Day: June 2, 2024

A seven-member delegation from Sri Lanka, focusing on public procurement, commenced a three-day experience-sharing visit to Bangladesh Public Procurement Authority (BPPA) starting from today. The visit aims to understand and implement the success in SriLanka of the electronic Government Procurement (e-GP) system, introduced by BPPA. The delegation was welcomed today at BPPA by the Chief Executive Officer (CEO) of BPPA, Mohammed Shoheler Rahman Chowdhury. E.A. Rathnaseela, the Director General of the Public Finance Department of Sri Lanka, led the delegation, said a press release. The delegation includes officials from the e-GP Secretariat of Sri Lanka, the National Procurement Commission, the Department of Information Technology Management and the Department of Public Finance. Representatives from the World Bank and the Asian Development Bank are also part of the Sri Lankan delegation. A prior visit by a three-member Sri Lankan delegation to the former CPTU in 2017 also aimed at understanding the impleme ntation of the e-GP system in Bangladesh. The CPTU was transformed into BPPA on September 18, 2023. To date, including this current visit, a total of 12 countries and five international organizations have visited BPPA or the former CPTU to exchange views on e-GP. These countries and organizations include Tanzania, Egypt, Mozambique, Nigeria, Ethiopia, Austria, Sri Lanka, Bhutan, Afghanistan, Nepal, The Gambia, and the New Development Bank, IMF, WeConnect International, Korean International Cooperation Agency, and Social Enterprise (UK). On June 2, 2011, Prime Minister Sheikh Hasina inaugurated the e-GP portal to digitize public procurement. Since then, e-GP has rapidly expanded. Currently, all processes related to public procurement, including contract management, are conducted online through e-GP. This comprehensive digital procurement system has garnered praise both domestically and internationally. Although Sri Lanka has introduced e-GP, they are facing challenges and have not yet fully digitized the s ystem. The leader of the delegation mentioned that this visit is to learn about and understand how Bangladesh has successfully implemented e-GP. BPPA's CEO explained the background and process of e-GP implementation in Bangladesh. Dohatec New Media has been engaged as the lead consultant for the operation and management of the e-GP system, along with Beximco IT Division and GSS Infotech Ltd. On the first day, BPPA officials and technical experts were present. The technical experts provided detailed explanations on various aspects of e-GP to the Sri Lankan delegation. Mohammad Moinul Hossain covered Data Center Management and e-GP System Security, Abu Md. Mostofa new technology adoption in e-GP, Nazmul Islam Bhuiyan talked about e-GP System Operation and Management, and Md. Mosharraf Hossain provided an overview of e-GP in Bangladesh. Dohatec New Media is giving a detailed description of the practical aspects of e-GP to the Sri Lankan delegation. Additionally, the delegation will visit the LGED office to gain practical insights into e-GP implementation. The three-day visit will conclude on June 4. The World Bank has been assisting Bangladesh in the implementation of the e-GP system. Source: Bangladesh Sangbad Sangstha

Saied Mahmud Zubayer, Head of Issue Marketing, Promotion and Debt Market Development, Dhaka Stock Exchange PLC, has been appointed as a member of the Global Council of CGIA Institute, USA. He has been appointed as a member of the Global Council of the 'CGIA Institute' for a term of three years through the official order of the CGIA Institute. The CGIA Institute is a globally recognized professional organization of finance and investment professionals that sets global standards for ethical investment practices for the finance and investment management industry, with its headquarters in the United States. CGIA Network Bangladesh is managing all activities in Bangladesh under the supervision of CGIA Institute, USA. Note that Saied Mahmud Zubayer was the founder president of CGIA Network Bangladesh. The institute offers the Chartered Global Investment Analyst (CGIA) designation and the CGIA Foundation Program (CFP) certificate, which is recognized in more than 100 countries worldwide. Source: Bangladesh Sa ngbad Sangstha

