Saudi Arabia's International Islamic Trade Finance Corporation (ITFC), has signed a $1.4 billion financing plan with the Government of Bangladesh.  Officials of ITFC and Bangladesh Petroleum Corporation (BPC), the state-owned fuel oil import and marketing authority, were present at the signing ceremony. According to ITFC, the  plan will enable the Bangladesh Petroleum Corporation (BPC) to import petroleum products. The ITFC also said the financing aimed at developing Bangladesh's energy infrastructure to develop the country. Meanwhile, The Saudi Press Agency (SPA) said that this money will be invested in various sectors related to the development of the energy sector of Bangladesh.The signing ceremony took place during a official visit by a high-level delegation from Bangladesh to the ITFC headquarters.

Tourism is the only sector that will boom in the North East in the coming years and the targets can be achieved by keeping the environment unharmed, Dr Akbaruddin Ahmad, chairman of Policy Research Centre in Dhaka sounded confident as he spoke with Sunday Monitor in the library of Asian Confluence in the city. Ahmad was in Shillong for the 6th Annual Conference of the North East India Commerce and Management Association at Shillong College. As Ahmad spoke about the potential of the tourism sector, he emphasised the need for entrepreneurial spirit among the youth in the region. “Once a prolific scholar told me that he encourages his students to create jobs and not hunt for one. Be an entrepreneur. Think out of the box. That was my message too at Shillong College,” said Ahmad. One of the papers by Jobayer Hossain, deputy registrar at Darul Ihsan University, and published by Ahmad’s research centre, points out, “At present, world tourism industry appeared as a competitive and promising sector. It is not only that tourism sector earns foreign currency but also tourism creates image of the country and cultural diversification.” With every state in the North East having a unique culture, tradition and history, the region has much to showcase to the world. And this could be achieved through the proper promotion of tourism backed by a well-crafted policy. The respective state governments have to play a crucial role in doing so. Meghalaya has already prepared a draft tourism policy that advocates niche tourism that would be eco-friendly and sustainable. According to Ahmad, governments should promote eco-tourism to a great extent and rope in rural communities in this endeavour. “In Bangladesh, we are interacting with villagers in the selected tourism sites and training them. We are asking them to build basic amenities, such as clean toilets and decent accommodation so that they can cater to foreign tourists. This way, a visitor gets the chance to explore the beauty of an unconventional place and villagers earn a livelihood,” he said. However, he asserted that to attain sustainability in any business, there should be a cut-off point where governments have to monitor the functioning of businesses. It is possible to protect the environment while also encouraging development in the sector, he observed. But Ahmad was critical of India’s visa policy that would discourage tourists, especially those from Bangladesh. “People in Bangladesh are great travellers. But if they find inconvenience in a country, then why do you think they will come back? They can go to some other country,” he said, adding that India should start issuing visas on arrival. He pointed out that the Indian High Commission “takes a month to issue a visa” and there should be a provision for online application. With a hassle-free visa policy, the North East stands to gain from the tourist footfall. During his keynote address at the seminar titled ‘Sustainable Development: Business Policy and Management Practices’  at Shillong College, Ahmad laid down these points and urged the young participants to be enterprising and take advantage of the tourism boom. Dr E. Kharkongor, principal of Shillong College who was among the several eminent speakers during the event, said deliberations during the seminar on Sustainable Development will give a fruitful outcome for policymakers. Source: meghalayamonitor.com

