Bangladesh Economic & Infrastructure Development - Updates & Discussions
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The Ronin
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Tk3,000cr Mongla Port development projects to begin soon
Work on a set of infrastructure development projects aimed at increasing the capacity of Mongla Port—the second largest seaport of the country—is likely to begin in the first quarter of this year.
Mongla Port Authority sources said a decision to this effect was made in December last year when a technical team from China had visited the port, reports BSS.
On October 14, 2017, Bangladesh and China signed a memorandum of understanding (MoU) to develop Mongla Port at a cost of approximately Tk3000 crore.
The MoU was signed in presence Prime Minister Sheikh Hasina and Chinese President Xi Jinping.
The projects include construction of four jetties and two yards, a large multistoried garage for car parking, four-lane roads, purchasing of 11 survey and tag boats and modern machineries for handling cargo and containers.
The sources said the government of India earlier provided an assistance of Tk6,256 crore to develop Mongla Port into a first class seaport.
Mongla Port is already a profitable and busy port with enhanced foreign ship anchoring, cargo handling, and high exports and imports in the last nine years.
Speaking to BSS, Mongla Port Authority Chairman Commodore AKM Faruk Hasan said capacity of the port will be enhanced further upon completion of the projects.
https://www.dhakatribune.com/bangla...OTmeT_16bwJG_TlujSfV86MgAp-JY_ABq6VVFmqR86jWs
Work on a set of infrastructure development projects aimed at increasing the capacity of Mongla Port—the second largest seaport of the country—is likely to begin in the first quarter of this year.
Mongla Port Authority sources said a decision to this effect was made in December last year when a technical team from China had visited the port, reports BSS.
On October 14, 2017, Bangladesh and China signed a memorandum of understanding (MoU) to develop Mongla Port at a cost of approximately Tk3000 crore.
The MoU was signed in presence Prime Minister Sheikh Hasina and Chinese President Xi Jinping.
The projects include construction of four jetties and two yards, a large multistoried garage for car parking, four-lane roads, purchasing of 11 survey and tag boats and modern machineries for handling cargo and containers.
The sources said the government of India earlier provided an assistance of Tk6,256 crore to develop Mongla Port into a first class seaport.
Mongla Port is already a profitable and busy port with enhanced foreign ship anchoring, cargo handling, and high exports and imports in the last nine years.
Speaking to BSS, Mongla Port Authority Chairman Commodore AKM Faruk Hasan said capacity of the port will be enhanced further upon completion of the projects.
https://www.dhakatribune.com/bangla...OTmeT_16bwJG_TlujSfV86MgAp-JY_ABq6VVFmqR86jWs
Bilal9
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Bilal9
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Somewhat poetic video made describing the Dhaka to Jessore 172 km Rail Line undertaken by Bangladesh Army Corps of Engineers officially incorporating the Padma Bridge Rail link Project (PBRLP). The new line has fourteen new stations under construction and some seven existing rail stations to be heavily expanded/renovated. Usually projects run under Army Corps get finished under budget and ahead of schedule.
Bilal9
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The Delta Plan
The government of Bangladesh, supported by the government of the Netherlands, is formulating the Bangladesh Delta Plan 2100. A long-term, holistic and integrated plan for the Bangladesh delta. Long-term, considering goals for the next fifty to one-hundred years. Holistic, bringing together strategies from all over the country into one coherent whole. Integrated, considering the needs of all water-related sectors into a single plan.
The formulation of the Bangladesh Delta Plan 2100 draws on experience from the Delta Plan formulation process in the Netherlands, while at the same time adapting to the specific needs of Bangladesh and finding inspiration in Bangladesh’s long tradition of resilience and water management.
Key elements of the Bangladesh Delta Plan 2100 formulation process include baseline studies, use of a Delta Vision, scenarios, a Delta Framework for delta governance, iterative selection of delta strategies, an investment plan and a capacity building program.
