ADB to give $357m to develop two power lines

ADB to give $357m to develop two power lines

Star Business Report

The Asian Development Bank (ADB) has approved an assistance package of over $357 million for a project to develop two power lines to help Bangladesh reach its national goal of ensuring electricity for all by 2021.

The investments comprise a $350 million ADB loan and a $7 million grant from the Japan Fund for the Joint Crediting Mechanism (JFJCM) to partially finance new high-technology energy efficient conductors.

It also includes a $500,000 grant from the Republic of Korea e-Asia and Knowledge Partnership Fund (EAKPF) to promote socially inclusive growth with gender equality, the Manila-based donor said in a statement.

The Southwest Transmission Grid Expansion Project builds on ADB’s previous work, including the recently approved Rupsha 800 megawatt Combined Cycle Power Plant in the southwest region.

The project will develop a 126-kilometre 230 kilovolt (kV) transmission line from Barisal to Faridpur and a 104 km 400 kV transmission line from Bogra to Rohanpur along with substations, transformers and associated extensions and connections.

The new transmission lines are a new type of high temperature conductor to allow more power transfer at lower energy losses.

These have less resistance to power flow, higher power transferring capacity, and operate more reliably in tropical weather. In addition, the use of these conductors also helps to minimise right-of-way requirements.

The project is also contributing to climate change mitigation, since the new conductors reduce carbon dioxide emissions compared to conventional transmission conductors.

This climate change mitigation accounts for $93 million of the investment, comprising $86 million from the ADB loan and $7 million from the JFJCM grant.

Under the EAKPF grant, the project will fund a scholarship programme that will support women’s access to higher education and boost their job opportunities in electricity industry.

The government will contribute $174.5 million to the $532 million project, due to be completed by the end of June 2023.

Local pharma market set to hit $5.11b by 2023

Local pharma market set to hit $5.11b by 2023

Star Business Report

Bangladesh’s pharmaceuticals sector will grow 15 percent year-on-year to reach $5.11 billion by 2023, propelled by high investments by local companies as they seek to grab a bigger share of the global market, said a new study yesterday.

By 2022, the market size will be more than doubled to $4.44 billion from $2.02 billion now, it said.

“Bangladesh will soon become a major global hub for high quality and low-cost generic medicine and vaccine,” said Abdul Muktadir, chairman and managing director of Incepta, a local medicine producer and exporter.

Bangladesh’s pharmaceutical industries aim to capture 10 percent of the global generic market as 5 to 7 companies have received approval from top regulatory bodies, he said.

These include the UK’s Medicines and Healthcare products Regulatory Agency and the United States Food and Drug Administration, he added.

Muktadir was presenting the keynote paper on “Pharmaceuticals: the next multi-billion dollar opportunity for Bangladesh” at a meeting of the American Chamber of Commerce in Bangladesh (AmCham) at The Westin Dhaka.

Bangladesh exports medicinal products to 144 countries after meeting 97 percent of the domestic demand. Pharmaceuticals exports fetched $103.46 million in the last fiscal year, up 16.03 percent year-on-year, according to the Export Promotion Bureau.

Currently, Bangladesh has the facilities for producing advanced medicine like active pharmaceuticals ingredients, biosimilars, vaccines, and oncology products alongside medical devices.

Bangladesh has a surplus of pharmaceutical industry-focused human resources, Muktadir said, adding that the formulation industry is well-developed and investing heavily for future growth.

Bangladesh is capable of producing specialised delivery products like inhalers, pre-filled syringe injections, lyophilised injections, dry-powder inhaler and sustained-release formulations, he said.

The country has already developed production facilities for tablets, capsules, liquid preparations, dry suspension, injections, ointment/cream, nasal spray and granules in sachets.

In the first quarter of 2018, the market size of pharmaceutical products in Bangladesh was $2.35 billion and year-on-year growth rate was 8 percent. Per capita consumption of medicine was about $15.36.

