Bangladesh Economic & Infrastructure Development - Updates & Discussions

[Black_cats]

Bangladesh can become an exporting powerhouse
Tribune Editorial

• Published at 05:30 pm December 3rd, 2018

Photo: BIGSTOCK

It would be wise to ensure that the export basket continues to diversify

Thanks to our impressive economic growth over the last decade, Bangladesh is well on track to becoming a developing country, with greater global opportunities than ever.

As Prime Minister Sheikh Hasina has made clear, this promotion will open up newer avenues in trade and business, and these are chances that our business community must seize with both hands.

One of the major achievements of the current government has been to broaden Bangladesh’s export potential, with the prime minister ensuring that economic ties continue to improve with regional players.

MoUs signed with economic powerhouses such as India and China, in addition to other neighbouring countries like Nepal and Bhutan, have created the environment required to ensure that our export sector continues to flourish.

And while Bangladesh’s exports already contribute enormously toward the economy’s continued development, it would be wise to ensure that the export basket continues to diversify and seek newer markets in the international arena, which are conducive to Bangladeshi goods.

The stage is set, but the government’s role in the future will also be crucial, as our position in the ease of doing business rankings needs urgent attention -- this is achievable through reducing bureaucracy and corruption, which continue to act as barriers to progress.

In the long run, the government and private sector need to work together to ensure that Bangladesh’s potential as an economic powerhouse is taken advantage of.

Bangladesh still has a long way to go, but if we play our cards right, nothing can stop us.

https://www.dhakatribune.com/opinio...bangladesh-can-become-an-exporting-powerhouse

 

[The Ronin]

Bangladesh flower market reaches Tk1,200cr, expanding at 10% rate

The growing middle class, equipped with disposable income, along with the rise of corporate businesses and widespread use of flowers in various programs - have expanded the flowers and cut foliage business in Bangladesh.

However, cultural changes among the young generation in celebrating western festivals such Valentine’s Day, Friendship Day, Mother’s Day and iconic cultural events like Pohela Boishakh , Pohela Falgun have expedited the growth of flower business in the country.

In addition, the celebration of National Days such as Ekushey February, Independence Day and Victory Day has reached to rural level more than ever before, which also helped boost the business.

According to a recent Dhaka Chamber of Commerce and Industry (DCCI) statistics, the local market of flower and cut foliage has reached at Tk1,200 crore per annum and is witnessing a 10% yearly growth.

“Flowers are widely used in political, social and corporate events. This is because of economic growth, which brought changes in living standards of people as they have disposable income,” Anwar Faruque, a consultant to Bangladesh Flower Society told the Dhaka Tribune.

Now people from all walks of life celebrate national days across the country, while young generation are observing several program where they all use flowers to greet friends and family members, said Faruque.

Prospects of flower industry

In meeting demands of flowers for big occasions like Ekushey February, Bangladesh has to import, as the demand in the local market is growing very fast.

On the other hand, there is huge opportunity in the export market as the production cost in Bangladesh is lower compared to other flower-exporting countries.

According to Export Promotion Bureau (EPB) data, in 2016-17 fiscal year, Bangladesh exported cut flowers, leaves, trees, plants, bulbs, roots of $86,000, up 10.26%, which was $78,000 in the previous year.

“Bangladesh has a competitive advantage due to its favourable climate and topography as well as low labour cost and relatively low capital investment which is helping the sector to thrive.” said Abdur Rahim, president of Bangladesh Flower Society (BFS).

Using the favourable environment and comparatively better opportunity, we can grab the markets in home and abroad, said Rahim.

“If Bangladesh goes for vast cultivation of flowers commercially, it will be able to earn huge amount of foreign currency as there is demand of Bangladeshi products in the export destinations,” Anwar Faruque, also a former secretary of Ministry of Agriculture told the Dhaka Tribune.

As of now, flowers are being cultivated in nearly 10,000 hectares of land in 23 districts of the country.

