Connect with us

Bangladesh

Bangladesh now 35th largest economy in the world

Published

on

Reading Time: < 1 minute

Bangladesh is now the 35th largest economy in the world, according to a report titled ‘The Top Heavy Global Economy’, published by ‘Visual Capitalist’. 

Bangladesh and India were the only two South Asian countries considered to be part of the 50 largest economies in this list based on International Monetary Fund (IMF) statistics.

Citing IMF statistics, Canadian online publication ‘Visual Capitalist’ reported this information on December 29. Countries are listed in terms of Gross Domestic Product (GDP).

As per the report, Bangladesh is the 35th largest economies in 2022 with a GDP size of US$460.8 billion. Earlier, the rank of Bangladesh was 41st.

Advertisement

According to the report, the neighboring country India has moved to the fifth place in the world economy. Earlier, it was in sixth position.

With a GDP of $3.46 trillion in 2022, India has overtaken the United Kingdom (UK) to occupy the fifth place.

The first, second, third and fourth places in the list are the USA, China, Japan and Germany respectively. The remaining five countries in the world’s 10 largest economies are the UK, France, Canada, Russia and Italy respectively. 

According to the report, two major events have happened in the world in the year 2022. First – the world’s population has crossed 8 billion. Second, the size of the world economy has crossed $100 trillion to $101.56 trillion.

Advertisement

Bangladesh

22 Fake Projects Exposed in Tk 19,000 crore ICT Embezzlement Scheme

Published

on

Reading Time: 4 minutes

During the previous Awami League government, 22 projects were fabricated to embezzle Tk 19,000 crore from the information and communication technology sector. After taking office, the interim government halted these projects and directed Project Directors (PDs) to cease all purchases. Additionally, a high-level, seven-member investigation team, led by an additional secretary, has been established to probe the matter.

Findings reveal that most of the 22 projects were initiated in 2016, with some scheduled to run until 2027. In several cases, project budgets were repeatedly increased. Each project was approved by policymakers of the previous government, with funds released based on their direct decisions and assigned to selected firms for procurement. Upon discovering these irregularities in the ICT sector, interim government officials voiced strong disapproval and instructed the inquiry committee to conduct a thorough investigation. The committee has already commenced its work. 

Officials stated that the investigation is focused on three key aspects of the projects: the amount of money embezzled, the government and political figures involved, and the details of the institutions awarded the contracts.

The investigation found that the largest project under the Directorate of Information and Communication Technology was the Digital Connectivity (EDC) initiative, valued at Tk 5,923.73 crore. This project, launched in December 2021, is scheduled to run until November 2026. Joint Secretary Tanzina Islam, appointed as the project director, stated that she could not provide detailed information but confirmed to Bangladesh Pratidin that work worth Tk 200 crore has been completed so far. 

Advertisement

The next largest project is the “Enhancing Digital Government and Economy” (EDGE) project, valued at Tk 2,541 crore, with Joint Secretary Sakhawat Hossain serving as its Project Director. The third-largest project, a Tk 1,846 crore initiative, involves establishing IT/Hi-Tech Parks across 12 districts (first revised project). The fourth-largest, valued at Tk 1,534 crore, is the “Sheikh Hasina Institute of Frontier Technology.”

Among the 22 projects, the smallest is the Tk 27 crore “Education Online for Initiation-Skill Development.” While Mohammad Kabir Hossain is listed as the Project Director, his identity details were not provided. Most Project Directors declined to share specifics about their projects with Bangladesh Pratidin. 

The Tk 837 crore “Sheikh Kamal IT Training and Incubation Center” (covering 11 projects, 1st Revised) faced delays despite being initiated in 2020, Project Director Raja Muhammad Abdul Hai told Bangladesh Pratidin. He noted that while the project is currently on hold, its budget may be reduced.

Additional Secretary Manwara Ishrat, the Project Director of the Tk 287 crore “Empowerment of Women Through Technology” (Phase 2) project, reported that Tk 187 crore has already been spent, with Tk 78 crore allocated for the current year. When asked if these projects were initiated with embezzlement in mind, Information and Technology Department Secretary Sheesh Haider Chowdhury told Bangladesh Pratidin that due to numerous concerns surrounding these projects, all related procurements were halted by the current government at the outset.

Projects have been suspended at their current stages, with no new work being undertaken. He stated that the primary focus is on evaluating the transparency of the procurement process, specifically whether contracts were awarded with bias. Additionally, he noted that the investigation will examine whether project costs were inflated, such as if tasks valued at Tk 5 were billed at Tk 20.

