Bangladesh Economy

Remittance earning crucial for economic growth: opinion

noreply@blogger.com (Firoz Zaman) — Mon, 16 Jan 2012 02:48:00 PST

Since 1976, remittance earnings have been playing a significant role in the economic development of Bangladesh. The role of inward remittance on the economy has in fact been gradually increasing during the last two decades. It is now considered as a major influencing factor over the economic policy-making process of our country. The increasing flow of remittance has been reducing Bangladesh's external aid dependency. The growing formal inflow of remittance alone is currently equivalent to more than 50 per cent of total government revenue collection. The increasing importance of remittance...

WB need to hold more talks on Padma Bridge: Goldstein

noreply@blogger.com (Firoz Zaman) — Thu, 12 Jan 2012 03:20:00 PST

WB country director Ellen Goldstein, who earlier on the day met with the finance minister, in a statement also said the Bank would give a decision on the Padma Bridge funding within this month. Finance Minister AMA Muhith Wednesday said he was optimistic about a favourable decision coming from the World Bank (WB) on the release of its committed fund for the Padma Bridge at the end of the current month. The decision of WB in disbursing the pledged fund is now pending with its President, Muhith added. "I am expecting a favourable decision at the end of the current month so far as...

Looks back 2011 for Bangladesh Economy

noreply@blogger.com (Firoz Zaman) — Mon, 09 Jan 2012 03:12:00 PST

Bangladesh cheered 40 years of Independence in 2011. So far there have been few efforts to rouse the masses, though the government did confer a posthumous prize last week on Indira Gandhi, as a way of crediting India for helping create Bangladesh in 1971. Bangladesh’s birth—the secession of the eastern part of Pakistan from the western bit—was painful and bloody. No one is sure how many people died: the total was perhaps in the hundreds of thousands, though the wildest estimates talk of millions of deaths and of attempted genocide on the part of Pakistan. In March 1971 Pakistan’s army...

Bangladesh improving business environment: WB

noreply@blogger.com (Firoz Zaman) — Thu, 20 Oct 2011 04:37:00 PDT

Bangladesh is constantly improving the environment of doing business with various measures including expediting the process of approving new venture, strengthening of the regulatory measures to protect investment and easing the credit facility, a new report of World Bank (WB) and the International Finance Corporation (IFC) said. The report, "Doing Business 2012," released today, assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. Bangladesh...

Malayasia proposes financing Padma Bridge

noreply@blogger.com (Firoz Zaman) — Thu, 20 Oct 2011 04:35:00 PDT

The Malaysian government today proposed financing for construction of the much-awaited Padma Bridge. Visiting Special Envoy of Malaysian government Dato Seri S Samy Vellu gave the proposal in a meeting with Prime Minister Sheikh Hasina at her official residence Gonobhaban here today. PM's press secretary Abul Kalam Azad said Malaysian government requested Bangladesh to provide scheme design of the bridge and construction plan. Azad said the Malaysian envoy proposed giving soft loan for the 6.15 kilometre bridge primarily. The Malaysian proposal came against the backdrop of the World...

Inflation management is the biggest challenge

noreply@blogger.com (Firoz Zaman) — Thu, 20 Oct 2011 04:23:00 PDT

From the Financial Express: Inflation management is the biggest challenge Bangladesh faces a tougher challenge in bringing down burgeoning inflation. The latest Bangladesh Bureau of Statistics (BBS) data shows that inflation had increased to 11.97 per cent (on point-to-point or monthly count) in September, the highest in 10 years. Food inflation, which was 12.7 per cent in August, had increased to 13.75 per cent in September while food inflation in urban areas had increased to 14.69 per cent in the same month from 12.94 per cent in August. The government in the budget for the current...

ECNEC approved 8 development projects

noreply@blogger.com (Firoz Zaman) — Tue, 11 Oct 2011 22:00:00 PDT

The Executive Committee of the National Economic Council (ECNEC) approved eight development projects involving Taka 1,293 crore at ECNEC meeting in the NEC conference room on October 11. It includes Dhaka Urban Infrastructure Improvements (DUII) project at a cost of Taka 173 crore for the development of road and infrastructures in Dhaka city. The other seven projects approved at the meeting are: Integrated Agricultural Productivity Project (IAPP) of Taka 500 crore, Repairing and Modernization of 11 Vocational Training Centers of Taka 42 crore, Construction of Bangladesh Film...

