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Bangladesh News Bangladesh Foreign Affairs
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Denmark has expressed keen interest in assisting Bangladesh in developing its agricultural sector, including improving the quality of agricultural products and food, investing in agro-processing industries and ensuring safe food.
The Danish Ambassador to Dhaka Winnie Estrup Petersen announced the cooperation during a courtesy meeting with Agriculture Minister Dr Md Abdur Razzak at Bangladesh Secretariat on Tuesday, read a press release.
Denmark would assist in the quality development of agricultural products and agribusiness of Bangladesh. Initiatives will be taken to send investment and trade missions to Bangladesh when the pandemic situation improves, said the Danish ambassador.
Abdur Razzak said, "Bangladesh lags in exports and processing. The country has great potential for the export and processing of mango, pineapple, banana, tomato, potato and vegetables. Danish investment and advanced technical assistance are required in this regard."
"We also need cooperation in food production in compliance with the Good Agricultural Practice (GAP)," he added.
The Agriculture Minister further sought the cooperation of Denmark in constructing a modern packing house and setting up a modern testing lab on an acre of land in the Purbachal area.
www.tbsnews.net
The Danish Ambassador to Dhaka Winnie Estrup Petersen announced the cooperation during a courtesy meeting with Agriculture Minister Dr Md Abdur Razzak at Bangladesh Secretariat on Tuesday, read a press release.
Denmark would assist in the quality development of agricultural products and agribusiness of Bangladesh. Initiatives will be taken to send investment and trade missions to Bangladesh when the pandemic situation improves, said the Danish ambassador.
Abdur Razzak said, "Bangladesh lags in exports and processing. The country has great potential for the export and processing of mango, pineapple, banana, tomato, potato and vegetables. Danish investment and advanced technical assistance are required in this regard."
"We also need cooperation in food production in compliance with the Good Agricultural Practice (GAP)," he added.
The Agriculture Minister further sought the cooperation of Denmark in constructing a modern packing house and setting up a modern testing lab on an acre of land in the Purbachal area.
Denmark to invest in Bangladesh’s agricultural sector
They would assist in the quality development of agricultural products and agribusiness
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A two-day international conference on professional military education began on Tuesday with the participation of Commandants of Staff Colleges of South Asian Countries.
Commandants of the Staff Colleges of Bangladesh, India, Nepal, Pakistan, Sri Lanka, UK, and observers from Maldives' Staff College, joined the conference, said an ISPR press release.
Lieutenant General Waker-Uz-Zaman, principal staff officer of, Armed Forces Division, inaugurated the conference at an opening ceremony in Mirpur Cantonment on Tuesday.
Defence Services Command and Staff College Bangladesh, in collaboration with Joint Forces Command and Staff College, UK, organised the event.
The aim of the conference was to discuss and exchange views on various aspects of recent professional military education and to enhance mutual cooperation in matters of military education.
The commandants of the participating countries exchanged their ideas on delivering education in the 21st Century, critical thinking, blended learning, leaders of the 21st Century, human dimensions, information operations, cyber and research hubs, followed by plenary sessions.
2-day int’l conference on professional military education
Commandants from Bangladesh, India, Nepal, Pakistan, Sri Lanka, UK, and observers from Maldives, joined the event
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Foreign Minister Dr AK Abdul Momen has suggested extending cooperation with South Sudan in agriculture, pharmaceuticals, IT and ICT sectors.
Dr Momen made the suggestion during a meeting with a high-level delegation of the government of South Sudan led by Deputy Minister of Foreign Affairs Deng Dau Deng at the State Guest House Padma in Dhaka on Monday (7 February), said a press release.
During the meeting both sides discussed various matters of bilateral relations between Bangladesh and South Sudan.
Secretary (East) of Ministry of Foreign Affairs Mashfi Binte Shams and other high officials of the ministry were present at the meeting.
Foreign Minister Dr Momen suggested that both countries may extend cooperation in agriculture, pharmaceuticals, IT and ICT sectors.
He also opined that establishing contract farming by Bangladeshi entrepreneurs in South Sudan including agriculture, fisheries and aquaculture might be mutually beneficial. He suggested that South Sudan can get ships and barges fabricated in Bangladesh through joint collaboration.
The South Sudanese side appreciated Bangladesh's engagement in South Sudan, especially in infrastructure building and rehabilitation areas apart from participation in peacekeeping. The South Sudanese delegation underlined the scope of cooperation between the two countries in health, education, IT and ICT, social development, agriculture, education, climate change and UN peace-keeping areas.
The Deputy Minister of Foreign Affairs of South Sudan mentioned that Bangladesh peacekeepers deployed in South Sudan are playing a valuable role in maintaining peace and security.
Dr Momen proposed that the South Sudanese government may send their military officers at the peace training institute of Bangladesh and also at our Military Academy. He requested the South Sudanese delegation to extend support for solution of the Rohingya crisis by means of safe and dignified return of the Rohingya populations to their homeland, the press release added.
Both sides also identified that cooperation may be established in sectors like dredging and river management.
Momen also proposed that both sides may conclude agreements in the areas like agriculture including contract farming, visa exemption for holders of diplomatic and official passport, promotion and protection of investment, cooperation in trade and bilateral consultations between the foreign ministries of both countries.
It was agreed that draft agreements from Bangladesh side would be forwarded to the South Sudanese side for their consideration.
The South Sudanese Deputy Minister of Foreign Affairs expressed thanks for the warm reception extended to them by the Bangladesh government.
Earlier, the visiting delegation also met State Minister for Foreign Affairs Md Shahriar Alam at his office. During the meeting, both sides discussed bilateral issues of mutual interest and focused on identifying the potential avenues of cooperation.
The delegation arrived in Dhaka on Monday morning. The South Sudanese delegation will also meet the Minister of Agriculture, Secretary of Ministry of Commerce and Secretary of Ministry of Industries during their stay in Dhaka.
They will also visit agricultural projects, nursing institutions, and a few manufacturing industries in Bangladesh.
www.tbsnews.net
South Sudan has sought assistance from Bangladesh to make use of their vast areas of fallow land for agricultural production.
"We have more than six lakh square kilometers of land, most of which lies fallow with no crops grown there and we would like Bangladesh's assistance in cultivating this land," said Deng Dau Deng Malek, South Sudan deputy minister of Foreign Affairs and International Cooperation, at a meeting with Agriculture Minister Md Abdur Razzaque at the secretariat on Tuesday.
Agriculture Minister Md Abdur Razzaque said Bangladesh will send a team of multi-sector specialists including agro researchers, scientists, and agricultural extension officials there to examine the potential.
He said the Bangladesh and South Sudan governments have been discussing for quite a while now, agricultural production in Sudan on lands owned by their government or by leasing Khas land there.
Many private entrepreneurs in Bangladesh have also expressed interest and government is considering the issue with high importance, the minister added.
The agriculture minister said "A specialist team will be sent to South Sudan to see what crops can be produced in that country and how we can bring their lands under cultivation. We will take specific initiative on the basis of their report."
"We will also invite private entrepreneurs if they want to invest in South Sudan's agricultural sector. The government will take all the initiative, including sending laborers there," he added.
South Sudanese Deputy Minister, Deng Dau Deng Malek has sought Bangladesh's cooperation in agricultural production, processing, and marketing in his country.
He said, "We want to utilize Bangladesh's success and experience in the agricultural sector. We also want to produce our needed food, and export as well, producing crops on our vast fallow lands."
www.tbsnews.net
Chief of Army Staff, General SM Shafiuddin Ahmed, met with a high-level South Sudanese delegation led by the country's Deputy Minister of Foreign Affairs, Deng Dau Deng Malek, on Tuesday.
They discussed various issues concerning existing relations between the armies of the two countries and areas of future cooperation, says a press statement.
The seven-member delegation from Sudan arrived in Dhaka on Monday for a six-day state visit.
The South Sudanese delegation lauded the role of the Bangladesh Army in maintaining world peace.
They noted the activities of the Bangladesh contingents deployed in South Sudan and their (Bangladeshi forces) special contribution to the development of infrastructure in the country.
Praising the role of the army in achieving Bangladesh's independence and nation-building, they hoped to learn from it and use it in their own country.
www.tbsnews.net
To increase Canadian investment and trade in Bangladesh, free trade and foreign investment promotion and protection agreement between the two countries is on the table, said Bangladesh High Commissioner to Canada Khalil Rahman on Monday night.
He was addressing a virtual meeting of the Canada-Bangladesh Joint Working Group on Strengthening Commercial Relations.
Citing the complexity of Canada's visa process as a major obstacle to bilateral trade, the High Commissioner said discussions are also underway to set up a visa office at the Canadian High Commission in Dhaka, read a press release.
Mentioning the Business Council of Canada (BCC) is interested in Bangladesh, the high commissioner informed that the organisation sought sector-based information from the Bangladesh High Commission in Canada. He requested to send the recommendations and reports made by the joint working group to the BCC.
The high commissioner also proposed the signing of a Memorandum of Understanding between the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and the BCC to strengthen Canada-Bangladesh trade and investment relations.
FBCCI President Md Jashim Uddin co-chaired the meeting for Bangladesh. He said the plastics industry is one of the most promising sectors for Canadian entrepreneurs to invest in.
In addition to the huge domestic market, the world market also has strong export potential. Moreover, there is a huge demand for plastic products as a backward linkage industry in the readymade garments, pharmaceuticals, engineering and automobile industries.
Earlier, Shamim Ahmed, president of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), presented a report on the market and investment prospects in the plastics industry. He said 1.2 million people are working in the plastic sector and direct and indirect exports are worth 1 billion dollars. The sector is growing at an average rate of 4% per year.
All the 29 sub-sectors of plastics have export potential. He also mentioned the various policy assistance provided by the government for foreign investors.
President of Canada-Bangladesh Chamber of Commerce and Industry-Cancham Bangladesh Masud Rahman presented a report on Canada-Bangladesh investment prospects at the meeting. According to the report, Bangladesh's infrastructure sector could be one of the biggest investment opportunities for Canadian entrepreneurs.
Canadians can contribute to the development of this sector through public-private partnerships. Therefore, the country's investment bank Export Development Canada (EDC) can play a role in increasing investment in the country through the formation of a
"Bangladesh Fund". Canadian Pension Fund may also appear to be a good source for financing investment in Bangladesh, he added.
The signing of Free Trade Agreement, Bilateral Air Transport Agreement, Foreign Investment Promotion and Protection Agreement, Establishment of Bangladesh Consulate General Office in Vancouver and Honorary Consulate General of Canada in Chattogram, Issuance of On-Arrival Visa to Canadian Citizens in Bangladesh, Extension of GPT and earmarking 100 acres of land in Bangabandhu Industrial Area as Canadian Industrial Zone will strengthen trade and investment between the two countries, Masud Rahman suggested.
In another report presented at the meeting, Abu Sufian, editor of Travel Magazine "Vromon" and adjunct faculty of Daffodil Int'l University, discussed the potentials of tourism in Bangladesh.
Md Saiful Islam, a member of the working group and director of the FBCCI, emphasised the need to work out a specific course of action to increase bilateral trade to 2 billion. He called on Canadian entrepreneurs to invest and transfer technology in the agricultural sector.
During the meeting, Syed Almas Kabir, another member of the working group and director of FBCCI, emphasised focusing on the four to five sectors and working accordingly to bring investment and enhance trade.
Nuzhat Tam-Zaman, the co-chair from the Canada side, said the joint working group should work on education. She said more Bangladeshi students need to be brought to Canadian universities. Then the number of Bangladeshis in Canada's skilled human resource immigration will also increase.
Also present at the meeting were President of the Saskatchewan Trade and Export Partnership Chris Decker, leader of Energy Sector Group Gowling WLG Tom Timmins, and Secretary-General of the FBCCI Mohammad Mahfuzul Hoque.
The meeting was moderated by Angela Dark, Senior Trade Commissioner, Canadian High Commission.
www.tbsnews.net
The Ministry of Commerce is going to meet its Australian counterpart, seeking continuation of duty-free, quota-free market access even after Bangladesh's graduation from the least developed country club.
The joint working group meeting under the Trade and Investment Framework Agreement signed with Australia last year is slated for 22 February.
According to the commerce ministry and the Bangladesh High Commission in Canberra, one of Bangladesh's agenda at the meeting is to ensure that Bangladeshi exports enjoy an uninterrupted preferential duty benefit to Australia, even after Dhaka's least developed country (LDC) graduation in 2026.
Currently, Bangladesh enjoys duty benefits on export to Australia as an LDC, while the graduation may revoke the facility.
Besides, Dhaka will seek Australian assistance in cold chain management, help for the green and responsible apparel industry through networking and linking, and support for registration of Bangladeshi mango exporters to that country.
In addition, Bangladesh will highlight importing coal, liquefied natural gas (LNG), fertiliser and wheat from Australia.
On the other hand, Australia will underscore increasing cotton export to Bangladesh, energy cooperation through coal and LNG export, defence sales and taking in more Bangladeshi students for higher study.
Despite not having any free trade agreement, Bangladesh's trade with Australia has increased about five times in the last ten years. Bangladesh's export to Australia in the 2019-20 fiscal year was $762.9 million against the $695.7 million import during the same period.
Australian investment in Bangladesh up to that fiscal year stood at $309 million, 87% of which was the portfolio investment.
Commerce ministry officials said Bangladesh is yet to attract significant Australian investment, especially the foreign direct investment (FDI). One of the reasons for the lower FDI flow from Australia to Bangladesh is that Australia's foreign investment opportunities and interests are not currently aligned with Bangladesh's thrust sectors.
Another important issue relating to FDI and trade with Bangladesh is that Australian investors may feel comfortable in a predictable business environment governed by agreements such as ASEAN-Australia FTA, RCEP and TPP-11 and bi-lateral trade agreements with 15 countries.
According to Bangladesh's high commission in Canberra, tariff liberalisation, lesser customs duty, mutually recognised standards and other procedures, supply chain etc. are likely to be advantageous for Bangladesh's competitors who are members of these trading agreements.
www.tbsnews.net
Greece has signed a memorandum of understanding (MoU) to hire 4,000 Bangladeshi workers every year.
The MoU was signed by Bangladesh's Expatriates' Welfare and Overseas Employment Minister Imran Ahmed and Greek Minister of Migration and Asylum Penagiotis Mitarachi in Dhaka on Wednesday.
"As per the agreement, Greece will take 4,000 workers from Bangladesh every year. They will mainly be employed in various sectors including agriculture, construction and tourism," said Md Shahidul Alam, director general of Bureau of Manpower, Employment, and Training (BMET).
He further added that Greece will give legitimacy to a part of the Bangladeshis who are working undocumented in the country.
Those who will be taken to Greece will be given 5 years of work permit, they have to return to Bangladesh after the end of the contract period, but can travel to Greece again to search for work.
Penagiotis Mitarachi said that the MoU will be materialised soon after the parliament approves it.
"After the agreement is materialized, Bangladeshi workers will be able to legally go to Greece and work there," said Expatriates Minister of Bangladesh Imran Ahmed.
Those who are interested will be able to travel to Greece on the expenses of the employers. So, no one should fall in the traps of brokers, added the minister.
www.tbsnews.net
Dr Momen made the suggestion during a meeting with a high-level delegation of the government of South Sudan led by Deputy Minister of Foreign Affairs Deng Dau Deng at the State Guest House Padma in Dhaka on Monday (7 February), said a press release.
During the meeting both sides discussed various matters of bilateral relations between Bangladesh and South Sudan.
Secretary (East) of Ministry of Foreign Affairs Mashfi Binte Shams and other high officials of the ministry were present at the meeting.
Foreign Minister Dr Momen suggested that both countries may extend cooperation in agriculture, pharmaceuticals, IT and ICT sectors.
He also opined that establishing contract farming by Bangladeshi entrepreneurs in South Sudan including agriculture, fisheries and aquaculture might be mutually beneficial. He suggested that South Sudan can get ships and barges fabricated in Bangladesh through joint collaboration.
The South Sudanese side appreciated Bangladesh's engagement in South Sudan, especially in infrastructure building and rehabilitation areas apart from participation in peacekeeping. The South Sudanese delegation underlined the scope of cooperation between the two countries in health, education, IT and ICT, social development, agriculture, education, climate change and UN peace-keeping areas.
The Deputy Minister of Foreign Affairs of South Sudan mentioned that Bangladesh peacekeepers deployed in South Sudan are playing a valuable role in maintaining peace and security.
Dr Momen proposed that the South Sudanese government may send their military officers at the peace training institute of Bangladesh and also at our Military Academy. He requested the South Sudanese delegation to extend support for solution of the Rohingya crisis by means of safe and dignified return of the Rohingya populations to their homeland, the press release added.
Both sides also identified that cooperation may be established in sectors like dredging and river management.
Momen also proposed that both sides may conclude agreements in the areas like agriculture including contract farming, visa exemption for holders of diplomatic and official passport, promotion and protection of investment, cooperation in trade and bilateral consultations between the foreign ministries of both countries.
It was agreed that draft agreements from Bangladesh side would be forwarded to the South Sudanese side for their consideration.
The South Sudanese Deputy Minister of Foreign Affairs expressed thanks for the warm reception extended to them by the Bangladesh government.
Earlier, the visiting delegation also met State Minister for Foreign Affairs Md Shahriar Alam at his office. During the meeting, both sides discussed bilateral issues of mutual interest and focused on identifying the potential avenues of cooperation.
The delegation arrived in Dhaka on Monday morning. The South Sudanese delegation will also meet the Minister of Agriculture, Secretary of Ministry of Commerce and Secretary of Ministry of Industries during their stay in Dhaka.
