Maisson

Bangladeshi firm holds steady among world's largest 5,000 Asia accounts for 43 percent of the world's top firms by revenue and is the only region whose representation has risen over the past ten years A Bangladeshi company has held its rank among the world's largest 5,000 firms, according to a report by the McKinsey Global Institute. The American management consultancy firm published the report "Corporate Asia: A Capital Paradox" in January this year. In a previous report of the McKinsey published in July last year, the total revenue generated by the company was $1 billion, based on data from 2017. The report did not explicitly state the Bangladeshi company's name. But there are speculations in the local market that the firm could be the Summit Group, a large conglomerate involved in sectors such as communication, trading, shipping, energy and power. Incorporated in Singapore, the Summit Power International is a leading infrastructure developer and operator in South Asia. Setting up Bangladesh's first independent power plant in 1997, the Summit Power International went on to become the country's largest Independent Power Producer, reflecting 21 percent of Bangladesh's total private installed capacity and 9 percent of total installed capacity in 2017. In October 2019, Japan's largest energy company Jera acquired a 22 percent stake in the Summit Power International for $330 million. Asia: A force to reckon with Asia captured $1 of every $2 in new investments in the past decade, and this investment has helped the region scale rapidly. Asian companies have the largest share in the G5000 – the world's largest 5,000 firms by revenue. Asia accounts for 43 percent of the world's top 5,000 firms by revenue and is the only region whose representation has risen over the past ten years, the report said. Chinese companies doubled their share of the G5000, in the decade, to over 900 firms and India's representation also doubled from a lower base of 85 to 142, the seventh-highest share. Although Asian firms outperform on growth in invested capital, they have underperformed when turning it into economic profit, added the report. During 2005-07 and 2015-17, economic profit dropped from $726 billion to an economic loss of $34 billion and half of that drop happened in Asia. The report mentioned that three things led to this drop – the cyclicality of returns in the energy and materials sector, Europe's underperforming financial sector and China's allocation of capital to value-destroying sectors. One-third of all investments happened in China and 80 percent of that had been in value-destroying sectors. In the past decade, the energy and materials sectors turned from being a large contributor to economic profit to the largest reason for lost economic profit, accounting for $500 billion of the slump. However, value is still being added in some pockets. And information technology globally has been a value-creator. The McKinsey said, "We see pockets in Japan – the capital goods sector which means investments, heavy manufacturing, automotive and chemicals. That has been value-creating. We see that tech investments into Japan, Korea and China have been creating value. "The coming decade will perhaps reap the benefits of these investments. They have been put in place, so we now hope to start seeing the returns on some of these over time." In Asia, the "Troubled 200" – 200 largest companies that destroyed more economic profit than others – need to be turned around. Similarly, the "Terrific 200" – companies that created a disproportionate amount of value – should get disproportionate investments to reverse global economic profit destruction.

Land is a very limited commodity in Bangladesh. We should not allow any investment for wasteful industries that offer limited scope for transfer of technology, skill development while asking for huge swathes of land and on top of that discounted leasing rights. Bangladesh is not desperate, let South Korea come with hi-tech industries such as Hyundai, Daewoo, POSCO, Samsung and LG but keep their blanket factories in Myanmar or Africa.

Myanmar turns back China Southern flight over coronavirus fears Published: 31 Jan 2020 07:10 PM BdST International travellers wear face masks at the departure hall in Yangon International Airport in Yangon, Myanmar January 31, 2020. Reuters International travellers wear face masks at the departure hall in Yangon International Airport in Yangon, Myanmar January 31, 2020. Reuters Authorities in Myanmar turned back a China Southern flight from Guangzhou with almost everyone on board on Friday after one of the passengers was found with flu symptoms similar to the fast-spreading coronavirus, a government spokesman said. The plane arrived in the commercial capital Yangon and the passenger, a Chinese national, was sent to a hospital in the city where he will be quarantined, said government spokesman Zaw Htay. Two Myanmar nationals who also disembarked have agreed to isolate themselves in their homes for 14 days, he told reporters at a press conference. The plane returned to Gaungzhou with everyone else on board. Myanmar has no confirmed cases of the coronavirus, which first emerged in China's central province of Hubei and has infected almost 10,000 people since, mostly in and around Hubei. There are no plans to close the country's long and porous border with China or to ban Chinese travellers but Myanmar has introduced temperature screenings at airports and border gates, Zaw Htay said. A group of about 60 Myanmar students studying in Wuhan, the Chinese city worst hit by the virus, will be flown to Mandalay on Sunday, he said. Myanmar does not have the capacity to test for the virus in-country, and is sending samples from suspected patients to neighbouring Thailand, Khin Khin Gyi, a Health Ministry spokeswoman, told Reuters. Results are expected within a week, she said.