Advertisement

He mentioned that a high-level, seven-member committee has been formed to address these issues, led by an additional secretary and including audit and legal experts. However, he emphasized that they are not waiting for the committee’s final report. For projects under scrutiny—such as one where only five out of seven floors have been completed—work is being halted. He also pointed out that some projects involved land acquisition in rural areas, but if developed, these areas would lack people to utilize them. One such site in Patuakhali has already been canceled.

He added that once the investigation committee’s report is received, the nature and extent of the corruption in these projects will be revealed, along with the total amount involved.  

A beautiful building with modern facilities has been constructed near former minister Zunaid Ahmed Palak’s residence in Singra, Natore, and advanced computers were purchased with a foreign loan. However, there has been no activity at the site. I recently visited the location myself and have tasked the UNO with overseeing the matter. The secretary confirmed that not only will the embezzlement be investigated, but also those involved in these irregularities. Efforts are underway to gather details on which individuals in our department were involved, which political figures were connected, and which firms were awarded the contracts.

The controversial 22 projects include a range of large-scale initiatives, such as the Tk 330 crore Mobile Games and Application Skill Development Project, the Tk 855 crore Aspire to Innovate (A2I) Project, and the Tk 27 crore Initiation-Skill Development Education Online project. Other notable projects are the Tk 442 crore Establishment of Innovation and Entrepreneurship Development Academy (3rd Revised), the Tk 158 crore Enrichment of Bengali Language in Information Technology through Research and Development (1st Revised), and the Tk 30 crore Digital Sylhet City Project (2nd Revised). Additionally, the Tk 504 crore Establishment of Connectivity in Telecommunication Underprivileged Areas (Connected Bangladesh) Project, the Tk 167 crore BGD-E-Govt Project, and the Tk 2,541 crore Enhancing Digital Government and Economy (EDGE) Project are also under scrutiny. Smaller initiatives, such as the Tk 49 crore Government Video Conferencing Platform Strengthening Project and the Tk 8 crore Partnerships for a More Tolerant, Inclusive Bangladesh (PTIB), have also raised concerns. These projects have become the focus of controversy due to allegations of financial mismanagement and lack of transparency.

In addition, there are several high-value projects under the Bangladesh Hi-Tech Park Authority, including the Tk 837 crore Sheikh Kamal IT Training and Incubation Center (11 projects, 1st Revised), the Tk 1,886 crore IT/Hi-Tech Parks at the district level (12 districts, 1st Revised), and the Tk 533 crore Sheikh Kamal IT Training and Incubation Center Establishment (2nd Revised) Project. Other significant initiatives include the Tk 431 crore Bangabandhu Hi-Tech City-II Supporting Infrastructure Project (2nd Revised), the Tk 353 crore Digital Entrepreneurship and Innovation Ecosystem Development Project, and the Tk 74 crore Bangladesh-India Digital Services and Employment Training (BDSET) Center. The Tk 1,534 crore Sheikh Hasina Institute of Frontier Technology and the Tk 1,114 crore Sheikh Kamal IT Training and Incubation Center (14 projects) also fall under scrutiny. 

Advertisement

Additionally, the Directorate of Information and Communication Technology oversees three major projects: the Tk 936 crore Digital Labs Setup in Educational Institutions (2nd Phase), the Tk 5,923 crore Establishment of Digital Connectivity (EDC) Project, and the Tk 287 crore Empowerment of Women through Technology (2nd Phase) Project.

Continue Reading

Bangladesh

Bailey Road Fire |  a wake-up call for commercial buildings and beyond

Published

on

Reading Time: 3 minutes

M. Mahmudur Rashid

Vice President,Electronics Safety and Security Association of Bangladesh – ESSAB

We always talk about the unsafe conditions of old Dhaka, but the tragic incident of Bailey Road is an example of how we are building a new Dhaka. It is not an accident; it is the result of our actions. From the building owner to the authorities, everyone is equally responsible. Unplanned restaurants have been built on every floor of many multi-storied buildings. If not aware now, dire consequences are waiting for us. We have to think again, which is more expensive? The price of safety equipment or the price of life!


Building on Bailey Road – Green Cozy Cottage has permission from Rajuk as a mixed-use (commercial office and residential apartments), building type: E and R. It is absolutely illegal to set up a commercial kitchen/restaurant in a building without proper permission and occupancy approval. Green Cozy Cottage should have fire safety plans approved by the Fire Service and Civil Defence.

Advertisement

The building should have fire exits with fire doors, evacuation paths, fire alarm systems and fire-fighting systems. Apart from that, a commercial kitchen/restaurant kitchen hood should have a specially designed automatic wet chemical type fire suppression system. Fire protection systems for a typical office or shopping area and a restaurant are not the same. Each restaurant had a live fire inside the building. They should also have a fire-separated area for storing cooking oil and gas.

