Labour and Employment Minister Ariful Haque Chowdhury yesterday urged the International Labour Organisation (ILO) to expedite the disposal of the complaint pending against Bangladesh under Article 26, saying the country had made significant progress in reforming its labour sector.

He made the call during a bilateral meeting with ILO Director-General Gilbert F Houngbo at the secretariat, where they discussed labour law reforms, employment generation, workers’ rights and compliance with international labour standards.

An Article 26 complaint is the ILO’s highest-level investigative process. It allows countries or ILO delegates to file a formal complaint against a member state for failing to comply with a ratified labour convention.

According to a labour ministry press release, Ariful said the government remained committed to protecting workers’ rights and ensuring safe working conditions.

He said the Bangladesh Labour (Amendment) Act, 2026, was enacted as part of efforts to align the country’s labour laws with international standards.

The minister said Bangladesh had ratified all 10 of the ILO’s fundamental conventions, making it the first country in Asia to do so.

He said the government was working to amend the Bangladesh Labour Rules, 2015, establish a tripartite National Social Dialogue Forum, introduce an independent alternative dispute resolution mechanism, and launch a digital case management system.

He also said steps were underway to nationalise the Employment Injury Scheme to expand social protection for workers in both the formal and informal sectors.

The minister said the government was setting up a directorate of employment under the ministry to strengthen employment services by establishing employment exchanges at the district and upazila levels and expanding skills development and self-employment opportunities.

On overseas employment, he said the government was working to send workers abroad, including to Malaysia, through transparent and lower-cost recruitment while taking action against irregularities and recruitment syndicates.

Seeking greater technical and institutional support from the ILO, Ariful said Bangladesh had made substantial progress in implementing the organisation’s roadmap, including strengthening labour inspection.

He urged the ILO to consider the reforms and expedite the disposal of the Article 26 complaint against Bangladesh.

The ILO director-general welcomed Bangladesh’s recent labour reforms, including the ratification of all 10 fundamental ILO conventions and the enactment of the Labour (Amendment) Act, 2026, the press release read.

He reaffirmed the ILO’s support for Bangladesh in promoting freedom of association, improving labour standards across all sectors, including export processing zones, protecting migrant workers, and creating employment opportunities.

The ILO would continue to provide policy and technical support, including through a proposed joint mission in October, he said.

Labour Secretary Md Abdur Rahman Tarafdar, ILO Country Director Max Tunon, and senior officials from the ministry and the ILO attended the meeting.

Bangladesh is set to implement a new five-year action plan to strengthen the country's trade capacity, improve the investment climate and enhance competitiveness in global markets as it prepares for graduation from the Least Developed Country category, according to Commerce Secretary Md Ataur Rahman Khan.

The initiative will be implemented through the Country Programme Document prepared for the third phase of the Enhanced Integrated Framework, a World Trade Organization-led programme that supports LDCs in building trade capacity, he disclosed while addressing a validation workshop on the Document in the ministry conference room in the capital today (19 July).

He said Bangladesh's economy is currently passing through a critical phase as it prepares for LDC graduation while simultaneously addressing challenges such as non-tariff barriers, international compliance requirements and the need to improve the investment environment, according to a commerce ministry press release.

"The recommendations made under the previous phases of the integrated framework have been duly reflected in the Country Programme Document. The document contains 12 priority activities, each aligned with Bangladesh's trade capacity development and reform agenda," he said.

The commerce secretary stressed that preparing policies and research reports alone would not be sufficient, emphasising that effective implementation would be the key to success.

"Alongside studies, the document must provide clear guidance on how reforms can be effectively implemented. The benefits of these reforms should reach ministries, departments and relevant agencies down to the field level," he said.

He also underscored the importance of trade facilitation, trade liberalisation, legal and regulatory reforms and stronger coordination among ministries to improve the overall business environment.

Speaking at the workshop, Additional Secretary (WTO) of the Ministry of Commerce Khadiza Nazneen said the WTO's Enhanced Integrated Framework (EIF) supports LDCs in strengthening their trade capacity with financial assistance from development partners, including the United Kingdom, the European Union and Sweden.

She said Bangladesh had successfully implemented two phases of the integrated framework programme. The first phase ran from 2009 to 2015, while the second phase was implemented from 2016 to 2024.

"The third phase will now begin. Based on the Country Programme Document (CPD), Bangladesh will receive financial support for implementing the programme. The five-year programme is expected to commence this year," she added.

Former Additional Secretary and EIF Consultant Md Hafizur Rahman said the CPD had been prepared by incorporating recommendations from Bangladesh's existing policies, strategies and previous studies.

He said priority areas were identified based on the Diagnostic Trade Integration Study, the Export Policy, Industrial Policy, Trade Policy, the WTO Trade Facilitation Agreement and investment facilitation initiatives.

"Initially, around 52 project ideas were identified. Later, considering the likely support from development partners and implementation capacity, these were narrowed down to 12 priority activities," he said.

The selected activities focus on export capacity development, trade facilitation, improvement of the investment climate, institutional capacity building, training, research and the application of artificial intelligence in trade-related activities.

Additional Secretary (Free Trade Agreement) Ayesha Akter, Additional Secretary Shibir Bichitra Barua and representatives from various ministries, government agencies and stakeholder organisations also attended the workshop.

Participants expressed optimism that successful implementation of the third phase of the EIF programme would help Bangladesh maintain its competitiveness in international trade and attract new investment after its graduation from the LDC category.

For years, investors in Bangladesh have been voicing their grievances about navigating a maze of regulators, tax authorities and utility providers, rather than the lack of an investment promotion agency.

Invest Bangladesh -- about to become the country’s sole investment promotion agency -- may simplify part of that journey, but it cannot remove every roadblock on its own.

Parliament on Wednesday passed the Invest Bangladesh Bill, 2026, clearing the way for the merger of the Bangladesh Investment Development Authority (Bida), the Bangladesh Economic Zones Authority (Beza) and the Public-Private Partnership Authority (PPPA) into a single agency, Invest Bangladesh.

The law will take effect on a date to be announced in the official gazette.

The Privatisation Commission and the Board of Investment (BOI) were merged into a single agency, the Bida, on September 1, 2016 under the Bangladesh Investment Development Authority Act, 2016.

Despite this move, which aimed to liven up the country’s stagnant investment scenario, privatisation remained stalled thereafter.

Now, the goal behind forming Invest Bangladesh is clear. The new authority promises a genuine one-stop service through integrated digital platforms, statutory timelines for approvals and a single-window clearance system.

If the reforms are implemented well, investors will no longer have to approach multiple agencies for approvals, land, incentives, licences and project implementation.

Bringing investment promotion and industrial land management under one roof may also eliminate many of the coordination problems that existed between Bida and Beza.

The bigger question, however, is whether the merger will significantly improve Bangladesh’s investment climate.

Many experts believe it will help, but only to a certain point.

