Bangladesh needs preferential trade terms beyond 2026, PM Hasina says

[Black_cats]

What progress is that? You mean selling cheap underwear? Yes i agree on that. And low labour migrants in middle east. 30 years ago it was same. Remittance and low value garments now its the same. Hence bd is nothing like east asia.

What was same 30 years ago? Bangladesh used to make budget with up to 98% foreign aid and export earning was around 2 billion usd but now Bangladesh makes it’s own budget with own money and budget size for next one will be Tk 677,864 crore. Donor agency contribution is not more than 3-4% of budget size.

Export earning is now 50 billion USD. In a decade from RMG itself Bangladesh is expected to earn 100 billion USD. Where as in 1990s Bangladesh was just a new entrant into the business.

Similarly in next 10-15 years Bangladesh will earn big on software development, ship building, pharmaceuticals which is already a 6 billion usd industry and meeting more than 90% of domestic needs, up comings are auto industry, refinery industry and all the investments that’s are coming to the 100 SEZ along with 100 IT parks.

When all the Special Economic Zones, IT parks will come online and all the mega projects will be completed it will drastically change Bangladesh.

Lastly please stop whining cheap underwear and sweatshop again and again. In major RMGs it mostly no longer exists. USA and EU has database which potential buyers check prior placing orders.

Beside the above Bangladesh has come second for ethical auditing by QIMA among many other countries.

Global Supply Chain Quality Control: Industry News & Updates | QIMA

Welcome to the QIMA news hub. Explore all industry updates, quarterly reports, and the latest news within the global supply chain quality control industry.

www.qima.com

Plus it appears you haven’t seen all major readymade garments or just blabbering same thing again and again intentionally as you are not able to come up with any logical response.

Minimum monthly wage of a unskilled worker is BDT 8000, average wage per worker is BDT 9500, and average take home wage is BDT 12,500 including 2 hours overtime / day. So average monthly take home is around US$ 148.

That goes up with further experience and that’s the best one unskilled worker can expect just coming from village without any skill and this helped to reduce poverty significantly.

Lastly before whining again and again on underwear you should know Jeans and trouser are major exported products, followed by t-shirt and knitted shirt, sweater, shirts. Undergarments come way down the list.

If you can add something constructive do it. Otherwise it’s annoying to see your ignorant posts again and again.

 

[UKBengali]

Let the butthurts weep and cry as below is one of the products that Walton is exporting to the West(Croatia) in 2022. Walton TVs have gone down a storm in Croatia.

Walton is also exporting smartphones to USA now but I could not quickly find pictures of them in US stores. They have the made in BD label on them.

Weep and cry as your world-view is being shattered before your very eyes.

Walton TV gets huge response in Croatian market

Walton brand television has been registering rapid and successful market expansion in Croatia centering huge response from the buyers toward the Bangladeshi electronics giant made television.

www.risingbd.com

 

[mmr]

What was same 30 years ago? Bangladesh used to make budget with up to 98% foreign aid and export earning was around 2 billion usd but now Bangladesh makes it’s own budget with own money and budget size for next one will be Tk 677,864 crore. Donor agency contribution is not more than 3-4% of budget size.

Export earning is now 50 billion USD. In a decade from RMG itself Bangladesh is expected to earn 100 billion USD. Where as in 1990s Bangladesh was just a new entrant into the business.

Similarly in next 10-15 years Bangladesh will earn big on software development, ship building, pharmaceuticals which is already a 6 billion usd industry and meeting more than 90% of domestic needs, up comings are auto industry, refinery industry and all the investments that’s are coming to the 100 SEZ along with 100 IT parks.

When all the Special Economic Zones, IT parks will come online and all the mega projects will be completed it will drastically change Bangladesh.

Lastly please stop whining cheap underwear and sweatshop again and again. In major RMGs it mostly no longer exists. USA and EU has database which potential buyers check prior placing orders.

Beside the above Bangladesh has come second for ethical auditing by QIMA among many other countries.

Global Supply Chain Quality Control: Industry News & Updates | QIMA

Welcome to the QIMA news hub. Explore all industry updates, quarterly reports, and the latest news within the global supply chain quality control industry.

www.qima.com

Plus it appears you haven’t seen all major readymade garments or just blabbering same thing again and again intentionally as you are not able to come up with any logical response.

