United News of Bangladesh

During a recent trip to the Kingdom of Saudi Arabia (KSA), Salman Fazlur Rahman, Prime Minister’s Advisor on Private Industry and Investment, sought extended credit terms to alleviate Bangladesh's pressing dollar crisis. This request was made to facilitate longer payment periods for fuel imports from Saudi Arabia, a critical concern given the current financial constraints. In a press briefing held on Tuesday (February 06, 2024) at the Bangladesh Investment Development Authority (BIDA) building upon his return, Rahman shared insights from his three-day visit. “Currently, we have a 45-day window to settle payments for fuel imports from Saudi Arabia. Given the dollar scarcity, extending this to a year would greatly benefit us. The Saudi officials have agreed to consider this proposal,” Rahman disclosed. Rahman represented Bangladesh at the Islamic Military Counter Terrorism Coalition (IMCTC) meeting, emphasizing Bangladesh’s firm stance against terrorism and the misuse of Islam to justify such acts. “Terror has no religion, and by fostering cooperation among Islamic nations through the IMCTC, we aim to combat the defamation of Islam by terrorism,” he stated. Read: President urges KSA to invest more in Bangladesh The advisor highlighted the unanimous condemnation of the ongoing crises in Gaza by meeting participants, alongside a collective call for resolution. The plight of the Rohingya refugees in Bangladesh was also addressed, with a commitment to seek solutions. On the economic front, Rahman revealed Saudi investors’ interest in establishing a special economic zone in Bangladesh. “We are keen to allocate an economic zone to Saudi Arabia within Bangladesh. Their investment minister has shown enthusiasm for this project,” Rahman noted. Additionally, plans are underway to bolster Bangladesh’s agricultural sector through the joint establishment of a urea fertilizer plant in Saudi Arabia. “This collaboration aims to ensure a steady supply of fertilizers, enhancing our agricultural output. The proposal has been warmly received, with a feasibility study due to conclude by March,” he explained, highlighting the opportunity for private sector involvement alongside government-to-government initiatives. Read more: KSA's Majlish E Shura Council President Abdullah arrives in Dhaka

Prime Minister’s Adviser for Private Industries and Investment Salman F. Rahman and US Under Secretary for Civilian Security, Democracy, and Human Rights Uzra Zeya have acknowledged that in a democracy, the only means to change the government is through elections.  Rahman reiterated Prime Minister Sheikh Hasina's firm commitment to ensure that the upcoming national election of Bangladesh is held in a free, fair, and peaceful manner. Under Secretary Zeya reaffirmed that the US does not support any particular political party, rather it is keen to see the continuation of democracy in Bangladesh. They held a meeting on Friday (October 27, 2023) at the US Department of State in Washington DC. Businesses to be challenged by interest rate hikes in future: Salman F Rahman "Vital conversation with Salman F Rahman, MP on US-Bangladesh partnership. Looking forward to continued engagement on shared concerns, including delivery of humanitarian assistance to Gaza; free & fair elections in Bangladesh; and Rohingya refugee support," Uzra Zeya tweeted after the meeting.  They discussed a wide range of bilateral issues including further enhancing the existing economic partnership between Bangladesh and the USA. BNP spreading lies about US visa policy: Salman F Rahman Adviser Rahman and Under Secretary Zeya also discussed recent conflicts in the Middle East, Rohingya issue and general election in Bangladesh, according to the Bangladesh Embassy in Washington.  Uzra Zeya praised Bangladesh’s generosity for hosting over 1.2 million Rohingya population and assured continued US support for them. Bangladesh Ambassador to the USA Muhammad Imran, Deputy Assistant Secretary of State for South and Central Asian Affairs Afreen Akhter and senior officials of Bangladesh Embassy and US State Department were present at the meeting. BNP will miss election bus if they stick to one-point demand: Salman F Rahman

