Bangladesh News Bangladesh Foreign Affairs

[Isa Khan]

Expatriates' Welfare and Overseas Employment Minister Imran Ahmad has held a courtesy call with the Bosnian Ambassador to Bangladesh Muhamed Cengic.

The duo met and discussed the labour market situation in Bosnia at the ministry on Wednesday, reads a press release.

The meeting also discussed the possibility of signing a memorandum of understanding on sending workers from Bangladesh to Bosnia.

Imran Ahmad highlighted Bangladesh's strong position against any irregular migration and human trafficking.

Expatriates' Welfare and Overseas Employment Additional Secretary Md Abdul Kader and Bosnian Embassy Consul General Md Tanim Hasan among others were present at the meeting.

Expat minister holds meeting with Bosnian Ambassador

He highlighted Bangladesh's strong position against any irregular migration and human trafficking

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https://www.facebook.com/bdarmy.army.mil.bd/posts/1401249603605911

Army chief, General SM Shafiuddin Ahmed, met with the Palestinian Ambassador in Dhaka, Yousef SY Ramadan, on Wednesday.

The two of them exchanged greetings and discussed the existing friendly ties between the armies of the two countries, read a press release.

The army chief also thanked the Palestinian ambassador for meeting with him.

It is important to note that seven Palestinian cadets are currently receiving training at the Bangladesh Military Academy and will earn their commissions on 12 December.

Army chief meets with Palestinian ambassador

Two of them discussed the existing friendly ties between the armies of the two countries

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https://www.facebook.com/bdarmy.army.mil.bd/posts/1401360333594838

The Canadian High Commissioner to Bangladesh Benoit Prefontaine paid a courtesy call on Chief of Army Staff General SM Shafiuddin Ahmed at Army Headquarter on Thursday.

During the meeting, they exchanged greetings and discussed the existing friendly ties between the armies of the two countries, said a press release issued by the Inter-Services Public Relations Directorate (ISPR).

The army chief thanked the Canadian high commissioner for meeting with him.

Angela Dark, counselor of the Canadian High Commission in Bangladesh, and Kamal Uddin, trade commissioner of the commission were also present at the meeting.

Canadian high commissioner pays courtesy call on Army chief

During the meeting, they exchanged greetings and discussed the existing friendly ties between the armies of the two countries

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https://twitter.com/i/web/status/1468938781382242312

https://www.facebook.com/GermanEmbassyDhaka/posts/4225073804266012

 

[Isa Khan]

Foreign Minister Dr. AK Abdul Momen has urged to German ambassador to facilitate German investment in electric vehicles and locomotives in Bangladesh.

The new German Ambassador to Bangladesh Achim Tröster called on foreign minister on Thursday.

Momen appreciated the excellent bilateral relations existing between Bangladesh and Germany since the establishment of diplomatic relations.

He congratulated the new German Chancellor Olaf Scholz on his assumption of office the day before.

The Foreign Minister extended invitation to his new German counterpart Annalena Baerbock to visit Bangladesh on the occasion of the fifty years of diplomatic relations between the two countries.

Dr. Momen urged Germany to continue to remain engaged on the question of Rohingya repatriation and acknowledged the German support thus far.

Ambassador Tröster thanked Bangladesh for its generous hosting of this forcibly displaced population from Myanmar.

The minister appreciated Germany's donation of nearly 8 million AstraZeneca vaccines and other medical equipment.

Dr. Momen highlighted Bangladesh's efforts at green transition as part of its efforts to control climate change.

He urged the Ambassador to facilitate German investment in electric vehicles and locomotives in Bangladesh.

They also exchanged views about the progress with the E-Passport project implemented by a German company and other possible areas of collaboration.

Acknowledging Germany as one of Bangladesh's largest trading partners, the Minister invited the German Chamber of Commerce and Industry to set up its office in Bangladesh.

Momen asked the German Embassy to facilitate student visas for young Bangladeshi applicants.

They discussed the possibilities of enhancing cooperation in IT enabled services.

FM urges to facilitate German investment in electric vehicles, locomotives in Bangladesh

The new German Ambassador to Bangladesh Achim Tröster called on foreign minister on Thursday.

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After a long-running negotiation, Malaysia has agreed to sign a memorandum of understanding (MoU) with Bangladesh to resume the recruitment of Bangladeshi workers.

A meeting of the Malaysian cabinet on Friday decided to open recruitment of Bangladeshi workers to all sectors including plantation, agriculture, manufacturing, services, mining, construction and household service.

Malaysian Minister of Human Resources Seri Saravanan Murugan will sign an MoU with Bangladesh's Expatriates' Welfare and Overseas Employment Minister Imran Ahmed in this regard soon, said a media statement of the Malaysian Ministry of Human Resource.

"Admission of these Bangladeshi workers will be implemented immediately after the MoU is signed," reads the media release.

Malaysia is home to around eight lakh Bangladeshis, according to an unofficial estimate.

The Southeast Asian country suspended hiring Bangladeshi workers in September 2018 over allegations of malpractices in the recruitment process and high recruitment costs.

Since then, the Bangladeshi expatriate ministry has been negotiating continuously with the Malaysian authorities to reopen the market.

Minister Imran Ahmed told the media last week that an MoU may be signed this month to reopen the Malaysian labour market.

The manpower recruiters are expecting that the number of Bangladeshi workers going to Malaysia will increase compared to earlier times after the Southeast Asian country reopens its labour market.

"Before closing the market, around 10,000-15,000 workers went to Malaysia each month. Now, 20,000-30,000 workers will migrate to Malaysia in the coming months as their employers need a large number of foreign workers," said Abul Bashar, former president of Bangladesh Association of International Recruiting Agencies (Baira).

"Earlier, workers were sent to Malaysia through only 10 agencies. There were many irregularities at that time, as a result of which that country stopped taking workers from Bangladesh," he added.

However, the manpower recruiters have been demanding that the authorities allow all the recruiting agencies to send workers to Malaysia.

In a statement on 4 December, the Federation of Malaysian Manufacturers (FMM) said the country needs over six lakh foreign workers by the next year for the industrial sector, especially the export-based companies, to overcome the current acute manpower shortage it is facing.

Malaysia has closed the labour market to foreign workers for nearly two years in the wake of the Covid-19 infection.

The association found a shortage of skilled general workers, technicians, mechanics and engineers in the general labour department.

Besides, the manufacturing sector and sub-sectors like food and beverages, chemical and chemical products, metal and rubber products have the highest demand for workers.

Meanwhile, Malaysia has also identified Bangladesh as a second source country for migrant security guards based on an earlier MoU signed between the countries.

