PM urges businesses to diversify products, explore new markets
Prime Minister Sheikh Hasina urges on Sunday the business community to diversify their products and explore new markets in the world for their items availing of government support, reports UNB. The Prime Minister said this while inaugurating the ‘Destination Bangladesh: Gateway to growth and Development’ organised by Dhaka Chamber of Commerce & Industry (DCCI) to celebrate its 60th year of founding at Bangabandhu International Conference Centre in the city. Sheikh Hasina said the business community needs to come out from the traditional mindset of reaching only one or two destinations for their products. At the programme, the Prime Minister was honoured with the Visionary Leadership Awards for her contributions to developing the country, particularly promoting the private sector.
Govt signs $300m financing agreement with WB
With a view to modernising the cash transfer of major social protection programmes, the government signed a $300 million financing agreement with the World Bank on Sunday. This will bring transparency and efficiency in the disbursement process and help nearly 6.5 million poorest and vulnerable people, including the elderly, widows, and people with disabilities, get the benefit easily. The social protection programmes of Department of Social Services (DSS) are: the Old Age Allowance; Allowances for the Widow, Deserted and Destitute Women; Allowances for the Financially Insolvent Disabled; and Stipends for Disabled Students. Bhutan and Nepal, signed the agreement on behalf of their respective sides. The credit is provided by the International Development Association, the World Bank’s concessional lending arm, which provides grants or zero-interest loans.
Raise investment-GDP ratio to improve economic status
Bangladesh needs to accelerate its investment to gross domestic product ratio to achieve the status of an advanced economy by 2041, said a senior banker of Standard Chartered yesterday. Currently the investment to GDP ratio in Bangladesh is hovering around 30 percent. Definitely, it needs to be increased and it is possible to increase. Gateway to growth and investment” at an international conference at Bangabandhu International Conference Centre in Dhaka, organised by Dhaka Chamber of Commerce and Industry. When Malaysia got the Asean economic tiger status in the middle of 1990 and 2000 its investment to GDP ratio was more than 35 percent to 45 percent, although it has come down to 25 percent, Anwar said. Similarly, Vietnam’s investment-to-GDP ratio stands at 35-37 percent and Indonesia’s 35 percent. Achieving the status of an advanced economy by 2041 is possible but Bangladesh’s GDP size will have to be $1.7 trillion and per capita income should be over $12,000. To achieve the target on time, the country will need an investment of $320 billion to develop infrastructures. The country needs 9 percent GDP growth per year and $16,000 in per capita income to become an advanced economy by 2041. Bangladesh needs to spend $8 billion for infrastructure development in a year, but it can spend only $2.5 billion now, said Alam, adding that foreign direct investment is required for infrastructure development. The companies will be able to invest $10 billion in the next 10 years to grab more international markets. Of the total exports from Bangladesh, more than 90 percent are merchandises whereas the percentage in other least developed countries are 15 to 20 percent.
Golden Harvest to issue rights for business expansion
The board of directors of Golden Harvest Argo Industries Ltd has decided to issue rights shares. The raised fund will be used for expansion of existing production and distribution channels and pay-off long-term loans of the company, according to the disclosure. The food & allied sector company, which was listed in Dhaka bourse in 2013, will issue one rights share for existing one share at Tk 10 per share. The rights issue is subject to the approval of shareholders, Bangladesh Securities and Exchange Commission (BSEC) and other regulatory authorities. The board has also decided to increase the authorised capital of the company from Tk 2.0 billion to Tk 2.50 billion by amending clause “V” of the Memorandum of Association and Clause -5 of the Articles of Association of the company, subject to the approval of the shareholders in the annual general meeting (AGM). Another record date for entitlement of the proposed rights shares will be notified later after obtaining approval from BSEC. Each share of the company closed at Tk 31.90 on Sunday, losing 0.62 per cent over the previous day. The company also disbursed 10 per cent stock dividend for the year ended on June 30, 2017. The company’s paid-up capital is Tk 1.09 billion and authorised capital is Tk 2.0 billion, while total number of securities is 109 million, according to statistics from the DSE.
ICT Dept inks Tk 80b deal with Chinese firm
The government signed on Sunday an agreement with a Chinese firm to provide users with faster and cheaper broadband internet service. Department of Information and Communications Techno-logy (ICT) and China Railway International Group (CRIG) inked the deal, involving Tk 80 billion, to implement a project titled “Establishing Digital Connectivity”. Department of ICT will implement the project. The tenure of the project is from January 2019 to January 2021. After implementation of the project, users irrespective of their areas or locations (towns and villages) will get faster broadband internet service at the same price/rate fixed by the authority earlier. Under the project, 35,500 Sheikh Russell computer labs will be set up at educational institutions to benefit seven million students in the country. In addition, 54 public universities of the country will have computer labs and get high-tech supports. ICT training labs will be set up in 491 upazilas of the country for imparting training to the people.One hundred digital villages will be established to provide ICT related training to 10,000 farmers for boosting the agricultural production.
Arum farming gains popularity in Gopalganj for low production cost
Cultivation of creeper arum and BARI-2 arum has become a profitable venture in Gopalganj Sadar in recent years. A total of 150 hectares of land have been brought under the farming of the two items in the area. One farmer cultivated creeper arum on 1.50 bighas (78 decimal) of land this year spending Tk 45,000. He expects to achieve more than 126 maunds of production which market price is about Tk 1,26,000. Another one is cultivating BARI-2 Arum on 26 decimals of land spending Tk 15,000. The grower said he is expecting around Tk 42,000 from the produce as satisfactory market price. Grassroots farmers make handsome profit by growing the item every season. About 300 farmers in Gopgalganj Sadar are involved the production of arum this season.
MGI wins ‘Primaduta Award’
Meghna Group of Industries (MGI), Bangladesh’s leading industrial conglomerate has been awarded the Primaduta Award 2018 by the Government of Indonesia. MGI got this special award in the category of “Prospective Market”. The Primaduta Award was presented by the President of the Republic of Indonesia, Mr. Joko Widdo. The Award was presented at the opening ceremony of the 33rd Trade Expo Indonesia (TEI) recently at ICE BSD, Indonesia. It is an appreciation reflected by the Government of Indonesia to MGI for the loyalty and commitment for continuously importing Indonesian products as shown by five years of growth of import transactions and increasing import values.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 67.61||↑0.02||↑0.03%|
|Crude Oil (Brent)||$ 77.58||↑0.04||↑0.05%|
|Gold Spot||$ 1,233.48||↓0.05||↓0.00%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 85.2712|
|GBP 1||BDT 109.4371|
|EUR 1||BDT 97.1495|
|INR 1||BDT 1.1620|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.