Bangladesh needs to create 1.5 million new jobs every year over the next 20 years to ensure development in line with its socio-economic demand, a World Bank report says.

Accelerating growth in Bangladesh’s per capita income has added nearly 1.2 million new jobs every year and improved job quality between 2000 and 2010, the World Bank said in its report titled “More and better jobs in South Asia”.

The report states that the South Asian economic growth, which has been second only to East Asia, needs to be sustained to create more and better jobs and reduce poverty. Bangladesh along with other South Asian countries has seen steady job growth and a substantial decrease in poverty over the past three decades, and South Asia will be the largest contributor to the global workforce over the next two decades, it adds.

The report was presented by Reema Nayar, lead economist, South Asia region of World Bank, on Tuesday at a function at Brac Inn Center in the capital. Atiur Rahman, governor of Bangladesh Bank, was present as chief guest.

Ellen Goldstein, country director for World Bank, Bangladesh, Kalpana Kochhar, chief economist of South Asia region, World Bank, Ahsam H Mansur, executive director, Zaidi Sattar, chairman of Policy Research Institute, Wahiduddin Mahmud, eminent economist, were also present.

The demographic transition in South Asia will result in more than 350 million people to enter the working age population over the next two decades, the report predicts. Despite growth, the region is still home to half billion poor people -- the largest in the world. Since labour is the primary asset of the poor, having more and better jobs is the key employment challenge facing the region, it adds.

The South Asia region, defined by the World Bank as Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka, will need to add between 1 and 1.2 million additional jobs every month for the next twenty years, equivalent to about 40 percent of the increase in the global labour force, the report says.

Goldstein said, “The challenge for Bangladesh is to create higher quality jobs. Investing in education, health and nutrition and infrastructure, along with economic reforms would help create more and better jobs.”

“But the greatest payoffs to improve skills and the consequent ability to access better jobs may come from interventions before children enter formal schooling,” she added. “It’s not only the quantity of jobs but the quality of the jobs being created in the region is relevant,” said Kochhar.

She said wage workers in Bangladesh have seen their wages rise for price increases by nearly 2 percent a year and poverty rates among the self-employed have fallen. While quality of jobs has improved, little upward mobility has seen across the self-employed, casual laborers, and regular wage or salaried earners, Kochhar added.

The report suggests, among other things, sustained attention to electricity, education and utilising the demographic dividend can make an important difference. The working age (15-64) population in Bangladesh is growing more rapidly than the dependents, it adds.

“The resources that would have been required to support an otherwise larger dependent population are thus potentially available for the high-priority physical and human capital investment needed to create better jobs,” Atiur Rahman said.

Since the demand for labour is derived from businesses, it is important to address electricity shortages, which affect the functioning of virtually all firms in Bangladesh. The report suggests that improvements in the regulatory framework and governance are as critical as investments in those sectors.

The Independent/Bangladesh/ 29th Feb 2012

Alhaj Mohammad Hasan, Chairman of Shahjalal Islami Bank, speaks at the EC meeting of the Bank at its head office in the city recently.

Shahjalal Islami Bank Limited has organized its 473rd meeting of the executive committee (EC) at its head office in the city recently.

Alhaj Mohammad Hasan, Chairman of the Bank presided over the EC meeting, said a press release.

The executive committee members discussed various issues relating to investment in different sectors of the Bank.

Among others, Alhaj Anwer Hossain Khan, Chairman of the Board of Directors, directors Alhaj Akkas Uddin Mollah, Alhaj Engineer Md. Towhidur Rahman, Alhaj Mohammed Solaiman, Alhaj Mohiuddin Ahmed, Alhaj Tofazzal Hossain, Managing Director Md. Abdur Rahman Sarker, Additional Managing Director Md. Mukhter Hossain and Deputy Managing Director Md. Abdul Jabber Chowdhury were present at the meeting.

The Daily Sun/Bangladesh/ 29th Feb 2012

Jute Minister Abdul Latif Siddiqui inaugurates a new branch of Krishi Bank at Mogra Bazar in Tangail recently.

Bangladesh Krishi Bank (BKB) has opened its 980th branch at Mogra Bazar in Tangail recently.

Abdul Latif Siddiqui, MP, Minister for Jute and Textile formally inaugurated the branch as chief guest, said a press release.

The Daily Sun/Bangladesh/ 29th Feb 2012

M Shahjahan Bhuiyan, Managing Director of UCBL, inaugurates a new branch of the Bank at Halishahar in Chittagong yesterday.

United Commercial Bank Limited (UCBL) has opened its 117th branch at Halishahar in Chittagong yesterday.

Saifuzzaman Chowdh- ury, Director, United Commercial Bank and M Shahjahan Bhuiyan, Managing Director of the Bank were present at the ceremony as chief guest and special guest respectively, said a press release.

Shafiqul Alam, AMD, Deputy Managing Directors Mirza Mahmud Rafiqur Rahman and Md. Shahed Jalal Chowdhury attended the function. Among others, members of board of directors Haji MA Kalam, Bazal Ahmed, Nur Uddin Javed, Shabbir Ahmed and Setara Begum were also present.

The Daily Sun/Bangladesh/ 29th Feb 2012

Islami Bank Bangladesh Limited (IBBL) has disbursed Taka 27.9 million as agriculture loan among the entrepreneurs and the farmers in the district during seven months of the current fiscal.

Of the total loan, Tk 600,000 was distributed for boro paddy and potato cultivation, Tk 600,000 for fish culture, Tk 14.20 million and Taka 12.50 million for the establishment of agro-based industries and dairy and poultry farms respectively, Bank sources said.

The objective of the loan disbursement was to inspire the entrepreneurs and the farmers boost production for achieving country's food security and create working opportunities through establishing agro-base industries in rural areas of the district.

Besides, the Bank has taken up a plan to disburse Tk 6 million as agriculture loan to the 200 farmers of the district in a bid to inspire them for maize cultivation during the current season.

Over Tk 3 million has already been distributed to the farmers till February 25 for maize cultivation and the rest amount will be disbursed within short time.

While talking to this correspondent, assistant vice president and Gaibandha branch manager of IBBL M Anwarul Haque said: 'We are getting much response from the farmers and the entrepreneurs for bank loan at a minimum interest rate'.

Apart from this, the Bank also distributed micro-credit of Tk 74.4 million at 10 percent interest to 3,500 marginal people of the district during the current fiscal, he added.

The Daily Sun/Bangladesh/ 29th Feb 2012