Editor’s Note

Accelerated investment: a prerequisite for higher growth

Bangladesh is likely to be the biggest mover in the global gross domestic product (GDP) in 2030 as predicted by HSBC Global Report “the World in 2030”. The country is going to become the 26th largest economy in the world from the current 42nd position followed by the Philippines, Pakistan, Vietnam and Malaysia, the report added. The brand value of Bangladesh is also rising as the country has ranked 39th in a global brand value index 2018 reflecting its socioeconomic vivacity. Bangladesh has a brand value of U$257 billion, up 24 per cent from last year, according to the London-based The Executive Board Brand Finance ‘Nation Brands 2018’ report. Bangladesh economy has kept up an impressive annual average growth rate of more than President 6 percent over the last ten years and has been having increased GDP over the last couple Mahbubur Rahman of years. In FY18 Bangladesh’s GDP growth rate was 7.86 percent. It is believed that the country could have easily achieved 8 percent plus growth by controlling the project implementation time, which would automatically minimize the project cost. Vice Presidents Latifur Rahman The public sector investment has increased over the last couple of years because of mega Rokia Afzal Rahman projects. But the private sector investment did not increase proportionately. For about a decade private investment to GDP ratio has been stuck at 21 to 23 percent. But according to country's growth ambitions the ratio has to be about 35 percent of GDP. A number of Members ASEAN countries have achieved higher GDP as their investment to GDP ratio has been A. H. Aslam Sunny in the range of 35-45 percent. A. K. Azad Experts claimed that in the absence of an appropriate investment environment caused A. S. M. Quasem by insufficient infrastructure, port congestion, and poor transportation facilities, desired Aftab ul Islam investment is not flowing into the country. FDI is only moving forward because of the reinvestment of current investments. Anwar-Ul-Alam Chowdhury (Parvez) Kutubuddin Ahmed It is estimated that Bangladesh needs investment of more than US$600 billion for its Mahbubul Alam infrastructure, against which the country can manage around US$400 billion. In order to meet the shortfall, the country has to explore alternative sources of funding. Md. Fazlul Hoque Md. Shafiul Islam (Mohiuddin) The private sector investment is a pre-condition for attracting FDI as the foreign investors would also like to see increased commitment of the private sector, improved Md. Siddiqur Rahman infrastructure facilities as well as better facilities and pro-active government agencies. Mir Nasir Hossain Shehzad Munim The latest Ease of Doing Business Index of the World Bank has ranked Bangladesh at 176th out of 190 countries, lowest in the South Asia ( Bhutan 81, Sri Lanka 100 and India Sheikh Kabir Hossain 77). So, it is of utmost importance that all out efforts are made to improve the Index in Syed Mahbubur Rahman order to attract FDI as well as private sector investment. Tapan Chowdhury The Government has enacted a new law for much needed “One-Stop Service” by Editor Bangladesh Investment Development Authority (BIDA). It is definitely a welcome move Ataur Rahman and early implementation of the One-Stop Service will hopefully attract higher FDI and Secretary General private sector investments. Besides, to facilitate private and foreign direct investment, the government has offered a number of Special Economic Zones (SEZs). The government Editorial Associate also aims to establish 100 economic zones by 2030 to ease the crisis of land for businesses Syeda Shahnewaz Lotika & industries and already leased a total of 76 land units for economic zones—out of 100. Deputy General Manager A number of US companies are seriously considering relocating their operations from China in view of the current trade war between China and the US. Bangladesh should be Contents able to capitalize in this situation and offer all out facilities to attract the US companies to relocate their operation in Bangladesh. ICC Bangladesh News 2 In order to meet the criteria applied by the UN for graduation to developing country status, ICC HQs News 12 attain Sustainable Development Goals (SDGs) and achieve higher GDP, Bangladesh Bangladesh Economy 18 needs huge investment in different sectors like infrastructural development, especially Regional News 36 in the power and energy sector, modern and effective air and sea ports, highways etc. as WTO News 48 well as ensure timely and cost effective implementation of Mega Projects. ICC Bangladesh News No single guaranteed solution to eradicate fraud said ICCB President Mahbubur Rahman It is crucial for financial institution consumers, merchants and financial from more than 7,200 respondents to have a strong understanding of institutions – plays a role in helping across 123 different territories, aims how criminals operate and how risk to both prevent and detect it. The to pull fraud out from the shadows management is changing because role of the financial institution is – and shed much-needed light on fraud and data security threats are the most crucial. As a result the some of the most important strategic challenges confronting every organization.

GDP wise Bangladesh is the 33rd largest economy and the 2nd largest Garments producer of the world. Certainly the country has made its name as Emerging Tiger in South East Asia contributing in developing all related service industries which includes shipping, freight forwarding, custom clearance, commercial banking and legal service industries. Smooth commercial ICCB President Mahbubur Rahman (2nd from right), ICCB Executive Board Member Md. Fazlul Hoque (extreme right), Director and Chief of ICC- Commercial Crime Services P. Mukundan, (2nd from left) and ICCB Secretary transaction and international General Ataur Rahman (extreme left) seen in the picture. trade requires strong legal support coming in so many different forms banks has a responsibility to have a by conducting due diligence on and channels. With the knowledge, solid, proactive fraud management VAT, Tax, custom related matters, along with a strategic plan, there is a strategy that utilizes the most current determining terms and conditions of better chance of mitigating risk and fraud detention and prevention sales contract or proforma invoices, recognizing attacks before they do technologies. To maintain trust and seeking compliance with local and serious damage to the institutions, confidence, banks must constantly international foreign exchange said ICC Bangladesh President educate employees, provide control regulation, international Mahbubur Rahman at the closing information and tools that help trade law, applicable INCO- Terms, UCP 600 etc. Therefore, ceremony of Workshop on Changing protect individual customers and the workshop is very much time- Faces of International Trade fraud merchants – and continually invest befitting mentioned Mahbubur : Current Risks, Prevention & in the most modern, innovative Rahman. Responses held in Dhaka on 10 July. technologies available to help keep funds and data secure, mentioned Mr. Md. Fazlul Hoque, ICCB While ICC rules, national and Mahbubur Rahman. Executive Board Member; Mr. P. international laws/regulations are According to PwC’s 2018 Global Mukundan, Director and Chief of guiding the international trade, the ICC- Commercial Crime Services Economic Crime and Fraud Survey, parties involved in the trade need to who conducted the workshop and only 49% of global organisations get more conversant and acquainted ICCB Secretary General Ataur said they’d been a victim of fraud with those rules/laws/regulations Rahman also spoke on the occasion. as well as they should have ideas/ and economic crime. However, it is information about the fraudulent known that this number is expected A total of 193 participants from practices in international trade, Mr. to be much higher. So, what about 37 commercial banks attended the Rahman added. the other 51%? The reality is, too workshop held in Dhaka on 10 few companies are fully aware of the July and 74 participants from 29 He further observed that there fraud risks they face. That’s why this commercial banks attended at the is no single guaranteed solution year’s Global Economic Crime and same Workshop Chittagong on July to eradicate fraud, everyone – Fraud Survey, gathering valuable data 11. July-September 2018 July-September 2 ICC Bangladesh News

ICC-UNHCR joint programme for Rohingya finding out a way to support the suppliers more in the services and local businessmen from the host goods procured by UN and other community (Bangladesh) who were humanitarian actors, who are badly affected due to the Rohingya engaged to ensure the humanitarian influx. support towards refugee population in Bangladesh. UNHCR has agreed to collaborate with ICC to support the said cause UNHCR Deputy Resident International Chamber of with an aim for the acceptance Representative Papa Kysma Sylla Commerce(ICC) & United Nations of refugees in local community/ has expressed his gratitude to ICC High Commissioner for Refugees (UNHCR) have agreed to work host population of Bangladesh. In Bangladesh President Mahbubur jointly for undertaking some the world of humanitarian actors Rahman for welcoming UNHCR activities to support small businesses it’s important to incorporate the to initiate such collaboration which that are suffering loss of business economical actors to ensure the will hopefully lead to the broader due to influx of Rohingya. This employments and all humanitarian acceptance of the refugee population was discussed by ICC Bangladesh activities are related to funding. in Bangladesh as well as integrating President Mahbubur Rahman with Losing businessmen put both the the small businesses of the area in ICC officials in Paris during his refugees and community of host the total supply chain of UNHCR visit in June. As a follow up of Paris population in to a hostile situation services. discussion a meeting was held at due to the lack of basic services ICC Bangladesh Secretary General ICC Bangladesh on 15 July with Mr. and livelihood opportunities. In Ataur Rahman thanked the UNHCR Papa Kysma Sylla, UNHCR Deputy collaboration with ICC, UNHCR Team for visiting ICC Bangladesh. Representative in Bangladesh. shows its willingness to ensure that the status of the business for the host He hoped to work together and It was agreed during the meeting population is reinstated, observed develop suitable programme for that a Mission from ICC, Paris will the Deputy Resident Representative. rehabilitating the local businesses visit Cox’s Bazar during October- and involving them in the UNHCR November 2018 to analyze the ICC Bangladesh President suggested procurement for the services status of Rohingya Population and to promote participation of local provided to the Rohingya population. Farewell accorded to US Ambassador H. E. Ms. Marcia Stephens Bloom Bernicat ICC Bangladesh arranged a farewell Bloom Bernicat, Ambassador of the 28 July. ICC Bangladesh President lunch for H. E. Ms. Marcia Stephens USA to Bangladesh in Dhaka on Mahbubur Rahman thanked the

ICC Bangladesh President Mahbubur Rahman (4th from left) & Vice President Latifur Rahman (4th from right) are seen with outgoing US Ambassador H. E. Ms. Marcia Stephens Bloom Bernicat (middle). Also seen in the picture among others are : Japan Ambassador H.E. Mr. Hiroyasu Izumi (2nd from left), France Ambassador H. E. Mrs. Marie Annick Bourdin (3rd from left), US Embassy Deputy Chief of Mission Mr. Joel Reifman (extreme right), CCCI President Mahbubul Alam (2nd from right), FBCCI Senior Vice President Sheikh Fazle Fahim (extreme left), ICCB Executive Board Members : Aftab ul Islam (2nd from left standing), Md. Fazlul Hoque (3rd from right standing) and ICCB Members: R. Maksud Khan (extreme left standing), Rizwan-Ur Rahman (5th from left standing), Uttara Group Chairman & Managing Director Matiur Rahman (3rd from left standing), BIAC CEO Muhammad A. (Rumee) Ali (2nd from right standing), First Security Islami Bank Limited Managing Director Syed Waseque Md. Ali (4th from left standing), Mutual Trust Bank Ltd. Managing Director & CEO Anis A. Khan, (4th from right standing), Ministry of Foreign Affairs Secretary-Bilateral Kamrul Ahsan (3rd from right) and ICCB General Manager Ajay Bihari Saha (extreme right standing). July-September 2018 July-September 3 ICC Bangladesh News

Ambassador for joining at the Lunch. exported US$ 2.4 billion worth at the Lunch despite their busy He said Ambassador Bernicat has of goods and services to the USA schedules. made a substantial contributions in while in 2018, the amount rose to strengthening the relations between US$ 6 billion, making the USA the Ambassador Bernicat thanked ICC Bangladesh and USA. largest single-country market for Bangladesh President Mahbubur Bangladeshi readymade garments Rahman for giving her the Ambassador Bernicat said and the single largest investor in opportunity of meeting all the friends Bangladesh should take the Bangladesh. US export to Bangladesh with whom she has interacted during opportunity to attract more foreign rose to 61 percent last year. She urged her tenure in Bangladesh. investors as they are finding few the private sector stakeholders to places where they can be confident advocate for creating even freer, The farewell lunch was attended about their investment, mentioning transparent and open market in by ICCB Vice President Latifur about US farms making 23 percent Bangladesh. Rahman; H. E .Mr. Hiroyasu Izumi, of FDI in Bangladesh. Ambassador of Japan; H.E. Mrs. She stressed the need for removing Marie Annick Bourdin, Ambassador Appreciating Bangladesh for barriers to smooth trade and of the Republic of France; Mr. Joel investment to ensure an attractive fulfilling all the criteria for Reifman, Deputy Chief of Mission, business environment and strengthen LDC graduation, the envoy said Embassy of the USA; ICCB Board economic relations further with Bangladesh will get less benefit of Members : Aftab ul Islam, Mahbubul the US. She mentioned a number many foreign preferences than it is Alam, Md. Fazlul Hoque; ICCB of areas, including high tariff, enjoying now by graduating from Members : R. Maksud Khan, the LDC club. Eliminating trade unnecessary or arbitrary regulations, Rizwan-Ur Rahman; Uttara Group, and investment barriers will help certain tendering processes and Chairman & Managing Director, accelerate Bangladesh’s economic customs procedures, where further Matiur Rahman; CEO, Bangladesh growth, she mentioned. The envoy steps are needed. International Arbitration Centre, emphasised stronger rule of law and She said US President Donald Muhammad A. (Rumee) Ali; zero tolerance against corruption Trump's trade policy agenda is Syed Waseque Md. Ali, Managing to create more healthy business focused on breaking down unfair Director, First Security Islami Bank atmosphere in Bangladesh attracting trade barriers. Limited; Anis A. Khan, Managing more foreign investment. Mahbubur Rahman wished the Director & CEO, Mutual Trust The US diplomat also said Ambassador all the success to her Bank Ltd; Kamrul Ahsan, Secretary- Bangladesh-USA economic new assignment. He thanked the Bilateral, Ministry of Foreign Affairs relationship has significantlyAmbassadors, High Commissioners & ICCB General Manager Ajay increased. In 2004, Bangladesh and business colleagues for joining Bihari Saha among others. Trade between Bangladesh-Thailand increased during last two year said outgoing Thai Ambassador With joint efforts, the Thai- Bangladesh would graduate to be a enjoyed a robust bilateral trade and Bangladesh trade will reach $2 developing country. The diplomat Bangladesh is enjoying duty-free billion by 2021, a target set by thanked ICC Bangladesh President benefit for exporting around 7,000 the 4th Thai-Bangladesh joint Mahbubur Rahman for giving her products to Thai market. Bangladesh trade committee meeting last year opportunity meeting all the friends also sought the same benefit for jute said Thai Ambassador H.E. Ms. with whom she has interacted during and apparel items as well, he added. her tenure in Bangladesh. Panpimon Suwannapongse while He observed that though a lot of she was addressing at the farewell ICC Bangladesh President thanked Bangladeshi travel to Thailand for lunch hosted by ICC Bangladesh in the Ambassador for joining at the business and tourism purposes but Dhaka on 27 September. In 2017, the Lunch and wished the Ambassador the visa regime is complex. two-way trade stood at $1.31 billion all the success in her new assignment. up from around $1 billion in 2016, He said Thailand is our trusted ICC Bangladesh President she added. She said her country friend and a very important country thanked the Ambassadors, High would remain “strongly committed” (for Bangladesh) internationally. Commissioners and business to both economic and development He mentioned that over the past colleagues for joining at the Lunch partnership in the future when few years, the two countries have despite their busy schedules. July-September 2018 July-September 4 ICC Bangladesh News

ICC Bangladesh President Mahbubur Rahman (6th from right) & Vice President Rokia Afzal Rahman (4th from left) are seen with outgoing Thai Ambassador H.E. Ms. Panpimon Suwannapongse (6th from left) at the farewell lunch organized by ICC Bangladesh on 27 September. Seen in the picture are (R-L sitting): ICCB Member Ghulam Rahman, Philippine Ambassador H.E. Mr. Vicente Vivencio T. Bandillo, Denmark Ambassador (designate) H.E. Ms. Winne Estrup Petersen, Brunei High Commissioner H.E. Mrs. Hajah Masurai Binti Haji Masri, France Ambassador H. E. Mrs. Marie Annick Bourdin, Malaysian High Commissioner H.E. Ms. Nur Ashikin Binti Mohd. Taib, ICCB Executive Board Member Aftab ul Islam, Bengal Shipping Chairman M.A. Awwal, Minister Counsellor of Thai Embassy Mr. Kraichok Arunpairojkul & standing among others DCCI President Abul Kasem Khan (2nd from left), former DCCI President M.A. Momen (5th from right), ICCB Member Rizwan ur Rahman (4th from right), Minister, Embassy of Japan Mr. Takeshi Ito (5th from left), BIAC CEO Muhammad A. (Rumee) Ali (3rd from left), ICCB Secretary General Ataur Rahman (3rd from right) & General Manager Ajay Bihari Saha (extreme left) .

Among others the farewell lunch was H.E. Ms. Winnie Estrup Petersen, Rahman, ICCB Members : Mahbub attended by ICCB Vice President Philippine Ambassador H.E. Mr. Jamil, Ghulam Rahman & Rizwan Rokia Afzal Rahman, Malaysian Vicente Vivencio T. Bandili, Minister ur Rahman, former DCCI President High Commissioner H.E. Ms. Counsellor of Thai Embassy Mr. M.A. Momen, Bengal Shipping Nur Ashikin Binti Mohd. Taib, Kraichok Arunpairojkul, Minister, Chairman M.A. Awwal, BIAC CEO France Ambassador H. E. Mrs. Embassy of Japan Mr. Takeshi Ito, Muhammad A. (Rumee) Ali, MCCI Marie Annick Bourdin, Brunei ICCB Executive Board Member Secretary General Farooq Ahmed, High Commissioner H.E. Mrs. Aftab ul Islam, DCCI President Abul ICCB Secretary General Ataur Hajah Masurai Binti Haji Masri, Kasem Khan, Bangladesh Employers Rahman & General Manager Ajay Denmark Ambassador (designate) Federation President Kamran T. Bihari Saha. BIAC Chairman at China Arbitration Summit 2018 in Beijing The China Arbitration Summit 2018, Economic and Trade Arbitration Supreme People’s Court of the co-hosted by China International Commission (CIETAC), the People’s Republic of China (SPC), the United Nations Commission on International Trade Law (UNCITRAL), China Council for the Promotion of International Trade (CCPIT) was held in Beijing on 15-16 September .

Mr. Mahbubur Rahman, Chairman of Bangladesh International Arbitration Centre (BIAC) and the sole Arbitrator appointed from Bangladesh by CIETAC attended the Summit along with Mr. Muhammad (L to R) Mahbubur Rahman, Chairman, BIAC; Deputy Chief Judge Ms. Gao Xiaoli, Supreme People’s Court, A. (Rumee) Ali, CEO of BIAC and China; Muhammad A. (Rumee) Ali, CEO, BIAC and Barrister Ajmalul Hossain, QC at the China Arbitration Summit 2018 held from 16-17 September in Beijing, China. Mr. Ajmalul Hossain, QC, Barrister- July-September 2018 July-September 5 ICC Bangladesh News

at-law and Senior Advocate of the present and discussed the trends CIETAC is one of the major Supreme Court of Bangladesh. and social concerns in domestic permanent arbitration institutions and international arbitration in the world. Formerly known The China Arbitration Summit development. as the Foreign Trade Arbitration 2018 was one of the most Commission, CIETAC was set up in influential gatherings in the field Ms. Teresa Cheng, Secretary for of international commercial April 1956 under the China Council Justice, Hong Kong, China was the arbitration. Representatives of major for the Promotion of International international arbitral institutions, Keynote Speaker of the Summit Trade (CCPIT). CIETAC judges, arbitrators, lawyers, in- and Mr. Jingzhou Tao, Partner of independently and impartially house counsels and other leading Dechert LLP (Beijing Office), France resolves economic and trade disputes figures in the field of arbitration were moderated the event. by means of arbitration. Legislative amendment in the offing to institutionalize ADR said Law Minister at BIAC 7th anniversary Bangladesh International Arbitration dispute resolution system easier and cases from abroad can be held in Centre (BIAC) recently celebrated less time consuming. Bangladesh instead of only being its 7th founding anniversary. On directed to Singapore. this occasion, Chairman of BIAC Fazle Kabir, Governor, Bangladesh Mahbubur Rahman moderated a Bank in his address as Special Guest Barrister Ajmalul Hossain, QC seminar themed “Mainstreaming the urged all scheduled banks to take pointed out that mere inclusion of ADR clauses in contracts in not Use of ADR Clause in Commercial effective initiatives to include ADR enough unless laws are amended to Agreements: Challenges and in Loan Commercial Contracts. make enforcement easier. Opportunities”. Guest speaker of the seminar Justice Chairman of the Association Speaking as Chief Guest at the Sudhansu Jyoti Mukhopadhaya, of Bankers, Bangladesh Syed event, Law Minister Anisul Huq said Chairperson of the National Mahbubur Rahman opined that that BIAC in the last 7 years of its Company Law Appellate Tribunal, mandatory provision of Arbitration operation has done commendable India in his speech mentioned and pre-litigation mediation must be job and its joining the process the Insolvency and Bankruptcy included in our legislation. of settling commercial disputes Code introduced two years ago in beyond the court has created a ray India, which forces parties to go for The Country CEO of Standard of hope. The present Government Arbitration as pre-requisite to invoke Chartered, Bangladesh Mr. Naser is relentlessly working on liquidation clause. Bangladesh needs Ezaz Bijoy opined that courts should incorporation of Alternative Dispute ADR friendly legislation reforms and take punitive measures against Resolution (ADR) in different engage institutions like BIAC so that parties that refuse to resolve disputes existing laws in order to make international commercial arbitration amicably through ADR.

