Apparel shipments see big jump in August
Bangladesh’s apparel exports registered a 58% year-on-year growth to over $2.5 billion in the first 22 days of August – at a time when the sector’s major export destinations are experiencing record inflation owing to the ongoing war between Russia and Ukraine. The sector enjoyed a whopping 446% growth year-on-year in a single day during the period, but the shipments also witnessed a negative growth of 54% in a day, said sources at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). For the first time, exports to a single country – the USA – are crossing $10 billion. Of this $10 billion, $9 billion came from the RMG sector in FY22, according to the EPB. Walmart, one of the major USA buyers of Bangladesh’s readymade garments, officially announced that they will procure 30% less for the spring season as they have huge unsold inventory.
Daraz to invest Tk1,000cr in Bangladesh in next 3-4 years
Daraz Group will invest Tk1,000 crore in Bangladesh in the next three-four years. In addition to this, boasting a grand shopping experience, the campaign comprises massive discount offers of up to Tk15,000, gamification giveaways, vouchers, payment offers, new user gifts, flash puzzle challenges, exclusive launches, and exceptional EMI facilities. Currently, the share of e-commerce sector in the country’s retail product sales is only 2%, while it is 6% in India and 20% in Indonesia.
Mr. Romo Rouf new chairman of Bank Asia
Mr. Romo Rouf Chowdhury has been elected Chairman of Bank Asia Ltd. in the 479th meeting of the bank’s Board of Directors held on Thursday. Mr Chowdhury is one of the sponsor-shareholders as well as sponsor-directors of Bank Asia Ltd. He is a graduate in Engineering from Durham University, UK. He has more than 30 years of experience as an industrialist. He is one of the successful young entrepreneurs of the country. Currently, Mr Romo Chowdhury holds the position of Chairman of Rancon Group, which has more than 30 subsidiaries, including Rancon Motorbikes Ltd., Rancon Motors Ltd., Rangs Ltd., Rangs Properties Ltd., Rancon Automobiles Ltd., Rancon Oceana Ltd., Rancon Sea Fishing Ltd. and Rancon Electronics Ltd.