Export of services earning substantial forex

Bangladesh’s services sector sustains increased export earnings even during this global economic crisis as it posted 6.12-percent growth in the first quarter of the current fiscal, official data show, driven by technology. The country received US$2.01 billion from services export during the July-September period (Q1) of the current fiscal year (FY2023), Export Promotion Bureau (EPB) data showed. In the same period (Jul-Sep) last FY2022, the earnings from the sector was $1.89 billion, according to the EPB data. An FE analysis has found that some services sectors, including telecommunications and information services, travels, financial services and other business travels, have pivoted the export earnings. Exports from education and tourism services dominated the Bangladesh export-earning growth from the overseas market as it posted 62-percent expansion during the Q1 of FY2023 compared to the same period of FY2022. The earnings were worth $92.88 million in the Jul-Sep period from personal travels (education and tourism) against $57.34 million in the same period last FY2022, the EPB data showed. The ICT and telecommunications sector posted an impressive foreign-exchange earning in the FY2023Q1 with 28.58-percent growth in the export.

Source: https://thefinancialexpress.com.bd/economy/export-of-services-earning-substantial-forex-1671332364

‘China now largest FDI source of BD’

China has become the largest FDI (foreign direct investment) source country of Bangladesh in terms of the gross flow of $940 million for fiscal year 2022. It has also ranked top in foreign investors with 104 investors at eight export-processing zones (EPZs), said Song Yang, economic and commercial counsellor of Chinese Embassy, on Saturday. He was addressing the ‘Forum on China-Bangladesh Human Resources Development Cooperation and Reunion of Participants of Chinese Government Training Programmes’ hosted by the embassy at a city hotel. “China has been the largest trading partner of Bangladesh for the past 12 consecutive years,” he said. The trade volume between the two countries increased by 58 per cent last year showing strong resilience of bilateral trade during the Covid-19 pandemic. The training was organised in cooperation of the country’s Commerce Ministry, Academy for International Business Officials, and Yunnan International Centre for Economic and Technical Exchanges. Seventy-three participants from government agencies, enterprises and public institutions have joined the foreign aid training program online since 2020.

Source: https://thefinancialexpress.com.bd/economy/china-now-largest-fdi-source-of-bd-1671331967

Mandatory savings scheme with special benefits for remitters on cards

The Ministry of Expatriates’ Welfare and Overseas Employment is preparing a new policy offering a package of services to migrant workers returning home. The package, aimed at boosting remittance inflow, will include a first-ever compulsory savings scheme along with special benefit packages. The savings scheme will take part of a worker’s remittance to which the government will add an amount. This entire sum will be returned with interest to the remitter when they come back. Expatriates will be able to use this fund for productive investment and business opportunities including business start-up support, access to banking and microcredit after returning home. The policy, The National Reintegration Policy for Migrants, is being prepared for two main reasons – the overall welfare of the expatriates and boosting remittance inflow to beef up the waning foreign exchange reserve, Dr Ahmed Munirus Saleheen, secretary to the Ministry of Expatriates’ Welfare and Overseas Employment, told The Business Standard (TBS).

 Source: https://www.tbsnews.net/bangladesh/mandatory-savings-scheme-special-benefits-remitters-cards-553462