Month: November 2021

State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that Bangladesh needs $65 billion in investment in the power sector to meet growing demand.

He said there will be huge demand in power and energy sector as more than 40 economic zones are being developed across the country.

“These economic zones will create huge opportunity for industrial sector to set up manufacturing units,” he said while making a keynote presentation on “Power and Energy Sector: Change Ahead” at a seminar at the Bangladesh International Investment Summit 2021 at a city hotel on Monday.

The investment summit, organized by Bangladesh Investment Development Authority (BIDA), was also addressed by Prime Minister’s Energy Adviser Dr Tawfiq-e-Elahi Chowdhury, Asian Development Bank’s Bangladesh country director Edimon Ginting, International Finance Corporation’s regional head of industry, infrastructure and natural resources Isabel Chatterton, executive director-Gas to Power Business Development, Acwa Power of Kingdom of Saudi Arabia (KSA) Ayad Al Amri, local Summit Group’s chairman Mohammed Aziz Khan, Chevron Bangladesh’s country director Eric M Walker and president of Bangladesh Independent Power Producers’ Association (BIPPA).

Nasrul said Bangladesh has been offering best policies in the region for the foreign investors to come in the power and energy sector.

“Specially, power transmission and distribution segment and renewable energy could be very potential sector for private investors”, he added.

Nasrul noted that steps have been taken to reduce carbon emission by 49 per cent in power and energy sector by 2030.

“We have already abandoned a number of coal-fired power projects that would generate 8500 MW electricity”, he said adding that the country’s power system master plan is being updated to promote green technologies in the sector.

He said plans are being undertaken to increase the use of electric vehicle to reduce the carbon emission.

Tawfiq-e-Elahi Chowdhury said Bangladesh is emphasizing more on clean energy development rather than renewable energy.

He said technologies are changing fast and Bangladesh is always looking for newer technologies in power and energy sector.

He said Bangladesh will invite foreign companies to invest in its offshore area for hydrocarbon exploration.

ADB country director Edimon Ginting appreciated the government’s current polities for promotion private sector investment.

He said ADB will always remain supportive to Bangladesh to help develop its infrastructures.

Ayad Al Amri said Saudi Arabia has been very experience in power and energy sector and his companies are keen to invest more in the sector in Bangladesh.

Source: United News of Bangladesh

Visiting Turkish entrepreneurs on Monday said they want to invest in Bangladesh as the country is a favorable destination for them.

A 14-member Turkish business delegation showed this interest at a meeting with Dhaka Chamber of Commerce & Industry (DCCI).

The visiting delegation, led by Chairperson of Turkey-Bangladesh Business Council Hulya Gedik, met DCCI President Rizwan Rahman and other members of its Board of Directors. Turkish Ambassador to Bangladesh Mustafa Osman Turan was also present.

The Turkish entrepreneurs said the business environment, policy and regulatory regime of Bangladesh are congenial for them to make investment here.

Hulya Gedik said Bangladesh is not much known to Turkish entrepreneurs due to lack of communication. So, they opened ‘Bangladesh Business Centre’ in Turkey to facilitate their entrepreneurs to know more how to start business in Bangladesh, she said.

The head of Turkish delegation also stressed the need for ensuring the sustainability in the bilateral trade between Turkey and Bangladesh.

The Turkish Ambassador said Bangladesh wants to be a developed nation by 2041 and Turkey wants to be the 10th largest economy. So, it is important to strengthen partnership between the two countries to accomplish the respective goals of both countries, he said.

He said ICT, pharmaceutical and light engineering sectors of Bangladesh have huge potentials to attract FDI.

Though the quality of Turkish machineries is almost like that of European and American ones, the rates of Turkish machineries are cheaper, he said.

Mustafa Osman Turan a few large Turkish companies are already in operation in Bangladesh.

DCCI President Rizwan Rahman said infrastructure, construction materials, railway, renewable energy, automobile, healthcare, medical equipment, shipbuilding, agriculture and home appliance sectors of Bangladesh are among the potential areas for Turkish investment.

In the FY2020-21, Bangladesh’s export to Turkey was US$ 499.79 million, he said.

In FY2019-20, the total bilateral trade between the two countries was US$ 686.41 million. Bangladesh’s export was US$ 453 million against its import of $233.41 million from Turkey, which reflects a positive trade balance of US $220.06 million in favour of Bangladesh, he said.

Turkey sourced only 0.21 percent of its import from Bangladesh, said Rizwan, adding that Bangladesh can be a key focus of Turkey for trade and investment under its “Asia Anew” initiative.

The DCCI president put emphasis on utilizing Turkey-Bangladesh Business Council to facilitate both-way trade and investment.

Commercial Counsellor of Turkish Embassy Kenan Kalayci said the bilateral trade volume increased some 20 percent in the last nine months.

He expects that the total trade between the two countries will reach the mark of US$ 2 billion soon.

The Turkish business delegation is in Dhaka to participate in ‘International investment Summit 2021, organised by Bangladesh Investment Development Authority (BIDA).

Source: United News of Bangladesh

Men’s long stay at home for lack of employment is one of the reasons why violence against women is increasing in Bangladesh, a webinar was told on Monday.

Speakers at the webinar identified the other factors for which women are subjected to violence as decline of income, limited judicial activities and less willpower to file case.

The webinar on `Analysis of Violence Against Women and Action by JNNPF’ was organised by Jatio Nari Nirjatan Protirodh Forum (JNNPF) in association with ActionAid Bangladesh.

The speakers said incidents of torture, oppression and rape of women and children are on the rise in the country. Violence against women and children has been alarming during the COVID-19 pandemic.