Former Bida executive chairman Md Sirazul Islam said the agency’s success will depend less on the merger itself than on how it is managed and whether it has enough authority to solve investors’ problems.

That reflects a deeper reality. Many of the obstacles investors face do not originate within Bida, Beza or PPPA. They lie with institutions such as the National Board of Revenue (NBR), customs, the Department of Environment, utility providers, land administration and other regulators responsible for taxation, customs clearance, environmental approvals, utility connections and numerous other permissions.

Unless Invest Bangladesh can effectively coordinate with these agencies -- or compel action where necessary -- it may struggle to resolve the issues investors care about most.

Businesses also face broader challenges. Political uncertainty, exchange-rate volatility and an unpredictable policy environment continue to deter long-term investment. Bureaucratic delays, overlapping regulations, corruption and unreliable gas and electricity supplies add to business costs and uncertainty.

Foreign investors and multinational companies also cite dealings with the NBR and customs as major obstacles. Complex tax laws, inconsistent interpretation of regulations, repeated audits, prolonged tax disputes, unpredictable tax assessments and slow customs clearance raise compliance costs and discourage new investment.

Exporters face similar problems. Delays in clearing imported raw materials disrupt production and increase costs, while work stoppages at the NBR have slowed customs operations, delaying cargo clearance and affecting export commitments.

These administrative bottlenecks cannot be resolved by restructuring investment promotion agencies alone.

Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), argues that while integrating investment agencies can improve efficiency, it cannot substitute for wider reforms across government.

Investment decisions depend on the entire business environment. Efficient customs, transparent taxation, timely company registration, reliable logistics, uninterrupted energy supplies and predictable regulation all matter. Weakness in any of these areas undermines the investment climate regardless of how efficiently investment promotion is organised.

M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh, notes that investment-related services remain spread across more than 50 public institutions. Merging three agencies simplifies only one part of the regulatory process. Investors will still need approvals and services from numerous ministries, departments and regulators.

In his view, Bangladesh would benefit more from eliminating unnecessary licences, registrations and approvals than from institutional restructuring alone.

The government’s rationale nevertheless has merit. A unified agency can provide a clearer institutional identity, reduce overlapping mandates and improve accountability. It should also strengthen Bangladesh’s international investment promotion by giving investors a single point of contact.

If digital one-stop services and statutory timelines are fully enforced, approvals should become faster and more predictable.

Still, these gains will remain limited unless broader governance problems are addressed.

Bangladesh’s investment challenge is no longer just attracting investors but creating a predictable, efficient and transparent business environment. Investors value policy stability, fair taxation, dependable public services and reliable infrastructure as much as incentives.

Invest Bangladesh should therefore be seen as an important institutional reform, not a complete solution. Its success will depend on its ability to coordinate across government and on complementary reforms in agencies such as the NBR, customs, the Department of Environment and utility providers.

The merger may simplify investors’ entry point. Whether they stay will depend on how efficiently the rest of the government functions. Without wider administrative and regulatory reforms, Invest Bangladesh risks becoming a better-organised institution operating in the same difficult investment environment.

Ashik Chowdhury, executive chairman of Bida and Beza and chief executive officer of PPPA, welcomed the merger, saying investors have long sought a unified agency capable of delivering a genuine one-stop service.

“To attract the investment Bangladesh needs for growth and job creation, investors need a true one-stop service framework,” he said.

He added that the merger had been recommended by local and foreign investors as well as the United Nations Conference on Trade and Development (UNCTAD) following its review of Bangladesh’s business climate reforms. According to him, the new agency will be better positioned to support investors and present Bangladesh more competitively as an investment destination.

The local currency, BDT, continued to weaken against the US dollar over the past month amid stronger import payment pressure and softer remittance inflows.
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According to the Bangladesh Bank (BB) data, the weighted average interbank exchange rate again rose to Tk 123.58 per US dollar on Sunday from Tk 122.75 a month back. The highest deal was recorded at Tk 123.60 on the day.

The central bank's reference exchange rate, calculated as the weighted average of interbank and customer transactions of at least US$100,000, also increased to Tk 123.50 from Tk 122.94 over the same period.

However, the depreciation of local currency has significant impacts on the importers as they had to pay additional money to open import LCs (letters of credit). And it also has implications for inflation.

Bankers attributed such appreciation of the US dollar mainly to higher demand for the foreign currency as import payments picked up in recent months.

They said banks faced increased demand for dollars at the end of June to settle LCs for government imports, particularly fuel and fertiliser, as well as external debt servicing obligations.

Bankers further said remittance inflows slowed after the Eid holidays, reducing the supply of foreign currencies in the banking system and tightening conditions in the foreign exchange market.

Bangladesh Bank has refrained from purchasing dollars from the market since June as stronger demand for the US currency has narrowed its excess supply.

Between July 2025 and May 2026, the central bank bought about $6.3 billion from commercial banks to rebuild the country's foreign exchange reserves when dollar supply exceeded market demand.

Lower import payments over the past year coupled with the central bank's dollar purchases, helped improve reserve holdings.

According to Bangladesh Bank data, the country's foreign exchange reserves stood at $31.96 billion under the IMF's BPM6 methodology as of July 16 while gross reserves stood at $36.66 billion.

Meanwhile, remittance inflows showed a downward trend in June last.

Expatriate Bangladeshis sent home $2.81 billion during the last month, marginally lower than $2.82 billion in June last year and 18.17 per cent below the inflow recorded in the previous month, according to central bank data.

US consumer sentiment this month jumped to its highest since February on a temporary drop in oil prices, University of Michigan data showed Friday -- but renewed hostilities in the Middle East could reverse this progress.Preliminary data showed the university’s consumer sentiment index came in at 54.4 points in July, up nearly 10 percent from June’s reading.
The bullish outlook came after energy prices fell in June on hopes of a longer term ceasefire between the United States and Iran, after both sides struck an initial deal.But fighting has since resumed, with US President Donald Trump declaring the ceasefire over and oil prices rising again.“Upward momentum may prove difficult to sustain if recent declines in gas prices continue to reverse course,” said Joanne Hsu, director of the University of Michigan survey.She noted that interviews for the July release were conducted between June 23 and July 13, with over 70 percent completed before the United States resumed strikes against Iran on July 7.

“With prices remaining frustratingly high, consumers are hardly ebullient about the economy,” Hsu added.

Sentiment is down 12 percent from a year ago, she said.

US-Israel strikes targeting Iran since late February have plunged the Middle East into war.

This has sent global energy prices rocketing as Tehran retaliated by virtually closing off the Strait of Hormuz, a key waterway for energy transit.

Higher costs have been flowing through the world’s biggest economy, as gasoline prices rose in turn.

While the current average price of regular gasoline is $3.98 per gallon, it remains notably higher than the $3.16 per gallon average seen a year ago.

Year-ahead inflation expectations edged down to 4.2 percent in July from 4.6 percent in June, but this is still elevated as well, Hsu said.

