Diversified products, new EPZs to net in more FDIs
Bangladesh is developing a new EPZ for attracting more foreign direct investment (FDI) with diversified products, as investors queue up for plots amid economic bounceback, says a top official. Executive Chairman of Bangladesh Export Procession Zones Authority (BEPZA) Major General Nazrul Islam says they have started developing its ninth EPZ and diversifying investment products for netting more FDI. The Authority is working to build the BEPZA EPZ at Mireswarai in Chattogram where some 140 plots have already been developed. According to BEPZA, it would develop a total of 539 plots in the EPZ being built at Mireswarai in Chattogram. The Authority will develop 1,150 acres of land in the zone, close by the Bangabandhu Special Economic Zone at Mireswarai. The BEPZA, a public-sector agency for attracting export-oriented private investment into Bangladesh, has already set up eight EPZs across Dhaka, Chattogram, Mongla, Nilphamari, Cumilla and Adamjee in Narayanganj. EPZ is considered one of the success stories in Bangladesh as exports from the export-processing zones accounted for US$6.64 billion of the country’s export receipts in the last fiscal year (FY 202-21), BEPZA statistics show.
Roadmap to $5 billion IT exports by 2025
The government is making a roadmap to facilitate the production of digital devices in the country to boost export earnings in the information and technology sector from the current $1 billion to $5 billion by 2025. At the same time, the domestic market for ICT products and IT-enabled services is expected to reach $5 billion. The government believes products such as mobile devices, computers, and laptops will play a major role in tapping in the prospective $10 billion IT market at home and abroad within next four years, which is why the new roadmap is aimed at capacity building of the local digital device manufacturing industry as well as promoting and branding domestically manufactured products in international markets, according to the ICT Division. According to the International Data Corporation (IDC), Bangladesh imported 3.4 crore phones worth $1.18 billion in 2017, and the laptop market was valued to be at $300 million in 2018.
City Bank earns post-tax profit of Tk 3.16b in Q3
ity Bank held its earnings disclosure event over digital platform announcing its 3rd Quarter, 2021 financial results on Tuesday. Existing & potential investors from across the globe, researchers, analysts and other individuals involved in capital market joined the event. Consolidated Earnings Per Share (EPS) of the bank was recorded at BDT 2.97 for the period from January to September 2021 against that of BDT 2.89 during the same period last year. The bank also reported BDT 3.16 billion Consolidated Profit After Tax (PAT) during the period January to September 2021, which was BDT 3.08 billion during the same period of last year.
9th MTB ‘Bravery & Courage’ Award
On the occasion of MTB’s 22nd anniversary, MTB Foundation presented its 9th MTB ‘Bravery & Courage’ Award to the family of late Syed Shah Alam, a leader of a local Cyclone Preparedness Program (CPP) who died after a boat capsize in a canal in Kalapara Upazila of Patuakhali under the influence of super cyclone ‘Amphan’ on May 20, 2020. A special crest and a cheque were handed over through a simple ceremony at the Bank’s Corporate Head Office