Diversification can drive RMG export to Europe to $60b by 2030

Bangladesh has the potential to raise its readymade garment export earnings up to US$60 billion in the European market by 2030, provided there is diversification within the garment items, mostly non-cotton-based. Besides, an extra US$22.5 billion could be earned from exports of major non-RMG products by that time. These projections were presented at a programme on Monday in Dhaka. The event was jointly organised by the Research and Policy Integration for Development Bangladesh (RAPID) and the Friedrich-Ebert-Stiftung (FES) Bangladesh Office. Speaking at the event, Dr MA Razzaque, chairman of RAPID, said, “Bangladesh’s share in cotton fibre garment exports to the EU is 34.7 per cent, while China’s share is only 14.9 per cent.” On the other hand, he said China’s share in non-cotton garment items to the EU is 41.2 per cent, while Bangladesh’s is only 12.2 per cent. The country’s current readymade garment exports to the European markets are around $25 billion per year. According to the study, Bangladesh’s apparel exports to the EU are projected to rise up to $60 billion by 2030.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/diversification-can-drive-rmg-export-to-europe-to-60b-by-2030-1694539757

China co to invest $12.2m in Adamjee EPZ to produce garments accessories

Cherry Button Limited, a Chinese company, will set up a garments accessories manufacturing industry in Adamjee EPZ with an investment of US$ 12.2 million, reports BSS. The company signed an agreement to this end with Bangladesh Export Processing Zones Authority (BEPZA) at BEPZA Complex in the city on Tuesday. Member (Investment Promotion) of BEPZA Ali Reza Mazid and Chairman of Cherry Button Limited MA Miaoyan (Jasika) signed the agreement on behalf of their respective organisations in presence of Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, said a press release. This fully foreign owned company will produce 1650 million pieces of metal button, plastic button, metal zipper, vislon zipper, nylon coil zipper and other accessories like eyelet, rivet, stopper, badge, buckle and suspender buckle a year.

Source: https://today.thefinancialexpress.com.bd/trade-market/china-co-to-invest-122m-in-adamjee-epz-to-produce-garments-accessories-1694539500

IFIC Bank gets new DMD

IFIC Bank PLC has recently promoted a senior executive vice-president to the post of deputy managing director (DMD). The official, Md Rafiqul Islam, will also serve as head of branch business of the bank concurrently. Islam joined IFIC Bank in 2014. He started off his banking career as a probationary officer at AB Bank in 1998 and went on to work at Trust Bank Ltd, the bank said in a press release.    He attained a master’s degree in English literature from the University of Dhaka alongside an MBA degree.

Source: https://www.thedailystar.net/business/economy/banks/news/ific-bank-gets-new-dmd-3417376