Speaking as a panel discussant, Kazi M Aminul Islam, executive chairman of the Bangladesh Investment Development Authority, said Bangladesh needs to develop the knowledge and capacity to grab a bigger share of the global pharmaceutical market.

British pharmaceutical company GSK has shut down its production in Bangladesh because preparing Horlicks was commercially more viable than making medicine, he said.

M Mosaddek Hossain, managing director of UniMed & UniHealth Manufacturers Ltd, said if Bangladesh could produce and run an API park successfully, it would become more competitive in the global pharmaceuticals market.

We also need to have competitive sourcing of raw materials,” he said.

Nurul Islam, president of the AmCham, Farooq Sobhan, president of the Bangladesh Enterprise Institute, and Md Mustafizur Rahman, director general of the Directorate General of Drug Administration, also spoke.

Five eminent persons get Mercantile Bank awards

Five eminent persons get Mercantile Bank awards

Star Business Report

Five personalities were honoured on Saturday with the Mercantile Bank Sommanona- 2018 awards for their outstanding contribution to the country in their respective fields.

Commerce Minister Tofail Ahmed handed the awards at a ceremony at Sonargaon hotel in Dhaka.

Veteran poet Nirmalendu Goon was awarded for his contribution to the country’s education and culture while Jahanara Imam was honoured posthumously for freedom fighter and liberation war-based research.

Former Bangladesh Bank governor Atiur Rahman has received an award for economics, Mostafa Kamal of Meghna Group for commerce and industry and Bangladesh national cricket team captain Mashrafe Bin Mortaza for sports.

The award includes gold medals, crests, and cheques of Tk 3 lakh. Mercantile Bank’s recognition of the country’s eminent personalities is truly a praiseworthy effort, the commerce minister said at the event. Jahanara Imam’s award was collected by a family friend, Shahidullah Khan Badal, while Mashrafe’s award was collected by his representative Ahmed Nafiz Momen as he the captain is abroad with the national cricket team, the bank said in a statement. At the same event, the private commercial bank also honoured five bankers with the newly introduced MBL Young Bankers’ Appreciation Award-2018.

The awardees are: Fayez Uddin Ahmed, senior principal officer of First Security Islami Bank; Md Nazrul Islam Chowdhury, first assistant vice-president of Trust Bank; Md Rajon Mia, first assistant vice-president of Mercantile Bank; Md Riazul Haque, senior executive officer of Bank Asia; and Mohammad Anowar Hossain, principal officer of AB Bank.

Each awardee received certificates, crest and cheques of Tk 2 lakh each.  The Young Bankers’ Appreciation Award is an exemplary initiative that will encourage other organisations to honour young talents as well, Cultural Affairs Minister Asaduzzaman Noor said at the event.

AKM Shaheed Reza, chairman of Mercantile Bank, and Kazi Masihur Rahman, chief executive officer, also spoke.

Conservation farming on 10pc land can save Tk 1,200cr a year

Conservation farming on 10pc land can save Tk 1,200cr a year

Star Business Report

Bangladesh can get 737,000 tonnes of rice and other cereals and save over Tk 1,200 crore a year by adopting a farming system called Conservation Agriculture (CA) on 10 percent of its cultivable land, according to a recent study.

Adoption of CA, which calls for a permanent soil cover, minimum soil disturbance, crop residue retention and diversification of plant species, will also help improve the health of soil, which is deteriorating.

“We have found very convincing reasons in over 12 years of on-farm demonstrations and recently from surveys of farmer-reported benefits from CA,” said Richard W Bell, professor of land management at Murdoch University, Australia.

He was presenting a paper on conservation agriculture and farm mechanisation at an event held at the Bangladesh Agricultural Research Council (BARC) in Dhaka.

Krishi Gobeshona Foundation (KGF), a government sponsored agricultural research entity, and the Australian Centre for International Agricultural Research (ACIAR), an independent statutory authority in Australia’s Foreign Affairs, jointly organised the programme.