Anisul Huq, MP, Minister for Law, Justice & Parliamentary Affairs (Centre) was Chief Guest; Fazle Kabir, Governor, Bangladesh Bank (3rd from right) was Special Guest at BIAC’s 7th Anniversary Seminar “Mainstreaming the Use of ADR Clause in Commercial Agreements: Challenges and Opportunities”. The Seminar was presided over by BIAC Chairman, Mahbubur Rahman (3rd from left). Also seen in the picture: Justice Sudhansu Jyoti Mukhopadhaya, Chairperson of the National Company Law Appellate Tribunal, India (2nd from left), Abul Kasem Khan, President, Dhaka Chamber of Commerce & Industry (DCCI) (2nd from right), Wendy Jo Werner, Country Manager for Bangladesh, Bhutan and Nepal, International Finance Corporation- IFC (extreme left) and Muhammad A. (Rumee) Ali, CEO BIAC (extreme right). July-September 2018 July-September 6 ICC Bangladesh News

Dr. M. Masrur Reaz of IFC-World Ms. Wendy Werner, the Country that BIAC along with Bangladesh Bank Group highlighted the Manager for Bangladesh IFC- Bank and Association of Bankers relevance of BIAC for quality FDI to World Bank Group mentioned Bangladesh is working on a draft come in for long term financing in that Bangladesh has a fairly weak guideline for the banking industry Bangladesh. position in terms of Enforcing to resolve commercial and financial Contracts in the World Bank’s Doing disputes using ADR and announced Barrister Sameer Sattar urged the Business Index and needs to improve that the office is going to relocate at Government for further amendment for increasing investment into the Paribag which will be closer to the of existing laws in order to country. Supreme Court. mainstream ADR in the country. BIAC’s CEO, Muhammad A. Former Chief Justices and (Rumee) Ali, in his address of Anuroop Omkar, Advocate, Justices, diplomats, senior lawyers, welcome said that, BIAC, in last 7 Mediator and Director of Bridge Government high officials, Managing years has been trying to attract banks, Mediation and Consulting Pvt. Directors of banks, distinguished corporate and education institutions Ltd., New Delhi stressed the need of business leaders, representatives to adhere to ADR methods. collaboration, through arbitration- from foreign missions and mediation, where both parties are Mahbubur Rahman, Chairman, international organisations were equally benefitted. BIAC in his concluding remarks said present on this auspicious occasion. Alternative Dispute Resolution (ADR) to help reduce Non Performing Loan: Observed speakers in a Roundtable organized by BIAC and DCCI Bangladesh International organizations should incorporate said if policy reforms is needed to Arbitration Centre (BIAC) and Mediation-Arbitration Clause in reduce NPL, government is willing Dhaka Chamber of Commerce & the commercial contracts with the to do that. Financial Institutions Industry (DCCI) jointly organized provision of both Mediation and Division, should come up with a few a Roundtable Discussion themed Arbitration under an institutional proposals of how to address the NPL “ADR in Managing the Risk of Non framework with rules to administer issues. He said Bangladesh Bank, Performing Bank Loans” at DCCI these processes like BIAC, he opined. Office of the Chief Justice, Ministry of Auditorium, Dhaka on 21 July He also said the Artho Rin Adalat Law, Justice & Parliamentary Affairs, 2018. Mr. Mohammad Shahidul Ain 2003 should be amended and Bankers' Association and Ministry of Haque, Senior Secretary, Legislative include the provision of arbitration Finance should work collectively to and Parliamentary Affairs Division within the ambit of the definition address the NPL issues. of the Ministry of Law, Justice & of 'Adalat'. He said ADR saves time, Parliamentary Affairs attendedcost and it is confidential. Chairman of BIAC Mahbubur as Chief Guest and Mr. Ahsan-uz Rahman said that to convert non Zaman, Managing Director & CEO Mohammad Shahidul Haque, performing loans into performing of the Midland Bank Limited and Senior Secretary, Legislative and loans, effective implementation of law Professor Imran Rahman, Special Parliamentary Affairs Divisionis mandatory. For a healthy banking Advisor to the Board of Trustees of the Ministry of Law, Justice sector he urged for implementation ULAB were Special Guests. Mr. & Parliamentary Affairs, said of law and amendment of regulations Mahbubur Rahman, Chairman, that we need to concentrate on if needed. He said that the aggravated BIAC moderated the programme. the implementation part of our situation with Non Performing Loans legislation. BIAC’S joining the (NPL) in our country continues The Keynote paper was presented process of settling commercial to be a matter of great concern. by Barrister Shafayat Ullah, EVP disputes beyond the court has Our financial sector can be further & Head of Legal, The City Bank created a ray of hope. BIAC’s strengthened if we can manage down Limited. He said large defaulters are activities in the last 7 years including the volume of NPL in the financial rarely penalised, instead loans are handling NPL cases, arbitration, industry. being restructured. To overcome mediation, training, workshops have the problems he emphasized substantial contribution in the field BIAC is working closely with the introduction of Alternative Dispute of promoting ADR. He said equality financial sector to address the Resolution (ADR) as an alternative and equal opportunity in the eye issues of managing the risk of Non route that can be used in managing of law must be ensured. He said in Performing Loans, he said. BIAC default loans. He informed that the developed nations 2% NPL is along with Bangladesh Bank and the 11% of the total loans are bad allowable where in Bangladesh it is Association of Bankers Bangladesh loans in Bangladesh at present. All over 10% which is not accepted. He Ltd. has been working out a draft July-September 2018 July-September 7 ICC Bangladesh News

guideline for the banks which will Parliamentary Affairs Division for Distinguished scholars, high expedite the process of ADR and popularizing ADR and hoped that Government officials, Judges, make it more effective in the country, ADR would be more and more in eminent bankers and lawyers he said. practice for mitigating NPLs before participated in the discussion. Other going to the courts. Panelists of the session were Md. Abul Kasem Khan, President, DCCI Abdul Wadud, DMD & Chief Risk said at the end of March 2018, NPL Nasreen Begum, Additional Officer from the City Bank Limited, is banking industry stood taka 885 Secretary, Legislative and Mohammad Mamdud Rashid, billion. NPL is at 10.78% of total Parliamentary Affairs DivisionAdditional Managing Director outstanding which was 9.31% in emphasized that the Artha Rin Adalat of United Commercial Bank Ltd, December 2017. He said NPL in Ain 2003 needs to be amended and Mustafizur Rahman Khan, Barrister- Malaysia is 1.6%, Philippines is needs to include the provision of at-Law, Shireen Scheik Mainuddin, 1.9%, Thailand and Indonesia is Arbitration within the ambit of the Principal Consultant, ASAAN, Saqeb 2.9%, Cambodia is around 2.5%, Sri definition of Adalat. Mahbub, Barrister-at-Law, Margub Lanka is 2.6% and Nepal 2%. He also Kabir, Barrister-at-Law, Syed Yusuf recommended for improvement of Additional secretary of the Financial Saadat, Research Associate, Centre for corporate governance of banks and Institutions Division, Salma Nasreen Policy Dialogue (CPD), Khandoker under proper due diligence process, ndc said that, sound economy M. S. Kawsar, Barrister-at-Law, Nur adopt zero tolerance policy on loan depends on efficient banking system. Hossain Al Kaderi, Country Head, recovery, bring loan defaulters NPL is a vital challenge for our Special Asset Management Group, and their collaborators under law economy. Licensed institution like Standard Chartered Bank Bangladesh and introduce alternative recovery BIAC can handle NPL cases more and Mir Iqbal Hossain, Head of options. To reduce the number of effectively, she opined. Remedial Asset Management, IFIC cases in banking industry and bring Bank Limited. Tanjina Ismail, President, Bangladesh down the NPL to a tolerable level, Women Judges Association and ADR can be used as an effective Asif Ibrahim, former President of Member, Labour Appellate Tribunal alternative mechanism, he said. DCCI and members of the Board of said that it will be crystal clear Directors of the DCCI and Secretary Chief Executive Officer of BIAC that for the overall development General of DCCI AHM Rezaul Kabir Muhammad A. (Rumee) Ali said that of the country's economy, banks were also present on the ocasion. NPL is linked with liquidity of banks. and financial institutions can not Speakers urged for necessary policy There must be a way out before going be stalemated by over burden of reforms, reforms of Artho Rin Adalat to the court for realization of the bad NPL, ADR can be the solution. She Ain 2003, effective implementation loans so there should be arbitration also said, it is time for the banks of law, stern action against the loan clause in the contract. He sought to rethink and redefine their loan defaulters, transparency and strong cooperation from the Legislative & recovery systems. monitoring system.

(From left to right) Mahbubur Rahman (Chairman, BIAC), Mohammd Shahidul Haque (Senior Secretary, Legislative & Parliamentary Affairs Division), Abul Kasem Khan (President, DCCI), Muhammad A. (Rumee) Ali (CEO, BIAC) and Ahsan-uz Zaman (MD, Midland Bank Ltd.) July-September 2018 July-September 8 ICC Bangladesh News

ICCB Executive Board Meeting held The 73rd meeting of the ICC General Ataur Rahman also attended Fazlul Hoque & Syed Mahbubur Bangladesh Executive Board was held the Permanent Heads of Meeting. Rahman. DCCI President Abul on 10 September at ICC Bangladesh Secretariat. The Board confirmed the Minutes of the 72nd Meeting held on 9 May and reviewed the activities of the National Committee during June-September.

They also discussed on the possibility of setting up a state of the art Business School/Management Institute in Dhaka to meet the demand of the corporate houses of qualified executives and the status shifting of ICCB Executive Board meeting is in progress. the National Secretariat to its office The Executive Board Meeting at Gulshan, among other issues. Kashem Khan, CEO, Bangladesh presided over by ICC Bangladesh International Arbitration Centre ICCB President Mahbubur Rahman President Mahbubur Rahman was (BIAC) Muhammad A. (Rumee) briefed the Board about his attended by Vice Presidents Latifur Ali and former DCCI President R. participation at ICC World Council Rahman & Rokia Afzal Rahman and Maksud Khan attended the meeting Meeting and Meeting of Permanent the following six Board Members on invitation. ICC Bangladesh Heads of National Committees : A.S.M. Quasem, Aftab-ul-Islam, Secretary General Ataur Rahman which were held in Paris during 20- Anwar-ul-Alam Chowdhury and General Manager Ajay Bihari 21 June. ICC Bangladesh Secretary (Parvez), Kutubuddin Ahmed, Md. Saha assisted the Meeting.

ICC Publications July-September 2018 July-September 9 ICC Bangladesh News

Images from the Gallery

ICC Bangladesh President Mahbubur Rahman is presenting a book on Festival of Bangladesh to outgoing US Ambassador H. E. Ms. Marcia Stephens Bloom Bernicat at the farewell lunch organized by ICC Bangladesh in Dhaka on 28 July.

Outgoing Thai Ambassador H.E. Ms. Panpimon Suwannapongse is presenting one of her paintings to ICCB President Mahbubur Rahman at the farewell lunch organized by ICC Bangladesh in Dhaka on 27 September.

Mr. Abdul Hai Sarker, Chairman & CEO, Shohagpur Textile Mills Ltd. is handing over a cheque to ICC Bangladesh Secretary General Ataur Rahman as contribution for new Office Space of ICC Bangladesh. July-September 2018 July-September 10 ICC Bangladesh News

Images from the Gallery

UNHCR Deputy Representative in Bangladesh Mr. Papa Kysma Sylla, (middle) is seen with ICC Bangladesh President Mahbubur Rahman (2nd from right) during his visit to ICCB on 15 July. Also seen in the picture are : ICCB Executive Board Member Fazlul Hoque (2nd from left), ICCB Secretary General Ataur Rahman (extreme left)and UNHCR Programme Associate Ms. Shahima Tanzim Tamim (extreme right).

Mr. Joel Reifman, US Embassy Deputy Chief of Mission (middle) is seen with ICC Bangladesh President Mahbubur Rahman (2nd from right) during his visit to ICC Bangladesh on 4 September. Also seen in the picture are : Bangladesh International Arbitration Centre CEO Muhammad A. (Rumee) Ali (extreme left), ICCB Secretary General Ataur Rahman (extreme right) & Political and Economic Counselor of US Embassy Ms. Mary Sloan (2nd from left).

Group picture of participants with CCCI President Mahbubul Alam at ICC Workshop on Changing Faces of International Trade fraud : Current Risks, Prevention & Responses held in Chattogram on 10 July. July-September 2018 July-September 11 ICC HQs News ICC responds to draft US Tariff Act Speaking on behalf of 45 million alleviation and technological a service or an activity, listening companies, employing over 1 progress for citizens of the US and to the end user is vital. Here, we billion workers, the International beyond. are talking about the millions of Chamber of Commerce has issued businesses – large and small – that the following statement on July 4 in “Reform of the global trading use the global trading system every response to a recently leaked draft system is undoubtedly needed, but day to exchange their goods and abandoning WTO rules would create US Fair and Reciprocal Tariff Act services, creating value for local a major risk to inclusive growth that would permit unilateral tariff economies and spreading prosperity across the U.S. and throughout hikes and abandon core principles of more widely. Evidence shows that the world. Energies would best be World Trade Organization (WTO) an open and stable global trading channeled into ramping up dialogue rules. system is particularly vital to support the growth of micro and small enterprises – the engine of job creation in the U.S. economy.

“Building on our long history of developing solutions to enable trade, ICC is convening businesses and other thought leaders around a “second track” dialogue platform with key global institutions. This dialogue will develop ideas to enable the multilateral trading system to better deal with the challenges and disruptions of the 21st century.

“In physical combat the hardest hit are the frontline soldiers. In a trade ICC Secretary General John W.H. and engagement to find new, war, the frontline soldiers are the Denton AO said: innovative ways to reform the WTO workers and consumers who are the system to ensure that world trade driving forces of economic growth. “G7 and G20 leaders have an works for everyone. Global growth overriding responsibility to help in the 21st century is not a zero-sum Without political will to resolve fix the shortcomings of the rules- game. trade tensions through meaningful based trading system – recognising dialogue, they will be hurt with fewer that it has fueled seven decades of “As governments and business well jobs, high prices and ultimately less unprecedented job creation, poverty know, when it comes to rethinking choice.” Reform not retaliation is needed to avoid damaging trade wars: ICC Speaking on behalf the world’s largest Mr Schultze said: are now issues that we couldn’t business organisation—representing foresee, with intellectual property, “We need to move the debate out over 45 million companies employing of the schoolyard. The multilateral more than 1 billion workers—ICC rules-based system has served the Director of Global Policy Nikolaus world very well. We’ve had 70 years of Schultze talked trade wars with job creation and poverty alleviation France 24’s Annette Young. so it is in the interest of all parties In a live interview with television that this is maintained. network France 24 on July 25, Mr Schultze argued that debates over “The foundations [of our rules-based trade need to move beyond tariff trading system] date back to the time threats and towards reforming the of the General Agreement on Tariffs international rules-based trading and Trade (GATT) in 1948 and the system for the 21st century. world has changed since then. There Nikolaus Schultze July-September 2018 July-September 12 ICC HQs News state-owned enterprises and the the US and its trading partners, Mr Trade Organization; and (2) Listen control of subsidies. Schultze said that countries have to businesses, the users of the trading not yet “moved beyond the point of system, who are working with ICC “These are all issues that need to be tackled. The debate goes beyond the no return” towards an all-out trade to propose tangible solutions to the current discussion on some measures. war. Nevertheless, to avoid such an present impasse. “There won’t be any Between Europe and the US, we only outcome, governments should take winner in a trade war. That’s very have a weighted tariff of 3%. That’s a twofold approach: (1) Support clear,” said Mr Schultze. “It’s in the not very high.” Despite the recent raft French President Emmanuel interest of everyone to move along of ‘tit –for-tat’ tariffs implemented by Macron’s effort to reform the World on reform.” Transformational partnerships showcased at SDG Business Forum As part of the United Nations (UN) importance of partnering with all those who do not play a role,” said High-level Political Forum on economic actors in society to ensure Erik Solheim, Executive Director, Sustainable Development in New that implementation of the 17 Goals UN Environment. York on July 18, the SDG Business will be realised in time to achieve our Forum gathered governments and common objectives within the next Rebecca Self, CEO Sustainable Finance, HSBC, highlighted the need business leaders to take stock on 12 years. for more alignment in the way we progress made so far on the SDGs. Business is already partnering to report on sustainability targets and speed up progress for the SDGs, investments with ESG policies. “I but more can be done to establish think we need to be more innovative action-oriented collaborations with about our reporting processes.” the United Nations and governments Tonye Cole of the Sahara Group, around the world. Nigeria, intervened from the Here are four takeaways on how we audience to share an example of can improve partnerships in the year ways to develop Voluntary National ahead: Reviews (VNR), the mechanism by which governments report on SDG Business leaders and government progress at the High-level Political representatives gathered at the 1. We need to be transparent about Forum each year. By collaborating UN Headquarters on 17 July to both progress and failures with local business organisations highlight partnerships that can help It was clear that both business, and the government, the group has speed up the implementation of the governments and the UN now established a dialogue where Sustainable Development Goals representatives at the Forum want to Nigerian businesses feed information (SDGs). Just over 1000 days after the see more transparency in discussions on activities that are later taken up Goals were agreed upon, the SDG around the SDGs. in the country’s official government Business Forum opened with a call communiqué on SDGs. on all participants to think critically Jean-Pierre Clamadieu, CEO, about the progress made so far, Solvay, said that “transparency is To provide governments with an considering the long way ahead. critical to raising benchmarks and idea of what business is doing in all keeping companies challenged,” and countries around the world for the Under this year’s theme called on companies to continue SDGs in focus this year, ICC launched ‘Transformation towards sustainable their transformation for the SDGs. a report at the SDG Business Forum and resilient societies’, 47 countries “Things are changing — probably on ‘Business for Sustainable and reported on progress so far. But not at the speed we would like — but Resilient Societies’, which highlights according to a new report by the we are moving in the right direction.” case studies from businesses taking United Nations Development action, and policy recommendations Solutions, no country is on track to “I’m a big believer in naming and on how governments can help more deliver on the 2030 Agenda. This faming companies that are doing companies implement the SDGs into concerning trend underscores the good, and naming and shaming their strategies. Business can chart a new course for trade, says ICC Secretary General In a letter published in the Financial leaders to leverage their private Denton argues that business must Times on 2nd week of September, sector experience towards world move beyond merely voicing concern ICC Secretary General John W.H. trade reform. Writing in a context of over rising protectionism. While Denton AO called on business alarming global trade tensions, Mr “there is an imperative for business July-September 2018 July-September 13 ICC HQs News

to stand behind the multilateral enterprises to protecting intellectual trading system”, companies should property. Critical thought from “focus on helping governments chart business is also needed on how a new course for trade policy making trade agreements can better support that deals meaningfully with the workers and consumers in the US pressures now building in the global and across the globe.” economy,” Mr Denton writes. ICC wants to make sure that the users of the rules-based multilateral “This means offering ideas and trading system have a say in the solutions—based on real-world WTO reform process. To that effect, experience—for how the global ICC will be managing a soon-to- trading system can be reformed be-announced Dialogue Platform to deal with contentious issues, between multilateral organisations, John W.H. Denton AO from the conduct of state-owned businesses and think tanks. ICC Court releases full statistical report for 2017 After announcing preliminarywere parties to arbitral proceedings Record highs in Africa statistics earlier this year, the initiated in 2017 rose to over 15%. International Chamber of Commerce Additionally, ICC Arbitration was Sub-Saharan Africa saw sweeping (ICC) has published a full report listed as a dispute resolution option growth in 2017 with 87 cases and 153 of its 2017 ICC Dispute Resolution available to parties on four cases. parties, representing a growth rate of figures on 31 July. In its history, the ICC Court has 35.9% for cases and 40.4% for parties administered a total of 39 cases based when compared to the previous For the first time, the statistical on these types of agreements. year’s numbers. Addedly, both North report is available to the public free and Sub-Saharan Africa saw a hike of charge—in addition to being Diverse representation across the in the number of arbitrators with featured in the latest edition of the board nationalities also from those regions. ICC Dispute Resolution Bulletin, which is available via the ICC Digital In 2017, of all arbitrators nominated Central and West Asia countries Library and ICC Store. Led by co- or appointed by parties, co-arbitrators climb the charts editors Samaa A. Haridi of Hogan In Central Lovells and Julien Fouret of Betto and West Seraglini, the Bulletin is a one-of- Asia in 2017, a-kind publication that offers an 219 parties array of material—from reporting were featured on recent decisions and law reforms in ICC relating to arbitration in various Arbitrations, jurisdictions to in-depth studies on showing a specialised topics to ICC arbitral boost of over awards excerpts and more. 26% from The comprehensive report provides 2016. Ranking an overview of the record number in the top 50 of countries represented in ICC countries in Arbitration cases, which confirm terms of case the ICC International Court of or the Court, 16.7% were women— numbers and the number of parties Arbitration’s global reach and leading that is a 1.9% increase compared represented were Iran, Kazakhstan, position for complex, high-value to 2016. In terms of arbitrators Qatar, Saudi Arabia and the United disputes, reflected also in the recent nominated or appointed for 2017, Arab Emirates. Together, all five confirmation of ICC as the preferred 249 out of 1,488 were women, countries represented more than arbitral institution globally. with representation seen from 85 15.5% of total parties. countries. Whereas in 2016, only Take a look at the report highlights. Latin America continues upward 209 of 1,411 arbitrators were female. trajectory State and State entities look to ICC What is more, the Court appointed a higher percentage of women (45%) For 2017, Latin America saw an Up from 11% in 2016, the number versus the parties themselves (41%) uptick of almost 8% in terms of the of States and State entities that and the co-arbitrators (13.7%). number of cases. More specifically, July-September 2018 July-September 14 ICC HQs News

Brazil jumped to 7th place in a boost of more than 14% and 9% Update on the Expedited Procedure worldwide case rankings after a case respectively. Next in the ranking Provisions (EPP) management team was established of the number of arbitrators by in Sao Paulo last year. Currently, the nationality was Switzerland with Since 1 March 2017, the date of entry team is managing 25 cases. 116, followed by the United States in force of the 2017 ICC Rules of with 100 and Germany with 99. Arbitration, 84 requests to opt into Oceania sees marked growth the EPP have been submitted. To Enhanced transparency date, 25 cases, involving 58 parties Expanding in the number of cases from 33 countries, have been or are filed and parties represented, Falling from 50 in 2016 to 48 in 2017 currently being administered under Oceania’s numbers rose by 25% and where the number of challenges 3.4% in 2017. When compared to the EPP. All cases that have reached introduced. Just six challenges were an award were concluded within the 2016, figures also showed an increase accepted by the Court last year. from the region in the number of six-month time limit. arbitrators appointed or confirmed In accordance with the ICC Note Use of the Emergency Arbitrator by the Court, moving from 49 to 56. to Parties and Arbitral Tribunals on the Conduct of the Arbitration Dropping slightly from 25 cases Shifts through Europe under the ICC Rules of Arbitration, in 2016 to 21 in 2017 was the use Meanwhile, North and West the ICC Court has communicated of ICC’s emergency arbitrator Europe accounted for 784 parties— reasons for seven of its decisions, procedure, involving 58 parties who illustrating a 4.8% growth in upon the request of one of the parties represented 31 countries. Already an comparison to 2016. Figures also (four challenges, one request for added 14 cases have been recorded revealed a marked increase in the consolidation, and two prima facie in 2018, bringing the total number number of British (219) and French decisions pursuant to Article 6(4) of of filed emergency arbitrator cases arbitrators (141), accounting for the Rules). to 84. New IMB report shows persistent piracy risk in Gulf of Guinea The second quarterly report from the Moreover, the true number of latest version of the best management ICC International Maritime Bureau incidents in the Gulf of Guinea is practices. (IMB) shows that all 2018 crew believed to be “significantly higher” kidnappings have so far occurred than what is reported to the IMB The number of incidents in the in the Gulf of Guinea in six separate PRC, says the report. Philippines dropped from 13 by incidents. the second quarter of 2017 to three Pottengal Mukundan, Director of in the same time period this year. A total of 107 incidents were reported IMB, said: “The 2018 figures aptly Launched in 1991, the IMB PRC to the IMB Piracy Reporting Centre demonstrate the value of timely and is a 24-hour manned centre that (PRC) in the first six months of 2018. transparent reporting. The reports provides the maritime industry, In total, 69 vessels were boarded, help to focus on risk areas, and to with 23 attempted attacks, 11 vessels accurately inform vessels of evolving governments and response agencies fired upon and four vessels hijacked. dangers and allow authorities to with timely and transparent data on No vessels were reported as hijacked deliver an effective response.” armed robbery incidents received in the second quarter of 2018. ICC IMB Piracy Report June 2018 Outside the Crew Violence Gulf of Guinea, the number of The number of crew members 2018 incidents taken hostage increased from 63 decreased in other to 102 compared to the same time piracy hotspots. period in 2017. The number of crew There were no kidnappings decreased from 41 by reported incidents the second quarter in 2017 to 25 so recorded off the far in 2018. coast of Somalia in However, all 25 crew kidnappings the second quarter reported this year have occurred of 2018. Masters are however again directly from the master or owner of over six incidents in the Gulf of urged to continue to maintain high vessels. All attacks reported this year Guinea, highlighting the higher risks levels of vigilance when transiting can be viewed online on the 2018 in this area. the high-risk area and to follow the IMB Live Piracy Map. July-September 2018 July-September 15 ICC HQs News

ICC Secretary General echoes global call for increased climate ambition As the United Nations (UN) High- consumption and life on land, ICC minimum and take transformative Level Political Forum took place Secretary General John W.H. Denton action if we are to achieve the goals in New York during 9-18 July, ICC AO has issued the following message: set out in the Paris Agreement.

