Mongla port turns around
Mongla port, the country’s second biggest seaport, has made a strong comeback as it sees an increased arrival of ships, making it a major gateway for Bangladesh’s overseas trade once again. Officials and port users say the opening of the Padma bridge will give a further boost to the port.The monthly arrival of ships, which fell below 10 in 2008, grew several times in recent years. In 2021, 71 vessels arrived at the port every month on average, up from 46 five years ago, showing signs of steady growth in activities thanks to the completion of dredging at the outer bar of a nearly 140-kilometre channel to improve navigability and enable the movement of vessels that require a higher draft.The dredging involving Tk 712 crore was completed in December 2020. And the Mongla Port Authority (MPA) is in process of buying 75 pieces of equipment and machinery to handle cargoes under a Tk 433 crore project. Besides, the port authority is buying six vessels to handle ocean-going ships under another project involving Tk 767 crore.The port has registered 17 per cent annual average growth in ship handling since 2012, while the volume of cargo handling grew 19 per cent over the past decade. It can handle one crore tonnes of cargo, 100,000 twenty-foot equivalent units of containers, and 20,000 cars annually. In 2020-21, cargo handling stood at 1.19 crore tonnes, just double the volume five years ago.
Banks asked to duly provide inland LC data
Bangladesh Bank yesterday asked banks to appropriately provide relevant data of inland letters of credit (LCs) to the online import monitoring system (OIMS). Although the central bank had earlier asked the lenders to submit the data on a regular basis, some have not followed the instruction.Under the inland back-to-back LCs, local businesses import raw materials from exporters staying within the country. The businesses import the items to produce goods, which are usually exported abroad.The lenders now grant “acceptance” to corresponding banks in favour of inland LCs without placing the data on the OIMS.The central bank has asked banks, which purchase the bills, to make payments to exporters after ensuring that the inland bills were available on the OIMS.
Singer Bangladesh expanding to cater to new generation of consumers
Singer has been operating in Bangladesh for 117 years and is growing at a healthy pace. Currently, the company is putting emphasis on brick-and-mortar sales as well as fast-expanding digital commerce in order to serve the current generations.
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