Japan to help improve Bangladesh investment environment, security

Japan’s new ambassador, Hiroyasu Izumi, says his government wants to work actively with Bangladesh government and the country’s private sector for further improving investment environment and ensuring security. “I would like to reiterate my sincere desire to further develop the cordial relations in a wide range of areas including development cooperation, trade and investment, and cultural and people exchange,” he said in a statement issued on the occasion of assumption of his office as the Ambassador of Japan to Bangladesh. The new Japanese envoy presented Tuesday his letter of credence to President Md Abdul Hamid to begin his diplomatic mission in Dhaka. He noted that Bangladesh is located at the center of a triangle formed by three growing markets–India, South-East Asian countries, and China–and has achieved about 7.0 per cent economic growth steadily under the political stability in recent years. In addition to this geographical advantage and cultural diversity, a large young population endows Bangladesh with good and abundant labour. Besides, he mentioned the country’s tremendous potential for development with its young and vibrant population.

Source: http://today.thefinancialexpress.com.bd/metro-news/japan-to-help-improve-bangladesh-investment-environment-security-1508349091

Honda to set up motorcycle plant in pvt zone

Japanese automobile giant Honda is going to set up a motorcycle assembling and manufacturing plant early next month in the country. The company will lay foundation stone of the unit in November in the in privately-owned Abdul Monem Economic Zone at Gazaria in Munshiganj. But the size of the investment has not been disclosed by the authorities yet. Talking to the FE, executive chairman of the BEZA Paban Chowdhury said that Honda is expected to lay the foundation stone on November 5. “It is one of the large investments in the country’s economic zones,” he said. Currently, the company has a joint-venture assembling plant in Gazipur with the state-owned Bangladesh Steel and Engineering Corporation (BSEC). The industry will be shifted to the zone with its manufacturing plant. Abdul Monem has allocated 25 acres of land to the company for establishing the plant. Japan has selected Abdul Monem zone as its suitable investment location. BEZA has been working to develop a separate special zone for Japanese investors in the light of a commitment by the Bangladesh government, said Mr Chowdhury. The authority has already selected 500 acres of land at Araihazar in Narayanganj for a special zone dedicated to Japanese investors.

Source: http://today.thefinancialexpress.com.bd/trade-market/honda-to-set-up-motorcycle-plant-in-pvt-zone-1508349346

Packaging materials of imported goods to face customs duty

Packets and packaging materials which are integral part of imported goods will face customs duty, according to a ruling of the National Board of Revenue. Customs wing of the NBR on October 9 issued the ruling to its field level offices for calculating the prices of packets and packaging materials for determining the customs valuation of those imported goods which are sold to consumers intact.
The ruling also asked the customs houses and land customs stations for recognising the compliant businesses as trusted traders and completing customs procedures of their consignments within minimum time to facilitate honest traders. The ruling will be applicable for those packaged products like cosmetics, perfume, shampoo, toys, auto parts, pencil, nail polish, chocolate, chips, biscuits, coffee and other goods which are placed to customs authorities as single item without separating the goods and packaging materials and sold to consumers in the same way. Customs officials will now determine the dutiable value of the main goods calculating the weight-based prices of packing container or packing materials, it said. Officials of the revenue board said that in some cases the prices of packet and packing materials of the goods remained included within the value declared by the importers.

Source: http://www.newagebd.net/article/26439/packaging-materials-of-imported-goods-to-face-customs-duty

Labour law to be amended by November

The government is on course to amending the labour law within the stipulated timeframe of November, although a coalition of rights groups yesterday claimed the progress was very slow. At the International Labour Conference in June, Bangladesh committed to amend the labour law by the end of November. The amended labour law is expected to be passed by the parliament in the next session, said Mujibul Haque Chunnu, state minister for labour and employment. The draft of the amendment to the labour law was prepared in consultation with the stakeholders of the tripartite council that was formed for the garment sector in April, the minister said.

Source: http://www.thedailystar.net/business/labour-law-be-amended-nov-1478506

Noman Group’s production hit by gas crisis in Tongi

Noman Group, the first Bangladeshi garment exporter to cross the $1 billion-mark, is staring at losses of more than Tk 20 crore thanks to the gas crisis in Tongi area over the last one month. Production in the company’s factories, which are set up on 125 bighas of land at Tongi, slumped more than 40 percent due to the gas crisis, Mohammad Abdullah Zaber, deputy managing director of Noman Group, said yesterday. For running the factories in full capacity gas pressure of 8 pounds per square inch is required, but the pressure has lowered to about 2 PSI now, he said. “The other factories in Tongi are also facing the same problem.” Noman Group exports home textile and linen fabrics worth $480 million a year from the Tongi units alone, according to Zaber. Mir Mashiur Rahman, managing director of the state-owned Titas Gas Transmission & Distribution Co. Ltd, which supplies gas to the belt, acknowledged that the current gas pressure in Tongi is low.

Source: http://www.thedailystar.net/business/noman-groups-production-hit-gas-crisis-tongi-1478500

More rice on way from India, Thailand

The government is set to import 1 lakh tonnes of parboiled rice from neighbouring India under a state-to-state arrangement as part of its aggressive push to boost stocks. The development comes after the cabinet committees on economic affairs and purchase yesterday approved the proposal for import of rice for $455 per tonne — $15 less than what the government paid to bring in the food grain from Vietnam earlier. This comes after the committees last week approved the import of 1 lakh tonne of white rice from Myanmar for $442 per tonne under a similar arrangement. Earlier in June, the government imported 50,000 tonnes of parboiled rice for $470 per tonne from Vietnam under a government-to-government arrangement. Another 1.5 lakh tonnes of rice will soon be brought in from Thailand for $465 per tonne, said food ministry officials.

Source:
http://www.thedailystar.net/business/more-rice-way-india-thailand-1478491
http://www.newagebd.net/article/26437/govt-approves-import-of-one-lakh-tonnes-of-rice-from-india

Make 4G guidelines more investment friendly

The government should revisit its recently-approved 4G guidelines to make them more investment-friendly and help operators roll out the fourth-generation technology, said the president of the Association of Mobile Telecom Operators of Bangladesh. Erik Aas said all the major operators have expressed willingness to embrace 4G technology. “The industry believes the guidelines, as they are now, are not investment-friendly because there are many conditions that are not pragmatic at all,” he told The Daily Star in an interview on Sunday. He said the operators will only participate in the process if all of their concerns are addressed and the guidelines are made favourable for further investment.

Source: http://www.thedailystar.net/business/telecom/make-4g-guidelines-more-investment-friendly-1478512

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