The New Nation - Internet Edition

A.T.M.Nurun Nabi

Will the country's economic de

velopment come to still? This is the question that has been hovering in the horizon. The country reportedly suffered an economic losses of taka 200 crore in the back-to-back floods and taka 18,000 crore (some differ about figure) at the 11/15 super cyclone. And the annual food production is likely to be short of target by about 15 lakh metric tonnes.

In 2006-07 fiscal, the country produced 2.83 crore metric tonnes of food grains more than the annual consumption of 2.61 crore metric tonnes. Besides that, the government imported about 15 lakh metric tonnes. So, there is hardly any cause to be worried at the future shortfall. Yet, the government has asked for five-lakh metric tonnes food assistance from the donor countries to stop gambling with food.

In addition, the government has been rendering its focuses on the rebuilding of the devastated infrastructure, in financing the farmers, the fishermen and the small enterprisers. Out of taka 26,500 crore ADP, the internal resources contribute taka 13,525. So, for immediate start of the rehabilitation work, the government could transfer the fund from the less important projects in ADP to the emergency fund to avoid delay and uncalled for suggestions of the donors. It will not be a wise decision to depend on the foreign assistance. The past governments did not wait for the arrival of the foreign assistance in 1988, 1998 and 2004. It is learnt that the donor countries and the agencies have so far pledged $ 20 crore only, which is too small considering the need.

Many apprehend that the economic development may suffer a setback during the present fiscal. The GDP may fall below six percent instead of achieving projected 6.5 percent.

Economic development of a country may be defined as a long process of raising the standard of life, the per capita and the national income.

Professor Williams and Batrick said, "Economic development refers to a process whereby the people of a country or region come to utilise the resources available to bring about sustained and increase in per capita production of goods and services."

On the basis of the said definition, it can be said that Bangladesh has made remarkable progress in raising the standard of life, purchasing power and national income. The immediate past government built a strong economy despite a havoc flood in 2004 that struck the country's northern area. According to the Bangladesh Economic Review 2007, the per capita income during the fiscal 2001-02 was $ 378, which rose to $ 520 in five years. The gross national income (GNI) at that time was taka 2,85,743 crore, increasing to taka 5,04,766 crore during the fiscal 2006-07. There was no news of any man or woman starving to death despite price-hike of the essentials.

So, such a strong economy can't be shattered at the latest natural calamity, may it be devastating 11/15 hurricane, if the government continues to devise good planning and implement accordingly and to overcome the 11/15 devastation

M/s. American & Efird (Bangladesh) Ltd. will establish a Industrial Sewing Thread industry in Karnaphuli Export Processing Zone.

A 100 pc foreign owned company jointly sponsored by America and Sri Lanka will invest US$ 7.222 million to setup a industrial sewing thread plant to produce annually 13 million cones of thread. The company decided to set up the plant / invest in Bangladesh after their detail study among other attractive production bases available in other South Asian countries considering low cost labour, availability of raw material and other facilities. M/s. American and Efrid (Bangladesh) Ltd. will create employment opportunity for 115 Bangladeshi nationals.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority and the M/s. American and Efird (Bangladesh) Ltd. in BEPZA Complex, Dhaka on Tuesday. Prasanta Bhushan Barua, Member (Investment Promotion) of BEPZA and Shafraz Meezan, Chief Operating Officer of M/s. American and Limited have signed the lease agreement on behalf of their respective organizations.

Among others, Brigadier General Ashraf Abdullah Yussuf, Executive Chairman, Member (Engineering) Md. Farhad Uddin, General Manager (Investment Promotion) AZM Azizur Rahman Manager (Investment Promotion) Md. Tanvir Hossain and Assistant Manager (Public Relation) Khadiza Parvin of BEPZA were also present in the signing ceremony.

Standard Chartered Bank has taken initiative to invite applications for corporate social responsibility award 2007. The announcement came following a meeting of board of trustees of the award. Professor Wahiduddin Mahmud, Chairman of the trust said, "I am pleased to see the CSR award programme successfully stepping into its 3rd year". 'This year, the trust will start soliciting nominations in November with a plan for holding the award-giving function in February 2008."

Standard Chartered Bank and The Financial Express jointly sponsored the award in 2005 for recognising the outstanding contributions of companies in the field of corporate social responsibility, as reflected in the standard of business practice and not-for-profit social welfare initiatives. The winners of the award were Dhaka Bank and Unilever Bangladesh Limited in 2005, and Aktel and Kumudini Trust in 2006.

The trading of Mudaraba Perpetual Bond worth Tk. 300 crore of Islami Bank Bangladesh Limited began on Sunday at the Dhaka Stock Exchange. An agreement was signed in this respect between IBBL and Dhaka Stock Exchange Limited on Sunday, November 25 at the Board Room of DSE. Md. Shouquat Ali, Executive Vice President and Company Secretary of IBBL and Sheikh Mohammad Ullah, General Manager (Admin) and Secretary of Dhaka Stock Exchange Limited signed the agreement on behalf of their respective sides.

