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Awami govt set to destroy backbone of Bangladesh economy

Now CPD (a claimed think tank) came out and publish their findings that there is no significant investment going on in industry or any other sectors. Awami govt almost certainly destroyed growth momentum and setting Bangladesh economy to stagnate for years to come. Economic growth already coming down to 5% from 6% range in last one year.

Report in Bangla:
::Welcome to Daily Naya Diganta::
 
Now CPD (a claimed think tank) came out and publish their findings that there is no significant investment going on in industry or any other sectors. Awami govt almost certainly destroyed growth momentum and setting Bangladesh economy to stagnate for years to come. Economic growth already coming down to 5% from 6% range in last one year.

Report in Bangla:
::Welcome to Daily Naya Diganta::

Perhaps that's a result of the global recession and fall in exports.
 
Export earnings suffer negative growth in first half of current fiscal
Staff Correspondent

Exports earnings for the first half of the current fiscal year suffered minus 6.2 per cent growth year-on-year, and totalled at US$ 7.27 billion, Export Promotion Bureau reported on Sunday.

Exporters said that continuation of significant decline on the shipments of readymade garments in December pulled down export growth to minus curve. Shipments of readymade garments still ensure at least three/fourth the country’s entire export earnings.

The garment export earnings for July-December or the first half of the current fiscal amounted to $ 5.59 billion with a minus 7.5 per cent growth over the earnings of the same period of the previous fiscal.

According to the Export Promotion Bureau, readymade garment shipments, in terms of value, declined by 12 per cent year-on-year amounting $ 885 million in December.

The Bangladesh Garment Manufacturers and Exporters Association president Abdus Salam Murshedy said December exports earnings reports should open the eyes of the government on the state of the export industry.

‘With recession easing, there were increasing enquires from importers in the previous two or there months but local manufacturers are suffering from severe energy crisis,’ Salam said.

He sadly referred to dillydallies by the government in providing necessary support to the recession-weakened exporters in restoring the industry’s confidence.

Bangladesh Knitwear Manufacturers and Exporters Association president Fazlul Hoque said December export figures disappointed him and but it was not surprising at all.

‘Local exporters are losing competitiveness continuously,’ said Hoque. He argued that exporters in other competing countries were being able to feed importers with more discounts due to their infrastructural advantages and incentives provided by their governments.

Besides garments, the export promotion bureau report shows, all major export items suffered negative growth in the first six months of the current fiscal.

In terms of value, frozen food shipments declined 18 per cent to $ 221 million, finished leather 7 per cent to $ 98 million and footwear 2 per cent to $ 97 million. In the first six months of the current fiscal, export earnings by jute goods increased by 36 per cent to $ 191 million, raw jute 22 per cent to $ 96 million and bicycle 32 per cent to $ 52 million.

Business
 
Overseas employment in Feb worst in five years
Experts warn of impending disaster

Mashiur Rahaman

The country's overseas employment in February experienced the worst ever performance in last five years, badly warning of an impending disaster to the largest revenue generating sector, said experts.

In line with drying-up employment opportunities in all major job generating countries, only 27,039 Bangladeshi secured jobs abroad in February 2010, a 38 per cent fall from the corresponding month of 2009, state data revealed.

A total of 43,856 Bangladeshi nationals secured their employment in various countries in February 2009.

"Overseas employment scenario in February 2010 was the worst in last five years since the country emerged as the prime source of workforce across the world," a high official of the state-run Bureau of Manpower, Employment and Training (BMET) said.

"It was even 20 per cent less than the previous month (January 2010)," the official said.

According to monthly overseas employment record, none of the country's prime job destinations - the UAE, Saudi Arabia, Qatar, Bahrain, Singapore - came up with positive growth in February.

"When the global economy is retrieving from the damage of financial recession, particu-larly in the Gulf States, such a sad performance is the warning of a major disaster ahead," experts related to the manpower exporting industry opined.

The country's manpower exporting sector is now focussed on a single country, which in turn, has pushed it in a volatile situation, joint secretary general of Bangladesh Association of International Recruiting Agencies (BAIRA) Shameem Ahmed Chowdhury Noman told the FE.

He analysed the February's downfall as an outcome of this odd situation.

"Employment in the oil-rich UAE has been the 80 per cent contributor to total Bangladeshi overseas recruitment. Recruitment sloth there results in our worst monthly performance since many years, Mr Noman added.