Deal on a long-awaited $335-million Chinese loan for construction of two jetties to upgrade Mongla seaport is likely to be signed within this month, officials say.

A framework agreement was signed during the Prime Minister's China visit last month to this effect.

"We are now working on the signing of the loan deal," a senior official at the Economic Relations Division (ERD) told The Financial Express on Sunday.

The official said there are some specific procedural steps "that we are now completing for the signing of the agreement".

In the first week of February 2025, the Executive Committee of the National Economic Council (ECNEC) approved the Tk 40.68-billion project for expansion and modernisation of Mongla port facilities.

Later, the Mongla Port Authority (MPA) and China Civil Engineering Construction Corporation (CCECC) in late March signed contract for implementation of the project.

The ERD sent the loan application to China late April last year. However, since then, the approval for the loan application had remained stalled.

The situation changed after Prime Minister Tarique Rahman visited China late last month. During his visit, Bangladesh and China signed a framework agreement on the Mongla-port project.Bangladesh Economic Report

A joint communiqué issued after the Prime Minister's visit mentioned the two sides agreed to jointly advance the Mongla Port Facilities Modernization and Expansion Project and the development of the Chinese Economic and Industrial Zone in Chattagram.

Sources have said recently the Ministry of Shipping in a letter to the Finance Division requested taking necessary steps for inclusion of the project in the Annual Development Programme of the current fiscal year (2026-27) and allocating an economic code in favour of the project.

"We have learnt from the ERD that the framework agreement under the project has already been signed. Moreover, there is a possibility of signing the loan agreement for the project within this month," the letter mentioned.

The 'Expansion and Modernisation of Mongla Port Facilities' was listed among the 27 development projects that China pledged to fund by signing an umbrella deal back in 2016 during its president Xi Jinping's Dhaka visit.

The Mongla Port Authority had signed a Memorandum of Understanding (MoU) with the CCECC in August 2021 which latter submitted its financial bid and technical proposal on January 28, 2023.Financial planning services

The project is aimed at construction of two container jetties with a total length of 368 meters, 87,600-square-meter loaded container yard, 34,170-square-meter empty container yard, and 4,260-square-meter hazardous cargo-handling yard.Global Economy Insights

Moreover, four gantry cranes, seven rubber-tyred gantry cranes and 33 other pieces of jetty-related equipment will be bought under the project.

The two new jetties will enhance Mongla port's container-handling capacity by 394,000 twenty-foot equivalent units (TEUs) per annum.

Bangladesh's overall imports remained almost unchanged at US$70.41 billion in the just-concluded fiscal year (FY) 2025-26, as businesses adopted a cautious stance amid ongoing geopolitical tensions.

The actual import in terms of settlement of letters of credit (LCs) edged up by 0.09 per cent to $ 70.41 billion in FY'26 from $70.34 billion a year before, according to the central bank's latest statistics.

On the other hand, the opening of fresh LCs, generally known as import orders, rose by 7.06 per cent to $74.78 billion during the period under review from $69.85 billion in FY'25.

"The upward trend in actual imports is likely to continue in the near term, as the government and the central bank have already taken different measures to stimulate investment, particularly in the productive sectors," a senior Bangladesh Bank (BB) official told The Financial Express (FE), explaining the latest import trends.

He also said the central bank already announced a Tk 600 billion stimulus package aimed at supporting the struggling private sector, boosting investment, and revitalising the economy.

"Proper implementation of the package will help revive sick and closed industries, leading to higher import demand in the coming months," the central banker explained.

Echoing the BB official, Md. Ezazul Islam, Director General of the Bangladesh Institute of Bank Management (BIBM), said overall imports could grow by around 10 per cent in the current fiscal year, driven by the newly elected government's expansionary fiscal policy aimed at boosting investment, particularly in the productive sectors.

He said the BB's latest growth-supportive monetary policy, reflected in its stimulus packages, along with improved political stability and stronger private-sector investment expectations, was also expected to support higher import growth. Dr. Islam, a former executive director of the central bank, made the observations while explaining the outlook. However, the value of petroleum imports rose slightly as global fuel oil prices increased amid persistent geopolitical tensions, according to the central banker.

Petroleum products import increased by 6.42 per cent to $10.68 billion in FY'26 from $10.03 billion of the previous fiscal year.

"The upward trend in fuel oil imports is likely to continue in the coming months if the ongoing geopolitical tensions persist," a senior executive of a leading private commercial bank told The FE.

He also said that most businesses were still adopting a cautious approach to expansion due to uncertainties arising from the conflict in the Middle East.

However, import of capital machinery or industrial equipment used for production dropped by more than 10 per cent to $1.80 billion in FY'26 against $2.02 billion a year ago.

Industrial raw-material import also fell by 3.33 per cent to $23.18 billion during the period under review from $23. 98 billion in FY'25, the BB data showed.

Besides, the import of intermediate goods dropped by 6.51 per cent to $4.17 billion in the outgoing FY'26 from $4.46 billion in the previous fiscal year.

The National Board of Revenue (NBR) has intensified nationwide monitoring and verification of withholding tax compliance through special teams of its tax zones.

In a press release issued today (19 July), the NBR urged all concerned to remain aware of the powers vested in tax officials under Section 147 of the Income Tax Act, 2023.

According to the release, Section 147 authorises tax officials to enter and inspect, without obstruction, the premises, business centers, or offices of any commercial or economic establishment.

The officials are also empowered to examine and requisition books of account, vouchers, bank statements, receipts, and any documents related to economic activities.

The law further authorises tax officials to inspect information stored in computer systems, cloud servers, digital records, or electronic devices and, where necessary, gain access by bypassing passwords or encryption.

To verify the accuracy of taxes deducted at source, officials may temporarily seize and retain account books, documents, electronic records, or devices in their custody.

They are also authorised to collect copies of documents, images, or account records and affix identification marks or official seals where necessary.

The NBR said Section 147(2) of the Income Tax Act provides for penalties against any person who creates obstacles or refuses to cooperate with tax officials in carrying out these revenue collection activities.

The revenue board requested taxpayers deposit taxes deducted at source into the government treasury through the e-Challan system by correctly mentioning the relevant legal provision and the appropriate economic code.

The NBR also advised taxpayers facing any ambiguity, complexity, alleged harassment, or grievance regarding the implementation of Section 147 to contact the member secretary of the NBR Committee on Section 147.

The World Cup left stadiums packed and millions of fans euphoric in Mexico, but failed to lift a sluggish economy weighed down by weak investment.

Uncertainty also looms over the upcoming review of the North American trade agreement (USMCA). The tournament ends Sunday after more than a month of matches across Canada, the United States, and Mexico.

Mexico hosted 13 of 104 games. However, it fell short of ambitious official tourism targets aimed at boosting gross domestic product (GDP), which contracted in the first quarter.

Humberto Calzada, chief economist at Rankia, commented on the situation. He said the World Cup will not structurally change the trajectory of the Mexican economy.