They will also visit agricultural projects, nursing institutions, and a few manufacturing industries in Bangladesh.
Momen for extending cooperation with South Sudan in agriculture, pharma and IT
Dr Momen made the suggestion during a meeting with a high-level delegation of the government of South Sudan led by Deputy Minister of Foreign Affairs Deng Dau Deng
South Sudan has sought assistance from Bangladesh to make use of their vast areas of fallow land for agricultural production.
"We have more than six lakh square kilometers of land, most of which lies fallow with no crops grown there and we would like Bangladesh's assistance in cultivating this land," said Deng Dau Deng Malek, South Sudan deputy minister of Foreign Affairs and International Cooperation, at a meeting with Agriculture Minister Md Abdur Razzaque at the secretariat on Tuesday.
Agriculture Minister Md Abdur Razzaque said Bangladesh will send a team of multi-sector specialists including agro researchers, scientists, and agricultural extension officials there to examine the potential.
He said the Bangladesh and South Sudan governments have been discussing for quite a while now, agricultural production in Sudan on lands owned by their government or by leasing Khas land there.
Many private entrepreneurs in Bangladesh have also expressed interest and government is considering the issue with high importance, the minister added.
The agriculture minister said "A specialist team will be sent to South Sudan to see what crops can be produced in that country and how we can bring their lands under cultivation. We will take specific initiative on the basis of their report."
"We will also invite private entrepreneurs if they want to invest in South Sudan's agricultural sector. The government will take all the initiative, including sending laborers there," he added.
South Sudanese Deputy Minister, Deng Dau Deng Malek has sought Bangladesh's cooperation in agricultural production, processing, and marketing in his country.
He said, "We want to utilize Bangladesh's success and experience in the agricultural sector. We also want to produce our needed food, and export as well, producing crops on our vast fallow lands."
South Sudan seeks Bangladesh’s assistance in agriculture
We want to utilize Bangladesh’s success and experience in agriculture, said South Sudanese Deputy Minister Deng Dau Deng Malek
Chief of Army Staff, General SM Shafiuddin Ahmed, met with a high-level South Sudanese delegation led by the country's Deputy Minister of Foreign Affairs, Deng Dau Deng Malek, on Tuesday.
They discussed various issues concerning existing relations between the armies of the two countries and areas of future cooperation, says a press statement.
The seven-member delegation from Sudan arrived in Dhaka on Monday for a six-day state visit.
The South Sudanese delegation lauded the role of the Bangladesh Army in maintaining world peace.
They noted the activities of the Bangladesh contingents deployed in South Sudan and their (Bangladeshi forces) special contribution to the development of infrastructure in the country.
Praising the role of the army in achieving Bangladesh's independence and nation-building, they hoped to learn from it and use it in their own country.
Army chief meets South Sudan delegation
The seven-member delegation from South Sudan arrived in Dhaka on Monday for a six-day state visit
To increase Canadian investment and trade in Bangladesh, free trade and foreign investment promotion and protection agreement between the two countries is on the table, said Bangladesh High Commissioner to Canada Khalil Rahman on Monday night.
He was addressing a virtual meeting of the Canada-Bangladesh Joint Working Group on Strengthening Commercial Relations.
Citing the complexity of Canada's visa process as a major obstacle to bilateral trade, the High Commissioner said discussions are also underway to set up a visa office at the Canadian High Commission in Dhaka, read a press release.
Mentioning the Business Council of Canada (BCC) is interested in Bangladesh, the high commissioner informed that the organisation sought sector-based information from the Bangladesh High Commission in Canada. He requested to send the recommendations and reports made by the joint working group to the BCC.
The high commissioner also proposed the signing of a Memorandum of Understanding between the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) and the BCC to strengthen Canada-Bangladesh trade and investment relations.
FBCCI President Md Jashim Uddin co-chaired the meeting for Bangladesh. He said the plastics industry is one of the most promising sectors for Canadian entrepreneurs to invest in.
In addition to the huge domestic market, the world market also has strong export potential. Moreover, there is a huge demand for plastic products as a backward linkage industry in the readymade garments, pharmaceuticals, engineering and automobile industries.
Earlier, Shamim Ahmed, president of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), presented a report on the market and investment prospects in the plastics industry. He said 1.2 million people are working in the plastic sector and direct and indirect exports are worth 1 billion dollars. The sector is growing at an average rate of 4% per year.
All the 29 sub-sectors of plastics have export potential. He also mentioned the various policy assistance provided by the government for foreign investors.
President of Canada-Bangladesh Chamber of Commerce and Industry-Cancham Bangladesh Masud Rahman presented a report on Canada-Bangladesh investment prospects at the meeting. According to the report, Bangladesh's infrastructure sector could be one of the biggest investment opportunities for Canadian entrepreneurs.
Canadians can contribute to the development of this sector through public-private partnerships. Therefore, the country's investment bank Export Development Canada (EDC) can play a role in increasing investment in the country through the formation of a
"Bangladesh Fund". Canadian Pension Fund may also appear to be a good source for financing investment in Bangladesh, he added.
The signing of Free Trade Agreement, Bilateral Air Transport Agreement, Foreign Investment Promotion and Protection Agreement, Establishment of Bangladesh Consulate General Office in Vancouver and Honorary Consulate General of Canada in Chattogram, Issuance of On-Arrival Visa to Canadian Citizens in Bangladesh, Extension of GPT and earmarking 100 acres of land in Bangabandhu Industrial Area as Canadian Industrial Zone will strengthen trade and investment between the two countries, Masud Rahman suggested.
In another report presented at the meeting, Abu Sufian, editor of Travel Magazine "Vromon" and adjunct faculty of Daffodil Int'l University, discussed the potentials of tourism in Bangladesh.
Md Saiful Islam, a member of the working group and director of the FBCCI, emphasised the need to work out a specific course of action to increase bilateral trade to 2 billion. He called on Canadian entrepreneurs to invest and transfer technology in the agricultural sector.
During the meeting, Syed Almas Kabir, another member of the working group and director of FBCCI, emphasised focusing on the four to five sectors and working accordingly to bring investment and enhance trade.
Nuzhat Tam-Zaman, the co-chair from the Canada side, said the joint working group should work on education. She said more Bangladeshi students need to be brought to Canadian universities. Then the number of Bangladeshis in Canada's skilled human resource immigration will also increase.
Also present at the meeting were President of the Saskatchewan Trade and Export Partnership Chris Decker, leader of Energy Sector Group Gowling WLG Tom Timmins, and Secretary-General of the FBCCI Mohammad Mahfuzul Hoque.
The meeting was moderated by Angela Dark, Senior Trade Commissioner, Canadian High Commission.
FTA, FIPA with Canada underway: Bangladesh envoy
FBCCI president solicits Canadian investors to invest in Bangladesh’s plastic sector
The Ministry of Commerce is going to meet its Australian counterpart, seeking continuation of duty-free, quota-free market access even after Bangladesh's graduation from the least developed country club.
The joint working group meeting under the Trade and Investment Framework Agreement signed with Australia last year is slated for 22 February.
According to the commerce ministry and the Bangladesh High Commission in Canberra, one of Bangladesh's agenda at the meeting is to ensure that Bangladeshi exports enjoy an uninterrupted preferential duty benefit to Australia, even after Dhaka's least developed country (LDC) graduation in 2026.
Currently, Bangladesh enjoys duty benefits on export to Australia as an LDC, while the graduation may revoke the facility.
Besides, Dhaka will seek Australian assistance in cold chain management, help for the green and responsible apparel industry through networking and linking, and support for registration of Bangladeshi mango exporters to that country.
In addition, Bangladesh will highlight importing coal, liquefied natural gas (LNG), fertiliser and wheat from Australia.
On the other hand, Australia will underscore increasing cotton export to Bangladesh, energy cooperation through coal and LNG export, defence sales and taking in more Bangladeshi students for higher study.
Despite not having any free trade agreement, Bangladesh's trade with Australia has increased about five times in the last ten years. Bangladesh's export to Australia in the 2019-20 fiscal year was $762.9 million against the $695.7 million import during the same period.
Australian investment in Bangladesh up to that fiscal year stood at $309 million, 87% of which was the portfolio investment.
Commerce ministry officials said Bangladesh is yet to attract significant Australian investment, especially the foreign direct investment (FDI). One of the reasons for the lower FDI flow from Australia to Bangladesh is that Australia's foreign investment opportunities and interests are not currently aligned with Bangladesh's thrust sectors.
Another important issue relating to FDI and trade with Bangladesh is that Australian investors may feel comfortable in a predictable business environment governed by agreements such as ASEAN-Australia FTA, RCEP and TPP-11 and bi-lateral trade agreements with 15 countries.
According to Bangladesh's high commission in Canberra, tariff liberalisation, lesser customs duty, mutually recognised standards and other procedures, supply chain etc. are likely to be advantageous for Bangladesh's competitors who are members of these trading agreements.
Duty-free access high on agenda at Bangladesh-Australia trade meet
The joint working group meeting under the Trade and Investment Framework Agreement signed with Australia last year is slated for 22 February
Greece has signed a memorandum of understanding (MoU) to hire 4,000 Bangladeshi workers every year.
The MoU was signed by Bangladesh's Expatriates' Welfare and Overseas Employment Minister Imran Ahmed and Greek Minister of Migration and Asylum Penagiotis Mitarachi in Dhaka on Wednesday.
"As per the agreement, Greece will take 4,000 workers from Bangladesh every year. They will mainly be employed in various sectors including agriculture, construction and tourism," said Md Shahidul Alam, director general of Bureau of Manpower, Employment, and Training (BMET).
He further added that Greece will give legitimacy to a part of the Bangladeshis who are working undocumented in the country.
Those who will be taken to Greece will be given 5 years of work permit, they have to return to Bangladesh after the end of the contract period, but can travel to Greece again to search for work.
Penagiotis Mitarachi said that the MoU will be materialised soon after the parliament approves it.
"After the agreement is materialized, Bangladeshi workers will be able to legally go to Greece and work there," said Expatriates Minister of Bangladesh Imran Ahmed.
Those who are interested will be able to travel to Greece on the expenses of the employers. So, no one should fall in the traps of brokers, added the minister.
Greece to hire 4,000 workers from Bangladesh every year
The hired workers will be given a temporary work permit for five years
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Australia has decided to pump in $10.2 million to increase engagement on regional economic challenges and tap new opportunities in the digital sector in Bangladesh.
A further $4.3 million will support relationships across the LNG supply chain between Australia, India and Bangladesh, the Australian Foreign Ministry said in a press release on Friday.
In addition, $5.8 million will promote infrastructure investment opportunities in the region to Australian businesses.
The Morrison Government will invest $4.8 million to improve Australian resources and Mining Equipment, Technology and Services (METS) understanding of South Asian markets, according to the release.
Australia is enhancing its engagement across the North East Indian Ocean by investing in maritime and disaster preparedness, and supporting opportunities for trade, investment and connectivity.
Australia will provide $36.5 million over five years, including $11.4 million, to improve regional cooperation on maritime shipping, disaster resilience and information sharing.
Together, these measures will support opportunities for trade, investment and connectivity in the North East Indian Ocean, according to the release.
www.tbsnews.net
Highlights:
Job opportunities for Bangladeshi workers in Europe are expanding further with Romania, a country in Southeastern Europe, setting up temporary consular services in Dhaka.
The Foreign Ministry of Romania is sending a six-member consular team to Dhaka for three months from March 2022 to issue about 5000 visas, including 3400 pending visas, said Foreign Minister Dr A K Abdul Momen on Monday.
Muhammad Mohsin Reza, senior information officer of the foreign ministry, told The Business Standard (TBS) that all 5000 visa holders will go in the "employment" category.
Following bilateral consultation in October 2021 between the ministers for foreign affairs of the two countries, Romania approved opening a temporary consular office in Dhaka and decided on sending a three-month delegation.
Romania has decided to recruit around 40,000 foreign workers in total, paving the way for Bangladesh to send more workers, according to the foreign ministry. The monthly wages for workers who will go to Romania would start from $615 to $1400, considering their skills and qualifications.
Meanwhile, Momen said around 1000 workers have been sent to Romania already, adding that Romania is in particular need of construction workers, electricians, household helpers, workers in manufacturing units, besides doctors and nurses.
Shamim Ahmed Chowdhury Noman, former general secretary of Bangladesh Association of International Recruiting Agencies (Baira) told TBS that Romania has had need for skilled workers for quite a few years now, but as there was no consular service of Romania in Dhaka, potential workers had to go through a lot of hassle for visas as they needed to go to New Delhi in India.
"We asked the foreign ministry of Bangladesh to discuss the matter with the Romanian government and we are happy to see the progress," he added.
"Reduced illegal migration"
Some 161 Bangladeshis lived in Romania till 2020, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA). However, the organisation said that many Bangladeshis frequently use illegal routes to reach various European countries and at least 21 Bangladeshis reached Romania on illegal routes in 2020.
"Some 860 Bangladeshis recently entered Germany from Romania illegally," the foreign minister said, adding that these people have already been sent back to Bangladesh through the International Organisation for Migration (IOM).
According to experts in the field of international immigration, migration through legal routes would not only reduce illegal migration attempts but also reduce the cost of migration.
The migration cost of Romania-bound workers under government arrangement was fixed at Tk165,000 each by the Expatriate Welfare and Overseas Employment Ministry in 2020. However, the real cost of migration under private recruiters is not less than Tk10-Tk12 lakh.
Earlier in 1975, Bangladesh opened its first mission in Romania but it was shut down in 1995, while Romania closed its Mission in Bangladesh in 2000. However, Bangladesh has reopened its embassy recently. Greece, on the other hand, is the first EU country to have signed an MoU with Bangladesh to recruit workers from here.
www.tbsnews.net
A further $4.3 million will support relationships across the LNG supply chain between Australia, India and Bangladesh, the Australian Foreign Ministry said in a press release on Friday.
In addition, $5.8 million will promote infrastructure investment opportunities in the region to Australian businesses.
The Morrison Government will invest $4.8 million to improve Australian resources and Mining Equipment, Technology and Services (METS) understanding of South Asian markets, according to the release.
Australia is enhancing its engagement across the North East Indian Ocean by investing in maritime and disaster preparedness, and supporting opportunities for trade, investment and connectivity.
Australia will provide $36.5 million over five years, including $11.4 million, to improve regional cooperation on maritime shipping, disaster resilience and information sharing.
Together, these measures will support opportunities for trade, investment and connectivity in the North East Indian Ocean, according to the release.
Australia eyes new opportunities in Bangladesh's digital sector
Plans to increase engagement in North East Indian Ocean
Highlights:
- Romania to recruit around 40,000 foreign workers
- 5000 visas for Bangladeshis to be issued starting March
- Bangladesh has already sent around 1,000 workers
- Workers to get $615 to $1400 monthly in wages
- Romania needs construction workers, electricians, household helpers, workers in manufacturing units, apart from doctors and nurses
Job opportunities for Bangladeshi workers in Europe are expanding further with Romania, a country in Southeastern Europe, setting up temporary consular services in Dhaka.
The Foreign Ministry of Romania is sending a six-member consular team to Dhaka for three months from March 2022 to issue about 5000 visas, including 3400 pending visas, said Foreign Minister Dr A K Abdul Momen on Monday.
Muhammad Mohsin Reza, senior information officer of the foreign ministry, told The Business Standard (TBS) that all 5000 visa holders will go in the "employment" category.
Following bilateral consultation in October 2021 between the ministers for foreign affairs of the two countries, Romania approved opening a temporary consular office in Dhaka and decided on sending a three-month delegation.
Romania has decided to recruit around 40,000 foreign workers in total, paving the way for Bangladesh to send more workers, according to the foreign ministry. The monthly wages for workers who will go to Romania would start from $615 to $1400, considering their skills and qualifications.
Meanwhile, Momen said around 1000 workers have been sent to Romania already, adding that Romania is in particular need of construction workers, electricians, household helpers, workers in manufacturing units, besides doctors and nurses.
Shamim Ahmed Chowdhury Noman, former general secretary of Bangladesh Association of International Recruiting Agencies (Baira) told TBS that Romania has had need for skilled workers for quite a few years now, but as there was no consular service of Romania in Dhaka, potential workers had to go through a lot of hassle for visas as they needed to go to New Delhi in India.
"We asked the foreign ministry of Bangladesh to discuss the matter with the Romanian government and we are happy to see the progress," he added.
"Reduced illegal migration"
Some 161 Bangladeshis lived in Romania till 2020, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA). However, the organisation said that many Bangladeshis frequently use illegal routes to reach various European countries and at least 21 Bangladeshis reached Romania on illegal routes in 2020.
"Some 860 Bangladeshis recently entered Germany from Romania illegally," the foreign minister said, adding that these people have already been sent back to Bangladesh through the International Organisation for Migration (IOM).
According to experts in the field of international immigration, migration through legal routes would not only reduce illegal migration attempts but also reduce the cost of migration.
The migration cost of Romania-bound workers under government arrangement was fixed at Tk165,000 each by the Expatriate Welfare and Overseas Employment Ministry in 2020. However, the real cost of migration under private recruiters is not less than Tk10-Tk12 lakh.
Earlier in 1975, Bangladesh opened its first mission in Romania but it was shut down in 1995, while Romania closed its Mission in Bangladesh in 2000. However, Bangladesh has reopened its embassy recently. Greece, on the other hand, is the first EU country to have signed an MoU with Bangladesh to recruit workers from here.
