PM to inaugurate IORA Blue Economy Ministerial Conference
Prime Minister Sheikh Hasina is scheduled to inaugurate the Indian Ocean Rim Association [IORA] Blue Economy Ministerial Conference [BEC-III] on Thursday. Member States of IORA will discuss ways to promote smart, sustainable and inclusive growth and employment opportunities in the Indian Ocean belt. The title of the conference is ‘Promoting Sustainable Blue Economy – making the best use of opportunities from the Indian Ocean,’ reports UNB. The conference will adopt the Dhaka Declaration and other outcome documents aimed at illustrating the commitment of IORA Member States to further strengthen and deepen cooperation on Blue Economy priority areas in the years ahead. IORA ministers and heads of delegation will jointly meet Prime Minister Sheikh Hasina after the inaugural session of the ministerial conference at Hotel InterContinental, said an official at the Ministry of Foreign Affairs. The first and the second IORA ministerial conferences on Blue Economy set out a foundation to elaborate strategic areas for cooperation on ocean-based growth in the Indian Ocean. To continue with that momentum, this is the time to further nurture various areas of blue economy such as aquaculture, marine tourism, and private sector’s involvement in infrastructure, port network, financial inclusion, sustainable exploration and exploitation of various living and non-living resources from the seas and tackling the menace of marine pollution and plastic debris. IORA member states are – Australia, Bangladesh, Union of Comoros, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Seychelles, Singapore, Somalia, South Africa, Sri Lanka, Tanzania, Thailand, United Arab Emirates and Yemen.
No Unauthorised Note in Social Media: BB
Bangladesh Bank on Tuesday urged the social media users to refrain from using pictures of any unauthorised note in Facebook or other social media. The central bank also urged the law enforcement agencies to take necessary measures against the use of such notes in Facebook or other social media. ‘Picture of a note, worth Tk 100, is available on Facebook. The photo of prime minister Sheikh Hasina is on the left side of the note and the photo of Bangabandhu Satellite is on the back,’ said the BB through a press release. The note has been spread through several Facebook IDs that have been shared by many people. The BB informed that the central bank had taken no initiative to print such notes. So, the note on Facebook is completely fake, the release said.
Economic Growth Faces Some Risks: MCCI
The Metropolitan Chamber of Commerce and Industry on Wednesday said that there were significant downside risks, including power and gas shortage, insufficiency of investment and weak infrastructure that posed threats to the country’s economic growth despite creditable achievements in last fiscal year 2018-2019. The leading trade body in its quarterly review of economic situation in Bangladesh for April-June period made the observation with an urge to carefully address the risks as it might disrupt industrial production and also discourage new investment. Bangladesh’s estimated GDP growth at 8.13 per cent in last fiscal year is immense compared with the GDP growth of many other developing countries. Inadequate infrastructure, lack of investor confidence in the economy that discourages fresh investment, and shortage of power and energy, are now major impediments to the growth, it commented. Weak implementation and ambiguity of regulatory and policy frameworks, among others, are another obstacles to the economy. Private sector credit registered 11.29 per cent in last fiscal year against that of 16.94 per cent in the previous fiscal year 2017-2018. Private sector credit growth was also below Bangladesh Bank’s target of 16.5 per cent set in the monetary policy for the second half of FY19. The capital market witnessed a declining trend for most of the time in the year. The overall economic situation is positive as indicated by steady improvements in the major economic indicators. Steady progress in the agriculture sector, moderately good growth in industry despite the crisis in the power sector, the decline in the inflation rate, macroeconomic stability, the build-up of a comfortable foreign exchange reserve, and good progress in achieving the SDGs boost people’s confidence in the country’s ability to attain accelerated economic growth, according to the report.
Awareness Event on Producing Safe milk
PRAN Dairy organised an awareness program for farmers to produce safe milk. The program was held at PRAN Dairy Complex at Shahjadpur in Sirajganj on Wednesday. The speakers at the program underscored the need for ensuring proper food and treatment to the cattle for producing safe milk. They also advised the farmers to rear cows and milking in healthy environment as well as preservation of milk and transportation of milk maintaining hygiene and cold chain. PRAN Dairy has 12000 contract farmers in five dairy hubs situated in the northern districts of the country. This program, aiming to produce safe milk through building awareness to the farmers, will be continued.