Ministry of Expatriates' Welfare and Overseas Employment record shows that the country's overseas employment in 2009 was 4,75,278, a 46 per cent fall from the previous year. Despite the negative trend, the sector earned US$9.85 billion remittance by the end of 2009

Overseas employment in Feb worst in five years
 
‘Country set to lose $2b RMG market, 3 lakh jobs’

Khawaza Main Uddin

The country is set to lose an opportunity to create 3 lakh jobs due to decline in readymade garment exports this fiscal, believes an apparel sector leader.

Bangladesh is likely to lose $2 billion or Tk 13,000 crore in export value compared to its market share last year, Anwar-Ul-Alam Chowdhury Parvez, a former president of Bangladesh Garment Manufacturers and Exporters Association, said analysing the export trends.Apparel exports dropped 13.82 per cent in knitwear and 16.13 per cent in woven garments in the six months of the fiscal, official statistics show.

‘A 16 per cent negative growth would mean a loss of 300,000 employment directly and a million jobs indirectly,’ he said during an interaction with a group of journalists in the city on Saturday.The decline in garment exports has been attributed to Bangladesh’s loss of competitiveness in the international market plagued by global recession and complacence at the national level that Bangladesh’s exports would not be affected.

‘Bangladesh’s rivals such as China, India, Vietnam and Cambodia have attained a positive export growth. All these countries excepting Bangladesh have cut per unit price of garments to retain their market shares,’ Parvez noted.

In their bid to tackle the impacts of recession, China cut per unit price by 12.44 per cent, India 4.68 per cent, Vietnam 12.42 per cent and Cambodia 6.59 per cent between January and December 2008.

Bangladeshi exporters, who offered the lowest price so far, rather increased per unit price by 2.32 per cent. After the price readjustments, their comparative per unit price stands at $2.36 for Bangladesh, $2.45 for Cambodia, $2.68 for China, $3.07 for India and $2.91 for Vietnam.

‘Bangladeshi manufacturers could not reduce the price because they did not get the support that exporters of other countries are offered by their governments. Moreover, energy crisis has increased the cost of production,’ said the business leader.

He gave an estimate that the garment exporters would have slashed price by 2-3 per cent, had the government agreed to spend $210 million overall to support them.The Bangladesh government, in its stimulus package for export sectors, announced support such as interest rate cut, loan rescheduling facilities and waiver of licence fees on captive power plants.

Other countries either devalued their currencies or provided fiscal and financial support for exports to retain the market in the face of challenges of global recession, Parvez pointed out.The finance minister, AMA Muhith, recently said the government would review the situation and consider if it would continue the stimulus package for export-oriented industries in the next fiscal.

Business
 
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‘Country set to lose $2b RMG market, 3 lakh jobs’

because Awami govt and its finance minister did this

Govt takes a hard-line on RMG incentives

Bdnews24.com . Dhaka

The government has again taken a hard-line on providing financial incentive package to apparel sector seeking funds to bounce from a downturn induced by global meltdown.

‘It is not right that it will not be the end of the world if a child cries. The government will have to consider about all sectors,’ AMA Muhith told the news agency on Monday when he was asked whether the readymade garment sector would get the assistance..
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But, minister Muhith said: ‘This is not a serious matter. The rise and decline of export in a sector is very natural.‘We should not think that everything will be over if a sector suffers less export.’

Business
 
But, minister Muhith said: ‘This is not a serious matter. The rise and decline of export in a sector is very natural.‘We should not think that everything will be over if a sector suffers less export.’

Business
If any one hasn't heard it right then he needs to know it's coming out of finance minister's mouth. Not too long ago that BD has lost jute market and its private entreprenuer's years long efforts have made BD a pre-emminent country in RMG production. After it is gone, BD will be left with nothing significent to export thus RMG honeymoon would look like another short-lived Jute's one. We, the Gunea Piggs are left with nothing but to accept short huneymoon of this type because of not being hegemonic-India's type. One day people of BD would realize that being with Pakistani federation could have been hundred times better option than accepting a "Given independence" by enemies of mankind.
 
First quarter overseas job growth slowest in 4 years
Drastic fall in recruitments by S Arabia, Malaysia


Mashiur Rahaman

Overseas employment in the first quarter grew to its slowest pace in four years, as new work opportunities almost dried up in Saudi Arabia and Malaysia, officials said Thursday.

The government said 99,140 Bangladeshis found jobs in the January-March first quarter, declining by 27.9 per cent than the same period last year, 56 per cent than 2008 and 22 per cent than 2007.

Officials of the Bureau of Manpower and Employment Training (BMET), which keeps the data of daily overseas employment, attributed the slide to massive fall in recruitment by the Persian Gulf countries, notably Saudi Arabia, and South East Asia.

