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Business & Finance News Monday, September 15, 2003 Compiled by SDNP Head Lines
Enough rice
for all– A success
story from
Bangladesh The Bangladesh Observer
MANILA, Sept 14:–One of
the great success stories in the continuing worldwide fight against
famine has been highlighted this week in Bangladesh during the recent
meeting of the Board of Trustees of the
International Rice Research Institute (IRRI) held in Dhaka, says a
Press release.
Millions of small
Bangladeshi farmers used to depend exclusively on rainfed rice in this
land of annual monsoon rains and frequently disastrous flooding. Yields
were low at about 2 tons per hectare, and in the 1970s as many as 70
percent of Bangladeshis lived below the poverty line.
In 1974, monsoon
flooding was far worse than normal. It destroyed about 2.5 million
hectares of rice, much of it deepwater, and the land remained inundated
for too long to replant and try again. Agricultural laborers lost jobs,
wage rates declined and, with the next crop a year away, rice prices
trebled. Thirty thousand people died in the resulting famine. Thousands
more were saved by international food aid.
Soon after this
disaster, a revolution began to sweep through Bangladesh's rice fields.
Armed with new technology and tapping abundant supplies of groundwater,
farmers began switching from deepwater and rainfed winter rice to
irrigated dry-season rice. They also began growing in the wet season
modern, high-yielding varieties developed by IRRI, or rice bred locally
by the Bangladesh Rice Research Institute (BRRI), often from IRRI
parents. Yields rose to as much as 5 tons per hectare.
Gradually, the area
planted to weather-vulnerable crops -- either flood-prone (deepwater or
wet season aman, April to November) or drought-prone (early wet season
aus, March to June) -- dwindled from 4.8 to 1.4 million hectares, and
the area under safe dry-season crops rose from 0.5 to 3.8 million
hectares.
In 1998, another flood,
the worst in a decade, prompted dire forecasts of spiraling food prices,
widespread unemployment, famine and epidemics, and as many as 2 million
deaths. None of these predictions were realized. The flood destroyed 2
million tons of rice, but there was no famine. The deepwater rice crop
had become unimportant, so the dry-season harvest could quickly
compensate for the loss. As the water receded, Bangladeshi farmers
planted boro rice, an irrigated, high-yielding, cold-tolerant and
relatively pest-free rice cultivated during the winter months.
The subsequent harvest
was the best in the country's history, and the government infrastructure
for distributing emergency relief proved to be equally effective.
Bangladesh avoided having to pay for imported food, and the
international community was spared the expense of providing emergency
food aid.
An economic analysis of
the Bangladesh case concluded that, for a total investment of US$18
million per year in rice research, irrigation development and
agricultural extension, the country's total cost savings amounted to
US$229 million per year over 20 years. Had these savings been invested
to yield a 10 percent annual return, the total benefit to Bangladesh
would now be a staggering US$33.5 billion.
"Without doubt,
Bangladesh has been one of great success stories in using science and
technology to fight famine," said IRRI Director General Ronald P.
Cantrell. "By holding our Board of Trustees meeting in Dhaka we want to
pay tribute to the achievements of Bangladeshi scientists and rice
farmers and also of the institutes, organizations and ministries that
have all played such a vital role in helping the nation achieve food
security.
"Most importantly, we
want to thank the government of Bangladesh, and all of IRRI's partners
in that country, for their wonderful support and cooperation," Dr.
Cantrell added. "Clearly, enormous challenges continue to confront
Bangladesh, especially regarding poverty. But Bangladeshis now have the
expertise, technologies and strategies needed to ensure that the nation
can produce enough rice to feed its citizens without having to rely on
the generosity of other countries."
The number of poor in
rice-producing Asia -- most of them concentrated in Bangladesh and other
South Asia nations -- is nearly 3 times that of sub-Saharan Africa, the
second largest locus of poverty. To some extent, Asia has more poor
people than Africa simply because its population is much larger. Yet
some key indicators suggest that the incidence of poverty is worse in
large parts of Asia than in sub-Saharan Africa.
For example, stunting,
wasting and underweight all afflict a larger proportion of children in
South-Central Asia (dominated by India, Pakistan and Bangladesh) than in
sub-Saharan Africa. Illuminating a similar picture of the status of
women, the proportion of severely underweight adult women is much higher
in Bangladesh and Nepal than in Chad or Madagascar, the two countries in
sub-Saharan Africa with the highest prevalence of underweight adult
women.
"It seems that
well-publicized progress toward alleviating hunger and poverty in much
of Asia, including Bangladesh, may have caused many people to forget
that poverty still troubles the world's largest continent," Dr. Cantrell
said. "Certainly the level of official development assistance provided
per poor person in rice-producing Asia is only about half that of
sub-Saharan Africa."
Dr. Cantrell said that
IRRI is fully committed to working with its partners in Bangladesh in
the fight against poverty. "One of the best new models for fighting
rural poverty anywhere in the world is the 5-year, £9.5 million project
Poverty Elimination Through Rice Research Assistance funded by the
United Kingdom's Department for International Development," Dr. Cantrell
explained.