CA benefits farmers as it reduces the cost of production by saving labour and fuel costs as well as water for wheat.

“Some of those benefits address the labour shortages and some involve cost savings and water savings. Generally, there was increased yield and almost always increased profits,” Bell said.

For soil health, CA has been a positive influence, according to the paper. Versatile Multi-crop Planter (VMP) has been developed here under the ACIAR project to promote CA in Bangladesh.

The VMP is being used with power tiller for planting of crops. A local firm, Hoque Corporation, manufactures the VMP, according to the paper.

In another paper on cropping system intensification in the salt-affected coastal zone of Bangladesh and India, Mohammed Mainuddin of the Commonwealth Scientific & Industrial Research Organisation Australia, said 65 percent of the area in the coastal zone is affected by various levels of salinity in the dry season.

Most of the land during dry season remains fallow for late rice harvest and prolonged water-logging, exposure of winter crops to high soil salinity and lack of quality water for irrigation during the season, he said.

Under the initiative, three areas — Amtali of coastal district Barguna, Dacope of southwest district Khulna and Gosaba of South 24 Parganas, West Bengal — were taken to test suitable cropping options, he added.

“We are experimenting with multiple crops to see which crop is more beneficial,” Mainuddin said citing the introduction of aus rice, cultivation of high-yielding and early-maturing new varieties of aman rice, and the growing of multiple crops on salinity affected land.

Due to climate change, the entire coastal region is affected with higher degree of floods, water-logging, tidal surges, droughts and salinity intrusion, said Agriculture Minister Matia Chowdhury.

“Productivity enhancement in agriculture is a prime concern to feed the growing population. We need to explore all possible scientific opportunities to increase the productivity of major crops.”

The government has formulated the National Agricultural Policy 2018 that pays greater focus on science-led development approach.

Issues like the use of modern technology such as nanotechnology, genetically modified organism, hybrid, growing more crops with less input, conservation, and precision agriculture conserving soil health and natural resources have been given adequate attention, she said.

She stressed on enhanced collaboration between Bangladesh and Australia to widen the scope of agricultural technology development in stress-prone zones. “I would also like to emphasise the exchange of germplasm of stress-tolerant variety of different crops,” Chowdhury added.

Senior Secretary of the Ministry of Agriculture Mohammad Moinuddin Abdullah, Australian High Commissioner to Bangladesh Julia Niblett, former vice-chancellor of the Bangladesh Agricultural University Abdus Sattar Mandal, W Erskine of the Centre for Plant Genetics and Breeding at the University of Western Australia, BARC Executive Chairman Md Kabir Ikramul Haque and KGF Executive Director Wais Kabir also spoke.

Bangladesh seeks big Indian investment in 13 sectors

Bangladesh seeks big Indian investment in 13 sectors

 

Pallab Bhattacharya

Bangladesh has identified 13 sectors where it is seeking ‘mega investment’ from India in joint venture projects.

The sectors include agro-processing, automobiles, ceramics, chemicals, gems and jewellery, light engineering, ICT, hospital and medical equipment, pharmaceuticals, and textiles.

Syed Muazzem Ali, Bangladesh’s high commissioner to India, pointed out the sectors and urged Indian companies to make mega investment by taking advantage of the country’s impressive economic growth.

He spoke at a seminar in Kolkata on Monday organised to mark Bangladesh’s graduation from the least developed country’s category, said the high commission in a statement.

The Deputy High Commission of Bangladesh in Kolkata and the Merchants Chamber of Commerce and Industry (MCCI) jointly organised the seminar.

“The most practical cause of action would be to set up a series of buy-back projects where Indian investors will set up industries in Bangladesh and re-export to India and some other neighbouring countries,” said Ali.

He advised the Indian businesses to take advantage of Bangladesh’s competitive labour costs and closer proximity to India’s north-eastern markets.

Several Indian large companies such as Hero Honda, Tata Group and CEAT Tyres companies have already set up projects in Bangladesh. “But, these are small projects. What we need is much bigger investment. If we could engage in the bigger projects, it will also ensure the stability of our relationship,” Ali said.