Romania to set up temporary consular services in Dhaka
Some 5000 visas will be issued to Bangladeshi skilled workers from March
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Bangladesh High Commission Canberra and Cross Sector Development Partnerships Initiative (XSPI) today signed an MoU on collaboration to complement the existing Australian government development assistance.
According to a press release, the purpose of the MoU is to identify potential project opportunities, ventures, and areas of collaboration of mutual interests and network with stakeholders through a process of non-binding consultation. Initially four priority sectors- Ready-made Garments, Infrastructure, Energy and Power, Health, and Private Capital Investment have been identified.
At the workshop held following the signing ceremony, the parties agreed to commence collaboration on the four priority sectors above with initial health sector focus on dengue fever. In addition, a dialogue has commenced on the investment and financial services conference to be held this year.
XSPI is a recent Australian (non-government) initiative to increase the amount and impact of international development assistance in Asia and the Pacific through focused cross sector collaboration between its five key sectors contributing sectors and national partners. These sectors comprise Australia's business, government, NGO/NFP, philanthropy/private capital, and academia/health/medical research sectors. XSPI has identified Bangladesh, Indonesia, and PNG as the initial priority countries for South Asia, Southeast Asia, and Melanesia, respectively.
The High Commission's collaboration with XSPI being purely consultative in nature will create no financial implications and decision-making role in each other's activities. The MoU shall be valid for five years.
www.tbsnews.net
The government has cancelled an agreement on purchasing two container ships worth $50 million from Pakistan for the Bangladesh Shipping Corporation after 34 years of signing the agreement as Pakistan failed to supply the ships.
The assistant secretary of the corporation under the shipping ministry Md Bashir Uddin sent a letter in this regard to 11 relevant ministries and departments on 8 February this year.
The government decided to cancel the agreement on 6 January this year in a cabinet meeting, the letter mentioned.
In the letter, it was mentioned that the government signed an agreement with Pakistan to purchase two container ships and other equipment worth $50 million on 13 October 1988. According to the agreement, the Pakistan government paid the Karachi Shipyard $17.85 million. As there was an allegation of corruption regarding the ship purchase, it was decided to cancel the agreement in a meeting of the advisory council on 20 January 1991.
A decision to purchase other Pakistani commodities worth the same amount instead of the ships was taken in a cabinet meeting on 15 November 1993.
But the shipping ministry informed the economic relations division on 7 August 1995 that there is no need to purchase other commodities from Pakistan with the same amount of money for the BSC except for the ships.
When asked why it took 34 years to cancel the agreement as per the cabinet division decision, Bashir Uddin of the BSC told The Business Standard that he was unaware of the matter.
www.tbsnews.net
The United Kingdom (UK) today expressed its keen interest to collaborate with Bangladesh in developing the country's information and communications technology (ICT) sector.
"We are interested in working with Bangladesh for human resources (HR) capacity development and organizing business-to-business (B2B) matchmaking sessions for the advancement of the ICT sector," said British High Commissioner to Bangladesh Robert Chatterton Dickson at a meeting with the official of Bangladesh Association of Software and Information Services (BASIS) on Thursday.
He conveyed his eagerness to give necessary support in organizing roadshows in the UK and Bangladesh in this regard and connect the ICT sector of Bangladesh with its counterpart in the UK.
The high commissioner also wants to encourage Bangladeshi diaspora in the UK to work for the development of the ICT sector of their home country.
Prime Minister Sheikh Hasina has declared 'ICT as the product of the year', said BASIS President Russell T Ahmed in his address.
He said, "Aligning with that, BASIS has started working to excel the ICT industry further focusing on five pillars - HR capacity development, startup ecosystem, local market development, achieving US$ 5 billion export earnings, and industry promotion."
The BASIS president mentioned that the annual flagship event of the industry, BASIS SoftExpo 2022, will be held in Dhaka this year where entrepreneurs from the UK can exhibit their products and participate in various activities like - seminars, B2B matchmaking sessions, tech talks and so on.
Acting Head of Trade and Investment of British High Commission Khalid Gaffar, its Trade and Investment Officer Abir Barua, BASIS Vice President (Admin) Abu Daud Khan, Vice President (Finance) Fahim Ahmed and its other Directors, among others, attended the meeting.
www.tbsnews.net
Mauritius has urged Bangladeshi investors to invest in the island nation's pharmaceutical sector.
Mauritian Foreign Secretary Haymandoyal Dillum made the proposal to Foreign Secretary Masud Bin Momen who is an official tour of the country from 13-15 February, said a press release.
Mauritius being the gateway to other African countries would help the pharmaceutical companies export to other African countries as well, Haymandoyal Dillum said.
Foreign Secretary Masud Bin Momen underscored that contract farming can be an area of investment in Mauritius. He expressed Bangladesh´s keenness to invest in contract farming.
He also paid a courtesy call to Mauritian Foreign Minister Alan Ganoo. At the very outset, he expressed his sincere gratitude to the government of Mauritius for naming 'Bangabandhu Sheikh Mujib Street' in Plaine Verte in honour of the Father of the Nation.
The foreign secretary sought support from the Mauritius government for fulfilling the tenure successfully as the current chair of the Indian Ocean Rim Association (IORA).
As the current chair and Mauritius being the host of IORA, Masud Bin Momen mentioned that both the countries can infuse new ideas and undertake collaborative projects where development partners are keen to invest.
The Mauritian Foreign Secretary emphasised tourism, fisheries and ocean economy –three cluster areas of cooperation to work together under IORA.
Masud Bin Momen highlighted the importance of MOU on Foreign Office Consultation between Bangladesh and Mauritius and invited his counterpart to visit Bangladesh at a mutually convenient time to sign the MOU.
The Mauritian foreign minister highlighted close collaboration between Bangladesh and the island nation on the tourism sector. Foreign Secretary Masud Bin Momen replied that in order to promote tourism, visa processing must be made easier. He proposed to appoint an Honorary Consul in Bangladesh to ease consular and visa processing or a Consular Officer from Mauritian Embassy in New Delhi could visit Dhaka at a regular interval for visa purposes or online visa facilities can be introduced.
The foreign secretary also stressed the need for direct air connectivity for promoting tourism. He put emphasise on concluding the air service agreement between the two countries.
Ambassador Masud expressed appreciation that Mauritius is hosting a good number of Bangladeshi expatriates working there. He extended sincere thanks to the Mauritian foreign minister for arranging vaccines for the Bangladeshi expatriate workers during the Covid pandemic.
Ambassador Masud expressed gratitude to the government of Mauritius for their consistent support on the Rohingya issue.
The Mauritian foreign minister invited a Bangladeshi delegation to be led by the Foreign Minister Dr AK Abdul Momen, including businessmen, IT experts and private entrepreneurs to explore the possible areas of collaboration and investment.
Masud Bin Momen invited both the Mauritian foreign minister and foreign secretary to visit Bangladesh this year at their convenience.
www.tbsnews.net
According to a press release, the purpose of the MoU is to identify potential project opportunities, ventures, and areas of collaboration of mutual interests and network with stakeholders through a process of non-binding consultation. Initially four priority sectors- Ready-made Garments, Infrastructure, Energy and Power, Health, and Private Capital Investment have been identified.
At the workshop held following the signing ceremony, the parties agreed to commence collaboration on the four priority sectors above with initial health sector focus on dengue fever. In addition, a dialogue has commenced on the investment and financial services conference to be held this year.
XSPI is a recent Australian (non-government) initiative to increase the amount and impact of international development assistance in Asia and the Pacific through focused cross sector collaboration between its five key sectors contributing sectors and national partners. These sectors comprise Australia's business, government, NGO/NFP, philanthropy/private capital, and academia/health/medical research sectors. XSPI has identified Bangladesh, Indonesia, and PNG as the initial priority countries for South Asia, Southeast Asia, and Melanesia, respectively.
The High Commission's collaboration with XSPI being purely consultative in nature will create no financial implications and decision-making role in each other's activities. The MoU shall be valid for five years.
MoU signed to network non-government Australian stakeholders
The purpose of the MoU is to identify potential project opportunities, ventures, and areas of collaboration of mutual interests and network with stakeholders through a process of non-binding consultation
The government has cancelled an agreement on purchasing two container ships worth $50 million from Pakistan for the Bangladesh Shipping Corporation after 34 years of signing the agreement as Pakistan failed to supply the ships.
The assistant secretary of the corporation under the shipping ministry Md Bashir Uddin sent a letter in this regard to 11 relevant ministries and departments on 8 February this year.
The government decided to cancel the agreement on 6 January this year in a cabinet meeting, the letter mentioned.
In the letter, it was mentioned that the government signed an agreement with Pakistan to purchase two container ships and other equipment worth $50 million on 13 October 1988. According to the agreement, the Pakistan government paid the Karachi Shipyard $17.85 million. As there was an allegation of corruption regarding the ship purchase, it was decided to cancel the agreement in a meeting of the advisory council on 20 January 1991.
A decision to purchase other Pakistani commodities worth the same amount instead of the ships was taken in a cabinet meeting on 15 November 1993.
But the shipping ministry informed the economic relations division on 7 August 1995 that there is no need to purchase other commodities from Pakistan with the same amount of money for the BSC except for the ships.
When asked why it took 34 years to cancel the agreement as per the cabinet division decision, Bashir Uddin of the BSC told The Business Standard that he was unaware of the matter.
Ship purchase deal with Pakistan cancelled after 34 years
The government has cancelled an agreement on purchasing two container ships worth $50 million from Pakistan for the Bangladesh Shipping Corporation after 34 years of signing the agreement as Pakistan failed to supply the ships. The assistant secretary of the corporation under the shipping...
The United Kingdom (UK) today expressed its keen interest to collaborate with Bangladesh in developing the country's information and communications technology (ICT) sector.
"We are interested in working with Bangladesh for human resources (HR) capacity development and organizing business-to-business (B2B) matchmaking sessions for the advancement of the ICT sector," said British High Commissioner to Bangladesh Robert Chatterton Dickson at a meeting with the official of Bangladesh Association of Software and Information Services (BASIS) on Thursday.
He conveyed his eagerness to give necessary support in organizing roadshows in the UK and Bangladesh in this regard and connect the ICT sector of Bangladesh with its counterpart in the UK.
The high commissioner also wants to encourage Bangladeshi diaspora in the UK to work for the development of the ICT sector of their home country.
Prime Minister Sheikh Hasina has declared 'ICT as the product of the year', said BASIS President Russell T Ahmed in his address.
He said, "Aligning with that, BASIS has started working to excel the ICT industry further focusing on five pillars - HR capacity development, startup ecosystem, local market development, achieving US$ 5 billion export earnings, and industry promotion."
The BASIS president mentioned that the annual flagship event of the industry, BASIS SoftExpo 2022, will be held in Dhaka this year where entrepreneurs from the UK can exhibit their products and participate in various activities like - seminars, B2B matchmaking sessions, tech talks and so on.
Acting Head of Trade and Investment of British High Commission Khalid Gaffar, its Trade and Investment Officer Abir Barua, BASIS Vice President (Admin) Abu Daud Khan, Vice President (Finance) Fahim Ahmed and its other Directors, among others, attended the meeting.
UK keen to aid Bangladesh in developing ICT sector
The United Kingdom (UK) today expressed its keen interest to collaborate with Bangladesh in developing the country's information and communications technology (ICT) sector. "We are interested in working with Bangladesh for human resources (HR) capacity development and organizing...
Mauritius has urged Bangladeshi investors to invest in the island nation's pharmaceutical sector.
Mauritian Foreign Secretary Haymandoyal Dillum made the proposal to Foreign Secretary Masud Bin Momen who is an official tour of the country from 13-15 February, said a press release.
Mauritius being the gateway to other African countries would help the pharmaceutical companies export to other African countries as well, Haymandoyal Dillum said.
Foreign Secretary Masud Bin Momen underscored that contract farming can be an area of investment in Mauritius. He expressed Bangladesh´s keenness to invest in contract farming.
He also paid a courtesy call to Mauritian Foreign Minister Alan Ganoo. At the very outset, he expressed his sincere gratitude to the government of Mauritius for naming 'Bangabandhu Sheikh Mujib Street' in Plaine Verte in honour of the Father of the Nation.
The foreign secretary sought support from the Mauritius government for fulfilling the tenure successfully as the current chair of the Indian Ocean Rim Association (IORA).
As the current chair and Mauritius being the host of IORA, Masud Bin Momen mentioned that both the countries can infuse new ideas and undertake collaborative projects where development partners are keen to invest.
The Mauritian Foreign Secretary emphasised tourism, fisheries and ocean economy –three cluster areas of cooperation to work together under IORA.
Masud Bin Momen highlighted the importance of MOU on Foreign Office Consultation between Bangladesh and Mauritius and invited his counterpart to visit Bangladesh at a mutually convenient time to sign the MOU.
The Mauritian foreign minister highlighted close collaboration between Bangladesh and the island nation on the tourism sector. Foreign Secretary Masud Bin Momen replied that in order to promote tourism, visa processing must be made easier. He proposed to appoint an Honorary Consul in Bangladesh to ease consular and visa processing or a Consular Officer from Mauritian Embassy in New Delhi could visit Dhaka at a regular interval for visa purposes or online visa facilities can be introduced.
The foreign secretary also stressed the need for direct air connectivity for promoting tourism. He put emphasise on concluding the air service agreement between the two countries.
Ambassador Masud expressed appreciation that Mauritius is hosting a good number of Bangladeshi expatriates working there. He extended sincere thanks to the Mauritian foreign minister for arranging vaccines for the Bangladeshi expatriate workers during the Covid pandemic.
Ambassador Masud expressed gratitude to the government of Mauritius for their consistent support on the Rohingya issue.
The Mauritian foreign minister invited a Bangladeshi delegation to be led by the Foreign Minister Dr AK Abdul Momen, including businessmen, IT experts and private entrepreneurs to explore the possible areas of collaboration and investment.
Masud Bin Momen invited both the Mauritian foreign minister and foreign secretary to visit Bangladesh this year at their convenience.
Mauritius urges Bangladeshi investors to invest in pharmaceutical sector
Foreign Secretary Masud Bin Momen underscored that contract farming can be an area of investment in Mauritius. He expressed Bangladesh´s keenness to invest in contract farming
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Bangladesh and Libya have shown interest in signing a memorandum of understanding on sending Bangladeshi workers to the North African country.
Besides, both countries have stressed the necessity for ensuring safe and orderly migration, tackling human trafficking and discouraging irregular migration.
The issues were discussed during a courtesy call between Expatriates' Welfare Minister Imran Ahmad and Libyan Chargé d'affaires in Bangladesh Rahoumh MR Yahy at the Prabashi Kalyan Bhaban in Dhaka today, said a press release of the ministry.
At the meeting, the Libyan diplomat thanked Bangladesh for its recent move to withdraw embargo on sending workers to the North African country.
Rahoumh praised Bangladeshi migrant workers for their contributions in rebuilding Libya and said at present his country has taken various development projects.
He hoped Bangladeshi migrant workers would play a fruitful role in keeping the economic wheels of Libya rolling in future.
www.thedailystar.net
Chief of Army Staff General SM Shafiuddin Ahmed has embarked on a 4-day state visit to South Sudan on Friday to visit the peacekeeping mission deployed in the north African country.
South Sudan's chief of defence forces Santino Deng Wol welcomed General Shafiuddin after he landed at the Juba International Airport on Friday. Major General Md Main Ullah Chowdhury (Bangladesh Army), acting force commander of the United Nations Mission and top military officials of South Sudan were present at the airport among others.
The Army chief, during his stay in the north African country, will visit Bangladesh contingents, and meet with top dignitaries of the government, defence forces and United Nations Mission.
General SM Shafiuddin, who is leading a 7-member delegation, is scheduled to embark on the return flight to Dhaka on 23 February after wrapping the four-day visit.
The Army chief's visit to South Sudan is expected to boost the mental strength among the Bangladesh peacekeepers and bolster the friendly bilateral ties between the two countries.
www.tbsnews.net
Besides, both countries have stressed the necessity for ensuring safe and orderly migration, tackling human trafficking and discouraging irregular migration.
The issues were discussed during a courtesy call between Expatriates' Welfare Minister Imran Ahmad and Libyan Chargé d'affaires in Bangladesh Rahoumh MR Yahy at the Prabashi Kalyan Bhaban in Dhaka today, said a press release of the ministry.
At the meeting, the Libyan diplomat thanked Bangladesh for its recent move to withdraw embargo on sending workers to the North African country.
Rahoumh praised Bangladeshi migrant workers for their contributions in rebuilding Libya and said at present his country has taken various development projects.
He hoped Bangladeshi migrant workers would play a fruitful role in keeping the economic wheels of Libya rolling in future.
MoU to be signed to send workers to Libya: Ministry
Bangladesh and Libya have shown interest in signing a memorandum of understanding on sending Bangladeshi workers to the North African country.
Chief of Army Staff General SM Shafiuddin Ahmed has embarked on a 4-day state visit to South Sudan on Friday to visit the peacekeeping mission deployed in the north African country.
South Sudan's chief of defence forces Santino Deng Wol welcomed General Shafiuddin after he landed at the Juba International Airport on Friday. Major General Md Main Ullah Chowdhury (Bangladesh Army), acting force commander of the United Nations Mission and top military officials of South Sudan were present at the airport among others.
The Army chief, during his stay in the north African country, will visit Bangladesh contingents, and meet with top dignitaries of the government, defence forces and United Nations Mission.
General SM Shafiuddin, who is leading a 7-member delegation, is scheduled to embark on the return flight to Dhaka on 23 February after wrapping the four-day visit.