Rohingya killed in Cox's Bazar 'gunfight' Abdul Aziz, Cox's Bazar Published at 02:31 pm January 31st, 2020 Three members of RAB were injured in the incident A suspected Rohingya drug trader has been killed in a reported gunfight with Rapid Action Battalion (RAB) in Teknaf upazila of Cox's Bazar district. The incident occurred in the Mantalia Puranpara area under Baharchara union of the upazila early Friday. The deceased is Md Abdul Nasir, 28, son of Mohammad Zaker, resident of Balukhali Rohingya camp in Ukhia upazila. RAB 15 Cox's Bazar Assistant director, in-charge of CPC 2 Hoaikyang Camp, Assistant Superintendent of Police (ASP) Shah Alam said: "Acting on a tip off, we conducted a drive in the area around 1:15 am. "Sensing our presence, the drug traders opened fire on us, forcing us to fire back." Nasir was caught in the line of fire and suffered bullet wounds while the others managed to flee the scene. Later, he was taken to Teknaf Upazila Health Complex where doctors declared him dead. His body was sent to Cox's Bazar General Hospital morgue for autopsy, the ASP added. Three members of RAB were injured in the gunfight. RAB also recovered two one-shutter guns, five bullets, 66,915 yaba pills and Tk3,000 cash from the spot.

China backtracks on financing Chattogram burn unit China planned to investment Tk100 crore for the project China has decided not to finance the building of a burn and plastic surgery unit in Chattogram Medical College and Hospital because the hospital has not been able to arrange the required land for the purpose. After a Chinese delegation visited Chattogram Medical College and Hospital several times, an agreement was signed in 2016 with the Chinese government for building a 100-bed burn and surgery unit in the medical college. China planned to investment Tk100 crore for the project. "I have been trying to establish a burn unit in Chattogram for a long time. In 2016, a Chinese delegate visited the medical college and chose a 20-katha plot. The hospital agreed too," said Dr Samanta Lal Sen, chief national coordinator for plastic surgery and all burn projects in Bangladesh. In 2019, the hospital said the Japan International Co-operation Agency (Jica) would build a radiology unit on that plot. The then hospital administration had allocated the land for the Jica project in 2014, he added. The hospital, the Jica project coordinator and the Chinese delegation had several meetings at the health directorate, but they could not come up with a solution. It is quite frustrating that the burn unit will not be built because of a lack of land, he further said. The deputy director of the hospital Dr Akhtarul Islam acknowledged that the hospital had made a mistake, and said the problem had occurred after the hospital allocated the plot to both China and to Jica. Another Chinese delegation visited the hospital in 2018. In March that year, China agreed to fund the establishment of the burn unit. The Chinese Embassy wrote to the Economic Relation Division of the finance ministry requesting the final draft of the Letter of Exchange. The Chinese delegate said its government had approved the construction of the infrastructure of the burn unit. Meanwhile, the design of the building had been finished. Under these circumstances, getting approval to build the burn unit at any other place will take a few years. The Development Project Proposals (DPP) for the radiology and imaging unit have already been approved by the Executive Committee of National Economic Council. If the previously selected place is changed, new DPPs will have to be approved. The project has already taken five years, said Dr Lal. Though some places were proposed, neither China nor Jica agreed to them. There is 20-katha open space beside the administration building. After allocating a part of it to Jica, we proposed providing a 12-katha plot of land to China for building the burn unit. However, China did not agree, said Akhtarul Islam. Fires occur quite frequently in Chattogram, especially in the old shipbreaking industries, because the city is an industrial zone. The records of the Fire Service and Civil Defence reveal that were 726 fire incidents in Chattogram in 2019. Chittagong Medical College and Hospital is the only place that treats burn victims. There are 26 beds in the burn unit, but the facilities are inadequate and there is no intensive care unit. On average, 40-50 patients are treated here daily. There is also a shortage of nurses and other staff. That is why burn victims are often sent to Dhaka, said Dr Rafique Ahmed, head of the burn unit at the hospital.

Bangladesh has won virtually every engagement in war. This is a record few nations can boast and it shows though the country is not a militaristic one it is more than capable of defeating any aggressors.

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The realisation of our collection dreams are finally coming true with 2020 set to be a grand year for the Bangladesh Air Force in particular.

Implemented as follows: Science & Technology added Civil Aviation added Maritime & Shipbuilding added Power & Energy added South Asian Defence Forum in lieu of separate defence forums for India & Pakistan. Myanmar forum remains as they are not South Asian. Global Defence Industry & Technology added

I do not want to be promoting Bangladesh as a hot spot for terrorism, because its not. Moreover I think most people here are not qualified in the subject matter of counter-terrorism to warrant such suggestions. The internal security sub-forum should suffice for all counter-terrorism related threads.

