Japan is a growing source of trade, investment
It all started in early 2008 when the Japanese government announced the “China Plus One Strategy” to cut its over-reliance on the manufacturing behemoth by setting up business operations in other countries. The move came as the cost of production in China has climbed and there has been a dearth of skilled workforce in a country known as “the world’s factory”, which sent the profit margin for Japanese investors in China lower. Apparels, the country’s main export item, posted more than 175 per cent shipment growth between 2008 and 2010. In 2008, Japan’s retail giant Fast Retailing opened an office in Dhaka to source clothing items for its consumers. Among the Asian nations, Japan was the first export destination for Bangladesh where earnings crossed the $1-billion mark in 2015-16. The shipment stood at $1.32 billion in the year. The Japanese markets did not disappoint even during the peak of the Covid-19 pandemic in 2019-20 when Bangladesh shipped goods worth $1.20 billion despite serious disruptions to the global supply chain. Local exporters registered a 40.74 per cent year-on-year growth to $1.90 billion in 2022-23. It was $1.35 billion in 2021-22. Garment shipment grew even higher: earnings surged 45.62 per cent to $1.59 billion from $1.09 billion in FY22.
Australia to continue providing ‘DFQF’ market access for BD
Australian Assistant Trade Minister Senator Tim Ayres assured on Saturday that his country would continue to provide ‘Duty-Free Quota-Free’ (DFQF) market access for Bangladesh in Post- LDC period. “Graduation from LDC status would not make any changes to existing Duty Free Quota Free access of Bangladesh’s products to Australian market” he said in a meeting with Bangladesh High Commissioner to Australia M Allama Siddiki at the Commonwealth Parliamentary Office in Sydney. Faruque Hassan, BGMEA president was present during the meeting. An 11-member delegation led by President BGMEA is visiting Australia and held the Bangladesh Apparel Summit supported by the High Commission on 18 July 2023 in Melbourne.
Amazon to invest $120m in internet satellite facility
Amazon said Friday it will invest $120 million to build a satellite construction facility at NASA’s Kennedy Space Centre, as part of its plans to launch a space internet service to rival SpaceX’s Starlink. The company founded by Jeff Bezos says its “Project Kuiper” will provide “fast, affordable broadband to unserved and underserved communities around the world,” with a constellation of more than 3,200 satellites in low Earth orbit (LEO). The company has another production facility in Kirkland, Washington, where it will begin operations by the end of this year. The units will then be sent to Florida to carry out final preparations, and integrate them with rockets from Blue Origin-also founded by Bezos-and United Launch Alliance (ULA) ahead of launch. Elon Musk’s SpaceX launched the first batch of its more than 3,700 operational Starlink satellites in 2019 and is by far the biggest player. London-headquartered OneWeb is another early entrant in the emerging sector.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 2.51||↑ 0.01 %|
|FTSE100||$ 7,663.73||↑ 17.68||↑ 0.23 %|
|Nikkei 225||$ 32,304.25||↓ 186.27||↓ 0.57 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 77.07||↑ 1.42||↑ 1.88 %|
|Crude Oil (Brent)||$ 81.07||↑ 1.43||↑ 1.80 %|
|Gold Spot||$ 1,961.94||↓ 7.59||↓ 0.39 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 109.0000||BDT 109.0000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<