Sunday, September 20, 2020 | ePaper

Economic diplomacy needs rule of law and dependable banking system

  • Print
OUR Foreign Minister on Friday said Bangladesh is now focusing on economic diplomacy with a view to boosting the local economy bringing foreign businesses to the country. Interestingly, the major shift in foreign policy is taking place at a time when foreign direct investment (FDI) reaches to nadir, remittance inflow is shrinking and thousands of remitters are forced to return empty-handed. In general, country's economy is in bad shape due to nonperforming loan surge in banks, widespread corruption in every sector, increasing amount of government's loan to keep state machinery functional, unbridled money laundering through export-import, and shrinking job facilities for migrant workers.  We think the late realisation of this government with an attempt to shift foreign economic policy won't save the economy from bankruptcy; rather it may add salt on the wound.
The main objective of our foreign policy should be getting better economic privileges for investment and trading facilities. In this case, sensible and stable politics is a must. We have no diplomacy and to talk of economic diplomacy is a borrowed bureaucratic jargon not meant to work. The reality is clear to all that this government is effective in using police to suppress protests against failures of the government to provide services. A minor businessman was able to elope with Tk 3500 crore from banks as recently as few days back. Earlier 81 million US$ was smuggled out through hacking and the government failed to get the money back. So far its efficiency is concerned in easy police arrest. The unelected but chosen MPs demanded crossfire killing of the rapists by police. This is the efficiency of the government! Refugees from Myanmar have flooded the country also causing grave strain on our economy and echo system. Here, the foreign ministry is a sitting duck.
Please show capacity to deal with unsolved serious miseries of the people where police power is dominant power of the government. As the government has no political tolerance and so, it is not getting any genuine political cooperation from any corner.

More News For this Category

Huge project cost unjustified and must be recast

 THE government is set to conduct the National Population Census-2002 at a cost of over Tk 1761 crore up from Tk 237 crore spent in previous census in 2011. What

Killing is so easy and our police so powerful: Need is change of criminal politics

A TEXTILE mill worker at Manikganj Sadar Upazila was killed by his co-workers with pumping high-speed air into his body through rectum. The victim Md Julhas worked at Akij Textile

Hand In Hand Toward A Sustainable Food Future

Qu Dongyu :Five years ago, world leaders agreed on the UN's 2030 Agenda and its Sustainable Development Goals, with the aim of eradicating persistent global challenges such as hunger and

Vaccine Accessibility Priority Focus for 75th UNGA

Samira Sadeque :Key focuses of the upcoming 75th session of the United Nations General Assembly (UNGA) High Level Week will be the accessibility of vaccines and a renewed plea for

Readers’ Voice

Oh, Poor AmericaThese days I only watch CNN, so many things are happening in the USA that it has become like a Pandora box. The drama which is being played

Fragile future productivity shows poor development scenario of Bangladesh

Potential future productivity of Bangladesh is lower than not only the global average but also the South Asian region and the lower-middle-income countries' average, as per World Bank's Human

Russia`s involvement in Palestinian issue must be welcome

RUSSIA on Thursday said it would be a "mistake" to think lasting peace in the Middle East could be achieved without resolving the Israeli-Palestinian conflict. Moscow in a statement

Storytelling

Storytelling

Maria Hanif Al-Qassim :What do Walt Disney, Yuval Noah Harari and Steve Jobs have in common?Some may say fame, while others may say wealth. And while both may be

World Cleanup Day

World Cleanup Day

Prof. Dr. Ahmad Kamruzzaman Majumder :World Cleanup Day is observed on the third Saturday of September every year in an effort to keep the country clean. This year it

RAB, Police differ in investigation of attack on Ghoraghat UNO

A DINAJPUR court has recorded confessions of three witnesses under Section-164 in connection with a case filed over the attack on Ghoraghat Upazila Nirbahi Officer. The authorities, however, expressed their