vision for Advancing the US-Bangladesh Economic Partnership in the coming days. This was stated in a joint statement issued this week by both the US and Bangladesh sides following a recent high-level meeting held virtually. The meeting noted that the US and Bangladesh share common vision of a free, open, inclusive, peaceful and secure Indo-Pacific region with shared prosperity for all, and expressed hope that the two countries would continue to work together to realize this vision. |
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BANGLADESH AWAMI LEAGUE |
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