Third Terminal at Dhaka Airport | The country will change

The construction work of the Dhaka airport third terminal of Hazrat Shahjalal International Airport in Dhaka is going on at high-speed ignoring the rainy weather of Corona epidemic. Bangladesh will change in this dazzling mega project. By June 2022, around 42 percent of the project has been completed. The third terminal with its unique in architectural style, will be inaugurated in October 2023.

The government wants to make a splash by inaugurating this mega project before the next parliamentary elections. With the launch of the Dhaka airport Third Terminal, Bangladesh's prestige and importance will increase internationally. The project participants are hoping that the work of this project, which is 3 percent ahead of the construction target, will be completed ahead of time. In this regard, the chairman of the Civil Aviation, Air Vice Marshal. Mofidur Rahman told Newspapers, ‘Airport is the mirror of any country. When a tourist comes to a country, he first evaluates the country by looking at the airport. If the airport is modern, the image of the country seems to be developed. Bangladesh is moving forward under the leadership of Prime Minister Sheikh Hasina. The inauguration of the third terminal will add another feather to the country's progresses’.

The Padma Bridge is pride of Bangladesh. The Dhaka airport Third Terminal will further enhance our dignity. So far 42 percent of the work of this project has been completed. Work is ahead of target. Work will move forward faster this year. The structure of the terminal building has been completed and various additions to the interior works are underway. The Third Terminal Structurally will be inaugurated in October next year after completing the work as per the target. It could take up to the middle of next year to make the entire airport functional by connecting all the equipment and accessories. There is a lot of work to be done to make functioning an airport. The construction of the Dhaka airport third terminal was a promise made by the Prime Minister to the people, and we are working hard to fulfill it. '

A tour of the Dhaka airport Third Terminal project area reveals that more than 3,000 pillars of the terminal were erected last year. Now the infrastructure of the terminal is being built on these. Due to this, the progress of the project can be seen from the road adjacent to the airport. Sitting on the pillars is a designed black steel sheet. The Third Terminal building is standing on its own two feet with the help of sophisticated equipment and workers.

When the third terminal will be inaugurated, many planes will come to the runway at Hazrat Shahjalal International Airport. There is one runway at the airport. Construction of two additional high-speed taxiways has been undertaken to reduce the durability of the aircraft on the runway and enable it to park faster. The plan was to complete the work by June. But the work was completed in the first week of May, project officials said.

Work is going on for 16 hours a day in two shifts of eight hours to complete the project before the scheduled time. Various initiatives have been taken to protect workers from the Corona epidemic. Arrangements have been made for the workers to stay in the project area. Although some workers were affected, they have returned to work after recovering from regular treatment. As a result, there was no interruption in the work. Although many projects have been delayed in the hands of Corona, the work of this mega project is ahead of the target.

The Dhaka airport third terminal project is being jointly implemented by Japanese manufacturer Simuji and Korean company Samsung. According to the Civil Aviation Authority, the two terminals at Hazrat Shahjalal Airport currently have a passenger capacity of about 7 million a year. If the third terminal is built, this number will be close to 20 milion. In this terminal of five lac forty two thousand square meters, aprons (space for parking planes) are being constructed to hold 37 planes simultaneously. The terminal building will be 2 lakh 30 thousand square meters. Inside the building there will be touches of all the significant and sophisticated technologies of the world. The terminal under construction will be fitted with several straight escalators. This arrangement is for those who cannot walk long distances inside the airport. These escalators are widely used in the world's most sophisticated airports, including Singapore and Bangkok. This will give passengers a quiet and smooth ride experience.

Metrorail will be connected to the Dhaka airport third terminal. A separate station will also be built. Through this, passengers coming to Bangladesh will be able to go to their destination by metro rail without leaving the airport. There will be a baby care lounge in front of each washroom in the terminal. Inside the lounge will be the mothers' breastfeeding booth, a large family bathroom. In addition, there will be various arrangements for children to play, including slippers and swings. There will be health inspection facilities, first-aid rooms for first aid, various disease testing centers and isolation areas.