“The global business community is also eager to increase the pace of climate action. We need a common framework for climate policies to give business the certainty needed to increase investment and ensure a level playing field internationally. ICC welcomes the Declaration for Ambition’s call to all governments to ensure that the Paris Rulebook is adopted at COP24 and encourages governments to work with the private sector on a policy framework at both Secretary General John W.H. Denton “As the world’s largest business AO called on governments to step up organisation and the voice of the international and national level their national climate plans by 2020. the private sector in the United to help us reach our climate goals. Nations (UN) climate process, “Climate change is a global challenge In the month of June, 23 countries ICC wholeheartedly welcomes and that requires a global solution. More agreed a Declaration for Ambition, reaffirms the call to increase the than ever, we call on all countries stating a shared commitment to ambition and accelerate the pace of to renew their commitment to stepping up climate action plans global climate action. by 2020. As the UN’s High-Level ambitious multilateralism and Political Forum this year focuses on “A failure to address climate change international rules-based decision a climate-centric set of Sustainable will hurt us all. As UN Secretary making. Only by working together Development Goals such as clean General Antonio Guterres has stated, can we secure a more sustainable water, renewable energy, responsible countries must go beyond the bare f utu re .” 3 ways digitalisation is shaping the future of taxation Digital transformations and taxes on the digital economy. A the potential to revolutionise technologies should be seen as recent report from the Organisation compliance and enquiry work. The an aid and not a hindrance to fair for Economic Cooperation and OECD, in their 2018 report, shows and efficient tax systems, argued Development (OECD) noted that how digitalisation has already had participants at an international tax more than 110 countries will work a threefold positive impact on tax conference in Munich, Germany. to build a consensus on digital tax administration: enhancing the Tax authorities around the world are by 2020 within the OECD/G20 effectiveness of tax compliance, publicly grappling with the challenge Inclusive Framework on base erosion improving taxpayer services and of adapting revenue collection and profit-shifting (BEPS). reducing tax compliance burdens. models to a global economy that Private sector representatives joined For instance, greater amounts of is continually reshaped through with policy makers and academics to third-party data available to tax transformative digital technologies. discuss how digitalisation is shaping the future of taxation at a conference authorities allows more reporting While digitalisation presents new organised by ICC, Business at to be automated, saving both sides challenges and opportunities, OECD (BIAC) and BusinessEurope time and money, and can also be a global approach to taxing the in Munich. Here are three main used to tackle underreporting, #digitaleconomy is what all takeaways: evasion or fraud. Data recording stakeholders are aiming for. In software adopted by several tax March, the European Commission 1. Digitalisation holds huge gains for administrations that notes sales released two legislative proposals tax administrations data at the time of a transaction— for taxing of digital firms. A host While often perceived as a threat and can be submitted directly to tax of other countries, including India, or challenge to the collection of authorities—has already increased Brazil, Colombia and Vietnam are tax revenue, participants agreed some countries’ value-added tax also planning or proposed new that digital technologies also have (VAT) revenues by up to 20%. July-September 2018 July-September 16 ICC HQs News

“Digitalisation is obviously the (BDI), argued that because it is in the coming years as the shape buzzword of today,” said Werner impossible to ring-fence the digital of the world economy changes Brandt, President, ICC Germany. economy, “every sector would dramatically.” said Will Morris, “The change to the digitalised be affected by the new tax rules”. Chairman, BIAC Committee on working world is a certainty that The rules proposed would cause Taxation and Fiscal Affairs; Deputy offers both opportunities and significant additional administrative Global Tax Policy Leader, PwC, “The challenges for the tax function. burdens and pose a high risk of fundamental principle of taxing Beyond being an efficiencydouble taxation for companies. profit will change in the future, but measure, digitalisation can reduce we do need to start thinking about it “As digitalisation continues to be the administrative burden for both n o w ”. an important driver for global taxpayers and tax authorities. The economic growth, policies related to Timothy Power, Deputy Director aim must be to ensure that key data taxation of the digitalized economy Corporate Tax, HM Treasury added: provided by companies is processed should seek to promote, and not “It is helpful that there is a clear in a timely manner as a driver of hinder, economic growth and cross- commitment as part of the OECD tomorrow’s tax function.” border trade and investment,” said Inclusive Framework to look into the 2. Digital business models are Christian Kaeser, Global Head of more challenging questions in this transformative, but also pervasive Tax at Siemens and Chairman of the context.” ICC Commission on Taxation, “Any The way we work has already While digitalisation presents new measures should be developed on digitalised to such an extent that challenges and opportunities, the basis of international tax rules, it is misleading to ‘ring-fence’ the participants agreed that the through a comprehensive, coherent digital economy from the economy principles of a fair tax system and co-ordinated approach.” at large. 95% of businesses in OECD consistency, predictability, neutrality countries benefit from a high-speed 3. A global approach is needed to are just as relevant as ever for both Internet connection and the volume adopt tax rules to the digitalised public authorities and business and of data created across the globe is world that a global approach to taxing a expected to double each year. The emergence of new business models made possible through digital technologies, though, is compelling tax authorities to adapt their tax administrative systems as well as their approach to taxation of digitalised businesses. “There is a real need to adapt our systems to the digital area,” said Maria The European Commission globalised digital economy is what Teresa Fábregas, Director of Indirect proposals include the introduction all stakeholders are aiming for. Taxation and Tax Administration of an interim turnover-based tax at the European Commission. The (equalisation levy), where businesses Georg Geberth, Director Global Tax Internet enables companies to scale would be taxed based on revenue as Policy at Siemens and ICC Taxation across global markets without a opposed to profits. The OECD report Commission member responsible significant physical presence—a also discusses such interim measures for co-ordinating the conference feature that is notably helping and identifies the constraints they concluded: “An effective and small businesses to export to an present, but specifically does not consistent global tax system must unprecedented degree. Digitalisation recommend them. be rooted in collaborative efforts is also often accompanied by the to promote stability and certainty At the event, private sector growing importance of intangible in global tax principles which are participants were united in stating assets, such as intellectual property, essential for business and cross- their concerns over the drawbacks and data. border trade and investment. The of such short-term measures, such as positive collaboration and wealth Ms Fabregas noted that the European the expected risk of double taxation of expertise shared during the Commission’s digital tax proposals and increased compliance and conference represents an important stemmed from the view that current administrative costs, as well as the step in promoting a harmonised tax rules are not fit for the digital arbitrary thresholds for being subject approach which is essential in economy. to the proposed interim tax. strengthening global efforts to Monika Wünnemann, Head “We are only at the beginning of ensure that international tax rules of Finance and Taxation at the a digital revolution; the shape of remain relevant and applicable in an Federation of German Industries tax systems will look very different increasingly digitalised economy.” July-September 2018 July-September 17 Bangladesh Economy

Global agencies see stable outlook for Bangladesh Global rating agencies have seen The three agencies projected similar Moody’s assessed that Bangladesh’s a stable economic outlook for outlook for Bangladesh in last banking sector with negative Bangladesh, mostly for the strong several years also. S&P in its report indicator reflects that the country’s economic growth and improvement said Bangladesh’s fractious domestic banking sector did not perform well in external profile. Recent credit political conditions distract stable enough. rating reports of US-based Moody’s policymaking. The polarised political Investors Service, Standard & Poor’s landscape generally hampers Regarding the credit rating assessment, economist Zaid Bakht The 5 Key Contributors of Your Credit Score observed that macroeconomic growth is helping Bangladesh maintain stability in its economy.

35% The country’s state-owned banks 10% Payment History Amount Owed account for 30 percent of banking 10% Length of Credit History New Credit system assets and exhibit significantly 15% 30% Type of Credit weaker asset quality, profitability, and capital adequacy than private commercial banks.

Gross non-performing loans of (S&P) and Fitch Ratings have found policy implementation and makes state-owned banks amounted to Bangladesh’s economy to be in a responses unpredictable at times, it 29.3 percent of total loans in the stable position. The rating agencies, said. The S&P report also said strikes third quarter of 2017, compared to 6 however, highlighted the possibilities and politically-related violence has percent in private commercial banks. of political uncertainty looming due not been overly disruptive to overall The NPL ratio in state-owned banks to the upcoming general election. economic growth in the past. has been rising since 2015. PM received 2 international awards for hosting Rohingyas She calls upon global community to resolve Rohingya problem soon Prime Minister Sheikh Hasina has International Achievement Award at Lowcock, Canadian Minister for received two international awards – a function held at the United Nations International Development Marie- the IPS International Achievement Headquarters. Claude Bibeau spoke at the function. Award and the 2018 Special Under-Secretary-General of the Director-General of IPS International Distinction Award for Leadership – UN Office of the Coordination Farhana Haque Rahman delivered for her humanitarian and responsible of Humanitarian Affairs Mark the welcome address. policy in hosting the Rohingyas and for her farsighted leadership over the Rohingya issue respectively.

The Inter Press Service (IPS), one of the world’s leading news agencies, and the Global Hope Coalition, a network of three not-for-profit foundations based in New York, Zurich and Hong Kong honoured her with the two awards on 27 September. Sheikh Hasina received the awards at two functions here.

Director General of International Organization for Migration Ambassador William Lacy Swing handed over to Sheikh Hasina the IPS IPS International Achievement Award July-September 2018 July-September 18 Bangladesh Economy

At a separate function at Park “The voluntary return of Rohingyas minds throughout the world,” she Avenue in New York, Honorary can only be ensured with collective said. President of Global Hope Coalition actions by the international Irina Bokova conferred the 2018 community to ensure prevention of Hasina said the mass exodus of Special Distinction Award for repetition of atrocity crimes against those persecuted people soon turned Leadership. The three other world ethnic and religious minorities out to be the fastest movement leaders who also received the awards in Myanmar by establishing of displaced people in the recent are President of Niger Mahamadou international, independent and history. The recent report of the Issoufu, President of Tunisia Beji Caid Essebsi and Greek Prime Minister Alexis Tsipras.

Speaking at the IPS award-giving function, Prime Minister Sheikh Hasina dedicated this award to the people of Bangladesh who have opened their hearts and houses to shelter 1.1 million traumatised forcibly displaced Myanmar nationals. Hasina said she believes that it is the duty of all responsible nations to show humanity to the distressed and displaced people around the world. 2018 Special Distinction Award

She said it is important that a impartial mechanism to put United Nations Fact Finding Mission conducive environment is created accountability into effect,” Hasina as mandated by the Human Rights in Myanmar for ensuring safety, said. Council has documented incidents of ‘ethnic cleansing’ and ‘genocide’. dignity, livelihood options and re- Speaking on another award-giving “The prolonged presence of the integration process for the return ceremony, the Prime Minister also Rohingyas in Bangladesh poses of the Rohingyas to Myanmar. dedicated this award to the people “The causes of the crisis is rooted of Bangladesh, who supported and serious challenges to our economy, in Myanmar. Hence, the solution is opened their houses and shared their environment and security. The crucial also to be found in Myanmar.....the food with the Rohingyas during the focus of our emerging nation is international community has a clear critical time. “I wish the world never being largely diverted for its resolve,” obligation to collectively address the had to witness the worst form of she said. Bangladesh has signed source of the problem in Myanmar violence and atrocities that has been two instruments with Myanmar and engage effectively with its committed against the Rohingyas in for repatriation of the Rohingyas. government to prevent further Myanmar. It stunned me, as it did However, the repatriation process is exodus,” she added. to the billions of other conscience yet to begin, the Prime Minister said. Govt-WB signed $50m grant agreement for Rohingyas’ health needs The government of Bangladesh on The grant would help provide financing will also support services 20 september signed an agreement essential health, nutrition, maternal, for the victims of gender-based under which the World Bank would neonatal, infant, provide $50 million as grant to child, and adolescent strengthen the government’s health health, nutrition care, nutrition and family planning and psychosocial services for the Rohingyas in Cox’s services as well as Bazar. The WB itself would provide reproductive health $41.67 million as a grant through care to the Rohingyas, its IDA18 Regional Sub-window for said a WB release. Refugees and Host Communities while the remaining $8.33 million Through the Women would be provided by the Canadian Friendly Centers government as grant. within the camps, the July-September 2018 July-September 19 Bangladesh Economy

violence. WB country director for nutrition and population services The agreement was signed by Kazi Bangladesh, Nepal, and Bhutan, for the Rohingya people while Shofiqul Azam and Qimiao Fan on Qimiao Fan, said, ‘This grant the existing project will continue financing will help the Bangladesh to provide healthcare to the local behalf of the government and the government plan and manage health, population.’ World Bank, respectively, at the ERD. ADB approves $100m in grant to Bangladesh for Rohingyas The Asian Development Bank has to support the government in build a piped water supply system approved grant assistance of $100 addressing the crisis in Cox’s Bazar,” and waste management facilities, million—the first of a $200 million said ADB President Takehiko Nakao. together with small water treatment package to help Bangladesh develop After Nakao received a request plants. Solar powered and mini basic infrastructure and services for from Bangladesh Finance Minister grid-connected street lighting Rohingya refugees. Since late August Abul Maal Abdul Muhith for grant will be provided and access to 2017, about 700,000 people have assistance when they met in early electricity augmented by substations, crossed the border from Rakhine May, ADB developed and processed distribution lines, and transformers. State, Myanmar, into Cox’s Bazar the project at an extraordinary speed at the southeast tip of Bangladesh. under its emergency procedure, The project has been developed and “This has caused a huge strain on the according to the statement. will be implemented in coordination local infrastructure, economy as well with United Nations agencies, the The ADB $100 million grant as a major humanitarian concern,” World Bank, and other donors that ADB said. project will support the displaced people sheltered in camps in are giving humanitarian relief such The displaced persons are living in Cox’s Bazar focusing on water as food, water, medical aid, and 32 camps spread over the district. supply and sanitation, disaster risk temporary shelter. Providing food, shelter, health, management, energy and roads. The The first phase of the project is costing sanitation, water, and other essential project will rehabilitate roads within $120 million over about 2.5 years. services in the camps while fending the camps to connect essential food off disease is a daily challenge. “If distribution and storage centers, The first ADB $100 million grant will unaddressed, conditions are feared hospitals, education facilities, and come from the Asian Development to worsen dramatically,” ADB said in provide emergency access. It will also Fund, while the government will a statement on 6 July. resurface the road from Cox’s Bazar provide $20 million. to Teknaf and other critical sections. “Given the scale of the humanitarian The scope and timing of a second needs, we are coordinating closely To address water needs, the project phase of ADB grant support of a and promptly with the World Bank will provide mobile water carriers, further $100 million will build on the and other development partners community bathing facilities, and progress of the first phase. Bangladesh on way to be a gadget-making hub The availability of workforce at a Transsion Holdings, it said in the Gadgets and laptops worth around competitive wage, growing domestic report. The Singapore-based firm $1.5 billion are sold in the country market demand and a favourable also showed evidence of the support every year; about 34 million mobile policy are some of the key factors provided by the government in handsets worth $1.18 billion and that make Bangladesh an attractive driving the growth of the high-tech laptops worth $300 million were sold hub for high-tech manufacturing, industry in Bangladesh. last year, IDC found. The youths are according to a survey. In its report, giving a boost to the sector, where International Data Corporation The government has reduced duties the gadget and laptop market is (IDC) found success stories of local on import of raw materials for the growing at around 12-20 percent and international manufacturing tech industry, exempted 100 percent every year, said Zarif Munir, partner companies, such as Walton and value added tax on rents along and managing director of the Boston Samsung. with providing cash incentives and Consulting Group. Global tech leader Samsung has 100 percent tax discounts, it said. The officials of the group presented started producing mobile phones in “Population is the main strength the findings of the report as one Bangladesh following in the footsteps of Bangladesh, home to around 80 of the partners of the survey, at a of three local firms—Walton, Aamra million people under 25 years of programme held in the ICT Division Companies and Symphony—and age,” according to the IDC report in Dhaka. The IDC is a premier global a China-Bangladesh joint venture, launched on September 6. provider of market intelligence, July-September 2018 July-September 20 Bangladesh Economy advisory services and events for the “Some of the parks have already plants due to the rising cost of information technology, telecom and started manufacturing and exporting production,” said Rezwanul Haque, consumer technology markets.

Local companies are not lagging behind foreign peers. Walton has already completed production and shipment of laptops to Nepal, a major stride for a Bangladeshi company, the IDC report said. Huawei Technologies, the largest telecom equipment maker based in China, has been investing to provide high-quality ICT infrastructure and network enhancement services in Bangladesh, the report reads. Another Chinese giant, Xiaomi, also plans to set up a plant in Bangladesh different ICT products.” Smartphone CEO of Transsion Bangladesh and in the next two years, the IDC said. penetration in Bangladesh stands at the former general secretary of “We have a huge local market and about 30 percent now and will hit 80 Bangladesh Mobile Phone Importers scopes are there to export tech percent in the next few years, he said. Association. products to the neighbouring The government is giving tax holiday The government has developed countries like Nepal, Bhutan, and cash incentive to assemblers Myanmar and even India's seven- with high quality infrastructure 79 economic zones spanning sister states,” Mustafa Jabbar, telecom support and now seeking global over 30,000 hectares and foreign and ICT minister, said at the report leaders' investments, said Zuena companies will get all-out support launching ceremony. He said the Aziz, secretary to the ICT Division. if they want to invest in Bangladesh, government is developing 28 high- said Kazi M Aminul Islam, executive tech parks, all of which would be “Some developed nations, including chairman of Bangladesh Investment ready for use in the next two years. China, are shutting down gadget Development Authority. Quality of economic growth improves Bangladesh moves up six notches in Sanem index Improvement of Economic growth Growth (IQEG), up by six notches unchanged. Sri Lanka is the in Bangladesh from 112 in 2000. best performer with a score of 56.46 followed by the Maldives, Ranking of South Asian countries Bangladesh scored 42.7 on a India, Bangladesh and Pakistan. scale of 0 to 100, according to Country Ranking in 2000 Ranking in 2015 Afghanistan is the region's worst the research organisation. The performer and is ranked 155th. Sri Lanka 49 55 Down score indicated that the nation Globally, Sweden has been the top The Maldives 83 89 Down has not that much been able to performer scoring 93.01 while India 122 105 Up translate its increasing economic Guinea-Bissa u the worst with 21.13. Bangladesh 112 106 Up growth over the last two decades Pakistan 99 108 Down into improvements in people's Sanem took up the initiative to Bhutan 121 120 Up livelihoods. “Bangladesh is develop the index as the focus of Nepal 123 131 Down successful in achieving a high discussions on economic growth Afghanistan 134 155 Down growth rate but still has a long has shifted from quantity to quality. way to go to transform the “This shift has happened with the growth numbers into quality,” said growing understanding that a mere The quality of Bangladesh's economic Sanem Executive Director Selim increase in economic growth rate is growth has improved between 2000 Raihan. “When it comes to the not sufficient to achieve much larger and 2015, according to an index question of huge improvement in the social development goals,” said developed by the South Asian livelihoods of the people, we are still Raihan. Sanem said it measured the Network on Economic Modeling lagging behind,” he said. IQEG for 156 countries for 16 years (Sanem). The country ranked 106th between 2000 and 2015. among 156 nations in 2015 in the In context to South Asia however, Index of Quality of Economic Bangladesh's ranking remains Source: The Daily Star July-September 2018 July-September 21 Bangladesh Economy

Investment hits record high : Private investment still slow Overall investment crossed 31 around the 31 percent-mark. The In November 2016, the excess percent of GDP for the first time in ratio has to be about 35 percent of liquidity in the banking sector was Bangladesh's history last fiscal year GDP, according to economists. The Tk 277,956 crore. In May 2018, it due to a spike in public spending BBS data showed the slow pace of was Tk 79,650 crore, according to data from the Bangladesh Bank. This suggests, the idle money in the Invetment to GDP Ratio gures in% banking sector has shrunk almost 3.5 Public private times in the past one and a half years. Furthermore, private sector credit growth increased by more than 1 23.26 22.99 23.10 22.07

21.75 22.03 percentage point last fiscal year to 16.94 percent. And yet, on paper, 7.97 7.41

6.64 6.55 6.82 6.66 private investment did not increase at that rate.

