Govt. working to raise annual exports to $100b by 2026: Tipu Munshi

The RMG sector contributes to 82% of total exports but initiatives have been taken for the export of 10 products from other sectors, he said. The government and private sector entrepreneurs are working together to boost the country’s export earnings to $100 billion by 2026, said Commerce Minister Tipu Munshi on Saturday. “About $60 billion worth of goods and services were exported in the last fiscal year. Efforts are underway to raise the overall exports to $80 billion in 2024 and $100 billion in 2026,” he said at a Meet the Press programme organised by the Overseas Correspondents of Bangladesh (OCAB) at the National Press Club in Dhaka. The commerce minister noted that Bangladesh has become a developing country after graduating from the LDC status. It will come into effect in 2026, and from 2029, Bangladesh will no longer enjoy the trade facilities meant for LDCs. Then world trade has to be done by competing with developed countries.

Source: https://www.tbsnews.net/economy/govt-working-raise-annual-exports-100b-2026-tipu-munshi-498126

EPZs see record growth in investment, export, employment in FY22

Export earnings from EPZs cross the $8 billion mark for the first time. The fiscal 2021-22 was a prolific year for the Bangladesh Export Processing Zones Authority (Bepza), with its eight export processing zones (EPZs) posting the highest-ever growth in investment, export and employment. The EPZs received investments to the tune of $410 million last fiscal year, which is 20.26% higher than that of the previous year, according to data obtained from Bepza. During the same period, export earnings from the EPZs grew 30.41% to $8.7 billion while the number of new jobs surged by 36.13% to 64,160. Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman has attributed the marked growth in these crucial indicators even amid the hard times of the Covid pandemic mainly to the country’s investment-friendly atmosphere and the prevalence of labour- and environment-friendly working conditions at the EPZs.

Source: https://www.tbsnews.net/economy/epzs-see-record-growth-investment-export-employment-fy22-500194

Midland Bank gets nod for Tk 70cr IPO

Midland Bank gets nod to raise Tk 70 crore through issuing seven crore ordinary shares in an initial public offering (IPO). The approval came yesterday from a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at the commission building headed by BSEC Chairman Prof Shibli Rubayat-Ul-Islam. With the IPO proceeds, the bank would invest in government securities and listed companies’ stocks, the commission said in a press release. The lender’s weighted average earnings per share was Tk 1.07 and net asset value was Tk 13 at the end of 2021. However, the stockmarket regulator has added a condition, which is the bank has to ensure 2 per cent shareholding by each director and 30 per cent shareholding jointly. LankaBangla Investments is the issue manager of the IPO.

Source: https://www.thedailystar.net/business/economy/banks/news/midland-bank-gets-nod-tk-70cr-ipo-3125251