Flower and foliage farming has expanded into Jashore, Jhenidah, Magura, Rangpur, Bogra, Dhaka, Gazipur and Manikganj districts.

Currently, more than 25,000 families are engaged in cultivating flowers and 200,000 people are directly and indirectly dependent on this sector.

Due to rise of flower uses, the number of flower shops in the capital also has seen a rise and as of now there are about 500 shops in the capital. Shahbagh is the largest flower market in the capital, which remains very busy every time of the day.

Challenges faced by sector

In line with the economic growth as any other industry, the flower sector is growing very fast, creating an opportunity for huge export earnings. But there is no policy and financial support for the sector, which is hindering the sector’s growth.

As an emerging sector, floral cultivators are facing problems in getting finance from financial institutions.

Additionally, the sector needs training on farming flowers which are high in monetary value, said Rahim.

To this end, the sector needs low cost credit in making investment to introduce modern technology, training, in constructing cold storage and to ensure supply of quality and new varieties of seeds, he added.

To tap into this opportunity, Bangladesh needs to pay special attention to address the problems and government should come up with relevant policy support.

“Flower industry is a very potential industry but there is no specific policy for the emerging sector. Its infrastructural development needs to be established. In reaping the opportunities of the sector, Bangladesh has to come up with a comprehensive policy to create space for the sector to grow,” Dhaka Chamber of Commerce and Industry (DCCI) President Abul Kasem Khan said.

On the other hand, the government and people related to the sector have to move for introducing modern technologies and ensuring supply of newer seeds, building warehouses and cold storages.

Concurrently, the policy makers should work on development of infrastructure to ensure a smoother supply chain, said Kasem.

He suggested low interest loan for the farmers and entrepreneurs related with this industry.

Global Flower Market Size

Global consumption of cut flowers is estimated at a staggering $40-50 billion per year with Europe and North America being the leading markets. Globally, there are around 145 countries involved in the cultivation of ornamental crops.

International Trade Centre (ITC) in its study showed global flower exports over the last few years have grown by more than 10% annually. Based on this trend, global export of flowers is expected to reach $45 billion in 2018.

World Floriculture Map showed, from only cut flower segment, export value reached over $10 billion in 2015. Europe is the largest consumer of floriculture followed by North America and China.

As per ITC, total flower market size in China was $19.52 billion and flower export reached $620 million in 2015.

Indian floriculture market reached $1.25 billion (Rs.9000 crore) in 2017-18 fiscal year, while their flower export reached $78.73 million (Rs.507.31 crore).


https://www.dhakatribune.com/busine...market-reaches-tk1-200cr-expanding-at-10-rate

How much trouble is the country's banking sector in?
Golam Mawla

• Published at 04:27 pm December 3rd, 2018

More than 10 of the country’s prominent banks are suffering from a deficit of capital. The situation is worsening as these banks have now started dipping into their core capital.

Most of them are operating on taxpayers’ money.

According to Bangladesh Bank, until now, these banks have had a large cash reserve from which they have provided loans to the market—even after spending a portion of it on day-to-day operational costs.

However, now, they have started dipping into their core capital, resulting in a situation where the only solution is to stop these banks from operating.

The matter recently came up in a letter from the CEO and Managing Director of the state-owned Janata Bank, Abdus Salam Azad—sent to the secretary of the Financial Institution Division.

The letter says: "To keep up with the fixed interest rates, Tk2,612 crore was decremented from Janata Bank's deposit.

"The bank has to reserve the necessary CRR by taking call loans from the money market and assured liquidity support (ALS) from Bangladesh Bank," the letter mentioned. "And this dire situation prevails in all state-owned banks."

Meanwhile, the central bank's June 2018 report states that 10 government and non-government banks have already used their core capital due to non-payment of loans.

Seven of the banks are government-owned and the other three are private.

Until June this year, the deficit has reached Tk25,143 crore.

Financial sector experts and economists say the government is undertaking the burden of not only the government banks, but also the irregularities carried out by private banks.

