BD set to be 24th largest economy in 2033

Bangladesh is set to become the 24th largest economy in the next 15 years, according to a new analysis by a UK-based research firm. The country, ranked 43rd in the globe in 2018 for its higher economic growth, may improve its position to 41st in the current year, said the Centre for Economics and Business Research (CEBR) in its World Economic League Table (WELT) 2019. They expect annual rates of GDP growth to average 7.0 per cent between 2018 and 2033. This will see the country climb 19 places in the World Economic League Table to become the world’s 24th largest economy by 2033. According to the research firm, the size of the Bangladesh’s economy (Gross Domestic Product) will reach US$1.05 trillion at current prices in 2033 from the last year’s size of $286 billion. The country has benefitted from a strong increase in remittances in the financial year ending 2018, after seeing declines in the previous two years. As for the economy, Bangladesh runs the risk of negating gains from its successful export sector through its growing appetite for imports. The current account tipped into a deficit in 2017, and this is expected to widen in 2018. The CEBR also predicts that the Asian nations will dominate the global economy by 2033 as three of the top five global economies will be from this continent. China will be the biggest economy in 2033, while India will be 3rd and Japan 4th. The US will be the 2nd and Germany the 5th in terms of its economic size in 2033

Source: http://today.thefinancialexpress.com.bd/first-page/bd-set-to-be-24th-largest-economy-in-2033-1546883719

Textile has room for Tk 50,000cr investment

Bangladesh has the scope to invest a fresh Tk 50,000 crore in the primary textile sector (PTS) over the next five years as the demand for locally made fabrics has been rising in both the domestic and international markets. Currently, the local spinners can supply 85 percent of the raw materials to the export-oriented knitwear sector and 35 to 40 percent to the woven sector. So, Bangladesh has the opening for fresh investment in woven fabrics production,” Khokon said at a press conference at the BTMA office in Dhaka yesterday to announce the 16th Dhaka International Textile and Garment Machinery Exhibition (DTG) 2019. The newly-elected BTMA president is hopeful that local weavers can supply 60 percent of the requirement for woven fabrics in the next five years, which will also reduce the dependence on imports, especially from China and India. Bangladeshi garment makers use 12 billion metres of fabrics in a year for making the export-oriented garment items. Of the quantity, domestic weavers can supply 3 billion metres of fabrics, with the rest imported from India and China. PTS at present is Tk 70,000 crore. In the last one year, a total of Tk 6,896 crore was invested by entrepreneurs to set up 19 spinning mills, 23 fabrics mills and two dyeing printing mills. The government has proposed to increase the LNG price to more than Tk 14 per unit, but the factory owners have been suggesting that the government fix a lower price. The local textile millers did not take the connections of LNG due to the higher prices fixed by the government. This time, 1,200 textile and garment machinery producing companies from 37 countries will showcase their wares in 1,650 booths spread across 11 halls.

Source: https://www.thedailystar.net/business/news/textile-has-room-tk-50000cr-investment-1684543

City Group gets licence for economic zone

City Group yesterday received a pre-qualification licence from the Bangladesh Economic Zones Authority (Beza) to set up an economic zone on 108 acres of land in Munshiganj’s Gazaria. The licence is one of the two government approvals required for opening such a zone. The Hosendi Economic Zone can be expanded to 200 acres in the future. City Group is expecting to generate around 15,000 direct employments through the zone in the next five years. Industries expected to open plants in the zone include those of food and beverage and shipbuilding. The government plans to set up 100 special economic zones to generate one crore jobs, earn over $40 billion in additional exports and attract $50 billion in foreign direct investment, all by 2030. Talking to The Daily Star, Paban Chowdhury, executive chairman of the Beza, said investment proposals of $17 billion had already been received from different countries.

Source: https://www.thedailystar.net/business/news/city-group-gets-licence-economic-zone-1684537