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Old July 29th, 2006, 12:24 PM   #1
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Economy of Bangladesh

Please post in this thread all the news related to the Economy of Bangladesh.

Last edited by mirzazeehan; August 3rd, 2006 at 01:07 AM.
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Old July 29th, 2006, 12:26 PM   #2
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One of three T-shirts in EU
made in Bangladesh


Kazi Azizul Islam
One in every three T-shirts sold in EU markets is made in Bangladesh, shows a recent market report.
However, although Bangladesh tops T-shirt import to the European Union in terms of volume, Turkey remains the top earner.
Bangladeshi exporters shipped about 251 million T-shirts to the EU or 32 per cent of the total EU imports in the first four months of the current year, and earned about 328 million euros.
Turkish exporters shipped 137 million T-shirts in the same period but earned 508 million euros, according to the report prepared by a leading textile market analyst.
The report was made available to New Age by sources in the Bangladesh Knitwear Manufacturers and Exporters’ Association.
Bangladeshi exporters offer the lowest prices to their buyers – only 1.31 euro for a T-shirt, much lower than the world average of 2.17 euros.
Turkish exporters sell one T-shirt at 3.30 euros on average. India sells one T-shirt for 2.27 euros, China for 2.82 euros and Morocco 1.67 euros.
Jahangir Alam, executive director of Knit Concern Limited, one of Bangladesh’s leading T-shirt exporters, observed that easy availability of high quality cotton and fashion accessories had helped Turkish manufacturers to produce high value items and earn the highest.
‘High value products helped Turkey keep their exports profitable although labour cost is much higher there, especially compared to Bangladesh,’ he said. ‘If backward linkages, especially for high value items, are developed in Bangladesh, factories and workers here who stitch fine will be able to compete Turkey in the high value segment.’
Although Bangladeshi knitwear manufacturers procure more than 80 per cent raw material, especially cotton yarns, from local sources but those are ordinary grade and suitable only for low-cost basic knitwear, industry people said.
High-value items need finer quality yarns, attractive accessories including fashion stones, ribbons and laces and those are not adequately available in Bangladesh, they said.
The EU market report shows that Germany heads the list of important markets and imports 24.66 per cent of all T-shirts in the first quarter from global suppliers.
Imports entering Germany also grew in volume by 38.26 per cent, compared to the first quarter of 2005, an improvement on the 9.74 per cent growth in 2005. Exports to the United Kingdom, second biggest importer in terms of volume, increased 12 per cent.
Bangladesh is regarded as the cheapest source of knitwear in global markets and the European retailers, especially those in Germany, are the largest importers of Bangladeshi knitwear.
Backed by cheaper labour sources, Bangladesh’s knitwear sector has been expanding robustly in recent years.
Industry people predict that, within the next few months, export earning from the knitwear sector would cross that of the readymade woven garment, the largest earner with around $3.6 billion every year.
The Export Promotion Bureau has recently disclosed that in 11 months of the just-ended fiscal year, knitwear exporters shipped products worth $3.5 billion, up $600 million more than in the previous fiscal year.
With more than 1,500 knitwear factories in operation at present, production capacity and earnings of the knit sector has doubled in the last couple of years

http://www.newagebd.com/front.html#1
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Old July 29th, 2006, 01:30 PM   #3
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Bangladesh economy set for "robust" growth

DHAKA (AFP) - Bangladesh's economy is expected to grow at 6.5-6.8 percent in the year ending June 2007 despite high oil prices, creeping inflation and an impending general election, the central bank said.

Overall growth for the 2007 fiscal year "is projected to be in the 6.5-6.8 percent range", the bank said releasing its half-yearly monetary policy statement on Thursday.

"The economy achieved record growth of 6.71 percent in the year to June 2006 and the robust growth trend will continue for the next 12 months," the bank's governor Saleh Uddin Ahmed told reporters.

Deputy governor Allah Malik Kazemi said the economy would sustain its higher growth despite a range of challenges. Inflation reached 7.14 per cent in May.

"We don't think higher oil prices and the impending elections will have much effect on our economy," said Kazemi.

The country's four-party Islamist-allied government will hand over power to an independent caretaker government in October ahead of general elections scheduled for January 2007.

"Over the last one year we have learnt to cope with higher oil prices. And we had seen two caretaker governments in the past. We don't think the elections will have any major impact on the growth," he added.

Despite extreme poverty, the south Asian nation of 140 million people has been one of the world's fastest-growing economies in recent years. It has logged an average of over five percent growth since the early 1990s.

The government earlier this week put on hold a three billion dollar investment proposal by India's Tata Group, citing election preoccupations and officials say more delays are expected.

The country also enjoys one of the world's lowest oil prices owing to government subsidies, which last year cost the country around 600 million dollars.