According to project sources, the cost of the project is Tk 21,399 crore. The government will provide 5,258 crore rupees for the total expenditure and JICA will provide 16,141 crore rupees as a loan. The design of the Dhaka airport third terminal has a sufficient number of accelerators, substations and lifts attached. There will be radar, control tower, operation building, multi-storey car park. The three-storey terminal building will bring a unique aesthetic to the architecture. The exterior will have a dazzling design.

Thanks,

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Padma Bridge | A Nation's Dream & Pride

Padma Bridge | A Nation's Dream and Pride

Dreams and reality come together at one point. The south door of the country has opened. Prime Minister Sheikh Hasina opened the gates of Padma Bridge. With the launch of the Padma bridge, 21 districts in the south and south-west were connected to the capital of Bangladesh. New doors of connection, communication and possibilities have been opened. Speaking at the inauguration ceremony today (25 June, 2022), the Prime Minister said, ‘This bridge is not just a brick-cement-concrete structure; This bridge is our pride. It’s a symbol of ability, a symbol of dignity.'

The dream Padma Bridge will be open for public traffic from 6 am on 26 June, 2022. On the historic day of the inauguration of the Padma Bridge, the Prime Minister called upon all to take an oath to work for the welfare of the country and the people of the country. On the occasion of the inauguration of the Padma Bridge, a gathering was organized at the end of Mawa. Prominent people including government ministers, speakers, politicians, diplomats and academics were present at the gathering. Prime Minister Sheikh Hasina arrived at the venue around 10 am.

Slogans like 'My bridge with my money, Padma bridge in Bangladesh' or 'Construction of Padma bridge, Sheikh Hasina's contribution' were shining on the stage of the inauguration ceremony of Padma bridge. After the commencement of the pre-survey in 1998, the initiative to build the bridge was hampered step by step. The Padma Bridge is a symbol of wonder built over the walls of all obstacles.

The Prime Minister was accompanied by Road Transport and Bridges Minister Obaidul Quader, Prime Minister's Economic Adviser Moshiur Rahman, former Communications Minister Syed Abul Hossain and former Bridge Secretary Mosharraf Hossain Bhuiyan. Prime Minister's daughter Saima Wazed was also present at the time.

Besides unveiling the plaque of the bridge, the Prime Minister also inaugurated Bangabandhu Sheikh Mujibur Rahman and his mural. At this time colorful smoke is blowing in the sky. The Prime Minister herself chanted 'Joy Bangla', 'Joy Bangabandhu'. Everyone present applauded. Then the Prime Minister's convoy climbed the Padma Bridge again. Crossing the bridge, she went to the Jazira end.

The Prime Minister unveiled commemorative stamps, souvenir sheets, inaugural envelopes and special seals on the occasion of the grand inauguration of the Padma Bridge project built with the country's own funds. Posts and Telecommunications Minister Mustafa Jabbar, Post Secretary Khalilur Rahman and Director General of the Postal Department Faizul Azim were present on the stage.

The Prime Minister also unveiled a special commemorative note of Tk 100 of Bangladesh Bank on the occasion of inauguration of Padma Bridge. Governor of Bangladesh Bank Fazle Kabir was present at the time. The Prime Minister took pictures with the people associated with the bridge on the stage. A replica of the Padma Bridge was also presented to the Prime Minister by the company constructing the Padma Bridge.

After that, the Prime Minister was the first person to unveil the inaugural plaque and mural-1 of the Padma Bridge at the Mawa end of the toll road and participate in the munajat. Saima Wazed, the daughter of the Prime Minister and a pioneer of the autism movement in Bangladesh, was with her at the time. As the Prime Minister was passing by with her convoy, she descended along the middle of the bridge and witnessed the rippling waves of the bridge and the intoxicating Padma. During this time she also enjoyed a pleasant display of the Air Force.

In her speech before the inauguration of the Padma Bridge, the Prime Minister said, "The strength of the people is a great strength. I started the construction of the Padma Bridge with that strength. People are the address of my courage. I salute the people for the successful construction of the Padma Bridge."

