Chinese firm to invest $45m in Bangabandhu Sheikh Mujib Shilpa Nagar

Chinese firm Fujian Mengba Investment Co Ltd will build a steel construction materials factory at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) by investing $45 million. To this end, Bangladesh Economic Zones Authority (Beza) and Fujian Mengba Investment signed an agreement on Wednesday (14 June) for allotment of 20acre land to the company, Beza said in a press release. Beza said the company will manufacture construction materials including MS rods, angles, channels with an investment of about $45 million. The factory is expected to create employment for 1,350 people. Bangabandhu Sheikh Mujib Shilpa Nagar, one of the largest economic zones in South Asia, is being constructed in an area of 30,000 acres of land in Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni. Earlier, five Chinese investors were allotted land in BSMSN. Overall, eight Chinese investors have been allocated land in the economic zone. Beza has set a target of building 100 economic zones by 2041.

Source: https://www.tbsnews.net/economy/chinese-firm-invest-45m-bangabandhu-sheikh-mujib-shilpa-nagar-649770

Tax return for credit card to bar financial inclusion

The tax on digital payments tools should be reduced and incentives should be given to encourage electronic payments in a bid to transform the country into a cashless society. According to the government’s vision of “Smart Bangladesh” by 2041, the country would become a technology-driven smart nation, a strategic roadmap building on the existing “Digital Bangladesh” Vision. With four fundamental pillars — Smart Citizen, Smart Economy, Smart Society, and Smart Government — the vision outlines an inclusive society and an aspiration to become a fully cashless economy. The digital payments industry, including different top chambers, had long anticipated the introduction of a 5 per cent incentive on digital payments, of which, users would receive a 3 per cent incentive for conducting digital transactions, while merchants would benefit from the remaining 2 per cent for accepting digital payments.

Source: https://www.thedailystar.net/special-events/national-budget-2023-24/news/tax-return-credit-card-bar-financial-inclusion-3346641

Electrical, electronic goods export surges

The shipment of electrical and electronics goods from Bangladesh displayed an impressive growth of 48 per cent in July-May of the outgoing financial year on the back of improving product quality and government support. According to the Export Promotion Bureau, Bangladesh earned $115.30 million by selling electrical and electronics items in the overseas markets in the first 11 months of 2022-23, which was $77.86 million during the identical period a year earlier. This means the segment has surpassed the $105 million export target set for the entire FY23, which ends on June 30, as well as the actual receipts of $100.10 million recorded in the previous financial year. The stellar performance comes at a time when Bangladesh’s overall export earnings have slowed owing to the global slowdown and higher inflation. The shipment grew 7.11 per cent year-on-year in July-May.

Source: https://www.thedailystar.net/business/economy/news/electrical-electronic-goods-export-surges-3346646