State-owned banks such as Sonali Bank and Janata Bank were forced to buy shares of Farmers Bank when they were themselves suffering from a deficit of capital.

According to the central bank, the total capital deficit of the seven state-owned banks is Tk23,270 crore.

They are:

Assessing the current situation, former Bangladesh Bank Governor Saleh Uddin Ahmed said: "Ever year, the government has been providing capital to these banks from the national budget.

"Providing capital to these corrupt institutions every year from the taxpayer’s money is not acceptable," he said.

Every time the government takes such initiatives, the organizations are encouraged to be more corrupt and incompetent, Saleh said. Analysis by the Ministry of Finance has found that, since 2009, the government has regularly provided capital to the banking sector.

In the span of eight years, in the 2009-10 to 2016-17 session, a total of Tk14,505 crore has been given to the banks as capital support.

During the 2017-18 session, government banks have been given Tk1,850 crore as capital support.

A study of the Center for Policy Dialogue (CPD), a private research organization, found that during the fiscal years of 2009-10 to 2016-17, a total of Tk11,705 crore was given to banks as an initiative for re-capitalization.

This amount is equivalent to 10.8% of the government’s total revenue earnings.

CPD Fellow Mostafizur Rahman said: "Instead of spending such huge sums of money on these corrupt banks, the government should have financed more in the country’s education, health, and social sectors. This would have benefited the country a lot."

However, Bangladesh Development Research Institute Researcher and Chairman of Agrani Bank Dr Zayed Bakht said: “I believe if the state-owned banks start charging for their services, then this situation will not recur."

He added: "Government banks are doing a lot better than before. Maybe in the near future these banks will not need any capital support from the government.”

According to sources, from 2010-2014, the Hallmark scandal resulted in the embezzlement of Tk2,600 crore from Sonali Bank. Later, Tk4,500 crore was embezzled from Basic Bank during the Bismillah Group Scandal.

Adding to the crisis, Janata Bank has lost Tk1,200 crore to loan scams by Crescent Group and Anon Tex Group.

As a result, Bangladesh Bank canceled the foreign trade licenses (AD licenses) of the Imamganj and Mohammadpur branches of the banks. Now the bank has to borrow money and use their core capital to run its daily activities.

According to the information provided by the central bank, till June 2018, the total sum of loan defaults in the country’s banking sector is Tk89,340 crore.

If the waived loans are added, total loan defaults amount to Tk138,000 crore.

https://www.dhakatribune.com/busine...QJQRKI5A4VeLr9tgkiDjWBeIK-gTGvEpA3XYMOLR4xcsw

WEF report: Unstable energy prices main risk of doing business in Bangladesh

Unexpected changes in energy prices have been identified as the most serious business risk in Bangladesh, according to a recent report published by the World Economic Forum (WEF).

In the report titled “Regional Risks for Doing Business 2018,” WEF explained that businessmen in Bangladesh are very vulnerable to energy price volatility, adding that this has the potential to seriously disrupt the business climate in the country.

As per the findings of the report, five other risks of doing business in Bangladesh include failure of national governance, cyber-attacks, failure of regional and global governance, and unemployment/underemployment.

Data for the report has been collected from the annual “Executive Opinion Survey 2018” conducted between January and June this year, for the “Global Competitiveness Report 2018.” Survey data from 2017 and 2016 were also used in some cases.

Failure of national governance

In addition to being the second most serious risk of doing business in Bangladesh, failure of national governance also predominates among businesses in South Asia.

Following a particularly busy political period in the region, the election process is being viewed with anxiety in the South Asian region, as it can be accompanied by violence, blockades, and other forms of political tension.

Cyberattacks

On February 4, 2016, Bangladesh’s banking industry suffered a sudden shock when $101 million was stolen from Bangladesh Bank’s account at the New York Federal Reserve, the biggest cyber attack on the banking sector of the country.