The bank said the country would benefit from favourable agricultural growth, buoyant service and manufacturing sectors, sustained growth in exports and record remittances sent by expatriate Bangladeshis.

Bangladesh's textile exports grew by nearly 20 percent in the first nine months of this fiscal year with business booming since the end of global textile quotas.

Worker remittances jumped 25 percent to a record 4.84 billion dollars in the 2005-2006 fiscal year

http://news.yahoo.com/s/afp/20060713...y_060713120958
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Old July 29th, 2006, 05:59 PM   #4
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great stuff MZ.
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Old July 29th, 2006, 08:22 PM   #5
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Karnaphuli EPZ in Chittagong opens soon

The Karnaphuli Export Processing Zone (KEPZ), another exclusive economic area in the port city's Patenga industrial belt, is to start functioning soon, as necessary development works with adequate infrastructure facilities are nearly complete.

Officials are hopeful that around 20,000 local people will get jobs and more than $100 million will be invested in the EPZ, where 100 plots are being developed under the first phase of the project.

"Nearly 95 per cent development work of the 1st phase of the KEPZ on the site of the closed Chittagong Steel Mills (CSM) is complete and its formal inauguration is likely to be held next month," KEPZ Project Director Ataul Hoque told the news agency yesterday.

He said necessary infrastructure facilities such as roads, drains, footpaths, and boundary walls have been constructed. Besides, utility services such as water, gas and power connections are going to be established.

Earlier, the government decided to turn the 222.42-acre land area of the CSM into an exclusive economic zone to meet the growing demands for special industrial plots.

Hoque said the land was handed over formally to Bangladesh Export Processing Zones Authority (Bepza), which started the physical work for the project's 1st phase with an estimated budget of Tk 34 crore in July last year.

"The development work of the 2nd phase to prepare another 111 industrial plots is also progressing fast to complete the whole project by the end of 2008," he said adding that the KEPZ will hopefully create some 50,000 jobs.

Besides, Hoque said, the KEPZ will fetch around $250 million in the form of investment for the industrial units to be set up on a total of 211 plots by the end of 2008.

Meanwhile, 40 out of 100 industrial plots under the 1st phase were handed over to entrepreneurs from Thailand, Sri Lanka, Taiwan and Bangladesh. More than 100 applications for allotment are pending for approval, he said.

http://www.thedailystar.net/2006/07/30/d60730050454.htm
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Old July 29th, 2006, 11:08 PM   #6
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Karnaphuli EPZ to start functioning soon
Bangladesh Sangbad Sangstha . Chittagong

The Karnaphuli Export Processing Zone, another exclusive economic area in the port city’s Patenga industrial belt, is to start its functioning soon, as necessary development works with adequate infrastructure facilities are nearly completed.
Officials are hopeful that around 20,000 local people will get jobs and more than $100 million will be invested in the industrial units to be set up on 100 plots being developed under the 1st phase of the project.
‘Nearly 95 per cent development work of the 1st phase of the KEPZ on the site of already closed Chittagong Steel Mills has been completed and its formal inauguration is likely to be held next month,’ project director Ataul Hoque told BSS here Saturday.
He said necessary infrastructure facilities under the 1st phase like construction of road, drain, footpaths, green space, boundary walls, water, gas, power supply and telephone network are now close to completion.
Earlier, the government decided to develop the 222.42-acre land area of the CSM into another exclusive economic zone to cater to the growing demands of entrepreneurs from home and abroad, as all the 445 industrial plots in the Chittagong Export Processing Zone have already been occupied.
Hoque said the land was handed over formally to Bangladesh Export Processing Zones Authority, which started the physical work for the project’s 1st phase with an estimated budget of Taka 34 crore in July last year.
‘The development work of the 2nd phase to prepare another 111 industrial plots is also progressing fast to complete the whole project by the end of 2008,’ he said adding that the KEPZ would hopefully provide as many as 50,000 jobs under its both phases.
Besides, Hoque said, the KEPZ will fetch as much as $250 million in the form of investment for the industrial units to be set up on a total of 211 plots by the end of 2008.
Meanwhile, 40 out of 100 industrial plots under the 1st phase were handed over to the entrepreneurs from Thailand, Sri Lanka, Taiwan and Bangladesh. More than 100 applications for allotment are pending for approval
, he said.
The KEPZ officials said that the entrepreneurs as per the proposal would set up industries to produce readymade garments, electrical equipment, garments accessories and textile products.
Hoque said local and foreign entrepreneurs have already invested a total of $509 million in 130 industries in different sectors employing 1.4 lakh local workforce.

http://www.newagebd.com/busi.html
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Old July 31st, 2006, 03:45 AM   #7
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Malaysia may take 1 lakh workers by Dec
Diplomatic Correspondent

Foreign Minister M Morshed Khan yesterday said Malaysia would meet 50 percent of its worker requirements from Bangladesh after the Malaysian authorities withdrew restrictions on recruiting Bangladeshi workers.
In all, two to three lakh workers would be employed in Malaysia in phases, he said and hinted that around one lakh Bangladeshi workers will go to Malaysia by December this year.