Matarbari USC Coal Fired Power Plant Project Package 1.2
পতেঙ্গা সমুদ্র সৈকত কোস্ট লাইন বাজার
চট্টগ্রাম সিটি আউটার রিং রোড || Ctg Outer Ring Road Ride View (nearing completion)
The Ronin
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Bangladesh textile sector saw investment of Tk6,900 crore in last five years
Bangladesh’s primary textile sector, a backward linkage industry for the country’s $30.60 billion apparel sector, saw an investment worth Tk6,900 crore in the last five years, owing to growing demand for fabric and yarn.
According to the Bangladesh Textile Mills Association (BTMA), from 2014 to 2018,local entrepreneurs invested an average of Tk1,380 crore per year in the primary textile sector. During this period, 44 new textile mills also became members of the association.
Speaking to the Dhaka Tribune, BTMA President Md Mohammad Ali Khokon, said: “Primary textile sector of Bangladesh has turned into very a strong backward linkage industry for the RMG (Ready-made Garment) sector. Currently, local manufactures are capable of supplying 85% of yarn and fabric, along with 40% of woven fabric,required by the knitwear sector.
"This means the primary textile sector has been unable to fulfill 60% demand of woven fabrics, resulting in investors pouring in funds to grab the remaining market share," Khokon added.
"Additionally, banks were very enthusiastic in financing the primary textile sector, which resulted in more investment," said Khokon, also Managing Director Maksons Spinning Mills Limited.
Economists opined that new investment will strengthen Bangladesh's position in the global value chain,and also help reduce import dependency.
Centre for Policy Dialogue (CPD) Research Director Khondaker Golam Moazzem said: “This increase in investment will raise Bangladesh's competitiveness in the global market. Bangladesh will also attain a better position in the global RMG value chain.”
How to attract more investment
Stakeholders think more investment can be attracted to the sector, which has not taken place as expected due to a lack of infrastructural support and unavailability of utility services.
“While Tk6,900 crore is no small amount, a good number of investors could not invest in the sector due to a lack of infrastructure, and limited supply of gas and electricity,” said Abdus Salam Murshedy, managing director of Envoy Textiles.
"I hope this Tk6,900 crore investment triples in the next five years,as the government is setting up Special Economic Zones [SEZs] and developing the country's infrastructure," said Salam, also a former president of the Bangladesh Garment Manufacturers and Exporters Association(BGMEA).
Does Bangladesh need FDI for the textile sector?
Since Bangladesh is highly dependent on import for higher end fabrics, Foreign Direct Investment (FDI) in the sector would further boost the textile industry.
“Bangladesh cannot become strong in non-cotton products and local investors are not interested in this area. However,the woven fabrics sector, especially the manufacture of high end or value added products are highly dependent on imported fabrics,” said Khondaker Golam Moazzem.
FDI in these segments can be a solution for Bangladesh to move towards value added products, the economist added. Sector insiders also opined that FDI can be allowed to some extent, especially in the high end segment.
According to Bangladesh Bank (BB) data, in 2017, Bangladesh’s textile and apparel sector received foreign investment worth $421.68 million, which is 15.70% higher than $364.44 million in 2016.
As per the BTMA, there are 430 yarn manufacturing mills, 802 fabrics manufacturing mills, and 244 dyeing-printing finishing mills in Bangladesh, along with 32 denim fabrics manufacturing mills and 22 home textile manufacturing mills.
https://www.dhakatribune.com/busine...EdQfIHfcjBLe2jS8NZPFO8srRIyP0HajxEijdJlzbYhlY
Bangladesh’s primary textile sector, a backward linkage industry for the country’s $30.60 billion apparel sector, saw an investment worth Tk6,900 crore in the last five years, owing to growing demand for fabric and yarn.
According to the Bangladesh Textile Mills Association (BTMA), from 2014 to 2018,local entrepreneurs invested an average of Tk1,380 crore per year in the primary textile sector. During this period, 44 new textile mills also became members of the association.