Govt plans to revamp facilities in Sundarbans to boost tourism The government is planning to renovate seven eco-parks and build four new ones in the Sundarbans, aiming to boost tourism in the world's largest mangrove forest. The government also has plans to procure high-speed vessels to protect tourists in disaster-prone areas. Even though more and more people visit the world’s largest mangrove forest each year, tourists and travel agencies complain about insufficient facilities and travel arrangements to the Sundarbans. The complaints range from lack of basic and emergency medical services, food and accommodation, supply of fresh water, adequate security to booking complications at the forest department. The watch towers and jetties inside the forest are also in dilapidated conditions. “Each season, around 1.5 to 2 lakh local and foreign tourists visit the Sundarbans helping the government earn more than Tk 2 crore in revenue,” said Md Moinuddin Khan, forest conservator of the Khulna region. “There're seven eco-parks for tourists in the Sundarbans. Under the current circumstances, a Tk 25 crore project titled ‘Development and extension of eco-friendly tourist facilities in Sundarbans project’ was proposed and it can be implemented from July next year if it gets approved from the ministry,” he said. According to the forest conservator, development of the old seven eco-parks, construction of four new ones and overall renovation of watchtowers are included in the project. “The project was sent to the Ministry of Environment and Forest, and we hope to get its approval soon,” Moinuddin Khan added. Sources at Sundarbans East and West Forest Department said the number of local and foreign tourists visiting the Sundarbans is increasing every year. They said a total of 100,817 tourists visited the Sundarbans in 2014-15 fiscal year, 128,175 in 2015-16, 183,490 in 2016-17 and 221,969 in 2017-18 fiscal year. That figure rose to 251,969 in 2018-19. The forest department received more than Tk 2 crore in revenue from the tourism sector last year. Talking to the UNB correspondent, several tourists who went to the Sundarbans shared the problems they encountered. As much of the forest is outside the mobile network, tourists are disconnected with the outside world after they enter the Sundarbans, they said. There are no facilities for emergency medical care and even for clean drinking water, they complained. “The Sundarbans is a place of amazing natural beauty and many people are really interested about it. People visit it purely at their own initiatives,” said Jamaluddin who came to visit the Sundarbans from Dhaka. He feels that tourism in the Sundarbans has a lot of potential but government initiatives to develop the tourism sector is few and far between. Jamaluddin also found the Sundarbans to be a safe area although people used to fear attacks from pirates and forest robbers before. “Security should be increased at the tourist spots like Kotka, Kochikhali and at the river mouths where ships anchor,” Jamaluddin mentioned. Mazharul Islam Kochi, managing director of Ever Green Tours and Travels Ltd, expressed concerns over the inadequate security at the Sundarbans. “The security system is still precarious and each ferry gets only two forest guards, who are often too old to carry firearms. That’s why the dangers remain,” he explained. “Tourists also do not get proper accommodation. They have to spend night on their boats. The watchtowers are also rickety and the tourist ferries are not allowed to use the forest department jetties. There is a crisis of fresh water, too.” Divisional Forest Officer (DFO) of West Sundarbans division Bashirul AL Mamun said some initiatives are in the pipeline to make sure tourists can avail themselves of services easily at the Sundarbans. “We monitor to make sure tourists don’t fall in troubles. Importance is being given to the necessity of designated jetties for tourists. Tour guides are being trained so they can remain alert while accompanying the tourists,” he explained. “Priority is being given to manpower for monitoring the overall situation of the Sundarbans. Necessary manpower is kept in the eco-park areas even though we're short by one-third." Mentioning that tourists should be more cautious so that the Sundarbans environment is not spoiled, the DFO said visitors often feed the animals and make loud noises. These activities are harmful to the environment. “Due to lack of awareness, tourists throw polythene, packets, food and leftovers in the river and the Sundarbans, polluting the environment. This problem is difficult to solve by enforcing the law alone. Therefore, emphasis is given on raising awareness,” the forest official added. “The ministry can approve projects up to Tk 50 crore without going to Ecnec. Thus the proposal for the forest department’s project will be cleared. There are only a few steps left and the work may begin before July,” said Begum Habibun Nahar, MP, deputy minister for environment, forests and climate change affairs. “Although the Sundarbans Protection Project began in 2011, virtually nothing happened under it. Some work for protection will be done under the ‘Development and extension of eco-friendly tourist facilities in Sundarbans project’. It has been primarily approved,” the deputy minister said.

Thanks for the suggestion guys. The management team can take note of this for possible future implementation. I have something I was thinking of in terms of organising the forum better with focus on strategically important sectors of our economy. Shall we have four more additional sub-forums? Science & Technology Civil Aviation Maritime & Shipbuilding Power & Energy What is your opinion?

67 international observers to monitor Dhaka polls Published: 29 Jan 2020 01:12 PM BdST Updated: 29 Jan 2020 01:13 PM BdST The Dhaka city elections are set to be overseen by 67 international observers from seven countries and the European Union. Among them, 27 are from the US, 12 from the UK, six from Switzerland, five from Japan, six from the Netherlands, two from Denmark, four from Norway and five from the European Union, according to the Election Commission. Earlier, US Ambassador Earl Robert Miller met with the chief election commissioner on Jan 20 to discuss the upcoming city elections. The US will be sending members of its diplomatic corps monitor the elections, Miller said. They will mainly focus on whether the democratic process is being observed in the polls, he added. Besides, 1,013 local observers and a few thousand journalists will also watch over the elections. Electronic voting machines, or EVMs, will be used exclusively in the elections scheduled for Feb 1.