In another development Bangladesh, China and Myanmar have agreed to construct a highway from Kunming to Chittagong through Mandaley.


Briefing diplomatic correspondents about the outcome of the 13th Asean Regional Forum (ARF) meeting and his bilateral talks with his counterparts from Malaysia, China, Myanmar and South Korea in Kuala Lumpur, Foreign Minister M Morshed Khan said both Bangladesh and Malaysian governments would ensure that the certain vested quarters do not cause any misery to these workers.


The Foreign Minister said he had meetings with Chinese Foreign Minister Li Zhaoxing and Myanmar Foreign Minister U Nyan Win discussing the road connectivity. Although Myanmar had some reservations in the past but now they have agreed to the tri-nation road connectivity, he added.


Morshed said if this road could be built, trade and economic cooperation would increase among the three countries. Officials of the three countries would meet soon to discuss the project.


He said the Chinese foreign minister thanked Bangladesh for supporting China to become a South Asian Regional Association for Cooperation (Saarc) Observer.


Morshed Khan also had bilateral meeting with the foreign minister of South Korea discussing bilateral economic cooperation.


Referring to the outcome of the 13th ARF meeting, where Bangladesh was admitted officially as its 26th member, he said it is the success of the government's look east policy.


He said the ARF meeting discussed Middle East issue, terrorism, disarmament and maritime security issues. On Israeli aggression on Hezbollah, Morshed said most member states condemned the Israeli actions and called for immediate cease-fire in Lebanon.

Foreign Secretary Hemayetuddin was present at the briefing

http://www.thedailystar.net/2006/07/31/d60731012216.htm
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Old July 31st, 2006, 08:49 AM   #8
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Bangladesh, China and Myanmar agree on road connectivity

China, Bangladesh and Myanmar have agreed to construct a highway from Chinese city Kunming to Bangladesh's south-east city Chittagong through Myanmar's city Mandaley.

Bangladeshi Foreign Minister M. Morshed Khan who had bilateral meetings with his counterparts from China, Myanmar, Malaysia and South Korea on the sidelines of the 13th ASEAN Regional Forum (ARF) meeting in Kuala Lumpur stated this at a press briefing in Dhaka Sunday.

Khan said he had meetings with Chinese Foreign Minister Li Zhaoxing and Myanmar Foreign Minister U Nyan Win discussing the road connectivity.

In his meeting with the Chinese foreign minister, Khan said China is a great friend of Bangladesh. He had raised the issue of road connectivity with Li Zhaoxing agreed on the project.

Khan said although Myanmar had some reservations in the past but now it has agreed to the tri-nation road connectivity.

http://english.people.com.cn/200607/...31_288288.html
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Old July 31st, 2006, 08:52 AM   #9
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Bangladesh, Chile discuss formation of bilateral economic body

Vice Minister of Economy and Executive Vice President of Foreign Investment of Chile Carlos Eduardo Mena, and Bangladesh Commerce Minister Hafizuddin Ahmed have agreed to form a bilateral economic committee to boost trade and investment.

The agreement was reached during a meeting between the two ministers at the Commerce Minister's office in Dhaka on Monday afternoon, media reports from Bangladesh said.

After the meeting, the commerce minister told reporters that due to the absence of a diplomatic mission in Chile, entrepreneurs of Bangladesh are lagging behind in utilizing the opportunity for exporting their goods to Chile.

"Our trade with Chile is not much and the balance of trade is in their favor. We'll have increase the volume of our trade to bring it in our favor," he said.

In this regard, Hafiz mentioned the need of a bilateral agreement that would help Bangladesh to export various items like RMG, leather and leather products, and pharmaceuticals.

He requested the visiting Chilean vice minister to encourage his country's businesses for investing in Bangladesh.

Bangladesh's trade gap with Chile was dlrs 8.93 million in fiscal 2004-05 with Bangladesh exports totaling dlrs 2.79 million against the import bill of dlrs 11.72 million.

In FY 2003-04, Bangladesh exports totaled dlrs 0.59 million while its imports from Chile stood at dlrs 5.81 million.

The Chilean minister termed the meeting with the Bangladesh commerce minister as very important and useful.

"We exchanged views on ways to increase trade between the two countries and also on signing a FTA with Bangladesh," he said.

Carlos Eduardo Mena requested the Bangladesh minister to start as soon as possible the exchange of business delegations between the two countries to promote bilateral trade and investment.

Indicating Chile as a potential market for Bangladesh, he said Bangladesh could export garments, shoes, pharmaceuticals and food items to Chile.

"We can work together in a win-win situation. The geographical distance does not at all matter in this modern time," he said.