The Bangladesh Institute of Bank Management (BIBM) conducted much research on the cybersecurity of banks in Bangladesh, with one research study revealing that 52% of banks in Bangladeshare are at high risk of cyberattacks.

Another BIBM research found that 80% of banks in the country do not have relevant staff skilled and efficient enough to face any such attack, or even as much as a firewall in their data centres.

Only 4% of banks have employees with excellent knowledge about IT and cyber security systems, found another BIBM study, which also revealed that half the bank officials in Bangladesh are unaware of cybersecurity.

The research found that 28% of officials in the banking industry are “very ignorant” about cybersecurity and 22% are “ignorant” about IT security, while 20% of officials have minor knowledge about the matter.

Furthermore, in May, Bangladesh was ranked 73rd among 100 nations in the National Cyber Security Index, published by the Estonia-based e-Governance Academy.

The report also claimed Bangladesh to be at a high risk of cyberattacks since most computers in the country are running Microsoft products that report malware encounters.

Failure of regional and global governance

The failure of regional and global governance has been identified as the third most serious risk of doing business in Bangladesh.

Survey respondents pointed to governance issues above the nation state level, with failure of regional and global governance ranking fourth across the region, and featuring most prominently in Nepal and Bangladesh.

Refugee and migration issues have been considered to be drivers of this, with approximately 700,000 people – mostly Rohingya – having fled from Myanmar to Bangladesh over the past year.

Unemployment and underemployment

According to the report, unemployment and underemployment were ranked as the fifth leading risk in Bangladesh, and the third leading risk in the South Asian region.

While World Bank projections suggest South Asia is set to remain the fastest-growing region in the world – with 7.1% economic growth on average in 2019 – there are concerns that the region will struggle to deliver sufficient job creation to meet the needs of a rapidly expanding population.

Observations of economist AB Mirza Azizul Islam

Former Finance Adviser to a Caretaker government AB Mirza Azizul Islam said the report of the WEF reflected the inner problems the businesses have long been facing in the country.

“By and large, the report results are alright. According to my knowledge, Bangladesh has been consistently doing poorly in the governance indicators set by the World Bank. Cyber-attacks are definitely a distressing risk because our banks are still not prepared enough to fight the threat,” Aziz told the Dhaka Tribune.

In terms of unemployment, he said it can be observed that the rate is higher among graduates.

Firstly, our education system is still not compatible with the job market. Secondly, of the total employment, the informal sector occupies the major percentage while employment in the formal sector is very limited, he added.

https://www.dhakatribune.com/busine...ces-main-risk-of-doing-business-in-bangladesh

Why always the foreign companies, Japanese, Chinese, Korean and so on? Why do not you guys ask the govt to get help from our own private companies to design (consulting), surveying, subsoil investigation (not the so-called BD style soil testing), pile fabrication, pile driving, erection and so on? Let the local Contractors get foreign help. This is how the technology of designing and constructing is transferred to the locals.

About Japanese help, the railway ministry is also seeking its help (money and technology) to build a railway bridge over the Jamuna about 150 m north of the current highway bridge. I ask how far do you think BD can go when its own people are unable to build anything important? Any country needs hundreds of similar projects and do you really think only a minimal foreign collaboration will cause BD to build these? Never, never.

Don't you already have the answer? Dumb, corrupted officials, politics, commission etc. But i thought we give these work to our local guys, at least some of them. About that rail project over Jamuna, why would i hire a Bangladeshi guy with no experience, expertise, equipment, technological support who have to borrow help from a Japanese guy when i can hire Japanese guy for the job? And Bangladeshi contractors don't do the job properly often and steal the money if we count some local projects done by them. I am no expert, so plz correct me if i am wrong.

 

[Nilgiri]

Um... Ba3, just one notch above “high speculative”. That’s a little concerning...

Yah like I said, the strings and conditions are pretty much the best China (or anyone) can really offer.

BD has to institutionally improve a lot before it can get better bargaining power and terms. Actually lot of that will depend on the result of the current loans.