"The Malaysian Security Industry Association (PIKM) has identified Bangladesh as a second source country for migrant security guards, following some 30,000 vacancies left by Nepali guards who are currently the only ones allowed to be employed in the profession," reported malaysiakini.com recently.

Malaysian Ministry of Human Resource will cooperate with its health ministry and National Security Council to refine standard operating procedures (SOP) for the admission of foreign workers' to prevent the spread of Covid-19.

The Malaysian cabinet also agreed to defer the implementation of a multi-tier levy from 1 January 2022 to 1 July 2022.

Malaysia agrees to reopen labour market for Bangladesh

Bangladeshis will be recruited in all sectors in Malaysia, which is suffering from a severe shortage of workers

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[Isa Khan]

Bangladeshi delegation at Italian Ministry of Defense.

https://twitter.com/i/web/status/1469970284820135936

 

[Isa Khan]

With an aim to promote a green transition of Bangladesh's textile and Ready Made Garment sector, the Swedish Embassy in Dhaka has signed an agreement with the Centre for Policy Dialogue (CPD).

Under the joint project, the Swedish Embassy will support the development of national policies and a regulatory mechanism in Bangladesh.

The initiative could also enable productive employment opportunities for women and youth.

On behalf of the Swedish Embassy in Bangladesh, Head of Development Cooperation Christine Johansson and CPD Executive Director Dr Fahmida Khatun from Bangladesh's side signed the agreement.

Sweden to support green transition of Bangladesh’s apparel sector

With an aim to promote a green transition of Bangladesh's textile and Ready Made Garment sector, the Swedish Embassy in Dhaka has signed an agreement with the Centre for Policy Dialogue (CPD). Under the joint project, the Swedish Embassy will support the development of national policies and a...

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Chief of Army Staff, General SM Shafiuddin Ahmed, met with the Commander of the Mexican Army, General Eufemio Alberto Ibarra Flores, on Monday at army headquarters.

The two of them exchanged greetings and discussed existing friendly ties between the armies of the two countries, read a press release of Inter-Services Public Relations (ISPR), the public relations division of the Bangladesh Armed Forces.

The Bangladeshi army chief gave a speech with all principal staff officers (PSO) present. Later, General Flores spoke as well and prospects of future collaboration between the two countries were identified during the meeting.

Earlier, General Flores paid tribute to the martyrs of Bangladesh's war of independence at Shikha Anirban (eternal flame) in Dhaka Cantonment. He was also given a Guard of Honour by the Bangladesh Army.

The five-member delegation of the Mexican army, led by General Eufemio Alberto Ibarra Flores, came to Bangladesh for an eight-day visit on 11 December.

The team is scheduled to visit various historic installations throughout their visit and take part in the Great Victory Day Parade.

Army chief meets with Mexican army commander

A delegation of the Mexican army is currently visiting Bangladesh

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[Isa Khan]

https://www.facebook.com/mofadhaka/posts/1119408468799726

A Preferential Trade Agreement (PTA) between Bangladesh and Nepal is in the final stage, Commerce Secretary Tapan Kanti Ghosh said recently.

He expects the PTA to be signed after getting the final nod from the Nepalese side.

The commerce secretary made the remarks while speaking as the chief guest at a meeting between the Dhaka Chamber of Commerce & Industry (DCCI) and a delegation of Nepal's Confederation of Nepalese Industries (CNI) on 14 December, reads a press statement.

A memorandum of cooperation (MoC) was signed between the two organisations during the meeting chaired by DCCI President Rizwan Rahman.

Rizwan and CNI President Vishnu Kumar Agarwal signed the agreement on behalf of their respective organisations.

"There are various commonalities between Bangladesh and Nepal and both countries are going to be graduated from the LDC category in 2026," Commerce Secretary Tapan said on the occasion.

He also said Bangladesh is a very big market with a huge consumer base especially in the fast-moving consumer goods (FMCG) sector and Bangladesh needs to import a large number of consumer items including edible oil, lentil, sugar etc.

He urged Nepali businessmen to leverage this opportunity.

Meanwhile, DCCI President said both nations work on common interests at various international forums including Saarc, Bimstec, WTO that bolster diplomatic and economic friendship between them.

The bilateral trade between the nations is around $73.47 million in FY 2020-21 having a positive trade balance for Bangladesh.

"Nepal can invest in our agro-processing, tourism, financial sectors and SEZs," said Rizwan adding, "Nepal can consider BBIN connectivity deal to exploit our economic opportunities."

Also speaking on the occasion, Charge D' Affairs of Embassy of Nepal in Bangladesh Kumar Rai said according to World Bank and IMF Bangladesh's economic progress is quite good.

"Nepal has the highest peak in the world and Bangladesh has the longest sea beach in the world. Therefore tourism can be a promising sector of mutual preferences," he said.

On the other hand, CNI President Vishnu Kumar marked agriculture, tourism, energy, education and IT sector as some of the potential sectors from where entrepreneurs of both countries can benefit.

He said Nepal is now giving priority to its transformation from a trading led economy to a manufacturing-based economy. So, this move will create an immense opportunity for huge investments.

Bangladesh-Nepal bilateral PTA in final stage: Commerce Secretary

He expects the PTA to be signed after getting the final nod from the Nepalese side

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[Isa Khan]

Bangladesh and Russia recently discussed the possibility of cooperation in various trade and economic sectors including atomic energy, aviation industry, fisheries and livestock, geological research, as well as space and satellite.

The two countries also discussed working together to modernise Ghorashal TPP Units 1 and 2, inspecting and monitoring of Karnafuli HPP, commissioning Rooppur Nuclear Power Plant on time, among many other areas during the third session of the Bangladesh-Russia Inter-Governmental Commission on Trade, Economic, Scientific, and Technical Cooperation.

Both countries also spoke about working together in radioactive waste management, animal vaccine production, cyber security, peaceful and safe use of atomic energy, among other topics.

The session, taking place virtually on Wednesday, was followed by two days of expert-level meetings held on 13 December and 14 December, read a press release.

The Russian side was led by Ilya V Shestakov, head of the Federal Agency for Fisheries, co-chair of the commission and the Bangladesh side was led by Fatima Yasmin, co-chair of the commission and secretary of the Economic Relations Division.

During the session, Bangladesh identified areas where it needs Russian cooperation and Russia expressed its readiness to help.

Both sides highlighted the importance of the dialogue and expressed willingness to consistently implement the decisions adopted in the meetings.

A protocol was also formulated during the session of the commission covering all aspects, discussions, and results. The protocol will be signed after being agreed upon by both parties.

The fourth session of the Bangladesh-Russia Inter-Governmental Commission on Trade, Economic, Scientific, and Technical Cooperation will be held in December 2022 in Russia.