Minimum monthly wage of a unskilled worker is BDT 8000, average wage per worker is BDT 9500, and average take home wage is BDT 12,500 including 2 hours overtime / day. So average monthly take home is around US$ 148.

That goes up with further experience and that’s the best one unskilled worker can expect just coming from village without any skill and this helped to reduce poverty significantly.

Lastly before whining again and again on underwear you should know Jeans and trouser are major exported products, followed by t-shirt and knitted shirt, sweater, shirts. Undergarments come way down the list.

If you can add something constructive do it. Otherwise it’s annoying to see your ignorant posts again and again.

30 yrs ago 2 main drivers were remittance and low skilled migration. Now its the same. Only difference 30 years ago it was 3 billion remittance now maybe 20...it was 5 billion on garments now maybe 35...but fundamentally its same shit. Economy based on low skilled migrants and basic cotton exports. U take out low skilled migrants remittance and sweatshops exports...bd economy will simply collapse.

Good to see random dude whining about 10 million export of electronics and keep going on personal attack as well lol. At least export few billion electronics before making cringe worthy comments. After all we talking about a country which has 170 million ppl.

 

[Black_cats]

30 yrs ago 2 main drivers were remittance and low skilled migration. Now its the same. Only difference 30 years ago it was 3 billion remittance now maybe 20...it was 5 billion on garments now maybe 35...but fundamentally its same shit. Economy based on low skilled migrants and basic cotton exports. U take out low skilled migrants remittance and sweatshops exports...bd economy will simply collapse.

Good to see random dude whining about 10 million export of electronics and keep going on personal attack as well lol. At least export few billion electronics before making cringe worthy comments. After all we talking about a country which has 170 million ppl.

How did you made the numbers 3 billion remittance and 5 billion usd RMG back in 1990?

Let alone reliant on RMG and remittance that time Bangladesh was dependent on foreign aid to cover more than 90% of budget which is no longer the case. That time earning from export and remittance was minuscule Just 1.87 Billion USD and 778 million USD respectively.

From that point Bangladesh has raised total export to 50 billion USD and from RMG only it is expected to reach 100 billion USD in 10 year time. Plus earning from remittance has reached 25 billion USD.

No one has expected that time Bangladesh will come these far.

Similarly all industries that’s earning only 100s of million will become billions of dollar industry in the next 10-15 years that’s something beyond understanding of yours. It’s the government assistance and entrepreneur skill of Bangladeshis will make it a reality.

Export earning:

World Bank Open Data

Free and open access to global development data

data.worldbank.org

Remittance Earning:

Personal remittances, received (current US$) - Bangladesh | Data

Personal remittances, received (current US$) - Bangladesh from The World Bank: Data

data.worldbank.org

 

[mmr]

How did you made the numbers 3 billion remittance and 5 billion usd RMG back in 1990?

Let alone reliant on RMG and remittance that time Bangladesh was dependent on foreign aid to cover more than 90% of budget which is no longer the case. That time earning from export and remittance was minuscule Just 1.87 Billion USD and 778 million USD respectively.

From that point Bangladesh has raised total export to 50 billion USD and from RMG only it is expected to reach 100 billion USD in 10 year time. Plus earning from remittance has reached 25 billion USD.

No one has expected that time Bangladesh will come these far.

Similarly all industries that’s earning only 100s of million will become billions of dollar industry in the next 10-15 years that’s something beyond understanding of yours. It’s the government assistance and entrepreneur skill of Bangladeshis will make it a reality.

Export earning:

World Bank Open Data

Free and open access to global development data

data.worldbank.org

Remittance Earning:

Personal remittances, received (current US$) - Bangladesh | Data

Personal remittances, received (current US$) - Bangladesh from The World Bank: Data

data.worldbank.org

no one expected bangladesh to come these far? u must be fucking joking. country of 170 million ppl barely export in one sector only that also low value garments...get real. just dont bother reply to me...be happy with sweat shops and keep selling cheap garments.

and dont forget to send bd women to arab countries so they can get rape...and send second largest illegal migants to europe so they keep die in boat accidents.

 

[Black_cats]

no one expected bangladesh to come these far? u must be fucking joking. country of 170 million ppl barely export in one sector only that also low value garments...get real. just dont bother reply to me...be happy with sweat shops and keep selling cheap garments.

and dont forget to send bd women to arab countries so they can get rape...and send second largest illegal migants to europe so they keep die in boat accidents.