Calzada noted the tournament offers only a short-term stimulus for an economy the government expects to grow between 1.8 percent and 2.8 percent this year, compared to analysts’ forecasts of 1.1 percent.

The economic impact was highly localised. Banorte lowered its estimate of the World Cup’s GDP contribution to 0.4 percent-0.5 percent, down from a previous forecast of up to 0.62 percent.

Banamex calculated the total economic impact at 2 billion dollars. This represents about 0.1 percent of GDP and less than half of the 5.6 billion dollars Mexico received in remittances in May alone.

Deloitte projected the competition created 100,000 temporary jobs, 10 percent fewer than its previous estimate.

Meanwhile, BBVA reported its household consumption indicator fell 0.2 percent month-on-month in June. Spending on hotels was down 10.5 percent and restaurants down 4.9 percent, despite a 16.5 percent spike in entertainment.

The benefits were uneven across the host cities of Mexico City, Guadalajara, and Monterrey. The Mexican Restaurant Association reported that half of its establishments performed worse than in a typical week.

This was due to low hotel occupancy and local protests in the capital. Air travel data was also mixed.

Passenger traffic rose slightly in June in Guadalajara and Monterrey but fell at Mexico City’s main airport.

Analysts say the main driver of the Mexican economy remains outside the stadiums: trade certainty under the USMCA.

With companies holding back investment ahead of the trade pact’s review, and the economy contracting 0.6 percent in the first quarter, the IMF recently trimmed Mexico’s growth forecast to 1.2 percent from 1.6 percent.

US import prices unexpectedly rose in June as declines in the costs of food and energy products were more than offset by higher prices for capital and consumer goods.

This led to the largest annual increase in imported inflation in nearly four years. Import prices increased 0.3 percent last month after a downwardly revised 1.7 percent advance in May, according to the Labor Department.
Economists polled by Reuters had forecast import prices, which exclude tariffs, decreasing 0.7 percent after a previously reported 1.9 percent rise in May.

In the 12 months through June, import prices surged 7.1 percent. That was the biggest advance since August 2022 and followed a 6.6 percent increase in May.

The monthly increase in import prices bucked declines in producer and consumer prices in June, which were attributed to the retreat in oil prices as a fragile ceasefire between the US and Iran took hold.

That truce collapsed last week, pushing oil prices to a one-month high. Prices of imported fuel fell 0.4 percent last month after rising 12.6 percent in May. They jumped 44.1 percent year-on-year in June.

Imported food prices eased 0.2 percent. Excluding food and fuels, import prices increased 0.4 percent after advancing 0.8 percent. The so-called core imported inflation increased 4.6 percent in the 12 months through June.

Core imported inflation was boosted by a 0.4 percent increase in imported capital goods prices, reflecting strong demand for technology products as businesses ramp up investment in artificial intelligence.

Prices for imported consumer goods, excluding automotives, rose 0.3 percent. The cost of imported automotive vehicles, parts and engines eased 0.1 percent.

Oil prices climbed more than 4 percent to their highest in more than a month on Friday. This came after the US and Iran stepped up attacks across the Gulf. Shipping was also threatened by a potential Red Sea closure.

This was on top of the restricted traffic through the Strait of Hormuz. Brent crude futures settled 3.87 dollars, or 4.59 percent, higher to 88.10 dollars a barrel. US West Texas Intermediate futures rose 3.54 dollars, or 4.48 percent, at 82.49 dollars.Both benchmarks were at their highest since mid-June. For the week, both benchmarks gained about 16 percent. Brent was on track for a third consecutive weekly gain. WTI was set for its second weekly gain.

The two foes expanded fighting on Friday. The US struck bridges and an airport in Iran. Tehran hit a power and desalination plant in Kuwait. Iran said it launched more strikes on US facilities in the Middle East.

This included the first direct attack in Syria. This followed a sixth straight night of US strikes on Iranian military facilities. Andrew Lipow, president of Lipow Oil Associates, commented on the situation.

He said the market is reacting to increasing hostilities between Iran and the United States. These culminated this week with nightly attacks on Iranian infrastructure and retaliation by Iran on its neighbours’ infrastructure.

He added that if more tankers come under fire and become damaged, oil prices will continue to move up. This is because shipowners will simply refuse to enter the Persian Gulf.

The collapsed truce between the US and Iran has resulted in a sharp decline in oil flows in the strait. This happened as Iran targets vessels transiting through it.

Before the Iran war, about 20 percent of global oil supplies flowed through the waterway. Iran has pressed the Houthis to close the Red Sea route if the US attacks Iran’s power infrastructure.

Tamas Varga, analyst at PVM Oil Associates, wrote in a note that any such development is a threat indeed. This is given that so much of Saudi Arabia’s exports have been redirected to the port of Yanbu.

These exports go via the East-West Pipeline to avoid Hormuz. Saudi Arabia has diverted more than 70 percent of its normal daily crude exports to the Red Sea port of Yanbu since the beginning of the war.

Shipments from Yanbu averaged 4 million barrels per day in recent weeks. This is up from around 973,000 bpd in the same period last year. Qatar’s defence ministry said its armed forces thwarted an Iranian missile attack early on Friday.

The interior ministry said a child was wounded by shrapnel resulting from interception operations. In a different conflict zone, Ukraine’s military said it struck a Russian oil refinery in the Yaroslavl region on Thursday.

The Bangladesh Securities and Exchange Commission (BSEC) will significantly strengthen oversight of brokerage houses and introduce an artificial intelligence (AI)-based market surveillance system to curb irregularities and restore investor confidence, BSEC Chairman Masud Khan said today (18 July).

Speaking at a mock parliament debate titled "Measures to resolve the trust crisis in the capital market" at the Bangladesh Film Development Corporation (FDC), he said the Dhaka Stock Exchange (DSE) has been instructed to transform its surveillance department into an AI-driven system within the next year.

Under the proposed system, any abnormal price surge in a stock will automatically trigger a trading suspension, reducing opportunities for market manipulation. He also announced plans to eliminate the use of "wet signatures" in securities transactions, describing them as a longstanding loophole for unauthorised trades.

The DSE is developing back-office software that will prevent brokerage houses from altering client information or transaction records, he said, adding that supervision of brokerage firms would be intensified to rebuild public trust.

Masud Khan said many retail investors, who now dominate Bangladesh's capital market, lack adequate financial literacy and often chase weak stocks based on rumours instead of company fundamentals. He stressed the need to strengthen the mutual fund sector, citing India's market as an example where mutual funds play a much larger role.

The BSEC chief also said the commission is revising the margin rules introduced last year after they discouraged many investors. Regulatory decisions, he said, would be taken in the broader interest of the market rather than to benefit specific groups.

On the merger of five banks, he acknowledged that shareholders would be affected but said the government and Bangladesh Bank must coordinate to ensure the fairest possible outcome.