Bangladesh, Russia discuss possibilities of trade, economic cooperation

The two countries spoke on working together in radioactive waste management

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https://www.facebook.com/rusembdhaka/posts/4551790128261850

 

[Isa Khan]

Highlights:

• 2 African nations, where Bangladeshi peacekeepers are deployed, will be selected
• First draft agreement on contract farming signed with South Sudan in 2013
• Move can generate employment for 40-50 lakh

---

After almost a decade of only forming task forces and holding inter-ministerial meetings on the prospects of contract farming in Africa, the foreign ministry now seems to take the lead in a fresh drive to make it a reality and reach land lease agreements with at least two African countries.

The agriculture ministry and the foreign ministry have agreed to initially select two from African countries where Bangladeshi peacekeepers are deployed.

Bangladeshi peacekeepers are currently deployed in eight countries including DR Congo, Lebanon, South Sudan, Sudan (Darfur), Western Sahara, Mali, Central African Republic.

Farming in Africa can prove to be instrumental in not only achieving food security, but also generating employment opportunities for 40-50 lakh people, at a time when Bangladesh has seen a decline in manpower exports to the Middle East.

On 28 November, the foreign ministry sent a draft agreement made with South Sudan on contract farming to different ministries asking for their opinions within two weeks.

According to the 2019 data from the Food and Agriculture Organization of the United Nations, only 8.8% of South Sudan's agricultural land is used as cropland, which is land used for the cultivation of crops. Bangladesh, on the other hand, cultivates 91.9% of its agricultural land.

The draft was prepared by the agriculture ministry in 2013, but since then there has been little progress.

It says that initially land would be leased for 25 years, after which there would be extensions in five-year terms.

Earlier on 23 November, Foreign Minister AK Abdul Momen, at a meeting he jointly chaired with Agriculture Minister Abdur Razzak, advised the embassies of Bangladesh in African countries to lease land there to begin contract farming.

At the meeting, Bangladesh Bank officials said they were working on a policy on sending money abroad from Bangladesh for contract farming, the bar on which ended earlier ambitions.

The foreign minister said that Prime Minister Sheikh Hasina had directed the ministries of agriculture, foreign affairs and commerce to work together in this regard.

The ministries and departments concerned have jointly taken various initiatives to implement the prime minister's directives, he added.

Departments and institutes under the agriculture ministry of Bangladesh will help train African agricultural officers.

In this regard, the agriculture ministry will send a short-term training module to the foreign ministry by mid-January.

In a presentation at the meeting, the agriculture ministry said food grains, maize, jute, onion, mango, almond, pumpkin, peanut, along with other vegetables and fruits, can be produced in African countries as the climate there is similar to that of Bangladesh. There is also a possibility of cattle-rearing there, ministry representatives said.

The foreign ministry has also started working on a draft agreement for contract farming, which will be signed with African countries.

Untapped potential

Many African countries have been offering the option of contract farming to Bangladesh for more than a decade.

China, Egypt, India, Pakistan and some European countries have already been successful in reaping benefits from the contract farming model in Africa.

Various companies in Bangladesh applied to the government to lease land in Africa, but received no response.

In 2014-15, the Nitol-Niloy Group applied for capital transfer to start contract farming in Africa. Abdul Matlub Ahmad, chairman of the group, told The Business Standard that they dropped the plan after failing to get permission from the ministries concerned.

"The prime minister held two or three meetings to start contract farming in Africa at that time. We applied after her encouragement to invest there. But it was not possible because Bangladesh Bank changed the law and did not give permission to open a capital account," he said.

"Investment in agriculture in Africa requires little money. But for this, you have to run to different ministries and departments for years which discourages the entrepreneurs," he added.

He said that if permission was given to open capital accounts, many people from Bangladesh would be interested to start contract farming in not only African countries, but also in the United States.

Contract farming in Africa in talks, again

Highlights: 2 African nations, where Bangladeshi peacekeepers are deployed, will be selected First draft agreement on contract farming signed with South Sudan in 2013 Move can generate employment for 40-50 lakh After almost a decade of only forming task forces and holding inter-ministerial...

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Sweden has contributed $4 million to Unicef for improving the condition of children and adolescents in Bangladesh.

The contribution consists of two grants- one aims to improve water safety, sanitation and hygiene for children, women and communities, while the second focuses on empowering adolescents, particularly from marginalised communities, said a press statement on Tuesday.

"Our goal is a Bangladesh where every child has access to safe and clean water, basic toilets, and good hygiene practices so that all children can thrive and have a healthier start in life," Unicef Representative to Bangladesh Sheldon Yett said.

Bangladesh is set to scale up practical and innovative models, previously developed by Unicef with the support of Sweden, for arsenic-free water systems by investing 24 crores of its budget into arsenic-safe water hardware.

The initiative will improve water safety for 20 million people, including 5.4 million children, living in highly arsenic-affected rural areas.

The new $2 million contributions from Sweden represents the bridging phase of a larger contribution and will enable Unicef to provide the technical assistance which will ensure that the new systems meet national safety standards.

With the collaboration of Unicef and Sweden, 2,500 new safe water points have been serving over 300,000 people, and nearly half a million people have benefited from hygiene education and improved latrines over the last four years. Since then, 261 villages have been declared arsenic safe in Bangladesh.

A second additional $2 million grant from Sweden aims to support a broad programme of interventions to improve the health, nutrition, protection and life skills of adolescents, particularly those from disadvantaged backgrounds in Dhaka, Gazipur, Barishal and Patuakhali.

The programme includes comprehensive sexuality education and mental health services. It will also support adolescents to participate in programmes to address the impact of climate change in their communities.

"By investing in adolescents, we strengthen their ability to build a brighter future for themselves, their families and communities," Sheldon Yett added.

Ambassador of Sweden to Bangladesh HE Alexandra Berg von Linde said, "Sweden has been supporting Bangladesh since its independence in improving the sexual and reproductive health and rights (SRHR) of adolescents. Increasing access to SRHR will help to create an enabling environment for adolescents for unleashing their full potential.",

"Sweden is also happy to contribute to expanding the water, sanitation, and hygiene facilities for the poor and vulnerable population. Women, children and adolescents are at the centre of the Swedish development cooperation."

Collaborating with Unicef, Sweden has supported Bangladesh in the areas of urban health for slum dwellers, climate change, adolescent SRHR, the multisectoral response to Covid-19, sanitation, hygiene, and arsenic mitigation to improve the living conditions of the poor and the distressed.