Sheikh Hasina said, "The construction of this bridge was delayed for two years due to conspiracy. But we have never been discouraged. And in the end we were able to break through all the darkness and travel the path of light. Today red-blue light flashes on Padma's chest. 42 pillars, this pillar is like a reflection of Bangladesh. '

The Prime Minister wished forgiveness of the souls and peace of soul of the deceased including Professor Jamilur Reza Chowdhury involved in the construction of Padma Bridge and conveyed deep sympathy to their family members.

Sheikh Hasina said, "There were many comments, how can I do it again with my own funds?" The idea was that this Bangladesh would be dependent for the rest of its life, and would have to depend on the mercy of others. I'm grateful that the Father of the Nation has taught us to live with self-respect. The Padma Bridge is a multipurpose road-rail bridge across the Padma River to be constructed in Bangladesh.

 

Thanks,

 

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Padma Bridge: Construction Schedule Timeline

Padma Bridge: Construction Schedule Timeline

Padma Bridge is a multi-purpose road and Railway Bridge built over the Padma River which will directly connected Shariatpur and Madaripur districts with Munshiganj. The inauguration date of Padma Bridge has been fixed on June 25, 2022. The two-tiered steel and concrete truss bridge has a four-lane road at the top and a single rail track at the bottom. The main infrastructure is constructed with 42 pillars and 41 spans of 150 m length. The length of the bridge is 6.15 km and the width is 18.10 m.

 

Construction Timeline:

Major Bridge Engineering Corporation of China was hired for the main bridge. Sinohydro Corporation of China works on river governance. Abdul Monem Limited of Bangladesh was awarded the contract for construction of two connecting roads and infrastructure. The main construction work started in October 2017.

Year 2017:

• After a long wait on September 30, the first span was placed on the pillars of the Padma Bridge. The span was installed with the help of floating cranes on pillars 37 and 38 at Jajira end of Shariatpur.
• On March 11, the third span sits on pillars 39 and 40.
• On 13 May, the fourth span was placed on pillars 40 and 41.
• The fifth span of the bridge has been laid on June 29 in Naodoba area of ​​Jajira upazila of Shariatpur.

Year 2018:

• In January sits the sixth last span on the Jazira edge.
• On 28 January, the second span 7B superstructure was installed on the 38th and 39th pillars of the Padma Bridge. About four months after the first span was installed, the 3,150-tonne span was installed at the Naodoba end of the island.
• Seventh span sitting on pillars 4 and 5 at the end of Mawa.

Year 2019:

• On 20 February, the eighth span was placed on pillars 36 and 35 at the Zazira end.
• On March 22, the ninth span sat on the 35th and 34th pillars of the bridge.
• On April 10, tenth span on pillars 13 and 14 at the end of Mawa.
• On 23rd April, the 11th span sat on the 33rd and 34th pillars at the Jazira end of Shariatpur.
• On 17 May, the 12th span was placed on the 20th and 21st pillars between Mawa and Jajira.
• On May 25, the 13th span 3B was placed on the 14th and 15th pillars.
• The 14th span was placed on 29 June.
• On 22 October, the 15th span of the Padma Bridge was laid on the 24th and 25th pillars at the Jazira end.
• The 16th span was placed on the 16th and 17th pillars at the end of Mawa on 27 November.
• On December 5, 2019, the 17th span of the main bridge was placed on the pillars 22 and 23.
• The 18th span of the Padma Bridge was laid on 11 December.
• The 19th span was installed on 18 December.
• On 31st December, the 20th span of the Padma Bridge was laid on the 18th and 19th pillars at the Mawa end of Munshiganj. The gray ‘3-F’ numbered span is placed on top of the pole.