The debate, organised by Debate for Democracy and chaired by its Chairman Hassan Ahmed Chowdhury, featured Prime University and Sonargaon University. Prime University, representing the government side, won the debate after arguing that weak regulatory oversight was the principal cause of the capital market's trust deficit.

The dollar was flat on Friday, but ended the week lower. This came as tame US inflation data led traders to cut bets on imminent rate hikes from the Federal Reserve.

Iran and the US exchanged intensifying fire in a week-long escalation. This has largely unravelled last month’s truce. The conflict spurred safe-haven bids for the dollar. It also pushed oil prices to near one-month highs.

Elias Haddad, global head of markets strategy at Brown Brothers Harriman, commented on the situation. He said the tech-led global equity market plunge has triggered a flight to safety.

He added that ongoing disruption to Strait of Hormuz traffic also drove this shift. The US dollar recovered some of this week’s losses, and global bond yields edged a bit lower.

The dollar index, which measures the US currency against six other units, was at 100.76. It was set for a weekly drop of 0.2 percent. The index hit a one-month low earlier this week.

This decline followed easing chances of a near-term rate hike. However, safe-haven flows have helped support the greenback. The euro remained flat at 1.1436 dollars, putting it at a 0.2 percent rise in the week.

Sterling fell 0.2 percent to 1.3455 dollars. It posted its third straight week of gains. This followed UK economic growth figures and expectations for greater political certainty.

Incoming Prime Minister Andy Burnham is reportedly set to pick a centrist finance minister. The Australian dollar ended with a third week of gains. It was 0.23 percent softer on the day at 0.6980 dollars.

This happened as risk-off sentiment prevailed. Global stocks fell on Friday. US consumer sentiment climbed to a five-month high in July.

Traders said the respite may prove temporary. This is due to renewed conflict in the Middle East driving up gasoline prices.

The Japanese yen was flat, fetching 162.44 per US dollar. It remained rooted near the 40-year low of 162.84 it touched at the start of the month.

Bangladesh Securities and Exchange Commission (BSEC) Chairman Masud Khan has said the country must first develop a functional conventional bond market before promoting sustainable bonds, as issuing bonds remains more expensive and time-consuming than obtaining bank loans.

Speaking as the chief guest at the Sustainability Summit 2026 in Dhaka on Saturday, Khan said the absence of an effective bond market has remained one of the country's longstanding weaknesses in capital market development.

"Bangladesh does not yet have a functioning bond market," he said. "Apart from government securities (G-Secs), no other bonds are traded on the main board of the Dhaka Stock Exchange. That is the current reality."

The day-long summit was organised by Bangladesh Brand Forum and Sustainable Brand Initiative under the Bangladesh Innovation Conclave at the Radisson Blu Water Garden Hotel.

Khan said sustainable bonds would be essential for financing future development, but Bangladesh was not yet ready because the conventional bond market itself had yet to become effective.

"We must move towards sustainable bonds eventually. However, before that, we need to strengthen the foundation of the traditional bond market," he said.

The BSEC chairman said he had identified the key obstacle shortly after assuming office.

"If I want to borrow from a bank, I can obtain financing within three months at a fixed cost. But raising funds through bonds takes about a year and costs more. Naturally, businesses will choose bank loans," he said.

He said the commission would work to reduce the time required for bond issuance and lower the cost of raising funds through bonds so that it becomes cheaper than bank borrowing.

"We will implement reforms to shorten the bond issuance process and make bond financing more cost-effective," he added.

Turning to the stock market, Khan expressed concern over the dominance of retail investors, saying many invest without sufficient knowledge of the market.

"Unfortunately, most investors in our stock market are retail investors. Many do not have a proper understanding of shares and invest simply because someone tells them prices will rise," he said.

On corporate governance, Khan stressed that companies with sound governance practices enjoy greater public confidence.

He said independent directors in Bangladesh often fulfil only a legal requirement rather than making meaningful contributions to corporate oversight.

"Many independent directors still do not know how to contribute effectively in board meetings. They need more training and greater awareness," he said, drawing on his experience of serving on the boards of multinational companies operating in Bangladesh.

In his opening remarks, Bangladesh Brand Forum Founder and Managing Director Shariful Islam said sustainability should no longer be treated as an annual discussion but embedded into the core of every business.

"As Bangladesh moves towards achieving the Sustainable Development Goals by 2030 and prepares for graduation from the least developed country category, responsible business is no longer optional. It is the foundation of our competitiveness," he said.

The summit brought together leading business executives, policymakers, industry experts, academics and social entrepreneurs to discuss sustainability, responsible business practices and corporate governance.

Commercial banks have proposed introducing extra and some new charges for 14 services, including fees on frequent cash withdrawals, reactivating dormant accounts and higher account maintenance charges.

The Association of Bankers, Bangladesh (ABB) has submitted the proposal to the Bangladesh Bank (BB) recently.

Some services that are currently free, such as unlimited cash withdrawals in a month, would become chargeable under the proposal. ABB says the changes are needed to offset rising operating costs driven by inflation.

However, the proposal has sparked criticism among ordinary customers, business chambers and trade leaders, who say that it would increase banking costs for all -- small depositors, borrowers, businesses, importers and exporters.

Some have questioned the timing of the proposal, with the banking sector grappling with a confidence crisis and a mounting stock of non-performing loans.

Businesses are also struggling with high borrowing costs as tighter monetary policy keeps lending rates elevated in an effort to rein in inflation. Private sector credit growth has fallen to a historic low, while many banks continue to face allegations of poor customer service.

According to the proposal, banks would charge customers between Tk 100 and Tk 300 for cash withdrawals beyond a specified monthly limit.

For savings accounts, customers would be allowed three free cash withdrawals a month. From the fourth to the 10th withdrawal, banks would charge Tk 100 per transaction, rising to Tk 300 from the 11th withdrawal onwards.

For current accounts, ABB proposed a Tk 100 fee for withdrawals from the 20th to the 50th transaction in a month. From the 51st transaction onwards, the fee would rise to Tk 150.

The apex body of managing directors and CEOs of banks also proposed a Tk 500 fee to reactivate dormant accounts.

Besides, it sought BB approval to introduce new charges for loan management, monitoring and supervision, risk premiums, early settlement of demand and continuous loans, letter of credit (LC) opening commissions, handling and document endorsement copies.

The proposal also includes new fees for export LC cancellations, buyers’ credit arrangement, deal structuring, risk premiums and commissions on the sale of foreign currency in cash.

ABB also proposed increasing the fee for bank solvency certificates from Tk 200 to Tk 500 and doubling the cheque return fee from Tk 50 to Tk 100.

It also wants to raise charges for account maintenance, loan processing, LCs, bank guarantees, demand drafts, pay orders and several other banking services.

In its letter to the central bank, ABB requested permission for banks to set their own charges below the maximum ceiling according to their business strategy, service model and cost structure.

It also proposed allowing banks to raise the ceiling on charges by up to 10 percent a year in line with inflation, higher technology costs and rising service delivery expenses.