Team Yogi, which visited France to explore investment opportunities, has received significant investment proposals from companies in sectors such as agriculture and aircraft maintenance. Now French companies will also cooperate in achieving the UP government's target of doubling the income of farmers. These proposals were received during the roadshow and business meetings of the delegation led by UP Deputy Chief Minister Keshav Prasad Maurya in Paris, France. Meanwhile, the delegation to Singapore headed by Jal Shakti Minister Swatantradev Singh has also signed a Memorandum of Understanding (MoU) worth Rs 7,700 crore with the business community of Singapore while investment proposals of Rs 4 lakh crore have been received from countries like the UK and the US. It is notable that CM Yogi has set a target of investment of Rs 10 lakh crore through the Global Investors Summit to be held in February 2023 and given the way Team Yogi has got the support of investors abroad, it is likely that the state will exceed the investment target. Investment proposals worth thousands of crores of rupees were received through roadshows and business meetings in France held under the leadership of Deputy CM Keshav Prasad Maurya and IT Minister Yogendra Upadhyay. The delegation met Pascal Fon, CEO of Inotera AG, who signed an investment intent of Rs 1000 crore with the state government. The Innotera platform will be set up through this investment. This is a platform to connect farmers and can play a vital role in doubling their income in the state. Similarly, the delegation met Saffron Group's Senior Vice President, International and Public Affairs, Martin Klotz and discussed with them their investment plans in Uttar Pradesh. The delegation has invited them to UPGIS 2023. Michael Paskoff, Senior Vice President of International Corporation, expressed keenness to invest in the aircraft maintenance (repair and overhaul) sector in Uttar Pradesh. In Singapore, the delegation led by Swatantra Dev Singh, Minister of Jal Shakti, also managed to get big investment proposals. MoUs worth over Rs 7,700 crore was signed through one-to-one business meetings with investors in Singapore. The companies will invest in various sectors in Uttar Pradesh. Singaporean companies have also shown interest in investing in technology areas such as parking and traffic systems. Swatantradev Singh had also met Singapore's Sustainability and Environment Minister Grace Fu Hi Yen and discussed the golden investment opportunities in Uttar Pradesh. Earlier, the delegation met representatives of ITE, Vida Technology and Star Consortium Pvt. Ltd and signed MoUs worth more than Rs 4,000 crore. Under the leadership of Finance Minister Suresh Kumar Khanna, Team Yogi held roadshows in the UK and the US, and as many as 21 MoUs worth Rs 4.7 lakh crore were signed. The delegation discussed in detail with the representatives of leading companies of developed countries like America and England for investment in UP in various phases. Suresh Kumar Khanna invited entrepreneurs from these countries to invest in IT, infrastructure, health, dairy, food processing, agriculture, tourism and education among other sectors. Khanna said told that due to the good governance of Chief Minister Yogi and the investment-friendly policies of UP, a number of industrial houses in these countries are willing to invest in the state. The Yogi government has made it easier for domestic and foreign investors to invest in Uttar Pradesh. Now anyone willing to invest in any sector in the state can simply express their desire by visiting the Nivesh Sarathi portal and getting registered on it. According to an official statement, more than 4,000 investment proposals have been received by the state government so far through Nivesh Sarathi. If these investment proposals materialise, lakhs of crores of rupees will be invested in the state and lakhs of employment opportunities will be created. 

BNP’s recent pledges before the public over power sector rang hollow as it comes without any acknowledgment and even extension of any apology over rampant corruption spree overseen by fugitive convict Tarique Rahman, acting chairman of BNP, during its regime. Prime Minister's ICT Affairs Adviser Sajeeb Wazed Joy today pointed out such dismal tale of corruption taken on an unprecedented scale by BNP-Jamaat during its last tenure between 2001 and 2006 on power and called it a shameless party for vowing to reform the power sector that it has destroyed driven by its leaders’ lust for money.   The latest remark from the ICT exponent came through a Facebook post on his verified account along with a audiovisual titled 'Reformation proposal by Mirza Fakhrul's quarter: will BNP revive the power sector that it has destroyed?' The only feat BNP achieved during its tenure is activating the operation of Tongi Power Station through overhauling on September 3, 2005. Its plaque was inaugurated by then Prime Minister Begum Khaleda Zia. But, the power station tripped even before she could reach Abdullahpur in Uttara after inaugurating it, Joy recalled. "Mirza Fakhrul vowed before media that if they came to power, they will change the power sector beyond imagination.  During their tenure between 2001 to 2006, BNP couldn’t add even single megawatt electricity to the grid. In the name of electricity generation, Tarique's cohorts with a Hawa Bhaban syndicate looted billions of bucks by simply erecting electric posts," said the commentary in the video. Source: BSS AH