Laptop 'Doel' unveiled with four different models

noreply@blogger.com (Firoz Zaman) — Tue, 11 Oct 2011 21:28:00 PDT

Laptop branded as 'Doel', the extremely lightweight notebook unveiled on October 11, in Dhaka. Prime Minister Sheikh Hasina unveiled the the government plan while inaugurating the distribution and marketing of locally manufactured laptop Doel with four different models at a function. This laptop at a very low price containing the school textbooks of all subject manufacturered by a government project. Bangladesh Telephone Shilpa Sangstha (TSS) under the Ministry of Post and Telecommunications in collaboration with private company 2M Corporation brought four brands of 'Doel' in the...

Apparel exporters expects $3b export to India

noreply@blogger.com (Firoz Zaman) — Tue, 11 Oct 2011 20:44:00 PDT

Encouraged by the duty-free access to Indian apparel market, Bangladeshi readymade garment (RMG) exporters are expecting to fetch about three billion US dollars from the Indian apparel market of US$30b. Business leaders said local exporters have already started RMG export to India after it offered duty and quota-free market access of 46 Bangladeshi textile products during its Prime Minister Manmohan Singh's September 6-7 Dhaka visit. "There're no guidelines on Bangladesh's garment export to Indian market with regard to tariff facility as it is a matter of business people," Abdul Matlub...

Tax rebate on donation to education, health sector

noreply@blogger.com (Firoz Zaman) — Tue, 11 Oct 2011 20:14:00 PDT

Bangladesh government is giving utmost importance to education, especially science and technology-based education for the development of the country, said the Prime Minister Sheikh Hasina when a delegation of Moulana Bhasani Science and Technology University met her office on October 11. BSS reports: PM stresses science and technology-based education Sheikh Hasina said an Education Assistance Trust Fund with an amount of Taka 1,000 crore has been set up to help the poor and meritorious students to continue their studies up to degree...

Padma Bridge Project on hold as uncertainty rules

noreply@blogger.com (Firoz Zaman) — Mon, 10 Oct 2011 05:02:00 PDT

The World Bank demands the government to probe alleged irregularities in the appointment of a consultant for the Padma Bridge project, Finance Minister AMA Muhith said on October 9. The bdnews24.com live reports: Padma bridge project on hold The World Bank has temporarily suspended its funding for the Padma bridge project following charges of corruption. Finance Minister Abul Maal Abdul Muhith inform journalists of the WB move on Monday, saying,"The government will investigate into the allegations of corruption." The World Bank has promised...

Japan plans $700m support for SMEs

noreply@blogger.com (Firoz Zaman) — Sun, 09 Oct 2011 22:52:00 PDT

From BSS: Japan plans $700m support for SMEs: JICA chief Japan plans to provide Bangladesh with 700 million US dollar to flourish Small and Medium Enterprises (SMEs) for human resources development, Toda Takao, Chief Representative of Japan International Cooperation Agency (JICA), said on October 9 in Dhaka. "We are very much keen to provide US$700m to Bangladesh for the growth of SMEs relating to Japanese companies which are operating here . . . the funds will be disbursed through Bangladesh Bank via commercial banks," Takao said. The JICA chief was talking to BSS prior to...

UK MP for business atmosphere to attract expatriates investment

noreply@blogger.com (Firoz Zaman) — Sun, 09 Oct 2011 22:41:00 PDT

Rushanara Ali Rushanara Ali, first UK parliamentarian from British-Bangladeshi community called upon local business leaders of Sylhet on October 9 to create business friendly atmosphere to attract second generation of Bangladeshi expatriates to invest here. You have to ensure business security here so that the second generation of expatriates Bangladeshis can get confidence to invest in the country, she said while speaking at a reception in Sylhet. Sylhet Chamber of Commerce and Industries accorded the reception in honor of the first ever Bangladeshi origin...

BSEC to regard toward product quality

noreply@blogger.com (Firoz Zaman) — Sun, 09 Oct 2011 05:24:00 PDT

Bangladesh Steel and Engineering Corporation (BSEC), first and foremost regard is towards quality in their production. The corporation never compromise on product quality, said its chairman Mohammad Abu Hafiz in a interview to The Daily Star. However, to uphold quality and sustain business, government policy support is needed more, He added. BSEC has earned profits worth Taka 73.77 crore in the fiscal 2010-11 when its total sales amounted to Taka 1,119.54 crore. The main products are GIS/ MS/API pipes, transformers, electric cables and conductors, super enameled copper...

Chittagong seaport to access online

noreply@blogger.com (Firoz Zaman) — Sun, 09 Oct 2011 04:35:00 PDT

The Chittagong Port Authority (CPA) will start the computerized container terminal management system on a trial basis from October 10. The Chittagong Port is the principal seaport of Bangladesh handling about 92% of import-export trade of the country. As such importance in the national economy, CPA is about to welcome the new chapter of technology based management system to improve their performance. The contry's economy will be benefitted from automated container management system benefits in three ways. It saves time and money, users get...

