IDB to enhance support for developing BD’s human capital
Multilateral development financier Islamic Development Bank (IDB) is looking to enhance its support for Bangladesh in developing the country’s human capital. The world is now entering a new era- and this era is marked by huge challenges. If you look at countries like South Korea or Singapore, they have become industrialized through investing in science, technology and innovation and through building their human capital. So, if we can create a strong pool of human capital that is qualified to build their own future and support their communities and countries, they will take the country forward. Since taking the office in 2016, I have wanted IDB to be fast and proactive in responding to the needs of the member countries and also to accelerate the implementation of our projects. Currently, IDB is formulating its second generation Member Country Partnership Strategy (MCPS) for Bangladesh which would chalk out the areas where the multilateral development bank would invest in the next three years. The total amount of development finance required by our member countries until 2030 is about US$ 1.0 trillion. But the total amount of financing available with the multilateral development banks is about US$ 147 billion. Headquartered in Jeddah, the membership of IDB currently consists of 57 countries. Bangladesh is the biggest recipient of IDB financing among its member countries, receiving more than US$ 21.9 billion of financing since 1974 including trade insurance and trade financing.
Apparel pushes up exports to US
The overall value of Bangladesh’s exports to the US increased 5.83 percent year-on-year to $3.63 billion in the first seven months this year propelled by higher apparel shipments, US Census Bureau data shows. Export of apparel items grew 5.61 percent to $3.21 billion while Bangladesh moved to the third position from sixth with respect to garment export to the US, according to data from the US Office of Textile and Apparel (OTEXA). Of Bangladesh’s total export value, garment items account for over 90 percent. China still holds the top position having exported $14.19 billion-worth garment items in the last seven months. However, China’s garment export to the US declined 0.83 percent year-on-year. Currently, 67 green garment factories are in operation in Bangladesh — some of them the best in the world. Over 300 green garment factories, now under construction, are going to be certified by US Green Building Council. Vietnam holds the second position on the list of top garment exporters to the US with $6.94 billion worth of goods, up 6.41 percent year-on-year, data showed. Indonesia is in the fourth position with $2.61 billion, down by 3.70 percent, India $2.41 billion, up 3.92 percent, and Cambodia $1.36 billion, up 15.45 percent.
Reframing sustainable development in Bangladesh
Bangladesh, the tropical nation of rivers, has only recently caught the attention of the international community for its sustainable development programs and entrepreneurship. Since 1974, the Islamic Development Bank has been supporting the country’s efforts to improve its resilience and reduce its poverty line, and we are proud to be working in close collaboration with the government on its vision towards a prosperous Bangladesh. Out of our 57 member countries, Bangladesh is the largest beneficiary of the bank’s financing and investments, with an excess of $21.9 billion dedicated to several development projects, investment and trade insurances, and public-private partnerships. The annual financing gap to deliver the SDGs for the entire world is estimated at $2.5 trillion. Our member countries could potentially contribute $1 trillion to the cause, but in order to meet this vast gulf, our perspective on development must shift dramatically. Bangladesh embodies this change and accelerates at pace. Together with its partners and fantastic national talent, it will continue to flourish.
China investment, trade fair opens
Thousands of business leaders and investors gathered at the opening of the 20th China International Fair for Investment and Trade on Saturday. The three-day event has been organized at the Xiamen International Conference and Exhibition Centre here. The Fujian provincial government, the Xiamen municipal government and the Investment Promotion Bureau of Chinese commerce ministry co-hosted it. More than 800 industry and commerce groups and 4,000 companies from 110 countries and regions are participating in the fair with 100,000 merchants. According to the organizing committee, some 100 seminars and conference. A seminar titled ‘Bangladesh Investment Environment Briefing’ will be held on Monday at the fair venue. This is an annual global investment promotion event of the largest scale and widest influence. The platform connects businessmen all over the world, where participants exchange views and information in the field of business and trade. The fair comprises an investment and trade exhibition, forum discussion and policy release and investment project connection.
Alibaba’s Jack Ma ‘to retire and focus on philanthropy’
Alibaba co-founder and chairman Jack Ma plans to retire from the Chinese e-commerce giant on Monday to devote his time to philanthropy focused on education, he told the New York Times in an interview. Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar internet colossus, becoming one of the world’s richest men and a revered figure in his homeland. His own worth has soared along with that of the company, which was valued at $420.8 billion based on its share price at the close of trade on Friday. Ma told The New York Times that he plans to step down from the company on Monday — his 54th birthday — referring to his departure as ‘the beginning of an era’ rather than an end. Ma, who gave up the title of CEO in 2013, said he now planned to devote his time and fortune to education. As he prepares to leave the company, Ma is among China’s richest men with a net worth estimated by Forbes at $38.6 billion. Ma’s retirement comes after a torrid couple of weeks for his rival tech CEOs in China.
Summit wins best private power generation company award
At the inauguration of “Power & Energy Week 2018”, Summit was awarded the prestigious Best Private Power Generation Company in recognition of fastest implemented power plant in the country. Summit had completed construction-to-power generation of 300 MW power plant in Kodda, Gazipur in only nine months. With this accolade, Summit became the award winner of the highest national recognition for the power generation five times in a row. The four other awards received earlier were for Summit Barisal Power Ltd-120 MW (2016), Summit Bibiyana II Power Co Ltd- 352 MW (2015), Summit Meghnaghat Power Co Ltd – 337 MW (2014) and Summit Purbanchal Power Co – 70 MW (2013).
Local and Global Stock Indices *
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World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$67.75||↓0.02||↓0.03%|
|Crude Oil (Brent)||$ 76.83||↑0.33||↑0.43%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7125|
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|EUR 1||BDT 97.4303|
|INR 1||BDT 1.1633|
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