A visiting delegation of Indian business executives from the ceramic tile, porcelain floor, wall and decoration tile, bathroom sanitary ware, and related industries met with their Vietnamese counterparts in Ho Chi Minh City to compare notes and seek tie-ups, the Vietnam News reported. Speaking at the Vietnam-India business meeting on August 23, Vishal Acharya of Mumbai-based Emerald Worldwide Connections Private Limited said that India was the second largest ceramic tiles producer in the world after China and accounted for 20 per cent of the global production. "India was among the top 10 trading partners of Vietnam, which in turn was considered an important country in India's 'Look East policy,' which is reflected in the multi-faceted co-operation between the two countries in recent years," Vietnam News quoted Deputy general director of the Vietnam Chamber of Commerce and Industry Nguyen Huu Nam as saying. India, like Vietnam is a rapidly developing country, with booming construction, which is pushing up demand for tiles and other building materials, according to the businessman. Indian enterprises are very interested in the Vietnamese market, and they want to not only export to the country but also invest and produce there. Trade between the two countries reached USD 13.2 billion last year, up 36.6 per cent year-on-year. India's exports to Vietnam were worth USD 6.95 billion, 56.7 per cent more as compared in 2020, while Vietnam's rose by 19.6 per cent, he said, adding that the two countries target soon to reach USD 15 billion. "To achieve this goal, Vietnam and India need to further strengthen co-operation in fields where the two sides have strengths and competitive advantages and complement each other," he said. Nguyen Huu Nam told that the meeting organized by the VCCI and Emerald Worldwide Connection was among the activities to promote the Ceramics and Bath Industry Show (CBIS) to be held in January 2023 in India, the Vietnam News reported. "After more than two years of disconnection due to COVID-19, the event today will provide Vietnamese businesses with useful information about products, markets, and incentives to attend CBIS in India. Besides, the B2B business networking session offers opportunities to find new partners and strengthen business relationships for businesses from both sides." Acharya invited Vietnamese companies to participate in the exhibition, saying it would showcase the best-in-class products and technologies in the fields and offer business matching, factory tours, and seminars on the latest industry developments. The expo would be a perfect platform for manufacturers to showcase their products and network with the "most influential industry stakeholders and generate business leads," and visitors could source the latest materials and services and meet directly with decision-makers in companies to negotiate prices, he added. Source: ANI  

India's services sector has witnessed a broad-based recovery in sales revenues in both nominal and real terms during the January-March 2022 quarter 2022, the Ministry of Finance said in its latest Monthly Economic Review report. The Information technology (IT) companies maintained strong growth while non-IT service companies continued to recover from the slump caused by the lockdown. A broad-based recovery in service activity continued in the first quarter of 2022-23, which can be attributed to improvements in demand following the retreat of pandemic restrictions, capacity expansion, and a favorable economic environment. Domestic freight movement data also signaled resilience, with railway freight continuing to expand in double-digits on a year-on-year basis in June 2022. "Hotels and tourism, trading, shipping transport services, information technology or software and films exhibition all witnessed a growth of over 20 per cent," the report said, adding that road, railway, shipping transport, and media content, however, experienced negative growth in real terms. On the other hand, the report raised concern about India's rising current account deficit. India's current account deficit, meaning a shortfall between the imports and exports, will deteriorate in 2022-23 on account of costlier imports and tepid exports, if recession concerns do not lead to a sustained and meaningful reduction in the prices of food and energy commodities. A sudden and sharp surge in gold imports amid wedding season, as many weddings were postponed to 2022 from 2021 due to pandemic-induced restrictions, is also now exerting pressure on the trade deficit, it said. The country's trade deficit widened to $45.18 billion in April-June 2022 period as compared to $5.61 billion recorded in the corresponding period of last year. In order to alleviate the impact, the government recently hiked the customs duty on gold from the present 10.75 per cent to 15.0 per cent. The widening of the current account deficit has depreciated the Indian rupee against the US dollar by 6 per cent since January of 2022 and is on the brink of touching the 80 mark. Depreciation in the rupee typically makes imported items costlier, which is already reflected in the country's foreign exchange reserves data. India's forex reserves during the six months in 2022 have declined by $34 billion.   Source: ANI

Finland is keen to cooperate with Bangladesh in the field of its sustainable and renewable energy. Finland's non-resident Ambassador to Bangladesh Ritva Koukku-Ronde today (Wednesday) expressed his country's interest while paying a courtesy call on Prime Minister Sheikh Hasina at her official residence Ganabhaban in the capital. Prime Minister Press Secretary Ihsanul Karim briefed the newsmen after the meeting. The envoy, who resides in New Delhi, handed over a letter of greetings of Finland Prime Minister Sanna Mirella Marin to Bangladesh Premier Sheikh Hasina, marking the 50th anniversary of the two countries diplomatic relations. The Bangladesh Prime Minister also conveyed her greetings to her Finnish counterpart at the function. Ritva Koukku-Ronde said the cooperation between Bangladesh and Finnish multinational telecommunications company Nokia can be strengthened further. She said her country will work on the Rohingya issue in the United Nations agencies. In this context, Sheikh Hasina said Rohingya refugees have become a big burden for the economy of Bangladesh. The local people are suffering a lot for the Rohingya people, she said. "We don't allow any insurgency on the Myanmar border," she also said. The Prime Minister also referred to the Chittagong Hill Tract Treaty signed by her government in 1997 through bilateral negotiations and surrender of 1800 armed cadres at that time. Mentioning that Bangladesh has set up a good number of hi-tech parks, Sheikh Hasina said the Finnish companies can invest there. While talking about the impacts of the Ukraine-Russia war during the meeting, the premier said, "We don't want war. Our policy is friendship to all and malice towards none." She said Bangladesh used to procure fertilizer from abroad, but now the shipping cost has gone up significantly due to the war. She added Bangladesh needs support from developed countries for its own development. Bangladesh continues agro research for its food security, the premier said, adding that no arable land will remain uncultivated in the country. Honorary Consul General of Finland to Bangladesh Muhammad Aziz Khan was present. Source: BSS AH

