Remittances pulled Bangladesh economy back from brink after July Uprising, says Yunus

He says discussions are under way to develop Bangladesh’s marine potential

Chief Advisor Muhammad Yunus has credited Bangladeshi expatatriates for rescuing the economy in the wake of the July Uprising.

“Our economy was at rock bottom. Your remittances saved it. Your remittances were behind strengthening our economy,” he said at the “NRB Connect Day: Empowering Global Bangladeshis” event at the New York Marriott Marquis in Manhattan on Saturday.

Yunus said he was personally hopeful about Bangladesh’s future, citing the strength of its young population, according to state news agency Bangladesh Sangbad Sangstha (BSS).

He urged foreign companies to relocate factories to Bangladesh to take advantage of the available workforce and to view the country as a production hub.

The chief advisor called on expatriates to bring investment and ideas back to Bangladesh, assuring them that their right to vote would be secured in the next general elections.

He also emphasised the need for regional economic integration, noting that Nepal, Bhutan and India’s northeastern states are landlocked.

“If we open the sea for them, all will be benefited,” he said.

“If facilities are ensured, all will rush to Bangladesh.”

Yunus added that discussions were already under way to develop Bangladesh’s marine potential.

"Cox's Bazar-Matarbari is ready for deep seaport," he said, calling for exploration of gas reserves in the Bay of Bengal.

The programme opened with a presentation by Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (BIDA).

He highlighted economic progress since the July Uprising, noting that remittances had grown by more than 21 percent during the past 15 months.

He also expressed appreciation to expatriates for their contributions.

An interactive panel discussion titled “Bridging Borders: Current Affairs and Diaspora Engagement” followed, moderated by Lutfey Siddiqi, the chief advisor’s special envoy.

BNP Secretary General Mirza Fakhrul Islam Alamgir, Jamaat-e-Islami deputy chief Syed Abdullah Mohammad Taher and NCP Member Secretary Akter Hossen also spoke, delivering emotional remarks on the political outlook after the July Uprising.

Another panel discussion, titled “Shaping Tomorrow: The Future of Bangladesh”, was moderated by National Security Advisor Khalilur Rahman. The session featured NCP leader Tasnim Jara, BNP leader Humayun Kabir and Jamaat leader Nakibur Rahman as panellists.

Jara, the NCP’s senior joint member secretary, urged greater involvement of women and youth in nation-building.

“When all work together, history is changed. We all together will change history,” she said.

At the event, Yunus also inaugurated a mobile application called Shubheccha, which aims to provide expatriates with access to essential services, guidance and investment opportunities.