Remittances stagnate despite record manpower export in FY23
Bangladesh has achieved a remarkable milestone in its manpower export during the immediate past fiscal 2022-23, sending a record 11.37 lakh workers abroad. The number surpasses the target by more than 40% and represents a substantial 15% increase compared to the previous year, according to data from the Bureau of Manpower, Employment, and Training. Despite this impressive performance in exporting manpower, the inflow of remittances has not seen a corresponding increase. Remittances only grew by a modest 2.75%, reaching a total of $21.61 billion. The amount is nearly 13% lower than remittances received two years ago despite the government’s incentive of 2.5%. In 2021, the number of skilled workers was 21.33% of the country’s total labour migration, which came down to 17.76% in 2022. However, there was no significant change in the number of semi-skilled workers, which was 3.26% in 2022 and 3.28% in 2021.
MJL Bangladesh has entered into $75m deal for largest-ever oil tanker
MJL Bangladesh has entered into a contract with South Korea’s DH Shipbuilding to acquire a third-generation oil tanker for $75 million, equivalent to approximately Tk800 crore. The deal was officially signed on 20 July, with plans to launch the vessel into the water during the first quarter of 2026, according to Azam J Chowdhury, managing director of MJL Bangladesh. The new oil tanker will be LNG-ready and boast an impressive capacity of 115,000 deadweight tonnes (DWT), making it the largest ship to carry the Bangladesh flag. According to the Bangladesh Ocean Going Ship Owners Association, there are over 60 ocean-going ships with Bangladeshi flags, but none of them have a capacity of 115,000 DWT.
Dhaka, Chittagong stocks rise
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), gained 12 points, or 0.19 per cent, to 6,345 at 12:05 pm. Turnover stood at Tk 358 crore. Of the securities, 112 advanced, 43 declined and 153 remained unchanged. The Caspi, the all-share price index of the Chittagong Stock Exchange, rose 28 points, or 0.15 per cent, to 18,738. Of the issues, 65 rose, 21 retreated, and 36 saw no price movement. Turnover of the port city bourse stood at Tk 4.4 crore at 12:05 pm.