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
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.
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.
Smartphone, tab expo begins in city Thursday
The Techshohor Smartphone & Tab Expo (STE) is set to kick off in the capital on Thursday. The three-day exposition is being organised aiming to bring opportunities to the gadget lovers to experience the latest editions of smartphone and tablet computer brands. The 2019 edition of the exhibition will be held at the Bangabandhu International Conference Centre (BICC). Expo Maker is hosting the big event of showcasing the smartphone and tab in the country. Among the top mobile brands – Huawei, Samsung, Tecno, Vivo, We, GoldenField, Motorola, Nokia, iPhone, UCC, Infinix, Umidigi, DTel, ADA, Maximus and e-commerce platform Priyoshop.com have confirmed participation at the event. The expo arena will be opened for all from 10:00am to 8:00pm every day during the fair. Entry fee has been fixed at Tk 20 per person. However, students can visit the expo free of cost by showing student ID card.
BIDA opens online one-stop service for investors
The Bangladesh Investment Development Authority (BIDA) has started its online one-stop service (OSS) on trial basis ahead of its formal launch to be held in January-end. Entrepreneurs are currently getting 15 types of services online. BIDA itself will provide 11 kinds of services, including business project registration, easing visa regime, office permission and work permit, while different government offices will provide other services. Once the OSS becomes fully operational, investors would get over 150 types of services online. 1,841 individuals have requested for user identification and password through the digital platform in the last three days. The OSS will help reduce the waiting time up to 45 days, depending on the types of services.
Wall Street financial firms plan new exchange to challenge NYSE, Nasdaq
A group of financial services firms, including Morgan Stanley, Fidelity Investments and Citadel Securities LLC, have agreed to jointly launch a new low-cost bourse that will rival Intercontinental Exchange Inc’s the New York Stock Exchange and Nasdaq Inc, the companies said in a joint statement on Monday. The companies will create the new venture called Members Exchange (or MEMX) and will be funded and controlled by nine institutions, including Bank of America Merrill Lynch, Charles Schwab (SCHW.N), E*TRADE Financial Corp, TD Ameritrade, UBS and Virtu Financial. MEMX will file an application seeking approval to operate as a national securities exchange with the US Securities and Exchange Commission in early 2019.
bproperty.com buys Lamudi Bangladesh
Real estate marketplace bproperty.com has bought Lamudi.com.bd, another portal for buying, selling and renting property, a move which is expected to give them supremacy in the business. Bproperty.com is a new kind of business venture that provides all legal and banking support to the purchasers and gives marketing support to the real estate and land developers in a single place. It is a part of Emerging Markets Property Group (EMPG), which also owns top UAE property portal bayut.com and Pakistan’s largest property portal Zameen.com. The business runs in Bangladesh under a commission model, which is 5 to 15 percent based on the property’s location, utility services and urbanization. Opening up in Bangladesh in 2016, bproperty.com said to have thoroughly surveyed and validated over 119,000 buildings in Dhaka and currently has nearly 24,000 properties for sale and rent on their portal. Lamudi Bangladesh currently has exclusive agreements with different developers, including Concord Group of Companies, Navana Real Estate, Priyoprangon, Imagine Properties, Rangs Properties, Acme Technologies, Rakeen Development Company, Anwar Landmark, Union Development and Technologies, The Civil Engineers, Japan Taguchi Construction Co, Adobe Builders, and JMI Builders and Construction. Though Lamudi has sold their business in Bangladesh, it has good business in Indonesia, the Philippines, Sri Lanka, Colombia, Mexico and Peru with about 7 lakh listings worldwide.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||5,655.18715||↓ 31.82046||↓ 0.56%|
|DJIA||23,531.35||↑ 98.19||↑ 0.42%|
|FTSE100||6,810.88||↓ 26.54||↓ 0.39%|
|Nikkei 225||20,199.79||↑160.82||↑ 0.80%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 48.77||↑ 0.25||↑ 0.52%|
|Crude Oil (Brent)||$ 57.64||↑ 0.31||↑ 0.54%|
|Gold Spot||$1,285.07||↓ 4.14||↓ 0.32%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8024|
|GBP 1||BDT 107.0157|
|EUR 1||BDT 95.9370|
|INR 1||BDT 1.2026|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.</h4