The project, called
PETRRA for short, is managed by IRRI in a close partnership with BRRI
and the Bangladesh Ministry of Agriculture. Its main goal is to achieve
further substantial increases in domestic rice production and incomes by
2008, and so make a major contribution toward a 50 percent reduction in
rural and urban poverty by 2015 - the millennium development goal to
which the government of Bangladesh has committed itself.
In simple terms, this
means lifting 26 million people out of poverty over the next dozen
years. To achieve this, PETRRA focuses on four key outputs:
* new
rice-production technologies for resource-poor farm households,
* improved
capacity for demand-led research in the national agricultural research
system,
* greater
recognition of, and promotion of dialogue on, key policy issues, and
* improved
methods for the effective uptake of new technologies.
"We are proud of the
progress made so far made by PETTRA and would like to recognize the
vision and commitment of DFID in supporting such an innovative and
important new strategy," Dr. Cantrell said, referring to the Department
for International Development. "During our board meeting, we will be
looking closely at PETTRA and what it hasachieved, because it clearly
provides many important lessons in the fight against rural poverty."
Eliminate dock politics for efficient Ctg port: FBCCI Star Business
Report, The Daily Star The apex trade body called for taking appropriate steps to resolve the port's problems and ensuring coordination among the port authority, users and customs department to run the port with more efficiency and dynamism. Newly elected FBCCI President Abdul Awal Mintoo raised the issues when he met with CPA Chairman AMM Shahadat Hossain at the latter's office yesterday. They discussed various issues relating to the country's premier seaport. At present, stevedoring agents at both Chittagong and Mongla ports recruit workers from the dock workers' management boards. The boards are usually controlled by labour unions backed by political parties. Chittagong Port alone has some 25 labour unions. The FBCCI chief requested the port authority to increase the number of cargo gates to ease the handling of export cargoes. As the inland container terminals currently work only for export cargoes he hoped that the terminals would provide service to both export and import cargoes. Mintoo stressed the need for amendment to the CPA Act to increase the capacity of the port authority so that it could work properly, bring dynamism in the port activities and contribute more in revenue earning. The FBCCI president requested the CPA to appoint adequate and skilled manpower in the port. He also underlined the need for using modern equipment in handling goods in the port and constructing new roads to ease movement of goods laden trucks. Member (finance) of CPA Ahmed Abul Kashem, Member (operation) Capt Amirul Islam and other high officials were present at the meeting. Earlier, Mintoo along with the Vice-president of FBCCI Abul Kashem Haider and Director Abul Kashem Ahmed visited the Chittagong Port. Former director of FBCCI Parvez Sazzad and Bangladesh Steamer Agent Association's former president Tareq Anis were also present. Lending restrictions on NCBs will bring discipline: Saifur Star Business
Report, The Daily Star "The NCBs have no capital. If they are allowed to lend more, the government will have to inject more funds which should not continue for long," he said refuting criticism of government restriction on lending by the state-owned banks. Saifur was speaking at a get-together of the business partners of Islami Bank Bangladesh Limited at Dhaka Sheraton Hotel on Saturday evening. He mentioned the amount of default loans in the banking system is now around Tk 20,000 crore. "In 80 per cent cases bankers are responsible for such a huge amount of default loans," he added. Saifur said the NCBs, Bangladesh Shilpa Rin Sangstha and Bangladesh Shilpa Bank extended loans for buying capital machinery but they did not sanction working capital, which ultimately forced many industries to become sick. "I have already asked the Bangladesh Bank governor to look into the matter," he said. Defending the government policy to include a number of directors in banks' boards from the depositors, the finance minister said, "They should be included in the board to look into the interest of the depositors." Saifur asked the Islami Bank management to increase its paid up capital from existing Tk 92 crore as the bank has already gathered Tk 6,200 crore deposit and made profit amounting to around Tk 100 crore. "Banks have enough money but they are not interested to invest in the agriculture sector," he said suggesting the banks to make more investment in the agriculture sector for the greater interest of the country's economy. The finance minister hoped 'Mudaraba bond' will be introduced this year for investment of surplus funds of Islamic banks. Shah Abdul Hannan, chairman of Islami Bank, ANMA Zaher, chairman of the bank's executive committee, Mohammad Mosharraf Hussain, director, and Abdur Raquib, executive president addressed the function. Among the bank's leading business partners, Abdul Matlub Ahmad, chairman of Nitol Group, Kazi Zahidul Hasan, managing director of Kazi Farms, M Azizul Islam, MD of Aleef group, K Roy Chowdhury, MD of Pacific Pharmaceuticals Ltd also spoke. WTO draft spurs chorus of criticism INDEPENDENT DESK, The Independent A draft WTO text designed to spur momentum on a new global trade pact instead highlighted the gap between the rich and poor countries with the document deemed conditionally acceptable by the United States and Europe but denounced by India and faulted by Brazil. According to reports from the news agencies and online sources, world trade leaders were in a race against the clock on Sunday to overcome continuing differences over farm subsidies and other contentious issues at their conference in Cancun in Mexico. There has been criticism from virtually all sides of a compromise declaration drawn up in an attempt