PM to open special economic zone in N’gnaj tomorrow

Prime Minister Sheikh Hasina is scheduled to inaugurate Bangladesh Special Economic Zone (BSEZ) tomorrow (Tuesday).The BSEZ, when fully operational, is expected to draw investment worth $1.5 billion, generating employment for nearly 0.1 million people at the initial stage.The information was disclosed at a views exchange meeting between the Bangladesh Economic Zones Authority (BEZA) and the Development Journalist Forum of Bangladesh at the BEZA headquarters in the city’s Agargaon area on Sunday.BEZA Executive Chairman Shaikh Yusuf Harun presided over the meeting, a statement said.According to it, two Japanese companies – Onda Corporation and NICCA Chemical – will also ink investment deals with the BEZA on Tuesday.Located in Narayanganj’sAraihazar, the BSEZ, which is also known as the Japanese Economic Zone, is expected to draw investment from Japan as well as from other countries.Singer Bangladesh has already begun construction works of its factory there, while the BEZA has signed an agreement with Germany-based Rudolph.

Source: https://thefinancialexpress.com.bd/economy/pm-to-open-special-economic-zone-in-ngnaj-tomorrow-1670209007

As $2.5b import bill looms in Ramadan, BB opens crisis cell

When importers are having trouble opening LCs for daily commodities, the commerce ministry has estimated that $2.5 billion will have to be spent on the import of seven consumer goods to meet the increased demand before the forthcoming month of Ramadan set to begin in April. To keep the LC process smooth in the midst of the prevailing dollar crisis and to ensure the normal supply of daily commodities, the Bangladesh Bank will create a “crisis management cell”, Commerce Minister TipuMunshi said on Sunday.Besides, the commerce ministry will form a coordination committee comprising prominent business persons so that the business community can report its problems to the government, he added while addressing a meeting of the Trade Support Advisory Committee – which consists of private-sector businesspeople and deals with general trade and investment matters including import and export – at the secretariat.Speaking to reporters after the meeting, the commerce minister acknowledged that importers in the country are facing problems in opening LCs.

Source: https://www.tbsnews.net/economy/25b-import-bill-looms-ramadan-bb-opens-crisis-cell-545298

Bangladesh’s RMG export to US rises 51pc

The USA has imported RMG items worth $7.55 billions from Bangladesh during the January-September period of the current year which is around 51 per cent higher compared to the same period of last year.According to the latest statistics from the Office of Textiles and Apparel of the United States, the import of RMG items by the USA from different countries of the world also increased by 34.61 per cent during this nine-month period. Bangladesh has been able to maintain its position as the 3rd largest RMG sourcing country for the USA with a share of 8.54 per cent, reports BSS. Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) MohiuddinRubel said that the interest of USA buyers in procuring RMG items from Bangladesh has increased in recent times due to the various initiatives of the government and the entrepreneur during the Covid-19 period alongside the improved compliance situation in Bangladesh. Besides, the USA has also reduced its import of apparel from China which has also come as a blessing for Bangladesh. According to official data, China is currently the largest source of apparel items for the USA with a share of 22.48 per cent followed by Vietnam in the 2nd position having a market share of 18.51 per cent. 

Source: https://thefinancialexpress.com.bd/economy/bangladeshs-rmg-export-to-us-rises-51pc-1670164416