M&S plans to buy more high-end garments from Bangladesh
A few years ago, Marks & Spencer (M&S) could not find a single factory in Bangladesh that could produce suits in bulk quantity although the country was already one of the largest apparel exporters in the world. But things have changed as the local suppliers have diversified products and are making high-end items alongside basic garments. This shift has turned Bangladesh into the largest suits sourcing destination for the British retail giant. Today, Bangladesh is the largest sourcing destination for M&S for apparel items, and the company buys more than $1.2 billion worth of garment items from the country every year. Currently, $25 billion worth of garment items, out of a total of $34 billion, are shipped under the LDC category. An additional $5 billion to $7 billion worth of investment is required in the garment sector to attain the country’s export targets by 2030.
US$115b investment needed for power sector by 2041
State minister for Ministry of Power, Energy and Mineral Resources Nasrul Hamid Monday said Bangladesh will require investment worth US$50 billion only for electricity generation by 2041. The country will require further investment worth around US$65 billion in power transmission and distribution system. A number of local and international business delegates and company heads of renowned firms took part in the session, chaired by Prime Minister’s adviser Dr Tawfiq-e-Elahi Chowdhury. In his keynote presentation Mr Hamid spelled out the government plan to focus more on clean and renewable energy sources for electricity generation in future as part of its de-carbonization effort. It has set a target to reduce green house emissions by 49 per cent within 2031. The government has already scrapped 8,500 megawatt (MW) generating coal-fired power plants to protect environment.
Bangladesh a favourable destination for Turkish investors
Bangladesh has a favourable business environment for Turkish investors thanks to its congenial policy making and regulatory regimes, according to a 14-member delegation of the Turkey-Bangladesh Business Council. Bangladesh’s trade with Turkey amounted to about $686.4 million in fiscal 2019-20, when exports made up around $453 million of the total against $233.4 million in imports. Rahman made these comments during a meeting with the 14-member delegation yesterday, as per a press release circulated by the DCCI. In FY2020-21, Bangladesh’s exports to Turkey stood at $499.79 million.
Southeast Bank launches five agent banking outlets
Southeast Bank Limited launched 5 Agent Banking outlets for the unbanked people across the country specially at the rural and semi-urban area. M. Kamal Hossain, Managing Director of Southeast Bank Limited inaugurated the formal operation of 2 Islamic and 3 Conventional Agent Banking outlets as the Chief Guest. Other officials of the Bank and Proprietors of the 5 Agent outlets were also present. Southeast Bank formally launches 2 ‘Tijarah’-Islamic Agent Banking outlets at Kamartek Bazar, Shibpur, Narsingdi and Baruna Bazar, Dumuria, Khulna and 3 Conventional Agent Banking Outlet at Awlia Bazar, Mukundapur, Bijoynagar, Brahmanbaria; Joymontop Bazar, Singair, Manikganj and Charigram Bazar, Singair, Manikgang respectively.