Prof. Abu Nasser Muhammad Abduz Zaher, Chairman of IBBL said that the only aim of Islami Bank Bangladesh Limited is to develop the country, the soil and its people. That is why, Islami Bank has been working to raise the standard of living of the people and to accelerate the economic development and prosperity of the country. He termed the Mudaraba Purpetual Bond as beautiful one and new morning and thanked to all involved with the inauguration of this bond.

Mohammad Abdullah Bukhari, President of Dhaka Stock Exchange in his speech marked the Mudaraba Perpetual Bond as phenomenal incident in the history of the country. He hoped that much financial institution will come forward to put such kind of bond in the market follow the IBBL.

Prime Bank Limited will donate Tk. 10 million worth of relief materials for distribution among the 11/15 hurricane victims which left behind a trail of destructions in the south- south-western part of the country. Different teams of the bank will cover the worst affected areas like Barishal, Bagerhat, Patuakhali, Pirojpur and Barguna in phases in relief operation.

On November 23, a group of bank officials under the leadership of Md. Mukhter Hossain, EVP, Head Office started one such relief operation with the active support of Coast Guard contingent in the remote villages of Patherghatta Thana of Barguna district. Other teams of the bank will carry out similar relief operation in other districts too.

It will be befitting to note that Prime Bank Limited has been playing a significant role during flood and other natural calamities under its corporate social responsibility program in the past.

Syed Asif Shah, Secretary, Ministry of Commerce, Government of Pakistan, held a meeting with the leading members of business community of Bangladesh on the 26th of November at Dhaka. Mr. Shah is leading the Pakistan delegation in the 13th SAARC CEC meeting concluding in Dhaka.

The Bangladesh team was led by Mir Nasir Hossein, President FBCCI, and attended by Hossain Khaled, President Dhaka Chamber, Dr. Anwar-ul Alam Chowdhury (Parvez), President BGMEA, Md. Fazlul Hoque, President, BKMEA, S.M. Shafiuzzaman, President, Bangladesh Aushad Shilpa Samity, Kamran T. Rahman, Chairman, Bangladesh Jute Mills Association, Obaidur Rahman, President, Bangladesh Indenting Agents' Association, Aftab ul Islam, Director, FBCCI, Zahid Hossain Tukun, Vice President, Jessore Chamber, Md. Hasen Ali, President, Rajshahi Chamber, Mrs. Selima Ahmad, President, BWCCI, Mrs. Sabrina Islam, President, Women Entrepreneur Association, and representatives from other leading trade bodies also participated in the meeting.

The meeting was also attended by the High Commissioner of Pakistan Alamgir Babar, and senior officials of Pakistan's, Commerce Ministry, members of the delegation and High Commission's representatives. The commerce secretary briefed the meeting on the economic liberalisation drive of the Pakistan Government and the opening of the domestic market for foreign trade, business and investment. He stressed the two sides explore avenues to further enhance bilateral economic cooperation in keeping with the large potential that exists between the two countries. He also briefed on the outcome of the recently concluded SAARC CEC meeting.

Mir. Nasir Hussain and leading representatives of Bangladesh's business community agreed on the need for steps to increase bilateral trade and commerce. Direct shipping and market access were also discussed, including for pharmaceuticals, women entrepreneur products and finished jute goods. Commerce Secretary, Syed Asif Shah, assured them that Pakistan was ready to work with Bangladesh, including as part of our FTA process.

The meeting provided a useful opportunity to interact and exchange views on a wide range of trade and commerce related issues of mutual interest. Both sides agreed that the private sector had to be the driving force behind enhanced economic cooperation. Several areas for cooperation and joint ventures were identified including textiles, leathers, light engineering and sports goods sectors.

Staff Reporter

Hamdard Bangladesh distributed relief materials among the hurricane-hit people in Patuakhali, Barguna, Madaripur and Gopalgonj district through 20 centres.

It is distributing drinking water, food items, rice, oral saline, pharmaceuticals, shari, lungi, warm cloths and cash money as relief.

Hamdard is also providing medical service to the cyclone-affected people, which became necessary as waterborne disease is spreading alarmingly. The Unani legend so far decided to distribute Tk 25 lakh among the cyclone distressed people, informed Kazi Mansur-Ul-Huq, Director Information and Public Relation of Hamdard Bangladesh.

Managing Director of Hamdard Bangladesh Hakim Md Yousuf Haroon Bhuiyan is coordinating the relief works. Hamdard so far distributed relief among one thousand families in the cyclone-hit areas.