Ecnec clears for upgrading Hatirjheel-Banashri-Demra Highway Independent Online /UNB The Executive Committee of the National Economic Council (Ecnec) on Tuesday approved a Tk 1,209.60 crore project to support work for upgrading the Hatirjheel-Rampura Bridge-Banashri-Shekherjaiga-Amulia-Demra Highway into a four-lane one. The approval came from the weekly Ecnec meeting held at the NEC conference room with Ecnec Chairperson and Prime Minister Sheikh Hasina in the chair. “Today’s (Tuesday’s) meeting approved nine projects involving a total estimated cost of Tk 4,324.61 crore,” said Planning Minister MA Mannan while briefing reporters after the meeting. Of the total cost, Tk 4,249.09 crore will come from the national exchequer, while Tk 5.68 crore from the own fund of an implementing organisation, and the rest of Tk 69.84 crore will come as project assistance (from Korea Eximbank). Among the approved projects, eight are fresh and the rest one is a revised one. About the Hatirjheel-Banashri-Demra Highway project, the Planning Minister said the Department of Roads and Highways will implement the project titled ‘Public Private Partnership-based Supportive Project for Upgrading Hatirjheel-Rampura Bridge-Banashri-Shekherjaiga-Amulia-Demra Highway into Four Lane’ one by December 2024. Once the 13.50-kilometre highway project is completed, he said, those travelling to and from Chattogram and Sylhet using the highways will be benefited. The main project operations include some 25.47 hectares of land acquisition, compensation and rehabilitation alongside other necessary consultancy and procurement works. Besides, the Ecnec meeting approved a project for conducting dredging at Mongla Port Channel with an estimated cost of Tk 793.73 crore to ensure the necessary depth for handling capacity of ships having 9.5 to 10 metres depth at Mongla Port Jetty. The meeting also endorsed the first revision of Bhandal Juri Water Supply project with an additional cost of Tk 958.85 crore. The total estimated cost of the project now has been increased to Tk 1995.15 crore from the original cost of Tk 1,036.30 crore. The rest six fresh projects approved at the meeting are Procurement of Necessary Vehicles and Equipments for Rangpur City Corporation with an estimated cost of Tk 113.69 crore, Construction of Rajshahi Wasa Bhaban with Tk 65.99 crore; Upgradation of Narayanganj Link Road (from Signboard to Chashara) into six-lane one with Tk 449.58 crore, Agricultural Development at Rajshahi Division through Expansion of Modern Technology with Tk 147.03 crore; Arial Kha River Bank Protection and Dredging under Shibchar upazila in Madaripur district with Tk 394.47 crore; and River Bank Protection near Doarabazar upazila Parishad complex, Rokkhibaor and Betura on the right side of Surma River under Sunamganj district with Tk 191.67 crore.

Tk 794cr project to dredge Mongla Port channel Proposal to be placed in ECNEC meeting today DEEPAK ACHARJEE, Dhaka The government has taken a big project to dredge 11 kilometer (km) channel of Mongla Port to increase navigability for facilitating bigger container vessels to anchor at the jetty. The planning commission has already prepared a proposal of the 3-year long project involving Tk 794 crore, which is likely to be placed in the meeting of the Executive Committee of the National Economic Council (ECNEC) today, the sources in the planning commission and the ministry of shipping said. At present, the depth of the navigability of 30 km areas of the outer bar (from the Bay of Bangle to entry point of the river Pasur) and inner bar (Joymanirgol to Jetty of the Mongla port) is five to six meters. And that’s why, the 9.5 meters depth container ships can to anchor at the jetties of the port, the sources said yesterday. Talking to The Independent, a high official of shipping ministry said the cost and time of cargo transportation have been increased as big ships can’t anchor at the jetties of the port due to poor navigability at the channel. At present, the Pashur river has 7-8 metres of draft. But 8.5-9.5 metres draft depth is needed for relatively bigger container vessels to anchor at the jetty, according to port users “It will be possible to anchor 9.5 meters depth container ships to the port jetties after completion of the project by 2022,” shipping ministry official said. “We will be able to increase the capacity of the port after completion of the project successfully,” he added. According to the proposal, the use of the Mongla Port would be increased in 2021 after completion of the Rampal Coal-fired power plan and start operation of the country’s nuclear power plant in Rooppur. “At least, 45 lakh tonnes of raw materials of the Rampal coal-fired power plant and raw material of nuclear power plant would be imported through the sea port,” the proposal added. As per a recent survey conducted by the Khulna University of Engineering and Technology, there is a possibility to handle 8.72 lakh TEU (twenty-foot equivalent) containers in 2025, and 45.32 lakh containers and over 30,000 vehicles in 2050.Currently, the port can handle 54,000 containers.