Observers though said there are FY13 FY14 FY15 FY16 FY17 FY18 various reasons behind private investment not picking up, such on mega infrastructure projects growth in investment is mainly due as inadequate gas and electricity now being implemented. In fiscal to public investment: in fiscal 2017- connections and poor road 2017-18, overall investment to gross 18, public investment to GDP was communication. The investment domestic product ratio stood at 31.23 7.97 percent. rate has recently increased modestly, percent, which was 30.51 percent the driven primarily by the rise in public previous year, according to data from On the other hand, private investment, said Zahid Hussain, the Bangladesh Bureau of Statistics. investment was 23.26 percent of lead economist at the World Bank's For about a decade the ratio has been GDP, up from 23.10 percent in fiscal Dhaka office. Private investment rose hovering between 27 and 30 percent. 2016-17. For the last one decade, 0.3 percentage points of GDP in the But to hit the country's growth private investment to GDP ratio has last two years and public investment ambitions, it can ill afford to hover been stuck at 21 to 23 percent. 1.3 percentage points. Bangladesh signed deal with General Electric Company for $7.4b Bangladesh signed a deal with US power project at Matarbari in Cox’s Mahmood, Summit Group chairman based General Electric (GE) company Bazar. Besides, Bangladesh Power Muhammed Aziz Khan and senior on 11 July to build a 3600MW LN Development Board (BPDB) will officials were present at the signing Gbased power plant at Moheskhali in install a LNG-fired power plant with ceremonies. Cox’s Bazar. Besides, Summit Group a combined capacity of 3600MW. signed a deal with GE and Mitsubishi Tawfiq-e-Elahi said Bangladesh to install a 2400MW power plant will need efficient and affordable at Matarbari in Cox’s Bazar. The electricity. So, the US company will memorandums of understanding set up industries that will be run by were inked at separate ceremonies in co-generation in Moheskhai and Dhaka to install the two mega power Matarbari. It will help to use 80-90 projects in public and private sectors percent heat of the power plant, he with investment of $7.4 billion. pointed out. He requested GE to set up a manufacturing workshop here. Summit, Mitsubishi and GE Prime Minister’s power and announced a $3 billion investment energy adviser Dr Tawfiq-e-Elahi The adviser also proposed GE for the largest private foreign direct Chowdhury, state minister for initiating US Co EXXIM Mobile investment (FDI) in Bangladesh. power and energy Nasrul Hamid, to invest depleting gas fields for Summit will be the majority owner power secretary Ahmad Kaikaus, GE exploring natural gas here. Nasrul of the project while Mitsubishi and president and CEO Russell Stokes, Hamid said the signing is one of GE will own the remaining. Summit US Ambassador Marcia S Bloom the largest investments in private will install 2400MW LNG-based Bernicat, BPDB chairman Khaled sector in the last 45 years of July-September 2018 July-September 22 Bangladesh Economy

Bangladesh’s history. He called upon tariff to meet increasing demand of by 2023 beginning from 2019. With the US company to invest in power people and businesses for energy implementation of this project in generation and transmission here. and power.” Russell Stokes said, 2023, Summit will be doubling its “GE Power is navigating customers generation capacity. Besides, the Aziz Khan said: “In support of the through an energy transformation BPDB is the leading partner with 51 Government’s Vision 2021 and with a complete portfolio of fuel percent equity while the GE will be 2030, Summit is partnering with choices and innovative technology.” GE and Mitsubishi to bring in the 30 percent and rest of 19 percent for largest private FDI to Bangladesh, The 2400MW project is designed to a strategic investor for implementing best technology at world’s lowest be completed at a global best tariff the Moheskhali power plant. Japan Tobacco buying Bangladesh Akij's tobacco business for $1.5 billion Japan Tobacco Inc (2914.T) is buying key component of Japan Tobacco business is profitable, Japan Tobacco the tobacco business of Bangladesh’s Group’s growth strategy,” Japan said. The deal would add about Akij Group for around $1.5 billion Tobacco said in a statement on 6 17 billion units to the Japanese (£1.16 billion), its second major August. company’s sales volume, it added. purchase in five months as the The acquisition of the business, world’s third-biggest cigarette maker United Dhaka Tobacco Co, is seeks new growth markets to offset expected to be completed in the shrinking sales at home. third quarter of this year, pending The 124.3 billion taka ($1.5 billion) regulatory clearance, Japan Tobacco deal, the biggest ever involving a said. Japan Tobacco and its peers - Bangladeshi company, according to Philip Morris International (PM.N), Thomson Reuters data, comes after Akij is Bangladesh’s second-biggest British American Tobacco (BATS.L) Japan Tobacco agreed in March tobacco company and holds about 20 and Imperial Brands (IMB.L) - to buy Russia’s Donskoy Tabak percent of the cigarette market in the are grappling with slowing sales for about 90 billion roubles (£1.09 country, which is the world’s eighth as more people give up smoking. billion). “With this investment, we largest cigarette market, according Consolidation has been expected, continue to accelerate our expansion to the statement. It has brands such especially after BAT’s takeover last in emerging markets that matter, a as Navy and Sheikh and its tobacco year of Reynolds American. Japan’s Nippon Steel Join Hands with McDonald Steel to set up a Joint Venture in Bangladesh plant and Bangladesh Economic local market. The development work Zones Authority (BEZA) has signed of the plant is expected to start in an agreement with the joint venture December 2018 and is expected to to lease out 100 acres of land in the be completed in two years and will economic zone for the plant. create employment for about 2,500 people. As per the plan, factories, administrative building, warehouse, The venture plans to sell USD 13.67 service area, water and waste million-worth steel products in the management plant and other local market every year whereas establishments will be set up in 60 about 20% of the total output will be acres of land while the remaining exported to South Asian countries. Japan`s Nippon Steel and Sumitomo land will be used for dormitory, Mohammad Sarwar Kamal, MD Metal and Bangladesh`s McDonald health facility, training centre and of McDonald Steel, said “We will Steel Building Products Ltd have greenery. manufacture basic steel products come together to set up a steel like galvanised steel, steel sheets, and plant in Bangladesh’s Mirsarai With the planned investment, the pre-fabricated steel.” Economic Zone in Chattogram as joint venture company will set up import substitute plant. The two a large-scale steel mill at Mirsarai Acting Japan External Trade companies have agreed to invest Economic Zone and procure 50% Organisation country representative USD 59.19 million, to establish the of required raw materials from the Koga Taiki said that 269 Japanese July-September 2018 July-September 23 Bangladesh Economy

companies had already made steel. It imports quality products used for industrial machinery investments in Bangladesh and the from Japan, Luxembourg, China and equipment and exports them volume of investment will also rise and India. Nippon Steel is Japan’s worldwide. in future, he said. McDonald Steel integrated steelmaker and produces produces pre-fabricated structural various types of steel products Source : The Daily Star Singapore venture co-led group buys Shohoz stake for $15m Hwee are the other investors of of experienced international and Shohoz in this round. Golden Gate regional investors,’ she said. Ventures got minor stake of Shohoz through this investment, said Golden For ride-sharing Shohoz’s focus Gate Ventures founding partner is on bike segment but they also Online ride hailing and ticketing Jeffre Paine. introduced car sharing last week and platform Shohoz on September working on to introduce insurance 26 declared that it had raised $15 They, however, will sit in board of within a short time, said Maliha. The million from a group of investors, the company, he said. Paine said venture is also working to introduce led by Singapore-based Golden Gate they had interest to invest more in on-demand car service though bike Ventures, for expanding its business. Bangladesh, especially tech related sharing will be their propriety, he Shohoz is the second company, startups and would look into the said. ‘Motor bikes will help to reduce after Pathao, which has attracted new ventures to devote. ‘Our market traffic congestion in Dhaka and South East Asian investment in the is ready to flourish ride-sharing and make the citizens life more first and Bangladesh ride hailing market. related business and within a short smooth. We will find the same thing time we will move outside Dhaka in Vietnam and Cambodia and some The ride sharing startup officially and target to expand our service other country of this region,’ the declared the development on across the country,’ said Shohoz Shohoz founder said. September 26 at an event held founder and managing director in Sonargaon Hotel in Dhaka. Maliha Quadir. Paine said that Bangladesh had all the Officials of Shohoz said that fresh indicators to poise for tremendous capital would be used for customer ‘For expansion this additional growth as digitisation was increasing acquisition and retention of the ride money will be helpful to us for new on consumer services and rising sharing business and expand other acquire,’ she said. ‘In 2014, we came consumers purchasing power which on-demand car services. up with tickets, added ride-sharing also pushed them to invest there. this year and are now executing on a Shohoz’s competitor in the market Apart from Golden Gate Ventures, grander ‘super-app’ strategy. To help Pathao recently raised $10 million 500 startups, Linear VC, and Asian Shohoz finance this growth, Shohoz from a group led by Indonesia’s Go- angel investors including Koh Boon has brought on board a great lineup Jek. Bangabandhu Hi-Tech City to create 25,000 jobs About 25,000 new job opportunities as the chief guest while state minister Palak attended as the special guest. were expected to be created with for ICT division Zunaid Ahmed Bangladesh Hi-Tech Park Authority an investment of US$ 14 million in the country’s first hi-tech park, Bangabandhu Hi-Tech City, in Gazipur as plots had already been allotted to nine companies to set up their industries in the park. The companies received the plots after the signing of an agreement on 25 September at a function at Bangabandhu International Conference Centre in the city, said a press release issued by Bangladesh HiTech Park Authority.

Post, telecommunication and information technology minister Mustafa Jabbar spoke at the function July-September 2018 July-September 24 Bangladesh Economy managing director Hosne Ara the programmes, a seminar was held company comprised of BJIT Begum and other officials concerned in Sylhet on September 2, he said, Bangladesh and Japanese investment attended the function with ICT adding that programmes had also institution two acres, KDS Group division secretary Zuena Aziz in the been taken to arrange seminars and three acres, Intercloud Limited three chair. road-shows in London in the last acres, Genex Infosys Limited two week of September. Addressing the function, Mustafa acres, Nazdaq Technologies Limited Jabbar said that various programmes Under the agreement, 20.5 acres two acres, JR Enterprise two acres had already been taken to attract of land were allocated to the nine and Business Automation Limited entrepreneurs to invest in the companies. Of those, Robi Axiata two acres. The government aims to country’s hi-tech parks being Limited got 1.5 acres of land while earn $5 billion from ICT exports and constructed under the Bangladesh Fair Electronics Limited got three generate 20 lakh jobs in the sector by Hi-Tech Park Authority. As part of acres, a software development 2021. Bangladeshi RMG factories among safest in the world The garment and apparel factories in engine of Bangladesh’s economy, – and implementing them – will Bangladesh are among the safest in helping to lift hundreds of thousands improve Bangladesh’s international the world, United States Ambassador of workers out of poverty, and competitiveness and help it increase in Dhaka Marcia Bernicat said on 25 September, warning, however, against any complacency.

“Since 2013, with the help of Accord and Alliance, you have dramatically transformed your garment and apparel factories, making them among the safest in world,” she told a farewell lunch in her honour organised by the Bangladesh Garments Manufacturers and Exporters Association (BGMEA).

“I was here for much of this time and witnessed this transformation first- making Bangladesh a key player in its market share in the worldwide hand. I realise that this was a difficult global trade. She said, “I am thankful garment industry.” and expensive process, but it will for the constructive discussions we continue to pay off for years to come have had during my tenure and the “Continuing to delay action if you don’t become complacent,” opportunity to take stock of the – especially as consumers pay said the ambassador. achievements and challenges we all increasingly more attention to face in our attempt to work together these labour issues in their buying “Now the challenge is completing to ensure and enhance the prestige of decisions – threatens to undermine remediation of the factories under the words, “Made in Bangladesh”. the National Action Plan and the country’s good reputation and increases the risk that international maintaining all the progress you have However, Bernicat said that the next buyers will begin to look elsewhere,” made in the Alliance and Accord big hurdle for BGMEA is the issue of said the Ambassador. “Bangladesh factories. I encourage you to draw worker rights the progress of which has come so far in the 47 years since on the expertise and experience that has lagged in recent years. Alliance and Accord have to offer and liberation and has so much potential to accept transitional arrangements “As I’ve emphasised many times, to achieve even more,” Ambassador – like the SMO (Safety Monitoring adhering to international labour added. Organisation) – to keep your hard- standards is not just the right BGMEA President M Siddiqur earned progress on track until the thing to do – it is the smart thing Rahman thanked the departing US RCC (Remediation Coordination to do. I encourage you to make ambassador for her constructive role Centre) is ready to assume full necessary and relevant legislative responsibility,” she said. changes as soon as possible,” she in strengthening the Bangladesh- said, adding, “There is no upside to US relations and extending support The outgoing envoy appreciated the dragging this out. Bringing your for the development of Bangladesh role of BGMEA in managing the laws up to international standards RMG industry. July-September 2018 July-September 25 Bangladesh Economy

Bangladesh continue to remain 2nd largest global RMG exporter Bangladesh remains the second was 87.8 percent and the value was times. “The buyers are coming largest apparel exporter in the world, $457 billion. here with the bulk of work orders after China, according to the World as the country’s image has now Trade Organization (WTO) data. Siddiqur Rahman, President of brightened after the near-completion The data said that Bangladesh held Bangladesh Garment Manufacturers of factory remediation as per the on to its status in the world in FY and Exporters Association recommendations by the Accord and 2017-18, accounting for 6.5 percent (BGMEA), said, “We have a bright Alliance,” he continued. share of the market. future in apparel business but we need to do Almost all top clothing retailers like Bangladesh's share of the global apparel market a lot more H&M, Walmart, JC Penney, Inditex, 7 homework. Zara, Gap, M&S, Uniqlo, C&A, Tesco, As much as Hugo Boss and Adidas have been 6 40 percent of souring billions worth of garment 5 Bangladesh’s items from Bangladesh every year. 4 garment exports Rising garment shipments to new comprise value- and emerging Asian markets such 3 added items, as India, China, and Japan have also 2 which fetch contributed to the higher earnings. 1 more money for Finally, Rahman urged for 0 exporters,” he 2013 2014 2015 2016 2017 added. improvements in roads and Figure 1: Bangladesh’s share of the global apparel market (in percent, Source: WTO) highways, airport and seaport in He explained Chittagong for faster movement of In 2016, Bangladesh’s share of about one factor that consolidated goods and reducing the cost of doing the global apparel market was Bangladesh’s position in global business.Bangladesh remains 2nd 6.4 percent. In 2017, Bangladesh exported garment items worth $29 Country wise global textile industry market share billion. China remained the largest Country Global Market share in% Export earnings in $billion apparel supplier globally; the value of China 34.4 158 exported clothing items from China Bangladesh 6.5 29 last year was $158 billion. Vietnam 5.9 27 Vietnam exported $27 billion worth India 4.1 18 of garment products in 2017 with its Turkey 3.3 15 5.9 percent market share, the WTO data said. India, with its garment Indonesia 1.8 8 exports of $18 billion in 2017, Cambodia 1.6 7 ranked fourth. Turkey came fifth Figure 2: Country-wise global market share. Where Bangladesh remains second. Source: WTO with a 3.3 percent market share. The WTO data also showed that in 2017 apparel trade is its bulk order largest RMG exporter accounting 6.5 the top 10 exporting nations’ share for value-added items in recent percent market share. BEPZA export hits all-time high in FY 2017-18 2017-18. A total of 476 operational highest contribution of BEPZA to the enterprises of the Bangladesh national export was 19.59 per cent in Export Processing Zones Authority FY 2014-15. According to the annual (BEPZA) exported goods worth performance agreement (APA), a US$ 7.20 billion in the recently yearly target based agreement signed ended fiscal year FY18. At the same with Prime Minister’s Office, the time, the country’s total national country’s export target was fixed at export reached $36.66 billion, said a $6.20 billion for the last fiscal. Eight export processing zones of statement. However, the eight enterprises BEPZA have exported at 19.66 per Previously, the highest export- of the export processing zones cent growth rate, hitting all-time earning from the enterprises was exported goods worth $7.20 billion record high in the fiscal year (FY) $6.67 billion in FY 2015-16, and the in the previous fiscal. Among them, July-September 2018 July-September 26 Bangladesh Economy

Chittagong EPZ earned $2.44 billion, billion till June 2018, and the investment against the target of Dhaka EPZ $2.20 billion, Karnaphuli cumulative investment stands at $325 million. The BEPZA created EPZ $0.97 billion, Adamjee EPZ $4.68 billion in the same period. The job opportunities for 21,726 $0.76 billion, Comilla EPZ $0.40 BEPZA also exceeded investment Bangladeshi nationals in the FY18 billion, Mongla EPZ $53.13 million, and employment target in the FY18 while their target was to create Ishwardi EPZ $131.42 million and set by the APA. 19,500 job opportunities. Currently, Uttara EPZ $224.91 million. The operational and underapproximately 5,02,013 people are The cumulative export earnings construction enterprises of the working in the eight EPZs of the from the eight EPZs stand at $66.57 EPZs have attracted $339.54 million country as of June 2018. Ctittagong port 70th busiest Harbor globally Chittagong Port is the 70th busiest Zhoushan held on their respective been much better if the required container port in the world. It moves second, third and fourth position. A equipment like quay gantry cranes one notch up in this year's ranking total of 21 Chinese ports, eight US could be installed much earlier and of the globally-acclaimed Lloyd's ports and seven Spanish ports made the port's infrastructure development List. Handling 25,66,597 TEUs could be fast-tracked. (twenty-foot equivalent units) of containers in 2017, which is “The country's export 9.36 per cent up from 23,46,909 and import is on the rise, TEUs in 2016, was the reason so there is no alternative behind its improvement in to enhancing Chittagong ranking. Port's capacity and efficiency.” He said due to Chittagong Port handles a lack of enough jetties and 98 percent of the total yards the port very often containerised goods transport experiences container and in the country. The increase vessel congestion causing in the country's foreign trade in sufferings to the businesses. it to the ranking. India's Jawaharlal recent years contributed to the Nehru Port secured 28th position, up higher growth in container handling Alam called for speedy from 33rd spot previously. Mundra through the port, said port users. implementation of the projects such They underscored the importance was ranked 35th compared to 45th in as Patenga Container Terminal, of infrastructure development and the last year's ranking while Chennai Laldia Multipurpose Terminal and logistics supply of the port to cope dropped to 99th from last year's 93rd the Bay Terminal. Md Zafar Alam, up with the increasing container position. Chittagong Port is ahead of member for administration and transport. Chinese port Shanghai Pakistan's Port of Karachi, which was planning at the Chittagong Port retained the top post. It has been ranked 83rd. Authority, said three new quay maintaining the pole position since gantry cranes that arrived third week Mahbubul Alam, president of the 2010. of August became operational last Chittagong Chamber of Commerce week of August. As a result, container The Port of Singapore and Chinese and Industry, said the port has handling would be expedited, he ports Shenzhen and Ningbo- moved up one spot but it could have said. PM offers Singapore 500-acre land in special economic zone The Singaporean delegation came to prime minister said Bangladesh after the prime minister when a delegation invited them during her recent visit of businessmen to Singapore. Prime Minister Sheikh from Singapore, Hasina has offered Singapore 500 led by Singapore acres of land in a special economic Business Federation zone (SEZ) to initially set up their Chairman Teo businesses, especially agro- and Siong Seng, called food-processing industries. on her at her parliament office “Initially, we will give you a 500-acre on 10 July. PM’s land in a special economic zone,” the Press Secretary July-September 2018 July-September 27 Bangladesh Economy

Ihsanul Karim briefed reporters after increase the area of land. The prime Singapore and asked them to explore the meeting. minister further said the Singaporean the potential for their future business businessmen would be benefited in this country. The delegates said He said the prime minister put after setting up their industries here they had talks with officials of emphasis on setting up agro-based as Bangladesh is a bridge between Bangladesh Export Processing Zones and food-processing industries along the East and West Asia. with poultry and dairy farms. About Authority (BEPZA) and Bangladesh the Singaporean businessmen’s The Singaporean delegation came to Economic Zones Authority (BEZA). demand for 2,500 acres of land, she Bangladesh after the prime minister “We received good responses from said the government would gradually invited them during her recent visit to them,” said Teo. Bangladesh, Nepal agree to boost trade and investment cooperation Bangladesh and Nepal have agreed Karim said the two prime ministers Prime Minister Oli said the two to enhance bilateral trade and discussed importing electricity from countries needed to “explore investment and work together Nepal and signing a memorandum of opportunities to boost cooperation to develop the power sector. The understanding (MoU) in this regard. in different sectors.” Hasina stressed consensus came at a meeting between He said that Sheikh Hasina recalled the need to further strengthen Prime Minister Sheikh Hasina Nepal’s support during Bangladesh’s regional connectivity for the benefit of South Asian nations.