Sweden donates $4m to improve water safety in Bangladesh

The initiative will improve water safety for 20 million people, including 5.4 million children

www.tbsnews.net

 

[Isa Khan]

Port Authority of Thailand (Ranong Port) and the Chittagong Port Authority of Bangladesh signed an MoU virtually on Monday (20 December).

Md Zafar Alam, member (admin and planning), from the Chittagong Port authority and Lt JG Dr Chamnan Chairith, RTN from the Port authority of Thailand signed the MoU on behalf of their respective authorities.

The MoU is expected to facilitate trade between Bangladesh and Thailand by enhancing maritime connectivity between the two countries on the Bay of Bengal.

This is part of the greater vision of Bangladesh to enhance greater connectivity with its neighbours including those in BIMSTEC region.

The MoU would encourage the business communities from both sides to further explore trade and investment opportunities.

Additionally, both the port authorities would be benefited through the exchange of information and cooperation in port management, operations, information technology, communication, port connectivity, coastal shipping, port-related industry and investment promotion.

It is hoped that Coastal shipping, under the MoU, between the Ranong port and the Chattogram port of Bangladesh would immensely contribute to further strengthening bilateral trade through reducing the transportation time and cost for trade between Thailand and Bangladesh.

It is also expected to further strengthen the existing excellent relations between the two countries.

Secretary, Ministry of Shipping, ambassador of Bangladesh to Thailand, director general (South East Asia) of the Ministry of Foreign Affairs and chairman, Chittagong Port Authority were present from Bangladesh side while ambassador of the kingdom of Thailand in Bangladesh, assistant director general, asset management and business development, port authority of Thailand were present from Thai side during the virtual signing ceremony.

Chattogram Port signs MoU with Ranong Port of Thailand

The MoU would encourage the business communities from both sides to further explore trade and investment opportunities and further strengthen the existing excellent relations between the two countries.

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A MoU was signed between the Public Private Partnership Authority (PPPA) of the Prime Minister's Office, Bangladesh and the Embassy of Denmark, Ministry of Foreign Affairs of Denmark.

It sets in motion greater Danish and European investment initiatives in Bangladesh, reads a press release.

The partnership builds on the 50 years of strong bilateral relationship between Denmark and Bangladesh, which will increasingly transition to become trade and investment led, ensuring that our economies stay globally competitive, sustainable, and green.

Danish Ambassador HE Winnie Estrup Petersen said, ''With a growing population, economic growth, and graduation from LDC status, Bangladesh is becoming a key player on the global stage. Its wealth of resources and untapped domestic consumption potential makes the country a good candidate for investment."

"Ultimately, working together we hope to spark a green industrial transformation by cooperating in sectors like clean water & energy, food & agriculture, urban development and transportation. Concretely, we foresee this as an opportunity to match Bangladeshi needs with Danish strongholds, e.g., in maritime and logistics, to develop sustainable maritime and port infrastructure that will ensure stronger integration of Bangladesh into the global supply chains as it continues its growth'', he added.

The Secretary of the Government of Bangladesh and the CEO of PPPA Sultana Afroz, echoed those aspirations, highlighting that "public private partnership between Denmark and Bangladesh is a great way to advance Bangladesh's economic growth with sustainable investments. Bangladesh welcomes investors from Denmark and looks forward to opportunities to work together on green technologies and innovative industrial methods. Collaboration paves the path for green transition for both our economies in a positive and fruitful way.''

Denmark and PPPA sign MoU to enhance green infrastructure cooperation with Bangladesh

A MoU was signed between the Public Private Partnership Authority (PPPA) of the Prime Minister's Office, Bangladesh and the Embassy of Denmark, Ministry of Foreign Affairs of Denmark. It sets in motion greater Danish and European investment initiatives in Bangladesh, reads a press release. The...

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A agreement on "Program Loan for Sustainable Economic Recovery Program (Subprogram)" has been signed between Bangladesh and Korea to provide budget support to mitigate the adverse impact of Covid-19.

Under the agreement, the Korea Eximbank will provide $100.00 million to Bangladesh government to implement the project.

The loan will bear simple interest rate of 0.05% per annum while maturity period will be 40 years, including a grace period of 15 years.

The loan is aimed at recovering the economy by implementing various reforms in revenue collection system and design schemes to support entrepreneurs who have been adversely affected by Covid-19.

Md Shahriar Kader Siddiky, wing chief and additional secretary of the Economic Relations Division and Kim Tae-soo, Executive director of Korea Eximbank signed the agreement on behalf of respective governments.

Since 1993, the Korea Eximbank has been providing soft loans to various priority development sector projects in Bangladesh.

Bangladesh, Korea sign $100 million loan agreement

An agreement on "Program Loan for Sustainable Economic Recovery Program (Subprogram)" has been signed between Bangladesh and Korea to provide budget support to mitigate the adverse impact of Covid-19. Under the agreement, the Korea Eximbank will provide $100.00 million to Bangladesh government...

www.tbsnews.net

 

[Isa Khan]

https://www.facebook.com/mofadhaka/posts/1122837418456831

https://www.facebook.com/mofadhaka/posts/1124149948325578

https://www.facebook.com/mofadhaka/posts/1124165694990670

https://twitter.com/i/web/status/1472526369313595394

 

[Isa Khan]

Three instruments were signed today between Bangladesh and Maldives on health, education, dual taxation, youth and sports, elevating the bilateral relations to a new height.

The signing ceremony was held at the President's Office this morning in presence of Bangladesh Prime Minister Sheikh Hasina and Maldivian President Ibrahim Mohamed Solih after the bilateral talks between the two leaders.

The instruments included Agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, MoU in the areas of Healthcare and Medical Sciences between Bangladesh and Maldives (renewal) and MoU between Bangladesh and Maldives on Cooperation in the Area of youth and Sports Development.

Bangladesh has also gifted 13 military vehicles to the Maldives as a token of friendship between the two South Asian nations during the ceremony.

Earlier, on arrival of Prime Minister Sheikh Hasina at the President's Office, she was formally received by Maldivian President Ibrahim Mohamed Solih as a red carpet was rolled out with according a guard of honour and presenting gun salute.

The prime minister also visited the line of presentation of both the countries.

Sheikh Hasina has signed the visitors' book kept at the President's Office and took part in a photo session there.

The premier arrived at Male, the capital of Maldives on her six days maiden bilateral visits by a VVIP special flight of the Biman Bangladesh Airlines yesterday (22 December) afternoon.

Bangladesh, Maldives sign three instruments soaring bilateral relations to new height

The instruments included Agreement on Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, MoU in the areas of Healthcare and Medical Sciences between Bangladesh and Maldives (renewal) and MoU between Bangladesh and Maldives on Cooperation in the Area of...