Contacted, Mashrur Arefin, chairman of ABB, told The Daily Star that the proposal was simply an adjustment to reflect the higher cost of providing banking services over the past six to seven years.

Mashrur, who is also managing director of City Bank, said the revision should be viewed in the context of years of inflation and the depreciation of the taka from Tk 87 to the dollar to about Tk 123 today.

“Imagine what the cost of printer toner was in 2020-21, when the banking industry last adopted the ongoing Schedule of Charges, and what it is today,” he questioned.

“Think of the minimum 7 percent inflation per year for six to seven years and the change in the dollar price. Think also of the many banks like us that have invested so much in recent years in setting up branches, sub-branches, agent banking points, and ATMs across the country in order to embrace financial inclusion.”

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“What was our locational reach in 2020, and what is it now?”

“Actually, a simple look at all the banks’ operating expenses then versus now, and comparing that with the meagre rise in corresponding revenue, will explain why we felt the need for a revision of the Schedule of Charges to be able to serve customers as they deserve,” added the ABB chairman.

The proposal has, however, drawn a sharp backlash from customers and business leaders.

Sohel Mahamud, an NCC Bank customer, said salaried people will end up paying more whether they keep money in the bank or withdraw it.

As per the ABB proposal, customers maintaining an average quarterly balance of more than Tk 25,000 in a savings account would pay Tk 300.

“This means banks are asking ordinary customers to pay for their own mismanagement and the burden of defaulted loans.”

“Charging Tk 500 to reactivate a dormant account, Tk 300 for a balance certificate, and raising fees for returned cheques and solvency certificates is simply unfair. If this is the way forward, whatever trust people still have in the banking system will soon disappear,” added Sohel.

“Ridiculous,” said MA Zaman, a private-sector employee who holds accounts with IFIC Bank and Standard Chartered Bank. “Why should I have to pay an additional charge just to withdraw my own money?”

“As a salaried person, I need to withdraw my savings at different times based on my needs. Imposing such a charge would be unfair,” Zaman said.

Taskeen Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), said the proposal is “highly unreasonable, hasty, and unacceptable” at a time when businesses are already struggling with high inflation and elevated lending rates.

Taskeen, who is also vice chairman of IFAD Group, said the move will shift the burden of the banking sector’s structural weaknesses, rising non-performing loans and higher operating costs onto businesses and customers, increasing the cost of doing business and discouraging investment and employment.

He said banks should instead focus on cutting administrative costs, closing unprofitable branches and strengthening governance to recover defaulted loans.

“Otherwise, such a decision will permanently undermine the competitiveness of the country’s trade and industrial sectors,” said the DCCI president.

The Chittagong Chamber of Commerce and Industry (CCCI) has also urged the BB not to approve new banking service fees or increases in existing charges, saying that higher costs will place an even heavier burden on businesses and consumers during a difficult economic period.

In a recent letter to BB Governor Md Mostaqur Rahman, CCCI President Mohammed Amirul Haque asked the central bank to reject the proposal.

The chamber said higher banking charges would raise the cost of doing business, especially for small and medium-sized enterprises, and ultimately lead to higher prices for consumers.

Exports through Benapole Land Port to India fell by nearly half in fiscal year (FY) 2025-26 as trade restrictions imposed by Bangladesh and India continued to disrupt bilateral commerce, according to port data.

The decline has affected Bangladesh's export earnings and government revenue while pushing hundreds of clearing and forwarding (C&F) agents, employees and port workers into financial hardship, stakeholders said.
Port statistics show that exports through Benapole dropped to 189,358 tonnes in FY2025-26, down from 381,440 tonnes in FY2024-25, a decline of 192,082 tonnes.

In FY2023-24, exports stood at 456,672 tonnes, meaning outbound shipments have fallen steadily over the past two fiscal years.

The export basket previously included jute and jute products, ready-made garments, chemicals, tissue paper, melamine products and fish.

However, traders say restrictions imposed by both countries have significantly reduced the movement of many of these goods through the land port.

The slowdown is also evident in truck movements.

Between 1 July and 15 July, during 13 working days, 3,038 Indian trucks carrying imported goods entered Bangladesh through Benapole, while only 753 Bangladeshi trucks crossed into India with export cargo.

Under normal trading conditions, around 450-500 trucks entered Bangladesh daily from India, while 250-300 trucks carried exports to India.

Import volumes have now fallen to around 200-300 trucks a day, while daily export trucks have dropped to fewer than 100.

Business leaders attributed the decline to reciprocal trade restrictions introduced after August 2024, combined with the impact of the global economic slowdown.

They said the restrictions have created a severe trade imbalance at Bangladesh's largest land port, affecting transport operators, warehouses, cargo handling businesses and thousands of workers on both sides of the border.

According to trade stakeholders, India suspended the use of its airports for Bangladeshi exports to third countries on 8 April 2025.

Bangladesh later banned yarn imports from India through land ports following demands from the Bangladesh Textile Mills Association to protect domestic industries.

On 17 May 2025, India imposed further restrictions on land-port trade involving garments, cotton, cotton waste, plastics, wooden furniture and fruits.

India subsequently suspended land-port imports of jute and jute products on 26 June, before extending restrictions on 11 August to four additional textile and jute-based product categories, including jute fabrics, ropes, twines and jute sacks.

Mustafizzoha Selim, office secretary of the Benapole C&F Agents Association, said Bangladesh should pursue alternative export destinations if Indian restrictions continue.

"We urge the government to take immediate diplomatic initiatives to secure the withdrawal of India's restrictions while simultaneously expanding access to alternative export markets," he said.

Matiar Rahman, president of the Benapole Land Port Importers and Exporters Association, said Bangladesh should utilise the Bangladesh-India-Nepal-Bhutan transit arrangement more effectively to increase exports to Nepal and Bhutan and reduce the current trade deficit.

He also called for the restoration of products currently barred from land-port trade.

Shamim Hossain, traffic director of Benapole Land Port, said political developments and reciprocal restrictions had significantly reduced cargo movement through the country's busiest land port.

"Trade volume has fallen considerably compared with normal times. As trade declines, government revenue collected through the port is also falling. The situation is affecting both Bangladesh and India," he said.

He added that both governments were taking initiatives to revive bilateral trade.

Jashore Chamber of Commerce President Mizanur Rahman Khan urged the government to pursue diplomatic efforts to remove restrictions on land-port trade.

"If the restrictions cannot be lifted, Bangladesh should accelerate efforts to expand trade with alternative markets," he said, adding that the Bangladesh-India-Nepal-Bhutan transit framework could help diversify export destinations for Bangladeshi products.

Bangladesh's development recipe is receiving a fillip as the emerging-financier Asian Infrastructure Investment Bank (AIIB) is set to prepare a sector-specific financing plan for the country, sources say.