The Army chief's visit to South Sudan is expected to boost the mental strength among the Bangladesh peacekeepers and bolster the friendly bilateral ties between the two countries.
Army chief embarks on a 4-day state visit to South Sudan
The 7-member delegation led by the Army chief is scheduled to return to Dhaka on 23 February
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Foreign Minister Dr AK Abdul Momen has met his Australian counterpart Marise Payne and exchanged views on the Indo-Pacific in the backdrop of growing interest in the region.
They reaffirmed the importance of freedom of navigation for the shared prosperity and security of all in the region, reports UNB.
During the bilateral meeting held on the sidelines of "Munich Security Conference 2022" in Germany, the two foreign ministers also exchanged greetings on the 50th anniversary of diplomatic relations between Bangladesh and Australia.
They recalled the exchange of goodwill messages between the prime ministers of the two countries to mark the occasion.
Dr Momen said Bangladesh and Australia have the scope to further enhance and diversify their trade and economic cooperation, especially with the signing of the Trade and Investment Framework Arrangement (TIFA) last year.
He urged his Australian counterpart to jointly explore ways to increase the volume and content of bilateral trade.
Also, the two ministers discussed the possibility of organising a visit by a business delegation, focusing on pharmaceutical exports from Bangladesh.
The Australian foreign minister expressed interest in exporting wool for Bangladesh's apparel industry.
The two sides discussed the possibility of cooperation in both offshore gas exploration and renewable energy.
Dr Momen requested Australia to provide skills training for increased jobs creation in the renewable energy sector.
He reiterated the call on introducing direct flights between the two countries, particularly for the convenience of Bangladesh expatriates living in Australia.
Dr Momen urged Australia to continue to work on finding durable solutions to the Rohingya humanitarian crisis, according to the Ministry of Foreign Affairs.
Marise assured of her country's abiding commitment to this end.
Bangladesh Ambassador to Germany Md Mosharraf Hossain Bhuyian was present at the meeting.
The three-day Munich Security Conference 2022 ended Sunday.
Dr Momen spoke at a panel discussion on tackling the climate crisis on the first day.
Lieutenant General Waker-uz-Zaman, principal staff officer of the Armed Forces Division, accompanied him at the conference.
thefinancialexpress.com.bd
Bangladesh High Commission in Australia was looking for the possibility to establish direct air connectivity between the two countries to strengthen ‘strategic’ bilateral relations.
In a letter on January 18, the Bangladesh High Commission in Canberra explained to Bangladesh’s civil aviation and tourism ministry that direct air connectivity between the two countries would help the country attract foreign direct investment.
Bangladesh High Commission said it assumed that the Australian government was keen to strengthen ‘strategic relations’ with Bangladesh putting the country globally as its ‘key partner’ in South Asia.
The letter was sent ahead of the first meeting of the joint working group between the two countries under the Trade and Investment Framework scheduled in Canberra on February 22.
The commerce ministry included two components – direct air connectivity and withdrawal of air cargo restriction – for the civil aviation and tourism ministry on their agenda.
The Bangladesh High Commission, according to the letter, believed that it would be possible to sign a deal over the direct flight between two countries following the meeting.
The High Commission also suggested a feasibility study over the financial viability of direct flights between the two countries.
Bangladesh foreign affairs ministry in a tweet on February 17 said that Bangladesh High Commissioner to Australia Mohammad Sufiur Rahman met Australian trade, tourism and investment minister Dan Tehan ahead of February 22 JWG meeting under TIFA.
The two countries discussed matters related to, among others, expanding trade and identifying scopes for investment, according to the foreign ministry.
Asked about the issue, the Civil Aviation Authority of Bangladesh chairman Air Vice Marshal M Mafidur Rahman said that the Australian authorities have already withdrawn the restriction on direct cargo transportation.
He insisted that they were now working to start flights between Dhaka and Toronto and also working to resume Dhaka-New York direct flights.
‘Once we start flights on those routes, we can put focus on direct flights or cargo between Australia and Bangladesh,’ he told New Age.
Bangladesh signed a memorandum of understanding on a direct flight with Australia on August 15, 2008.
Bangladesh High Commission in Canberra in a letter to Bangladesh’s civil aviation authorities in September also wanted to know the viability of direct flights between the countries. The high commission said it did not get any reply from the civil aviation authorities.
Australian home affairs department in its latest Census in 2016 recorded 41,237 Bangladesh-born people in Australia, an increase of 48.3 per cent from the 2011 Census.
The 2016 distribution by state and territory showed New South Wales had the largest number of Bangladesh-born people with 24,217 followed by Victoria (7,829), Queensland (2,763) and Western Australia (2,578).
Malaysia Airlines and Singapore Airlines, among others, operate dozens of flights connecting Dhaka to the Australian cities.
ShareTrip, a Bangladesh ticketing service provider, showed a roundtrip on Singapore Airlines cost around Tk 85,000 on the Dhaka-Sydney route. The trip takes 14 to 16 hours considering the transit.
www.newagebd.net
They reaffirmed the importance of freedom of navigation for the shared prosperity and security of all in the region, reports UNB.
During the bilateral meeting held on the sidelines of "Munich Security Conference 2022" in Germany, the two foreign ministers also exchanged greetings on the 50th anniversary of diplomatic relations between Bangladesh and Australia.
They recalled the exchange of goodwill messages between the prime ministers of the two countries to mark the occasion.
Dr Momen said Bangladesh and Australia have the scope to further enhance and diversify their trade and economic cooperation, especially with the signing of the Trade and Investment Framework Arrangement (TIFA) last year.
He urged his Australian counterpart to jointly explore ways to increase the volume and content of bilateral trade.
Also, the two ministers discussed the possibility of organising a visit by a business delegation, focusing on pharmaceutical exports from Bangladesh.
The Australian foreign minister expressed interest in exporting wool for Bangladesh's apparel industry.
The two sides discussed the possibility of cooperation in both offshore gas exploration and renewable energy.
Dr Momen requested Australia to provide skills training for increased jobs creation in the renewable energy sector.
He reiterated the call on introducing direct flights between the two countries, particularly for the convenience of Bangladesh expatriates living in Australia.
Dr Momen urged Australia to continue to work on finding durable solutions to the Rohingya humanitarian crisis, according to the Ministry of Foreign Affairs.
Marise assured of her country's abiding commitment to this end.
Bangladesh Ambassador to Germany Md Mosharraf Hossain Bhuyian was present at the meeting.
The three-day Munich Security Conference 2022 ended Sunday.
Dr Momen spoke at a panel discussion on tackling the climate crisis on the first day.
Lieutenant General Waker-uz-Zaman, principal staff officer of the Armed Forces Division, accompanied him at the conference.
Bangladesh, Australia exchanges views on Indo-Pacific
Foreign Minister Dr AK Abdul Momen has met his Australian counterpart Marise Payne and exchanged views on the Indo-Pacific in the backdrop of growing interest in the region. They reaffirmed the importance of freedom of navigation for the shared prosperity and security of all in the region, reports
Bangladesh High Commission in Australia was looking for the possibility to establish direct air connectivity between the two countries to strengthen ‘strategic’ bilateral relations.
In a letter on January 18, the Bangladesh High Commission in Canberra explained to Bangladesh’s civil aviation and tourism ministry that direct air connectivity between the two countries would help the country attract foreign direct investment.
Bangladesh High Commission said it assumed that the Australian government was keen to strengthen ‘strategic relations’ with Bangladesh putting the country globally as its ‘key partner’ in South Asia.
The letter was sent ahead of the first meeting of the joint working group between the two countries under the Trade and Investment Framework scheduled in Canberra on February 22.
The commerce ministry included two components – direct air connectivity and withdrawal of air cargo restriction – for the civil aviation and tourism ministry on their agenda.
The Bangladesh High Commission, according to the letter, believed that it would be possible to sign a deal over the direct flight between two countries following the meeting.
The High Commission also suggested a feasibility study over the financial viability of direct flights between the two countries.
Bangladesh foreign affairs ministry in a tweet on February 17 said that Bangladesh High Commissioner to Australia Mohammad Sufiur Rahman met Australian trade, tourism and investment minister Dan Tehan ahead of February 22 JWG meeting under TIFA.
The two countries discussed matters related to, among others, expanding trade and identifying scopes for investment, according to the foreign ministry.
Asked about the issue, the Civil Aviation Authority of Bangladesh chairman Air Vice Marshal M Mafidur Rahman said that the Australian authorities have already withdrawn the restriction on direct cargo transportation.
He insisted that they were now working to start flights between Dhaka and Toronto and also working to resume Dhaka-New York direct flights.
‘Once we start flights on those routes, we can put focus on direct flights or cargo between Australia and Bangladesh,’ he told New Age.
Bangladesh signed a memorandum of understanding on a direct flight with Australia on August 15, 2008.
Bangladesh High Commission in Canberra in a letter to Bangladesh’s civil aviation authorities in September also wanted to know the viability of direct flights between the countries. The high commission said it did not get any reply from the civil aviation authorities.
Australian home affairs department in its latest Census in 2016 recorded 41,237 Bangladesh-born people in Australia, an increase of 48.3 per cent from the 2011 Census.
The 2016 distribution by state and territory showed New South Wales had the largest number of Bangladesh-born people with 24,217 followed by Victoria (7,829), Queensland (2,763) and Western Australia (2,578).
Malaysia Airlines and Singapore Airlines, among others, operate dozens of flights connecting Dhaka to the Australian cities.
ShareTrip, a Bangladesh ticketing service provider, showed a roundtrip on Singapore Airlines cost around Tk 85,000 on the Dhaka-Sydney route. The trip takes 14 to 16 hours considering the transit.
Bangladesh seeks direct flight with Australia
Bangladesh High Commission in Australia was looking for the possibility to establish direct air connectivity between the two countries to strengthen ‘strategic’ bilateral relations...
www.newagebd.net
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KB Petrochemicals Limited, a Kuwait-Bangladesh joint venture, will set up a lubricating oil blending plant, investing $10.39 million, at the Mirsharai Bepza Economic Zone.
The Bangladesh Export Processing Zones Authority (Bepza) yesterday signed a land lease deal with the company at its complex in the capital.
The agreement with KB Petrochemicals comes on the heels of deals with four other companies that ensured an investment of $50 million and employment opportunities for 23,453 Bangladeshi nationals.
KB Petrochemicals hopes to create employment for 129 people and produce 20,000 tonnes of finished lubricants annually, says a press release.
Bepza Member (Investment Promotion) Ali Reza Mazid and Managing Director of KB Petrochemicals Jahangir Hossain Patwary signed the agreement in the presence of Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman.
Mentioning the government's investment policy for product diversification, Ziaur Rahman said, "Bepza always welcomes high-end and diversified products manufacturing industries for investment in the Bepza Economic Zone."
He said with Bepza's 40-year experience in serving the country's export-oriented industries, the organisation has gained investors' confidence and has become a brand in the global arena.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam, Project Director of Bepza EZ Md Hafizur Rahman, Executive Director (Security) Lt Col ASM Quamruzzaman, and Chairman of KB Petrochemicals Limited Kannan Naser Al Naser were present at the signing ceremony.
Prime Minister Sheikh Hasina unveiled the foundation stone of Bepza Economic Zone established on 1,138.55 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsharai, Chattogram on 24 January 2018. So far, 643 applications for plot allotment have already been submitted for investment. Bepza has allotted 154 plots provisionally against 19 companies, of which 31 plots have been allotted to six industries.
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After Bangladesh started its journey of 100% export-oriented readymade garment (RMG) with the help of South Korea, the East Asian country is now keen to develop the two countries' success in other sectors as well.
Mentioning South Korea as the 5th largest country in terms of foreign direct investment in Bangladesh, South Korean Ambassador Lee Jang-Keun in a courtesy call on FBCCI President Md Jashim Uddin on Sunday said Seoul wants to take the bilateral relations to a new level in 2022, marking the 50th anniversary of Bangladesh-South Korea diplomatic relations.
Therefore, efforts are being made to increase Korean investment in other sectors besides the RMG sector, the ambassador added.
Desh Garments was established in a joint venture with the Korean Daewoo Corporation. As many as 130 workers and staff were sent to South Korea for six months of training. Many of those trained now own garment factories. Many Korean entrepreneurs have also invested in this sector in Bangladesh.
During the meeting, the FBCCI president called upon Korea to invest in Bangladesh's infrastructure sector and the man-made fibre sector.
Bangladesh is enjoying a golden time for investment due to its huge domestic market, growing exports, easy availability of power and infrastructure, government policy support and a large working population. The countries that take advantage of this opportunity will benefit, FBCCI president added.
The business leader further said that the apex trade body will discuss with Investment Development Authority on organising roadshows or investment summits in Korea to highlight the investment opportunities in Bangladesh.
The meeting decided to hold a business dialogue this year in a joint venture between the Korea-Bangladesh Chamber of Commerce and Industry (KBCCI) and FBCCI.
Among others, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President MA Momen, Md Amin Helaly, Md Habib Ullah Dawn, Director Mohammad Anwar Sadat Sarkar, Md Rezaul Kariem Rejnu, Nadia Binte Amin, Md Nizam Uddin, Naz Farhana Ahmed, President of KBCCCI and Chairman and MD of Meghna Group of Industries Mostafa Kamal, Advisor Sahab Uddin Khan, Director General of Korea Trade-Investment Promotional Agency Kim Dong Hyon, First Secretary of the embassy of the Republic of Korea Lee Jungyoul and FBCCI Secretary General Mohammad Mahfuzul Hoque were present during the meeting.
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The Bangladesh Export Processing Zones Authority (Bepza) yesterday signed a land lease deal with the company at its complex in the capital.
The agreement with KB Petrochemicals comes on the heels of deals with four other companies that ensured an investment of $50 million and employment opportunities for 23,453 Bangladeshi nationals.
KB Petrochemicals hopes to create employment for 129 people and produce 20,000 tonnes of finished lubricants annually, says a press release.
Bepza Member (Investment Promotion) Ali Reza Mazid and Managing Director of KB Petrochemicals Jahangir Hossain Patwary signed the agreement in the presence of Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman.
Mentioning the government's investment policy for product diversification, Ziaur Rahman said, "Bepza always welcomes high-end and diversified products manufacturing industries for investment in the Bepza Economic Zone."
He said with Bepza's 40-year experience in serving the country's export-oriented industries, the organisation has gained investors' confidence and has become a brand in the global arena.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam, Project Director of Bepza EZ Md Hafizur Rahman, Executive Director (Security) Lt Col ASM Quamruzzaman, and Chairman of KB Petrochemicals Limited Kannan Naser Al Naser were present at the signing ceremony.
Prime Minister Sheikh Hasina unveiled the foundation stone of Bepza Economic Zone established on 1,138.55 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsharai, Chattogram on 24 January 2018. So far, 643 applications for plot allotment have already been submitted for investment. Bepza has allotted 154 plots provisionally against 19 companies, of which 31 plots have been allotted to six industries.
Kuwait-BD joint venture to invest $10.39m in Mirsharai EZ
The joint venture company will establish a lubricating oil blending plant to produce annually 20,000 MT finished lubricants
After Bangladesh started its journey of 100% export-oriented readymade garment (RMG) with the help of South Korea, the East Asian country is now keen to develop the two countries' success in other sectors as well.
Mentioning South Korea as the 5th largest country in terms of foreign direct investment in Bangladesh, South Korean Ambassador Lee Jang-Keun in a courtesy call on FBCCI President Md Jashim Uddin on Sunday said Seoul wants to take the bilateral relations to a new level in 2022, marking the 50th anniversary of Bangladesh-South Korea diplomatic relations.
Therefore, efforts are being made to increase Korean investment in other sectors besides the RMG sector, the ambassador added.
Desh Garments was established in a joint venture with the Korean Daewoo Corporation. As many as 130 workers and staff were sent to South Korea for six months of training. Many of those trained now own garment factories. Many Korean entrepreneurs have also invested in this sector in Bangladesh.
During the meeting, the FBCCI president called upon Korea to invest in Bangladesh's infrastructure sector and the man-made fibre sector.
Bangladesh is enjoying a golden time for investment due to its huge domestic market, growing exports, easy availability of power and infrastructure, government policy support and a large working population. The countries that take advantage of this opportunity will benefit, FBCCI president added.
The business leader further said that the apex trade body will discuss with Investment Development Authority on organising roadshows or investment summits in Korea to highlight the investment opportunities in Bangladesh.
The meeting decided to hold a business dialogue this year in a joint venture between the Korea-Bangladesh Chamber of Commerce and Industry (KBCCI) and FBCCI.
Among others, FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President MA Momen, Md Amin Helaly, Md Habib Ullah Dawn, Director Mohammad Anwar Sadat Sarkar, Md Rezaul Kariem Rejnu, Nadia Binte Amin, Md Nizam Uddin, Naz Farhana Ahmed, President of KBCCCI and Chairman and MD of Meghna Group of Industries Mostafa Kamal, Advisor Sahab Uddin Khan, Director General of Korea Trade-Investment Promotional Agency Kim Dong Hyon, First Secretary of the embassy of the Republic of Korea Lee Jungyoul and FBCCI Secretary General Mohammad Mahfuzul Hoque were present during the meeting.
Korea wants to invest in other sectors besides RMG
South Korean Ambassador Lee Jang-Keun paid a courtesy call on FBCCI President Md Jashim Uddin on Sunday
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Referring to long-standing trade and economic relations between Bangladesh and Malaysia, Commerce Minister Tipu Munshi underscored the signing of a Free Trade Agreement (FTA) to boost trade and investment.