The Center for Policy Dialogue (CPD) today observed that the macroeconomic framework for the upcoming fiscal year (FY2025) should continue to focus on curbing inflation and stabilising the exchange rate. 'Restoring macroeconomic stability should be the main focus of the policymakers. They must also offer concrete measures for proving respite to the inflation-afflicted common people with limited income,' said CPD Research Director Dr Khondaker Golam Moazzem. He said this while speaking at a media briefing to share CPD's observations on the state of Bangladesh's economy in the fiscal year of 2023-24 at its office here in the city. Golam Moazzem said the performance of the Bangladesh economy during the first ten months of FY2024 indicates that the remaining months of the FY2024 will continue to face the ongoing challenges despite some positive policy measures taken by the Bangladesh Bank. This is because it takes a while to see the outcome of any policy, he added. However, he said, the effectiveness of any policy also depends on complementary polices in other areas. In the backdrop of formidable economic challenges, the new Finance Minister will present the national budget for FY2025, he mentioned. He emphasised that while restoring macroeconomic stability should be the main focus of the policymakers, they must also offer concrete measures for proving respite to the inflation-afflicted common people with limited income. Golam Moazzem said issues such as enhancing fiscal space, prioritising expenditure, and prioritising foreign financing ought to guide the public finance management in FY2025. For positive outcomes of policy measures and improving macroeconomic performance, he said, complementarity between the fiscal and monetary policies must be ensured. Along with the immediate and short-term measures, he said, the government should also work towards addressing the structural problems such as establishing good governance and strengthening institutions through reforms. Golam Moazzem, however, said that the success in controlling inflation will depend on the proper implementation of the policies undertaken by the government. 'No policy can work in isolation. Therefore, relevant ministry and departments will have to coordinate among various policies for containing inflation,' he added. While monetary policy is an important instrument, fiscal trade and agriculture policies are also crucial in addressing the challenge of inflationary pressure, he said. He mentioned that the Bangladesh Competition Commission should adopt a strong stance against cartels and a zero-tolerance policy towards collusive practices. He said the Competition Act 2012 should be revised to address monopolies and include specific anti-trust clauses and concrete penalties for violators. He noted that the government should provide direct cash support to people experiencing poverty, enhance social protection for low-income families, and extend stimulus packages to small businesses for survival during challenging times. Distribution of essenti al commodities sold through the open market system (OMS) must be managed effectively and without corruption so that eligible people can access these items at low prices, he added. Source: Bangladesh Sangbad Sangstha

Dhaka Chamber of Commerce and Industry (DCCI) today urged the United Kingdom (UK) to import more from Bangladesh. DCCI President Ashraf Ahmed made the call while meeting with the British High Commissioner to Bangladesh Sarah Cooke at DCCI Gulshan Centre in the city, said a press release. DCCI Vice President Md Junaed Ibna Ali and members of the Board of Directors were also present at that time. Welcoming the British High Commissioner to DCCI, Ashraf Ahmed said the total bilateral trade between Bangladesh and UK reached US$ 5.73 billion in FY2023. The UK is the 3rd largest export destination and 26th largest import source of Bangladesh, he mentioned. In FY2022-23, he said export from Bangladesh to UK was $ 5.31 billion and total import from UK was $ 415.32 million. The UK is the second largest foreign investment source for Bangladesh followed by USA with $ 3.04 billion FDI stock, he added. He said the potential of economic partnership between the UK and Bangladesh is very bright especially in the field s of finance, healthcare, Fin-tech, BPO, BPS, tourism, and education sectors. Moreover, he said, the UK can also transfer technical know-how, innovation and skills in ICT, Architecture, Healthcare sectors through joint venture partnership. Both Bangladesh and the UK need to initiate and expand discussions for framing agreements at G2G level to boost bilateral trade and investment during the post LDC era, he added. Bilateral discussions need to reflect new priorities arising from Bangladesh's economic transition, he said. Investments from the UK into Bangladesh needs new focus as does private sector to private sector connectivity, he added. He informed that over 94 percent of export from Bangladesh to UK concentrated on ready-made garments (RMG) products ($ 5.03 billion). Other than RMG products, few more items are also being exported to the UK, but their volume is not up to the expected level, he added. Sarah Cooke said Bangladesh has done a lot of changes in the last decade and its economy also advanc ed a lot. She also said that the UK is interested to work with Bangladesh regarding economic progress and climate change issues. She again said that the UK will extend its possible support to Bangladesh in successful graduation from the LDC to middle income country status. But after the LDC graduation, to keep export market safe, Bangladesh needs to diversify its exportable items other than RMG products, she added. She hoped that the both way trade and export between UK and Bangladesh will accelerate in the future. Besides, the tax-GDP ratio of Bangladesh should be increased, she said. Agriculture, Sea Food (shrimp), leather goods, light engineering especially bicycle and RMG have huge potential for Bangladeshi exporters in the UK market, she added. She also stressed on producing quality products having international standard to grab international market. In order to attract more FDI, she suggested that Bangladesh needs to work more on the policy reforms, sustainable and predictable policy regime, int ellectual property right (IPR), alternative dispute resolution (ADR) and repatriation of profit related issues. Prioritizing strong trade and investment relation further, she later invited Bangladeshi business delegations to UK to enhance better connectivity, she said. Source: Bangladesh Sangbad Sangstha