Bangladesh allows education for Rohingya refugee children Independent Online/ AFP Rohingya children living in Bangladesh refugee camps will be allowed to receive a formal education after a change of heart by Dhaka in a move welcomed by right activists. Nearly one million Rohingya, including more than half a million children, live in the squalid and crowded camps near the southeastern border with Myanmar, where many had fled from in 2017 after a brutal military crackdown. The children were previously barred from studying the curriculums used in Bangladesh and Myanmar, and instead received primary education in temporary learning centres set up by the UN children''s agency UNICEF. "We don''t want a lost generation of Rohingya. We want them to have education. They will follow Myanmar curricula," Foreign Minister A.K. Abdul Momen told AFP on Tuesday. The decision came after a meeting of a national taskforce set up by the government. Local media reported that a pilot programme involving more than 10,000 students would be launched soon, with UNICEF and Dhaka jointly designing the curriculum. The refugee children will be schooled in Myanmar history and culture up to age 14, and will also receive skills training so they can take up jobs back in Myanmar when they return home, the foreign ministry said. "I can''t express my joy with words ... generations of Rohingya hardly had any education in their homeland in Myanmar as they were discriminated there and were robbed of their citizenship," Rohingya youth leader and human rights activist Rafique bin Habib said. "The decision will minimise the chances for a Rohingya kid to get radicalised (in the camps)," he added. UN representative in Bangladesh Mia Seppo told AFP the move would "make it easier for them to go back home to Myanmar when the time is right for returns". Some Rohingya children have used fake Bangladeshi identity cards and hidden their ethnic identities to enrol in local schools. Authorities last year expelled scores of them from schools in a drive condemned by rights groups. Tens of thousands of other Rohingya Muslim children were also educated in madrassas set up by Islamic groups in the camps. The decision came almost a week after UN''s highest court ordered Myanmar to do everything in its power to prevent the genocide of Rohingya Muslims.

Arjun tank having different digging device accessory mounted.

Banglalink tops 3G download speed list Banglalink at present has 25 million internet users out of its total of 35.23 million subscribers At 4.39 Megabits per second (Mbps), Banglalink subscribers experienced the highest 3G download speed between September and November last year, a JP Morgan report has said. Banglalink subscribers had a good experience when they downloaded videos and images, made video calls, and engaged in other activities online, as the report, titled "Asia Pacific Equity Research," noted. Released on January 23, the report analysed statistics from mobile phone operators across 14 Asian countries. Currently, Banglalink has 25 million internet users out of its altogether 35.23 million subscribers. It is the third largest operator in the country in terms of subscriber base. It offers HSPA (High Speed Packet Access) technology in its 3G connection, which extends and improves the performance of the existing 3G networks. Airtel Bangladesh merged with Robi in November 2016, to begin operating as only Robi. The JP Morgan report said Airtel offered the second highest download speed, which was 4.12 Mbps. Grameenphone ranked third on the list, with its subscribers getting 3.88 Mbps. It is the largest mobile phone operator in the country in terms of revenue, coverage and subscriber base. Robi's 3G download speed was 3.77 Mbps – the lowest in that period – even though it is the second largest mobile operator in the country, with the number of subscribers reaching 49 million at the end of December last year. Banglalink's dual carrier 3G and 4G network Banglalink said topping the 3G download speed list was a reflection of its relentless efforts to provide subscribers with the best-in-class digital services. "We have an efficient performance management system, and state-of-the-art solutions for network coverage and capacity," Taimur Rahman, chief corporate and regulatory affairs officer of the company, told The Business Standard. He said, "Banglalink has a strong dual carrier 3G and 4G network powered by the additional spectrum we purchased at the last auction. The network is fully capable of catering to customers' demands by providing super-fast internet connection across the country." Taimur said his company would remain committed to offering customers "a more enabling digital life" by leveraging the latest technologies. Sumayia Mariam, who has been a Banglalink subscriber for a decade, told The Business Standard the company's network coverage in the urban areas is satisfactory. "But I face trouble when I go to the rural areas or the countryside. At the same time, the signal is sometimes weak when I am on the upper floors of big buildings. This is something that needs to be improved," she added. According to the Bangladesh Telecommunication Regulatory Commission, Banglalink purchased the largest spectrum during the 2018 auction at a cost of $135 million. Over 59 million 3G users At present, the country has 165.57 million mobile phone subscribers, and 93.68 million mobile internet users. Of the total number of internet subscribers, 59.04 million use 3G connections. The number, however, is gradually declining as 4G networks have been introduced in the market. In 2012, the government issued 3G licences to private operators. In general, 3G networks offer a speed of at least 7.2 Mbps. This gives users the ability to download documents, images and videos within a short time. Under 2G technology, users could get the highest download speed of 64 Kbps.