Talks between the two countries on signing the FTA have come a long way and if Malaysia comes forward, it is possible to sign the agreement, said the minister at a bilateral meeting with a 14-member Malaysian delegation led by Malaysian Minister for Plantations, Industries and Commodities, Datuk Hajah Zuraida Binti Kamaruddin at the Bangladesh Secretariat on Thursday.
Tipu Munshi said Bangladesh is exporting various products including readymade garments, jute products, plastics, light machinery and leather goods to Malaysia. It exported goods worth $306.57 million to Malaysia and imported goods worth $1,576.89 million in 2020-21.
He said Bangladesh also has a high demand for various food and other products like Malaysian palm oil, furniture, chocolate, and fruits. "The country can profit more if it sets up factories for these products in Bangladesh. There is a lot of skilled manpower here, so it is possible to produce all these products at low cost," he added.
The commerce minister said Bangladesh imports a huge quantity of palm oil from Malaysia. Bangladesh would be grateful if Malaysia would reduce the price, given the international edible oil market situation.
About other potential industries, the minister said Bangladesh's furniture industry is also moving fast and besides other countries, there is a huge demand for furniture in the seven sister states of India.
"Construction of 100 special economic zones in Bangladesh is progressing fast and some are almost completed. Malaysia will benefit if it invests in related industries, including furniture and processing of agricultural products. We are providing some investment opportunities," the minister added.
Visiting Malaysian Minister, Datuk Hajah Zuraida Binti Kamaruddin, said Malaysia is keen to enhance trade and economic relations with Bangladesh.
"Bangladesh is a friend and an important business partner for Malaysia. Ongoing trade and economic relations between the two countries have the potential to grow, especially, with the demand for Malaysian furniture, rubber products, chocolate, sweet food products, etc in Bangladesh," he added.
Commerce Ministry Additional Secretary (IIT) AHM Shafiquzzaman and Additional Secretary (FTA) Nur Md Mahbubul Haque were present at the meeting.
The Malaysian delegation included Deputy Secretary General (industries), Mad Zaidi bin Mohd Karli, Deputy Under Secretary (International) Mrs Jaime Yeoh, Malaysia Palm Oil Board Director General, Dato Mrs Ahmad Parveez bin Ghulam Kadir, Malaysia Palm Oil Council Chief Executive Officer, Mrs Azriyah Binti Azian, Malaysia Timber Council Chairman Norrida Yusoff, Malaysia Rubber Board Director General Zairossani bin Mohd Nor, Timber Council Director Malaysia, Khairul bin Anwar, and others.
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Visiting Malaysian Minister of Plantation Industries and Commodities Zuraida Kamaruddin today said her country is keen to recruit more workers from Bangladesh particularly for its plantation sector.
She said this while paying a courtesy call on Prime Minister Sheikh Hasina at the latter's official residence Ganabhaban here.
The Malaysian minister also discussed about the proposal whether the recruitment can be done through Government-to-Government (G2G) channel.
In the meeting, she said that they want to recruit in this way to ensure transparency and systematic ways for plantation industry sector as per Memorandum of Understanding (MoU) signed already between the two countries.
Prime Minister's Deputy Press Secretary Hasan Jahid Tusher briefed reporters after the meeting.
With the proposed recruitment system, the Malaysian minister said they want to make sure basic rights and facilities, including decent accommodation and salary for the workers as well as to make the recruitment process easier, transparent and hassle-free.
She also opined to introduce a tracking system to oversee the workers.
Zuraida Kamaruddin said Malaysia hoped that the existing bilateral relations between the two countries will be strengthened further.
In reply, Prime Minister Sheikh Hasina described it as a good proposal and also hoped the bilateral relations with Malaysia would be stronger in the days to come.
The Malaysian minister lauded the Prime Minister for her successful Covid-19 pandemic management.
She said Sheikh Hasina is an important achievement for all the global women as what she said the Prime Minister is one of the most influential women leaders in the world.
In this regard, Sheikh Hasina thanked the Malaysian government for extending their vaccination support to Bangladesh and conveyed good wishes to the Malaysian prime minister.
Zuraida also conveyed the greetings of the Malaysian Prime Minister to the Bangladesh Premier.
Prime Minister's Ambassador-at-large Mohammad Ziauddin, Prime Minister's Principal Secretary Dr Ahmad Kaikaus and Malaysian High Commissioner in Dhaka Haznah Md Hashim were also present.
www.tbsnews.net
The Polish government has agreed to issue visas to Bangladeshis living in Ukraine on an emergency basis before their repatriation to Bangladesh, said State Minister for Foreign Affairs Shahriar Alam.
"We have contacted the office of the Polish Foreign Ministry requesting on-arrival visas for Bangladeshis stranded in Ukraine and the Polish government has assured us of their assistance," the minister said in a press briefing this afternoon.
But the service has not been launched yet, he added.
Poland will issue visas for 15 days and by this time, the asylum seekers will have to return to Bangladesh.
The government is planning to send chartered planes to bring them back and will bear all costs during their stay in Poland, he assured.
Meanwhile, the Bangladesh Embassy in Ukraine has opened a Whatsapp group and has been able to contact around 250 Bangladeshis there. Those who want to leave Ukraine have been asked to contact the group.
"The number of Bangladeshis living in war-struck Ukraine could be 500," said the minister.
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Talks between the two countries on signing the FTA have come a long way and if Malaysia comes forward, it is possible to sign the agreement, said the minister at a bilateral meeting with a 14-member Malaysian delegation led by Malaysian Minister for Plantations, Industries and Commodities, Datuk Hajah Zuraida Binti Kamaruddin at the Bangladesh Secretariat on Thursday.
Tipu Munshi said Bangladesh is exporting various products including readymade garments, jute products, plastics, light machinery and leather goods to Malaysia. It exported goods worth $306.57 million to Malaysia and imported goods worth $1,576.89 million in 2020-21.
He said Bangladesh also has a high demand for various food and other products like Malaysian palm oil, furniture, chocolate, and fruits. "The country can profit more if it sets up factories for these products in Bangladesh. There is a lot of skilled manpower here, so it is possible to produce all these products at low cost," he added.
The commerce minister said Bangladesh imports a huge quantity of palm oil from Malaysia. Bangladesh would be grateful if Malaysia would reduce the price, given the international edible oil market situation.
About other potential industries, the minister said Bangladesh's furniture industry is also moving fast and besides other countries, there is a huge demand for furniture in the seven sister states of India.
"Construction of 100 special economic zones in Bangladesh is progressing fast and some are almost completed. Malaysia will benefit if it invests in related industries, including furniture and processing of agricultural products. We are providing some investment opportunities," the minister added.
Visiting Malaysian Minister, Datuk Hajah Zuraida Binti Kamaruddin, said Malaysia is keen to enhance trade and economic relations with Bangladesh.
"Bangladesh is a friend and an important business partner for Malaysia. Ongoing trade and economic relations between the two countries have the potential to grow, especially, with the demand for Malaysian furniture, rubber products, chocolate, sweet food products, etc in Bangladesh," he added.
Commerce Ministry Additional Secretary (IIT) AHM Shafiquzzaman and Additional Secretary (FTA) Nur Md Mahbubul Haque were present at the meeting.
The Malaysian delegation included Deputy Secretary General (industries), Mad Zaidi bin Mohd Karli, Deputy Under Secretary (International) Mrs Jaime Yeoh, Malaysia Palm Oil Board Director General, Dato Mrs Ahmad Parveez bin Ghulam Kadir, Malaysia Palm Oil Council Chief Executive Officer, Mrs Azriyah Binti Azian, Malaysia Timber Council Chairman Norrida Yusoff, Malaysia Rubber Board Director General Zairossani bin Mohd Nor, Timber Council Director Malaysia, Khairul bin Anwar, and others.
Malaysia-Bangladesh bilateral meeting emphasises FTA signing to increase trade, investment
Bangladesh also has a huge demand for various food products including Malaysian palm oil, furniture, chocolate, and fruits
Visiting Malaysian Minister of Plantation Industries and Commodities Zuraida Kamaruddin today said her country is keen to recruit more workers from Bangladesh particularly for its plantation sector.
She said this while paying a courtesy call on Prime Minister Sheikh Hasina at the latter's official residence Ganabhaban here.
The Malaysian minister also discussed about the proposal whether the recruitment can be done through Government-to-Government (G2G) channel.
In the meeting, she said that they want to recruit in this way to ensure transparency and systematic ways for plantation industry sector as per Memorandum of Understanding (MoU) signed already between the two countries.
Prime Minister's Deputy Press Secretary Hasan Jahid Tusher briefed reporters after the meeting.
With the proposed recruitment system, the Malaysian minister said they want to make sure basic rights and facilities, including decent accommodation and salary for the workers as well as to make the recruitment process easier, transparent and hassle-free.
She also opined to introduce a tracking system to oversee the workers.
Zuraida Kamaruddin said Malaysia hoped that the existing bilateral relations between the two countries will be strengthened further.
In reply, Prime Minister Sheikh Hasina described it as a good proposal and also hoped the bilateral relations with Malaysia would be stronger in the days to come.
The Malaysian minister lauded the Prime Minister for her successful Covid-19 pandemic management.
She said Sheikh Hasina is an important achievement for all the global women as what she said the Prime Minister is one of the most influential women leaders in the world.
In this regard, Sheikh Hasina thanked the Malaysian government for extending their vaccination support to Bangladesh and conveyed good wishes to the Malaysian prime minister.
Zuraida also conveyed the greetings of the Malaysian Prime Minister to the Bangladesh Premier.
Prime Minister's Ambassador-at-large Mohammad Ziauddin, Prime Minister's Principal Secretary Dr Ahmad Kaikaus and Malaysian High Commissioner in Dhaka Haznah Md Hashim were also present.
Malaysia keen to recruit more manpower from Bangladesh
Visiting Malaysian Minister of Plantation Industries and Commodities Zuraida Kamaruddin today said her country is keen to recruit more workers from Bangladesh particularly for its plantation sector. She said this while paying a courtesy call on Prime Minister Sheikh Hasina at the latter's...
The Polish government has agreed to issue visas to Bangladeshis living in Ukraine on an emergency basis before their repatriation to Bangladesh, said State Minister for Foreign Affairs Shahriar Alam.
"We have contacted the office of the Polish Foreign Ministry requesting on-arrival visas for Bangladeshis stranded in Ukraine and the Polish government has assured us of their assistance," the minister said in a press briefing this afternoon.
But the service has not been launched yet, he added.
Poland will issue visas for 15 days and by this time, the asylum seekers will have to return to Bangladesh.
The government is planning to send chartered planes to bring them back and will bear all costs during their stay in Poland, he assured.
Meanwhile, the Bangladesh Embassy in Ukraine has opened a Whatsapp group and has been able to contact around 250 Bangladeshis there. Those who want to leave Ukraine have been asked to contact the group.
"The number of Bangladeshis living in war-struck Ukraine could be 500," said the minister.
Poland to give shelter to Bangladeshis leaving Ukraine
The Polish government has agreed to issue visas to Bangladeshis living in Ukraine on an emergency basis before their repatriation to Bangladesh, said State Minister for Foreign Affairs Shahriar Alam. "We have contacted the office of the Polish Foreign Ministry requesting on-arrival visas for...
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Bangladesh Overseas Employment and Services Limited (BOESL) has signed a Memorandum of Understanding (MoU) with an Australian company for recruiting Bangladeshis in the Australian ICT sector.
The state-owned manpower exporting company BOESL inked the MoU with Australian company Sterning on Thursday, said a PID handout on Friday.
BOESL Managing Director Md Billal Hossain and Operation Director of Sterning Paul Egan on behalf of their respective sides signed the document.
As per the agreement, Sterning will arrange employment for the skilled manpower of Bangladesh in the ICT sector in different client companies in Australia.
BOESL will provide competent candidates against the demand of Sterning. Bangladeshi ICT professionals will have job opportunities in Australia for the next three years under the deal.
Consulate General of Bangladesh in Sydney Khandaker Masudul Alam, Counsellor (Labour) of Bangladesh High Commission in Canberra Md Salahuddin, Sterning CEO Joseph Merz and BOESL Executive Manager Md Mahabubur Rahman, among others, virtually joined the agreement signing ceremony.
Billal Hossain said the BOESL is now contacting other Australian companies to expand the skilled manpower export to Australia in other sectors.
Joseph Merz said there is demand for skilled IT professionals in Australia. So, recruitment of Bangladeshi professionals will help meet the demand.
www.tbsnews.net
The state-owned manpower exporting company BOESL inked the MoU with Australian company Sterning on Thursday, said a PID handout on Friday.
BOESL Managing Director Md Billal Hossain and Operation Director of Sterning Paul Egan on behalf of their respective sides signed the document.
As per the agreement, Sterning will arrange employment for the skilled manpower of Bangladesh in the ICT sector in different client companies in Australia.
BOESL will provide competent candidates against the demand of Sterning. Bangladeshi ICT professionals will have job opportunities in Australia for the next three years under the deal.
Consulate General of Bangladesh in Sydney Khandaker Masudul Alam, Counsellor (Labour) of Bangladesh High Commission in Canberra Md Salahuddin, Sterning CEO Joseph Merz and BOESL Executive Manager Md Mahabubur Rahman, among others, virtually joined the agreement signing ceremony.
Billal Hossain said the BOESL is now contacting other Australian companies to expand the skilled manpower export to Australia in other sectors.
Joseph Merz said there is demand for skilled IT professionals in Australia. So, recruitment of Bangladeshi professionals will help meet the demand.
Agreement signed for recruiting Bangladeshis in Australian ICT sector
Bangladesh Overseas Employment and Services Limited (BOESL) has signed a Memorandum of Understanding (MoU) with an Australian company for recruiting Bangladeshis in the Australian ICT sector. The state-owned manpower exporting company BOESL inked the MoU with Australian company Sterning on...
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Foreign Secretary Masud Bin Momen has said sanctions on Russia may not have any direct impact on Rooppur Nuclear Power Plant and other projects.
"The full impact of sanctions on Russia is not clear yet and may become clear in the next few days. But, until now, we think no direct impact will come on the Rooppur and other projects," the secretary told reporters in reply to a query at the office of Bangladesh Institute of Law and International Affairs (BILIA) in Dhanmondi Saturday (26 February).
However, he said if the financial transactions of the projects are routed through New York, the progress of the projects may get affected.
He also warned that more sanctions are likely to be imposed on Russia in the coming days and any sanctions on construction company Rosatom [responsible for Rooppur plant], in particular, would affect the project.
Momen also noted that so far 100 Bangladeshi expatriates have reached our Embassy in Poland from the crisis-hit Ukraine recently.
The government has already activated missions in Poland, Denmark and Austria and Bangladeshis living in Ukraine are in touch with the missions.
The number may rise in the next one or two days, said the secretary, informing that the total number living in Ukraine is around 1,000.
Momen said an inter-missional meeting has also been called on Sunday.
"In the next two days, the situation will be cleared and it will be easy to decide our next steps."
Arrangements will be made to bring them back to the country after confirming who wants to return to the country and who wants to wait.
www.tbsnews.net
The Nepal government is planning to export electricity to Bangladesh by using Indian territory. This will become possible only after the country establishes a power link with Indian state of West Bengal (WB).
Nepal currently has cross-border transmission traces with states Bihar, Uttar Pradesh and Uttarakhand in India, reports The Kathmandu Post, one of the leading dailies of Nepal.
Efforts are underway for a feasibility test on establishing a cross border transmission line between Nepal and WB following the high-level conferences on bilateral power sector cooperation held in Kathmandu on 23-24 February.
According to Nepalese officials, transmission connectivity with WB might additionally open an avenue for transporting the country's electricity to Bangladesh by using Indian territory.
Speaking with the daily, Chiranjeevi Chataut, joint-secretary of the Nepalese Ministry of Energy, Water Resources and Irrigation, said, "The immediate purpose of the agreement with India is to find if transmission connectivity between Nepal and the WB is possible.
"Once connectivity is established with this part of India, the possibility of exporting electricity to Bangladesh from Nepal through an existing or new dedicated transmission line in WB cannot be ruled out."
The Kathmandu Post, citing the Nepal Electricity Authority (NEA), reported that there is a 132kV substation on Nepal's Anarmani space of Jhapa and has plans to prolong the under-construction 400kV Hetauda-Bardibas-Inaruwa Transmission Line to Anarmani.
The WB funded the feasibility examination. Once this power line is prepared, there can be two connecting factors –132kV and 400kV – on the Nepal facet, the report added.
Nepal and India have agreed to test the potential for interconnection between the former and WB.
This comes at a time when Bangladesh has shown curiosity in investing within the hydropower sector of Nepal and buying power. Additionally, Nepal and Bangladesh have been holding talks for power buying and selling between the two nations.
Bangladesh has already decided to purchase 500MW of electricity from the 900MW Upper Karnali Hydropower Project and India's GMR Group, which has arranged GMR Upper Karnali Hydropower Limited, is getting ready to develop the mission in Nepal.
During a secretary-level joint steering committee assembly between Nepal and Bangladesh in September last, either side had agreed to develop a devoted transmission line between the two nations by taking India on board, reads the The Kathmandu Post report.
Meanwhile, Bangladesh has expressed curiosity in growing hydropower initiatives in Nepal, together with the Sunkoshi III Hydropower Project, in accordance with the energy ministry.
www.tbsnews.net
Bangladesh expects huge investments from oil-rich Saudi Arabia, with Riyadh deciding to send a 29-member delegation to Dhaka soon for exploring opportunities in public-private partnership (PPP) projects.