 

[bluesky]

Most governments in the world are in huge debt. China is not an exception. What differentiates China from other developing countries is that China built a strong economy and infrastructure by using international loans! China has to take risks to lend money to those developing economies that can not borrow from no where! It's a business indeed.

Are you sure about this heavy international loans to China by the nations and lending agencies? As far as I know, there were heavy GDI in China in the 80s and beyond that helped to propel up its economy.

 

[Bilal9]

AKIJ Group (Yearly turnover US$100 crore) divests tobacco/cigarettes business to Japan Tobacco, invests in particle board units in self-developed Trishal (Mymensingh) Export Zone for import substitution and export.

Bangabandhu High Tech Park debuts with production of Water-Tank Mgmt. IOT device for Saudi Arabian market.

 

[GeraltofRivia]

Are you sure about this heavy international loans to China by the nations and lending agencies? As far as I know, there were heavy GDI in China in the 80s and beyond that helped to propel up its economy.

This is not really true. Most capital inflow were foreign direct investment. There were probably some loans but they were minority in the grand scheme of things.

Yah like I said, the strings and conditions are pretty much the best China (or anyone) can really offer.

BD has to institutionally improve a lot before it can get better bargaining power and terms. Actually lot of that will depend on the result of the current loans.

I have to admit that with this kind of rating China or other lending institutions are pretty faithful and full of goodwill. Hopefully there is sovereign guarantee as naturally there is no security placed on the loan.

 

[Bilal9]

Fahim Saleh
Fund Manager of 'Adventure Capital'. We start ride-sharing companies in frontier markets.


Ant Financial buys a 49% stake in bKash. Online grocery supplier Chaldal in talks to raise $3 million from IFC. These are stories coming from an unlikely source: Bangladesh, a small country the size of New York state, with a population of 160 million people. Only a few years ago, if you were to ask an international investor about the country, they would have looked at you clueless. Now it’s a different story. With the most densely populated city in the world and GDP growth four times that of the U.S., the international community has finally awoken to the potential of this small tropical country.

Being a Bangladeshi-American, I always wondered what this country that my parents emigrated from had to offer. When I took a semester off from college in 2008, I had an opportunity to find out first hand. The motivation was more than just curiosity; it was business. The cost of a developer in Bangladesh at the time was only a few thousand dollars a year.

My mission was to hire a team of programmers in Bangladesh that could handle client work I had generated in the U.S. After an initial round of interviews, I was unimpressed. I saw a lack of excitement, understanding of product and exposure to what robust technology was. The interviewees weren't eager either.

My father explained to me that Bangladeshi's preferred to have a secure job with an established company, as opposed to the risk of joining a new company, no matter the upside. The startup bug hadn't hit the country, at least not yet. I left the country without hiring one person.

Post college, I settled in New York City. I starting making Bangladeshi friends who were telling me about the growing startup culture in the country. I was skeptical. When one of my friends invited me to their wedding in Dhaka, I took up the chance to visit the country again, fully expecting to be disappointed by the tech ecosystem.

I was shocked at the changed landscape. Entrepreneurs were taking chances and building interesting businesses. There was a complete shift from my original visit five years prior. But there were still issues. I spoke to several entrepreneurs desperate for funds. With a lack of access to capital, entrepreneurs were cutting desperate deals with local investors often giving away majority control of their company and even giving investors dilution-proof equity. The country needed a few success stories for international investors with more entrepreneur-friendly terms to pay attention.

Then it started happening. bKash, a mobile finance solution received investment from the Bill and Melinda Gates Foundation. Chaldal, a grocery delivery startup graduated from Y-Combinator and went on to raise millions. And a company I co-founded, Pathao, received massive backing to be the digital platform of the country. There is even a homegrown technology publication with regular informative updates.

