Exodus opens by listing the sons of Israel who came to Egypt, then notes that Joseph died, as did all his brothers, and all that generation. Yet the Israelites were fruitful, and increased abundantly, and multiplied, and grew exceedingly mighty. These words echo God's blessing in creation (Genesis 1:28) and His promise to Abraham. God was keeping His word even in a foreign land.
A new king who didn't know Joseph responds with fear and cruelty. He enslaves Israel, forcing them to build store cities. God had told Abraham this would happen: his descendants would be afflicted in a land not their own (Genesis 15:13). But oppression could not stop God's blessing: the more they afflicted them, the more they multiplied.
Pharaoh's second plan targets infant boys. Here two women, Shiphrah and Puah, become heroes of faith. Because they feared God, they refused an evil command. Their example shows that the fear of God frees us from the fear of man. Pharaoh's final order, to throw Hebrew boys into the Nile, sets the stage for the birth of Moses. The Nile that Pharaoh meant for death would become the place where God preserved Israel's deliverer.