UAE Investors want to develop five Economic Zones

UAE-based Investors expressed their interest to take up a number of new projects, including five economic zones in Bangladesh, as the two nations look to take their bilateral relations to a new height. As many as 25 fresh investment projects were tabled at the second edition of the Bangladesh Economic Forum. They discussed the projects with Salman F Rahman, prime minister’s adviser for private industry and investment, and a visiting Bangladesh delegation, according to a press release. Earlier, the Emirati businesses also shared their plan to invest $10 billion in Bangladesh, according to data compiled by the Forum. Rahman met with a number of large UAE-based business groups, who have expressed their interest in developing economic zones and hi-tech parks in Bangladesh. Bangladesh is developing 100 economic zones and 28 hi-tech parks to accelerate the flow of foreign direct investment that jumped 68 percent year-on-year to $3.61 billion last year. Rahman led the 20-member delegation comprising officials of the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority and Bangladesh Hi-Tech Park Authority at the event. Rahman is pleased to see strong and genuine interest among UAE-based Investors, including UAE citizens and foreign business groups, for Bangladesh. We have seen large investments coming from China, Japan and the United States. We believe Investors from the GCC countries, especially Saudi Arabia and the UAE, should take advantage of the lower cost of investment, operations and higher return on investment in Bangladesh. These investments will strengthen the bilateral relationship between Bangladesh and the UAE and will deepen our economic relations to a strategic partnership level.

Source: https://www.thedailystar.net/business/news/uae-investors-want-develop-five-economic-zones-1800577

Unfair competition makes goods 70pc costlier: Analysts

People in Bangladesh spend 70 percent more than the actual price of the basic commodities because of the absence of a fair competition in the market, an Economist said yesterday. They have to spend nearly $14 billion a year due to the higher prices, said Abdur Razzaque, an economist on international trade, labour and development. He spoke at a seminar on “Growth in competition: the role of competition commission” at the office of the Economic Reporters’ Forum (ERF) in Dhaka. In his keynote presentation, Razzaque said lower income groups are the victims of anti-competition behaviour. According to the economist, competition boosts overall growth in the long run, benefiting the lower income households further. In Bangladesh it is possible to boost the economic growth by at least 2 percent every year if the competition policy is applied properly and the social benefits for the marginalised groups are increased. In Bangladesh, the competition commission was formed in 2012 and it started functioning in 2016.

Source: https://www.thedailystar.net/business/news/unfair-competition-makes-goods-70pc-costlier-analysts-1800583

Two Banks to issue Tk 21b Bonds

Islami Bank Bangladesh and Mutual Trust Bank have decided to issue bonds worth of total Tk 21 billion subject to approval of the regulatory authorities, according to official disclosures on Sunday. Mutual Trust Bank: Mutual Trust Bank has decided to issuance of non-convertible perpetual bond of Tk 4.0 billion and issuance of seven years non-convertible subordinated bond of Tk 5.0 billion. The Mutual Trust Bank, which was listed on the Dhaka Stock Exchange in 2003, disbursed 11 per cent stock dividend for the year ended on December 31, 2018. Each share of the Bank traded between Tk 31.60 and Tk 33.20, before closing at Tk 33.10, gaining 2.79 per cent over the previous day. The Bank’s paid-up capital is 6.69 billion, authorised capital is Tk 10 billion and the total number of securities is 669.92 million. Sponsor-directors own 41.11 per cent stake in the Bank while Institutional Investors own 22.14 per cent and the general public 36.75 per cent as on August 31, 2019, the DSE data shows.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/two-banks-to-issue-tk-21b-bonds-1568568461