Current:Home > InvestFrance, Bangladesh sign deal to provide loans, satellite technology during Macron’s visit to Dhaka -VitalWealth Strategies
France, Bangladesh sign deal to provide loans, satellite technology during Macron’s visit to Dhaka
View
Date:2025-04-13 03:21:22
DHAKA, Bangladesh (AP) — French President Emmanuel Macron witnessed the signature of a deal Monday to facilitate loans to Bangladesh aimed at infrastructure development, as well as a letter of intent to provide the South Asian country with an earth observation satellite system.
This came during Macron’s two-day visit to Bangladesh’s capital, Dhaka, where he met with Prime Minister Sheikh Hasina, to bolster bilateral relations between the two countries.
Bangladesh’s Economic Relations Division signed the agreement with the French Development Agency.
A letter of intent was also signed to provide Bangladesh with an earth observation satellite system through cooperation between Bangladesh Satellite Company Limited, or BSCL, and Airbus Defense and Space SAS, France.
Macron and Hasina witnessed the deals signed at the prime minister’s office.
Details remained unclear, with Bangladesh authorities saying they are still ironing out the details.
“The satellite that we will buy will travel through the orbit around 350 miles above the earth. This will be used mainly to observe the status of our crops and the sea. Currently, we don’t have any monitoring capabilities across the vast sea,” state-run Bangladesh Satellite Company Ltd. Chairman Shahjahan Mahmud was quoted as saying by Bangladesh’s leading English newspaper The Daily Star.
Bangladesh bought its first geostationary communications and broadcasting satellite, named Bangabandhu Satellite-1 and launched in 2018, from France where it was manufactured by Thales Alenia Space.
Bangladeshi media positively reported his visit, with many seeing it as a step to bring in investments from France in sectors where the United States, China and India are heavily engaged. Some even said the visit may have a political and strategic significance ahead of Bangladesh’s next general election expected in early January.
France is Bangladesh’s fifth-largest trading partner in the fields of engineering, energy, aerospace and water sectors.
“We both hope that this new strategic move between Bangladesh and France will play an effective role in establishing regional and global stability and peace,” Hasina said.
Hasina said both the leaders agreed to continue to work to ensure stability in the Asia-Pacific region as well as on projects involving impacts of climate change as Bangladesh is considered to be one of the worst victims of change of weather.
She said that France has reiterated its commitment to facilitate trade with the South Asian nation under the European Union’s Generalised Scheme of Preferences Plus, or GSP+, scheme, which gives developing countries incentives to pursue sustainable development and good governance.
Experts say once Bangladesh joins the GSP+ scheme, it may lose some benefits it enjoys under the World Trade Organization’s protocol as a least developed country as it may be fully upgraded into a developing nation status.
Bangladesh has long been buying aircraft from the American company Boeing, but recently the government has signed an agreement with Airbus in which France has a major stake.
Hasina has been under pressure lately with her seeking a fourth consecutive term as prime minister.
Bangladesh’s main opposition party, led by former Prime Minister Khaleda Zia, has threatened to boycott the election if Hasina does not resign and hand over power to a caretaker government to oversee the next election. Zia’s party accused her of vote rigging in 2018.
The U.S. has been pushing for a credible election and raised questions about human rights under Hasina’s rule, threatening to impose visa sanctions if the next election isn’t free and fair.
Russia and China have pledged continued support to Hasina while neighboring India has maintained a cordial relationship with her.
Apart from investment and other partnerships with France, Marcon’s visit is seen as a boost for Hasina in the run-up to the election.
veryGood! (6957)
Related
- Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
- Get in the holiday spirit: Hallmark releases its 'Countdown to Christmas' movie lineup
- The number of Americans filing for jobless aid falls to lowest level in 4 months
- Wisconsin district attorney pursuing investigation into mayor’s removal of absentee ballot drop box
- Angelina Jolie nearly fainted making Maria Callas movie: 'My body wasn’t strong enough'
- Appeals court sends back part of Dakota Access oil pipeline protester’s excessive force lawsuit
- OpenAI looks to shift away from nonprofit roots and convert itself to for-profit company
- Ina Garten Details Playing Beer Pong at a Taylor Swift’s After Party
- Costco membership growth 'robust,' even amid fee increase: What to know about earnings release
- Wendy's is offering $1 Frostys until the end of September
Ranking
- New Zealand official reverses visa refusal for US conservative influencer Candace Owens
- Best Gifts for Studio Ghibli Fans in 2024: Inspired Picks from Howl’s Moving Castle, Spirited Away & More
- Will Hurricane Helene impact the Georgia vs. Alabama football game? Here's what we know
- The great supermarket souring: Why Americans are mad at grocery stores
- Michigan lawmaker who was arrested in June loses reelection bid in Republican primary
- Federal lawsuit challenging mask ban in suburban New York county dismissed
- Julie Chrisley's 7-year prison sentence upheld as she loses bid for reduced time
- 'Scamerton': This Detroit Bridgerton ball went so bad, it's being compared to Fyre Fest
Recommendation
Everything Simone Biles did at the Paris Olympics was amplified. She thrived in the spotlight
Garland says officers’ torture of 2 Black men was betrayal of community they swore to protect
'Extreme Makeover: Home Edition' star Eduardo Xol dies at 58 after apparent stabbing
Derrick Rose, a No. 1 overall pick in 2008 and the 2011 NBA MVP, announces retirement
Romantasy reigns on spicy BookTok: Recommendations from the internet’s favorite genre
What to know about Jake Paul-Mike Tyson fight: date, odds, how to watch
Free COVID tests are back. Here’s how to order a test to your home
Hurricane Helene cranking up, racing toward Florida landfall today: Live updates