Bangladesh: A vibrant economy with many opportunities for Saudi investors

Prime Minister Sheikh Hasina and King Salman


When Bangladesh finally became independent on Dec. 16 1971, after declaration of independence on March 26, 1971 by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman which led to a bloody War of Liberation of nine months, many doubted whether Bangladesh would be able to stand up on her own feet.

Now Bangladesh is a miracle to many development practitioners around the world.

The first task of the government of the day in early 1972 was to get recognition from the international community. Bangabandhu made a clarion call in London on Jan. 8, 1972: “I now appeal to all states to extend recognition to the People’s Republic of Bangladesh, to enter into diplomatic relations with us and to support our immediate admission to the UN.”

Bangladesh gained enormous support from the international community and is now a nation with pride and many successes under the dynamic leadership of Prime Minister Sheikh Hasina, daughter of the Father of the Nation.

She stated at the UN High-Level Panel on Rule of Law in New York in September 2012 that “Bangladesh believes in peace and justice within the state, and in state-to-state relations. Bangladesh also believes in sovereignty, territorial integrity and non-interference in the internal affairs of other nations. These emanate from the philosophy of ‘friendship toward all, malice toward none’ of Bangabandhu Sheikh Mujibur Rahman, Father of the Nation, who declared it as the foundation of our foreign policy along with the importance and necessity of the rule of law and justice for all in 1974 at the UN General Assembly.”

Bangladesh is now a role model for the developing world in poverty reduction, achieving success in health and education, women’s empowerment, fighting climate change, and is a major UN troops contributor for peacekeeping operations around the world.

Bangladesh is maintaining a “zero tolerance” policy toward the menace of terrorism and violent extremism in all its forms and manifestations.

Bangladesh was the second fastest-growing economy in the world in 2016 with more than 7 percent growth.

Bangladesh is now well regarded by the international community with excellent relations with important countries of the world including Saudi Arabia.

Prime Minister Sheikh Hasina had a very successful visit to Saudi Arabia in June 2016 and held fruitful talks with King Salman.

During a recent visit to Bangladesh, the World Bank Group president stated: “Bangladesh has shown the world that a long list of hardships can be overcome. In fact, its people have shown that innovation, commitment, setting goals, and visionary leadership can accomplish feats that few dared imagine. I believe that Bangladesh can continue to build on this record and can end extreme poverty by 2030 and boost shared prosperity.”

The prime minister was awarded the UN Champions of the Earth award in recognition of her outstanding initiatives to address climate change.

“Serving as the prime minister of Bangladesh — one of the world’s least-developed countries — Sheikh Hasina has proven that investing in climate change is conducive to achieving social and economic development,” said the award announcement issued by the UN Environment Programme (UNEP), which conferred the awards in 2015.

Bangladesh first participated in the peacekeeping operations in 1988.

Now it is a major contributor, with about 7,000 personnel deployed in 11 peacekeeping missions at present.

Overall, Bangladesh has provided more than 100,000 peacekeepers to UN peacekeeping and thereby established itself as a staunch supporter and promoter of global peace in keeping with its constitutional obligations.

Bangladesh’s value-driven contribution to UN peace operations have thus become an integral part of her foreign policy pursuits.

Bangladesh takes legitimate pride in the fact that 126 of its valiant sons have made the supreme sacrifice in course of duty on UN peacekeeping operations.

The constitution of Bangladesh upholds the basic principles of its conduct of foreign relations based on peaceful settlement of international disputes, respect for international law and the UN Charter. Bangladesh has been pursuing a policy of building trust and confidence through security cooperation and dialogue with its neighbors.

Bangladesh’s commitment to peace and harmony is amply reflected in its recent engagements with neighbors on some critical issues such as demarcation of land maritime boundaries. Bangladesh has followed the path of peaceful settlement of disputes through an international legal framework with its neighbors on these issues.

This has not only brought dividends to the nations concerned but also contributed to regional development, which ultimately helps to secure peace, progress and stability in the region.

Peace and development is a fundamental pillar of Bangladesh’s foreign policy. Bangladesh has been playing a proactive role in the international peace keeping and peace-building efforts with deep commitment to the provisions of the UN charter and other international covenants.

The prime minister presented a “People’s Empowerment and Development” model at the 66th General Assembly of the UN in 2011.

The main theme of this model is that all people should be treated equally and she emphasized on the scope of human capabilities, which can be realized through peace.

This model of people’s empowerment and development was unanimously adopted as a resolution in the 67th UN General Assembly in 2012.

This manifests the commitment of Bangladesh in promoting international peace and development.

Bangladesh has always underscored the need to plan and conduct peacekeeping operations in a way to facilitate post-conflict peace building, prevent the relapse into armed conflict, and promote sustainable peace and development.

As the chair of the UN Peacebuilding Commission in 2012, Bangladesh organized the first ever summit-level meeting of the Commission in New York on the sidelines of 67th session of the UN General Assembly.

The meeting, chaired by the prime minister, mobilized support of global political leadership toward incorporation of a peacebuilding perspective in the mandates of the peacekeeping operations to ensure longer-term peacebuilding and sustainable development.

In line with Bangladesh’s commitment to this effect, its peacekeepers are now also serving as peace builders in fragile post-conflict situations.

Of late, Bangladesh has established a Peace Building Center, second of its kind in Asia, to develop specialized capacity for a range of peace-building activities including electoral management, administrative, judicial and security sector reform, human rights promotion and protection, disaster management, women’s empowerment and socio-economic development, among others.

The prime minister declared in 2014 at the UN General Assembly: “We cannot achieve sustainable development without durable peace and security. The volatile global security situation continues to pose significant challenge to international development. Bangladesh believes that threat to peace anywhere is a threat for the entire humanity.”

In September 2015, the UN Peacekeeping Summit was held at the UN headquarters in New York on the sidelines of the 70th UNGA at the initiative of the US government.

The prime minister co-chaired the meeting with the leaders of the US, Rwanda, Indonesia, Japan, Netherlands, Ethiopia, Uruguay and Pakistan and the UN secretary-general.

The prime minister made a number pledges at the summit in terms of enhancing Bangladesh’s continued contributions to UN peace support operations.

Prime Minister Sheikh Hasina


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