Earlier, during a meeting with the Chilean minister on Saturday, FBCCI president Mir Nasir Hossain placed on the table a basket of Bangladesh's export products that have marketing potential in the Latin American country.

The export basket included edible meat, pharmaceuticals, herbal products, cosmetics and toiletries, leather and leather products, footwear, plastic and plastic articles, carpet, jute and jute goods, knit and woven garments, apparel accessories, umbrella, ceramic table, glassware and furniture.

Bangladesh currently export a handful of items like engineering products, woven garments, knitwear, jute yarn and twine, jute manufactures, ceramic tableware, cap, toys, handicrafts, leather and footwear (leather) to Chile.

But its import list is long. The list includes prepared foodstuffs, beverages, spirits and vinegar, tobacco and manufactured tobacco substitutes, base metals and articles of base of other fibrous cellulosic material, recovered (waste and scrap) paper or paperboard, paper and paperboard and article thereof, machinery and mechanical appliances, electrical equipment, parts thereof, sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles.

http://www.irna.ir/en/news/view/menu...2531180255.htm
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Old July 31st, 2006, 08:55 AM   #10
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Bangladesh Economy Shifting From Agriculture, Growing Steadily

The economy of Bangladesh is moving away from farming toward industry and providing services like banking and telecommunications, while growing steadily at a faster pace than other developing countries, according to a U.N. report released Thursday.

"The biggest challenge will be to create more jobs outside agriculture," Debapriyo Bhattacharya of the Center for Policy Dialogue, an independent think tank, told reporters while analyzing the Least Developed Countries Report 2006.

The report was prepared by the United Nations Conference on Trade and Development, or UNCTAD, and deals with developing the productive capacities of the world's 50 poorest nations, mostly in Asia and Africa.

Bangladesh's per capita gross domestic product in 2004 was US$408 (euro355), compared to the US$349 (euro303) average for least developed countries.

A traditionally agricultural society, Bangladesh's production base is now tilting toward manufacturing and service sectors, Bhattacharya said.

About 54 percent of the populous nation's labor force is now working in non-agriculture sectors -- compared to 71 percent two decades ago. Services like banking and telecommunications -- particularly mobile telephone networks -- saw the highest growth and investments, Bhattacharya said.

Between 2000-2004, Bangladesh's gross domestic product grew at an average annual rate of 5.1 -- slightly higher than the 5 percent average for other poor countries, the U.N. report said.

"Bangladesh's growth rates have been higher than that of developing countries," Bhattacharya said.

Bangladeshi exports also increased, accounting for nearly 10 percent of the total merchandise exports from poor countries, the report said.

"Bangladesh is the only non-oil exporting country that saw a rise in its merchandise exports between 2003-04," Bhattacharya said.

Bangladesh, a natural disaster-prone nation of 144 million people, also enjoyed improvements in social sectors like public health, primary school attendance and life expectancy -- with lower birth and death rates, the report said.

But the country's future challenges include increasing GDP growth rates to at least 7.5 percent, diversifying export products and markets, creating more jobs in non-agriculture sectors and improving labor productivity, Bhattacharya said.

http://biz.yahoo.com/ap/060720/bangl...nomy.html?.v=1
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Old July 31st, 2006, 08:40 PM   #11
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Bangladesh, UAE for joint business council


Bangladesh and United Arab Emirates (UAE) will consider setting up a joint commission and a joint business council to promote bilateral trade and investment.

"A Joint Commission with UAE will be something in the right direction," Commerce Minister Hafizuddin Ahmed told a visiting delegation from the UAE who met the minister at his office yesterday.

"The business council will be mutually beneficial for sourcing goods as global corporate bodies are stationed in Dubai," said UAE delegation leader Khalifa Mohammed Abdul Aziz Rubaya Al Muhairi, also a Board member of Abu Dhabi Chamber of Commerce and Industry (ADCCI).

The commerce minister, however, requested the delegation to submit a formal proposal on the business council or joint chamber body so that Bangladesh could consider it officially.

He stressed the need for frequent exchanges of trade delegations between the two countries to establish wider contact among the businessmen.

The minister invited UAE businessmen to invest in the prospective sectors of Bangladesh taking advantage of the EPZ facilities. He also assured them that Bangladesh would consider UAE's request to facilitate them with special area exclusively for UAE investment.

The UAE delegation apprised the minister of their investment interest in aviation and tourism sectors. They also sought clear parameters for their investments.

The UAE business delegation also expressed interest in pharmaceutical products of Bangladesh as they visited a Beximco plant in Gazipur yesterday.

The delegation showed special interest in the company's high-tech specialised products like inhalers, nasal sprays, suppositories, injectables and IV fluids (Saline), said a corporate release.

Visiting different production lines and installations of Beximco Pharma plant, the UAE business team appreciated the quality, absolutely sterile environment and minimum human contact in producing drugs at the plant.