Saudi Arabia finds Bangladesh as a top priority country and is interested in a long-term strategic plan where they will contribute to the economic growth of the country, the Public-Private Partnership Authority (PPPA) of Bangladesh said in a press release.
Officials of the Saudi Ministry of Investment will come to Dhaka with 29 investors soon and explore investment opportunities in PPP projects.
The Ministry of Shipping in Bangladesh presented three PPP models -- Chattogram Port Authority, Container Terminal-2 of Payra Port Authority, and Container Terminal-2 of Payra Port Authority.
In fact, at a recent virtual conference, the Authority in Bangladesh and the Saudi Ministry of Investment explored the potentials of PPP projects in this country.
At the conference, Ahmad Kaikaus, Principal Secretary to the Prime Minister, highlighted the close ties between Saudi Arabia and Bangladesh.
"It was a new beginning for Bangladesh and the Kingdom of Saudi Arabia," he said, lauding Riyadh for selecting Bangladesh for investments.
Sultana Afroz, Secretary and Chief Executive Officer of PPP Authority, chaired the programme.
She gave an overview of PPP projects in Bangladesh, the legal framework and incentives provided by the government to attract investments.
Senior officials, under the leadership of Badr Al Badr, CEO, National Companies Promotion Program (NCPP), attended the event, which was witnessed by Essa Yousef Al Duhalian, Ambassador of the Kingdom of Saudi Arabia to Bangladesh.
Al Badr nominated Red Sea Gateway Terminal to undertake Patenga Container Terminal Project (if selected by the Bangladesh authority) and other PPP projects related to seaports in Bangladesh.
A government to government memorandum of understanding between the Ministry of Investment of Saudi Arabia and the PPP Authority, Bangladesh, was signed on 28 October, 2021.
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"The full impact of sanctions on Russia is not clear yet and may become clear in the next few days. But, until now, we think no direct impact will come on the Rooppur and other projects," the secretary told reporters in reply to a query at the office of Bangladesh Institute of Law and International Affairs (BILIA) in Dhanmondi Saturday (26 February).
However, he said if the financial transactions of the projects are routed through New York, the progress of the projects may get affected.
He also warned that more sanctions are likely to be imposed on Russia in the coming days and any sanctions on construction company Rosatom [responsible for Rooppur plant], in particular, would affect the project.
Momen also noted that so far 100 Bangladeshi expatriates have reached our Embassy in Poland from the crisis-hit Ukraine recently.
The government has already activated missions in Poland, Denmark and Austria and Bangladeshis living in Ukraine are in touch with the missions.
The number may rise in the next one or two days, said the secretary, informing that the total number living in Ukraine is around 1,000.
Momen said an inter-missional meeting has also been called on Sunday.
"In the next two days, the situation will be cleared and it will be easy to decide our next steps."
Arrangements will be made to bring them back to the country after confirming who wants to return to the country and who wants to wait.
Sanctions on Russia unlikely to affect Rooppur project: Foreign Secy
Foreign Secretary Masud Bin Momen has said sanctions on Russia may not have any direct impact on Rooppur Nuclear Power Plant and other projects. "The full impact of sanctions on Russia is not clear yet and may become clear in the next few days.
The Nepal government is planning to export electricity to Bangladesh by using Indian territory. This will become possible only after the country establishes a power link with Indian state of West Bengal (WB).
Nepal currently has cross-border transmission traces with states Bihar, Uttar Pradesh and Uttarakhand in India, reports The Kathmandu Post, one of the leading dailies of Nepal.
Efforts are underway for a feasibility test on establishing a cross border transmission line between Nepal and WB following the high-level conferences on bilateral power sector cooperation held in Kathmandu on 23-24 February.
According to Nepalese officials, transmission connectivity with WB might additionally open an avenue for transporting the country's electricity to Bangladesh by using Indian territory.
Speaking with the daily, Chiranjeevi Chataut, joint-secretary of the Nepalese Ministry of Energy, Water Resources and Irrigation, said, "The immediate purpose of the agreement with India is to find if transmission connectivity between Nepal and the WB is possible.
"Once connectivity is established with this part of India, the possibility of exporting electricity to Bangladesh from Nepal through an existing or new dedicated transmission line in WB cannot be ruled out."
The Kathmandu Post, citing the Nepal Electricity Authority (NEA), reported that there is a 132kV substation on Nepal's Anarmani space of Jhapa and has plans to prolong the under-construction 400kV Hetauda-Bardibas-Inaruwa Transmission Line to Anarmani.
The WB funded the feasibility examination. Once this power line is prepared, there can be two connecting factors –132kV and 400kV – on the Nepal facet, the report added.
Nepal and India have agreed to test the potential for interconnection between the former and WB.
This comes at a time when Bangladesh has shown curiosity in investing within the hydropower sector of Nepal and buying power. Additionally, Nepal and Bangladesh have been holding talks for power buying and selling between the two nations.
Bangladesh has already decided to purchase 500MW of electricity from the 900MW Upper Karnali Hydropower Project and India's GMR Group, which has arranged GMR Upper Karnali Hydropower Limited, is getting ready to develop the mission in Nepal.
During a secretary-level joint steering committee assembly between Nepal and Bangladesh in September last, either side had agreed to develop a devoted transmission line between the two nations by taking India on board, reads the The Kathmandu Post report.
Meanwhile, Bangladesh has expressed curiosity in growing hydropower initiatives in Nepal, together with the Sunkoshi III Hydropower Project, in accordance with the energy ministry.
Power link to West Bengal may help Nepal sell electricity to Bangladesh
The Nepal government is planning to export electricity to Bangladesh by using Indian territory. This will become possible only after the country establishes a power link with Indian state of West Bengal (WB). Nepal currently has cross-border transmission traces with states Bihar, Uttar Pradesh...
Bangladesh expects huge investments from oil-rich Saudi Arabia, with Riyadh deciding to send a 29-member delegation to Dhaka soon for exploring opportunities in public-private partnership (PPP) projects.
Saudi Arabia finds Bangladesh as a top priority country and is interested in a long-term strategic plan where they will contribute to the economic growth of the country, the Public-Private Partnership Authority (PPPA) of Bangladesh said in a press release.
Officials of the Saudi Ministry of Investment will come to Dhaka with 29 investors soon and explore investment opportunities in PPP projects.
The Ministry of Shipping in Bangladesh presented three PPP models -- Chattogram Port Authority, Container Terminal-2 of Payra Port Authority, and Container Terminal-2 of Payra Port Authority.
In fact, at a recent virtual conference, the Authority in Bangladesh and the Saudi Ministry of Investment explored the potentials of PPP projects in this country.
At the conference, Ahmad Kaikaus, Principal Secretary to the Prime Minister, highlighted the close ties between Saudi Arabia and Bangladesh.
"It was a new beginning for Bangladesh and the Kingdom of Saudi Arabia," he said, lauding Riyadh for selecting Bangladesh for investments.
Sultana Afroz, Secretary and Chief Executive Officer of PPP Authority, chaired the programme.
She gave an overview of PPP projects in Bangladesh, the legal framework and incentives provided by the government to attract investments.
Senior officials, under the leadership of Badr Al Badr, CEO, National Companies Promotion Program (NCPP), attended the event, which was witnessed by Essa Yousef Al Duhalian, Ambassador of the Kingdom of Saudi Arabia to Bangladesh.
Al Badr nominated Red Sea Gateway Terminal to undertake Patenga Container Terminal Project (if selected by the Bangladesh authority) and other PPP projects related to seaports in Bangladesh.
A government to government memorandum of understanding between the Ministry of Investment of Saudi Arabia and the PPP Authority, Bangladesh, was signed on 28 October, 2021.
Bangladesh eyes huge Saudi investments
Saudi Ministry of Investment officials to visit Dhaka with 29 investors soon and explore investment opportunities in PPP projects
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Bangladesh wants to import an additional 1 million metric tonnes per annum (MTPA) liquefied natural gas from Qatar.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid gave the proposal to his counterpart Qatar's State Minister for Energy Saad Sherida Al-Kaabi, in Doha on Tuesday, read a power and energy ministry press release.
The state minister made the proposal after the plan to import low-priced LNG from the spot market failed. He also proposed a side letter agreement along with the existing long term agreement.
Bangladesh has been importing LNG from Qatar since 2018 under a Memorandum of Understanding (MoU) signed on 16 January in 2011.
Following the MoU, a 15-year LNG Sales and Purchase Agreement (SPA) was signed on 25 September, 2017 to supply 1.8-2.5 million metric tons (MTPA) of LNG annually.
Petrobangla has purchased 8.424 million metric tons of LNG through 137 cargoes till January 2022.
Qatar's Minister of State for Energy Saad Sherida Al Kabir cordially accepted Bangladesh's offer and directed Qatar Gas and Qatar Energy to sit with Petrobangla to discuss the proposed issues.
Saad Sherida Al Kabir and Nasrul Hamid led the delegations of their respective countries in the meeting. Qatar Gas CEO Sheikh Khalid Bin Khalifa Al-Thani, Qatar Energy Executive Vice President (EVP) Jassim Al-Marzouqi, Petrobangla Chairman Nazmul Ahsan and Rupantarita Prakritik Gas Company Limited (RPGCL) managing director Javed Chowdhury were, among other, present on the occasion.
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State Minister for Power, Energy and Mineral Resources Nasrul Hamid gave the proposal to his counterpart Qatar's State Minister for Energy Saad Sherida Al-Kaabi, in Doha on Tuesday, read a power and energy ministry press release.
The state minister made the proposal after the plan to import low-priced LNG from the spot market failed. He also proposed a side letter agreement along with the existing long term agreement.
Bangladesh has been importing LNG from Qatar since 2018 under a Memorandum of Understanding (MoU) signed on 16 January in 2011.
Following the MoU, a 15-year LNG Sales and Purchase Agreement (SPA) was signed on 25 September, 2017 to supply 1.8-2.5 million metric tons (MTPA) of LNG annually.
Petrobangla has purchased 8.424 million metric tons of LNG through 137 cargoes till January 2022.
Qatar's Minister of State for Energy Saad Sherida Al Kabir cordially accepted Bangladesh's offer and directed Qatar Gas and Qatar Energy to sit with Petrobangla to discuss the proposed issues.
Saad Sherida Al Kabir and Nasrul Hamid led the delegations of their respective countries in the meeting. Qatar Gas CEO Sheikh Khalid Bin Khalifa Al-Thani, Qatar Energy Executive Vice President (EVP) Jassim Al-Marzouqi, Petrobangla Chairman Nazmul Ahsan and Rupantarita Prakritik Gas Company Limited (RPGCL) managing director Javed Chowdhury were, among other, present on the occasion.
Bangladesh keen to import 1 million metric tonnes more LNG from Qatar
Bangladesh wants to import an additional 1 million metric tonnes per annum (MTPA) liquefied natural gas from Qatar. State Minister for Power, Energy and Mineral Resources Nasrul Hamid gave the proposal to his counterpart Qatar's State Minister for Energy Saad Sherida Al-Kaabi, in Doha on...
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Russia has revoked import sanctions on Bangladesh and resumed potato import from the country.
According to a press release from the Embassy of Russian Federation in Bangladesh issued Monday (7 March), the restrictions were lifted on 5 March.
The Federal Service for Veterinary and Phytosanitary Surveillance of the Russian Federation (Rosselkhoznadzor) resumed the import of potatoes from Bangladesh, the press release said.
The embassy also noted that the decision was made based on the assurance from Bangladeshi authorities responsible for quarantine and protection of plants.
Earlier, Russian Ambassador to Bangladesh Alexander Mantytskiy sat down with Commerce Minister Tipu Munshi and Agriculture Minister Dr Muhammad Abdur Razzaque to discuss the expansion of the Bangladeshi export range of products to Russia.
Russia had banned potato import from Bangladesh in 2015 when the presence of quarantine bacteria Ralstonia Solanacearum or Brown Bacterial Rot Agent was found in the crops exported from the country.
Bangladesh exports around one lakh tons of potatoes per year.
Before the ban imposed in 2015, the country used to export 20,000 tons yearly to Russia.
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The Cabinet Committee on Public Purchase has approved a proposal to procure 30,000 tonnes of Muriate of Potash (MOP) from Russia amid sanctions imposed by the United States and the European Union on Moscow's trade and financial transactions.
The state-owned Bangladesh Agriculture Development Corporation (BADC) will import the fertiliser from JSC Foreign Economic Corporation Prodintorg, a Russian state institution established during the Soviet era, at a cost of Tk150.21 crore.
Finance Minister AHM Mustafa Kamal, who chaired the cabinet committee meeting on Thursday, is himself unsure about getting the fertiliser from Russia, which is at war with Ukraine, or whether Bangladesh will be able to conduct financial transactions with Russia in a normal manner due to the sanctions.
In response to a question from The Business Standard, he said Dhaka has historically good relations with Moscow.
"We always import fertiliser from Russia. If the country cannot supply fertiliser, we will shop around for alternative sources," the minister added.
He said, "If there are problems with financial transactions with Russia due to the sanctions, we will also find alternative transaction methods. In this case, the transactions should be arranged through currency swap or any other method."
The Bangladesh Bank board has approved a draft for signing a currency swap deal with the Kremlin. If this agreement is reached, the central banks of the two countries will pay the price of goods to the exporters of their respective countries on behalf of the other countries.
Owing to the Russia-Ukraine war, the prices of fuel oil and various fertilisers are on the rise in the international market. The finance minister mentioned that the government is now under a fresh pressure of subsidy.
According to Bloomberg Businessweek, if the global trade in fertiliser is further disrupted, it will mean higher costs for farmers across the globe, and in turn more food inflation at a time when global food prices have already been hitting record highs. Prices for the widely used nitrogen fertiliser urea in New Orleans have surged by 29% from the previous week – a record for the 45-year Green Markets index – after Russia invaded Ukraine.
Fertiliser prices were already sky-high, thanks to a gas crunch in Europe that has forced some producers to dial back production or, in some cases, close down. That's on top of elevated freight rates, increased tariffs, extreme weather, and sanctions on Belarus, which accounts for about a fifth of the global supply of mined nutrient potash.
Finance Minister Kamal said, "We all know why prices are rising in the international market. Some of the increase in prices is borne by the government as a subsidy, and the other portion is passed on to consumers."
He said if the whole is imposed on consumers alone, they will not be able to bear it. Again, it is not possible for the government to provide the full subsidy alone. The government needs more subsidies now.
"In the current international market prices, it would be helpful if the ministries concerned provided details on their demand for subsidy. We will receive any conveniently available funding to deal with the pressure of subsidies," the minister added.
According to BADC officials, there has been an official agreement to import 1.20 lakh tonnes of MOP fertiliser from Russia, under which an initiative has been taken to import 30,000 tonnes in the third lot.
There is an opportunity to import this fertiliser from Canada as an alternative to Russia. However, the price of Canadian fertiliser is comparatively higher than that of Russia as it is produced in line with European standards.
Balai Krishna Hazra, additional secretary of the Department of Fertiliser Management and Materials at the Ministry of Agriculture, told TBS, "We have signed an agreement with Russia for 1.2 lakh tonnes this year. According to the agreement, Moscow will deliver this fertiliser to us under its own management. As a result, we do not have to take any risk to bring fertiliser from Russian ports by renting ships in a wartime situation."
"If for some reason, Moscow cannot supply fertiliser, we will import it from Canada as we also have agreements with it," he added.
Balai Krishna Hazra said earlier this year, the government signed agreements with various countries, including Russia, on the import of fertiliser.
"The price of fertiliser is fixed in the contract. Because of the Russia-Ukraine war or any other reason, the price of fertilisers has increased in the international market, but the countries will supply fertilisers to us at a contract price," he added.
He said that as such Bangladesh does not have any reason to worry. On the other hand, the price in the international market has not increased much due to the war. The price had increased two to three times much before the war began.
An official at the Bangladesh Bank's Foreign Exchange Policy Department said despite the sanctions, there has been no major problem in transacting money in bilateral trade with Russia.
He said most of the exports from Bangladesh to Russia are done through third countries. Moreover, a number of Russian banks are still not subject to the sanctions. Banks in Bangladesh will be able to transact with banks that are not subject to the sanctions.
Officials from the agriculture ministry and the BADC said the impact of the Russia-Ukraine war on the international market is likely to increase the price of fertilisers and shipping due to the increase in the price of gas and fuel oil. However, the hope is that Bangladesh has enough stocks to meet the demand for different types of fertilisers in the current boro season.
In fiscal 2021-22, there is a demand for 57.50 lakh tonnes of chemical fertiliser – 26 lakh tonnes of urea, 7.5 lakh tonnes of TSP, 7.5 lakh tonnes of MoP and 16.5 lakh tonnes of DAP.
Russia is the main import source of non-urea fertiliser for Bangladesh. Besides, Bangladesh imports 7.5 lakh tonnes of MOP every year from Russia's close allies Belarus and Canada.
Most of the di-ammonium phosphate, also known as DAP, is imported from China. Besides, the private sector imports from Jordan. Fertiliser also comes from Saudi Arabia and Morocco. Urea fertiliser is imported from China, Qatar, the United Arab Emirates (UAE) and Saudi Arabia.
The fertiliser known as TSP or Triple superphosphate is imported by BADC from Tunisia and Morocco. The private sector imports the fertiliser from Morocco and Bulgaria.