There are many countries which has more or around same population like bd but export significantly less. Every country needs to go through a economical transitional phase which Bangladesh is going as well. Back in 1970s it was termed as bottomless basket now almost all countries has agreed the rising status of Bangladesh. In South Asia already it has moved ahead of India and Pakistan.

Countries like China is also heavily reliant on RMG but in recent years moved to other sector. Until late 1970s they had lower per capita than Bangladesh. So your logic doesn’t make much sense.

Bangladesh is focusing on diversification on multiple sectors and 100 SEZ and 100 High tech IT park is coming online which will give significant boost to earning.

I guess you are not aware of the fact that whoever is going to Europe spending minimum 15-20 lakh taka for not so they are not dirt poor just going there for survival but to make more fortune. However they need to be careful during selecting agent.

For all developing countries from China, India, Mexico, Philippines, Pakistan etc remittance always plays a big role. Bangladesh should consider sending more but as focus is now to send for skilled jobs instead of unskilled ones which can fetch more remittance.

 

[bluesky]

I guess you are not aware of the fact that whoever is going to Europe spending minimum 15-20 lakh taka for not so they are not dirt poor just going there for survival but to make more fortune. However they need to be careful during selecting agent.

Please do not exaggerate the economic conditions of BD population. When hundreds of the asylum seekers die in the Mediterranean Sea, you are telling they travel to Europe to play golf.

People have become poor without jobs and things are expensive because of too high inflation. Inflation has caused the farmland price to go up and the govt wants to keep Taka stronger than its real value.

So, some people sell their parental properties and seek asylum in Europe. It has nothing to become proud. It proves the country is poor and people have no jobs.

Am I wrong? Now read the links below how our people suffer going abroad because the callous govt discourages setting up mills and factories in the country.

By the way, how many billions of dollars worth of FDIs have been made so far? A typical case of counting chickens before the eggs are hatched. No matter how many thousand EPZs are there, the main issue is the level of investments.

At least 17 Bangladeshi migrants drown off mediterranean coast in Tunisia

At least 17 ‘Bengali’ migrants were drowned and 380 rescued in a shipwreck incident off the Mediterranean coast in Tunisia.

newsonair.gov.in

43 people including Bangladeshis feared to be drowned in the Mediterranean

Tunisian coast guards rescued at least 84 survivors

en.prothomalo.com

Deaths on Mediterranean sea

An analysis of the reports on the illegal and hazardous journeys on seas by Bangladeshis for migration to Europe or America lately reveals that most of the misadventures were engineered by human traffickers or smugglers. They are chiefly based in Libyan pockets. Local syndicates, in cahoots with th

thefinancialexpress.com.bd

More than 30 Bangladeshi migrants drown after migrant boat capsizes in the Mediterranean : Peoples Dispatch

According to reports, around 60 people ended up dead or missing among the 75 people on the boat that was headed to Italy from a northern Libyan port

peoplesdispatch.org

At least 17 Bangladeshi migrants drown off Mediterranean coast in Tunisia | DD News

DDNews, News, National News, Indian News, Sports News

ddnews.gov.in

 

[Black_cats]

Please do not exaggerate the economic conditions of BD population. When hundreds of the asylum seekers die in the Mediterranean Sea, you are telling they travel to Europe to play golf.

People have become poor without jobs and things are expensive because of too high inflation. Inflation has caused the farmland price to go up and the govt wants to keep Taka stronger than its real value.

So, some people sell their parental properties and seek asylum in Europe. It has nothing to become proud. It proves the country is poor and people have no jobs.

Am I wrong? Now read the links below how our people suffer going abroad because the callous govt discourages setting up mills and factories in the country.

By the way, how many billions of dollars worth of FDIs have been made so far? A typical case of counting chickens before the eggs are hatched. No matter how many thousand EPZs are there, the main issue is the level of investments.