 

Year 2020:

• On 14 January, the 21st span was placed on the 32nd and 33rd pillars at the Jazira end of the Padma Bridge.
• On 23 January, the 22nd span was placed on the 5th and 6th pillars on the Mawa side.
• The 23rd span is on February 2.
• The 24th span is sitting on 11 February.
• The 25th span was installed on 21 February.
• On March 10, the 26th span of the Padma Bridge was laid. This span is placed on the 28th and 29th pillars at Jajira end of Shariatpur.
• On April 20, the 27th span was placed on pillars 27 and 28.
• On 11 April the 28th span was placed at the end of Jazira.
• On May 4, the 29th span of the bridge with ‘4A’ ID number was placed on the 19th and 20th pillars of the bridge at the end of Mawa.
• On May 30, the 30th span was placed on the 26th and 27th pillars of the bridge at the Jazira end.
• On June 10, the 31st span of the Padma Bridge was laid. Spans were placed at piers No. 25 and 26 of the bridge at Jajira end of Shariatpur.
• The 32nd span of the Padma Bridge was laid on 11 October. Although it was not possible to install the span on the first day due to strong currents in the Padma, the span was installed on the 4th and 5th pillars of the bridge at Mawa end of Munshiganj on the second day due to the efforts of the engineers. The span was set up four months later due to floods and strong currents in the Padma River.
• The 33rd span of the bridge was laid on 20 October.
• On October 25, the 34th span was installed at Span 2-A on Pillars 6 and 7 at the Mawa end of the bridge.
• On 31st October, the 35th span was placed in the span 2-B on the 8th and 9th pillars at the end of Mawa.
• On November 6, the 36th span of the Padma Bridge was laid on the 2nd and 3rd pillars of the Mawa side of the bridge.
• On 13 November, the 37th span ‘2-C’ was placed on the 9th and 10th pillars at the Mawa end of Munshiganj.
• On 21st November, the 38th span was successfully placed on the 1st and 2nd poles of Mawa side of Munshiganj.
• The installation of the 39th span was completed on 27 November. The span is placed on the 10th and 11th pillars of the Mawa side of Munshiganj.
• On December 4, the 40th span of the Padma Bridge was installed and 6,000 meters of the bridge became visible.
• On December 10, the entire Padma Bridge became visible by placing the 41st span on the 12th and 13th pillars of the Padma Bridge.

Year 2021:

• The last road slab was laid on 23rd August.

 

Year 2022:

• From June 4 to June 10, the test of 415 lights of the bridge was completed step by step. On June 14, all the lights were lit at once. Sheikh Hasina will inaugurate the bridge on June 25.

Economic importance:

The Mawa-Jajira point of the Padma Multipurpose Bridge connects the south-western part with the center of Bangladesh through a specific route. This bridge will significantly contribute to the social, economic and industrial development of the relatively underdeveloped region. The project will directly benefit more than 30 million people in an area of ​​about 44,000 sq km (17,000 sq mile) or 29% of the total area of ​​Bangladesh. As a result, the project is being considered as a very important infrastructure for the country's transport network and regional economic development. The bridge will have future rail, gas, power lines and fiber optic cable expansion. If this bridge is built, the GDP of Bangladesh will increase up to 1.2 percent.

Thanks,

 

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Dhaka Stock Exchange | Investment Facilities for NRB

A Bangladeshi citizen living abroad with a valid status like foreign country’s permanent resident or with valid work permit is called NRB (Non-Resident Bangladeshi). In case of a foreign passport holder an endorsement either from the relevant Bangladeshi embassy or from Bangladesh foreign ministry stating that “No visa is required” for traveling to Bangladesh – as a proof of dual citizenship.

 

Incentives for Non-Resident Bangladeshis (NRBs):

• 10% quota in all Initial Public Offerings (IPOs) is reserved for non-resident Bangladeshis.
• Can also trade in the secondary capital market while abroad through Nominee.
• There is no Capital Gain tax on individual.
• Individual Income Tax assessment is similar to any other Resident Bangladeshi.
• @10% tax rebate on investment allowance on security investment.