Later, Bhutanese Chief Adviser or head of interim government Dasho Tshering Wangchuk called on Sheikh Hasina, at the same location, and they discussed matters of mutual interest. The two leaders expressed satisfaction over the existing friendly ties between the two countries and hoped that the relationship would be further strengthened in the coming days.

Sheikh Hasina, along with other and her Nepalese counterpart KP Liberation War, with profound BIMSTEC leaders, jointly called Sharma Oli on the sidelines of the 4th gratitude, and said Dhaka deeply on Nepalese President Bidya Devi BIMSTEC Summit in Kathmandu valued its relations with Kathmandu. Bhandari at Sheetal Nibash, the on 30 August. Presidential Palace, in the capital city. “Our main aim is to eradicate There, they also attended a banquet “They discussed bilateral and regional poverty from the region… we want luncheon hosted by the Nepalese cooperation and put emphasis on development not for our country president. increasing trade and investment as alone—we want the neighbours to well as enhanced cooperation for develop as well,” she said. Hasina Sheikh Hasina went Nepal to join power-sector development,” Hasina’s offered Nepal to use Bangladesh’s the two-day 4th Summit of the Press Secretary Ihsanul Karim seaports and the Syedpur airport and Bay of Bengal Initiative for Multi- told reporters after the meeting at added Bangladesh could also share its Sectoral Technical and Economic Hotel Soaltee Crowne Plaza in the experience in disaster management Cooperation (BIMSTEC) which afternoon. with Kathmandu. began on 30 August. Local pharma market set to hit $5.11b by 2023 Bangladesh's pharmaceuticals doubled to $4.44 billion from $2.02 of Incepta, a local medicine sector will grow 15 percent year-on- billion now, it said. producer and exporter. Bangladesh's year to reach $5.11 billion by 2023, pharmaceutical industries aim to propelled by high investments by “Bangladesh will soon become a capture 10 percent of the global local companies as they seek to grab major global hub for high quality generic market as 5 to 7 companies a bigger share of the global market, and low-cost generic medicine and have received approval from top said a new study on July 31. By 2022, vaccine,” said Abdul Muktadir, regulatory bodies, he said. These the market size will be more than chairman and managing director include the UK's Medicines and July-September 2018 July-September 28 Bangladesh Economy

Healthcare products Regulatory delivery products like inhalers, pre- chairman of the Bangladesh Agency and the United States Food filled syringe injections, lyophilised Investment Development Authority, and Drug Administration, he added. injections, dry-powder inhaler and said Bangladesh needs to develop sustained-release formulations, the knowledge and capacity to Muktadir was presenting the keynote Muktadir said. grab a bigger share of the global paper on “Pharmaceuticals: the next pharmaceutical market. multi-billion dollar opportunity British pharmaceutical for Bangladesh” at a meeting of the company GSK has shut down American Chamber of Commerce its production in Bangladesh in Bangladesh (AmCham) at The because preparing Horlicks Westin Dhaka. was commercially more Bangladesh exports medicinal viable than making medicine, products to 144 countries after he said. meeting 97 percent of the domestic demand. Pharmaceuticals exports M Mosaddek Hossain, fetched $103.46 million in the last managing director of fiscal year, up 16.03 percent year- UniMed & UniHealth Manufacturers Ltd, said if on-year, according to the Export The country has already developed Promotion Bureau. Currently, production facilities for tablets, Bangladesh could produce and run Bangladesh has the facilities for capsules, liquid preparations, dry an API park successfully, it would producing advanced medicine like suspension, injections, ointment/ become more competitive in the active pharmaceuticals ingredients, cream, nasal spray and granules in global pharmaceuticals market. biosimilars, vaccines, and oncology sachets. In the first quarter of 2018, “We also need to have competitive products alongside medical devices. the market size of pharmaceutical sourcing of raw materials,” he said. products in Bangladesh was $2.35 Nurul Islam, president of the Bangladesh has a surplus of billion and year-on-year growth AmCham, Farooq Sobhan, president pharmaceutical industry-focused rate was 8 percent. Per capita of the Bangladesh Enterprise human resources, Muktadir said, consumption of medicine was about adding that the formulation industry $15.36. Institute, and Md Mustafizur is well-developed and investing Rahman, director general of the heavily for future growth. Bangladesh Speaking as a panel discussant, Directorate General of Drug is capable of producing specialised Kazi M Aminul Islam, executive Administration, also spoke. Rice bran oil: exports on the rise Bangladesh's rice bran oil is gradually provided a smooth supply chain of wing under the Department of making headway in the international rice bran is developed, and logistics, Agricultural Extension. The export market. The country shipped more ports and other infrastructures are volume reached that level in less than than 20,000 tonnes of rice bran oil improved. “We are mainly exporting a decade after some local rice millers for the second consecutive fiscal to India as demand is higher there joined the foray to extract oil from year in 2017-18. They exported the compared to our domestic market,” rice bran, banking on Bangladesh's item to more than a dozen countries, said Chitta Majumder, managing strides in rice yield. director of Majumder Group of industries that runs two rice bran oil Today the sector, which began its plants. journey in 2009, has 14 firms with an annual production capacity of Majumder, one of the leading rice more than 2.50 lakh tonnes of rice millers and importers, has been brain oil. Yet, the active mills cannot exporting rice bran oil in crude use the full capacity because of the since 2014. Some other firms such dearth of supply of raw materials. as Agrotech International Ltd (AIL) including India, the US, the UK, and traders export the oil, which is A study by the Bangladesh Tariff Australia and Japan in 2017-18, popular in Asian countries such as Commission (BTC) in 2015 found fetching $21 million, according to Japan, India, Korea and China. that the industry needs about 13 lakh the Export Promotion Bureau. tonnes of rice bran to make the most The export volume of rice bran oil was of the capacity. But it does not get the Some manufacturers said the 17,515 tonnes in 2015-16, according required amount due to the export of prospect of edible oil exports is bright to data from the plant quarantine rice bran or the demand of the feed July-September 2018 July-September 29 Bangladesh Economy

industry. The study said conversion rice bran oil since 2015. It takes three millers' capacity to deliver a higher of manual rice mills to auto- and to five days to load a truck with 15 volume at a time. semi-auto rice mills will increase tonnes of rice bran. Besides, not all the production of rice bran, meeting rice bran is suitable for extracting oil, “Our logistics and infrastructure is weak, which affects buyers' the requirement of extraction plants he said, adding that the production confidence,” said Hasan, citing serving domestic and overseas of milled rice and rice bran will that the company could not send a markets. increase through the modernisation consignment to South Korea on time of rice mills. If 100 percent of the paddy is last month because of the congestion processed by auto- and semi-auto Hasan said the domestic demand at the Chittagong Port. Osman Ali rice mills, 7.16 lakh tonnes of refined for the edible oil is growing thanks of Mim International said his firm rice bran oil might be obtained, to the expanding middle- and upper exports both rice bran and crude rice according to a paper published in middle-income groups.“Export bran oil through Benapole land port the Bangladesh Journal of Tariff and when it finds higher prices in India. potential is bright if we can ensure Trade by the BTC. quality. But the main challenge is the Refined rice bran oil faces higher tax “Availability of rice bran is not an country's image,” he said. “Building in India compared to that of crude issue; the main problem is supply capacity to deliver the item in oil, added Ali. Mim International chain of rice bran is not well- large quantities and improving the exported 500 tonnes of crude rice established in our country,” said country's image are key to tapping bran oil in 2017. Majumder called for Moinul Hasan, controller of finance the export market.” Hasan said some cash incentives to increase the export of AIL, which has been exporting buyers are doubtful about local of rice bran oil. 300 businesses want to invest in Africa At least 300 local businesses, cultivation of vegetables and rice and invest in the African garment sector. especially agro-producers and the presence of a potential market to “We have started production in our garment makers, are seeking to invest sell the produce, he said. Ethiopian factory in May this year. in African countries to grab the We will make the first shipment this benefits of the rising economies of “We need a guideline from the month,” said MA Jabbar, managing the continent. “(They) contacted us banking watchdog which can ensure director of DBL Group. to make investments in Africa over protection of the money Bangladeshi the last two or three months,” said businesses invested abroad,” Helali Jabbar said he has a target to export Amin Helali, secretary of Bangladesh said. Bangladesh Bank has so far $38 million worth of garment items Africa Investment Forum, a platform received over 100 applications from the Ethiopian plant every year. of local investors. Many Bangladeshi seeking permission to invest in Some 1,290 people work in the investors have already poured money Africa and given go-ahead to six factory set up at a cost of $32 million; into different projects in Africa, he of them, according to central bank of the employees 200 were recruited said. official. from Bangladesh, he said. “We set up the factory in Ethiopia mainly to take The banking regulator is now benefit of the AGOA and shorter examining the proposals case- lead times.” by-case to give approval to the companies interested to invest in “I want to invest in production of Africa. The demand for low-cost vegetables, butter, dairy, rice and agro-products and processed foods maize in Uganda,” said Manik Sanyal, is very high in Africa, Helali said. managing director of Business Firm For instance, the foods processed Ltd, a Tangail-based agro product in Bangladesh by BRAC, Pran and company. “If possible I want to Square have huge demand in African establish a fishery in Uganda,” said Most of these investors belong to countries. Sanyal, who runs seed and tea the group of people who left the businesses in Bangladesh. country years ago for jobs and are The garment makers want to invest in now residing in African countries, he Africa to enjoy the zero-duty benefit Helali, also the chairman of Dosh said. “They did not make investment that the US gives to the products Disha Group, signed an agreement in Africa by remitting money from originated in Africa under the with the Ugandan agricultural Bangladesh.” The agro producers African Growth and Opportunity Act ministry to acquire 20,000 hectares want to invest in Africa to the (AGOA). The government has given of land for farming paddy and other availability of vast areas suitable for the green light to local DBL Group to agricultural products in 2011. July-September 2018 July-September 30 Bangladesh Economy

The project is yet to be implemented their counterparts in other Asian Leaders of the International Business as the government is delaying to give countries, but they are still lagging Forum of Bangladesh (IBFB), a approval for foreign investment, he far behind. platform of investors, urged the said. government to formulate a specific “I have been receiving either phone “Had the agreement gone through, calls or applications from different policy to allow local companies to I would have produced paddy in entrepreneurs seeking approval for invest abroad as many domestic Uganda. Of the total produce, 60 investment in Uganda,” said Abul industrial conglomerates are now percent would have been brought to Hossain, honorary consul of Uganda capable of doing so. Bangladesh and 40 percent would in Bangladesh. Apart from agriculture, have been sold in the Ugandan Bangladeshi entrepreneurs have the “Many Bangladeshi enterprises markets.” The Chinese and Indian opportunity to invest in different have acquired adequate technical companies are acquiring thousands sectors, including pharmaceuticals, knowledge and financial capacities of hectares of land in different ceramics, jute and jute goods and to compete in international markets,” African countries like Uganda, food processing, he said. “We will take said Hafizur Rahman Khan, the Ethiopia, Kenya, Sudan, Rwanda a group of investors from Bangladesh immediate past president of the and Congo. Bangladeshi businesses to Uganda to conduct a feasibility IBFB. sought the government's support to study for making new investments invest in African nations long before t h e re .” Source : The Daily Star Number of rich rising fastest in Bangladesh The World Ultra Wealth Report "Looking at a broader range of the top 10 countries are: US (79,595 2018 by WEALTH-X, published nations, China - perhaps surprisingly UHNW population), Japan (17,915), on September 5, said the ultra-high - is not the global leader. That status China (16,875), Germany (15,080), net worth (UHNW) population in lies with Bangladesh, which Bangladesh posted a 17.3% growth has registered compound Top 10 fastest-growing UHNW over the last six years (2012-17). annual growth in its UHNW countries (2012-2017) CAGR(%) Bangladesh has been ranked as population of 17.3% since Bangladesh 17.3% China 13.4% the fastest growing country in the 2012,” the report said. Apart from Bangladesh, four other Vietnam 12.7% world in terms of its increasing rich Kenya 11.7% countries posted double digit population, according to a report. India 10.7% growth in terms of their rich Hong Kong* 9.3% population. They are China Ireland 9.1% During the same time, the UHNW Israel 8.6% number rose by 12.9% globally to (13.4%), Vietnam (12.7%), Pakistan 8.4% Kenya (11.7%) and India United States 8.1% 255,810 people with their combined * Hong Kong is a semi-autonomous, special administrative region of China. (10.7%). CAGR stands for compound annual growth rate. wealth surged by 16.3% to $31.5 Source : WEALTH-X trillion. UHNW refers to individuals Five other countries in the top with a net worth of $30 million 10 list are: Hong Kong (9.3%), Ireland Canada (10,840), France (10,120), or more. US-based WEALTH-X (9.1%), Israel (8.6%), Pakistan (8.4%) Hong Kong (10,010), United provides intelligence and market and United States (8.1%). In terms of Kingdom (9,370), Switzerland research on UHNW. richest concentration of rich people, (6,400) and Italy (5,960). Bangladesh to import 9000 MW electricity from neighbours Prime minister Sheikh Hasina, in side in this endeavour,’ she said while projects, a golden chapter had been a video conference with her Indian jointly inaugurating three projects opened. ‘From today, we became counterpart Narendra Modi on 10 in power and railway sectors with closer and our relationship has been September, said that Bangladesh Modi. deepened further,’ he said. planned to import 9,000 megawatts of power by 2041 from neighbouring Sheikh Hasina added that steps had The Bangladesh premier was at countries and expected New Delhi been taken to immediately import her Ganobhaban official residence to support this endeavour. ‘We plan 3,000 MW more from India as during the conference and Modi to import 9,000 MW of electricity Bangladesh already imported 660 was at his office in New Delhi from our neighbours by 2041 under MW from there. The Indian prime while West Bengal chief minister a regional cooperation framework minister, on the other hand, said Mamata Banerjee and Tripura chief and I hope that India will be by our that with the opening of the three minister Biplab Kumar Deb joined July-September 2018 July-September 31 Bangladesh Economy

the conference from their respective The Bangladesh prime minister open pre-1965 railway links for cargo state capitals. Indian external thanked Narendra Modi for transport between Bangladesh and affairs minister Sushma Swaraj and supporting Bangladesh in its India.’

Sheikh Hasina said that the Bangladesh-India relationship had become a role model for the rest of the world as it had enabled the two nations to walk through the path of mutual prosperity with firm confidence. ‘Mutual trust, respect and goodwill have made our relations stronger over the years,’ she said and recalled with profound respect the crucial Indian contribution during Bangladesh’s 1971 Liberation War led by the nation’s founding president Sheikh Mujibur Rahman.

The Bangladesh premier said that in recent years, the land boundary Bangladesh foreign minister AH development pursuits particularly in problem had been solved with Mahmood Ali also spoke on the the energy and power sector which unanimous support from all occasion. she said was as a crucial element of parliament members in India proving bilateral cooperation. She said that that people in India, irrespective of Two of the projects opened through the West Bengal chief minister by the conference on 10 September party and opinion, remained united now had pledged to export 1000 on any issue related to Bangladesh. were part of the railway sector while MW more electricity to Bangladesh the other was part of the power The two rail projects — one on the and expected the Indian premier to Akhaura-Agartala rail route and sector cooperation under which give his consent in this regard. India would export an additional 500 another on the Kulaura-Shahbazpur section of Bangladesh Railway — MW of power through Behrampore- Sheikh Hasina said that her was a testimony of cooperation, Bheramara interconnection. The government was building 55 Modi said. event marked the inauguration additional power plants with 13,690 of the Agartala-Akhaura Railway MW of power generation capacities. The Indian premier highly Link and the Kulaura-Shahbazpur ‘But we need more energy to appreciated Bangladesh premier’s rehabilitated section of Bangladesh maintain our high economic growth.’ proposal for resumption of the pre- Railways. She pointed out that Bangladesh’s 1965 rail routes between the two power generation capacity had now neighbours and added that India The two prime ministers along with exceeded 20,000 MW while it was wanted to be a ‘proud partner’ the West Bengal and Tripura chief 3,200 MW nine and a half years ago. on implementing prime minister ministers opened the three projects Sheikh Hasina’s Vision 2021 and by unveiling the e-plaques. Law In the recent years, she said, the two Vision 2041. Later, the Bangladesh minister Anisul Haque, railways nations had witnessed remarkable premier exchanged views with the minister Md Mazibul Haque, progress in cooperation in a host of cross section of people in Akhaura, PM’s political affairs adviser HT areas, including trade and commerce, Bheramara and Kulaura. Imam, international affairs adviser power and energy, connectivity, Gowher Rizvi and energy adviser infrastructure development and Officials familiar with the power Towfiq-e-Elahi Chowdhury were people-to-people interaction. sector project said that of the 500 present on Bangladesh side during MW power to be imported, 300 the conference. State minister for ‘We have maintained our good ties MW would come from India’s state- power, energy and mineral resources and also ventured into new areas run National Thermal Power Plant Nasrul Hamid Bipu, PM’s principal such as blue economy and maritime and 200 MW from the privately- secretary Md Nojibur Rahman, cooperation, nuclear energy, cyber run Power Trading Corporation foreign secretary Md Shahidul Haque security, space research and so on,’ of India. Bangladesh imported 660 and Indian high commissioner in she said. The premier said that the MW of electricity from India; 500 Dhaka Harsh Vardhan Shringla were two countries experienced enhanced MW of this supply were added to also present at Ganabhaban, among cooperation in the railway sector as the national grid in Bheramara of others. well. ‘And now we are working to re- Kushtia from Baharampur of India’s July-September 2018 July-September 32 Bangladesh Economy

West Bengal state while 160 MW of Tk 678 crore 51 lakh. Of the total under India’s one billion dollar LoC. were added to the national grid in amount, Tk 555 crore 99 lakh would After commissioning of the railway Comilla from India’s Tripura. be provided by India under its line lines, the officials said, Bangladesh- Railway officials, on the other hand, of credit. The Bangladesh part of the India rail connectivity would be said that the rehabilitation of 53 Akhaura-Agartala rail line and the strengthened and it would also boost kilometre long Kulaura-Shahbazpur rehabilitation of Kulaura-Shahbazpur economic cooperation between the section would be completed at a cost section would be implemented neighbours. ADB doubles commitment for next three years reforms and facilitate trade. The If projects are ready to roll, funds will ADB will continue to support be given from the standby allocation, the development of the Dhaka- according to the ERD official. Chittagong-Cox's Bazar Railway The development lender does not corridor, add the Dhaka-Southwest approve a project before it is ready. road corridor to the pipeline The ADB's new lending will be in and support investments in the energy, transport, education, water Chittagong Port. and urban services, agriculture and The Asian Development Bank rural development. is ready to lend $8.01 billion to The lender will also support the improvement of public transport Bangladesh over the next three years, The bank will provide about $140 in the capital through the Dhaka almost the double the amount it had million for the Bangladesh-India Metro Rail project and work towards committed in the previous three grid interconnection project, $35 developing high-speed rail corridors, years. Between 2015 and 2017, the logistics and inland waterways. million in technical assistance loan Manila-based multilateral lender In April, an ADB mission visited for the Dhaka Metro line-5 (South) committed $4.08 billion. The ADB Bangladesh and held talks with and $250 million in investment for has already sent an indicative plan concerned officials. the first phase of the same project. to the government about its intent to bankroll various mega projects with Of the $8.01 billion, $4.33 billion is Some $100 million will go towards the view to reducing high transport available for commitment right away. LNG imports, $200 million for LNG and logistics costs and improving Of the sum, $1.45 billion will be transmission pipeline, $200 million access to domestic, regional and given in 2019, $1.42 billion in 2020 for Dhaka-Chittagong high-speed international markets. and $1.47 billion in 2021. Some 31 rail, and $200 million for Dhaka- projects are ready for implementation Chittagong Expressway project. In It will focus on the development under this, according to the ERD 2018, the resource available is $1.64 of transport corridors integrating official. The remaining $3.68 billion billion, and ad of July the ADB board roads, railways and ports in order are on standby: $1.18 billion can be has approved $1.19 billion. to ease congestion, improve climate used in 2019, $1.23 billion in 2020 resilience, continue institutional and $1.27 billion in 2021. Source : The Daily Star ADB lending to cross $2b this year Asian Development Bank's lending disbursed as of 10 September -- the the agreements representing their to Bangladesh is likely to exceed $2 amount being 46 percent higher respective sides. According to the billion this year, according to ADB. compared to that in the same period ADB, the project will get another $7 The ADB has already approved over in 2017. Parkash was addressing a million as grant from the Japan Fund $1.6 billion, of which $1,535 million is ceremony at Economic Relations for the Joint Crediting Mechanism to sovereign, $60 million non-sovereign Division (ERD) in the capital's Sher- finance new high-technology energy and $8.7 million technical assistance. e-Bangla Nagar on the ADB and the efficient conductors. “More projects worth over $600 ERD signing loan agreements on 11 million are likely to be approved by September. Another $0.5 million grant from year-end,” said Manmohan Parkash, South Korea's e-Asia and Knowledge country director of the ADB. The deals comprised $350 million Partnership Fund will promote in loan and $7.5 million in grant socially inclusive growth with gender He said $988 million was approved for a project to develop two power equality. “Bangladesh's power sector for different projects since January, lines. Kazi Shofiqul Azam, secretary has rapidly grown in recent years, of which $586 million has been of the ERD, and Parkash signed but more investments are needed to July-September 2018 July-September 33 Bangladesh Economy

meet the rising electricity demand there was no crisis of foreign funds transmission line from Barisal in a fast-growing economy,” said for development work in Bangladesh. to Faridpur and a 104km 400 kV Parkash. transmission line from Bogra to He, however, emphasised expediting Rohanpur, along with substations, The ADB assistance aims to underpin project implementation to reduce transformers and associated the current impressive pace of cost overruns due to implementation extensions and connections. growth and development by making delays. The Southwest Transmission power generation, transmission and Grid Expansion Project builds on the The transmission lines will have distribution systems more efficient, ADB's previous work in Bangladesh's a new type of high temperature reliable, and environmentally power sector to address transmission conductor to allow more power system deficiencies leading to transfer at lower energy losses. The friendly. “The project will promote southern and western load centres. project is also contributing to climate business expansion, and create This includes the recently approved change mitigation, since the new employment opportunities for Rupsha 800 megawatt combined- conductors reduce carbon dioxide local communities, including poor cycle power plant in Khulna. emissions compared to conventional and socially disadvantaged people ones. in southern and western zones of The project will develop a 126 Bangladesh,” he added. Azam said kilometre-long 230 kilovolt (kV) Source : The Daily Star AIIB to invest $270m in Bangladesh clean water, sanitation projects beneficiaries of an ongoing energy The AIIB has already invested up infrastructure project. to $274 million in energy projects in Bangladesh. The investment “We are delighted that our investment hopes to provide 2.5 million service The China-based Asianhas had a positive impact on the low connections for rural consumers, Infrastructure Investment Bank income population of Bangladesh,” upgrade two grid substations and (AIIB) plans to invest $270 million said AIIB Director Emil Levendoglu. change 85km of overhead lines to in a Bangladesh clean water “We are considering investing in a underground cables. The project is infrastructure project. The project to be completed by 2019. Bangladesh clean water and sanitation project.” aims to improve access to piped water needs to invest approximately $40 “We hope the investment for that and sanitation to municipalities billion on electricity generation, with poor water quality. The project will be approximately $270 transmission and distribution by announcement was made on 3 Sept, million.” Levendoglu suggested the 2030 to meet demands and overcome when members of the AIIB’s Board water project would be approved at a constraints, the AIIB said in a of Directors visited Savar to meet the board meeting in December. statement. Bangladesh advances nine notches in e-govt survey Bangladesh has been ranked 115th in "We are prioritising on projects are implemented. While the United Nations E-Government Human Capital Index and explaining Bangladesh's rank in Survey 2018 among the 193 Telecommunication Index. Various the report, a2i programme's Policy countries. The country has moved projects like CRVS, Open Data Advisor Anir Chowdhury said, up nine places from its previous Portal, National Information Portal, according to the UN survey report, 124th position in 2016. Access SDG Portal, Big Data Initiative etc. Bangladesh is the highest ranked least developed country (LDC). to Information (a2i) programme have been taken to keep our quality revealed the information at a press Among other LDCs, Nepal is ranked conference in the capital on 22 July. at 117th, Rwanda 120th, Bhutan The UN survey report was published 126th, Zambia 133rd and Uganda on July 19, reprots UNB. 135th. Addressing the conference, Post, According to the report, Bangladesh Telecommunications and ICT is a notable example of a country Minister Mustafa Jabbar said, the with a very high OSI (Online Service real advancement of e-government Index) which is 0.7847, but set at a has not truly reflected in the survey at par international standards.", said much lower EGDI (E-Government report due to data gap and as a result the minister adding that, Bangladesh Development Index) which is the desired ranking could not be will further improve its position in 0.4862. This placed the country achieved. Online Service Index once these in the middle-EGDI level group. July-September 2018 July-September 34 Bangladesh Economy

