The recent MoU signed by Bangladesh and Nepal in regards to sharing real-time hydro-meteorological data and information for flood forecasting can be considered a rare win for our diplomatic wing. When it comes to regional cooperation, non-financial deals like this are absolutely necessary for the overall stability of the region as a whole.
In recent years, Bangladesh has done a tremendous job of growing its network of bilateral and multilateral partners. From brokering one trade deal after the other with European countries to reaching out to smaller nations all over Asia, our nation has definitely adopted a pro-active stance when it comes to strengthening our connection to the rest of the world.
Furthermore, given Bangladesh's imminent graduation from LDC status, the importance of regional cooperation will only further increase. As a developing nation, Bangladesh is not as robust as trading giants such as the US or Japan -- due to current global economic reality, we are facing a severe crunch when it comes to our foreign reserves.
New trade agreements will be imperative in not only ensuring a smooth graduation process for our economy but to also prepare it for our middle-income future.
We hope that this understanding will ensure that similar projects are undertaken in the future, as increased connectivity between countries like Nepal and Bangladesh will not only allow each region to flourish economically but such MoUs and deals can also help dampen shocks from climate-induced disasters. As one of the countries on the frontlines of climate change, every bit of help will be important for us moving forward.
Increased connectivity will remain key in the coming years as Bangladesh moves towards achieving its middle income aspirations.