For entrepreneurs looking to start a venture in Bangladesh or other developing markets, the opportunities are plenty. But it requires a commitment to understanding the cultural and economic landscape. You can either live in the country for a significant period of time and learn on your own or find a knowledgeable local partner. The latter will save you time and headaches, as a local is less likely to get taken advantage of than a foreigner on matters ranging from taxes to reasonable contractor fees. Finally, stay as lean as possible relative to the country you’re in. The cost of living may be much lower in these countries compared to where you are coming from, but that's no reason to let the purse strings loose.

When I started my office in Bangladesh, I spent a great deal of capital creating a Silicon Valley office feel: top-end equipment, a beautiful office and an open workflow. It was too much of a drastic shift in work-style for local employees, resulting in excessive spending, an inefficient use of resources and an unproductive workforce. Although resources may seem cheap, you have to think like a local to win.

The technology ecosystem in Bangladesh has certainly matured. There are now a handful of accelerators started by the country’s largest mobile carrier. Co-working spaces allow entrepreneurs to work in collaboration. For investors interested in the country, now is the time to plant your seeds and take advantage of the excitement in Desh-tech (Bangladesh Technology).

The future of Bangladesh is bright. Social programs by the government and private institutions continue to empower women to join the workforce and become educated. The government promotes secularism and is taking a hard line against terrorism. And recent reports have Bangladesh’s per capita gross domestic product set to outpace India’s by 2020. With continued traction, Bangladesh may even see its first unicorn very soon.

https://www.forbes.com/sites/theyec...-making-waves-in-the-tech-scene/#7fc56fe620e4

 

[Bilal9]

Deloitte, world's largest professional services firm, enters Bangladesh
Senior Correspondent, bdnews24.com

Published: 2018-12-01 18:09:39.0 BdST Updated: 2018-12-01 18:09:39.0 BdST

Deloitte, the largest professional services firm in the world with its presence in more than 150 countries, has established a presence in Bangladesh.

They will offer a diverse range of professional services to clients with a combination of local expertise with global best practices, it said.

Nurul Faruk Hasan & Co (Nufhas) and Business Consulting Services (BCS) have become part of Deloitte in Bangladesh.

With this, Deloitte Bangladesh will have a base of more than 100 professionals and clients, and hopes to grow its team several times in the next few years.

Deloitte has come to Bangladesh at a time when the country is experiencing a sustained GDP growth rate of more than 7.5 percent, rising per capita income and improved social indicators.

"This is a very exciting time for Bangladesh. We are proud to join the Deloitte network, respected for its world-class professional service, innovation and ethics,” Nurul Haque, managing partner, Deloitte Bangladesh, said at a press briefing.

“With our deep industry expertise and commitment to quality, I am confident that Deloitte Bangladesh will deliver value to clients and grow the local talent pool,” he said.

Joydeep Datta Gupta, board member, Deloitte Bangladesh, said they are delighted to be expanding in what is fast becoming a critical market for the region and the global economy as a whole.

“By combining the deep local knowledge and global expertise, Deloitte Bangladesh is well-positioned to help new and existing clients make an impact that matters in Bangladesh.”

Deloitte’s services include audit, consulting, financial advisory, risk management, and tax services to its clients.

 

[Mage]

Tofail blasts BIDA

Blames lack of coordination for slow progress in ease of doing business

Star Business Report

Commerce Minister Tofail Ahmed yesterday criticised the Bangladesh Investment Development Authority (BIDA) for lack of coordination among its stakeholders and said harmonisation is a must to improve the ease of doing business.

“Why is the coordination meeting of the special panel being held two years after its formation?” he asked at the first meeting of the BIDA's steering committee for ease of doing business at the InterContinental Hotel in Dhaka.

“Why is there no representative from the private sector?”

Businesses should be included in the steering committee as they suffer the most for the complexities in the process for doing business and they know the problems better than anyone, Ahmed said.

“Our businessmen are doing great and they are helping the economy grow faster despite all the hurdles in doing business. We should not blame our businessmen. They are the main contributor to our economy.”

