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Books on Bangladesh
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Update No: 021 - (24/09/07)
STEPS FOR A FREE TRADE ZONE
Bangladesh's trade negotiation committee is meeting in Dhaka this month to set
up a free trade bloc. The trade negotiation committee (TNC) will try to move the
negotiation process forward to create the free trade bloc under the BIMSTEC
umbrella. BIMSTEC is comprised of seven South-East Asian countries include
Bangladesh, Burma, officially known as Myanmar, India, Sri Lanka, Thailand,
Nepal and Bhutan. The aim is to strengthen trade and investment among its member
countries. The resumption of trade negotiations indicates that the regional
leadership has decided to go ahead with the free trade agreement among the Bay
of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
member countries. The plan for a free trade zone was launched last year by the
political changeover in Thailand and subsequent political changes in Bangladesh.
At the three-day meeting, the negotiators will try to settle differences on
issues pertaining to rules of origin, negative lists of products of individual
member states, local value addition content of exportable products, customs
formalities and arbitration modalities. Commerce Secretary of Bangladesh Feroz
Ahmed, will open the first session of the trade negotiating committee.
BANGLADESH TO SET UP NUCLEAR POWER PLANT
Bangladesh is submitting a plan to the International Atomic Energy Agency by
October 15 this year to install a 600-1000MW nuclear power plant at a cost of
1.2 billion dollars. A high-profile IAEA team, headed by its Deputy Director
General is scheduled to arrive in Dhaka between November and December to
evaluate the safety and security issues relating to the plant site. IAEA
Director General Mohamed El Baradei has assured Bangladesh's Energy Minister of
providing full technical support to Bangladesh for setting up the nuclear power
plant. Even neighboring countries - all themselves nuclear such as India,
Pakistan, China and Russia have agreed to offer technical cooperation to
Bangladesh. The proposed 600MW nuclear power plant would be set up by 2015, if
it is approved by the IAEA.
ISLAMISTS PROTEST
Islamic activists have defied emergency rule to protest over the publication of
a cartoon deemed offensive to Muslims. Under emergency rule, demonstrations are
strictly prohibited. However, this did not stop thousands of protesters who
joined the rally in the centre of the Dhaka. Prothom Alo, (meaning The First
Light), the newspaper that published the cartoon became the center of attack.
The cartoon appeared in Prothom Alo's weekly satirical magazine "Alpin."
Its cartoonist, Arisur Rahman, 23, was detained earlier this week and later
remanded in custody by a court. The cartoon depicted a small boy adding the name
Mohammed to the name of a cat. Demonstrators chanted slogans demanding the
execution of newspaper editor Matiur Rahman and burned effigies of him and
copies of the Bengali-language daily. More than 9,000 people protested against
the cartoon in front of the national mosque and tried to march to the Prothom
Alo office, according to one police official. This example goes to prove once
again that the scope of freedom of speech and expression is very limited in
Bangladesh. Most protests have surrounded the defense of Islam and religious
beliefs.
BANGLADESH SEEKS BRITAIN'S HELP TO THWART CORRUPTION
Bangladesh's military backed government has asked the United Kingdom to help
recover assets moved offshore by lawmakers as part of its crackdown on
corruption. The crackdown has led to the arrest of more than 150 politicians.
The reason Bangladesh is engaging Britain in this issue, is because the
government suspects that many Bangladeshi politicians either own property in
London or have stolen British money. Hasan Mashhud Chowdhury, chairman of the
Anti-Corruption Commission said that they are seeking the support of Scotland
Yard in this matter. Also, if Bangladesh can produce evidence from British
authorities that some of the political leaders and businessmen have made
investments there, then getting a conviction will be much easier. The
Anti-Corruption Commission is moving as per each case and individual to track
money laundering activities. Some of the funds taken out of the country may have
been invested in London, Singapore or New York, said Chowdhury. The U.K.'s
Department for International Development and the World Bank are also helping
Bangladesh tackle corruption. The commission plans to recruit 400 more people to
increase its numbers to 1264 people. The World Bank, which lent the country $379
million in the fiscal year to June 2007, is going to help improve the governance
of public institutions, to fight corruption, Xian Zhu the World Bank country
director for Bangladesh, said in an e-mailed statement.
BANKING LICENSE
Citi has become the first foreign lender to obtain a merchant banking license in
Bangladesh.
The license allows Citi to act as an advisor, and chief manager in the country's
local capital markets. The licence was granted to Citigroup Global Markets
Bangladesh Private Limited, a locally incorporated entity. Faruq Ahmad Siddiqi,
Chairman of the Securities and Exchange Commission (SEC) Bangladesh, handed over
the licence to Mamun Rashid, Citi's Country Officer for Bangladesh at the
offices of the SEC. Citi is committed to providing world class M&A advisory,
debt and equity services to support Bangladesh and its companies' future growth,
said Mamun Rashid, Citi Country Officer in Bangladesh. While Citi has operated
in Bangladesh since 1987 offering Corporate Banking services, under this new
license, Citi will be allowed for the first time to undertake traditional
merchant banking and investment banking services.
CAIRN ENERGY COMES TO BANGLADESH
Scottish Company Cairn Energy will be undertaking oil and gas exploration in the
offshore Block 16 starting October 7th of this year. They have submitted a
letter of interest to the Energy ministry requesting the support of Bangladesh's
Navy and Coast Guards as a means of providing the necessary security and safety
measures. Cairn Energy will be undertaking exploration work in Meghnama,
situated in the Bay of Bengal starting from next month. Bangladesh's Energy
Secretary, ANM Nasiruddin, informed Energy Bangla that the Ministry has
requested the Government to provide all necessary assistance to ensure smooth
drilling operations in Block 16. For security, they have also contacted the Navy
and the Coast guard requesting them to provide full cooperation. The entire
drilling operation will take about 200 days. Fishing and other activities in the
surrounding area will be restricted.
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