Over rising Inflation, BoP Pressure to be concerned: Economists

noreply@blogger.com (Firoz Zaman) — Fri, 07 Oct 2011 00:58:00 PDT

The growing inflation and the emerging pressure on the country's Balance of Payments (BoP) should be considered in serious need of ensuring price stability and achieve the targeted growth rate of Gross Domestic Product (GDP) in order to attain the desired level of development, said leading economists of the country at a dialogue in Dhaka on October 6. They said that emerging pressure on the Balance of Payments (BoP) occurred in imports of capital machineries and additional quantity of fuel for rental power plants....

3rd D-8 ministerial meeting on industry in Dhaka next year

noreply@blogger.com (Firoz Zaman) — Fri, 07 Oct 2011 00:11:00 PDT

D-8 is scheduled to hold the third D-8 Ministerial Meeting on Industry to be held next year in Dhaka, Bangladesh. The decision was taken at the concluding session of the the three-day long second D-8 Ministerial Meeting ended on October 6 in Istanbul after the Ministry of Industries of Bangladesh proposed the same. Six industries ministers from Bangladesh, Egypt, Turkey, Nigeria, Indonesia and Iran and ambassadors of Pakistan and Malaysia were present at the meeting. During the last session of D-8 ministerial meeting, Turkey-2011 Declaration was adopted...

Economic losses 6.3pc of GDP for poor sanitation

noreply@blogger.com (Firoz Zaman) — Thu, 06 Oct 2011 07:36:00 PDT

Inadequate sanitation causes of economic losses in Bangladesh totaling US$ 4.22 billion each year, which is equivalent to 6.3 percent of the country's recent Gross Domestic Product (GDP), according to a new report published by the Water and Sanitation Program (WSP) of the World Bank. The report, 'Economic Impacts of Inadequate Sanitation in Bangladesh', is based on evidence on the adverse economic impacts of inadequate sanitation, which include costs associated with death and disease, treating of and accessing to safe water, and losses in education, productivity...

BPDP identifies 3 projects for PPP fund

noreply@blogger.com (Firoz Zaman) — Thu, 06 Oct 2011 07:32:00 PDT

Bangladesh Power Development Board (BPDB) has identify three projects to be financed on Public Private Partnership (PPP) basis. "Sirajganj 450-MW, Bangladesh-India joint venture coal fired 1320-MW and 150- MW RPCL-PDB joint venture (duel fuel) power projects were selected for this PPP fund and we will submit the proposal to BOI (Board of Investment) soon," a top official of BPDB told BSS today. To implement the government's mega plan in power sector to produce 7000-MW within next three years, the government in the last week formed a public limited company (PLC) to run the power and energy...

Climate4Classrooms launched in Bangladesh

noreply@blogger.com (Firoz Zaman) — Wed, 05 Oct 2011 06:09:00 PDT

Climate4Classrooms website launched in Bangladesh as a guide and comprehensive introduction to climate change in Bangla. State Minister for Environment and Forest Dr Hasan Mahmud launched the website at a function in Dhaka. To view the launched site, check out: http://bd.climate4classrooms.org/ Climate4Classrooms Bangla Website British Council, Wild Eye and Standard Chartered Bank jointly launched the website and the road show. Both the initiatives will reveal young people experiences on the impacts of climate change in Bangladesh despite having a limited understanding of the key facts...

Swiss support for migrant worker's rights

noreply@blogger.com (Firoz Zaman) — Wed, 05 Oct 2011 05:55:00 PDT

Switzerland is to provide Bangladesh with US$ 3.5 million to help ensure the labour migration process in an organized manner. The fund would be disbursed under a project titled 'Promoting Decent Work through Improved Migration and Policy and its Application in Bangladesh,' a source at the Swiss Embassy here told BSS today. An agreement to this effect was signed between Economic Relations Division (ERD) and Swiss Agency for Development and Cooperation (SDC) at the ERD at Sher-e-Bangla Nagar conference room. Secretary of the Economic Relations Division (ERD) Iqbal Mahmood and Head of...

BHBFC earns profit 13.1p higher in 2010-11

noreply@blogger.com (Firoz Zaman) — Wed, 05 Oct 2011 05:03:00 PDT

Bangladesh House Building Finance Corporation (BHBFC) earned profit of Taka 122.35 crore in 2010-11 financial year and it was 13.10 percent higher than the profit of 2009-10 and, according to the provisional financial statement of this corporation. The public Non-Banking Financial Institution (NBFI) earned Taka 108.8 crore in the 2009-10 financial year. The financial statement showed a steady increase in both lending and loan recovery in the past three financial years. The loan state house financing company disbursed a total of Taka...