The envoy said Bangladesh has seen a steadily upward run in almost every sector of governance, economy, politics and social upliftment.

“Today, Bangladesh is one of the fastest growing economies in the world with a record 7.28 percent GDP growth. Our growth rate is expected to reach 7.65 percent in the current fiscal year.”

The country which was once ridiculed as bottomless basket is now globally considered as a ‘development miracle’, Ali said, adding that Bangladesh’s socio-economic achievement is a global role model.

Jamaluddin Ahmed, general secretary of the Bangladesh Economic Association; Ramesh Agarwal, president of the MCCI; and Sheikh FazleFahim, senior vice president of the Federation of Bangladesh Chambers of Commerce and Industry, also spoke.

 

16 firms get nod

16 firms get nod

Sohel Parvez

The government has given the approval to 16 firms to bring vessels to catch tuna and pelagic fishes beyond the 200-metre depth of the Bay of Bengal and in the international waters, said officials of the Ministry of Fisheries and Livestock.

Of the 16, nine got the permission to catch tuna and seven for seine fishing to catch pelagic fishes beyond the 200-metre depth, said a senior official of the ministry.

Seine fishing is a method of fishing that employs a fishing net called seine that hangs vertically in the water with its bottom edge held down by weights and its top edge buoyed by floats.

Nou Kollan Foundation Trading Company and Nou Kollan Shipping Lines, welfare enterprises of Bangladesh Navy, got permission to operate two long liners and two purse seiners to catch fish in the deep sea.

Some firms are connected to people of the ruling party Awami League, said insiders.

Ministry officials said businesses that got clearance are required to submit specification of vessels and project profile to the Department of Fisheries (DoF) within six months to bring the ships for licences.

Until now, five have submitted their specification.

“We expect that the rest of the firms will also submit their papers,” said Md Towfiqul Arif, joint secretary (blue economy) of the fisheries ministry.

Mahbubur Rahman, chief executive of Al Rafi Travel Trade, said his firm along with three others that got approval to bring purse seiner vessels to catch pelagic fishes in the deep water had submitted documents last week.

The rest of the firms are yet to submit the required documents to the ministry, although three months have passed since the permissions were granted.

Fishing in deep sea is a new area for business.

“There are prospects. We are considering going for a joint venture,” Rahman said, while declining to give further details.

Industry insiders said Bangladesh is yet to introduce long line fishing, a commercial fishing technique to catch tuna and other fish species in the deep water.

So, some local investors remain shy about proceeding fast as they do not have any idea of the stock of tuna in the deep part of the Bay and prospects of returns on investment.

“We are actually exploring. We are doing our due diligence,” said Sameer Sekandar, proprietor of Diamond Fisheries, one of the nine firms that were awarded approval for long liners.

He said those who have got permission for long liners are related to the fishing industry.

“So, we are taking time. We really want to do something great,” Sekandar said.

There is perception among some that high investment would be required. But $2-$4 million may be needed to buy a long liner, he said, adding that he will submit specification and other documents within the next 30 days.

AK Sarkar, executive director of Karnaphuli Ltd, said they are trying to form a consortium with other companies that have got permission to bring long liners for tuna fishing. AL lawmaker Saber Hossain Chowdhury is the managing director of Karnaphuli Group.

The government took the step to explore sea resources as Bangladesh got the right to fish in 118,813 square kilometres area of the sea and trawl up to 200 nautical miles into the Bay of Bengal after a verdict from an international tribunal in 2014.

The country has also become a member of the Indian Ocean Tuna Commission to explore tuna at the outward boundary of its 200 nautical miles. In 2016, the fisheries ministry gave consent to four firms to do long line fishing but cancelled three of the permits in April this year for their failure to submit specification and other papers.

As per provision, the firms have to submit specifications, proforma invoice and project profile within six months of getting approval and import or build the vessels within two years of approval.