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Switzerland is going to spend Tk1,100 crore between 2022 and 2025 to assist Bangladesh in facing the post-LDC graduation challenges and help in the country's sustainable and inclusive development process.

Switzerland wants to play a role in the economic and social development of Bangladesh and wants to work towards creating a better business environment in Bangladesh while developing the country's financial systems, revealed the Swiss Embassy in Bangladesh on Wednesday.

Switzerland also wants to help build skilled human resources in Bangladesh. The country also wants to contribute to Bangladesh's justice system to ensure human rights are upheld.

While presenting a plan on how Switzerland is going to facilitate Bangladesh's development journey, Suzanne Muller, deputy head of mission, Switzerland Embassy in Bangladesh, said Switzerland will continue to support Bangladesh and provide humanitarian assistance in the Rohingya camps.

"We [Switzerland] will also work to help Bangladeshi women and children cope better with climate change," she added.

Patricia Danzi, director general of the Swiss Agency for Development and Cooperation, present at the event, highlighted the importance of creating sustainable economic growth and a decent job market in the context of Bangladesh, as every year, around two million young people try to enter the job market in Bangladesh.

"We will present our case in the Swiss parliament so that the Tk11 billion development plan we mentioned can be approved and we will always strive to continue bilateral collaboration between Bangladesh and Switzerland," she added.

The Swiss embassy also expressed concern about the growing corruption in Bangladesh amid the pandemic and urged the government to increase technical development and monitoring facilities to promote transparency.

Planning Minister MA Mannan, also present during the event, said, "We understand that when time and expenditure increase, scope for corruption also does. But Bangladesh practices good governance in every sector of the country."

Switzerland to spend Tk1,100cr to help Bangladesh face post-LDC challenges

The Swiss embassy also expressed concern about the growing corruption in Bangladesh amid the pandemic

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[Isa Khan]

To increase military strength, Bangladesh wants to sign deal with individual country instead of joining any military bloc. The country wants to acquire ToT besides purchasing weapons. The individual country could be USA, Italy, France, Germany, Turkey or Japan. Bangladesh might sign military deal with Japan next time.

https://www.facebook.com/mofadhaka/posts/1127897581284148

 

[Isa Khan]

Bhutan wants to procure 3,000 tonnes of urea from Bangladesh for its agriculture sector because of facing challenges in sourcing sufficient volume of such chemical in the current time, officials said.

The Bhutanese embassy in Dhaka has recently sent a note verbal seeking necessary assistance in procuring the amount of urea from Bangladesh at the earliest possible time, they added.

The foreign affairs ministry has requested the industries ministry to inform the Bhutanese side whether it will be possible to provide the sought volume of urea or not.

More than half the population of Bhutan are involved with the agriculture sector.

The country had been sourcing fertilisers, especially urea, from other countries so far.

Currently, it is facing some challenges in sourcing adequate amount of urea, according to the note.

As Bangladesh produces urea, the Buddhist Kingdom, would like to request the country to provide it with about 3,000 tonnes of urea for its agriculture sector.

The embassy has requested that necessary steps be taken by the authorities concerned an early as possible so that the Bhutanese government can provide the ferliser to its farmers before the next planting season begins.

"We have received a letter from the foreign ministry on fertiliser purchase by the Bhutanese embassy," said an official.

The country requires more or less 5.0 million tonnes of different types of fertilisers annually, a high official of the agriculture ministry told the FE.

He, however, said the country produces 0.8-1.0 million tonnes of urea and 0.1 million tonnes of Triple Super Phosphate or TSP respectively.

Bhutan seeks to procure 3,000 tonnes of urea from BD

Bhutan wants to procure 3,000 tonnes of urea from Bangladesh for its agriculture sector because of facing challenges in sourcing sufficient volume of such chemical in the current time, officials said.The Bhutanese embassy in Dhaka has recently sent a note verbal seeking necessary assistance in...

today.thefinancialexpress.com.bd

https://twitter.com/i/web/status/1475782710387830785

 

[Isa Khan]

Bangladesh's export to South Korea has doubled in a decade, while import from the country has decreased slightly.

Nonetheless, the trade gap between the two countries is still over a billion dollars, which favours South Korea, according to data from Export Promotion Bureau (EPB) and the Korea Trade Association.

According to EPB, Bangladesh export earnings from South Korea reached nearly half a billion-dollar mark in the first 11 months of 2021, while the export volume was $244 million in 2011.

Entrepreneurs opined that this trade gap will reduce in coming days as apparel export to the country is increasing.

EPB data states, from January to November, Bangladesh's garments export to Korea was $323.85 million of the $498 million, the total export to the country.

Apparel export to South Korea was $266.60 million in 2000.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Shahidullah Azim said South Korea is a very potential market for Bangladesh.

As a cold country, it has high demand for jackets and other high value clothing items, most of which is currently imported from China.

According to the Korea Trade Association data the country imported around $18 billion in apparel items in the fiscal year 2020-21.

Azim also mentioned that the BGMEA has plans to organise a roadshow in South Korea to explore this market by 2022.

In a press release, Ambassador Lee Jang-Keun of South Korea said, this year will mark a momentous turning point in the bilateral trade between the two countries after overcoming the challenges of the Covid-19 pandemic.

He also expected strengthened bilateral cooperation between both the countries in the coming years.

He mentioned that Bangladeshi exporters enjoy the advantages of the preferential trade benefits, including duty and quota-free access to the Korean market for 95% Bangladeshi products since 2008.

The trade volume among Bangladesh and Korea recorded $2.01 billion between January and November this year, which is 54.6% higher from earnings of the same period of last year that was $1.30 billion.

Bangladesh mainly exports garments, sports and leisure items and bronze scraps to the Korean market.

Garment exports, which accounts for 81% of total export to Korea, increased by 32.4% compared to the previous year, which was worth $442 million, while export of sports and leisure items skyrocketed by 92% which was $303 million. Export of bronze scrap rose by 175% with $9.14 million.

Korea's export to Bangladesh which peaked in 2011 with $1.63 billion decreased to approximately $1.2 billion over the years and further deepened to $1.03 billion in 2020.

Major export items of Korea to Bangladesh are machinery, petrochemical products, steel and pesticides.

Import of machinery rose by 107% to $297 million which reflects the continued growth of Bangladesh's manufacturing sector. Import of Petrochemical products increased by 64.2% with $279 million. Steel import grew by 45.7% with $190 million and pesticides by 68% with $78 million.

Export to South Korea doubles in a decade

The trade volume between Bangladesh and Korea goes up 54.6% year-on-year in Jan-Nov

www.tbsnews.net

 

[Isa Khan]

https://www.facebook.com/rusembdhaka/posts/4626859867421542

https://www.facebook.com/rusembdhaka/posts/4626852037422325

https://www.facebook.com/rusembdhaka/posts/4626847780756084

 

[Isa Khan]

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the government to take steps to harness the potential of bilateral trade between Bangladesh and Indonesia.

