Exports to South Korea tripled in 5 years on duty benefits

Exports from Bangladesh to South Korea nearly tripled over the past five years thanks to duty-free benefits and a push by exporters to explore the world’s 13th largest economy and thereby diversify their export destinations. Annual exports to Korea had hovered between $200 million and $300 million in the five years up till fiscal year (FY) 2016-17. Exports started rising the following year, crossing the half-a-billion-dollar mark to reach a decade-high in FY22. Then, in FY23, exports to the East Asian nation soared 18 percent year-on-year to $624 million. The uptick in shipments continued in the first half of the current fiscal year, growing 7 percent year-on-year to more than $330 million, according to the Export Promotion Bureau (EPB). Besides, the government’s policy support in the form of a 4 percent cash incentive on exports to new markets encouraged manufacturers until December 31 last year. However, the rate was reduced to 3 percent from January 1 this year.

Source: https://www.thedailystar.net/business/economy/news/exports-south-korea-tripled-5-years-duty-benefits-3543071

 Tk24,865cr investment proposals received in Oct-Dec

The country received investment proposals worth Tk24,865.16 crore from some 281 industrial units during October-December, 2023. These 281 industrial units were registered with the Bangladesh Investment Development Authority (Bida) during this period. According to a press release of the Bida, Tk20,924.09 crore came as local investment proposals while Tk3,941.07 crore were foreign investment proposals. Out of the 281 industrial units, some 243 industrial units are local, some 19 units are foreign while 19 industrial units are in joint ventures.

Source: https://www.tbsnews.net/economy/tk24865cr-investment-proposals-received-oct-dec-bida-792114

 Bangladesh gets world-first LEED ‘Platinum Spinning Factory’

Another factory in Bangladesh has been awarded the LEED certification from the United States Green Building Council (USGBC). With this, the number of green factories in the country rose to 207. Shah Fatehullah Textile Mills Ltd (SHAFTEX) factory located in Narayanganj secured a platinum rating, with a score of 87, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Before awarding the LEED certification, the USGBC considers several criteria, such as transformation performance, energy, water, and waste management. With the capacity of 60,000 spindles the spinning mill daily production will be 40,000 KGS yarn including 100% Cotton Combed Compact, 100% Cotton Card Compact, CVC, PC, 100% Viscose, 100% Spun Polyester.

Source: https://www.tbsnews.net/economy/rmg/bangladesh-gets-another-leed-certified-green-factory-791994