World Bank pledges $20bn to Pakistan for development goals

The apex trade bodies of Bangladesh and Pakistan signed a memorandum of understanding (MoU) yesterday to form a joint business council to strengthen trade between the two countries.

Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new United States sanctions on Russian producers and ships curb supplies to Moscow’s top customers, traders and analysts said.

European Investment Bank (EIB) Vice President Nicola Beer has expressed confidence in Bangladesh’s current investment climate, describing it as stable and conducive to European investments.

Turkish Trade Minister Ömer Bolat, along with a substantial delegation of business representatives, is set to visit Bangladesh this week to explore opportunities for enhancing bilateral trade and investment ties.

Saudi Arabia`s state-owned oil giant `Aramco` has expressed its interest in building an oil refinery in Bangladesh to produce petroleum products for both domestic use and regional markets. The announcement was made by Saudi Ambassador to Bangladesh, Essa Youssef Essa Al Duhailan, on January 5.

Under pressure from the International Monetary Fund, or IMF, Bangladesh is imposing additional VAT and duties on a number of essential goods amid the ongoing high inflation and slowing economy, production and supply.

Expatriate Bangladeshis sent home a record 2.64 billion US dollar as remittances in December, which was around 32% higher than the corresponding month of the previous year.

Bangladesh is projected to become the world’s 21st largest economy by 2039, driven by economic diversification into sectors such as pharmaceuticals and electronics alongside its established textiles industry. 

Russia`s largest fashion brand Gloria Jeans plans to expand its sourcing from Bangladesh, aiming to increase orders by 30% in 2025 and achieve an annual turnover of 70 million US dollar.

Over 1,000 containers have been transported between Bangladesh and Pakistan since October through the newly established direct shipping route, as per port operator DP World.

Chinese Ambassador to Bangladesh Yao Wen said today China is committed to continuing its utmost support for Bangladesh`s development and deepening cooperation in infrastructure projects including railways.

Russia`s largest clothing manufacturer Gloria Jeans is planning to shift part of its production overseas due to labor shortages within the country.

The Government of Bangladesh (GoB) and the Asian Development Bank (ADB) have entered into a $600 million loan agreement, equivalent to 91.76 billion Japanese Yen (JPY 91,764,000,000), under the Ordinary Operations Regular Policy-Based Loan (PBL) framework.

Adani Power Ltd is seeking new concessions from the Indian government for its $2 billion coal-based power plant in eastern India. This facility is facing financial strain due to delayed payments from Bangladesh, which is its sole electricity buyer, according to Bloomberg.

Indian businesses in Kolkata have begun to to feel the pinch as trade between India and Bangladesh continues to slow down.

The Indian rupee declined to a lifetime low yesterday (3 December), pressured by the US dollar`s rally against its major peers and on concerns over the Asian country`s slowing growth rate.