Women earn more per hour than men in Bangladesh Bangladesh also has the least gender monthly pay gap, which means that women earn only 2.2 per cent less than men per month Bangladesh is the only country among 64 selected economies where women earn more wages per hour than men, according to a United Nations report. The estimation was made considering factor weighted average based on education, age, part-time/full-time work, public/private work, and so on. Additionally, Bangladesh has the least gender monthly pay gap, which means that women earn only 2.2 per cent less than men per month. It is the only economy in the study to have achieved this minimum level of the gender pay gap. Gender wage gap is the difference between the average earnings of women relative to the average earnings of men. Meanwhile, wage is a fixed regular payment earned for work or services, typically paid on an hourly or monthly basis. When considering hourly wages, women in Bangladesh make 4.7 per cent more than their male counterparts, beating high-income economies such as the USA, UK, Canada, Sweden and the Netherlands. The World Economic Situation and Prospects 2020, published on January 16, 2020, is an annual UN flagship publication on the state of the world economy, viewed through the lens of the 2030 Agenda for Sustainable Development Goals (SDG). Among the 17 SDG goals, "Gender Equality" at number 5 focuses on achieving gender equality and empowerment of all women and girls. The annual report brings up the mean gender pay gap as measured hourly and monthly for 64 selected economies. This estimate is based on the 2018-19 report of the International Labour Organisation's Global Wage Report. Pay Gap In Monthly Earnings Narrows According to the 2018-19 ILO report, women were earning 5.5 per cent more than men in terms of mean hourly wages, but considering monthly earnings, women were earning 7.2 per cent less. The latest report by the UN shows that the pay gap has been reduced by 5 percentage points, an indication that Bangladesh has made a big improvement in this regard within just a year. Global Picture Not So Good Globally, women's average hourly income is 18.8 per cent less compared to men. The situation is worse in terms of mean monthly wages, where women earn 21.2 per cent less than men. In comparison, the 2018-19ILO report pointed out that globally, women were earning 15.6 per cent less than men hourly and 20.5 per cent less monthly. This clearly indicates that the mean gender pay gap has increased globally within one year. Gap Wider In Upper Middle-Income Countries In terms of equal pay to women, 17 upper-middle-income countries have fared the worst in the UN report. The 30 high-income countries selected for the survey have the least monthly pay gap in terms of economic groups. Shockingly enough, a selected five low-income countries performed well enough in mitigating the monthly gender pay gap to rank just below the high-income countries. The hourly gender pay gap is also the lowest in the selected five low-income countries. In high-income countries, the hourly gender pay gap is 15.5 per cent and the monthly gender pay gap is 18.3 per cent. In low-income countries, the hourly pay scene is better than that of high-income countries. The hourly gender pay gap is 12.6 per cent and the monthly gender pay gap is 20.2 per cent. Pakistan Performs The Worst In terms of both hourly and monthly wages, the most noticeable gender pay gap exists in Pakistan. The country's women are paid 36.3% less than men hourly. The monthly income of men in Pakistan is almost double compared to what women are earning in similar jobs. The monthly gender pay gap in Pakistan currently stands at 43.8 per cent. The second worst performer is the Republic of South Africa, where women are paid 28.5 per cent less than men hourly and 31.1 per cent less monthly. The Republic of Korea is in the high-income country group, but in case of the gender pay gap, the country is in the third-worst position. Mean gender pay gap is 26.2 per cent and 28.3 per cent respectively for hourly and monthly wages. South Asia Along with Bangladesh and Pakistan, Sri Lanka and Nepal are also in the selected economies. India has not made it to the list. Sri Lanka has shown a high gender pay gap, while Nepal is showing a relatively moderate gender pay gap compared to other South Asian countries. However, the percentage is higher than the world average in all South Asian countries, excluding Bangladesh. About Estimations According to the ILO definition, pay refers to total gross remuneration, which includes regular wages, bonuses and gifts during the time of working and time of not working, such as paid annual leave or paid sick leave.

Bangladesh’s economy to overtake Malaysia, Hong Kong and Singapore in 2024 In 2024, Bangladesh will rank as the 30th largest economy in the world, overtaking Malaysia’s rank of 32nd that year Bangladesh is set to become the world's 26th largest economy within the next decade, says a report published by the Centre for Economics and Business Research. In a surprising note, the report predicts that in 2024, Bangladesh will rank as the 30th largest economy in the world, overtaking Malaysia's rank of 32nd that year. Bangladesh's economy ranked 40th largest in 2020, while Malaysia ranked 34th. In 2024, Bangladesh's economy will overtake heavyweights such as Hong Kong (37th), Singapore (38th), Denmark (40th) and Norway (36th). Hong Kong's economy is currently ranked 35th, Singapore 37th, Denmark 39th and Norway 30th. Meanwhile, India is predicted to become the 3rd largest economy in 2034, behind China – which will dominate the global economy, and the USA – which will slip to second position. The London based think tank published The World Economic League Table 2020 on December 26 last year, ranking the world's largest economies. Bangladesh has moved up one notch from its position last year, and has been persistently maintaining its rank as the 2nd largest economy in South Asia, just one-step behind neighbouring India. In 2034, Bangladesh is predicted to have the 25th largest economy in the world. Fueled by a consistent economic growth over the last five years, Bangladesh has leapt from having the 57th largest economy in 2014 to 41st in 2019. The country's average economic growth has been 7.39 percent in the last five fiscal years. Bangladesh even hit a record growth of 8.15 percent in the last fiscal year. Three rapidly growing Asian economies – Philippines, Bangladesh and Malaysia – have been listed as the fastest risers in the table amongst the larger economies. The Philippines rose from 38th place in 2019 to 36th place in 2020, and Malaysia from 35th to 34th during that same period. In 2029, India is predicted to remain the largest economy in South Asia followed by Bangladesh and Pakistan. Whereas, Bhutan, Maldives and Afghanistan will remain at the bottom of the table. With a Purchasing Power Parity (PPP) adjusted GDP per capita of $5,028 in 2019, Bangladesh is a lower middle-income country. The economy of the country performed well in 2019, expanding by an impressive 7.8 percent. This, however, is below the 7.9 percent GDP growth recorded in 2018, said the report. The population has risen at a rate of just 1 percent per year since 2014. This means that per capita incomes have grown considerably in recent years. Government debt as a share of GDP rose to 34.6 percent in 2019. This is up from 34 percent in 2018. Despite this increase, the public sector finances remain in good shape. The relatively low debt burden has provided the government with the fiscal headroom to operate a budget deficit of 4.8 percent in 2019. Speaking to The Business Standard, Dr Sayema Haque Bidisha, associate professor of Dhaka University's economics department, said, "Every country goes through a phase where its GDP peaks. Bangladesh is currently going through this phase." Dr Bidisha also serves as a research fellow in the South Asian Network on Economic Modelling. The Centre for Economics and Business Research has been delivering independent economic forecasting and analysis for decades. The centre also publishes the World Economic League Table, which tracks the size of different economies across the globe and projects changes over the next 15 years, up to 2034. In September 2018, the HSBC – in a report on 75 countries titled "The World in 2030" – also projected that Bangladesh will be the 26th largest economy in the world by 2030.