Marine catches accounted for 15 percent of total fish production at 41.34 lakh tonnes in fiscal 2016-17. Of the total marine catch, industrial trawling was 2.62 percent, according to the DoF.

 

Bangladesh has stable economic outlook

Bangladesh has stable economic outlook

Three rating agencies arrive at same verdict

Star Business Report

Bangladesh has held on to its stable credit profile from three global rating agencies, in what can be viewed as an endorsement of the way the central bank and the government are steering the economy.

For the ninth year in a row Moody’s and Standard & Poor’s gave Bangladesh ‘Ba3’ and ‘BB-‘ ratings respectively. Fitch gave a ‘BB-‘ for the fifth time.

The Bangladesh Bank published the country’s latest sovereign credit ratings from the three agencies on its website on Sunday.

However, the agencies have identified the banking sector, especially the state-owned banks, and the prospect of political uncertainty surrounding the upcoming general election as major risks.

“The stable outlook reflects our expectation that Bangladesh’s consistent economic growth trajectory and strong donor support will continue to raise average income and broadly sustain the country’s external profile over the next 12 months,” S&P said in its report.

The rating agency may raise the ratings if measures targeted at growing the revenue base and boosting collection efficiency materially improve Bangladesh’s fiscal performance.

It may also upgrade Bangladesh if the government significantly reduces energy, infrastructure and administrative bottlenecks, resulting in higher investment and eventually a sustained increase in trend growth for real per capita GDP.

Conversely, S&P may downgrade Bangladesh if fiscal slippages result in rising public debt and external donor support declines materially.

Low economic development, as represented by per capita GDP of $1,620 for 2018, is one of Bangladesh’s main rating constraints. This income level offers a weak and narrow revenue base, in turn limiting the fiscal and monetary flexibility needed to respond to exogenous shocks.

“Nevertheless, Bangladesh’s real per capita GDP growth of about 5.4 percent over the 2012-2021 period indicates consistently strong real GDP growth despite numerous structural impediments, in particular the shortage of power,” it added.

Moody’s echoed the same concerns about the narrow government revenue base.

“We expect Bangladesh’s government revenue to GDP ratio to remain among the lowest within our rated universe, given the delay in the implementation of the VAT law.”

Moody’s assessed Bangladesh’s economic strength as “Moderate (+)”, which is similar to Sri Lanka and Costa Rica.

It also assessed that Bangladesh’s banking sector risk as “Moderate (-)”, which indicated that the country’s banking sector is not performing well enough.

The country’s state-owned commercial banks account for 30 percent of banking system assets and exhibit significantly weaker asset quality, profitability, and capital adequacy than private commercial banks.

Gross non-performing loans of state-owned banks amounted to 29.3 percent of total loans in the third quarter of 2017, compared to 6 percent for private commercial banks, and have been rising since 2015, said the Moody’s.

“The banking sector’s health and governance standards are generally weak, particularly in public sector banks,” Fitch said in its report.

It also said Bangladesh exhibits one of the highest real GDP growth rates in the sovereign space.

However, the economy is less developed on a number of metrics than many of its peers.

The average per capita GDP remains low compared with the ‘BB’ range median of $5,611, although major improvements have taken place over the past decade on a number of social metrics.

Political and safety risks remain substantial, Fitch said.

“Continued strong political polarisation could again lead to widespread violence and blockades, especially nearer to the general elections.”

 

Prefabricated steel to herald a new era

Prefabricated steel to herald a new era

Expert says at International Seminer

 

Star Business Report

 Innovative use of prefabricated steel may help start a new era in Bangladesh’s infrastructure sector, experts said yesterday.

Local technology and product of prefabricated steel can bring a significant change in the shape of structures in the country, said Ahsanul Kabir, head of the civil engineering department of Bangladesh University of Engineering Technology.

He spoke while delivering a keynote speech at an international seminar on “Construction and innovation 2018” at the Westin Dhaka.