 

How to Start:

• Open Foreign Currency (FC) Account that is needed for channeling foreign currency in as well as repatriation of earnings from investment.
• Open Non-Resident Investors Taka Account (NITA) that is required for converting foreign currency into BDT.
• Open a Custodian Account with any of the SEC registered Securities Custodian so that NRB & Foreign Investors may choose to appoint a Custodian to ensure trade execution and safe custody of shares.
• Open Beneficiary Owners (BO) Account with any brokerage house
• Assign a Nominee/ Power of Attorney (POA) - optional
• A nominee for inheritance/transmission, in case something happens to investor, is required to be assigned. Remember that this nominee and the POA may or may not be the same person.

 

Required Documents to open NITA and FC Account:

• Photocopy of Passport / Social Security Card / Resident Card etc duly attested (if you are situated in a foreign country then attestation needs to be done the respective Bangladesh Embassy or High Commission)
• Passport size photographs duly attested
• A Nominee - beneficiary in case of death of the investor. His/her signature and photo (duly attested by the investor) on the prescribed form provided by the brokerage house
• Employment Certificate / Trade license copy / work permit or Pay slip / tax return document as a proof of earning status of the NRB
• A nominated person with POA (Power of Attorney) who will sign trading documents on behalf of the NRB while he is abroad. His/her photo (attested by the NRB) and signature in a prescribed form by the brokerage house (POA can be any adult person of legal age residing in Bangladesh)
• If the broker is a bank then an extra form of KYC (Know your customer will also have to be filled)
• Initial fund will have to be a cheque or pay order or other allowed form drawn from the FC account

 

Required Documents for Custodian Account:

• Photocopy of Passport / Social Security Card / Resident Card etc duly attested (if you are situated in a foreign country then attestation needs to be done the respective Bangladesh Embassy or High Commission)
• Passport size photographs of Account Holder duly attested l Photographs of Authorized person
• A Nominee - beneficiary in case of death of the investor. His/her signature and photo (duly attested by the investor) on the prescribed form provided by the brokerage house
• Employment certificate / trade license copy / work permit or Pay slip / tax return document as a proof of earning status of the NRB

 

Required Document for Stock Broking and BO Accounts:

• Photocopy of Passport / Social Security Card / Resident Card etc duly attested (if you are situated in a foreign country then attestation needs to be done the respective Bangladesh Embassy or High Commission)
• Passport size photographs of Account Holder duly attested
• Photographs of Authorized person
• Photographs of Power of Attorney (POA)
• A Nominee - beneficiary in case of death of the investor. His/her signature and photo (duly attested by the investor) on the prescribed form provided by the brokerage house
• Bank Statement or Certificate from FC Account

 

How to Operate from Abroad:

• Collect the relevant forms from your preferred brokerage house via mail. Fill it up and get the introducer part attested by the local Bangladeshi Embassy as a proof of the NRB status by providing to them the required documents.
• Get your photos attested by the local Bangladesh Embassy as well
• Send the forms back to the brokerage house with the Nominee and POA part fi­lled in. Send the POA to the brokerage house.
• IPO application needs to be ­filled on a prescribed form. Such forms can be obtained through mail, website of issuing company, or through broker etc.
• Trading in secondary market is done by Buy/Sell order forms.
• If POA (Nominee) is assigned then the POA need to sign the Buy/Sell order form within 24 hours of order placement
• If NRB wishes not to assign a POA then orders can be placed via phone or email (broker approval required) and then a signed Buy/Sell order form needs to be faxed to broker within 24 hours
• Trading will be carried out within prevailing market guidelines
• Shares will be credited or debited to the BO account accordingly

Note:

If NRB is interested to avail custodian service then it is advisable to try to avail the service collectively. The custodial service provided by the local Custodians in Bangladesh (HSBC Limited, SCB Limited, Dhaka Bank Limited, South East Bank Limited, AB Bank Limited and Citi NA), is done through whole sale window not retail. As such they are not comfortable to provide custodial service to individual in a cost effective manner. The way to get collective custodial service is to contact any fund manager or international broker or global custody service provider in your locality and contact a custodian in Bangladesh through them. In this way you are free to have individual level BO and order placement without any problem through the intermediary. This process will easily enable you to take part in the secondary market with proper legal channels for foreign currency in and out.