They also visited the state-of-the-art IV Fluid plant, Metered Dose Inhaler (MDI) plant and new USFDA standard Oral Solid Dosage (OSD) plant.

Beximco Pharma, a leading drug manufacturer and the largest pharmaceutical exporter of Bangladesh, provides technical know-how to its importers and also offers contract-manufacturing facilities to the multinational companies.

Calling on also Foreign Minister M Morshed Khan at his office, the UAE delegation discussed issues relating to economic cooperation between Bangladesh and the UAE.

The minister apprised them of the country's attractive investment climate, cheap labour and efficient private sector.

"There are enormous scopes to cooperate with each other in economic fields as well as joint venture initiatives in Bangladesh for mutual benefit of the two peoples," he told the delegation, which showed investment interest in Bangladesh.

They were interested in increasing air frequencies between Bangladesh and Abu Dhabi, especially for Etihad, an airline of their country.

They requested the minister for his support for establishment of air connectivity to Chittagong.

The UAE business delegation also visited the Dhaka Export Processing Zone (DEPZ) and appreciated its security, production-friendly atmosphere and incentive package, said a press release.

http://www.thedailystar.net/2006/08/01/d60801050273.htm
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Old August 1st, 2006, 10:14 PM   #12
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$11.50b export target fixed for FY07
Md Hasan

On the back of a huge success in export earning in the last fiscal year, the Export Promotion Bureau (EPB) has fixed $11.50 billion export target for the fiscal year 2006-07.
The EPB has also fixed $13.11 billion and $15.21 billion targets for the fiscal years 2007-08 and 2008-09.

The export target for the current fiscal year is around $1.34 billion more than that in the last fiscal year.

According to EPB data, the country's export saw the highest-ever surge in terms of volume in FY06, fetching around $1.8 billion more over the previous year. The $10.5 billion export earning also exceeded the target of $10.16 billion in FY06. In fiscal 2004-05, the country bagged $8.65 billion exports.

"The achievement in the last fiscal year gives us the confidence. Outstanding performances by some major exporting sectors such as RMG and leather and leather goods also inspire us to set the target," said Mir Shahabuddin Mohammad, vice chairman of EPB.


He said, "The target is not ambitious. The target is based on economic growth and international market trends."

Besides, safeguard measures imposed by the US against Chinese products until 2008 will also help increase Bangladesh's exports, he hoped.

To achieve the target, the EPB vice-chairman said, the government should give more priority to ceramic, pharmaceuticals, melamine, light engineering, plastic, agro-based products and shrimp.

As per the target, export performance in the next three years has to grow 13.20 per cent, 14 per cent and 15.9 per cent.

He said, "Bangladeshi exporters have become more aware about the trend of international market. So, it is not impossible to reach the target."

Besides, investment in the RMG sector increased substantially, which may result in higher export growth in the current fiscal, he added.

"We have the confidence to achieve more in the coming year if the government support to the RMG sector continues," said Fazlul Haq, president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA).

According to EPB data, the US remained the single largest destination for Bangladeshi goods fetching around $3 billion in FY 2005-06. Around 52 per cent of the total earning came from the EU countries.

The EBP vice-chairman said, "We have to diversify our export market to increase earning."

Citing an example, he said Malaysia has 42 trade facilitation offices around the world, which helps the country post tremendous export growth. He said, "Along with our foreign missions we have to launch this type of trade promotional offices to promote Bangladeshi goods."


http://www.thedailystar.net/2006/08/02/d60802050164.htm
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Old August 2nd, 2006, 09:07 PM   #13
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Export from EPZs rises18pc to $1.8 billion in FY’06

The Exports from the Export Processing Zones rose by 18.23 per cent to $1830 million during the 2005-06 fiscal, compared to the corresponding period of the previous fiscal.
According to the Bangladesh Export Processing Zones Authority, exports by EPZs fetched $1549 million during the 2004-05 fiscal that contributed 17.90 per cent of country’s total export.
Garments, textile, terry-towels, caps, tents, electronics and footwear and leather were major exporting items from EPZs.
The general manager of DEPZ, AZM Azizur Rahman, said Chittagong and Dhaka EPZs still hold more than 90 per cent of total exports from all EPZs. Chittagong and Dhaka EPZs fetched $6802 million and $4776 million respectively up to May 2006 .
According to the BEPZA, total investment in all EPZs rose $91 million during the July-May period of the last fiscal.
The total investment of all EPZs was $119 million in the 2004-05 fiscal. It was the highest investment so far in a single year.
An official of BEPZA said, ‘We approved 36 industries that invested $543 million in different EPZs during the last fiscal. Of them, 20 were foreign investors, 10 were local investors and other six belong to join ventures’.
He said some of the factories have started production.
According to the BEPZA, about 1,76,000 workers have been employed in the all EPZs in the last fiscal year.
The government established seven EPZs which are now functioning. Karnaphuli EPZ is now under the implementation stage.