In the webinar, JNNPF, a platform of 26 human rights organisations, claimed that 609 cases of domestic violence, 42 cases of rape, 239 cases of torture for dowry and 112 cases of child marriage were reported from 20 districts of the country during January to October this year, according to a press release.

In addition, a total of 1379 complaints were registered including 72 polygamous marriages, 73 divorces, 1 murder and 5 suicides, 132 marital disorder and 94 other incidents.

However, 863 cases have been settled and 422 cases are pending out of 1369 cases.

The JNNPF called for preventing and alleviating violence against women and ensure the safety of women by forming committees at all levels starting from the union level.

In addition to building a resistance movement, they called for a positive role of the administration, speedy judicial action, and the formation of a larger national coalition on the issue of prevention of violence against women and children.

Country Director of ActionAid Bangladesh Farah Kabir said that working together can prevent all forms of violence including violence against women.

JNNPF President Mamtaz Ara Begum, General Secretary Mahmuda Begum, Executive Director of RASIN Asma Akter Mukta, Executive Director of Manab Unnayan Kendra Ashaduzzaman Selim and Manager of Swabalambi Samaj Unnayan Sangstha (SSUS) Kuhinur Begum shared the data and experiences in a webinar.

It was conducted by Manager (Women Rights and Gender Equity) of ActionAid Bangladesh Morium Nesa.

Source: United News of Bangladesh

Rabindra University authorities suspended teacher Farhana Yeasmin Baten from academic and administrative activities for three academic years for trimming the hair of its 14 students.

An office order on the final decision of the university authorities, signed by registrar Sohrab Hossain, was hanged on the notice board on Sunday.

According to the office order, Farhana, an associate professor of Cultural Heritage and Bangladesh Studies Department, has been instructed to refrain from all academic and administrative activities including taking classes and exams, until the end of the academic activities of 2017-18, 2018-19 and 2019-20 academic years.

Regarding the decision, students, who have been demanding termination of the teacher, said that it would have been better if such a decision had been taken by the Academic Council at the beginning of the movement.

However, the university authorities took such a decision in favor of accused teacher Farhana Yeasmin, the students alleged.

Earlier on September 26, Farhana Yeasmin Baten, also the chair of the Cultural Heritage and Bangladesh Studies Department, was charged with forcibly cutting the hair of 16 students.

The following day, Nazmul Hasan Tuhin, a student, tried to take his own life by consuming sleeping pills, prompting the university students to burst into protests. They also boycotted all the exams and classes on September 28.

Amid the protests, Farhana relinquished her three administrative positions on the same day.

Later, a five-member probe body was formed to investigate the incident. The university finally suspended Farhana on September 30.

On October 24, Shamim Hossain, a third-year student of Cultural Heritage and Bangladesh Studies, reportedly attempted to kill himself by swallowing poison demanding termination of Farhana.

Two days later, a probe committee formed by Rabindra University recommended taking action against its teacher Farhana for trimming the hair of its 14 students saying that it has found the ‘proof of her offence’.

Source: United News of Bangladesh

Bangladesh receives $2.7 billion investment commitments from potential foreign businesses as a two-day international investment conference concluded in Dhaka on Monday.

Talking to the UNB at the summit venue Md. Sirajul Islam, executive chairman of Bangladesh Investment Development Authority (BIDA) said the pledged investment may even increase to $ 5 billion as some global partners are expected to declare their commitments later.

Bangladesh Economic Zones Authority (BEZA) and Karnaphuli Export Processing Zone have signed an investment deal of $150 million on the closing day of the summit.

The conference focused on the opportunity of investment in the country as its domestic markets have been expanding with enhancing buying capacity of consumers.

Speaking in different sessions on November 28 and 29, the private and public sector experts, investors, business organizations’ leaders emphasized Bangladesh’ domestic markets’ consumption demand along with the country’s ability in the productions as well as manufacturing sector.

They said per capita income of Bangladesh crossed (USD) $2500, which means purchase capacity of the people have increased significantly.

Bangladesh not only exporting goods in the global markets, but also importing a big volume of household appliance and consumers items, they said.

Banks and financial institutions have been fully digitalized, electronic transaction system also modernized, mobile financial sector brought a revolution in online purchasing and e-commerce selling, the summit documents claimed.

Readymade garments sector leaders said Bangladesh’ contribution in the garments manufacturing has been increasing gradually and new investment is required for development.

Leather and leather goods entrepreneurs have showcased investment potentials in the sectors.

Finance minister AHM Mustafa Kamal was the chief gest in the closing ceremony while Salman F Rahman, prime minister’s adviser on industry and investment was the special guest and Saleh Nasser Al- Jasser, Minister of Transport and Logistics was present as guest.

Dhaka North City Mayor Md Atiqul Islam, State Minister Nasrul Hamid , Hector Gomez Ang, regional director of international finance corporation (IFC), Rupali Huque Chowdhury, president of foreign investors’ chamber of commerce and industry (FICCI), among others, were spoke in the closing functions.

Prime minister Sheikh Hasina virtually inaugurated the summit on Sunday as the chief guest. Ministers, local and foreign delegates and experts joined physically.

The slogan for the summit was “Bangladesh Discover Limitless Opportunities”.

The summit was organised the occasion of Mujib Borsho, the birth centennial of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

BIDA organized the summit in association with Bangladesh Economic Zones Authority (Beza), Bangladesh Export Processing Zones Authority (Bepza), Bangladesh Hi-Tech Park Authority (BHTPA), Public Private Partnership Authority (PPPA), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Foreign Investors’ Chamber Of Commerce and Industry (FICCI)

Representatives of government and investors from 54 countries, including the USA, the United Kingdom, Japan, South Korea, Singapore, China, Saudi Arabia, United Arab Emirate, India, Turkey, Thailand, Malaysia, and the Netherlands took part in the conference.

Source: United News of Bangladesh