For updated and latest information please visit the official website of DSE BD (Dhaka Stock exchange Ltd). 

Thanks,

 

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Dhaka Stock Exchange | Foreign Investors Guide

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Dhaka Stock Exchange | Foreign Investors Guide

Bangladesh Government provides a very friendly and open investment atmosphere and facilities for foreign investors.  Any Foreigners residing in Bangladesh or abroad willing to invest in Bangladesh Capital Markets are considered as a Foreign Investors.

Guides for Foreign Investors:

• Open NITA (Non-resident Investment Taka Account) with AD (Authorized Dealer) of foreign currency department of any ­financial institution or through any custodians
• Select Custodian in Bangladesh (HSBC Limited, SCB Limited, Dhaka Bank Limited, South East Bank Limited, AB Bank Limited and Citi NA)
• Open BO through custodian
• Open Trading Account with preferred broker (optional as the custodian will provide the service through holding cash account (NITA) on behalf of the Foreign Investors)
• Start Trading

NITA Account:

• Non-resident Investment Taka Account (NITA) is an account for channeling foreign currency in as well as repatriation of earnings from investment
• All earnings from investments (e.g. Cash Dividends) are credited to the NITA account
• An audited statement, certifying that all proper taxes are already withheld from the earnings - usually taken care of by the custodian, for fund repatriation purpose

 

BO Account (Beneficiary Owners Account):

• BO account holds shares purchased or shares credited due to corporate declarations

 

Requirements for opening BO accounts (Individual):

• Photographs - duly attested
• Bank Statements
• Copy of pay slip or tax return (optional as a part of KYC [Know your Customer])
• Copy of employment certi­ficate or trade license (license to operate business at individual or proprietorship level)
• Copy of Passport
• Photographs of Nominee (beneficiary is case anything should happen to investor) and other details
• Filled other relevant forms
• Any other requirements by the custodian

 

Requirements for opening BO accounts (Institutional):

• Copies of Memorandum and Article of Association
• Certificate of Incorporation
• Copy of Board resolution permitting investment / trade in Bangladesh
• Custodian details
• Copy of Board resolution regarding authorized personal to handle the account and all relevant identification documents as well as specimen signature

 

Corporate Declarations:

• Cash dividend warrants goes to respective custodian and custodian decides the fate of such as instructed by the FI
• Share issued by stock dividend declaration goes directly to FI’s respective BO account

 

Common services provided by local Custodians:

• Account Services
• Trade settlement Services
• Registration services
• Safe keeping services
• Corporate Action services
• Foreign Exchange Services
• Cash management services
• Market expertise
• Escrow Services

Trading (Custodian ↔ Broker):

• Custodian usually receives orders via SWIFT or any other acceptable standard
• Custodian carries out share and monetary transactions with the local broker
• DVP (Delivery versus Payment): Delivers shares from FI’s specified BO to Brokers BO upon Receiving Payment only. DVP is applicable for sale orders
• RVP (Receive versus Payment): Receives shares to FI’s BO account of any other Omnibus BO as specified by FI and makes payment. RVP is applicable for buy orders
• For DVP the broker sends sale confirmation to FI which in turn is communicated by FI to custodian. Then Broker confirms payment amount and quantity of shares involved with custodian. Then broker pays the custodian to receive the shares.
• For RVP the broker sends buy confirmation to FI which in turn is communicated by FI to custodian. Then Broker confirms amount and quantity of shares involved with custodian for the transaction. After settlement with the Exchange (after prevailing settlement periods) the broker delivers the shares to the custodian to receive payment for the shares
• FI send buy/sale order notice to custodian and broker separately either directly or through fund manager/global custodian /international broker
• After execution of order the broker communicates with custodian to match the order
• Once the orders are matched the settlement between broker and custodian takes place

 

Tax Rates:

• No capital Gains Tax on individual (subject to the condition that such assesses is entitled to similar exemption in the country in which he is resident)
• Income tax is @25% for Individuals
• 25% tax at source is deducted by issuer in case of cash dividend

 

Important Notes:

1. Please note that it is advisable to hold BO accounts for each individual. This can be done by the custodians even if the custodian is arranged collectively by multiple investors. This should be done to avoid some regulatory complicacies e.g. avoiding substantial acquisition (10%) at individual investor level etc.
2. All local custodians provide custodial service at a whole sale level. As such they can easily provide custodial service to any institution or collective investors coming via a global custodian or fund manager or international broker. They may not agree to provide custodial service to individual investors even though there are no legal bindings except for high profi­le individual foreign investor.
3. Individual FI’s can best avail service if they come collectively through any global custody or fund manager or international broker such that the retail service part is not with the custodian. The local custodians do not have any problem opening BO’s at individual level even if they seek service collectively.

 

For updated and latest information please visit the official website of DSE BD (Dhaka Stock exchange Ltd).

 

Thanks,

 

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Bangladesh is an Example of Economic Progress | Joe Biden

 

US ambassador to Bangladesh Earl Miller read out his president's letter in a video message that was aired at the celebration at National Parade Square on 26th March, 2021 marking the golden jubilee of Bangladesh's independence and the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

 

US President Joe Biden wrote, "On behalf of the United States, I congratulate the people of Bangladesh as you celebrate your nation's 50th anniversary of independence."

 

President Biden has congratulated Bangladesh on its golden jubilee of Independence. In a message to Prime Minister Sheikh Hasina, President Biden said, "The United States considers friendship with Bangladesh as very important.”

 

In his congratulatory message, the US President praised Bangladesh's ongoing economic progress and said that Bangladesh is a shining example of economic progress. The country has immense potential and opportunities. Addressing Prime Minister Sheikh Hasina, Biden said, "Terming Bangladesh an example of economic progress and a country of great hope and opportunity, Biden congratulated Bangladesh's people for their 'remarkable achievements.”

 

In his congratulatory message, Biden addressed Sheikh Hasina and said, “Bangladesh's hosting of one million Rohingyas is an example to the world of humanity and generosity. The United States will continue to be a steadfast partner in finding a durable solution to this crisis.”

 

"The United States values our friendship with Bangladesh, and we believe that shared commitments to democracy and human rights form the foundation of strong partnerships," he wrote in a letter. The US president also wrote that he looks forward to working with Bangladesh "to strengthen these commitments to build an even brighter future for the people of our nations over the next 50 years and beyond".

 

The US president also applauded Bangladesh's commitment on climate change and said his administration looks forward to working closely with Dhaka on this important issue.

 

He extended his best wishes to the people of Bangladesh on this important and historic day of celebration.

 

Source: Online News

 

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Blue Economy in Bangladesh | Key to Boost the Development

Blue Economy is a sustainable development of the ocean economy. The definition of Blue economy based on the World Bank and UN DESA (2017) framework, as well as FAO’s (2014) definition, to be consistent with the three-dimensional sustainable development paradigm (social, environmental and economic dimensions) underpinning the Sustainable Development Goals.

As a result of maritime conquest, Bangladesh has acquired two types of resources in the field of blue economy. One is animal and the other is non-animal. If planned activities like extraction of oil and gas and other valuable resources, extraction of fishery resources, expansion of port facilities and tourism can be carried out as planned, it is possible to earn huge amount of dollars every year.

Bangladesh has immense potential in the field of Blue Economy. There are now treasures of valuable resources in almost same in the sea area as the land. There are 26 blocks in the maritime boundary acquired from India and Myanmar. The concerned people think that it is possible to get about 40 trillion cubic feet of gas from these blocks.

Apart from this, there are various marine resources scattered in the middle of the blue water. In addition to oil and gas; precious sand, uranium, monazite, zircon, snails, oysters, fish, octopuses, sharks, the Blue Sea has a variety of marine and mineral resources. Apart from 475 species of fish, 20 species of crabs, 36 species of shrimps and 360 species of snails and oysters have been found there. There are expensive and delicious fish like tuna, which are in great demand in the international market.