"In the first three months, Saudi Arabia employed only 602 workers. In the past, the Muslim kingdom used to employ this number of workers in a day or two," said an official.

For some strange reasons, the Saudi authorities have been ignoring Bangladeshi workers since 2008, said a top recruiting agent, who said Riyadh now favours workers from Nepal and the Philippines.

In oil-rich Kuwait where the prime minister made an official visit in February, only 11 workers found jobs in the first three months while gas-rich Qatar employed less than 1000 labourers.

Job opportunities in the South East Asia dried up sharply despite the economies of regional powerhouses, Singapore and Malaysia, have come back strongly in the first quarter, snapping a year-long recession.

BMET data showed Malaysia, the third biggest employer of Bangladeshi workers after Saudi Arabia and the United Arab Emirates (UAE), recruited only 44 workers between January and March.

Kuala Lumpur has imposed a total freeze on recruitment from Bangladesh, despite many assurances from its cabinet ministers. Calls from Dhaka to review the freeze have so far fallen on deaf ears.

"We have heard that Malaysian authorities have planned to recruit some 100,000 from Nepal. They are not interested in Bangladeshi workers despite the resurgence of their economy in recent months," said the recruiting agent.

The UAE remained the main destination of Bangladeshi workers in 2010 despite its companies were hit hard by the global economic recession - the worst since the Second World War

The grouping of seven Emirates hired more than 56,275 workers from Dhaka, making up nearly 60 per cent of total Bangladesh overseas jobs in the first three months.

Last year the UAE hired 258,348 labourers, accounting for 46 per cent of total Bangladeshi manpower export.

War-torn Iraq provided some hopes, employing 1441 workers while Singapore, Libya, Bahrain and the Indian island of Mauritius maintained a static pace in their recruitment.

http://www.thefinancialexpress-bd.com/more.php?news_id=96651
 
More evidence Awami regime is destroying manpower market as export came down to 4 years low. While India, Nepal increased their export. From Awami destructive actions it getting clear that its goal to facilitate other competing countries at expense of Bangladeshi job seekers.

Situation is much severe than article described because hundred of thousands of workers are coming back home everyday. If these return numbers are counted then mapower export may be in negetive. People are realizing they are net victim of Aawami hoax "job for at least one member from each family"
 
More evidence Awami regime is destroying manpower market as export came down to 4 years low. While India, Nepal increased their export. From Awami destructive actions it getting clear that its goal to facilitate other competing countries at expense of Bangladeshi job seekers.

Situation is much severe than article described because hundred of thousands of workers are coming back home everyday. If these return numbers are counted then mapower export may be in negetive. People are realizing they are net victim of Aawami hoax "job for at least one member from each family"

Brother, over sea employment will deteriorate further if awami continue attacking on Islam and Aalim-e-din in the name of war crime. :tdown:
 
Brother, over sea employment will deteriorate further if awami continue attacking on Islam and Aalim-e-din in the name of war crime. :tdown:

Awami anti islamic activity does not help the cause of good relation with other Muslim countries. Just after assuming power Awami FM decleared that Bangladesh is not a Muslim country but a secular one. In line with indian wishes.
 
Awami anti islamic activity does not help the cause of good relation with other Muslim countries. Just after assuming power Awami FM decleared that Bangladesh is not a Muslim country but a secular one. In line with indian wishes.

Kindly keep INDIA out of your speculation's. If GoI has put in any statement to the effect that it wishes BD to be secular and not a Islamic country, do let us know the quote from ANY indian ministry. ANY official quote from GoI will do.
 
Indians were up in arms to defend Awami Indian stooge regime. But sensing Awami regime can not come out of whole Indians had dug for them, Indians are distancing themselves. Just as expected.
 
FDI flow falls by 66pc in 7 months

Monira Munni

The flow of foreign direct investment (FDI) recorded a 66 per cent fall in the first seven months of the current fiscal due to global recession.

This was revealed by the central bank in its monthly update.

During July to January period of 2009-10 fiscal, the country received only US$228 million in FDI against $662 million during the same period of the 2008-09 fiscal, Bangladesh Bank (BB) data showed.

"The FDI flow drastically fell during the period due to the global meltdown that had hit different countries including Bangladesh," a senior BB official told the FE Monday.

Besides, acute shortage of gas and electricity in the country also contributed to cut FDI inflow to a great extent, the official added.

"Due to global recession our domestic investment is picking up slowly," said Zaith Bakth, research director of Bangladesh Institute of Development Studies (BIDS).

Moreover, the country's infrastructure facilities, including gas and electricity supply, are not favourable for our domestic as well as foreign investment, he also said.