http://www.newagebd.com/busi.html
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Old August 3rd, 2006, 09:09 PM   #14
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Dhaka Stock Exchange ends a hot week

Dhaka stocks ended a hot week Thursday with turnover gaining 109.53 per cent in volume over the previous week’s close.
The Dhaka Stock Exchange turnover hit a 16-month high of Tk 45.15 crore on Wednesday.
The gains that reversed a prolonged bearish trend since the second half of 2005 were generally attributed to pre-election investment spree, coupled with a series of positive corporate results and a relatively peaceful political environment.
Some insiders, however, related the gains to the recent remarks of the corruption watchdog’s chief, which might have driven a good chunk of untaxed money into the market.
The Anti-Corruption Commission chairman, Justice Sultan Hossain Khan, told a lawyers’ audience on July 30 that black money holders, even those who had whitened their money by paying a minimal tax, would not be spared from the action against corruption.
Sources of the money would be unearthed and actions taken against those who possessed it, he warned.
Throughout the week, the market saw a number of companies announcing positive half-yearly earnings. The peaceful end of political programmes, which created a lot of apprehensions among cautious investors, brought many of them back to usual trading.
Liquidity situation on the stock market also improved in recent times as the inter-bank call money rate eased, added a stockbroker.
Turnover on the DSE rose to Tk 48.05 crore on Thursday.
DSE general index gained 23.92 points or 1.64 per cent to close at 1480.74 on the week’s last trading day. In last three days, the index advanced by 73.93 points or 5.26 per cent.
DSE20 index went up by 15.55 points or 1.09 per cent to close at 1444.48. The blue chips index gained 65.30 points or 4.73 per cent in last three days.
Around 26.26 million shares and debentures worth Tk 203.82 crore were traded on the prime bourse last week while around 12.53 million shares and debentures worth Tk 123.12 crore changed hand in the previous week.
DSE general, DSE20 and All Share Price index gained 81.03 points or 5.79 per cent, 74.30 points or 5.42 per cent and 57.64 points or 5.19 per cent respectively.

http://www.newagebd.com/busi.html
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Old August 4th, 2006, 02:07 AM   #15
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13.56 pc revenue growth in 2005-06

The revenue growth for fiscal 2005-06 has been registered at 13.56 per cent against the previous fiscal year (2004-05), reports BSS.

According to National Board of Revenue (NBR), a total of Taka 33,960.53 crore has been collected as revenue for the last fiscal year, which is Taka 4,055.41 crore more than the previous fiscal. The revenue collection for fiscal 2004-05 was Taka 29,905.12 crore.

The statistics were presented at the 22nd meeting of the Parliamentary Standing Committee on the Finance Ministry at the Sangsad Bhaban in Dhaka on Tuesday.

The meeting was informed that the total asset value of the banking sector reached Taka 2,39,300 crore, of which the nationalized commercial banks (NCBs) accounted for 38.17 percent.

Thirty private sector banks, nine foreign banks and five financial institutions had the rest 57.83 percent assets. There are 48 scheduled commercial banks and financial institutions in the country.

Presided over by chairman of the committee Mushfiqur Rahman the meeting was attended by its members Mohammad Saidul Haque, AM Riasat Ali Biswas, Mohammad Azizur Rahman Chowdhury, Mohammad Habibul Islam Habib and Abdul Kaleque.

Governor of Bangladesh Bank Dr Salehuddin Ahmed, Deputy Governor Mohammad Rumi Ali, Finance Secretary Siddiqur Rahman and ssenior officials concerned were present.

The meeting was told that the central bank has continued off-site and onsite monitoring systems adding `sensitivity to market risk' and introducing `camel rating'.

Under these systems, four banks, the Oriental Bank Ltd, the First Security Bank Ltd, the Bangladesh Commerce Bank Ltd and the Social Investment Bank Ltd, have been identified as problem banks.

The meeting was told that the revenue from customs, duty, VAT and supplementary duty stood at Taka 15,273 crore during the last year. The revenue from local level was Taka 11,270 crore against the target of Taka 11,040 crore marking a growth of 25.73 percent during the fiscal 2005-06.

Revenue collection from income tax sector was Taka 7,141.56 crore against the target of Taka 6,960 crore during the same fiscal year, according to the statistics given at the meeting.