At least 17 Bangladeshi migrants drown off mediterranean coast in Tunisia

At least 17 ‘Bengali’ migrants were drowned and 380 rescued in a shipwreck incident off the Mediterranean coast in Tunisia.

newsonair.gov.in

43 people including Bangladeshis feared to be drowned in the Mediterranean

Tunisian coast guards rescued at least 84 survivors

en.prothomalo.com

Deaths on Mediterranean sea

An analysis of the reports on the illegal and hazardous journeys on seas by Bangladeshis for migration to Europe or America lately reveals that most of the misadventures were engineered by human traffickers or smugglers. They are chiefly based in Libyan pockets. Local syndicates, in cahoots with th

thefinancialexpress.com.bd

More than 30 Bangladeshi migrants drown after migrant boat capsizes in the Mediterranean : Peoples Dispatch

According to reports, around 60 people ended up dead or missing among the 75 people on the boat that was headed to Italy from a northern Libyan port

peoplesdispatch.org

At least 17 Bangladeshi migrants drown off Mediterranean coast in Tunisia | DD News

DDNews, News, National News, Indian News, Sports News

ddnews.gov.in

Why you have brought two separate issue together? Tell me who in Bangladesh can afford to pay 15-20 lakh taka to the agent? If they do are they belong to the poor class? Majority are asylum seeker but in reality went to Europe with hope for better living where majority are educated and belong to middle class.

 

[Rushd Alam]

When our [great armchair economist USER=35855]@Black_cats[/USER] claims BD will become a $1 trillion GDP in 2030, the PM is begging OECD countries to extend preferential trade terms beyond 2026 and to 2029.

Hasina Bibi is in deep trouble after continuously falsifying the GDP data. Now, when the UN accept a Developing status, BD will lose many special facilities. This has alarmed her. Because our main exports of garments will suffer without preferential treatment.

Who doesnt want special treatment? Whats the harm in asking? She is trying to negotiate more time, surly will be a challenge for us when we will lose the status but same was said when we lost gsp+ in US market. We are still flourishing there at the sapme time we are still trying hard to get the gsp+ back.

We should not act like our neighbours. Just because they will get the lable of LDC, forego this trade advantages. Those egos do not feed your people. Our neighbours have been developing for decades, still has lower gdp than an LDC like Bangladesh.

 

[bluesky]

Why you have brought two separate issue together? Tell me who in Bangladesh can afford to pay 15-20 lakh taka to the agent? If they do are they belong to the poor class? Majority are asylum seeker but in reality went to Europe with hope for better living where majority are educated and belong to middle class.

No one said the asylum seekers belong to very poor class, though there are many. But, you are glorifying their plight by saying that they are sooooo rich they pay 10/ 15 lakh Taka to go to Europe.

you claim BD has become a fabulously developed country. But, how about these millions people who try to migrate to other lands at the risk of their lives.

These destitute people are so fabulously rich that they earn this money be selling parental properties on the hope that once they are in Europe they will recover the property.

Do you guys never go out of your room to see what really is BD?

Thanks to your BAL govt because of heavy inflation the land prices are high and the Taka remained too expensive in terms of dollars so that people like you can buy these lands with your stolen money.

 

[Black_cats]

No one said the asylum seekers belong to very poor class, though there are many. But, you are glorifying their plight by saying that they are sooooo rich they pay 10/ 15 lakh Taka to go to Europe.

you claim BD has become a fabulously developed country. But, how about these millions people who try to migrate to other lands at the risk of their lives.

These destitute people are so fabulously rich that they earn this money be selling parental properties on the hope that once they are in Europe they will recover the property.

Do you guys never go out of your room to see what really is BD?

Thanks to your BAL govt because of heavy inflation the land prices are high and the Taka remained too expensive in terms of dollars so that people like you can buy these lands with your stolen money.

USA and Europe are some of the most developed country in the world and everyone dreams to go there. It’s the agents who sale false dream to them to get the money. Many are not informed enough and aware of the dangers associated with it.

If you are doing a low salaried job and someone approach you to send you to Europe won’t you like to grab the opportunity to change the future of yourself and family?

Mexico is far richer than Bangladesh or Eastern Europeans for example. They all try to go to USA and Western Europe respectively. So what’s so developed Bangladesh has to do here?

Bangladesh officially says it’s policy to send as many migrant as possible abroad and now focus is skilled migration to developed countries. Than hopefully all these illegal migration will gradually reduce.

 

[Homo Sapiens]

30 yrs ago 2 main drivers were remittance and low skilled migration. Now its the same. Only difference 30 years ago it was 3 billion remittance now maybe 20...it was 5 billion on garments now maybe 35...but fundamentally its same shit. Economy based on low skilled migrants and basic cotton exports. U take out low skilled migrants remittance and sweatshops exports...bd economy will simply collapse.

Good to see random dude whining about 10 million export of electronics and keep going on personal attack as well lol. At least export few billion electronics before making cringe worthy comments. After all we talking about a country which has 170 million ppl.