to bring the World Trade Organisation ministerial meeting to a successful conclusion later on Sunday, says a BBC Correspondent in Cancun. The draft document calls for an end to export subsidies on farm products of special interest to the developing countries, designed to tackle the most harmful impact of subsidised exports from the United States and Europe. But it falls short of the sweeping elimination of subsidies that a new bloc of developing nations - known as the G21 and including Brazil, China and India - has pressed for. Export assistance to other agricultural products would be removed gradually. Another South American official, whose country is also a member of the G-21, described the document as "very bad." Non-governmental organisations were scathing in their comments. Francois Traore, head of the Burkina Faso Farmers' Federation, did little to conceal his outrage at the failure of the document to stipulate the elimination of cotton subsidies in rich countries. "Europe and the United States have not shown a willingness to respect trade rules that are fair for everyone," he said. "It's shameful on the part of countries that claim to be democracies but who are not prepared to help the world's poorest." A BBC economics correspondent says the language of the draft is ambiguous. On agricultural subsidies, the key figures are missing on how much and how quickly they are to be cut. The text proposes to eliminate subsidies on farm products of special interest to the developing countries, with further negotiations to determine what those products are. This language of the proposals is not final and whatever is eventually agreed at Cancun will leave much to resolve, the correspondent added. It can do no more than set some outlines for more hard, detailed bargaining at the WTO headquarters which will continue until at least the end of next year, he says. India said it believed distortions in agricultural trade would only be perpetuated and could worsen, while African delegates have spoken of development being left on the sidelines. But against the chorus of criticism from across the developing world, the EU too is complaining. It says it is getting a rough deal on domestic farm subsidies. According to an AFP report, the EU said that the new draft text on world trade talks issued on Saturday at a WTO conference "is an acceptable basis for discussions." "What's on the table is an acceptable basis for us for the discussions, and we intend to work constructively towards reaching a consensus on this basis," EU Trade Commissioner Pascal Lamy told a press conference. But Lamy also told reporters here that the text, put forward in a bid to spur momentum toward a new global trade liberalisation accord, posed some serious problems for the European Union. "We have big problems, we have medium problems and we have small problems," he said, adding the principal difficulties covered agriculture, cotton subsidies, industrial tariffs and the so-called Singapore issues. The four subjects have been the most controversial so far at a five-day meeting of ministers from the 146 member states of the World Trade Organisation, due to wrap up on Sunday. The EU and the US say poorer countries must agree to broader legal and commercial reforms in return for any concessions on farming. "If this is going to be a development agenda we need a lowering of barriers throughout the world," said Josette Sheeran Shiner, a senior member of the US delegation. But if no compromise is achieved, the prospects for negotiating a new global trade deal by the end of next year will be even more uncertain, according to the correspondents covering the meet. About 2,000 demonstrators armed with stones and shields and chanting "WTO murders" marched through Cancun on Saturday to denounce the talks - but were kept away from the conference centre. There is a whole series of issues at stake besides removing distortions in global agricultural trade, including contentious ones dealing with foreign investment and competition policy. But the focus of this conference has been very much on the subsidies paid to European and American farmers and the impact this has on producers in the developing world and also on access to markets. ECONOMIC REPORTER, The Independent The Bangladesh Export Processing Zones Authority (BEPZA) has undertaken investment promotional campaign in Dinajpur and Nilphamari to expedite the process of industrialisation through investment in EPZ in the northern region. An investment promotional meeting was held between the Executive Chairman of BEPZA Brig General (retd) M Mofizur Rahman and Md Rafiqul Islam the President of the Dinajpur Chamber of Commerce and Industries recently. During the meeting the Chairman describe to the President Vice President, Directors and Members of Dinajpur Chamber including prominent businessmen about the incentives and facilities offered by BEPZA. He highlighted the ever increasing ratio of investment, export and employment in the EPZs of Bangladesh. Meanwhile the chairman had a fruitful discussion with both the President of Rangpur Chamber and Nilphamari Chamber. Brig Gen Mofiz mentioned about the 50 reduction of tariff of land and factory building in Uttara EPZ. He called upon the local entrepreneurs to invest in Uttara EPZ and assured all sorts of cooperation to facilitate the investors. He also said that local entrepreneur's positive initiative can expedite the process of industrialisations in Uttara EPZ which will pave the greater way for economic development of the northern region. Among others, the District Administrator of Nilphamari Abdul Bari Khan, the Police Super Chowdhury Abdullah-al-Mamun and eminent businessmen were present in the meeting. Later, BEPZA Chairman laid the foundation of a Bangladeshi owned Northern Poly Industries in Uttara EPZ and visited two factories named the Uttara Sweater manufacturing Company and the KP International factory. The Executive Chairman also inaugurated the plantation programme -2003 of Uttara EPZ. |
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