The target for revenue collection in the current fiscal year (2006-07) has been fixed at Taka 41,055 crore

http://www.bangladeshobserveronline....3/economic.htm
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Old August 4th, 2006, 09:06 PM   #16
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Bangladesh, Cambodia sign deal to boost trade, investment

A trade agreement was signed with Cambodia on Friday. Senior Minister of Commerce of Cambodia Dr Cham Prasidh and Bangladesh ambassador to Thailand and Cambodia Shahed Akhtar signed the agreement, said a press release.
The trade agreement would help expand and strengthen trade relations further between the two countries. It will also establish the principles of equality and mutual benefit.
Bangladesh is exporting readymade garments, footwear and leather goods, knitwear, pharmaceuticals, tableware, home linen, textiles, sea foods and marine products, tea, potato, jute and jute goods, light engineering products, spices, cosmetics, ceramic and melamine products, and toiletries to Cambodia.
It is also importing goods, including cotton, edible oil, fertilizer, clinker, staple fibre, yarn and capital machinery from Cambodia.
Ambassador Shahed Akhtar and Economic Counsellor of Bangladesh Embassy Eakub Ali held several meetings with senior officials of the Ministry of Commerce of the Royal Cambodian government and the Cambodian Chamber of Commerce besides prominent business representatives.
The Cambodian businessmen showed interest in enhancing imports from Bangladesh. They also discussed signing of an MOU between the chambers of Bangladesh and Cambodia. The Cambodian Chamber of Commerce informed that a delegation would visit Bangladesh very soon.

http://www.newagebd.com/busi.html
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Old August 5th, 2006, 08:26 PM   #17
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FBCCI, Ukraine chamber to set up business council

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Ukrainian Chamber of Commerce and Industry (UCCI) yesterday signed an agreement to establish a joint business council aiming to promote trade and economic cooperation between the two countries.

FBCCI President Mir Nasir Hossain inked the agreement signed by UCCI President Serhiy Skrypchenko earlier for their respective sides. Association of Humanitarian, Cultural and Economic Relations of Ukraine's Bangladesh President V Shevelev was present on behalf of the UCCI president.

The agreement will remain in effect for two years and be extended for another two-year period unless either party notified the other of its intention to terminate the deal.

Under the agreement, the two countries will exchange information regarding trade, economic cooperation and services.

Appropriate materials necessary for securing the objectives of the Joint Business Council will also be exchanged.

They will submit recommendations necessary for promoting economic relations between the two countries to the respective governments if considered desirable by other chapter in that country.

Arranging business missions to the other party and receiving businessmen when considered appropriate is also stipulated in the umbrella accord.

During discussion at the meeting, the FBCCI president invited Ukrainian investors to invest in Bangladesh.

"Currently, Bangladesh-Ukraine economic cooperation falls far below its potential. During 2004-05, our bilateral trade registered US$ 42.85 million only," he said.

Bangladesh exports dry foods, jute yarn and twine, and tea in bulk while imports vehicles, vessels, live animals, machinery and mechanical appliances.

"There are several opportunities for Ukrainian companies in our market, especially in the sector of machine-building, iron and steel. Exchange of scientific expertise and technology, packaging finished products are potential fields for cooperation," the FBCCI president mentioned.

Nasir also emphasized the kickoff of Bangla-Ukrainian cooperation in pharmaceutical sector and direct flight between the two countries to boost economic activities.

The Association of Humanitarian, Cultural, Economic Relations Ukraine and Bangladesh President, V Shevelev, expressed his interest in investing in the energy sector.

http://www.thedailystar.net/2006/08/06/d60806050256.htm
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Old August 6th, 2006, 01:17 AM   #18
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3 years old BBC News:

BMW defies Dhaka's potholes

By Alastair Lawson-Tancred
In Dhaka

The sight of luxury BMW cars negotiating their way through the pot-holed and notoriously crowded streets of Bangladesh may seem a little incongruous.

But ever since the German car firm opened its Dhaka showroom last week, interest in the vehicles has soared.

Those peering through the showroom windows aren't just bemused rickshaw pullers marvelling at the wonders of German engineering.

At least 50 vehicles have been sold - from $70,000 to $270,000 apiece - since BMW announced it was planning to move into Bangladesh at the beginning of this year.

"We have been amazed at the level of interest," says sales executive Anis Khan. "And it's not just from inquisitive members of the public.

"We have had enquiries from a wide range of people including businessmen, industrialists and the odd politician."

Driven to destruction

All this seems odd in a country where there are few roads in good enough condition to go faster than 50 miles an hour, and where few cars emerge undented from the notorious traffic jams.

On practically every Bangladeshi road there is a frightening competition for space between rickshaws, cars, buses and lorries.

There is no highway code as such. The few traffic lights that work are routinely ignored, and everywhere there are the famous potholes - into which, it is rumoured, pedestrians have been known to disappear.

It doesn't exactly seem the dream market for luxury cars, and yet BMW is the latest of a long line of manufacturers to realise that middle class Bangladeshi spending power can no longer be ignored.

It is now possible to buy the latest Mercedes, Volvos and Mitsubishis from dealers whose premises are every bit as upmarket as the BMW showroom.