In FY21, import-exports between Indonesia and Bangladesh stood at $1.9 billion, which has tremendous potential for further growth, said FBCCI President Md Jashim Uddin when Bangladesh Ambassador to Indonesia Air Vice Marshal Mohammad Mostafizur Rahman paid a courtesy call at his office on Monday.

Indonesia has a large market for Bangladeshi medicines, agricultural products, poultry, jute and leather goods, and footwear, said the FBCCI in a press release.

At the meeting, Md Jashim Uddin also called upon the ambassador to take initiatives so that Indonesia invests in an economic zone in Bangladesh.

The ambassador said the Bangladesh government is keen to be a sectoral dialogue partner of Indonesia. As the tariff and tax structure in the country is relatively simple, it will be easier for Bangladeshi exporters to capture the market.

Indonesian entrepreneurs are interested in investing in Bangladesh through joint ventures in the pharmaceutical and small and medium enterprise (SME) sectors.

A delegation led by the Indonesian industries minister or the commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects, said the press release.

Ambassador Mohammad Mostafizur Rahman said negotiations are also underway for a preferential trade agreement with Indonesia.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md Amin Helaly, Director MGR Nasir Majumder, and Secretary General Mohammad Mahfuzul Hoque, were also present at the meeting.

FBCCI urges govt to harness trade potential with Indonesia

A delegation led by the Indonesian minister of industries or the commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects

www.tbsnews.net

South Korea has proposed piloting a World Bank-funded project in Bangladesh on water quality management and aquaculture using drone technology, the ICT Division said on Monday.

The East Asian country is also interested in establishing a Geo-Specialised Lab in Bangladesh, according to a press statement of the Information and Communication Technology (ICT) Division.

Lee Jang-Keun, South Korean ambassador to Bangladesh, made the proposal at a meeting with State Minister Zunaid Ahmed Palak at ICT Tower.

They also emphasised building the capacity of ministries and agencies concerned in implementing the projects.

They agreed on a February coordination meeting between the two countries regarding the implementation of the discussed projects.

State Minister Zunaid Ahmed Palak said effective coordination measures should be taken by government agencies for the use of drone technology.

To this end, he stressed the importance of building the capacity of the environment, forest and climate change ministry, the fisheries and livestock ministry, land ministry, civil aviation and tourism ministry, the water resources ministry, and other agencies concerned.

The meeting also discussed taking initiatives utilising the Korea International Cooperation Agency to build the efficiency of Bangladeshi govt officials in installing a geo-specialised lab.

The South Korean envoy promised all-out support of his country in the development of Bangladesh's ICT sector.

Lee said Bangladesh has become an emerging economy in the world and both countries will collaborate in several sectors, including technology.

S Korea proposes collaboration in water projects using drone technology

South Korea has proposed piloting a World Bank-funded project in Bangladesh on water quality management and aquaculture using drone technology, the ICT Division said on Monday. The East Asian country is also interested in establishing a Geo-Specialised Lab in Bangladesh, according to a press...

www.tbsnews.net

 

[Isa Khan]

Marking the 50 years of diplomatic relations between Bangladesh and Russia, an exclusive documentary film titled "Freedom Does Not Breathe Money" has been recently premiered in Moscow based on the removal of mines at the port of Chittagong by the Soviet Navy from 1972-1984.

The movie, directed by Russian filmmaker Evgeny Barkhanov, had its opening show in presence of Russian celebrities on December 28 at the Central Cinema Hall in Moscow.

Kamrul Ahsan, Ambassador of Bangladesh to Russia, alongside Evgeny Barkhanov, the director of the documentary, and Captain (retd) Nikolay Nikolayevich Koloskov, who was involved in mine clearance as a young Navy officer were present.

Addressing the audience, Ambassador Kamrul Ahsan said, "This 44-minute documentary contains some rare video footage of our Father of the Nation Bangabandhu Sheikh Mujibur Rahman, which many of us have never seen before."

The documentary showcases the incident after the 1971 Liberation War, as the Chittagong seaport could not be opened for sinking ships and mines and no western country showed any interest in helping Bangladesh in this matter at that time.

Addressing the problem, Father of the Nation Bangabandhu Sheikh Mujibur Rahman requested then Prime Minister of Russia Alexei Kosygin and the Secretary-General of the Soviet Communist Party Lunev Brezhnev during his state visit to Moscow on March 1-3, 1972, to cooperate in clearing the mines in the Bay of Bengal as soon as possible and clear the fairway of sunken ships in order to make way for ships with humanitarian aid.

The "Soviet" government, in response to Bangabandhu's request, immediately dispatched about 900 naval personnel from their Pacific Naval Base at Vladivostok to Chittagong with military vessels capable of removing mines and rescuing sunken ships.

The documentary interviews Admiral Yuriy Konstantinovich Senatskiy and two other senior officials of the Russian Navy and featured relevant incidents with mine clearance and other circumstances during that operation.

Admiral Yuriy, who passed away during the Covid-19 lockdown in 2020 shortly after giving the interview, served as the second-in-command of the Soviet Navy stationed at Chittagong seaport.

Documentary film on Dhaka-Moscow ties premieres

The movie, directed by Russian filmmaker Evgeny Barkhanov, had its opening show in presence of Russian celebrities on December 28 at the Central Cinema Hall in Moscow

www.tbsnews.net

 

[Isa Khan]

Bangladesh has expressed interest in signing a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU), a Russian-led Eastern European economic union comprising Belarus, Kazakhstan, Armenia and Kyrgyzstan, to explore the export potential of various products, including knitwear.

The commerce ministry has requested the foreign ministry to make a formal proposal to the Eurasian Economic Commission (EEC) regarding the signing of the FTA.

The countries belonging to the European Union, one of the largest economic blocs in the world, had a foreign trade volume of $7,311 billion in 2020. The gross domestic product of the countries is $1,634 trillion.

Bangladesh does not get duty free facilities in Eurasian markets which have huge potential for Bangladesh's export products. Bangladesh's exports to these countries have increased significantly over the past decade and the amount stands around $500 million.

According to the Export Promotion Bureau, Bangladesh's exports to EAEU during July-December of the current financial year amounted to $382 million which was $677 in the previous fiscal year. And in 2019-20, Bangladesh exported goods worth $498 million to EAEU.

Commerce ministry officials said Bangladesh has huge potential for the export of frozen food including knitwear, jute goods and shrimp to countries in the region. Exports are not growing at the desired level due to the lack of duty-free facilities and the complexity of direct banking transactions with Russia due to US sanctions.