The minister said Bangladesh has done well in all social and economic indicators. Still the country lags behind others because of the flaws in business environment.

“Foreign investors come to pour money into Bangladesh, but they go back after visiting the country because of poor road and business climate. So, the BIDA should take the main responsibility to improve the ease of doing business.”

Finance Minister AMA Muhith said the faster growth of the economy indicates that it is getting easier to do business. “But still some problems are there.”

“We have to create a system so that investors do not have to go door to door of the government offices. We have to go for technological improvement in all sectors to ensure that.”

Lack of technological improvement in the activities of ministries and authorities is the main reason behind the slow growth in the ease of doing business, said Nasrul Hamid, state minister for power, energy and mineral resources.

A system should be created so that people can complete the process online that is needed to start a new business, Hamid said. “It will cut hassle and corruption.”

The situation in government offices is getting better but it is not perfect yet, said Md Abul Kalam Azad, principal coordinator for SDG affairs at the Prime Minister's Office.

The business climate in government offices should improve, said Kazi M Aminul Islam, executive chairman of the BIDA.

“We are hopeful to introduce an effective one-stop service for the sake of better business environment.”

Shipping Minister Shajahan Khan, Home Minister Asaduzzaman Khan Kamal and secretaries of several ministries were also present at the meeting.

https://www.thedailystar.net/business/news/tofail-blasts-bida-1669171

 

[bluesky]

Tofail blasts BIDA

Blames lack of coordination for slow progress in ease of doing business

I think for a usual country the ministers, Cabinet and the bureaucrats all together formulate the policy of an investment body like BIDA. Here, however, the trade minister is complaining against BIDA. To me, it is like someone slapping his own face out of frustration. Instead, Tofail should take lead on the matter and get cooperation from all the stakeholders to set up the guidelines for trouble-free investment. How about studying the cases in other countries, for example, Cambodia?

In Cambodia, in order to encourage FDI, its Special Economic Zone Administration established in the authorized SEZ is to provide one-stop service to zone investors starting from the registration of projects up to the step concerning export-import approvals.

In Golden Bangladesh, a prospective investor has to go through 22 (or more?) govt offices to get clearance for investment from the Authority. In Cambodia, it is only one stop. A would-be investor visits this office and is given the list of documents that the former needs to supply to get clearance. All other inside works in other govt offices are done by this office.

So, when the peasant ministers and bureaucrats will learn from others' experience? At least, please do it before 2141.

 

[Mage]

I think for a usual country the ministers, Cabinet and the bureaucrats all together formulate the policy of an investment body like BIDA. Here, however, the trade minister is complaining against BIDA. To me, it is like someone slapping his own face out of frustration. Instead, Tofail should take lead on the matter and get cooperation from all the stakeholders to set up the guidelines for trouble-free investment. How about studying the cases in other countries, for example, Cambodia?

In Cambodia, in order to encourage FDI, its Special Economic Zone Administration established in the authorized SEZ is to provide one-stop service to zone investors starting from the registration of projects up to the step concerning export-import approvals.

In Golden Bangladesh, a prospective investor has to go through 22 (or more?) govt offices to get clearance for investment from the Authority. In Cambodia, it is only one step. Investor visits this office and is given the list of documents that the former needs to supply. All other inside works in the govt offices are done by this office.

So, when the peasant ministers and bureaucrats will learn from others' experience? At least, please do it before 2141.

At least this issue is being raised....before this was ignored. If they can improve ease of doing business in Bangladesh and fix the banking crisis, improve BD's credit ratings...it will bring long term benefits to the country.

 

[bluesky]

At least this issue is being raised....before this was ignored. If they can improve ease of doing business in Bangladesh and fix the banking crisis, improve BD's credit ratings...it will bring long term benefits to the country.

Yes, you are right. But, the questions are "If" and "When". Do you remember about the slimming down the transport routes and the GoB directed some ignorant bureaucrats to sit with the private bus owners? So, have you found any results yet? I have not seen any conclusion, activities or follow up works to cause an improved transportation. Nothing happened except the initial newspaper report saying Hasina had directed someone to sit for a meeting on some Monday.

