Bangladesh steps up yarn, fabrics export
Bangladesh has already conquered the international apparel market and is currently the second-largest exporter of garment items worldwide after China with a 6.8 per cent global market share. Although Bangladesh depends on imports for cotton, a key raw material for textile, the country is fast becoming a major source for yarn and fabrics for textile and garment producers. Yarn, fabrics and waste yarn worth $80.48 million were exported from Bangladesh in the July to November period, registering a 38.73 per cent year-on-year growth, according to data from the Export Promotion Bureau. Bangladesh shipped yarn and fabrics worth $154.29 million in the last financial year of 2020-21, up 15.52 per cent year-on-year. Well Group, one of the yarn exporters, ships $7 million to $8 million worth of spun polyester yarn, synthetic, sewing thread and embroidery thread mainly to Turkey. Local spinners and weavers are expanding their capacity to produce man-made fibres because of its growing demand. In the next two years, Bangladesh’s yarn production capacity will see an addition of 2.5 million spindles. Currently, 13.5 million spindles are used to manufacture textile raw materials.
Five more services added to BIDA OSS portal
The Bangladesh Investment Development Authority (Bida) has added five more services to its One Stop Service (OSS) platform, taking the tally of investment-related services provided by the online portal up to 56. As such, a single platform is needed for investors to avail relevant services from various government bodies in a quick, easy and cost-effective way. The Bida executive chairman went on to say that his organisation caters to an average of around 100 service requests each day but the number is increasing continuously. The five new services will come from as many government bodies, namely Bida (recommendation of third ad hoc import registration certificates), the National Board of Revenue (issuance of income tax certificates to foreign citizens), the Department of Import and Export Regulatory Authority (export certificates), Chattogram City Corporation (trade licence), and the Dhaka Chamber of Commerce and Industry (country of origin provision).
Dhaka trade fair begins Jan 1 at new venue
The DITF’s new venue is at the Bangabandhu Bangladesh-China Friendship Exhibition Centre, the country’s biggest multipurpose trade exhibition complex. The centre is made to host various fairs and business-to-business matchmaking sessions that could facilitate domestic and international trade, and thereby advance the economy. The project was taken up by the EPB at a cost of Tk 817 crore. Sitting on more than 26 acres, the two-storey complex has 33,000 square metres of floor space, of which 24,370 square metres are meant to be used for exhibitions. There are also 800 booths for displaying products, the EPB said during the venue’s inauguration in October. Besides, the facility has 7,912 square metres of parking space that could accommodate 1,000 cars. The centre also has a multifunctional hall room with a seating capacity of 473 people alongside a 50-seat conference room. In addition, there are six negotiation rooms, a large cafeteria, an open space for children to play and various amenities. As set by the EPB, foreign companies have to pay $6,500 to hire a small stall at the DITF and $9,000 for a big one. In case of local companies, the lowest rate for a stall is Tk 1.55 lakh while the highest rate is Tk 17 lakh. Some 45 buses of the Bangladesh Road Transport Corporation (BRTC) will provide shuttle service between the DITF and Kuril flyover for both participants and visitors.
New MD & CEO of National Bank
Md. Mehmood Husain has joined National Bank Limited as the Managing Director (MD) and Chief Executive Officer (CEO). Prior to this Mr Mehmood Husain served as the Managing Director and CEO of NRB Bank Limited, President and Managing Director of Bank Asia and Additional Managing Director and Chief Business Officer of Prime Bank. He was also the Independent Director of LankaBangla Finance Limited and LankaBangla Securities Limited and Chairman of LankaBangla Asset Management Company Limited. A postgraduate in economics from Dhaka University, he started his banking career with National Bank as probationary officer in 1984.