Three-year export policy drafted
May 25, 2009
The Export Promotion Bureau (EPB) has prepared draft proposals for the 2009-12 export policy with several new recommendations to expedite exports. The present 2006-09 export policy will expire in June. The draft paper includes 156 proposals from business houses, chambers and trade bodies, and government offices. It recommended to the government to offer cash incentives for the export of some items, including plastic products, decoration items, environment-friendly herbal products, buttons made from coconut crust, coir products, toys and products made from bamboo and cane. Read more
Business leaders favour PPP funds
May 25, 2009
Chamber leaders and businessmen think the concept of a public-private partnership (PPP) budget is encouraging, as the local investors would have opportunities to participate in the development of infrastructures for smooth running of businesses. Finance Minister AMA Muhith in his pre-budget parleys with different stakeholders, including FBCCI and MCCI, made an assurance that a substantial amount of fund would be earmarked for PPP in the upcoming budget to execute power and other uplift projects. Read more
Call to raise domestic demand
May 25, 2009
Although the performance of the country’s external sectors including remittance and export is still strong, exporters and economists have warned that the sectors will soon feel the negative impacts of the global financial meltdown. The economists said to avert the recession fallout, measures should be incorporated in the next budget for increasing domestic demand to create employment. Current account balance in the first eight months (July-February) of this fiscal year increased by 172 percent and stood at $816 million against $299 million in the same period of the previous fiscal year. Read more
Canada urges Bangladesh to boost trade volume
May 25, 2009
Canadian High Commissioner in Dhaka Robert McDougall urged yesterday the Bangladeshi entrepreneurs to expand the trade volume with the North American country by tapping the full potential of the local businesses. McDougall said of the total exported items from Bangladesh to Canada, a duty-free market for the country since 2003, 95 percent include garment items. “Bangladesh’s success in garment and textile exports should spread to other sectors in Canada,” he said at a seminar on “Trade and Investment-Canada Bangladesh Initiatives” at Dhaka Chamber of Commerce and Industry (DCCI) office in the capital. Read more
Export, remittance to help fight recession
May 25, 2009
Competitiveness of local exports, strong inflow of remittances and terms-of-trade gains resulting from the collapse in global commodity price will help the country be resilient in the face of recession fallout, a seminar was told yesterday. The seminar also suggested that the government should consider further development of the educational system and infrastructure to safeguard the country’s economy. “The resilience and competitiveness of local exports, strong inflow of remittances and terms-of-trade gains resulting from the collapse in commodity price have meant a better economic performance of Bangladesh. Read more
Footwear a bright spot in dim exports
May 25, 2009
Local leather footwear manufacturers see a better prospect ahead, after an increase in exports by 39 percent in the July-November period of the current fiscal year, which pins a hope of overcoming losses from declining leather exports in the recent months. During the period export earnings from locally made footwear stood at around $85 million, which is a rise from $61 million in the same period of the last fiscal year, according to Export Promotion Bureau (EPB) statistics. Read more
BB boss backs BKMEA’s demand for rate subsidy
May 25, 2009
The central bank governor yesterday backed readymade garment exporters’ demand for subsidy on bank interest rates in the upcoming national budget to combat the global recession fallout. The demand came as the leaders of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) met Bangladesh Bank Governor Dr Atiur Rahman at his office in Dhaka. BKMEA President Fazlul Hoque discussed with the governor the latest situation of the knitwear sector and demanded different banking facilities for the sector. Read more
Bangladesh receives $4.13m export order from APLF-09
May 25, 2009
Bangladesh has received a US$ 4.13 million export order from in the Asia Pacific Leather Fair (APLF) 2009 held in Hong Kong. The Bangladeshi leather goods companies earned confirmed and prospective export order amounting to US$ 0.44 million and 3.69 million respectively for different leather goods including footwear. Apart from this, Bangladeshi companies also had a good number of one to one business meeting with the potential importers/buyers of Hong Kong, China, South Korea, Japan, European and American countries. Read more
Metro Spinning to set up composite textile unit
May 24, 2009
Metro Spinning, a sister concern of Maksons Group, plans to set up an export-oriented composite textile unit, a forward linkage for the yarn maker. The unit will produce finished fabric from yarn in the course of sizing, warping, washing, manufacturing and finishing. The unit will have 87,21,000 yards of fabric in yearly production capacity, officials said. “We are going to set up the composite textile unit equipped with modern machinery and technology as part of our business expansion plans. Read more
Local investment edges down
May 24, 2009
The country has been experiencing a drop of around 0.03 percentage points in investment, both public and private, for the last three years, Bangladesh Bureau of Statistics says. During July-December of the current fiscal year, the central bank data show, industrial term-loan disbursement, a main indicator of investment scenario, also slowed around 8 percent. Economists blame transitional political situation, policy uncertainty and global economic recession for this low investment. This fiscal year’s investment rate came down to 24.18 percent of the gross domestic product (GDP) from 24.21 percent a year earlier.