UK to double aid to Bangladesh

noreply@blogger.com (Firoz Zaman) — Tue, 04 Oct 2011 00:19:00 PDT

The UK government has announced that it will double its aid to Bangladesh over the next four years, following a major review of UK's global aid programs. From Reuters, Dhaka: Cash-strapped Britain doubles aid to Bangladesh Heavily indebted Britain is going ahead with a plan to double aid to Bangladesh as it tries to head off a confrontation with millions of public sector workers at home over spending cuts and raised taxes. The government is cutting state spending by 81 billion pounds over the next four years to help erase a budget deficit that has peaked at more than 10...

PM announced October 2 National Productivity Day

noreply@blogger.com (Firoz Zaman) — Sun, 02 Oct 2011 23:34:00 PDT

Prime Minister Sheikh Hasina announced that from now on October 2 will be observed as 'National Productivity Day" every year. She announced while inaugurating a conference on productivity movement at Ruposhi Bangla Hotel in Dhaka on October 2. The National Productivity Organization (NPO) and Asian Productivity Organization Society for Bangladesh jointly organized the 'Multilateral Conferences on Productivity Movement in Bangladesh: Strategy for 2021'. The Prime Minister declared productivity as the national movement and called upon all to involve with it to...

NBR to charge 18 pvt ICDs used for illegal trade

noreply@blogger.com (Firoz Zaman) — Sun, 02 Oct 2011 05:56:00 PDT

National Board of Revenue (NBR) reports about illegal operations of 18 private Inland Container Depots (ICDs) and it will be revealed after probe it. These depots are being used by traders to export and import of banned product, according to a report of The Financial Express on October 2. That report titled : NBR report spills the beans about pvt ICDs A report of the Chittagong Customs House (CCH) made the findings last month, highlighting the importance of close surveillance of the ICDs, which were set up by the major industrial groups of the...

Links for 2011-09-28 [del.icio.us]

Thu, 29 Sep 2011 00:00:00 PDT

http://economy-bd.blogspot.com/2011/09/imf-to-suggest-change-in-monetary-and.html
http://economy-bd.blogspot.com/2011/09/dse-general-index-goes-up-down-in-last.html
http://economy-bd.blogspot.com/2011/09/indian-investment-remain-low-level.html
Budget 2011-12 at a glance
Towards Building A Happy, Prosperous and Caring Bangladesh, with this title Finance Minister Abul Maal Abdul Muhith presented on 9 June in Jatiya Sangsad a Taka 163,589 crore national budget for fiscal year (FY) 2011-12 with focus on three major areas - poverty reduction, employment generation and power and energy sector development.
Delicious.com - Discover Yourself!

Links for 2011-05-26 [del.icio.us]

Fri, 27 May 2011 00:00:00 PDT

BRTA Buys 290 Double Decker Buses From Ashok Leyland
Hinduja Group flagship company Ashok Leyland has bagged a $23.3 million order for supply of 290 fully-built double decker buses to Bangladesh Road Transport Corporation (BRTA)

Links for 2011-05-24 [del.icio.us]

Wed, 25 May 2011 00:00:00 PDT

Karmasangsthan Bank Employed Over 7 Lakh Youths
Over seven lakh youths got employment indirectly through funding by the State-owned Karmasangsthan Bank, said Finance Minister Abul Maal Abdul Muhith said in the Jatiya Sangsad on May 23, 2011. The specialised bank, set up in 1998 to create employment, will disburse Tk900 million in the year ending June 30 to nearly 20,000 'unemployed youth' as it sees huge interest for its credit programme.
Muhith To Strict Action against Stock Market Manipulators
Finance Minister Abul Maal Abdul Muhith firmly said on may 23, 2011 stock market manipulators would be brought to book to save the 'golden goose' and protect the interest of 11 lakh sahre investors. While making a statement under Rule 300 in the House, the minister said a vested quarter is out to destabilize the stock market and propagating rumour ahead of the coming budget.
IDB To Sign Deals on Padma Bridge
The Islamic Development Bank president, Ahmad Mohamed Ali, arrived in Dhaka on May 23 (Monday) morning to witness the signing of an agreement with the Bangladesh government under which the IDB will provide $140 million for the Padma Multipurpose Bridge Project.
Nine Months Revenue Collection of Financial Years
Bangladesh government realized Taka 53,043.84 crore as revenue in the first nine months of the current fiscal 2010-11, Finance Minister told in the Jatio Sangsad on May 23, 2011. The government has undertaken various measures to expedite realization of revenue, he added.