Formal remittance outflow stood at $137m in 2022

Foreigners working in Bangladesh sent home $137 million in 2022, World Bank data showed although analysts believe the exact figure would be much higher since many people from other nations are employed in the country without valid permits. The outflow was up 37 per cent from a year ago when it stood at $100 million, according to the new estimate of the Global Knowledge Partnership on Migration and Development (KNOMAD), an initiative of the Washington-based lender. One of them is the Bangladesh Investment Development Authority, which approved 15,128 applications seeking work permits in 2021-22, up 87.32 per cent from the previous year. The applicants came from 106 countries. The permits are for foreign nationals who are engaged in Bida-registered industrial projects, commercial offices, and other organisations. In 2020, the Transparency International Bangladesh (TIB) said an estimated $3.1 billion was siphoned away every year by foreign nationals employed in the country.

Source: https://www.thedailystar.net/business/economy/news/formal-remittance-outflow-stood-137m-2022-3373736

 BEZA inks deals with two firms to allot land at Bangabandhu Shilpa Nagar

Two companies, with a total investment of around US$42 million, signed land allotment agreements with Bangladesh Economic Zones Authority (BEZA) to build factories in the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) for manufacturing ceramics and textile chemicals, reports BSS. The companies are X Ceramics Limited and Dysin Advanced Materials Limited. They will set up their factories on 30 acres of land. BEZA Executive Member (Investment Development) Md Mozibor Rahman, Managing Director of the X Ceramics Limited Mahin Bin Mazher and Managing Director of the Dysin Advanced Materials Mohammad Amanur Rahman inked the agreements on behalf of their respective sides at a function at BEZA conference room in the city on Wednesday. X Ceramics Limited will build a ceramics factory on 20 acres of land in BSMSN with an investment of $29 million. This factory will employ 1,500 people. The other company Dysin Advanced Materials Limited will invest $13 million on 10 acres of land to build a textile chemical factory.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/beza-inks-deals-with-two-firms-to-allot-land-at-bangabandhu-shilpa-nagar-1689788583

 First ‘Best of Bangladesh’ expo in Europe on 4-5 September

The first ever “Best of Bangladesh” exposition – exhibiting only Bangladeshi products in Europe – will be held on 4-5 September in Amsterdam, Netherlands. The event to be organised by the Bangladesh Apparel Exchange with the support of the Bangladesh Embassy in the Netherlands aims to open the doors for Europe to experience what the best of Bangladeshi industries has to offer. A total of 40 Bangladeshi companies – the best from the country’s apparel, textile, leather, agro, jute, handicrafts, pharmaceutical, light engineering, digital industry, fast-moving consumer goods, and bicycle sectors – will showcase their sustainable and innovative products in the exposition. 

Source: https://www.tbsnews.net/economy/rmg/first-best-bangladesh-expo-europe-4-5-sep-668302