The event was jointly organised by Meinhardt (Thailand) Ltd, Nippon Steel & Sumitomo Metal Corporation of Japan and McDonald Steel Building Products Ltd of Bangladesh.

It would need 25 percent less time if steel is used in place of concrete to build any structure, said Kabir.

However, there is a huge challenge for the buildings made of prefabricated steel, as possibilities are there for the steel structure to melt down and collapse in case of fire incident, he said.

Steel structure allows the project architects to clearly highlight what they want to express and show creativity, Rakesh Rahmatullah, senior design engineer of McDonald Steel Building Products Ltd, said in his presentation.

Rahmatullah said his company is renovating old steel infrastructure, including age-old railway bridges, keeping the original structure intact with local products and technology.

Besides, McDonald Steel Building is also constructing hundreds of infrastructure across the country using steel structure.

Steel structure along with modern technology helps the architects cut the time needed for designing and drawing of any infrastructure, clear representation of customers’ requirements and faster completion of a construction work, he said.

Masanobu Okamoto, a representative of Nippon Steel and Sumitomo Metal Corporation, said their steel sheets are used in many fields, like port and harbour structures, river revetments, retaining walls and cofferdams etc and have acquired high market acceptance globally.

He said Bangladesh has good potential in this sector.

Harold Huang, country representative of Beijing Urban Construction Group Bangladesh, said they have constructed many eye-catching projects across the world using steel structure.

Some of them are: the Bird’s Nest, the national stadium of 2008 Beijing Summer Olympic, and Ice Ribbon, the national speed skating oval of 2022 Beijing winter Olympics, he said.

Singapore Changi Airport and Marina Bay Sands are some of the big projects of Huang’s company that were constructed using steel structures with the cooperation of Yongnam Engineering & Construction Pte Ltd, Singapore, he said.

The event was moderated by Mushtaque Habib, project director at North South University.

The programme was also addressed by John Pollard, regional CEO and managing director of Meinhardt Thailand, and Matthew Silvester and Praween Chuslip, associate directors of the company.

Adopt efficient management practices in apparel: PwC

Adopt efficient management practices in apparel: PwC

Star Business Report

 

The apparel industry in Bangladesh needs to adopt efficient management practices to improve productivity and efficiency to increase its global competitiveness, experts said at a programme yesterday.

“The ecosystem needs to undergo a transformation today,” Mamun Rashid, managing partner of PwC Bangladesh, said at the PwC Summit held in Chittagong.

“Issues around processes, technology and people need to be addressed together to accelerate growth in the sector,” he said at the event on “Driving transformation in Bangladesh’s apparel industry”.

“We must adopt global best practices, look out for market shifts and align ourselves to global trends.”

“Bangladesh’s garment industry is a key contributor to the country’s growth story. The declining export growth rate has been an area of concern for the industry and policymakers,” Rashid said in a press release.

Exports fetched $36.66 billion last fiscal year, but fell short of the government’s target of $37.5 billion.

Bangladesh’s main export earner, apparel shipments brought home $30.61 billion, up 8.76 percent year-on-year in 2017-18, according to data from the Export Promotion Bureau.

The garment sector accounts for 12 percent of the country’s GDP and 83 percent of its exports. The industry has huge growth potential thanks to the growing demand from international markets, experts said at the summit.

Manufacturers are embracing newer machinery and production technologies to stay relevant. These along with a skills upgrade of workers have led to a shift towards manufacturing of specialised garments in Bangladesh, they said.

However, a lot remains to be done to outperform global majors in the retail manufacturing space. The export growth rates are fluctuating and have shown a declining trend over the past few years.

Productivity in Bangladesh remains low as compared to other garment manufacturing nations like China and Vietnam, they said. There is an urgent need to revamp infrastructure too to aid the potential growth of the sector, according to the experts.

The growth in the sector needs to be sustainable and environment-friendly, said Pallab De, partner for management consulting of PwC India.