Bangladesh got possession of more than 1,18,813 square kilometers of sea area in the case with Myanmar through the verdict of the International Arbitration Court (PCA) on March 14, 2012. After that, Bangladesh started working for the ultimate achievement of 'Blue Economy'. On July 6, 2014, two years after the acquisition of new territorial waters in the case with Myanmar, Bangladesh got the right to 19,467 sq km out of the estimated 25,602 sq km of disputed maritime boundary between Bangladesh and India.

In the year 2017, the government formed the 'Blue Economy Cell' under the Ministry of Energy and Mineral Resources. The government has enacted the Maritime Zone Act in 2019 to protect marine resources. As a result of maritime conquest, Bangladesh has acquired two types of resources in the field of blue economy. One is animal and the other is non-animal. Animals include fisheries, marine animals, weeds, etc. Non-animal resources include minerals and mineral resources such as oil, gas, limestone, etc.

There are also 17 types of precious mineral sand. Such as zircon, rutail, sillimanite, ilmenite, magnetite, gannet, kyanite, monazite, liclosin etc. Of which monazite is extremely important. While the land area is about 1,44,000 sq km, Bangladesh now owns more than 1,18,813 sq km area in the sea. The Ministry of Foreign Affairs, the Ministry of Defense, the Ministry of Power and Mineral Resources, the Ministry of Shipping, the Ministry of Fisheries and Livestock, the Ministry of Water Resources and the Ministry of Aviation and Tourism are involved in this maritime economy.

Experts say these ministries should work together. Some also suggested the establishment of a separate ministry such as 'Ministry of Marine Resources' to harness this maritime economy. At the same time, they advised to form a strong inter-ministerial coordination committee headed by the Prime Minister. About the same amount (81 percent) of the country's land resources are under the sea. The resources at the bottom of the sea must be used properly for sustainable development of the country.

If planned activities like extraction of oil and gas and other valuable resources, extraction of fishery resources, expansion of port facilities and tourism can be carried out as planned, it is possible to earn around 2,50,000 crore USD annually by the year 2030 from these natural resources. It is important to utilize this sector with immense potential. In order to extract what kind of resources is available at the bottom of the sea, it is necessary to determine the type of technology and expert manpower required to ensure maximum use.

It is known that in addition to oil and gas, there are 13 places at the bottom of the Bay of Bengal which are more valuable than gold i.e. uranium-thorium which contains ilmenite, gannet, sillimanite, zircon, rutail and magnetite etc. In addition, there is mud in the deep sea which is made of cement. Experts believe that the Bay of Bengal has one of the largest oil and gas reserves in the world. Besides, there is a minimum collection of 1.24 million tons of mineral sand worth about Tk 12,000 crore on the coast of Bangladesh. A total of 16 types of mineral sands have been found there that can have the potential to achieve economic prosperity of the country. According to experts, if Blue Economy can be used properly, it is possible to earn thousands of crores of money every year.

However, the country has not yet adopted a comprehensive policy and plan. Deep-shallow marine resources have remained undiscovered for the past eight years. On the other hand, Myanmar and India are earning huge foreign exchange by extracting oil and gas from the sea and exporting it to meet their own needs. They have started extracting oil and gas on a limited scale which is very less than the inexhaustible oil and gas reserves in the Bay of Bengal. Every step must be taken in a planned manner. This will turn the economy around.

Contribution of Fisheries Sector to Blue Economy: Bangladesh Fisheries Research Institute under the Ministry of Fisheries and Livestock is conducting nine studies to implement Blue Economy. Among these are seaweed farming on the coast, rock crab fry production and oyster farming, deer and wheel shrimp farming, cage farming and mullet farming, green muscle farming etc. So far 138 species of seaweed have been identified on the coast of Cox's Bazar beach. Of these, 18 species are commercially exportable and profitable.

 

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