To prevent abuse of Mobile Financial Services (MFS), bKash in collaboration with Gazipur Metropolitan Police, recently organised a day-long workshop. A total of 45 investigation officers have participated in this workshop, titled 'Investigation and Prevention of Misuse of Mobile Financial Services' held at Police Commissioner's office. The workshop discussed in details on how to use the information to identify the criminal gangs and bring them to justice, said a press release today. Gazipur Metropolitan Police Commissioner Md Mahbub Alam was present as the chief guest at the workshop. Former Additional IGP of Bangladesh Police and Advisor to bKash Dr. Md. Nazibur Rahman, A. K. M. Monirul Karim, EVP and HoD, External Affairs, bKash and other senior officials of bKash and Gazipur Metropolitan Police were present at the workshop. Source: Bangladesh Sangbad Sangstha

Expatriate Bangladeshis sent US$2.25 billion remittances in May, 2024 which was 32.35 percent higher than the corresponding month of the previous year. The country received $1.7 billion from overseas workers in May 2023, according to the central bank data. This month's remittance was 10.29 percent higher than April this year, the period of Eid-ul-Fitr. In March, Bangladesh received $2.04 billion in remittances. Source: Bangladesh Sangbad Sangstha

State Minister for Finance Waseqa Ayesha Khan today said that attaining the Sustainable Development Goals (SDGs) is possible through setting specific goals and effective coordination. She said this while addressing a workshop titled 'Strengthening partnership in attaining SDGs in the context of LDC graduation' organized by the 'Support to Sustainable Graduation' project under the Economic Relations Division (ERD) held at the NEC-2 Conference Room in the city's Sher-e-Bangla Nagar area. Noting that the goal of the farsighted leadership of Father of the Nation Bangabandhu Sheikh Mujibur Rahman was global development and establishing peace, she said Bangladesh has become a 'role model' of development in the global arena under the leadership of Prime Minister Sheikh Hasina while the country is also in the right direction in attaining the SDGs. Waseqa said that the private sector has a big role alongside the public sector in attaining the SDGs. Putting emphasis on raising the direct tax alongside decreasing t he trend of tax exemption, the state minister said tax collection and tax exemption are almost the same and such practice does not exist in any country. 'There is no alternative to automation in tax collection. Those who are deterring the digitalization process will be brought under justice, if necessary,' she said. The state minister said it is not possible to stay in the global market through providing only tax support, rather the export income should have to be boosted through export diversification. 'Following LDC graduation, the revenue generation from customs will decline,' she added. Presided over by ERD Secretary M Shahriar Kader Siddiqui, additional secretary (SDG affairs, PMO) Mohammad Monirul Islam was the main discussant in the event. Additional secretary Dr Reazul Bashar made a power-point presentation on LDC graduation and attainment of SDGs. Senior officials of various ministries and divisions attended the workshop. Source: Bangladesh Sangbad Sangstha

International Maritime Organization (IMO) Secretary General Arsenio Antonio Dominguez Velasco today visited Chattogram port. Bangladesh High Commissioner to the UK Saida Muna Tasneem accompanied him. The IMO secretary general inspected the port's EMU activities, safety and security activities along the river from the Boat Club. Later, Chattogram Port Authority (CPA) organized a briefing session on Bangladesh seaports at Shaheed Munshi Fazlur Rahman Auditorium. Port Chairman Rear Admiral Mohammad Sohail welcomed the IMO Secretary General and introduced the participants in the session. The port chairman highlighted the importance of seaports in Bangladesh in his welcome speech and thanked the IMO Secretary General for the collaborative role and overall cooperation of IMO regarding the ports. A power point presentation and documentary on development and future plans of Chattogram, other ports and maritime sectors were screened at the meeting. The secretary general appreciated the contribution of Chattogr am Port to the international maritime sector and economic development of the country. The IMO secretary said IMO as its member state is working to protect the interests of Bangladesh. He called for the speedy implementation of the Hong Kong Resolution on Maritime Affairs. Velasco appreciated the inclusion of green port technology in various development projects undertaken by Chattogram Port. After the meeting, the IMO secretary general inspected the operational activities of Chattogram port. Source: Bangladesh Sangbad Sangstha