Anir Chowdhury said, the ranking Lanka's ranking has gone down, he Division, UNDESA and a2i were also is based on three indexes - Online said. present at the event. According to the Service Index, Telecommunication survey report, the top three countries Anir Chowdhury also stressed on Infrastructure Index (TII) and of EGDI are Denmark (0.9150), some measures to perform well in Human Capital Index (HCI). Australia (0.9053) and Republic of the competition, such as increasing Korea (0.9010). The average world assistance and collaboration among Online service is progressing at a high EGDI has been increasing from speed, but more efforts are needed to government agencies to reduce data 0.47 in 2014 to 0.55 in 2018 owing be given to develop the TII and HCI, gaps about e-governance, ensuring to the continuous improvement of he said, adding that Bangladesh updated open data, prioritising its subcomponent indices while the is improving in E-participation, telecommunication and education improvement of the OSI average is which means general people are sector and increasing e-participation the fastest, from 0.39 to 0.57, by an using online mechanism to involve of mass people. While speaking at the average of 40 per cent, said the report themselves with government press conference, State Minister for suggesting that globally there has decision. In 2012, E-participation ICT Zunaid Ahmed Palak expressed been steady progress in improving ranking of the country was 109, his hope to get Bangladesh into the e-government and public services which has now become 51 this year, top 20 countries in EGDI and into provision online. said Anir Chowdhury. the top 5 countries in E-participation index by 2041. European countries lead Among the neighbouring countries e-government development globally India, Maldives, Bhutan, Pakistan Among others, Information and while those of Americas and Asia and Myanmar have improved their Communication Technology share almost equal standing in high positions while Sri Lanka went Division Secretary Juena Aziz, Access and middle e-government index down 15 notches in the list, said the to Information (a2i) Project Director levels. Many African countries policy advisor. In 2012, Bangladesh Md. Mustafizur Rahman (PAA) and continue to struggle to improve their followed the model of Sri Lanka to other top officials from Bangladesh e-government standing, said the UN improve its position, but now Sri Computer Council (BCC), ICT survey. Bangladesh moves 3 notches up in Human Development Index Bangladesh has moved three notches public debates on national priorities. Within South Asia, India’s HDI up to the 136th place among 189 UNDP Administrator Achim Steiner value is above the average of 0.638 countries in the Global Human said the Human Development Report for the region, with Bangladesh and Development Index (HDI) 2017, will remain UNDP’s premier vehicle Pakistan, countries with similar reports UNB quoting the Human to advance development thinking. population size, being ranked 136 Development Report (HDR) of “Our mission to capture the state and 150 respectively. the United Nations Development of global human development and Programme (UNDP). Bangladesh inform development policy across Looking at 2018 results, Norway, had also moved up three spots and the globe has never been more Switzerland, Australia, Ireland and ranked 139th in HDI 2015 due to crucial.” Germany lead the HDI ranking the remarkable progress it had made of 189 countries and territories, UNDP said still the Sustainable in many socio-economic areas, while Niger, the Central African Development Goals (SDGs) require including life expectancy and per Republic, South Sudan, Chad and new indicators for assessing the capita income. Burundi have the lowest scores in many faces of inequality, the impact the HDI’s measurement of national India also climbed one spot to 130th of the global environmental crisis achievements in health, education position among the countries in the on people now and tomorrow, the and income. latest report ‘Human Development importance of voice, and the ways Indices and Indicators’ released on in which communities rather than The overall trend globally is toward 14 September. Human development individuals are progressing. continued human development data, analysis and reporting have Director of Human Development improvements, with many countries been at the heart of that paradigm. Report Office Selim Jahan said moving up through the human UNDP’s Human Development while there is ground for optimism development categories: out of the Index has captured human progress, that the gaps are narrowing, 189 countries for which the HDI is combining information on people’s disparities in people’s well-being calculated, 59 countries are today in health, education and income in just are still unacceptably wide. He the very high human development one number. said inequality in all its forms and group and only 38 countries fall in Over the years, the HDI has served as dimensions, between and within the low HDI group. Just eight years a comparative tool of excellence, and countries, limits people’s choices and ago in 2010, the figures were 46 and as a reliable platform for vigorous opportunities, withholding progress. 49 countries respectively. July-September 2018 July-September 35 Regional News

BIMSTEC Summit: 18-pt Kathmandu declaration focuses on joint efforts to combat terrorism The fourth BIMSTEC Summit to pave the way for buying and which was adopted unanimously. concluded in Kathmandu on 30 selling electricity among BIMSTEC It included cooperation in areas August with the member states members once the cross-country such as agricultural technology inking a deal for cross-country energy grids will be put in place. exchange, gradual reduction of

energy grid interconnection and Diplomatic sources said the MoU climate change impact, boosting reaffirming strong commitment would open the door for energy trade and investment, blue economy, to working out a comprehensive cooperation among the member mountain economy, tourism, approach to combat terrorism. In the states of South Asia and South East cultural cooperation and people-to- two-day summit, BIMSTEC leaders Asia and would also facilitate the people contact. The Nepalese PM agreed to turn the Bay of Bengal promotion of efficient, economic, also handed over the chairmanship region peaceful and prosperous by and secure operation of power of the grouping to the Sri Lankan building common strengths through system through the development of president. collective efforts. regional electricity networks. Acknowledging that enhanced They also agreed to make the Bangladesh Prime Minister Sheikh inter-linkages and inter-dependence organisation a dynamic, effective and Hasina, Bhutan Interim Government within the economies and societies result-oriented body for intensifying Chief Adviser Lyonpo Tshering of the BIMSTEC member states regional cooperation, alleviating Wangchuk, Indian Prime Minister provide greater opportunity to poverty and promoting connectivity, Narendra Modi, Myanmar President advance regional cooperation, the energy and free trade. Win Myint, Nepalese Prime summit underlined the importance The summit ended with the signing Minister KP Sharma Oli, Sri Lankan of multidimensional connectivity of a Memorandum of Understanding President Maithripala Sirisena and for economic integration and shared (MoU) on establishing a BIMSTEC Thai Prime Minister Prayut Chan- prosperity. Grid Interconnection to enhance o-cha attended the summit of the The declaration acknowledged the energy cooperation among the Bay of Bengal Initiative for Multi- seven member states -- Bangladesh, Sectoral Technical and Economic importance of trade and investment Bhutan, India, Myanmar, Nepal, Sri Cooperation (BIMSTEC). as one of the major contributing Lanka and Thailand. factors for fostering economic and At the closing session, KP Sharma social development in the region. The foreign ministers of the countries Oli presented an 18-point draft The Kathmandu Declaration signed the deal, which is expected of the Kathmandu Declaration, deplored terrorist attacks in all parts July-September 2018 July-September 36 Regional News of the world, including in BIMSTEC terrorism and dismantling terrorist Coastal Shipping Agreement and the countries, and strongly condemned safe havens. BIMSTEC Motor Vehicle Agreement terrorism in all its forms. as early as possible taking into The summit agreed to expedite the account the special circumstances "Affirm that the fight against conclusion of BIMSTEC Convention and needs of the member states. terrorism should target not only on Mutual Legal Assistance in terrorists, terror organisations and Criminal Matters and called upon Additionally, the grouping decided networks but also identify and hold the member states for its early for an early conclusion of Bimstec accountable States and non-State ratification. It also expressed Free Trade Area (FTA) negotiations, entities that encourage, support satisfaction that many member and directed the BIMSTEC Trade or finance terrorism, provide states have ratified the BIMSTEC and Economic Ministerial Meeting sanctuaries to terrorists and terror Convention on Cooperation in and its subsidiary bodies, including groups and falsely extol their virtues," Combating International Terrorism, the Trade Negotiating Committee, the Declaration said. Transnational Organized Crime and to expedite finalisation of all related Illicit Drug Trafficking. agreements of the BIMSTEC FTA as The BIMSTEC member states early as possible. reiterated their strong commitment to Besides, the summit agreed to combat terrorism and called upon all establish seamless multi-modal The summit also called for exploring countries to devise a comprehensive transportation linkages and smooth, the possibility of establishing a approach in this regard which synchronised and simplified transit BIMSTEC development fund with should include preventing financing facilities through the development, voluntary contributions from the of terrorists and terrorist actions expansion and modernisation of member states. The fund would be from territories under their control, highways, railways, waterways, sea utilised for research and planning of blocking recruitment and cross- routes and airways in the region. BIMSTEC and financing of projects, border movement of terrorists, and other activities of the regional countering radicalisation, tackling It was also decided to speed up the organisation, according to the misuse of internet for purposes of efforts to conclude the BIMSTEC Kathmandu Declaration. Hasina, Modi agree to work together for people of Bangladesh, India Prime Minister Sheikh Hasina and briefed reporters after the meeting said Prime Minister Sheikh Hasina her Indian counterpart Narendra held at Hotel Soaltee Crowne Plaza expressed her gratitude to India for Modi had a meeting in Kathmandu, in Tahachal Marg. their support to Bangladesh from its Liberation War to development activities. "We want to take this friendship to a newer height," the Prime Minister was quoted as saying.

Narendra Modi said both the countries want to help each other for their mutual benefits. The two Prime Ministers hoped that BIMSTEC will go a long way in economic development of its member countries through enhanced cooperation among themselves.

Foreign Minister AH Mahmood Ali, Bangladesh High Commissioner to India Syed Moazzem Ali, Principal "They both agreed to work together Nepal on 30 August and they agreed Secretary Md Nojibur Rahman and to work together for the welfare for the development of the fate of Foreign Secretary Md Shahidul of the people of the two countries. the people of the two neighbouring Haque were, among others, from PM's press secretary Ihsanul Karim countries ," said Ihsanul Karim. He Bangladesh side. India to help Nepal build rail link to Kathmandu India will help Nepal construct a rail movement of passengers and cargo trying to woo with a similar plan. An link between capital Kathmandu and to the landlocked Himalayan nation, agreement to study the feasibility of an Indian border town for smoother which neighboring China is also a rail line linking the two countries July-September 2018 July-September 37 Regional News

was signed by officials on 31 August the landlocked nation. Imports by to lessen its heavy dependence on during a meeting between Nepal’s roadways are often delayed and New Delhi for trade and the supply Prime Minister K.P. Sharma Oli and Indian premier Narendra Modi on the sidelines of a regional summit of seven South and East Asian countries.

India’s Konkan Railway Corporation Ltd will conduct a preliminary engineering and traffic survey for the rail line, India’s embassy in Nepal said in a statement. The planned 130 km (80.78 mile) line from the Indian border town of Raxaul in eastern Bihar state to Nepalese capital Kathmandu, once built, will just be the second rail track in the expensive as cargo is carried in of essential goods such as fuel, as it mountainous nation. Nepal’s only diesel-guzzling trucks. tries to improve connectivity with railway link is a 35 km stretch in its China. southern plains. “The Raxaul-Kathmandu rail line is expected to expand connectivity by China has already conducted a pre- Construction of the rail line and its funding will be finalised after enhancing people-to-people linkages feasibility study for a 70 km (42 miles) the Konkan Railway submits its between the two countries and link connecting Gyiron in Tibet findings, officials said. The bulk of promoting economic growth and with Kathmandu, making it one of Nepal’s overland foreign trade is development,” the Indian embassy the most ambitious infrastructure routed through Raxaul and accounts statement said. Nepal, wedged projects in the rugged Himalayan for nearly two thirds of all trade in between China and India, is seeking mountains. 14-point Recommendation of UN fact-finding Mission Crimes against humanity committed in Kachin, Rakhine and Shan States The UN fact-finding mission In Rakhine State, these and or execution without due process; concludes on reasonable grounds additional crimes against humanity as well as rape, sexual slavery, and that the following serious crimes were committed. The elements of sexual violence. under international law have been extermination and deportation are committed that warrant criminal also present, and the systematic Certain acts committed by ethnic armed organisations (EAOs) and investigation and prosecution: oppression and discrimination not only supports a finding of Arakan Rohingya Salvation Army There is sufficient information persecution, but may also amount to (Arsa) may also constitute war to warrant the investigation and the crime of apartheid. crimes. prosecution of senior officials in the 14-Point Recommendation of fact- armed forces' chain of command, so War crimes finding mission : that a competent court can determine Given the Mission's consideration their liability for genocide in relation that non-international armed (a) The international community, to the situation in Rakhine State. conflicts existed in Kachin and Shan through the UN, should use all States (for the entire period under diplomatic, humanitarian and other Crimes against humanity have been review) and in Rakhine State at peaceful means to assist Myanmar in committed in Kachin, Rakhine least since August 2017, much of the meeting its responsibility to protect and Shan States, principally by conduct which gives rise to crimes its people from genocide, crimes the military. For Kachin and Shan against humanity will also satisfy against humanity and war crimes. States, these include crimes against the war crime elements of murder; humanity of murder; imprisonment; torture; cruel treatment; outrages (b) The UN Security Council should enforced disappearance; torture; upon personal dignity; attacking ensure all perpetrators are held to rape, sexual slavery and other forms civilians; displacing civilians; account, preferably by referring of sexual violence; persecution; and pillaging; attacking protected Myanmar to International Criminal enslavement. objects; taking hostages; sentencing Court or by creating an ad hoc July-September 2018 July-September 38 Regional News tribunal. The Security Council should rights concerns, in line with the account and address human rights adopt targeted individual sanctions, Human Rights Up Front Action Plan. concerns, and explicitly conform to including travel bans and asset the principles of non-discrimination freezes, against those who appear (h) There must be a comprehensive, and equality. most responsible for serious independent inquiry into the United crimes under international law (k) Regardless of the imposition and impose an arms embargo of an arms embargo by the on Myanmar. Security Council, States should not authorise the transfer of (c) Until the Security Council arms to Myanmar, considering acts, the General Assembly, the overriding risk that they or alternatively the Human would be used to undermine Rights Council, should create peace and security and in the an independent, impartial commission of serious crimes mechanism to collect, under international law. consolidate, preserve and analyse evidence of violations for Nation's involvement in Myanmar (l) Relevant regional criminal proceedings. since 2011, with a view to establishing organisations, including the whether everything possible to European Union and ASEAN, (d) The Human Rights Council prevent or mitigate the unfolding should develop strategies to ensure should continue to support the crises was done; identifying lessons accountability for perpetrators of mandates of the Special Rapporteur learned and good practice; making crimes under international law on Myanmar and the High recommendations as appropriate, in Myanmar, including through Commissioner for Human Rights including on accountability; and sustained engagement with Myanmar to maintain a strong focus on the enabling more effective work in and support for an international human rights crisis in Myanmar. future. justice mechanism.

(e) The Human Rights Council (i) The UN and international (m) Member States should exercise should specifically request OHCHR community must ensure that the jurisdiction to investigate and to focus on ensuring accountability repatriation of refugees and return prosecute alleged perpetrators of for human rights violations and of internally displaced persons serious crimes under international abuses in Myanmar. only occurs when safe, voluntary law committed in Myanmar. and dignified, with explicit (f) The Human Rights Council (n) The United Nations should human rights protections in place, should establish a second fact- establish a trust fund for victim finding mission for a limited period including citizenship. In the current support, through which victims to build on the work undertaken by circumstances, returns are not can receive psychosocial support, the Mission. possible. legal aid, livelihood support, and others means of assistance. All trust (j) All Member States should ensure (g) The UN should urgently adopt a fund projects should be designed in that engagement with Myanmar, common strategy to ensure that all consultations with victims. engagement with Myanmar takes and support for aid, development into account, and addresses, human and reform projects, take into Source : The Daily Star 5 South Asia countries to form regional network Senior government officials of five snow covers and glaciers that span food for millions of people living in South Asian countries in the Hindu their mountain ranges and serve as a downstream areas. Kush Himalaya (HKH) region have valuable source of energy, water, and agreed to form a regional network Speaking at the launch of 'Hindu Kush to boost their mountain economies Himalaya Glaciers and Mountain and slow down glacier and snowmelt Economy Network' during a climate caused by climate change and change conference in the Capital pollution. on September 17, Nepal's Minister for Forests and Environment Shakti Officials from Afghanistan, Bhutan, Bahadur Basnet said, “South Asia is India, Nepal, and Pakistan on home to the largest glaciated area 17 September agreed on a set of outside the poles, and the region principles to better maintain the shares many common challenges July-September 2018 July-September 39 Regional News

related to climate change and glacier our communities more resilient to These countries and the whole melting. climate change.” According to climate region is highly dependent on water scientists, during the past century, provided by Himalayan glaciers “Greater cooperation with our most of the Himalayan glaciers have and increased snowmelt in the South Asian neighbours will bring been shrinking, and between 2003 HKH region, triggered by the rising the solutions we need to keep our and 2009, the range lost an estimated temperature, has made the region Himalayan glaciers healthy, boost 174 giga tonnes of water each year at highly vulnerable to climate change our mountain economies, and make a rate faster than the global average. impacts. India becomes sixth largest economy in the world, overtakes France The country's economy grew at a India has become the world’s sixth Kingdom, in the near future. The seven-quarter high of 7.7 per cent largest economy, surpassing France, United Kingdom, which is facing according to a World Bank report. Brexit blues, had a GDP of USD 2.62 According to the data, India’s trillion in 2017, the report added. Gross Domestic Product (GDP) As per the International Monetary amounted to USD 2.59 trillion, as Fund’s World Economic Outlook against France’s USD 2.58 trillion. released in April this year, the size The country’s economy grew at a of the Indian economy was pegged seven-quarter high of 7.7 per cent at USD 2.61 trillion, ahead of France in the three months ended March with a GDP of USD 2.58 trillion. 2018, helped by higher government spending and investment. According to the World Bank, the United States is the world’s largest India has doubled its GDP within economy with a size of USD 19.39 a decade and is expected to power trillion, followed by China (USD 12.23 ahead as a key economic engine in trillion) at the second place. Japan in the three months ended March Asia, even as China slows down. The (USD 4.87 trillion) and Germany 2018, helped by higher government country is also expected to surpass (USD 3.67 trillion) are at the third spending and investment. the fifth largest economy, the United and fourth places, respectively. G20 calls for stepped-up trade dialogue: No agreement on way forward Global finance leaders called on “recognise the need for further that they were concerned about 22 July for stepped-up dialogue dialogue.” “tit-for-tat measures” and that open to prevent trade and geopolitical tensions from hurting growth, but ended a two-day G20 meeting with little consensus on how to resolve multiple disputes over U.S. tariff actions, according to a draft communique from the meeting. The finance ministers and central bank governors from the world’s 20 largest economies warned that growth, while still strong, was becoming less synchronized and downside risks over the short- and medium-term had increased.

