UK offers duty-free access for 92% Bangladeshi exports

After graduating from the Least Developed Country (LDC) status, Bangladesh will get duty-free export facilities for 92% of tariff line products, including ready-made garments (RMG), in the UK market. The UK has also assured Bangladesh of lifting the existing ban on betel leaf export from the country, said sources present at a meeting of the joint working group formed for the expansion of bilateral trade and investment between the two countries. According to commerce ministry data, Bangladesh’s merchandise exports to the UK peaked at $5.3 billion in fiscal year 2022-23 (FY23), up from $4.8 billion in the previous fiscal year, and double the figure from a decade ago when it stood at $2.7 billion. Key export items contributing to this achievement include ready-made garments, frozen food, IT, engineering, leather and jute goods, as well as bicycles. Approximately 80% of the exports comprise knitwear and woven garments.  Bangladesh’s imports from the UK amounted to $380 million during the first 11 months of FY23 till May. It was projected to reach around $450 million by the end of the fiscal year on 30 June.

Source: https://www.tbsnews.net/economy/uk-offers-duty-free-access-92-bangladeshi-exports-679330

Visa opens office in Dhaka

Visa, the American multinational financial services corporation, recently opened an office in Dhaka as part of its “strategic expansion in South Asia”. Visa provides a broad range of services, which include authorisation, clearing, and settlement services for financial institutions and merchants. The company does not issue credit or debit cards, rather its clients are the ones that issue the cards. It makes its profits by selling services as a middleman between financial institutions and merchants. Visa so dominates the market that it has only a handful of big rivals, including Mastercard Inc and American Express Co, as well as digital payments companies like PayPal Holdings Inc.

Source: https://www.thedailystar.net/business/economy/news/visa-opens-office-dhaka-3389846

 DSE gets new MD

The Bangladesh Securities and Exchange Commission (BSEC) has approved ATM Tariquzzaman as managing director of the Dhaka Stock Exchange (DSE) for the next three years. The recommendation to have Tariquzzaman fill the spot was made by the board of directors of the DSE. Tariquzzaman is currently working as an executive director of the BSEC. The approval came in a commission meeting held yesterday at the BSEC office in Dhaka. The top executive position at the DSE has been vacant since last September following the resignation of Tarique Amin Bhuiyan. Earlier, the preceding managing director Kazi Sanaul Huque resigned on October 8, 2020, citing personal reasons.

Source: https://www.thedailystar.net/business/economy/news/dse-gets-new-md-3389796