According to the Bangladesh Fertiliser Association (BFA), the country has stocks of fertiliser required for the current Boro season and the upcoming Aman season. The government will set fertiliser targets for next year in April-May. The subsidy for next year will depend on the international market situation at that time.
Riaz Uddin Ahmed, executive secretary of the Bangladesh Fertiliser Association, said the prolonged effects of the Russia-Ukraine war will only add to the crisis.
"Most of the MOP fertilisers are imported from Russia and Bulgaria. Problems with these sources can lead to a reliance on Canada in the future," he added.
The agriculture ministry says global fertiliser prices have tripled since last year due to the Covid-19 pandemic. A subsidy of Tk7,000-9,000 crore is paid every year, but this time it may increase to Tk28,000 crore. The budget for the current financial year has allocated Tk9,100 crore for fertiliser subsidy.
In the last fiscal year, the import cost per kg urea was Tk32, TSP Tk33, MOP Tk23, DAP Tk37, which has increased to Tk96, Tk70, Tk54 and Tk93 in the current financial year respectively. However, per kg urea is being given to the farmers at Tk16, TSP at Tk22, MOP at Tk15 and DAP at Tk16.
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Russia's Bank for Development and Foreign Economic Affairs (VEB) has ordered halting payments for Bangladesh's Rooppur Nuclear Power Plant project as SWIFT put sanctions on some Russian banks.
SWIFT is a Belgium-based secure messaging platform that facilitates cross-border payments.
VEB had recently sent a letter to Bangladesh Bank asking them to stop transactions with the Russian bank from March 1, a senior official of Bangladesh Bank told The Business Standard on condition of anonymity.
Additionally, a few other Russian banks have also asked multiple banks in Bangladesh to stop transactions with them.
The central bank official said that Russia is providing loan assistance in the construction of Rooppur nuclear power plant in Bangladesh and at the same time the project is being implemented by a contractor led by Rosatom State Atomic Energy Corporation.
Repayment of some part of the loan of this project has begun and it was being done through Sonali Bank.
Also, the Russian workers who are working in Bangladesh were also being paid by sending money through the banks.
However, the SWIFT ban has led those Russian banks to stop all transactions.
Russia is now sending money for machinery through brokers rather than sending it directly to Bangladesh.
Sonali Bank Managing Director MD Ataur Rahman told The Business Standard, "Russia's VEB Bank had sent us a letter to stop the payment of Rooppur nuclear power plant project. We have reported the matter to the Central Bank."
"The central bank sent its instructions to the concerned department of our bank yesterday afternoon, but I do not know what the decision was," he added.
VEB also has business relations with the state-owned Agrani Bank. On 28 February, the Russian bank sent a letter to Agrani Bank to suspend all transactions.
It may be mentioned that the cost of construction of two units of 1200 MW in Rooppur project is about Tk114,000 crore. Of this, the Government of Bangladesh will finance Tk22,053 crore and Russia is providing loan assistance of Tk 91,040 crore.
The power plant is scheduled to start supplying electricity by 2024.
SWIFT on 2 March added a few other financial organisations, including to Belarusian banks, to its list of sanctions in addition to the seven Russian banks it initially sanctioned.
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Sri Lankan conglomerate Softlogic's retail holdings wing entered into an agreement on Friday to fully acquire Agora, Bangladesh's first ever and the second largest supermarket chain, according to a public disclosure by the Lankan conglomerate.
The acquisition of 100% stake in the company via a series of transactions would be subject to terms and conditions set out therein and receipt of regulatory approvals, Softlogic Holding PLC said in its regulatory filing in Colombo Stock Exchange.
Neither Softlogic nor Agora owners disclosed the deal value.
Investment banking sources, however, estimate that the amount might be something between Tk181 and Tk249 crore, citing previous events.
Khalid Quadir, chief executive officer and founding partner of Brummer & Partners (Bangladesh), which manages the first Bangladesh-focused private equity fund, Frontier Fund that now owns 72% of Agora, declined to disclose any number right now.
"Our investments over a decade ago helped the business and the sector in Bangladesh grow and due to the nature of international private equity investment, we have to exit now," he said.
Softlogic has a very strong track record and expertise in the fields of ICT, healthcare, retail, financial services, automobile and leisure industries.
Khalid Quadir hopes that they will add significant value to the retail chain business in the coming days.
The buyer firm Softlogic Retail Holdings' operations include branded apparel, consumer electronics, mobile handset and distribution, supermarkets and quick service restaurants.
Agora: The pioneering supermarket
To offer hassle-free modern grocery shopping experience to the burgeoning upper middle class in the capital, Rahimafrooz, one of the oldest corporate houses of the country, opened the first supermarket outlet of Agora in the then Rifles Square, later named Shimanto Square, in 2001.
In the following year, Gemcon Group opened its first supermarket Meena Bazaar at a nearby location in Dhanmondi.
They, along with some other players including Nandan, were mainly catering to the affluent early adopters in buying daily essentials from a single store under the same roof. Supermarkets' main appeal also used to include the diversity in products on shelves.
In 2008, ACI entered the industry with a big buzz aiming to make super shops a common peoples' destination.
Aggressively investing in lots of new stores, ACI's supermarket chain Shwapno succeeded in its mission to a fair extent and became the market leader by far as the average urban consumers began to go there.
Shwapno already opened 207 stores, 55 are large superstores and the remainder are being run by franchisees across the country.
To keep pace with the industry, Agora welcomed its new investor Frontier Fund in 2009, which began with a 49% stake in the company.
Following gradual investments, the foreign private equity investor turned majority shareholder of Agora and now needs to exit like what it is doing in the case of other portfolio companies, including two-wheeler manufacturer Runner Automobiles.
Agora, by now, has 18 superstores of various sizes in Bangladesh - 15 in Dhaka, two in Sylhet and one in Chattogram to offer everything the busy people need in their kitchen.
With an estimated annual turnover of around Tk500 crore, Agora is the second largest player in the industry, while Meena Bazaar with 15 superstores is breathing down its neck.
Also, Pran-RFL venture Daily Shopping with their convenient store model has had over 50 smaller chain stores.
Hypermarket chain Unimart, supermarket chains Princebazar, Lavender and many new entrants are growing in their own market base with a much smaller number of stores.
Zakir Hossain, general secretary at the Bangladesh Supermarket Owners Association, said chains, which are members of his association, are now operating over 300 superstores in the country, while many more modern retail stores have grown outside the association's purview.
Shwapno Executive Director Sabbir Hasan Nasir said that including non-chain superstores, the total number across the country might have crossed 1,000 already.
Modern retail still scratching surface in Bangladesh
"The industry is bound to grow," said association leader Zakir Hossain while explaining the increasing demand for supermarkets.
Changing lifestyle is not allowing an increasing number of urban people to take all the hassles in traditional wet markets as they do not feel like bargaining, or rechecking the product quality amid a tight schedule.
In the first half of the previous decade, the industry grew at an annualised rate of 35%, but a discriminatory value added tax (VAT) on packaged items bought from supermarkets slowed down the growth to an average of 25% in the second half of the 2010s.
During hardship, the supermarket sector's growth is coming down to single digits often nowadays, according to him, as the middle-class are not happy with the extra VAT in superstores, which they do not need to pay in neighbourhood stores.
Like all other regional peer economies, Bangladesh also began to attract investments in supermarket chains two decades ago. But here it is still scratching the surface, while in Sri Lanka, Indonesia, Thailand, the modern stores almost ascended to be synonymous to retailing.
Sabbir Hasan Nasir said modern retailers, including the non-chain ones, in the country are generating an annual turnover amounting to around Tk3,000-Tk3,500 crore.
Shaheen Khan, CEO of Meena Bazaar, said modern retail is still not more than 2% of the national retail figure, while by now, Sri Lankan superstores are contributing to over 42% of the country's annual retail turnover, and it is even higher in many other peer economies in the region.
Sabbir Hasan Nasir said the industry's repeated requests for a level-playing field with the wet markets remained ignored; that is why the industry is still way behind its potential.
Meena Bazar's Shaheen Khan said the discriminatory VAT, the excessive tax on capital machinery a supermarket needs must be rationalised.
Zakir Hossain said when the Bangladesh Food Safety Authority Act was enacted in 2013 and the authority formed in 2015, investors thought that it would boost modern retailing as unhygienic slaughtering, unhygienic handling of other food items should be banned. But nothing changed in reality.
Since Bangladeshis' per-capita income crossed $2,000, modern retailing has all the right reasons to flourish a lot as many customers would prefer the convenience, traceability and assurance it offers, said each of the industry people.
The successful Sri Lankan investor must have analysed the potential of the sector, Zakir Hossain said.
"Now it would depend on the government whether it wants the needed takeoff of modern retailing or not." He added.
What happened to the Agora-Meena Bazaar Deal?
Asked on Saturday, neither the Meena Bazaar nor Agora authorities clearly said what happened to their deal on the table two years back regarding Meena Bazar's interest to acquire Agora.
According to the Bangladesh Bank sources, before the pandemic, Meena Bazaar entered into an agreement with Agora owners to acquire its larger competitor for Tk249 crore.
But the deal value needed to be approved by the Bangladesh Bank, as Agora was not a publicly traded company and the sheer part of the sales proceeds would be remitted abroad.
The central bank approved a price of Tk181 crore for 100% Agora shares, as it has some set valuation methods to follow.
But the Agora investors were not happy with the price dictated by the central bank and looked for a foreign buyer, which might help them avert the central bank interference.
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State Minister for Foreign Affairs Md Shahriar Alam discussed means of promoting bilateral co-operation in the fields of trade and investment during a meeting with Egypt's Trade and Industry Minister Nivine Gamea during a recent meeting between the two ministers.
The meeting was attended by the Bangladesh Ambassador to Egypt Md Monirul Islam along with a number of senior Egyptian officials, reports the Egyptian Gazette.
During the meeting, the two ministers tackled means of encouraging companies and businessmen of both countries to participate in commercial exhibitions in the two countries.
They discussed establishing joint projects in the fields of textiles and ready-made clothes.
Shahriar Alam stressed Bangladesh's keenness on promoting trade and investment cooperation with Egypt which is one of the most important markets in Africa and the Middle East.
He expected a boost in bilateral co-operation in the coming period, especially in view of the launch of a direct airline between the two countries. He invited Gamea to lead a business team on a visit to Bangladesh to stand on partnership and investment opportunities.
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Bangladesh has presented updated information on the country's continental shelf in the Bay of Bengal to the United Nations (UN).
"This submission is a major achievement for our country, especially at a time when we are pursuing our long-cherished dream to become a developed country by 2041," said Foreign Minister Dr AK Abdul Momen while presenting the updated information.
He said Bangladesh's ability to utilize the living and non-living resources of the ocean will determine the course of its journey in the coming days.
Dr Momen made the presentation to the 21-member Commission on the Limits of the Continental Shelf (CLCS) during its 54th session in New York on Tuesday.
He was accompanied by Rear Admiral Md Khurshed Alam, Secretary and Head of Maritime Affairs Unit at the Ministry of Foreign Affairs and other technical experts from Bangladesh.
Through the presentation, Bangladesh provided scientific and technical data in support of its entitlement to the continental shelf beyond 200 nautical miles in the Bay of Bengal.
As per rule, a sub-commission formed for this purpose will examine the data and make recommendations endorsing Bangladesh's entitlement.
"Bangladesh is a densely populated country with scarce resources. The final recommendation of the UN would provide a basis for the exploration, conservation and development of living and non-living natural resources that would help ensure our sustainable development, energy needs and the prosperity of our people," said the foreign minister.
The presentation followed the official lodgment of Bangladesh's amended submission to the CLCS on 22 October 2020.
The original version for the delineation of Bangladesh's continental shelf was submitted to the CLCS in February 2011.
However, due to unresolved maritime boundary disputes with Myanmar and India, the Commission was unable to examine the submission.
Subsequently, under the leadership of Prime Minister Sheikh Hasina, Bangladesh resolved the maritime boundaries with its neighbours through international judicial bodies.
Based on the binding verdicts of the international tribunals, the Bangladesh government reviewed its submission and lodged a fresh version to the Commission on 22 October 2020.
In the amended submission, delimitation lines prescribed by the tribunals were used to determine the limits of Bangladesh's continental shelf.
This will allow Bangladesh to begin exploration of natural resources in that area.
The Government has been working on this submission for over a decade now.
Preparation of this submission has been done under the overall coordination of the Ministry of Foreign Affairs with the contribution of expertise and resources from the Bangladesh Navy, Petrobangla, BAPEX, Geological Survey of Bangladesh, SPARRSO, and BIWTA.
Bangladesh also received legal and technical support from Commonwealth Secretariat and from UN Trust Fund.
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According to a press release from the Embassy of Russian Federation in Bangladesh issued Monday (7 March), the restrictions were lifted on 5 March.
The Federal Service for Veterinary and Phytosanitary Surveillance of the Russian Federation (Rosselkhoznadzor) resumed the import of potatoes from Bangladesh, the press release said.
The embassy also noted that the decision was made based on the assurance from Bangladeshi authorities responsible for quarantine and protection of plants.
Earlier, Russian Ambassador to Bangladesh Alexander Mantytskiy sat down with Commerce Minister Tipu Munshi and Agriculture Minister Dr Muhammad Abdur Razzaque to discuss the expansion of the Bangladeshi export range of products to Russia.
Russia had banned potato import from Bangladesh in 2015 when the presence of quarantine bacteria Ralstonia Solanacearum or Brown Bacterial Rot Agent was found in the crops exported from the country.
Bangladesh exports around one lakh tons of potatoes per year.
Before the ban imposed in 2015, the country used to export 20,000 tons yearly to Russia.
Russia resumes potato import from Bangladesh
Removing previously imposed restrictions, Russia has resumed potato import from Bangladesh. According to a press release from the Embassy of the Russian Federation in Bangladesh issued Monday (7 March), the restrictions were lifted on 5 March. The Federal Service for Veterinary and...
The Cabinet Committee on Public Purchase has approved a proposal to procure 30,000 tonnes of Muriate of Potash (MOP) from Russia amid sanctions imposed by the United States and the European Union on Moscow's trade and financial transactions.
The state-owned Bangladesh Agriculture Development Corporation (BADC) will import the fertiliser from JSC Foreign Economic Corporation Prodintorg, a Russian state institution established during the Soviet era, at a cost of Tk150.21 crore.
Finance Minister AHM Mustafa Kamal, who chaired the cabinet committee meeting on Thursday, is himself unsure about getting the fertiliser from Russia, which is at war with Ukraine, or whether Bangladesh will be able to conduct financial transactions with Russia in a normal manner due to the sanctions.
In response to a question from The Business Standard, he said Dhaka has historically good relations with Moscow.
"We always import fertiliser from Russia. If the country cannot supply fertiliser, we will shop around for alternative sources," the minister added.
He said, "If there are problems with financial transactions with Russia due to the sanctions, we will also find alternative transaction methods. In this case, the transactions should be arranged through currency swap or any other method."
The Bangladesh Bank board has approved a draft for signing a currency swap deal with the Kremlin. If this agreement is reached, the central banks of the two countries will pay the price of goods to the exporters of their respective countries on behalf of the other countries.
Owing to the Russia-Ukraine war, the prices of fuel oil and various fertilisers are on the rise in the international market. The finance minister mentioned that the government is now under a fresh pressure of subsidy.
According to Bloomberg Businessweek, if the global trade in fertiliser is further disrupted, it will mean higher costs for farmers across the globe, and in turn more food inflation at a time when global food prices have already been hitting record highs. Prices for the widely used nitrogen fertiliser urea in New Orleans have surged by 29% from the previous week – a record for the 45-year Green Markets index – after Russia invaded Ukraine.
Fertiliser prices were already sky-high, thanks to a gas crunch in Europe that has forced some producers to dial back production or, in some cases, close down. That's on top of elevated freight rates, increased tariffs, extreme weather, and sanctions on Belarus, which accounts for about a fifth of the global supply of mined nutrient potash.
Finance Minister Kamal said, "We all know why prices are rising in the international market. Some of the increase in prices is borne by the government as a subsidy, and the other portion is passed on to consumers."
He said if the whole is imposed on consumers alone, they will not be able to bear it. Again, it is not possible for the government to provide the full subsidy alone. The government needs more subsidies now.
"In the current international market prices, it would be helpful if the ministries concerned provided details on their demand for subsidy. We will receive any conveniently available funding to deal with the pressure of subsidies," the minister added.
According to BADC officials, there has been an official agreement to import 1.20 lakh tonnes of MOP fertiliser from Russia, under which an initiative has been taken to import 30,000 tonnes in the third lot.
There is an opportunity to import this fertiliser from Canada as an alternative to Russia. However, the price of Canadian fertiliser is comparatively higher than that of Russia as it is produced in line with European standards.
Balai Krishna Hazra, additional secretary of the Department of Fertiliser Management and Materials at the Ministry of Agriculture, told TBS, "We have signed an agreement with Russia for 1.2 lakh tonnes this year. According to the agreement, Moscow will deliver this fertiliser to us under its own management. As a result, we do not have to take any risk to bring fertiliser from Russian ports by renting ships in a wartime situation."
"If for some reason, Moscow cannot supply fertiliser, we will import it from Canada as we also have agreements with it," he added.
Balai Krishna Hazra said earlier this year, the government signed agreements with various countries, including Russia, on the import of fertiliser.
"The price of fertiliser is fixed in the contract. Because of the Russia-Ukraine war or any other reason, the price of fertilisers has increased in the international market, but the countries will supply fertilisers to us at a contract price," he added.