"We have to remember that the overwhelming majority of people buying these vehicles won't actually drive them," said Mr Khan.

"They will have drivers who are paid to negotiate the horrors of Dhaka's traffic."

Barmy about BMW

One satisfied customer is businessman Henry Choudhury.

"For me these cars are the best. They're smooth running, efficient and have comfortable seats.

"I realise there's a danger they may get scraped and dented but I've told my driver Morshed that he will get a bonus for every month that he can keep it unscathed."

In fact, business for Dhaka's luxury car dealers is so brisk that demand is now starting to out stretch supply. Many are now selling their vehicles to customers through brochures, which can mean a delay of several weeks for the car to be shipped to Bangladesh.

And while some may feel frustrated at not being able to take immediate possession of their vehicle, they can at least take consolation in the wide range of BMW accessories on sale - from T-shirts to mugs, wallets key rings and travel bags.

The biggest seller? A BMW umbrella, regarded by many wealthy Dhakaites as the ultimate monsoon fashion statement.

http://news.bbc.co.uk/2/hi/business/3092805.stm
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Old August 6th, 2006, 10:01 PM   #19
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Dhaka stocks extend gains

Dhaka stocks maintained gaining streak for the fourth consecutive day on Sunday with turnover touching Tk 52.72 crore, highest since March 9, 2005.
The turnover on the prime bourse hit a 16-month high of Tk 45.15 crore last Wednesday.
The Securities and Exchange Commission chairman, Faruq Ahmad Siddiqi, told New Age on Sunday that good corporate results and the improved
political environment were behind the recent rise in the share prices and turnover on the bourses.
Recently the stock market has been coming out of a long-standing depression, he said.
‘So far we do not get any evidence of any manipulative move behind the rise. However, we are closely monitoring the situation,’ said the capital market watchdog’s chief.
‘Stock market has achieved buoyancy in recent time due to the buying spree from a good number of new institutional investors as well as existing ones,’ said Moin Al Kashem, a stock market analyst.
Low prices of the shares, positive half-yearly earnings reported by most of the companies and relatively peaceful political environment have prompted the large investors to make pre-election investment in the share market, he said.
Recent gains reversed a prolonged bearish trend in the stock market since the second half of 2005.
Moin said rise in the share prices also attracted the small investors and brought many of them back to usual trading.
Liquidity situation on the stock market also improved in recent times as the inter-bank call money rate eased, he also said, forecasting a seesaw movement ahead of the next general election.
Some insiders related the gains to the recent remarks of the corruption watchdog’s chief, warning that the black money holders would not be spared even after legalising money by paying minimum tax.
The strong message might have driven a good chunk of untaxed money into the market, they believe.
Recent rise is normal as the market has bounced back after a long bearish trend, they, however, said.
DSE general index gained 13.72 points or 0.93 per cent to close at 1494.46 on Sunday. In last four trading days, the index advanced by 87.65 points or 6.23 per cent.
DSE20 index, comprising of blue chips, however, shed 11.89 points or 0.82 per cent to close at 1432.59.
Before Sunday’s fall, the index gained 73.93 points or 5.26 per cent in three days.
A total of 204 issues were traded on the DSE on Sunday. Of them, 109 issues advanced, 79 declined and 16 remained unchanged.

http://www.newagebd.com/busi.html
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Old August 7th, 2006, 04:35 AM   #20
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Dhaka-Phnom Penh sign trade agreement

A trade agreement between Bangladesh and Cambodia was signed in Phnom Penh on August 4.

Senior Minister for Commerce of Cambodia Dr Cham Prasidh and Bangladesh Ambassador to Thailand and Cambodia Shahed Akhter signed the agreement on behalf of the respective governments, an official of the Commerce Ministry said.

Bangladesh’s major export items to Cambodia are—readymade garment, footwear and leather goods, knitwear, pharmaceuticals, table wear, home linen, textile, seafood and marine products, tea, potato, jute and jute goods, light engineering products, spices, cosmetics, ceramic, melamine products and toiletries.

Major import items from Cambodia are—cotton, edible oil, fertilizer, clinker, staple fiber, yarn and capital machinery.

Sources said, the trade agreement would help in further expanding and strengthening trade relations between the two countries.

The agreement will establish the principles of equality and mutual benefit and most favored nation treatment for enhancing economic developments in the two countries.

According to sources, both the countries will take appropriate measures to facilitate, strengthen, consolidate and diversify the trade on a long term and stable basis.

Cambodian businessmen showed interest to enhance imports from Bangladesh, sources said. They also discussed signing of an MOU between the Chambers of Bangladesh and Cambodia.

Leaders of the Cambodian Chambers of Commerce informed the Bangladesh Ambassador that a business delegation team would soon visit Dhaka, sources said.

http://nation.ittefaq.com/artman/pub...le_29744.shtml
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