Unless the government takes quick and effective measures for infrastructure development and gas exploration, there is little hope of increasing FDI in Bangladesh, he added.

However, the BB official expressed the hope that the FDI flow might rise in the coming months due to recovery of major global economies.

FDI flow falls by 66pc in 7 months
 
13 bridges around Dhaka to be pulled down

Dhaka, March 31 (bdnews24.com) – A government taskforce has identified 13 bridgesin and around Dhaka to be pulled down and rebuilt to make waterways underneath them more pliable for large water vessels.

The high level taskforce headed by shipping minister Shahjahan Khan asked relevant government authorities on Wednesday to pull down the bridges.
......

13 bridges around Dhaka to be pulled down | Bangladesh | bdnews24.com


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An incredible decision indeed!


Shamsul Huq Zahid

The taskforce on rivers, headed by Minister for Shipping Shahjahan Khan, in a meeting held recently decided to demolish, at least, 13 bridges over rivers flowing along the Dhaka city for not having adequate clearance height.

The taskforce, reportedly, has decided to ask the agencies concerned to demolish those bridges and construct new ones having enough clearance to facilitate the introduction of a circular waterway service. The taskforce felt it necessary to put in place a waterway service to offer some comfort to commuters who have been suffering endlessly from extreme traffic conditions.

Pious though, the decision to demolish so many bridges, allegedly, for having clearance-height below the officially permitted level, raises a few questions. The questions relate to wastage of money, time, sufferings of the people living near the bridges in question and the viability of the proposed waterway service.

The bridges that have been identified for demolition and replacement reportedly belong to the Roads and Highways Department (RHD), Bangladesh Railway (BR), and the Local Government Division (LGD). Interestingly, according to media reports, none from the agencies concerned was present at the meeting where the fate of those bridges was decided.

The demolition issue in question only highlights how the taxpayers' money is wasted in the name of development. The agencies that were involved in the construction of the bridges must explain why did they overlook the clearance requirement. Then again, why did not the Bangladesh Inland Water Transport Authority (BIWTA) raise objections when construction work of these bridges had begun?

However, it is unlikely that the people living in localities that the bridges in question connect would allow the authorities to take up demolition work since it is bound to affect seriously their transportation needs for months, maybe, for years. Some of the bridges might have been constructed after years' of persistent lobbying by the local people. So, they surely would oppose tooth and nail any effort to undo their achievement.

Moreover, replacement of the existing bridges with new ones would involve lot of time and money. The way things move under the Bangladesh's bureaucratic system, it might take even five years to get the projects approved and money allocated for the bridge projects. So, the question of providing relief to commuters would be a costly and time-consuming affair. It is more likely that the agencies that constructed the bridges in question would do their best to nullify the 'pious' move of the taskforce.

A dispassionate review of the decision by the taskforce would, however, raise some questions. How could it decide for the introduction of circular waterway when it had on its hand an example how a similar experimentation made by the last BNP government failed utterly?

The immediate past government had introduced the circular waterway service in Dhaka and constructed jetties at a couple of places, including Amin Bazaar. But the service was discontinued long ago for not getting sufficient number of passengers. The jetties now bear the testimony to how whimsical actions of a few in the government lead to wastage of taxpayers' money in a country where authorities fail to provide basic minimum services to its citizens for want of resources.

Who does not know that the present traffic problem in Dhaka city cannot be solved through plans cooked by a few quacks? The problem has grown over the years with the authorities concerned look at different directions. The Dhaka Metropolitan Police (DMP) has tried to ease the traffic gridlocks by putting in place a few 'innovative' ideas but failed to produce any positive outcome. It has, apparently, given up and become an onlooker of a situation where everybody, the car driver, bus driver, rickshaws and pedestrians have all the freedom to move the way they like.

The traffic problem is so enormous that it has no simple and immediate solution. Experts have suggested lots of solutions, including introduction of elevated expressways, underground rail and flyovers. But none has ever suggested that circular waterway would ease the Dhaka city's nagging traffic problem. Why has then the taskforce chosen a solution that would involve not only lots of money but also subject thousands of people to sufferings?

The decision of the taskforce again highlights the lack of coordination between different government agencies, particularly in the case of development project implementation. The residents of Dhaka city have to undergo sufferings from time to time because of the absence of coordination between different utility service providers.

The minister for shipping and IWT should rather ensure navigability of the rivers encircling the Dhaka city and drive out encroachers. Then the government would not be required to introduce passenger launch service at its own cost. Many private operators would volunteer to open their own services if those are found profitable.

An incredible decision indeed!
 
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