Tofail talking is the same in nature. He is not supposed to call reporters and complain, he is supposed to act. But, as usual, like all other peasant ministers, this Tofail from Bhola (?) wanted to see his name in print.

 

[Mage]

Yes, you are right. But, the questions are "If" and "When". Do you remember about the slimming down the transport routes and the GoB directed some ignorant bureaucrats to sit with the private bus owners? So, have you found any results yet? I have not seen any conclusion, activities or follow up works to cause an improved transportation. Nothing happened except the initial newspaper report saying Hasina had directed someone to sit for a meeting on some Monday.

Tofail talking is the same in nature. He is not supposed to call reporters and complain, he is supposed to act. But, as usual, like all other peasant ministers, this Tofail from Bhola (?) wanted to see his name in print.

I think govt made the law harsher for transport accidents. If intentional it can be sentenced to death...

I don't know anything other than that. They were strictly checking driver's license and vehicle papers for someday and then everything cooled down. Well the govt suffers from a transportation blockades. And what can they do when majority of the drivers and cars don't have appropriate papers or have expired papers?

 

[bluesky]

I think govt made the law harsher for transport accidents. If intentional it can be sentenced to death...

I don't know anything other than that. They were strictly checking driver's license and vehicle papers for someday and then everything cooled down. Well the govt suffers from a transportation blockades. And what can they do when majority of the drivers and cars don't have appropriate papers or have expired papers?

Yes, I accept these moves as good. But, there are hundreds of other things that ought to be done to systemize the Dhaka transport sector. The mass transportation system there needs a total re-planning and re-arrangement. It is now a total mess except the points you have noted. But, I think these are too short of the goal and too late.

 

[Black_cats]

Bangladesh to sue New York Fed, RCBC over $81mn heist: Muhith

• UNB NEWS
• PUBLISH DATE - DECEMBER 05, 2018, 08:00 PM
• UNB NEWS - UNB NEWS

https://www.dhakatribune.com/bangla...national-guard-bureau-praises-bangladesh-army

Finance Minister AMA Muhith. File photo
Dhaka, Dec 5 (UNB) - Finance Minister AMA Muhith has said Bangladesh will sue the Federal Reserve Bank of New York and Philippines’ RCBC over the heist of $81 million from Bangladesh Bank’s account with the US bank.

“Bangladesh Bank has been working seriously to file a case in this regard and there’s no alternative to it,” he said while talking to reporters after a meeting of the Cabinet Committee on Public Purchase.

Muhith said the central bank can file the case until January 15 next and it will do it by the deadline.

He said both the Federal Reserve Bank of New York and the RCBC will be made accused in the case as they received the fund and disbursed it.

The Finance Minister expressed the hope the New York Fed will cooperate with Bangladesh as it is the custodian of entire fund of the world. “I think they’ll cooperate with us as it’ll ultimately be in their favour.”

Following discussions with the New York Fed, Bangladesh is convinced that the case will be filed in a New York court and the Bangladesh mission in Washington is coordinating it, he said.

International robbers withdrew $101 million from the Bangladesh Bank account with the Federal Reserve of New Your through fraudulent instructions against their target of about $1 billion in February 2016.

However, some $20 million was recovered from a Sri Lankan bank while $81 million, which landed in Manila-based Rizal Commercial Banking Corporation (RCBC), could not be recovered.

Most of the money transferred to the Philippines went to four personal accounts, held by single individuals.

The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to US $850 million, due to suspicions raised by a misspelled instruction.

Around $18 million of the $81 million transferred to the Philippines has so far been recovered. It was later suspected that Dridex malware was used for the attack.

Muhith noted that he will prepare a report on the country’s financial situation and submit it to the government. “The banking sector will get a focus in the report as it has been the weakest area of the economy as far as I’m concerned,” he said.