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman has emphasized on diversification of exports and reducing imports to stabilize the currency's depreciating trend. He was speaking at a business luncheon meeting organized by Bangladesh-Malaysia Chamber of Commerce and Industry at a city hotel on Sunday. Salman said the austerity measures initiated by the government and the central bank to rein in a bullish trend of import since the beginning of the second half of last fiscal year are paying dividends as import costs have shrunk to $6 billion from over $8 billion a month. “It [imports] used to be $8 billion a month, which came down to $7 billion last month and $6 billion this month. I believe our issues will be resolved pretty soon," he said. Salman said the prime minister took proactive initiatives to protect the economy in pandemic times and she did the same when the dollar prices began skyrocketing. Read: Govt to provide financial support to ensure compliance in industries: Salman F Rahman "Alongside, Bangladesh Bank has taken initiatives to reduce imports at the right time." "When this government came to power we have about 4 thousand MW capacity in electricity but now it has become 22 thousand MW which reveals our potent energy situation. Though we now have a better situation to attract the FDI and I also admit there is room for development,” he says. The policies that make RMG a successful enterprise have to be replicated in other sectors," he added. Dr. Selim Raihan, Executive Director of South Asian Network on Economic Modeling (SANEM) presented the keynote speech on “Anatomy of a Macroeconomic Crisis”. "We shouldn’t call the situation a crisis rather we say it is a challenge," he added. "Yes, our foreign reserves have some pressure but we need not be compared with other countries like Srilanka and Pakistan as our economic base is more stable and stronger." President of FBCCI Md. Jashim Uddin were present on the occasion as special guest while Haznah Md Hashim, Malaysian High commissioner to Bangladesh was present as a guest of honor. Jashim Uddin says that the Bank shouldn’t impose higher interest to stabilize exchange rate, because the SME and other business can be demoralized and fall into distress. Read: Sufiur Rahman appointed Bangladesh envoy to Switzerland Malaysian High commissioner to Bangladesh Haznah Md. Hashim thanked BMCCI to organize this well-timed seminar on burning issues. "As a brotherly nation and important trade and business associate, Malaysia will continue to support Bangladesh with all its strength as far as our bilateral bond become strong," she said. At the beginning BMCCI President Syed Almas Kabir said BMCCI "powerlunch" aimed for macroeconomic analysis which broadly focus on the current economic situation and inform us the overall health of economy a comprehensive view of the recent global financial crisis within a framework and the factor concerning our monetary and fiscal policy for crisis management. At the end of the programme, CEO of Robi Axiata Ltd. and as a Vice President of BMCCI Riyaaz Rasheed thanked all and expressed his gratitude being a part of this grand event.  

Prime Minister’s adviser for private industry and investment Salman F. Rahman on Monday visited Samsung Research and Development Institute Bangladesh (SRDB) which is employing hundreds of young Bangladeshis. South Korean Ambassador to Bangladesh Lee Jang-keun accompanied Rahman while Director of SRDB Koo Won-mo briefed them on the activities of the institute and showed them around the 6-storey institute building in Monem Business District. Speaking highly of the quality of the work of the Bangladeshi experts and engineers they are working with, SRDB officials explained four areas of the institute’s contribution to Bangladesh which includes employment generation, technology development, research and innovation and software export. Also read: Salman dissatisfied with services at airport SRDB’s main objective is to develop software for Samsung mobile phones, wearables, windows, computers, and other electronic devices. The SRDB also offers various CSR (Corporation Social Responsibility) activities such as Youth Software Academy, Coding Contest, and support for the autism children. Ambassador Lee mentioned that Bangladesh is well-positioned in the 4th Industrial Revolution (4IR) era not only for its highly motivated, talented young people but also for the sizable population, which would form a solid basis for big data creation, a critical element for artificial intelligence. While Samsung is not yet investing in manufacturing, it is investing in the human capital of Bangladesh through the SRDB, which would play a critical role in achieving the vision of the Prime Minister of Bangladesh for Smart Bangladesh, he said. Samsung has 16 R&D centers in 14 countries worldwide, including the United States, the United Kingdom, and Canada. Bangladesh and India are the only South Asian countries hosting the R&D Center. Also read: Salman invites Saudi cos to invest in Bangladesh Samsung Electronics has been operating its R&D institute in Dhaka for more than 10 years. Established in 2010 in Dhanmondi, the SRDB has been employing hundreds of young Bangladesh software engineers and developing various software applications for Samsung gadgets worldwide.

Prime Minister's Private Industry and Investment Adviser Salman F. Rahman has highly encouraged the introduction of Sukuk Bond in Bangladesh market as a new investment equipment.