“We recognise the need to step up trade was the goal. “The language dialogue and actions to mitigate “The latest language suggests a great previously had been a bit ambiguous risks and enhance confidence,” the deal of urgency about resolving communique said. This marked a these issues,” Australia Treasurer about that, a bit sheepish,” Morrison strengthening of language compared Scott Morrison told Reuters in an added. The weekend talks in Buenos to their previous statement issued interview, adding that the ministers Aires came at a time of escalating in March, in which they simply had made it clear in the discussion rhetoric in the trade conflict between July-September 2018 July-September 40 Regional News the United States and China, the U.S. President Donald Trump raised States unless Beijing agrees to major world’s largest economies, which the stakes on July 20 with a threat structural changes to its technology have so far slapped tariffs on $34 to impose tariffs on all $500 billion transfer, industrial subsidy and joint billion worth of each other’s goods. of Chinese exports to the United venture policies.

G20 agriculture ministers slam protectionism, pledge WTO reforms Agriculture ministers from the G20 markets. China and other top U.S. relief that U.S. farmers could see countries criticized protectionism trade partners have placed retaliatory as early as late September. Despite in a joint statement on 28 July, tariffs on American farmers after the the payments, the measures are and vowed to reform World Trade Trump administration put duties “not going to make farmers whole,” Organization (WTO) rules, but did on Chinese goods as well as steel Perdue said. not detail what steps they would take and aluminum from the European to improve the food trade system. Union, Canada and Mexico. The ministers, whose countries represent 60 percent of the world’s agricultural land and 80 percent of food and agricultural commodities trade, did not specify which measures they were referring to in the statement.

In the statement, the ministers said they agreed to continue reforming the WTO’s agricultural trade rules. U.S. President Donald Trump and European Commission President Jean-Claude Juncker struck a surprise deal on Wednesday that ended the risk of further escalating The ministers from countries U.S. growers are expected to take trade tensions between the two including the United States and an estimated $11 billion hit due to powers. After the meeting, Trump China, in Buenos Aires for the G20 China’s retaliatory tariffs. said the European Union would buy meeting of agriculture ministers, said “a lot” of U.S. soybeans. in the statement they had affirmed The Trump administration said it Earlier, Kloeckner told Reuters that their commitment not to adopt would pay up to $12 billion to help the trade relationship between the “unnecessary obstacles” to trade, and farmers weather the trade war. U.S. United States and the European affirmed their rights and obligations Agriculture Secretary Sonny Perdue Union was improving, but that there under WTO agreements. told Reuters in an interview on the sidelines of the meeting that Trump’s was no guarantee the bloc would The meeting came amid rising trade plan would include between $7 import the quantity of soybeans that tensions that have rocked agricultural billion and $8 billion in direct cash Washington expects. G20 trade ministers say WTO reform 'urgent' as new Trump tariffs loom Trade and investment ministers Ministers Meeting in Mar del Plata, trade was being increased. “German from G20 countries meeting in Buenos Aires, Argentina, September Deputy Economy Minister Oliver Argentina said there was an “urgent 14, 2018. Wittke said the joint declaration need” to improve the World Trade sent a powerful signal about the Organization, a joint statement said With U.S. President Donald Trump importance of strengthening WTO on 14 September. readying tariffs on another $200 “especially in times of ‘America first’ billion in Chinese goods, the and increasing global protectionism,” Spain's Minister of Industry, Trade ministers said they were “stepping up with next steps to follow when G20 and Tourism, Maria Reyes Maroto the dialogue” on international trade leaders meet in Argentina at the end talks to journalists next to Spain's disputes, according to the statement of November. Director General for International issued at the summit. It did not Trade and Investment, Jose Luis provide any details of possible Argentina holds the G20’s rotating Kaiser Moreiras during G20 Trade WTO reforms or how dialogue on presidency this year, and is re- July-September 2018 July-September 41 Regional News

negotiating a $50 billion stand-by Trump has said he would attend surplus with the United States, financing deal with the IMF, cutting the summit’s final meeting with end policies aimed at acquiring other heads of state, in Buenos its fiscal deficit targets and reducing U.S. technologies and intellectual Aires on November 30. The Trump costs to ensure it can continue paying administration has demanded that property, and roll back high-tech its international debts. China cut its $375 billion trade industrial subsidies. The Promise of Regional Trade in South Asia : World Bank Report Trade has played a critical role cheaper for India to trade with Brazil and investment; to make informed in global poverty reduction. In than with its neighbor Pakistan! policy decisions; Skeptical mindset from previous failures in regional cooperation, misinformation, and lack of vocal champions for regional cooperation; Relative asymmetry in size among the South Asian countries; Historical political tensions, mistrust, cross-border conflicts and security concerns; Limited transport connectivity, logistics and regulatory impediments. As these barriers get gradually removed, intra-regional trade in South Asia could increase from the current $23 billion to $67 billion. More economic exchange and people-to-people interaction can Greater cooperation and regional increase trust and drive regional harnessing the potential of trade, economic integration can bring economic integration even further. some of the most successful about gains countries have developed strong trade relationships with their in these areas neighbors. However, many South and help Asian countries have trade regimes tap into the that often offset the positive impact proximity and of geography and proximity. demographic dividend, At present, South Asia is one of South Asian the least integrated regions. Intra- countries regional trade accounts for only 5 enjoy. But percent of South Asia’s total trade, there are compared to 25 percent in ASEAN. several factors restraining Regional The momentum of greater regional Intra-regional investment is smaller Integration. integration has been building in than 1 percent of overall investment. Factors restraining Regional recent years. But meeting all the Due to limited transport challenges requires more than Integration: connectivity, onerous logistics and business as usual. With regional regulatory impediments, and lack of High trade costs and investment integration, a key part of its strategy, trust, it costs more to trade within restrictions; Insufficient policy- the World Bank Group is supporting South Asia than between South Asia relevant analytical work on gains of ‘One South Asia’ through a twofold and world’s other regions. Its ~20% Regional Integration in both trade program. Amazon to create over 1,700 permanent jobs in Italy in 2018 Amazon on 9 July announced that 3,500 at the end of 2017. These new entry-level positions. Many of the it will create 1,700 permanent jobs job opportunities are for people with roles will be in the new fulfillment in Italy during the year in a move all types of experience, education centers that have been opened in that will take the company’s total and skill levels—from engineers and autumn 2017 in Passo Corese (RI) workforce to over 5,200, up from software developers to those seeking and in Vercelli as well as in Amazon’s July-September 2018 July-September 42 Regional News existing fulfillment center in Castel To keep innovating we are investing San Giovanni, the Customer Service in research and development across center in Cagliari and the company’s Europe, including Italy, especially new corporate offices in Milan. with respect to Machine Learning Amazon has invested over 1.6 billion and Robotics. Euros in its Italian operations since 2010. In 2018, – concludes Marseglia - we will add 1,700 new employees to our Mariangela Marseglia, Country team in Italy to provide the Italian Manager Amazon.it and Amazon.es, in Italy to continuously improve the customers with fast delivery, more said: “We’re committed to investing services we offer to our customers. selection and great value.”

Japan, EU sign trade deal to eliminate nearly all tariffs The European Union and Japan The measures won’t kick in right and beer to Japan. Japanese will get signed a landmark deal on July 17 away and still require legislative cheaper cheeses, such as Parmesan, that will eliminate nearly all tariffs on approval. But they will bring gouda and cheddar, as well as products they trade. The ambitious Japanese consumers lower prices chocolate and biscuits. pact signed in Tokyo runs counter to President Donald Trump’s moves to hike tariffs on imports from many U.S. trading partners. It covers a third of the global economy and markets of more than 600 million people.

“The EU and Japan showed an undeterred determination to lead the world as flag-bearers for free trade,” Abe said at a joint news conference with European Council President Donald Tusk and European Commission President Jean-Claude Juncker.

Tusk praised the deal as “the largest for European wines, pork, handbags The imported wine and cheese could bilateral trade deal ever.” He said the and pharmaceuticals. Japanese hurt sales by Japanese wineries and partnership is being strengthened machinery parts, tea and fish will dairies, but Japanese consumers have in various other areas, including become cheaper in Europe. historically coveted such European defense, climate change and human products. exchange, and is “sending a clear The deal eliminates about 99 percent message” against protectionism. of the tariffs on Japanese goods sold The major step toward liberalizing to the EU. About 94 percent of the trade has been discussed since The leaders did not mention Trump tariffs on European exports to Japan 2013. Apart from its deal with the by name, but they did little to will be lifted, rising to 99 percent in EU, Japan is working on other trade mask what was on their minds — the future. The difference reflects agreements, including a far-reaching highlighting how Europe and Japan exceptions on such products as trans-Pacific deal. The partnership have been pushed closer by Trump’s rice, which enjoys strong political includes Australia, Mexico, Vietnam actions. protection from imports in Japan. and other nations, although the U.S. The agreement was largely reached Overall, European farmers will has withdrawn. late last year. The ceremonial benefit, Juncker said, though signing was delayed from earlier Abe praised the deal with the EU for European consumers will be able to helping his “Abenomics” policies, this month because Abe canceled more easily buy luscious Kobe beef designed to wrest the economy out going to Brussels over a disaster and famous Yubari melons. in southwestern Japan, caused by of stagnation despite a shrinking extremely heavy rainfall. More than The EU said the trade liberalization population and cautious spending. 200 people died from flooding and will help raise European exports Japan’s growth remains heavily landslides. of chemicals, clothing, cosmetics dependent on exports. July-September 2018 July-September 43 Regional News

PepsiCo to buy SodaStream for $3.2B PepsiCo Inc. agreed to buy due to weak demand. To counter the the ability to make great-tasting SodaStream International Ltd. for weakness in soft drinks in recent beverages while reducing the amount $3.2 billion in the latest attempt by years, SodaStream Chief Executive of waste generated,” Nooyi said in the a major soft-drink maker to harness Officer Daniel Birnbaum has shifted statement. demand for at-home drink systems the company’s marketing to focus to offset a slowdown in soda. PepsiCo on how the machines can produce SodaStream sells machines that will pay $144 a share in cash for the carbonated water. carbonate tap water. The company Israeli company, the companies said has targeted big soda makers in The transaction values SodaStream in a statement on 20 August. That’s ads in the past, criticizing them 11 percent higher than 17th August at 36 times trailing 12-month closing price and would be PepsiCo’s operating profit, compared with a largest acquisition in eight years. median of 21 times for comparable SodaStream shares rose 10 percent deals, according to data compiled by to $143.25 in premarket trading in Bloomberg. The stock has jumped the U.S. 49 percent this month after second- quarter earnings exceeded the Waning soda consumption and highest analyst estimates. environmental concern have led soft-drink producers to try to tap The purchase will probably be the for making excessive waste. After the at-home market, though success last big move by PepsiCo CEO has been elusive. Coca-Cola Co. Indra Nooyi, who said this month declines in 2014 and 2015, the stock ventured into the segment in 2014 she’s stepping down as head of the has surged amid the company’s when it bought a stake in Green beverage company after 12 years in refocus on sparkling water, and the Mountain Coffee Roasters, though the job. “Daniel and his leadership bid price is 10 times where the shares the soft-drink-making system they team have built an extraordinary were trading less than three years developed was discontinued in 2016 company that is offering consumers ago. Comcast eclipses Murdoch's Fox with £30b Sky bid US cable giant Comcast outbid But Comcast's chief executive Briant acquisition will allow us to quickly, Rupert Murdoch's 21st Century Fox Roberts quickly hailed the outcome efficiently and meaningfully increase in a blind auction for the European as "a great day" for his company. our customer base and expand TV operator Sky on 22 September internationally." that all but settled a titanic battle between the two media empires. Sky's subscription base of 23 million and lucrative rights to English Britain's takeover regulator said the Premier League football make it secret process ended with Comcast one of Europe's most profitable and offering to pay £30.4 billion ($39.7 powerful TV companies. The nearly billion, 33.8 billion euros). Sky's two-year battle for Sky has reshaped highest offer was worth £27.6 billion. "Sky is a wonderful company with a the global media-entertainment The pan-European TV operator's great platform, tremendous brand, landscape and put Comcast in pole shareholders will have until October and accomplished management position to take on emerging online 11 to decide which bid to accept. team," he said in a statement. "This rivals. Walmart, Microsoft in partnership to use cloud tech Walmart is doubling down on its partnership with Microsoft Corp e-commerce presence to better for wider use of cloud and artificial compete with Amazon, Microsoft intelligence technology, in a sign of has been working on a technology major rivals of Amazon.com Inc that would eliminate cashiers and coming together. checkout lines from stores. Walmart, Microsoft in partnership to use cloud The five-year agreement will leverage tech Retail giant Walmart Inc said the full range of Microsoft's cloud on 17 July it entered into a strategic solutions, including Microsoft Azure July-September 2018 July-September 44 Regional News and Microsoft 365, to make shopping down on its e-commerce presence Windows software maker has also faster and easier for customers, to better compete with Amazon, shown the sample technology to the Bentonville Arkansas-based Microsoft has been working on a retailers from around the world and company said. technology that would eliminate has had talks with Walmart about a cashiers and checkout lines from As part of the partnership, Walmart potential collaboration. stores. and Microsoft engineers will collaborate to migrate a significant Microsoft's technology aims to help Through the partnership, Walmart portion of walmart.com and retailers keep pace with Amazon plans to defend itself from Amazon's samsclub.com to Azure, Walmart Go, the ecommerce giant's highly retail ambitions and expertise in added. While Walmart is doubling automated store format. The data, and boost its online presence. World's biggest trade deal agreement set for November Singapore’s trade minister said on The deal does not include the United White House said on Friday that U.S. 1 September that broad agreement States, which is locked in a trade President Donald Trump would skip on what has been labelled the spat with China and pulled out of the November gathering of leaders in world’s biggest trade deal should be Singapore. reached at a summit of leaders from participating nations in the city-state Asked by Reuters after a meeting in November, six years since talks of regional economic ministers if began. participating countries were working towards a deal in time for the mid- Called the Regional Comprehensive November summit, trade minister Economic Partnership (RCEP), Chan Chun Sing said: “Yes. We are the trade accord includes the 10 looking for that broad agreement, members of the Association of that milestone, to be achieved … Southeast Asian Nations (ASEAN), when the leaders meet at the end Australia, India, Japan, South Korea, another broad, international trade of the year.” However, he said it was New Zealand and the world’s second agreement in 2017 called the Trans- not clear when a final deal would be largest economy, China. Pacific Partnership (TPP). The signed. Shooting stars on demand: Tokyo-based startup plans 2020 meteor shower A Japanese startup developing the nation’s space agency by March longer operational to create “giant” “shooting stars on demand” says it 2019. The second will be launched in shooting stars, officials said. “We are will be ready to deliver the world’s mid-2019 on a private-sector rocket. planning to push a used satellite into first artificial meteor shower in a “We are targeting the whole world, as the atmosphere on a targeted orbit to spectacular show over Hiroshima in our stockpile of shooting stars will be create a giant artificial shooting star,” early 2020. ALE Co., based in Tokyo, in space and can be delivered across ALE chief engineer Ko Kamachi is in the final stages of developing the world,” ALE chief executive Lena said, adding that the idea was still in two microsatellites the firm says will Okajima told reporters. the basic research phase. release tiny balls that glow brightly as they enter the atmosphere, Each satellite will be able to carry 400 ALE’s two satellites will start simulating a meteor shower. tiny balls whose chemical formula orbiting the Earth by February is a closely guarded secret. 2020, preparing for the world’s Ejected from the satellite, the first delivery of artificial shooting balls will glow as they plunge stars in spring 2020 over the city of through the atmosphere. The Hiroshima. It will be possible to use 400 balls will be enough for the satellites separately or in tandem, 20-30 events, according to the and they will be programmed to eject company, and the satellites the balls at the right location, speed will be able to stay in space for and direction to put on a show for around two years. viewers on the ground.

The company is also exploring Tinkering with the ingredients in the The first satellite will hitch a ride into the possibility of using balls should mean that it is possible to space on a rocket being launched by satellites already in space that are no change the colors they glow, offering July-September 2018 July-September 45 Regional News

the possibility of a multicolored If all goes well, and the skies are well as local government officials and flotilla of shooting stars. Each star is clear, the 2020 event could be visible corporate sponsors. expected to shine for several seconds to millions of people, ALE said. before being completely burned up Okajima said the company chose It has not yet disclosed the price for — well before they fall low enough Hiroshima for its first display because an artificial meteor shower but it may to pose any danger to anything on of its good weather, landscape and not come cheap, with the company Earth. They would glow brightly cultural assets. ALE is working in spending about $20 million for the enough to be seen even over the collaboration with scientists and development, production, launch light-polluted metropolis of Tokyo. engineers at universities in Japan as and operation of the two satellites. Microsoft, Amazon, Google join fight to prevent famine Tech giants Microsoft, Amazon The Famine Action Mechanism worsening food security crises in and Google are joining forces with (FAM) will provide early warning real-time. These forecasts will help international organizations to signs to identify food crises that guide and promote decision makers help identify and head off famines could become famines, and trigger to respond earlier. in developing nations using data analysis and artificial intelligence, a new initiative unveiled on 23 September.

Rather than waiting to respond to a famine after many lives already have been lost, the tech firms “will use the predictive power of data to trigger funding” to take action before it becomes a crisis, the World Bank and United Nations announced in a joint statement.

“The fact that millions of people — many of them children — still suffer from severe malnutrition and famine in the 21st century is a global tragedy,” pre-arranged funding plans to allow “Artificial intelligence and machine World Bank Group President Jim early intervention. “If we can better learning hold huge promise for Yong Kim said in a statement. “We predict when and where future forecasting and detecting early signs are forming an unprecedented global of food shortages, like crop failures, coalition to say, ‘no more.'” famines will occur, we can save lives by responding earlier and more droughts, natural disasters, and Last year more than 20 million people effectively,” Microsoft President Brad conflicts,” Smith said. The FAM will faced famine conditions in Nigeria, Smith said in a statement. initially be rolled out in a small group Somalia, South Sudan and Yemen, of vulnerable countries building up while 124 million people currently Google, Microsoft and Amazon Web to ultimately provide global coverage. live in crisis levels of food insecurity, Services and other technology firms On October 13, leaders dedicated to requiring urgent humanitarian are providing expertise to develop this initiative will gather as part of the assistance for their survival, the a suite of analytical models called IMF-World Bank Annual Meetings agencies said. Over half of them live “Artemis” that uses AI and machine in Bali, Indonesia to discuss further in areas affected by conflict. learning to estimate and forecast implementation. Canada’s Barrick in $18B merger to create world’s largest gold miner Barrick Gold Corp. has agreed to investors will receive 6.128 Barrick Toronto-based Barrick Gold take over Randgold Resources in shares for each of their shares to own Corp. has agreed to buy Randgold an all-share deal worth about $7.9 about a third of a new Barrick group Resources to create the world's billion that will solidify its position with some $12.5 billion in revenue largest gold miner. The deal brings as the world’s biggest gold producer and an expected $23.7 billion market together two companies focused after years of cutbacks. Randgold capitalization. on efficient operations and returns July-September 2018 July-September 46 Regional News to shareholders as measured by merger, expected to close in the first year with an upwards guidance growth in free cash flow, said Barrick quarter next year, brings together of 5.4 million ounces to Barrick’s executive chair John Thornton on a Toronto-based Barrick’s global five million ounces, after Barrick conference call on 24 September. portfolio heavily focused on the narrowly kept its status as the biggest Americas and Randgold’s African producer last year. focused operations. Thornton will keep his spot as Barrick spun out its African executive chair, while Randgold chief assets into its 64-per-cent owned executive Mark Bristow will become Acacia Mining eight years ago. The president and chief executive officer. company is embroiled in a taxation dispute with Tanzania that has The combined company will follow led to significant production cuts. Thornton and Bristow’s shared “We are both committed to financial Randgold’s assets, which produced focus on high-quality assets and prudence, particularly in maintaining 1.32 million ounces of gold last year, focus on cash flow. Management a strong balance sheet. Perhaps will see Barrick retain its status as the has committed to identify assets that most important, we are of one mind world’s largest gold producer. about the true source of shareholder don’t meet their investment criteria value in the gold industry: per share Newmont Mining Corp. was for potential sale within a year of the returns over the long term.” The expected to eclipse Barrick this merger. Apple and Amazon lead the pack to $1tr market value For a long time, Apple seemed to fly track, while Facebook ($ 505 billion) of 2018, with Apple's second most solo at a market value of $ 1 trillion, is out of the race, having lost $ 119 popular sale. but Amazon is on its heels – and billion after the results published on experts are not afraid of a tech bubble. July 26. "The retail trader who buys this Apple, with $ 939 billion, remains the stock is also the same person who is most highly valued private company The largest traditional economic in global markets – and could break players – billionaire Warren Buffet through the $ 1 trillion payroll after Berkshire-Hathaway's holding ($ 492 publishing its quarterly earnings on billion) and JPMorgan Chase Bank July 24. ($ 395 billion) – have been relegated to mere spectators. PetroChina, a But Amazon is just behind on July national oil company, briefly broke 27, its market capitalization reached the $ 1 trillion barrier in 2007 when it 917 billion dollars, before ending up went public, but has since retreated. at 882 billion dollars. According to TDAmeritrade's mid- The parent company of Google year review, the stock of Amazon's probably an Amazon customer," said Alphabet ($ 886 billion) and online commerce giant was the most JJ Kinahan, chief market strategist Microsoft ($ 827 billion) are also on popular purchase in the first half for TDAmeritrade.

Greener growth could add $26tr to world economy by 2030: study

Strong action to combat climate will pull the United States out of a business leaders and economists, change could cumulatively add global climate pact called the Paris said there was “unprecedented at least $26 trillion to the world Agreement because it would impose momentum” towards greener growth economy by 2030, according to a what he called “draconian financial that would boost jobs and countries' study on 5 September which seeks and economic burdens” on his economies. Bold climate action to dispel fears that a shift from fossil country. could deliver at least $26 trillion in fuels will undermine growth. By contrast, the Global Commission net cumulative benefits from now President Donald Trump, for on the Economy and Climate, which until 2030 compared with business instance, said last year that he includes former heads of government, as usual, it said. July-September 2018 July-September 47 WTO News WTO issues 2018 editions of its flagship statistical publications The WTO issued on 30 July the WTO Ministerial Conference held at World Tariff Profiles 2018, a joint latest editions of its annual statistical the end of 2017. publication of the WTO, ITC and publications: World Trade Statistical UNCTAD, provides comprehensive Analytical chapters are Review, Trade Profiles and World information on the tariffs and non- Tariff Profiles. complemented by over 60 tables providing a detailed breakdown tariff measures imposed by over 170 World Trade Statistical Review 2018 of merchandise trade and trade in countries and customs territories. looks into the latest trends in global commercial services. Tariff data are presented in comparative tables and in one-page profiles for each economy. Statistics on non-tariff measures by country and by product group complement the data on tariffs.