But, unfortunately, Green Cozy Cottage has no fire exit with a fire door, no fire hydrant system and no kitchen fire suppression system in any of the restaurants. There were large LPG gas cylinders on each landing of the stairs. Here are some recommendations to prevent these types of fire hazards – 

Responsibility of building owner/user-


•    Building construction according to BNBC.
•    Do not change occupancy without proper authorization and arrangements.
•    Maintain proper fire exits with fire doors, emergency lighting systems, fire alarm systems and fire hydrant systems.
•    Install automatic fire sprinkler systems where required.
•    Install wet chemical-type kitchen suppression systems for kitchen hoods.
•    Store cooking oil, LPG gas and other flammable items in fire-separate zones. It also requires permission to do so.
•    A refuge area is recommended in multi-storied buildings to take shelter in case of a fire accident.
•    Use high-quality electrical appliances, accessories, electrical wiring and ovens.
•    Use proper ventilation and fire-rated dampers in central HVAC ducts.
•    Use CO2 or ABC powder extinguishers with a minimum capacity of 6 kg per 550 square feet area.
•    Use wet chemical extinguishers for class K fires (cooking oil/fat).
•    Regularly maintain and check all electrical and safety equipment.
•    Every establishment needs a trained rescue and fire-fighting team.
•    Arrange regular fire drills, at least once every six months.

Government responsibility

Advertisement


•    Ensure enforcement of building codes and make necessary renovations
•    Facilitate the import of fire safety equipment, all establishments including commercial buildings need duty free facilities to import fire safety equipment like export-oriented factories.
•    Need to reduce the 7.5% VAT on the supply of fire safety equipment and 15% VAT on the consultancy service of fire safety plan.
•    Prevent import and marketing of defective and substandard fire safety equipment
•    Encourage banks to invest in procurement of fire safety equipment on easy terms
•    Popularize fire insurance.
•    Take action against those who construct dangerous buildings and structures in violation of the law
•    Incorporate fire safety and disaster management into the education system
•    Incentive package needed for entrepreneurs to start manufacturing and investing in fire safety equipment business in Bangladesh.
•    Build adequate fire hydrants on roads and reservoirs in cities
•    Enhancing fire service capacity through new technology and manpower
Public Responsibilities:
•    Avoid renting and using unsafe buildings
•    Get basic training in the use of fire safety equipment
•    Construct buildings/structures by building codes and fire safety regulations
•    Install proper fire safety equipment in every house, office, shop, and factory.
•    Be careful when using all types of electrical and gas appliances
•    Follow all safety instructions and signage.

Continue Reading

Bangladesh

Bangladesh’s apparel export to USA dips over 25% in 2023

Published

on

Reading Time: 2 minutes

Bangladesh’s apparel shipments to the United States, its single largest export destination in 2023, declined 25% year on year to $7.29 billion due to high inflation caused by the ongoing Russia-Ukraine war.

Bangladesh’s apparel exports to the US was $9.72 billion in 2022, according to the US Department of Commerce’s Office of Textiles and Apparel (Otexa) data.

The data also mentioned that the country’s overall apparel imports also declined 22.04 % year on year to $77.84 billion, while the import value was $99.86 billion a year ago.

In terms of volume, Bangladesh RMG export to the USA in 2023 also plunged about 28% to 2.25 billion square metres from 3.13 billion square metres in 2022, according to the Otexa data.

Advertisement

Talking to The Business Standard, Bangladesh Garment Manufacturers and Exporters Association President Faruque Hassan said that the global apparel market was very volatile in 2023 as every country has reduced their imports due to high inflation driven by the Russia-Ukraine war.

He said that the largest apparel importer country – the US – also decreased their consumption due to the high inflation in 2023.

He said Bangladesh was not the only country which experienced negative growth in apparel export to the US market; every exporting country had the same experience in 2023.

The BGMEA president hoped that this market will be better in the coming days.

He also mentioned that the US inflation and interest would be stable, which may help the market rebound in coming months.

Advertisement

The share of Bangladeshi apparel in the US market was about 10% in in 2022, while it fell to 9.37% last year.

However, Bangladesh’s position remained unchanged as the third-largest apparel exporter to the US market after China and Vietnam, which occupied their positions with 20.96% and 18.21% share respectively.

The OTEXA data showed, in 2023, Chinese apparel export to the USA fell 10.83% to $16.32 billion from $21.75 billion a year ago.

Vietnam and India’s apparel exports in 2023 decreased 22.29% and 21.42% respectively.

Indonesia and Cambodia’s apparel export to the United States fell 25.19% and 23.58% respectively in the year.

Advertisement

Continue Reading

Trending

Copyright © 2021 Daily Frontline. Bangladesh Independent Daily. e-mail:dailyfrontlinebd@gmail.com