That is why the Bangladesh Bank has taken initiative to ensure a duty-free export facility by signing FTA and swapping currency with the Central Bank of Russia.

Following the signing of the Trade and Investment Framework Agreement or TIFA with the United States in 2014, Russia also proposed the formation of an intergovernmental commission with Bangladesh to enhance trade, investment, scientific and technical assistance, which the two countries signed in 2017.

The letter signed by Md Firoj Uddin Ahmed, Deputy Secretary (FTA) of Commerce Ministry said EAEU is a potential trade partner of Bangladesh. During the last decade, the trade volume has increased substantially. In this context, the commerce minister signed a Memorandum of Cooperation between Bangladesh and EEC in Moscow in May 2019.

A Working Group was formed under the memorandum to develop trade and economic cooperation in 19 sectors. The first meeting of the working group was held on 30 November-December 2021 at the EEC headquarters in Moscow. In the meeting, Bangladesh expressed its interest to conclude an FTA with the EAEU. In response, EEC asked to send a formal proposal so that it can seek the concurrence of its member states.

Commerce Ministry officials said Bangladesh is poised to graduate from the Least Developed Country in 2026. Although this will uphold the image of Bangladesh in the world Dhaka will lose preferential market access as LDC in many export destinations.

To face the challenge of graduation, the ministry of commerce has taken a strategic policy of signing FTA and Preferential Trade Agreement (PTA) with its important trading partners including EAEU for ensuring smooth and sustainable graduation.

Bangladesh keen on FTA with Eurasian Economic Union

Bangladesh does not get duty free facilities in these markets which have huge potential for Bangladesh’s export products

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The Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) has recommended that the government scale up engagements with six major trade blocs to survive challenges stemming from Bangladesh's graduation to developing country status in 2026.

Bangladesh should approach the blocs for joining them, or sign trade agreements with members belonging to the coalitions, FBCCI President Jashim Uddin said at a programme in Dhaka on Wednesday.

Referring to the trading alliances – the Regional Comprehensive Economic Partnership (RCEP), European Economic Union, USA, EU, post-Brexit UK and African Continental Free Trade Area, Jashim Uddin noted that they control more than 90% of world trade.

He said Bangladesh will have to face a series of challenges both at home and abroad once it steps into the developing country club in 2026.

The FBCCI president said the country's export will experience severe competition in terms of both price and quality, while local industries will lose the shield of protective tariff and tax measures following the graduation.

"We need bilateral FTA [free trade agreement] and PTA [preferential trade agreement] to make our export sustainable and to survive the competition with the market peers," he added.

The UN in November last year approved Bangladesh's graduation to developing country status in 2026, with a potential five-year take off period from 2021. During the preparation stage, the country will get all market access facilities meant for a least developed nation. In addition, there will be another three-year quota-free facility from 2026 to the European market.

This means there will be no facilities left for Bangladesh in foreign markets after 2029. The country's export then will have to rely on bilateral treaties such as PTA and FTA to compete with its peers.

Bangladesh could sign a bilateral deal with Nepal only.

The FBCCI president said Bangladesh needs to highlight specific trade topics, such as tariff loss, environmental issues, labour issues, investment, rules of origin, e-commerce and movement of persons, while negotiating the deals.

He emphasised enhancing the negotiation capacity of both public and private bodies and called for public-private joint efforts.

Noting the remarkable progress made in the country's industrial sector, Jashim Uddin sought policy support so that a backward linkage industry can be set up. He said the existing policies and regulations should be reconfigured in line with the fourth industrial revolution.

Referring to the failure of the banking sector regarding facilities for small and medium enterprises (SMEs) yet, he said SMEs must be facilitated for the sake of the economy.

"Banks are more inclined towards the corporates since the approach can bring in more success in lending with a little effort. But they should discard such mentality."

He said SMEs are forced to borrow from non-governmental organisations at 20-25% interest, which impedes their recovery from the pandemic.

The FBCCI president also spoke on various issues, including the government's revenue policy, harassment of traders by customs officials, and stopping VAT collection from small ventures.

He also requested the government not to impose a lockdown in the future even if Covid infections soar.

FBCCI seeks engagements with six major trade blocs

The apex trade body also requests government not to impose Covid lockdown

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https://www.facebook.com/rusembdhaka/posts/4656663767774485

https://www.facebook.com/mofadhaka/posts/1137206937019879

 

[Isa Khan]

https://www.facebook.com/mofadhaka/posts/1137656283641611

Foreign minister of Singapore Dr Vivian Balakrishnan agreed to accelerate bilateral trade and investment in Bangladesh and assured full support and assistance in digital transformation during a phone call today with Foreign minister of Bangladesh Dr AK Abdul Momen.

During the conversation, Dr Momen expressed satisfaction over the excellent bilateral relations existing between the two friendly countries, mentioning that Bangladesh considers Singapore as a role model of Economic Development.

The two foreign ministers agreed on the necessity of exploring synergies in new areas of cooperation for expanded bilateral engagement.

While thanking the Government of Singapore for providing humanitarian assistance to the forcibly displaced Myanmar nationals sheltered in Bangladesh, foreign minister Dr Momen sought Singapore's and ASEAN's proactive role in bringing a sustainable and permanent solution to the Rohingya crisis by ensuring their urgent return to their homeland in Myanmar.

Dr Vivian assured that Singapore would remain engaged on the issue and of Singapore's continued support for a durable solution to the crisis.

Dr Momen noted with satisfaction Singapore Government's continuous support to the Bangladeshi expatriate workers during the ongoing Covid-19 pandemic. He further suggested that Singapore may consider employing more skilled workers from Bangladesh especially in their health and other service sectors.

He added that Singapore is an important bilateral trade and investment partner of Bangladesh. Applauding the initiative for a Free Trade Agreement (FTA) between Bangladesh and Singapore, he pointed out that FTA would be mutually beneficial by further enhancing the bilateral trade and investment. The two Foreign Ministers agreed to accelerate the process for concluding the FTA early.

Dr Momen took the opportunity to encourage more Singaporean investors to invest in power, telecommunication, renewable energy, power transmission sectors, etc. in Bangladesh taking advantage of a very friendly investment regime in the country.

Praising Dr Vivian's previous role as minister-in-charge of the Smart Nation Initiative, Dr Momen shared the rapid digital transformation of the economy and society in Bangladesh under the vision of Prime Minister Sheikh Hasina for a "Digital Bangladesh".

In this connection, Dr Momen sought Singaporean cooperation in the area of ICT and digitization, to which Dr Vivian responded very positively and assured full support and assistance.