ICCB stresses FDI for Sustainable Economic Development
Foreign direct Investment [FDI] has long been the most viable method of wealth and technological transfer between the developed and developing countries in the world. FDI has an important role to play in helping achieve the UN Agenda 2030 Sustainable Development Goals. FDI is considered to be the most powerful international mechanism for mobilising tangible and intangible assets that are essential for growth and development, according to the editorial of the News Bulletin [April-June 2019] of International Chamber of Commerce-Bangladesh [ICCB] released Tuesday. Global foreign direct investment [FDI] flows continued their slide in 2018, falling by 13 per cent to $1.3 trillion. The decline – the third consecutive year’s fall in FDI – has been mainly due to large-scale repatriations of accumulated foreign earnings by United States multinational enterprises [MNEs] in the first two quarters of 2018, following tax reforms introduced by Trump administration at the end of 2017. It is estimated that the total annual financing needed to reach the SDG targets would range between $4.6 trillion to $7.9 trillion at the global level. The total annual investment gap in key sustainable development sectors is estimated at $2.5 trillion by UNCTAD and many States must double their current infrastructure investment levels. Given the fragility of investment in many developing economies, meeting these daunting targets require stable and steady flows of investment finance. In the Asia-Pacific region, United Nations Economic and Social Commission for Asia and the Pacific [ESCAP] has estimated that financing SDGs would require an additional investment of $1.5 trillion per year or an average of 5.0 per cent of GDP. For least developed countries [LDCs] in the region, the challenge is even bigger as it requires 16 per cent of GDP to finance the SDGs. This clearly suggests that in addition to national efforts, the region needs to strengthen its regional cooperation to facilitate the achievement of the SDGs through adequate financial resource mobilisation among all the countries in the region. However, mobilising sufficient financing remains the major challenge to achieve the SDGs Agenda. Although interests in inclusive and sustainable financing are growing from both public and private sectors, the most needed investment for SDGs related projects remain underfunded. Systemic risk is also rising amidst uncertainty about the global economy from increasing debt burdens and trade policies towards protectionism.
Tech-, Knowledge-based Society for Futue: BIDA EC
The country should focus on increasing investment to establish a knowledge- and technology-based society, so that it can cope with the upcoming challenges, said Kazi M Aminul Islam, outgoing executive chairman [EC] of the Bangladesh Investment Development Authority [BIDA]. Different programmes undertaken by the Bangladesh Investment Development Authority. It was formed in September 1, 2016, following merger of the two government agencies – the Board of Investment and the Privatisation Commission. A complex work like integration of the two organisations and their workforces was done successfully. In 2018, Bangladesh fetched US$ 3.61 billion Foreign Direct Investment [FDI]. The volume of global investment decreased by 13 per cent last year, whereas it increased by a robust 68 per cent in Bangladesh. The BIDA is notifying the world about the excellent investment potentials of Bangladesh. As a result, the countries like Japan, China, Singapore and Saudi Arabia have responded positively to invest here.
Huge Hilsa catch: Happy Barishal Fishermen
Huge catch of big sized hilsa at the beginning of peak season brings smiles to fishermen in Barishal. The peak season of hilsa catching just started and it would continue till the end of October. A spot visit to Port Road wholesale hilsa market in the city on Saturday found about 100 trawlers from different areas of Barishal, Bhola, Chattogram, Noakhali, Patuakhali and Barguna anchored on the bank of Kirtankhola river for unloading the fish netted from bay, coast, estuary and inner rivers. The trawlers carried over 500 mounds of hilsa. Due to increased supply of hilsa, prices went down by 25 to 30 per cent per kilogram compared to last month. Last month, a fisherman sold 30 mound hilsa at the rate of per mound Tk 48,000, but now he sold 40 mound hilsa at Tk 36,000 a mound. The size of netted hilsa mostly 700 to 900 grams, so it was a good sign for increasing hilsa. According to the market price, hilsa weighing up to one kilogram were selling at Tk 900 per kg and hilsas weighing 600 grams to 900 grams were selling at Tk 700-800 a kg and below 600 grams sized were being sold at Tk 600 per kg.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||7,311.26|| ↑43.07 ||↑0.59%|
|Nikkei 225|| 21,142.81||↑493.67||↑2.39%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 56.23 ||↓ 0.03 ||↓ 0.05%|
|Crude Oil (Brent)||$ 60.67||↓ 0.03||↓ 0.05%|
|Gold Spot||$ 1,545.33 ||↓ 7.22|| ↓ 0.47% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.7380|
|GBP 1||BDT 100.707|
|EUR 1||BDT 91.0695|
|INR 1||BDT 1.14698|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<