The students of Indian Institute of Mass Communications, Northern Regional Centre, Jammu, visited the Line of Control in the Pallanwal-Akhnoor sector on Tuesday.   This familiarization tour was coordinated by Public Relations Office, Ministry of Defense, Jammu and organized by Crossed Swords Division of White Knight Corps. The students were accompanied by Director Rakesh Goswami and other faculty members of IIMC during the familiarization visit. They were introduced to the basic dynamics and demography along the Line of Control and briefed about the life of a soldier and other aspects on the Line of Control. In addition, they were also familiarized with the newly introduced weapon systems. The students displayed a lot of enthusiasm and curiosity throughout the visit. The students were excited and full of fervour when they got a chance to interact with soldiers on duty along the LoC. They visited forward posts, bunkers and were briefed about the daily routine of soldiers.   Source: ANI

Eight infrastructure sectors grew by 8.4 per cent in April against 62.6 per cent expansion in the year-ago period, according to official data released on Tuesday. The output of eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity had expanded by 4.9 per cent in March 2022. The core sector had witnessed an exceptionally high growth rate of 62.6 per cent in April 2021 mainly due to the low base effect. The output of crude oil contracted by 0.9 per cent against a 2.1 per cent decline in April, the data showed. Source: PTI

The achievement of reaching the highest-ever mark of USD 50 billion worth of agriculture exports was attained through multiple steps taken by the Department of Commerce to turn India into the food basket for the world, said Commerce Ministry officials on Sunday. Speaking to ANI, the Commerce Ministry officials said that the previous highest mark was in 2013-14 at USD 43 billion after which the exports saw a free fall of sorts and suffered a USD 10 billion decrease in the figure by 2016-17 after which Department of Commerce identified four main reasons for the decrease in Agri-exports. "First, there was a disconnect between production and export of agricultural produce. Second, the State Government and farmers were not well acquainted with the concept of export-oriented production," the officials said. The Piyush Goyal-led Ministry also found out that the States were taking exports as the domain of the central government only and also the lack of agriculture export infrastructure and expertise with the state governments.   The Department of Commerce charted out a plan to address these issues and "for the first time reached out to not just the States but also at the district and village level farmers. "Our officials spread awareness and informed farmers that if there would be a surplus agriculture produce, Government of India will export it as the government wanted to help agriculture and its allied sectors as they provide the largest source of livelihoods in India," the officials said. Officials said the exports in the Agriculture sector have gone up despite the COVID-19 global pandemic where the demand for food had gone up globally but the issues of lockdowns closed offices and roads were creating huge issues. "But Department of Commerce through Indian Missions abroad and interacted through Virtual Buyer-Seller meets, removed many bottlenecks, coordinated with port or customs or State or district authorities, etc., to meet the increased global demand," the officials said. The officials said the Department of Commerce also supported States in identifying respective infrastructure bottlenecks, logistics constraints, requirements of post-harvest infrastructure etc. to address the same. Further, steps were taken to identify new markets, increase footprint in existing markets, analyze requirements and tariff structure of the new markets, etc. They said that even though the country has reached USD 50 billion mark in Agriculture exports, the country has not yet reached its full potential in the export of agriculture products. Due to the efforts of the government, in 2021-22, India exported around USD 10 billion in rice, with a 50 per cent share in the world's rice exports; the highest ever export of marine products (USD 8 billion), sugar (USD 4.5 billion), wheat (USD 2 billion) and coffee (USD 1 billion); USD 4 billion meat, dairy and poultry products exports, USD 4 billion spices exports and USD 3 billion cotton exports.   Source: The Economic Times