Bangladesh eyes preferential trade with Nepal for 140 products Nepal is the only country in South Asia with which Bangladesh has a trade surplus Bangladesh government plans to sign a preferential trade agreement (PTA) with Nepal for 140 products, including agro-processed food, dairy, ready-made garment, footwear, and electronics and home appliances. Consulting the stakeholders last month, the Bangladesh Tariff Commission prepared the list of 140 "potential products", said Md Mayen Uddin Molla, assistant chief of the commission. The other major products primarily identified include motorcycle, plastic, mineral water, lead-acid accumulator, glass and glassware, liquid dielectric transformers, static converters, and steel. Following a request from the commerce ministry, the commission prepared the list, prioritising products – with an average export value of above $1 million – that Nepal imported from the global market in the last three years. Commission officials said Bangladesh currently exports 52 out of these 140 products to Nepal. "The commission will be able to finalise the product list within the next week," said Dr Mostafa Abid Khan, member of the statutory organisation. Earlier, both countries expressed their interests in signing a PTA regime during the fourth meeting of the Nepal-Bangladesh commerce joint-secretary level technical committee held in Kathmandu during October 22-23, 2019. They decided that Bangladesh would exchange a product request list with Nepal, seeking duty benefits. Earlier in 2016, Bangladesh prepared a request list of 56 products and an offer list of 108 Nepalese products for preferential market access to Bangladesh; but it failed. According to the South Asian Free Trade Area (Safta), the Himalayan country now maintains a sensitive list of 998 products for the least developed countries (LDCs) and 1,036 products for non-LDCs that are not entitled to preferential trade benefits. Bangladesh has been maintaining a list of 987 products for the LDCs and 993 products for non-LDCs as sensitive products. The government also assessed the products' prospects for future export based on the analysis prepared by the Bangladesh Embassy in Nepal. Some products have a high demand in Nepal such as processed food, electrical and electronics products, motorcycle, furniture, ceramic, melamine, ready-made garment, bicycle, and construction materials, according to the embassy. "The PTA will not allow duty-free market access but it may provide zero-duty facility to some products and lowered duty to some others," Ali Ahmad, chief executive officer of the Bangladesh Foreign Trade Institute, told The Business Standard on Thursday. He said after graduation from the LDC club in 2024, Bangladesh would lose duty-free and quota-free market access across the globe, except for the European Union (EU). The EU's market access facility will be over by 2027, Ali added. As the preparation for that time, the government wants to sign some PTAs, free-trade agreements and a Comprehensive Economic Partnership Agreement with some countries that are important and potential export destinations for Bangladeshi products, he explained. The signing of a PTA with Nepal would be beneficial for Bangladesh and a milestone for signing more of such agreements, Ali elaborated. Electrical and electronics product manufacturer Walton's Executive Director Uday Hakim told The Business Standard that the company is exporting home appliances including air conditioner, television and refrigerator to Nepal, paying duty. "If the government can sign such an agreement with Nepal, it would help boost bilateral trade," he said. Furniture giant Hatil's Manager of international marketing Shamim Razib said, "We have opened an outlet in Nepal with a local partner, who imports our furniture paying 11.25 percent duty." However, the government has not considered furniture in the proposed list for the PTA as the item is now out of Nepal's sensitive list under Safta. Within the agreement, pharmaceutical products are also getting market access for duties ranging from 0 percent to 14 percent as it is also out of Nepal's sensitive list. Duty slabs under Safta Under the phased tariff liberalisation programme (TLP) of Safta, the non-LDCs are supposed to cut their tariffs to 20 percent in two years, and the LDCs to 30 percent. The non-LDCs will have to cut their tariffs to 0-5 percent in five years (Sri Lanka in 6 years), while the LDCs will have to do so in eight years. The non-LDCs will cut their tariffs for LDC products to 0-5 percent in 3 years. This TLP covers all tariff lines except those kept in the sensitive list by the member states. Trade surplus with Nepal Nepal is the only country in South Asia with which Bangladesh has a trade surplus. According to the Export Promotion Bureau, Bangladesh exported goods worth $38.04 million to Nepal during 2019-2020. The major exporting items of Bangladesh to the land-locked Nepal include agricultural products, jute and jute goods, engineering products, pharmaceutical products, paper and paper board, cotton, chemical products, plastics and plastic articles, specialised textile, furniture, bedding, mattress, cushions and similar stuffed furnishing, knitwear, woven garments, frozen food, headgear and parts, home textile, man-made filaments and staple fibres, ceramic products, glass and glassware, clocks and watches and parts. Bangladesh mainly imported vegetable products, prepared foodstuffs, beverages, spirits and vinegar, tobacco and manufactured tobacco substitutes, zinc and articles, products of the chemical or allied industries, sulphur, lime and cement, man-made staple fibre, soyabean oil and its fractions, brooms and brushes from Nepal.