I understand your frustration, but we need to remember that Bangladesh faced a lot more odds than it's peer countries when it comes to development. Two hundred years long British rule was the most destructive for East Bengal, it became the backwater of the subcontinent, all things in Bengal only happened in Western part in around Calcutta during the British rules. In 1947 partition, East Bengal was nothing but an overpopulated rural slum devoid of any industry, major urban center, educated workforce or anything, then came 24 years of looting, 1971 war destroyed the backbone of our economy, then came famine, political turmoil. During all those years population was exploding at 3 percent per annum, we had severe food shortage, not to mention frequent flooding and cyclone ravaged the country repeatedly, we have no natural resources. World branded us as an International basket case and was predicting doom.

Our only means to break this poverty trap was harnessing cheap labor, which we did by employing them in garments and other low-tech industries and exporting surplus to overseas. Nobody was there to shower us with foreign capital like East Asian countries got, we made those capital by saving our hard earned money made from cheap labor bit by bit and invested those on our economy. In this way, we are creating our industrial base slowly.

Now our teeming population growth is stabilizing, we made some progress in literacy, life expectancy, food security, electrification, making some big infrastructure projects like deep seaport, bridges and rail lines, creating 100 EEZ keeping in mind that our next 30 years will be more fruitful than our previous 30 years. As we are graduating from LDC, our economic calculation is changing. Now there will be a genuine need to diversify the economy. I am hopeful that we will overcome this test as well. We have overcome much bigger challenges in the last 50 years. It takes some times when you start from scratch and odds were so heavily against you.

 

[UKBengali]

I actually think that BD would be better off without these preferential trade terms after 2026.

There will be a lot of resilience in the BD jobs market by 2026 as the electronics sector, pharma and IT will be in full swing by then.

Walton,which will break it's target to export 100 million US dollars this year, thinks it will be at 1 billion US dollars by 2025 and that could be easily exceeded with the 100s of per cent of growth it has experience over the last 2-3 years per annum. Pharma and IT are doing very well and should exceed the growth rate of overall exports.

The SEZs are going well as well with many already in operation providing 10s of thousands of jobs already.

In fact with garment industry knowing that by 2026 all their special privileges will be over, then that would force them to become more efficient with more machinery and automation.

Usually I agree with Hasina but on this she has got it wrong and BD needs to stand on its own two feet sooner than later.

 

[Destranator]

I understand your frustration, but we need to remember that Bangladesh faced a lot more odds than it's peer countries when it comes to development. Two hundred years long British rule was the most destructive for East Bengal, it became the backwater of the subcontinent, all things in Bengal only happened in Western part in around Calcutta during the British rules. In 1947 partition, East Bengal was nothing but an overpopulated rural slum devoid of any industry, major urban center, educated workforce or anything, then came 24 years of looting, 1971 war destroyed the backbone of our economy, then came famine, political turmoil. During all those years population was exploding at 3 percent per annum, we had severe food shortage, not to mention frequent flooding and cyclone ravaged the country repeatedly, we have no natural resources. World branded us as an International basket case and was predicting doom.

Our only means to break this poverty trap was harnessing cheap labor, which we did by employing them in garments and other low-tech industries and exporting surplus to overseas. Nobody was there to shower us with foreign capital like East Asian countries got, we made those capital by saving our hard earned money made from cheap labor bit by bit and invested those on our economy. In this way, we are creating our industrial base slowly.

Now our teeming population growth is stabilizing, we made some progress in literacy, life expectancy, food security, electrification, making some big infrastructure projects like deep seaport, bridges and rail lines, creating 100 EEZ keeping in mind that our next 30 years will be more fruitful than our previous 30 years. As we are graduating from LDC, our economic calculation is changing. Now there will be a genuine need to diversify the economy. I am hopeful that we will overcome this test as well. We have overcome much bigger challenges in the last 50 years. It takes some times when you start from scratch and odds were so heavily against you.

I think industrial diversification is inevitable given the size of the domestic market. What remains to be seen is how quickly we can diversify our exports + rise up the value chain and whether we can do it before any major forex crisis.

 

[Wergeland]

size of the domestic market

A underrated side of the BD economy.
BD have worlds 8th largest population with a growing middle class. Thats Germany, France and Spain combined, more than half of the western European population.
Marketwise, it has the huuge benefit of very young population, high population density in a small geographical area and a unified state plus ethnicity. In may ways Bangladesh can be considered worlds largest town.