Styled 'Multi-Year Rolling Pipeline (MYRP)', the financing package is focused on funding key sectors like infrastructure, connectivity, energy transition, climate resilience, urban services, and private capital mobilisation.

The Beijing-headquartered bank is outlining the funding plan for the period of 2027-2030 "keeping in mind Bangladesh's national development priorities", officials have said.

An AIIB delegation, led by its Director-General Rajat Misra, will visit Dhaka in the last week of this month with an extensive agenda to discuss the programme plans with the ministries and divisions concerned.

The team will also have a meeting with Finance Minister Amir Khosru Mahmud Chowdhury to discuss AIIB's ongoing and prospective supports in the years ahead.

According to officials concerned, the bank has so far approved 27 projects in Bangladesh worth nearly US$5.284 billion in core sectors, including energy, transport, urban development, and water, besides other critical infrastructures.

The AIIB, this June, approved and disbursed $600 million to Bangladesh in response to the government's request for emergency support for LNG import to meet the needs at the time of heightened external pressures and energy-market volatility.

Sources say during the visit, the AIIB team will have meetings with officials from the ministries of finance, environment, planning, power, energy, and mineral resources, local government, water resources, agriculture, disaster management and relief, road transport and highways division, and the central bank.

At the meetings with the finance division, the officials will have discussion on AIIB's climate-focused policy-based financing (CPBF) instrument in Bangladesh, implementation status of the National Adaptation Plan 2023-2050, and budgetary allocations for addressing environmental and social implications of policies, plans and programmes.

Officials of the ministry of environment, forest, and climate change will discuss role of the climate-partnership platform, and implementation of the updated locally led adaptation framework.

To be discussed at the planning commission are issues like incorporation of the National Adaptation Plan and the Nationally Determined Contributions (NDC-U) priorities in all ministries' Annual Development Programmes, consolidation of all Bangladesh Climate Change Trust Fund projects under ADP system, and introduction of climate budgeting of all ADP projects.

The implementation status of the Integrated Energy and Power Master Plan (IEPMP) and Solar Irrigation Roadmap, and Renewable Energy Policy will be discussed with the Power Division.

In Bangladesh Bank, the meetings will focus on the effectiveness of the Green Transformation Fund Refinancing Scheme, effectiveness of the Policy on Green Bond Financing for Banks and Financial Institutions, and the effectiveness of Guidelines on Sustainability and Climate-Related Financial Disclosure for Banks and Financial Companies.

At the meetings at Road Transport and Highways Division, the AIIB officials will discuss the procurement of electric buses for public transport, status of the Revised Strategic Transport Masterplan for Dhaka, 2025-2034, implementation of the New Operational Strategy for Railways, and implementation of New Energy Use Standards for locomotive, among others.

A senior Finance Division official told The Financial Express Thursday the AIIB gives importance on green transformation and climate-change issues keeping in mind the changed global and environmental perspectives.

"In the new multi-year funding pipeline, projects and programmes linked with sustainability and environmental issues will get priorities," he said.

Nader Ali Mondal, a farmer from Jadurchar village in Kurigram’s Roumari upazila, expanded jute cultivation from eight to 10 bighas this season after earning good returns last year. But heavy rainfall during April and May reduced yields, and he now fears losses.

“Last year I harvested around six maunds per bigha, but this year I expect less than five. If market prices are not favourable, I will not even recover my production costs.”

High-quality jute sold for around Tk 4,000 per maund (37.32 kg) in September and October last year, according to the Bangladesh Jute Association, before rising to about Tk 4,300 in November.

Like Nader, thousands of farmers expanded jute cultivation this season after favourable prices last year. But a prolonged dry spell followed by heavy rainfall during the crop’s early growth stage reduced plant height and fibre yields despite the larger cultivated area.

Officials and farmers said the adverse weather, coupled with higher fertiliser, pesticide and labour costs, has sharply reduced farmers’ profit prospects.

SHORTER PLANTS, THINNER HARVESTS

According to the Department of Agricultural Extension (DAE), jute has been cultivated on 720,000 hectares this year, with a production target of 1.52 million tonnes. Last year, the crop covered 705,000 hectares. One hectare is equal to about 7.5 bighas of land.

Encouraged by favourable prices in 2025, many farmers expanded cultivation this season, expecting another profitable harvest. However, weather conditions turned unfavourable soon after sowing.

Officials from the Rangpur Meteorological Office and the DAE said the Rangpur region received 504 millimetres of rainfall in April, nearly three times the 170 mm recorded a year earlier. Rainfall rose further to 786 mm in May from 195 mm in the same month last year.

Agricultural experts said jute requires only 150 to 200 mm of rainfall during April and May, making this year’s precipitation far higher than the crop’s optimum requirement.

Sirajul Islam, additional director of the DAE’s Rangpur regional office, said continuous rainfall during sowing and early growth left plants 2 to 5 feet shorter than usual, cutting yields by 40 to 60 kilograms per bigha.

“Farmers earned good profits last year because of favourable prices, but this year they are worried due to lower production,” he said.

According to the official, about 30 percent of the region’s jute has been harvested, while the remaining 70 percent is still in the fields. Fresh jute is expected to reach local markets within the next month.

DROUGHT AND RAIN SQUEEZE GROWERS

Jute farmers in Faridpur and Rajbari, two of Bangladesh’s leading jute-producing districts, are bracing for financial losses this season.

A prolonged dry spell forced many farmers to irrigate repeatedly, but fuel shortages limited irrigation. Heavy rainfall before harvest then caused widespread lodging, forcing premature harvesting.

Farmers say lower yields, higher irrigation costs and rising labour expenses have pushed production costs to record levels.

Faridpur produces around 2.14 lakh tonnes of premium-grade jute annually, making it the country’s leading hub for high-quality fibre.

Md Asaduzzaman, a farmer from Basakustia village in Pangsha upazila of Rajbari, said he cultivated jute on 45 decimals of land this year and spent around Tk 22,000 from sowing to retting.

“Because of the drought, the plants did not grow properly. Then excessive rainfall forced me to harvest earlier than expected,” he said.

Asaduzzaman expects no more than eight maunds of fibre, worth around Tk 32,000 to Tk 33,000 at current market prices. Department of Agricultural Extension (DAE) data show that jute has been cultivated on 86,531 hectares in Faridpur this season.

In neighbouring Rajbari, the crop covers 47,780 hectares across the district’s five upazilas in the 2026-27 fiscal year, underscoring the region’s importance to Bangladesh’s jute production.

Faridpur DAE Deputy Director Md Shahaduzzaman, however, said the recent rain is unlikely to affect overall production and has instead helped farmers ret harvested jute closer to their fields.

He added that labour wages typically rise during peak harvesting.

EXPERTS URGE CLIMATE RESILIENCE

Tarana Afroj Shajoni, chief inspector of the Department of Jute’s Rangpur regional office, said lower production is likely to reduce farmers’ incomes despite relatively favourable prices.