Ruman Shana promoted to Lance Naik Bangladesh's celebrated archer Ruman Shana has been promoted to the post of Lance Naik of Bangladesh Ansar & VDP. Director-General of Ansar & VDP Major General Kazi Sharif Kaikobad adorned badges to Shana, recognising his achievements in Archery on Tuesday at the headquarters Ansar & VDP in Khilgaon area. Besides, Vice President of Bangladesh Olympic Association and Parliament Member Mahabub Ara Begum Gini, Additional Director General of Ansar & VDP Brigadier General AKM Asif Iqbal, Director of Sports and Culture Nurul Hasan Faridi and other distinguished personalities were present on the occasion. "We recognise our athletes every year. We have promoted Ruman Shana to Lance Naik recognising his achievements in SA Games and other international events. Hopefully, he will continue his performance in the upcoming Bangabandhu Games and will bring glory for Ansar & VDP," said Major General Kazi Sharif Kaikobad. After getting promoted, Shana said, "I belong to a middle-class family. The promotion will increase my salary and allowances. It will be helpful for my mother and family." The 24-year-old archer from Khulna has created history in the country's sports arena by securing a spot in the Tokyo Olympics 2020 from the World Archery Championship in the Netherlands in June last year. With the feat, Shana became the second Bangladeshi athlete to qualify in the Olympics on merit after golfer Siddikur Rahman, who took part in the Rio Olympics in 2016. Shana also claimed the first bronze medal in the world meet beating celebrated Dutch archer Van Den Berg Sjef in the quarterfinal after beating two-time world champion Kim Woojin of South Korea in the elimination round. The feat boosted his morale and the Khulna boy made a new history in the 13th South Asian Games in Nepal in December. Shana secured a total of three gold medals -- two in team events and one in singles events – along with his two other teammates Eti Khatun and Md Sohel Rana. The trio became the best Bangladeshi athletes in the regional games after swimmer Mosharraf Hossain Khan, who secured a record five gold medals for Bangladesh in a single edition -- three in individual events and two in relay--in the 2nd SAF Games (presently SA Games) in Dhaka in 1985. Besides, Ruman Shana clinched his first gold in Asia Cup-World Ranking Archery Tournament (Stage-3) in the Philippines in September. It was his 3rd individual international gold medal after claiming gold medals in the 1st Asian Archery Grand Pix'2014 in Thailand and in the International Archery Tournament'2017 in Kyrgyzstan. Apart from these, Shana bagged one gold medal in a national-level archery competition this year. He bagged gold in recurve men singles of Modhumoti Bank Bangladesh Cup Archery (Stage-3) in Tongi in September.

Bida opens lounge at Shahjalal Airport for foreign investors Around Tk2 crore has been spent on building the lounge, according to Bida officials The Bangladesh Investment Development Authority (Bida) has introduced a lounge at the Hazrat Shahjalal International Airport for foreign investors and commercially important foreigners. Salman Fazlur Rahman, the private sector industry and investment adviser to the prime minister inaugurated the Bida-Chameli Lounge on Monday as the chief guest. He said the lounge has been established to provide better service for foreign investors when they arrive at the airport. "The lounge will remain open 24 hours a day. Bida officials will welcome foreign investors at the airport and accompany them on the way towards the lounge. Existing foreign investors and commercially important persons of other countries will also enjoy this facility. Speaking at the event, Bida Executive Chairman Md Sirazul Islam said they are working to build a developed Bangladesh by attracting foreign investment. "The lounge is a part of these activities." Around Tk2 crore has been spent on building the lounge, according to Bida officials. Among others, Civil Aviation and Tourism Secretary Mohibul Haque, Metropolitan Chamber of Commerce and Industry President Barrister Nihad Kabir, Executive Director of the Foreign Investors' Chamber of Commerce and Industry TIM Nurul Kabir, and senior Bida officials were also present at the event.