Referring to the 50 years of diplomatic ties between the two countries in 2022, both the Ministers agreed to celebrate the special occasion in a befitting manner in both countries.

Dr Momen invited his Singaporean counterpart to visit Bangladesh. Dr Vivian also extended an invitation to Dr Momen for an official visit to Singapore to kick-start the celebration of the 50 years of diplomatic relations between the two countries.

The two Foreign Ministers also exchanged greetings of the New Year and discussed the pandemic situation in their respective countries.

Singapore assures Bangladesh of extending cooperation in bilateral trade and digital transformation

Dr Momen sought Singapore’s and ASEAN’s proactive role in bringing a sustainable and permanent solution to the Rohingya crisis by ensuring their urgent return to their homeland in Myanmar

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https://www.facebook.com/mofadhaka/posts/1137710373636202

Bangladesh and Denmark have agreed to work together on climate change and infrastructural development issues for mutual benefits.

Both the countries expressed their eagerness when Danish Prime Minister Mette Frederiksen phoned Bangladesh Prime Minister Sheikh Hasina this afternoon marking the golden jubilee of Bangladesh's independence and 50 years of diplomatic relations between the countries.

PM's Press Secretary Ihsanul Karim briefed media after the telephone conversation that started at 3:30pm (BD time).

During the talks, both the premiers greeted and congratulated each other marking the two significant occasions in Bangladesh.

They also expressed their keenness to work on other issues of mutual interest such as business, trade and commerce.

Sheikh Hasina greeted the Danish premier on her election as the second female and the youngest prime minister in Denmark's history.

Danish PM phones Bangladesh premier, discusses climate, trade, other issues

Bangladesh and Denmark have agreed to work together on climate change and infrastructural development issues for mutual benefits. Both the countries expressed their eagerness when Danish Prime Minister Mette Frederiksen phoned Bangladesh Prime Minister Sheikh Hasina this afternoon marking the...

www.tbsnews.net

 

[Isa Khan]

https://twitter.com/i/web/status/1482284449786363904

https://twitter.com/i/web/status/1482331343510208518

On Saturday, the Chief of Naval Staff of Bangladesh Navy Admiral M Shaheen Iqbal paid a courtesy call on Honourable Minister of Defence Uza. Mariya Didi.

During the meeting held at Bandaara Koshi, Minister Mariya noted the warm sisterly relationship between the Maldives and Bangladesh, and expressed hope for continued Defence and Security Sector cooperation especially in the maritime domain.

Discussions also focused on ways to further boost cooperation between MNDF and Bangladesh Navy, including the provision of training opportunities for MNDF officers and sailors.

This is the 1st visit to Maldives made by a Chief of Naval Staff of Bangladesh Navy, which signifies the enhanced relationship between the Armed Forces of both countries, and reflects the strength and solidity of the Maldivian Government’s policy of International Defence Diplomacy and Cooperation.

Following the meeting, the Minister spoke to Mrs Monira Rowshan Akhter, the spouse of Admiral Shaheen and President of Bangladesh Navy Family Welfare Association over the phone, conveying her best wishes and a warm welcome to the Maldives.

Chief of Naval Staff of Bangladesh Navy Admiral M Shaheen Iqbal pays a courtesy call on Hon. Minister of Defence Uza. Mariya Didi - GOV.MV

This is the 1st visit of a Chief of Naval Staff of Bangladesh Navy to Maldives

www.gov.mv

 

[Isa Khan]

• To establish sugar mills in partnership with govt
• Expected investment amount Tk5,500 crore
• Bangladesh Sugar and Food Industries Corporation to assume half the stake on the govt's behalf
• A standing committee of industries ministry has decided to conduct study

---

A joint consortium of companies from Thailand, Japan and the United Arab Emirates has offered to inject Tk5,500 crore worth of investment for three new sugar mills in partnership with the government.

Although the state-funded sugar mills have received foreign aid before, the recent partnership offer from the Sugar International Co is first of its kind for the industry, according to sources at the Bangladesh Sugar and Food Industries Corporation (BSFIC).

"The consortium has proposed jointly establishing three new state-of-the-art sugar mills," Md Arifur Rahman Apu, the BSFIC chairman, told The Business Standard.

"The investment will be very positive for the sugar industry," he added.

The offer, made by the consortium, is pending the final nod from the Prime Minister Sheikh Hasina.

Sources said the Ministry of Industries has forwarded a summary on the foreign investment proposal to the premier.

Authorities are yet to decide whether to cultivate sugarcane on land owned by state mills for the proposed factories.

"Once a deal is reached, if the consortium requires, the sugar and food industries corporation will provide the state-owned land," said the BSFIC chairman.

Md Emdad Hossain, a local representative of the investors, told The Business Standard, "In partnership with the BSFIC three new sugar mills will be established. Once the government okays the proposal, which we have already presented, we will move forward with the project."

Of the 15 state-owned sugar mills, Carew & Co is the only profitable company, which sells liquor, a by-product of the sugar-making process. Rest of the mills have been struggling for years and counting losses.

The mills are unable to produce sufficient sugar, primarily due to the shortage in supply of sugarcane, the main raw material. As a result, the mills are operational only for one month of the year.

Reeling under massive loans, these mills are having a hard time overcoming losses.

The country's sugar production is done through sourcing sugarcane from the local market and importing raw sugar. Few of the giant industrial groups of the country produce sugar by importing raw sugar from abroad.

Only the state-owned mills produce sugar through crushing sugarcanes. As the process is more expensive, private entrepreneurs prefer importing raw sugar.

The yearly demand of sugar stands at nearly 18lakh tonnes, of which over 90% comes from refining sugar, while the state-owned sugar mills are only able to meet 5% of the total demand.

With the investment offer, the foreign consortium has sought lands to establish sugar mills in three areas in the country.

The matter was presented during a meeting of the parliamentary committee on the industries' ministry on 13 January.

The meeting decided on conducting surveys for establishing environment-friendly cane sugar industries in Dinajpur, Jhenaidah and Rajshahi areas.

The decision to pick the areas were based on the areas' weather and soil, which is conducive for sugarcane production, said officials.

Three of the state-owned mills, which are currently sustaining losses, are located in the three districts.

"According to the consortium's proposal, they will bring in the finest sugarcane seeds to cultivate on our lands. They will also introduce the latest technology for greater production volume," BSFIC Chairman Apu said.

Asked whether the new partnership will deal any negative impact on the state-owned mills, he said, "There will be conflict, rather it will be favourable for the industry as a whole."

Foreign consortium eyes Tk5,500cr investment in 3 new sugar mills

The consortium has proposed to jointly establish three new state-of-the-art sugar mills

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