The industry has seen a significant rise in the number of Leadership in Energy and Environmental Design (LEED)-certified environment-friendly factories and this is exemplary in the global manufacturing industry, according to Pallab De.

“The country today boasts of the top three eco-friendly garment factories in the world. The government’s decision to subsidise interest rates to companies intending to set up green factories will provide the much needed boost.”

There is a significant scope to increase operational efficiency in the sector and help meet international standards, the analysts said. The seminar highlighted the upcoming trends in the garment sector.

The better businesses understand the landscape, the more they would be able to capitalise on the growth opportunities in the sector, said Hossain Zillur Rahman, chairman of the Power and Participation Research Centre.

He shed light on the importance of Chittagong as a business hub and requested the government and entrepreneurs to work together in order to expand the garment industry in the port city.

“The government should also undertake some initiatives to provide improved technical education to the workers that could lead to a skilled workforce.”

More than 50 industry stalwarts and representatives from trade bodies attended the summit.

Md Fazlul Hoque, a former president of Bangladesh Knitwear Manufacturers and Exporters Association, and SM Tanvir, a director of Bangladesh Garment Manufacturers and Exporters Association, also spoke.

UK wants to invest in infrastructure

UK wants to invest in infrastructure

Says British PM’s Trade Envoy to Bangladesh Rushanara Ali

 

Unb, Dhaka

 

The United Kingdom wants to invest in a big way in Bangladesh to help achieve its middle-income country status saying the next generation of British Bangladeshis can make the difference with their cemented ties with Bangladesh, says a British trade envoy.

“Obviously, infrastructure is a big area for investment,” British Prime Minister’s Trade Envoy to Bangladesh Rushanara Ali MP told the news agency, adding that there were new areas Bangladesh and the UK could work on.

She listed the energy sector, especially renewable energy, and technological cooperation, education and skill sharing as some of the potential areas for cooperation.

“You’ve a very young population increasingly educated. You’re really getting involved in developing new enterprises,” Rushanara said mentioning that the two countries have a lot to do together.

British High Commissioner in Dhaka Alison Blake was, among others, present during Rushanara’s interview with a select group of media.
The British trade envoy said there was a real recognition that basic things such as rail, roads, bridges and airports need investment and partnership with countries to help Bangladesh achieve its ambition of becoming a middle-income country.

Saying that these are related to economic development, Rushanara also laid emphasis on “inclusive development” in Bangladesh.

Talking about investment barriers, she said further improvement in business climate meant that more investors were looking at Bangladesh for future investment, not just from the UK but from other countries. “This is something very important.”

The trade envoy, who is now here on her third visit to Bangladesh representing the British prime minister, said, “Businesses go to countries where environment is conducive to investing and operating. You all know it very well.”

Rushanara said the barriers were well understood and she thinks Bangladeshi people could understand them better than she could describe.

She, however, expressed optimism that they have been working together and a favorable business environment was considerably worked out. “That’s something we’ll keep doing.”

Talking about British-Bangladeshi nationals, she said they have a very high expectation as they have a relationship with this country. “Their origin is here. They’ve a huge amount of commitment to this country.”

Rushanara said sometimes people go away getting disappointed if they get confronted by barriers. “The relationship needs to be protected, cemented and harnessed. We’ve a role to play.”

She laid emphasis on producing high-value garment products and tech business saying there was real potential for partnership.

On the Rohingya issue, the British lawmaker said it was a “terrible tragedy” and the international community needs to increase humanitarian assistance.

“We’ll keep up the pressure. We want to make sure the international community doesn’t turn its eyes way from this severe crisis,” she said, adding that their first priority was to increase assistance.

In February, over 100 British parliamentarians, including Rushanara, said it was time for the UK to state that Myanmar’s military should be referred to the International Criminal Court (ICC) for their appalling “security operations” against the Rohingya, described as ethnic cleansing and possibly genocide by the United Nations.

The parliamentarians wrote to the then British foreign secretary seeking measures in line with their call and calling for an ICC referral for Myanmar’s military general.