World Tariff Profiles also includes as a special topic an analysis of how least-developed countries make use of preferential tariffs offered by trading partners for their exports. The three publications can be trade, with an in-depth analysis of Merchandise trade data in World downloaded from the WTO website. what is being traded in goods and Trade Statistical Review are jointly French and Spanish editions will be services and who the leading players produced in collaboration with the available for download by the end are. It also looks at the performance United Nations Conference on Trade of August. Printed copies will be of developing economies, the latest and Development (UNCTAD) while available in September. developments in regional trade commercial services data are jointly agreements, trade in value-added produced with UNCTAD and the Additional data are available through terms and digital trade. International Trade Centre (ITC). the WTO’s statistical webpage, the WTO statistical database and the A section on trade policy Trade Profiles 2018 provides a series of developments provides data key indicators on merchandise trade International Trade and Market on trade-restrictive and trade- and trade in commercial services Access online data application. facilitating measures implemented for 197 economies, highlighting the A further update of merchandise by WTO members, commitments breakdown of exports and imports exports and imports will be available to the Aid for Trade initiative, and for each economy as well as their online at the end of October. implementation of the WTO’s Trade main trading partners. For each Facilitation Agreement. It also looks profile, the data are presented in a The WTO also provides short- into the latest developments in trade handy two-page format, providing a term trade data through the WTO finance and the outcome of the 11th concise overview of global trade. statistics webpage. Rate of new trade restrictions from G20 economies doubles against previous period The WTO’s nineteenth monitoring trade-facilitating measures, with the including tariff increases, stricter report on Group of 20 (G20) trade rate increasing slightly. The report’s customs procedures, imposition measures covering the period from findings should be of ‘real concern’ of taxes and export duties. This mid-October 2017 to mid-May 2018, to the international community, equates to an average of almost six issued on 4 July, shows that new according to Director-General restrictive measures per month, trade-restrictive measures from G20 Roberto Azevêdo. which is significantly higher than economies have doubled compared the three measures recorded during to the previous review period. A total of 39 new trade-restrictive the previous review period. G20 The report also shows that G20 measures were applied by G20 economies also implemented 47 economies continue to implement economies during the review period, measures aimed at facilitating July-September 2018 July-September 48

WTO News trade during the review period, review period saw a slight increase in The main sectors affected by trade including eliminated or reduced initiations of investigations by G20 remedy initiations during the review tariffs, simplified import and export economies and 10 customs procedures and reduction of a significant import taxes. At an average of almost increase of 8 seven trade-facilitating measures terminations 77 77 per month, this is marginally higher of trade 666 than the six measures recorded in the remedy actions 5 previous reporting period (mid-May (see chart). to mid-October 2017). Initiations of trade remedy It is notable that the estimated investigations trade coverage of trade-facilitating represented 0 measures implemented by G20 2012 2013 2014 2015 2016 2017 mid-May17 to mid-Oct17 to about half mid-Oct17 mid-May18 economies (US$82.7 billion) (49%) of exceeded the estimated trade trade measures recorded, with period were iron and steel, plastics coverage of import-restrictive anti-dumping (AD) investigations and articles thereof, vehicles, parts measures (US$74.1 billion), but accounting for almost 80% of all and accessories thereof and products is approximately half the trade trade remedy initiations. The amount of iron and steel. coverage reported for these measures of trade covered by these is estimated The G20 economies are Argentina, during the same period in 2016-17. at US$52.3 billion and is significantly higher than in the two previous G20 Australia, Brazil, Canada, China, The trade coverage of import- France, Germany, India, Indonesia, restrictive measures is more than reports. The trade coverage of trade Italy, Republic of Korea, Japan, one-and-a-half times larger than that remedy terminations recorded in the Mexico, the Russian Federation, during the same period in 2016-17. review period is estimated at US$6.2 billion. These measures are not Saudi Arabia, South Africa, Turkey, On trade remedy measures and classified as either trade-restrictive the United Kingdom and the United compared to the previous period, the or trade-facilitating by this report. States, as well as the European Union. DG Azevêdo: Now is the time to speak up for trade and the trading system At a meeting of the full WTO frequency. There is real and justified to accept this tit-for-tat dynamic as membership on 24 July, Director- concern about the escalation we the new normal. General Roberto Azevêdo outlined are seeing. Whether or not you call “The situation requires an urgent the economic and systemic threats it a trade war, certainly the first response. We have a duty to help posed by the growing tensions in shots have been fired. Continued resolve these issues, and to alert global trade and called on “everyone escalation would risk a major people to the potential risks and who believes in trade as a force for economic impact, which would pose consequences. That is what I have good” to speak up in its defence. been working to do. I have been a serious threat to jobs, growth and consulting with members on these recovery in all countries. There is also “Members are well aware of the issues, and I have been meeting growing crisis in global trade. a potential systemic impact, which with leaders and ministers – urging dialogue and exploring steps to resolve the current situation. But I have also been talking to a wider range of contacts – such as parliaments, business, think tanks and the media – in order to increase awareness and understanding of what is at stake. Trade touches all of our lives. So I am calling on everyone who believes in trade as a force for good to speak up. Now is the time. Tensions are growing. New measures poses a greater threat in the longer “In some ways I actually think we are being announced with increasing term, particularly if countries begin may be seeing some progress. Leaders July-September 2018 July-September 49 WTO News

are increasingly aware and engaged focus on the WTO and how it can also addressed the impasse in in WTO issues – in a way that I be improved. I think that this could appointments to the Appellate Body, haven’t seen before. There is renewed be positive – and could potentially stressing the gravity of the situation engagement from many members help us to find a path out of the and the need for members to engage on systemic issues, bringing more current crisis.” The Director-General with renewed urgency. Support remains solid for Aid for Trade financing, WTO members told Support for projects intended In absolute terms Asia and Africa are constraints identified yb developing to help poor countries expand the largest aid for trade recipients. and least-developed countries. their participation in global trade Most of this support took the form The chair of the Committee on Trade continues to be solid, with low of loans rather than grants. Mr and Development, Ambassador income countries garnering the Lammersen noted that overall, Diego Aulestia of Ecuador, noted that the theme of the current Aid for Trade work programme is "Supporting Economic Diversification and Empowerment for Inclusive, Sustainable Development through Aid for Trade". WTO members have a substantive and detailed set of activities and outcomes to deliver, including the organization of workshops, delivering the next Global Review of Aid for Trade in most support on a per-capita basis, most financing for development is mid-2019, and conducting a review WTO members were told on 3 July. increasingly through private market of Aid-for-Trade achievements. The latest update was delivered finance, with upper middle income to the Committee on Trade and countries the biggest recipients. South Africa, speaking for the Development’s session on Aid for African Group of WTO members, Trade. Frans Lammersen, Principal Low income and lower middle said the group was pleased members Administrator for the Organisation income countries were the biggest succeeded in improving the work for Economic Cooperation and aid for trade recipients on a per- programme, which will reflect as Development's Co-operation capita basis, Mr Lammersen said. much as possible the priorities and Directorate, said that USD 342 However, support for least developed constraints of developing members, billion in aid for trade support has countries is increasingly taking the in particular least developed been disbursed since the start of the form of loans rather than grants. countries. The group also stressed initiative in 2006. Sectors receiving This has raised concerns about debt the importance of the regional the most support were transport sustainability for recipients. dimension of the planned work. and storage (USD 95 billion), energy Multilateral development banks, generation and supply (USD 75 In regards to official development namely the Asian Development Bank, billion) and agriculture, fisheries and assistance (ODA), the share of aid the Islamic Development Bank, and forestry (USD 71 billion). for trade in sector allocable ODA the World Bank, updated the meeting continues to steadily increase and on their on-going support related Aggregate aid commitments reached now accounts for nearly 40 per cent to trade. Presentations were also a peak of around USD 55 billion of the total, Mr Lammersen added. made by United Nations Industrial in 2015 before slipping slightly Development Organization the to USD 51 billion in 2016. This The WTO-led Aid for Trade Enhanced Integrated Framework, was still well above the long term initiative encourages developing and the International Trade Centre average, with support for trade- country governments and donors on their aid for trade-related related infrastructure and productive to recognize the role that trade can activities, while the WTO Secretariat capacity registering strong growth play in development. In particular, reported on the activities of the since the early 2000s, Mr Lammersen the initiative seeks to mobilize Standards and Trade Development noted. resources to address the trade-related Facility. WTO announces winner of 2018 Essay Award for Young Economists The winner of the 2018 WTO University. His paper, “Disentangling receives a prize of CHF 5,000. Essay Award for Young Economists Global Value Chains”, was ranked The Selection Panel also gave an is Alonso de Gortari of Harvard first by the Selection Panel. He honourable mention as runner- July-September 2018 July-September 50

WTO News up to Yuan Mei of the University the disruption of GVCs, is extremely of giving others the same treatment of Chicago for his work entitled important. While much work as one's own nationals) can achieve "Regulatory Protection and the Role remains to be done, both in terms efficiency in regulations and where it of International Cooperation". of the collection of appropriate data cannot. The paper shows that while and the calculation of the effects, this the gains from national treatment The prize winners were announced paper is a very useful start and may are relatively small, the potential at the annual meeting of the launch an “industry” of research. gains from international cooperation European Trade Study Group, the in standards regulation can be very largest conference specializing in large. international trade, which took place on 13 September 2018 in Warsaw, In the view of the Selection Panel, the Poland. paper provides a useful reminder that while, for most non-tariff barriers Winning essay (NTBs), it is possible to quantify the Alonso de Gortari's paper highlights tariff rate that reduces trade by the a new feature of global value chains same amount (the so called "tariff (GVCs), namely that they employ Alonso de Gortari is a Mexican equivalent"), this is not an accurate specialized inputs tailored to the national. He received his Ph.D. in measurement because how the NTB destination of the final product. economics from Harvard University impacts the economy is of a different For example, regarding Mexico’s in 2018. He is currently a IES nature. The example of standards car exports, “the U.S. accounts for post-doctoral fellow in Princeton highlighted in the paper emphasizes a colossal 74% of the foreign inputs University. He will be joining this point. embedded in Mexican vehicles sold Dartmouth College as Assistant to U.S. consumers but for only 18% Professor in 2019. Yuan Mei is a Chinese national. He of the inputs of those sold to German received his Ph.D. in Economics Honourable mention consumers.” Similarly, the share of from the University of Chicago in 2018. He is currently assistant German inputs is much higher in Yuan Mei's paper studies the effects Professor of Economics at Singapore cars exported to Germany than in of product standards regulation on Management University. those exported to the United States. trade and welfare. The key finding is that standards can affect fixed as Selection Panel The paper shows that members well as marginal costs of production. of GVCs are substantially more Therefore, these standards affect The Selection Panel for 2018 integrated with one another the number of firms and variety comprised Avinash Dixit (Emeritus than traditional measures have of products. This means standards Professor of Economics, Princeton shown, with the implication that regulation creates opportunities University), Robert Koopman the traditional study of GVCs for inefficient policy making on a (Director, Economic Research and substantially under-estimates the unilateral basis. Statistics Division, WTO), Robert cost of GVCs being disrupted. Staiger (Professor of Economics, The paper considers various Dartmouth University) and Alberto Since GVCs are a very significant approaches to handling the regulatory Trejos (Professor of Economics, feature of international trade, the inefficiencies that arise when there is INCAE Business School). Roberta Selection Panel took the view that a lack of coherence in policy making, Piermartini (ERSD, WTO) the calculation of their welfare and identifies conditions where the coordinated the work of the Selection effects, including losses inflicted by national treatment rule (the principle Panel. WTO Dispute Settlement United States initiates dispute The request was circulated to WTO The request for consultations complaints against five members members on 19 July. The duties were formally initiates a dispute in the over duties on US products imposed in response to the additional WTO. duties imposed by the United States The United States has requested Consultations give the parties an on steel and aluminium products. opportunity to discuss the matter WTO dispute consultations with and to find a satisfactory solution Canada, China, the European The United States claims the actions without proceeding further Union, Mexico and Turkey regarding by the five WTO members are with litigation. After 60 days, if additional duties imposed by the inconsistent with provisions of the consultations have failed to resolve five WTO members on imports of WTO's General Agreement on the dispute, the complainant may certain US products. Tariffs and Trade (GATT) 1994. request adjudication by a panel. July-September 2018 July-September 51 WTO News

Russia initiates WTO dispute Tariffs and Trade (GATT 1994) in provisions of the WTO's Anti- complaint against US steel, that they apply solely to products Dumping Agreement. This is the aluminium duties of Chinese origin and exceed the first dispute proceeding initiated by United States' bound duty rates. Tunisia at the WTO. The Russian Federation has requested WTO dispute consultations with Switzerland initiates WTO dispute Ukraine initiates dispute complaints the United States regarding US complaint against US steel, against Armenia, Kyrgyz Republic duties on certain imported steel and aluminium duties on steel pipe duties aluminium products. The request was circulated to WTO members on Switzerland has requested WTO Ukraine has requested WTO dispute 2 July. dispute consultations with the United consultations with Armenia and the States regarding US duties on certain Kyrgyz Republic to discuss anti- Russia claims the US duties of 25% imported steel and aluminium dumping duties imposed by the and 10% on imports of steel and products. The request was circulated two countries on steel pipes from aluminium products respectively to WTO members on 12 July. Ukraine. Ukraine’s request was are inconsistent with provisions of circulated to WTO members on 22 the WTO's General Agreement on Switzerland claims the US duties of October. Tariffs and Trade (GATT) 1994 and 25% and 10% on imports of steel and the Agreement on Safeguards. aluminium products respectively The two dumping measures were are inconsistent with provisions of maintained pursuant to a 2016 China initiates WTO dispute the WTO's General Agreement on sunset review conducted by the complaint against additional US Tariffs and Trade (GATT) 1994 and Eurasian Economic Commission tariffs on Chinese imports the Agreement on Safeguards. (EEC), which prolonged the original China has requested WTO dispute Tunisia initiates WTO dispute measures. consultations with the United States complaint against Moroccan book The EEC is the executive arm of the concerning additional duties applied duties by the United States on imports of Eurasian Economic Union, of which Chinese goods. The request was Tunisia has requested WTO Armenia and the Kyrgyz Republic circulated to WTO members on 27 dispute consultations with Morocco are both members. August. regarding anti-dumping duties Ukraine charges the measures are levied by Morocco on imports of China claims that the additional school exercise books originating in inconsistent with various provisions tariffs, applied to $16 billion in Tunisia. under the WTO's Anti-Dumping annual Chinese imports, are Agreement and Article VI of the inconsistent with the provisions of Tunisia alleges that Morocco acted General Agreement on Tariffs and the WTO's General Agreement on inconsistently with a number of Trade (GATT). Kazakhstan to host WTO’s next Ministerial Conference WTO members have accepted It will be attended by trade ministers the confidence and trust that WTO Kazakhstan’s invitation to host, in and other senior officials from members have placed in Kazakhstan". Astana, the organization’s Twelfth the organization’s 164 members. She added: "It is a great honour for a Ministerial Conference (MC12) to be Kazakhstan's offer to host MC12 young independent state and recently- "demonstrates its strong belief in acceded member to be hosting such the multilateral trading system," said an important meeting. We stand WTO Director-General Roberto ready to contribute to addressing Azevêdo, thanking the Kazakhstan all outstanding issues to secure government for its invitation. substantive outcomes at MC12." "Coming from one of the newest WTO members, this is powerful," he The Ministerial Conference is the held in 2020. The decision was taken added. WTO's top decision-making body and the Marrakesh Agreement by consensus at General Council Kazakhstan joined the WTO in 2015, establishing the organization meeting on 26 July and marks the and only Afghanistan and Liberia instructs members to hold one at first time a Ministerial Conference is have joined more recently – in 2016. least every two years. The previous to be organized in Central Asia. The Kazakhstan's WTO Ambassador, Ministerial Conference (MC11) was conference will be held in June 2020 Mrs Zhanar Aitzhanova, conveyed held in Buenos Aires in December with exact dates to be determined. her country's "sincere gratitude for 2017. July-September 2018 July-September 52

About ICC Bangladesh WTO News International Chamber of Commerce (ICC) - The world business organization was founded in 1919 by a few visionary business leaders of Europe immediately after the First World War; having its HQrs. in Paris. ICC has been promoting Free Market Economy, formulating various rules and guidelines for cross border trade and investment. ICC’s over 6 million member companies in over 130 countries have interests spanning in every sector of private enterprise. ICC works in close cooperation with national governments and multi-national institutions such as G-8/G-20, World Bank, WTO, Asian Development Bank, UNCTAD, OECD and several UN agencies for promotion, protection and development of world economy. The United Nations (UN) General Assembly on 13 December 2016 has granted Observer Status to the International Chamber of Commerce-the world’s largest business organization. The decision-taken by 193 members of the UN General Assembly during its 71st session in New York - is the first time that a business organization has been admitted as an Observer at the UN General Assembly. Bangladesh National Committee of ICC, established in 1994, is comprised of major Chambers of Commerce & Industry, Business Associations, Stock Exchange, Banks, Non-banking Financial Institutions, Insurance Companies, Trans-national companies, Law Firms and large Corporate Houses having significant interest in international trade. The activities of ICC Bangladesh include promotion of foreign trade and investment, trade policy reviews, business dialogues, seminars & workshops both at home and abroad on related policy issues, harmonization of trade law & rules, legal reforms, updating businesses with the ICC rules & standards for cross border business transactions. ICC Bangladesh has so far organized following regional & international conferences. • 10-11 November 2000: ICC Asia Conference on "Investment in Developing Countries: Increasing Opportunities" organized in Dhaka was inaugurated by the Prime Minister of Bangladesh and attended by a number of high profile dignitaries including the Thai Deputy Prime Minister & WTO Director General Designate, ADB President, UN-ESCAP Executive Secretary and Chinese Vice Minister for Foreign Trade & Economic Cooperation. More than 250 participants from 24 countries participated in this event. • 17-18 January 2004: International Conference on "Global Economic Governance and Challenges of Multilateralism" was held in Dhaka, coinciding with 10th Anniversary of ICC Bangladesh. The Conference was inaugurated by the Prime Minister of Bangladesh and Thai Prime Minister was the Keynote Speaker. WTO Director General, EU Commissioner for Trade, UNESCAP Executive Secretary, Governor of Japan Bank for International Cooperation, six Ministers from three continents, Bangladesh Ministers, ICC Chairman, ICC Vice Chairman, ICC Secretary General and more than 500 participants from 38 countries attended this event. • 27-28 September 2005: Regional Seminar on "Capital Market Development: Asian Experience". The Seminar held in Dhaka was inaugurated by the President of the People's Republic of Bangladesh and attended by Chairmen/CEOs of securities & exchange commissions, stock exchanges, capital market operators, financial institutions and investors from 15 Asian countries. • 13 April 2010: Conference on "Energy for Growth" was held in Dhaka coinciding with the 15 years of ICC's presence in Bangladesh. The Conference was inaugurated by the Finance Minister of Bangladesh and attended by ICC Global Chairman, Minister for Commerce of Bangladesh, Minister for Development Cooperation of Denmark and Adviser to the Bangladesh Prime Minister for Energy & Mineral Resources. Some 800 delegates from home and abroad including energy experts and international financiers from Australia, China, Denmark, India, Germany, Japan, Singapore, Switzerland, UK and USA attended the event. • 25-26 October 2014: International Conference on “Global Economic Recovery: Asian Perspective”, was in held in Dhaka coinciding with the 20 years of ICC's presence in Bangladesh. The Conference was inaugurated by the President of the People's Republic of Bangladesh H.E. Mr. Md. Abdul Hamid. Minister for Finance & Minister for Commerce of Bangladesh, UNCTAD Secretary General, Ministers from Myanmar and Nepal; ICC Vice Chairman; ICC Secretary General; ICC Research Foundation Chairman; Director of ICC National Committees and more than 500 participants attended this event. • 8-9 February 2017: The first ever“UNESCAP Asia Pacific Business Forum: Regional Integration to Achieve Sustainable Development ” was organized by ICC Bangladesh jointly with UNESCAP under the patronage of the Ministry of Commerce, Government of Bangladesh. The Forum was inaugurated by the President of the People’s Republic of Bangladesh H.E. Mr. Md. Abdul Hamid. Ministers from Bangladesh, Sri Lanka, Nepal, UNESCAP Under Secretary General, UNCTAD Secretary General, business leaders and some 600 delegates from home and abroad attended the Forum. As part of its activities, ICC Bangladesh has been organizing Workshops / Seminars on International Trade Finance, mainly for bankers of Bangladesh, in various countries since 2014. So far such events have been organized in Kuala Lumpur (April 2014); in Colombo (February 2015); in Kunming (August 2015); in Yangon (November 2015); in Hanoi ( April 2016); in Jakarta ( April 2017), in Vienna (May 2017); in Bangkok ( December 2017) and in Phnom Penh (April 2018) . For professional development of bankers, ICC Bangladesh also organizes Certified Documentary Credit Specialist (CDCS), Certificate for Specialists in Demand Guarantees (CSDG) and Certificate of International Trade Finance (CITF) Examinations in Dhaka, conducted worldwide every year by LIBF (London Institute of Banking and Finance) and endorsed by ICC Paris. ICC Bangladesh participates in most of the World Chambers Congress & ICC World Congresses held every two years and WTO Ministerial Meetings as well as ICC Regional Consultative Group Meetings. The National Committee also arranges visit by Bangladesh Business delegation to different countries for promotion of trade and investment.