He said that as such Bangladesh does not have any reason to worry. On the other hand, the price in the international market has not increased much due to the war. The price had increased two to three times much before the war began.
An official at the Bangladesh Bank's Foreign Exchange Policy Department said despite the sanctions, there has been no major problem in transacting money in bilateral trade with Russia.
He said most of the exports from Bangladesh to Russia are done through third countries. Moreover, a number of Russian banks are still not subject to the sanctions. Banks in Bangladesh will be able to transact with banks that are not subject to the sanctions.
Officials from the agriculture ministry and the BADC said the impact of the Russia-Ukraine war on the international market is likely to increase the price of fertilisers and shipping due to the increase in the price of gas and fuel oil. However, the hope is that Bangladesh has enough stocks to meet the demand for different types of fertilisers in the current boro season.
In fiscal 2021-22, there is a demand for 57.50 lakh tonnes of chemical fertiliser – 26 lakh tonnes of urea, 7.5 lakh tonnes of TSP, 7.5 lakh tonnes of MoP and 16.5 lakh tonnes of DAP.
Russia is the main import source of non-urea fertiliser for Bangladesh. Besides, Bangladesh imports 7.5 lakh tonnes of MOP every year from Russia's close allies Belarus and Canada.
Most of the di-ammonium phosphate, also known as DAP, is imported from China. Besides, the private sector imports from Jordan. Fertiliser also comes from Saudi Arabia and Morocco. Urea fertiliser is imported from China, Qatar, the United Arab Emirates (UAE) and Saudi Arabia.
The fertiliser known as TSP or Triple superphosphate is imported by BADC from Tunisia and Morocco. The private sector imports the fertiliser from Morocco and Bulgaria.
According to the Bangladesh Fertiliser Association (BFA), the country has stocks of fertiliser required for the current Boro season and the upcoming Aman season. The government will set fertiliser targets for next year in April-May. The subsidy for next year will depend on the international market situation at that time.
Riaz Uddin Ahmed, executive secretary of the Bangladesh Fertiliser Association, said the prolonged effects of the Russia-Ukraine war will only add to the crisis.
"Most of the MOP fertilisers are imported from Russia and Bulgaria. Problems with these sources can lead to a reliance on Canada in the future," he added.
The agriculture ministry says global fertiliser prices have tripled since last year due to the Covid-19 pandemic. A subsidy of Tk7,000-9,000 crore is paid every year, but this time it may increase to Tk28,000 crore. The budget for the current financial year has allocated Tk9,100 crore for fertiliser subsidy.
In the last fiscal year, the import cost per kg urea was Tk32, TSP Tk33, MOP Tk23, DAP Tk37, which has increased to Tk96, Tk70, Tk54 and Tk93 in the current financial year respectively. However, per kg urea is being given to the farmers at Tk16, TSP at Tk22, MOP at Tk15 and DAP at Tk16.
30,000 tonnes MOP fertiliser purchase from Russia okayed
The Cabinet Committee on Public Purchase has approved a proposal to procure 30,000 tonnes of Muriate of Potash (MOP) from Russia amid sanctions imposed by the United States and the European Union on Moscow's trade and financial transactions. The state-owned Bangladesh Agriculture Development...
Russia's Bank for Development and Foreign Economic Affairs (VEB) has ordered halting payments for Bangladesh's Rooppur Nuclear Power Plant project as SWIFT put sanctions on some Russian banks.
SWIFT is a Belgium-based secure messaging platform that facilitates cross-border payments.
VEB had recently sent a letter to Bangladesh Bank asking them to stop transactions with the Russian bank from March 1, a senior official of Bangladesh Bank told The Business Standard on condition of anonymity.
Additionally, a few other Russian banks have also asked multiple banks in Bangladesh to stop transactions with them.
The central bank official said that Russia is providing loan assistance in the construction of Rooppur nuclear power plant in Bangladesh and at the same time the project is being implemented by a contractor led by Rosatom State Atomic Energy Corporation.
Repayment of some part of the loan of this project has begun and it was being done through Sonali Bank.
Also, the Russian workers who are working in Bangladesh were also being paid by sending money through the banks.
However, the SWIFT ban has led those Russian banks to stop all transactions.
Russia is now sending money for machinery through brokers rather than sending it directly to Bangladesh.
Sonali Bank Managing Director MD Ataur Rahman told The Business Standard, "Russia's VEB Bank had sent us a letter to stop the payment of Rooppur nuclear power plant project. We have reported the matter to the Central Bank."
"The central bank sent its instructions to the concerned department of our bank yesterday afternoon, but I do not know what the decision was," he added.
VEB also has business relations with the state-owned Agrani Bank. On 28 February, the Russian bank sent a letter to Agrani Bank to suspend all transactions.
It may be mentioned that the cost of construction of two units of 1200 MW in Rooppur project is about Tk114,000 crore. Of this, the Government of Bangladesh will finance Tk22,053 crore and Russia is providing loan assistance of Tk 91,040 crore.
The power plant is scheduled to start supplying electricity by 2024.
SWIFT on 2 March added a few other financial organisations, including to Belarusian banks, to its list of sanctions in addition to the seven Russian banks it initially sanctioned.
Russia's VEB Bank stops payment of Rooppur project amid SWIFT ban
Russia's Bank for Development and Foreign Economic Affairs (VEB) has ordered halting payments for Bangladesh's Rooppur Nuclear Power Plant project as SWIFT put sanctions on some Russian banks. SWIFT is a Belgium-based secure messaging platform that facilitates cross-border payments. VEB had...
Sri Lankan conglomerate Softlogic's retail holdings wing entered into an agreement on Friday to fully acquire Agora, Bangladesh's first ever and the second largest supermarket chain, according to a public disclosure by the Lankan conglomerate.
The acquisition of 100% stake in the company via a series of transactions would be subject to terms and conditions set out therein and receipt of regulatory approvals, Softlogic Holding PLC said in its regulatory filing in Colombo Stock Exchange.
Neither Softlogic nor Agora owners disclosed the deal value.
Investment banking sources, however, estimate that the amount might be something between Tk181 and Tk249 crore, citing previous events.
Khalid Quadir, chief executive officer and founding partner of Brummer & Partners (Bangladesh), which manages the first Bangladesh-focused private equity fund, Frontier Fund that now owns 72% of Agora, declined to disclose any number right now.
"Our investments over a decade ago helped the business and the sector in Bangladesh grow and due to the nature of international private equity investment, we have to exit now," he said.
Softlogic has a very strong track record and expertise in the fields of ICT, healthcare, retail, financial services, automobile and leisure industries.
Khalid Quadir hopes that they will add significant value to the retail chain business in the coming days.
The buyer firm Softlogic Retail Holdings' operations include branded apparel, consumer electronics, mobile handset and distribution, supermarkets and quick service restaurants.
Agora: The pioneering supermarket
To offer hassle-free modern grocery shopping experience to the burgeoning upper middle class in the capital, Rahimafrooz, one of the oldest corporate houses of the country, opened the first supermarket outlet of Agora in the then Rifles Square, later named Shimanto Square, in 2001.
In the following year, Gemcon Group opened its first supermarket Meena Bazaar at a nearby location in Dhanmondi.
They, along with some other players including Nandan, were mainly catering to the affluent early adopters in buying daily essentials from a single store under the same roof. Supermarkets' main appeal also used to include the diversity in products on shelves.
In 2008, ACI entered the industry with a big buzz aiming to make super shops a common peoples' destination.
Aggressively investing in lots of new stores, ACI's supermarket chain Shwapno succeeded in its mission to a fair extent and became the market leader by far as the average urban consumers began to go there.
Shwapno already opened 207 stores, 55 are large superstores and the remainder are being run by franchisees across the country.
To keep pace with the industry, Agora welcomed its new investor Frontier Fund in 2009, which began with a 49% stake in the company.
Following gradual investments, the foreign private equity investor turned majority shareholder of Agora and now needs to exit like what it is doing in the case of other portfolio companies, including two-wheeler manufacturer Runner Automobiles.
Agora, by now, has 18 superstores of various sizes in Bangladesh - 15 in Dhaka, two in Sylhet and one in Chattogram to offer everything the busy people need in their kitchen.
With an estimated annual turnover of around Tk500 crore, Agora is the second largest player in the industry, while Meena Bazaar with 15 superstores is breathing down its neck.
Also, Pran-RFL venture Daily Shopping with their convenient store model has had over 50 smaller chain stores.
Hypermarket chain Unimart, supermarket chains Princebazar, Lavender and many new entrants are growing in their own market base with a much smaller number of stores.
Zakir Hossain, general secretary at the Bangladesh Supermarket Owners Association, said chains, which are members of his association, are now operating over 300 superstores in the country, while many more modern retail stores have grown outside the association's purview.
Shwapno Executive Director Sabbir Hasan Nasir said that including non-chain superstores, the total number across the country might have crossed 1,000 already.
Modern retail still scratching surface in Bangladesh
"The industry is bound to grow," said association leader Zakir Hossain while explaining the increasing demand for supermarkets.
Changing lifestyle is not allowing an increasing number of urban people to take all the hassles in traditional wet markets as they do not feel like bargaining, or rechecking the product quality amid a tight schedule.
In the first half of the previous decade, the industry grew at an annualised rate of 35%, but a discriminatory value added tax (VAT) on packaged items bought from supermarkets slowed down the growth to an average of 25% in the second half of the 2010s.
During hardship, the supermarket sector's growth is coming down to single digits often nowadays, according to him, as the middle-class are not happy with the extra VAT in superstores, which they do not need to pay in neighbourhood stores.
Like all other regional peer economies, Bangladesh also began to attract investments in supermarket chains two decades ago. But here it is still scratching the surface, while in Sri Lanka, Indonesia, Thailand, the modern stores almost ascended to be synonymous to retailing.
Sabbir Hasan Nasir said modern retailers, including the non-chain ones, in the country are generating an annual turnover amounting to around Tk3,000-Tk3,500 crore.
Shaheen Khan, CEO of Meena Bazaar, said modern retail is still not more than 2% of the national retail figure, while by now, Sri Lankan superstores are contributing to over 42% of the country's annual retail turnover, and it is even higher in many other peer economies in the region.
Sabbir Hasan Nasir said the industry's repeated requests for a level-playing field with the wet markets remained ignored; that is why the industry is still way behind its potential.
Meena Bazar's Shaheen Khan said the discriminatory VAT, the excessive tax on capital machinery a supermarket needs must be rationalised.
Zakir Hossain said when the Bangladesh Food Safety Authority Act was enacted in 2013 and the authority formed in 2015, investors thought that it would boost modern retailing as unhygienic slaughtering, unhygienic handling of other food items should be banned. But nothing changed in reality.
Since Bangladeshis' per-capita income crossed $2,000, modern retailing has all the right reasons to flourish a lot as many customers would prefer the convenience, traceability and assurance it offers, said each of the industry people.
The successful Sri Lankan investor must have analysed the potential of the sector, Zakir Hossain said.
"Now it would depend on the government whether it wants the needed takeoff of modern retailing or not." He added.
What happened to the Agora-Meena Bazaar Deal?
Asked on Saturday, neither the Meena Bazaar nor Agora authorities clearly said what happened to their deal on the table two years back regarding Meena Bazar's interest to acquire Agora.
According to the Bangladesh Bank sources, before the pandemic, Meena Bazaar entered into an agreement with Agora owners to acquire its larger competitor for Tk249 crore.
But the deal value needed to be approved by the Bangladesh Bank, as Agora was not a publicly traded company and the sheer part of the sales proceeds would be remitted abroad.
The central bank approved a price of Tk181 crore for 100% Agora shares, as it has some set valuation methods to follow.
But the Agora investors were not happy with the price dictated by the central bank and looked for a foreign buyer, which might help them avert the central bank interference.
Sri Lankan company snaps up Agora
Neither Softlogic nor Agora owners disclosed the deal value
State Minister for Foreign Affairs Md Shahriar Alam discussed means of promoting bilateral co-operation in the fields of trade and investment during a meeting with Egypt's Trade and Industry Minister Nivine Gamea during a recent meeting between the two ministers.
The meeting was attended by the Bangladesh Ambassador to Egypt Md Monirul Islam along with a number of senior Egyptian officials, reports the Egyptian Gazette.
During the meeting, the two ministers tackled means of encouraging companies and businessmen of both countries to participate in commercial exhibitions in the two countries.
They discussed establishing joint projects in the fields of textiles and ready-made clothes.
Shahriar Alam stressed Bangladesh's keenness on promoting trade and investment cooperation with Egypt which is one of the most important markets in Africa and the Middle East.
He expected a boost in bilateral co-operation in the coming period, especially in view of the launch of a direct airline between the two countries. He invited Gamea to lead a business team on a visit to Bangladesh to stand on partnership and investment opportunities.
Bangladesh, Egypt discuss investment co-operation and trade
State Minister for Foreign Affairs Shahriar Alam stressed Bangladesh's keenness on promoting trade and investment cooperation with Egypt which is one of the most important markets in Africa and the Middle East
Bangladesh has presented updated information on the country's continental shelf in the Bay of Bengal to the United Nations (UN).
"This submission is a major achievement for our country, especially at a time when we are pursuing our long-cherished dream to become a developed country by 2041," said Foreign Minister Dr AK Abdul Momen while presenting the updated information.
He said Bangladesh's ability to utilize the living and non-living resources of the ocean will determine the course of its journey in the coming days.
Dr Momen made the presentation to the 21-member Commission on the Limits of the Continental Shelf (CLCS) during its 54th session in New York on Tuesday.
He was accompanied by Rear Admiral Md Khurshed Alam, Secretary and Head of Maritime Affairs Unit at the Ministry of Foreign Affairs and other technical experts from Bangladesh.
Through the presentation, Bangladesh provided scientific and technical data in support of its entitlement to the continental shelf beyond 200 nautical miles in the Bay of Bengal.
As per rule, a sub-commission formed for this purpose will examine the data and make recommendations endorsing Bangladesh's entitlement.
"Bangladesh is a densely populated country with scarce resources. The final recommendation of the UN would provide a basis for the exploration, conservation and development of living and non-living natural resources that would help ensure our sustainable development, energy needs and the prosperity of our people," said the foreign minister.
The presentation followed the official lodgment of Bangladesh's amended submission to the CLCS on 22 October 2020.
The original version for the delineation of Bangladesh's continental shelf was submitted to the CLCS in February 2011.
However, due to unresolved maritime boundary disputes with Myanmar and India, the Commission was unable to examine the submission.
Subsequently, under the leadership of Prime Minister Sheikh Hasina, Bangladesh resolved the maritime boundaries with its neighbours through international judicial bodies.
Based on the binding verdicts of the international tribunals, the Bangladesh government reviewed its submission and lodged a fresh version to the Commission on 22 October 2020.
In the amended submission, delimitation lines prescribed by the tribunals were used to determine the limits of Bangladesh's continental shelf.
This will allow Bangladesh to begin exploration of natural resources in that area.
The Government has been working on this submission for over a decade now.
Preparation of this submission has been done under the overall coordination of the Ministry of Foreign Affairs with the contribution of expertise and resources from the Bangladesh Navy, Petrobangla, BAPEX, Geological Survey of Bangladesh, SPARRSO, and BIWTA.
Bangladesh also received legal and technical support from Commonwealth Secretariat and from UN Trust Fund.
Bangladesh shares updated info on continental shelf in Bay with UN
It is a major achievement for Bangladesh, says the foreign minister
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Direct flights between Bangladesh and Egypt will be launched in April, said State Minister for Foreign Affairs Shahriar Alam.
The move comes as the Bangladesh government agreed with the Egyptian government to develop economic relations between the two countries, reports the MENAFN.
Shahriar Alam also noted that Bangladesh is also in discussions with Egypt regarding the signing of a free trade agreement to cancel customs tariffs, which will bolster bilateral trade.
The Federation of Egyptian Chambers of Commerce (FEDCOC) Chairperson Ibrahim Al-Araby said that intra-regional trade witnessed a decline during the past years, and despite the diversity of the commodity mix of joint trade, it did not rise to the depth of the political and historical relations between the two countries.
He added that trade balance between the two countries reached only $132.5 million in 2020 — in favour of the Egyptian side — with total exports worth approximately $88 million.
Al-Araby explained that the most important Egyptian exports to Bangladesh were concentrated in raw cotton, some types of fruits and vegetables, ready-made clothes, vegetable seeds, and some chemical industries, while Egyptian imports from Bangladesh were primarily tableware and some types of ready-made clothes.
www.tbsnews.net
The move comes as the Bangladesh government agreed with the Egyptian government to develop economic relations between the two countries, reports the MENAFN.
Shahriar Alam also noted that Bangladesh is also in discussions with Egypt regarding the signing of a free trade agreement to cancel customs tariffs, which will bolster bilateral trade.
The Federation of Egyptian Chambers of Commerce (FEDCOC) Chairperson Ibrahim Al-Araby said that intra-regional trade witnessed a decline during the past years, and despite the diversity of the commodity mix of joint trade, it did not rise to the depth of the political and historical relations between the two countries.
He added that trade balance between the two countries reached only $132.5 million in 2020 — in favour of the Egyptian side — with total exports worth approximately $88 million.
Al-Araby explained that the most important Egyptian exports to Bangladesh were concentrated in raw cotton, some types of fruits and vegetables, ready-made clothes, vegetable seeds, and some chemical industries, while Egyptian imports from Bangladesh were primarily tableware and some types of ready-made clothes.
Bangladesh, Egypt to launch direct flights in April
The move comes as the Bangladesh government agreed with the Egyptian government to develop economic relations between the two countries