“Last year, farmers received up to Tk 4,500 per maund. Trading of the new crop has not yet started on a large scale, and prices will largely depend on market arrivals and demand,” she said.

She added that expanding export markets for raw jute and jute goods would strengthen domestic prices, ensuring fair returns for growers and encouraging future investment in cultivation.

Agricultural researcher and economist Mamunur Rashid said the latest situation highlights the growing vulnerability of Bangladesh’s traditional cash crops to climate variability.

Increasingly erratic rainfall is making jute cultivation more unpredictable, reducing productivity despite expanded cultivation, he said.

He called for developing climate-resilient jute varieties, improving field drainage, strengthening extension services, ensuring fair farmgate prices and expanding export markets to protect farmers’ incomes and sustain the long-term competitiveness of Bangladesh’s jute sector.

For more than a year, farmers have been incurring losses on almost every crop, said Amzad Hossain, a farmer from Char Mahipur village in Rangpur’s Gangachara upazila.

“We lost money on potatoes, barely recovered our costs from paddy, maize prices have fallen, and now jute yields have also declined. It is becoming increasingly difficult to survive.”

The Bangladesh Investment Development Authority (Bida) is preparing a comprehensive industry database to improve the country's investment climate, identify investors' challenges, and support evidence-based policymaking.

The initiative was highlighted at a divisional workshop on the "Survey of Industries in Bangladesh" organised by the investment authority with support from the Asian Development Bank and the South Asian Network on Economic Modeling in Khulna today (16 July).

Government officials, private sector representatives, investors and local stakeholders attended the event, where discussions centred on the survey's objectives, investment opportunities, key challenges facing businesses, and the need for stakeholder cooperation in verifying investment-related data.

The investment authority's Director General Gazi AKM Fazlul Haque said that government policies are often formulated based on fragmented information. The survey, he said, will provide a clearer picture of the country's investment landscape, enabling better policymaking and a more accurate estimate of the number of active investors.

He added that Bangladesh should prioritise strengthening domestic investment, as satisfied local investors would eventually help attract more foreign investment.

Selim Raihan, a professor of Dhaka University's Economics department and executive director of the Asian network, said the survey aims to identify the problems investors face, recommend solutions, and establish a structured investment database that will support both investors and policymakers.

The economist said collaboration among government agencies, businesses and investors is essential for building a reliable investment information system.

Bangladesh is simultaneously undergoing transitions in energy, technology and economic restructuring, making a comprehensive investment information system increasingly important, he said.

Selim said investment-related data are currently scattered across institutions, leading to duplication, weak evidence and limited institutional capacity.

The database, to be developed by the investment authority with the Asian Development Bank support and the South Asian network's technical assistance, will be integrated with the "One Stop Service" portal, he said.

Asian Development Bank Bangladesh Public Sector Economist Tasnim Alam, who joined virtually, said Bangladesh needs more investment while reducing regulatory burdens on businesses.

Referring to the investment authority's "One Stop Service", he stressed the importance of simplifying investment procedures, developing skilled human resources, strengthening institutions and enhancing climate resilience.

Highlighting the significant potential for industries in Khulna, Managing Director of Achia Sea Foods Ltd Mohammad Md Tariqul Islam Zaheer noted that many local industries still lack modern technology and called for environmentally sustainable industrial development near the Sundarbans.

Tariqul also said Bangladesh has adequate investment policies, but weak implementation remains a major obstacle. Addressing these gaps, he added, would encourage investment and help meet growing domestic demand.

Additional Divisional Commissioner of Khulna Sifat Mehnaz said industrial development initiatives should extend beyond divisional headquarters to district-level economies.

She also stressed efficient land use, modernising agriculture with technology, and expanding cold storage facilities to reduce post-harvest losses, particularly for exportable fruits.

During the open discussion, participants highlighted persistent challenges, including licensing delays, electricity shortages, inadequate access to bank loans, high lending rates and difficulties in securing working capital for new industries.

They also identified investment opportunities in Khulna, including marine algae, pearl cultivation, coconut processing and peat production from coconut waste, alongside tomato, mango, mushroom and betel leaf-based industries.

Apple overtook Nvidia on Friday to become the world’s most valuable company. This reshuffled the top ranks of tech heavyweights as investors reassess the outlook for artificial intelligence.

Apple was last valued at 4.88 trillion dollars as its shares held steady. Meanwhile, Nvidia was roughly at 4.86 trillion dollars, following a 3.5 percent decline.
The shift in the pecking order illustrates that investors are broadening their focus. They are looking beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which had been at the helm for nearly a year.

Apple is reclaiming the top spot for the first time since April last year. Toni Meadows, head of investment at BRI Wealth Management, commented on the changing sentiment.

“Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,” Meadows said.

“Apple is less exposed to capex intensity and better positioned to monetize AI via services, ecosystem lock-in, and hardware upgrades. The re-rating reflects confidence in earnings durability rather than speculative AI upside.”

For a company that was often seen trailing in the AI race, the milestone reflects Apple’s efforts to establish itself more firmly among the sector’s leading players.

It could shape how CEO Tim Cook’s final months at the helm are viewed.

Cook is preparing to cede his role to hardware veteran John Ternus in September.

Last month, the company rolled out a long-delayed overhaul of Siri. It bet the upgraded assistant would help close the gap with Big Tech rivals and new-age startups in the crucial AI race.

Some analysts say Apple is sitting on an AI gold mine in the form of the personal data that lives on every iPhone.

The data could make Siri’s answers more useful and the assistant more capable.

The challenge is that such data is locked away in operating systems in the name of privacy. The company would have to find a way to unlock its value.

Nvidia became the first company in the world to surpass a 5 trillion dollar market valuation in October. This landmark propelled it into a rarefied territory that was far beyond the reach of its rivals.

Being superseded by Apple does not necessarily signal a lasting change in the companies’ relative standing. The chipmaker remains a major beneficiary of AI-related spending.

Its graphics processors are powering much of the generative AI frenzy. Nvidia could also reclaim the top spot if sentiment shifts.

Besides, Apple is in a delicate position itself. It has raised prices to offset rising costs, a strategy that could hurt demand.

“I don’t see any meaningful distinction. Nvidia likely to be a significant participant in whatever happens going forward,” said Benjamin Hall, vice president, alpha research at Segal Marco Advisors.

However, the AI enthusiasm has spread to other corners of the semiconductor industry.

The bigger winners this year have been memory chipmakers such as Micron. It crossed 1 trillion dollars in market value in May as investors embraced the significance of memory chips in AI infrastructure.
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South Korea’s SK Hynix also listed on the Nasdaq earlier this month. This added another player to the race for investor attention.

“The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names,” Hall said.

The eye-watering chips rally ran into turbulence in July. This happened as investors reassessed the sustainability of the artificial intelligence trade.

The shift knocked the Philadelphia SE Semiconductor index down almost 19 percent from its all-time highs. Despite the steep fall, the index has performed better than Nvidia so far this year.