Speaking to the Dhaka Tribune, BTMA President Md Mohammad Ali Khokon, said: “Primary textile sector of Bangladesh has turned into very a strong backward linkage industry for the RMG (Ready-made Garment) sector. Currently, local manufactures are capable of supplying 85% of yarn and fabric, along with 40% of woven fabric,required by the knitwear sector.
"This means the primary textile sector has been unable to fulfill 60% demand of woven fabrics, resulting in investors pouring in funds to grab the remaining market share," Khokon added.
"Additionally, banks were very enthusiastic in financing the primary textile sector, which resulted in more investment," said Khokon, also Managing Director Maksons Spinning Mills Limited.
Economists opined that new investment will strengthen Bangladesh's position in the global value chain,and also help reduce import dependency.
Centre for Policy Dialogue (CPD) Research Director Khondaker Golam Moazzem said: “This increase in investment will raise Bangladesh's competitiveness in the global market. Bangladesh will also attain a better position in the global RMG value chain.”
How to attract more investment
Stakeholders think more investment can be attracted to the sector, which has not taken place as expected due to a lack of infrastructural support and unavailability of utility services.
“While Tk6,900 crore is no small amount, a good number of investors could not invest in the sector due to a lack of infrastructure, and limited supply of gas and electricity,” said Abdus Salam Murshedy, managing director of Envoy Textiles.
"I hope this Tk6,900 crore investment triples in the next five years,as the government is setting up Special Economic Zones [SEZs] and developing the country's infrastructure," said Salam, also a former president of the Bangladesh Garment Manufacturers and Exporters Association(BGMEA).
Does Bangladesh need FDI for the textile sector?
Since Bangladesh is highly dependent on import for higher end fabrics, Foreign Direct Investment (FDI) in the sector would further boost the textile industry.
“Bangladesh cannot become strong in non-cotton products and local investors are not interested in this area. However,the woven fabrics sector, especially the manufacture of high end or value added products are highly dependent on imported fabrics,” said Khondaker Golam Moazzem.
FDI in these segments can be a solution for Bangladesh to move towards value added products, the economist added. Sector insiders also opined that FDI can be allowed to some extent, especially in the high end segment.
According to Bangladesh Bank (BB) data, in 2017, Bangladesh’s textile and apparel sector received foreign investment worth $421.68 million, which is 15.70% higher than $364.44 million in 2016.
As per the BTMA, there are 430 yarn manufacturing mills, 802 fabrics manufacturing mills, and 244 dyeing-printing finishing mills in Bangladesh, along with 32 denim fabrics manufacturing mills and 22 home textile manufacturing mills.
https://www.dhakatribune.com/busine...EdQfIHfcjBLe2jS8NZPFO8srRIyP0HajxEijdJlzbYhlY
Apparel shipment to Europe quicker now
Exporters hail transshipment from Kolkata
Refayet Ullah Mirdha
Bangladesh's garment shipment to Europe has expedited with the introduction of transshipment facility from Kolkata's Netaji International Airport on a pilot basis, exporters said.
Last week, the first-ever bonded cargo from Bangladesh flew out of Kolkata airport. The cargo, weighing 4.1 tonnes, was carried by Bangladeshi trucks to the Benapole land port, where it was loaded on to Indian trucks. The Indian trucks carried the goods to the Kolkata airport.
“This is like opening up a new window for us,” said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The development comes as part of a renewed bilateral trade framework between the two neighbouring nations following government-led panel discussions between the two sides in New Delhi at the end of October.
Transshipment, which is the shipment of goods or containers to an intermediate destination for delivery to final destination through another mode of transport, will shorten the long lead time by a few days. Moreover, the cost of carrying goods will reduce significantly.
The programme will be run on a pilot basis for six months to gain experience to come up with regulation to check cargo diversion.
The first cross-border and land-to-air transshipment from Bangladesh was run by Expo Freight.
“Primarily, we are sending three cargo flights a week. Our target is to introduce six flights per week,” said Maria Rahman, head of key accounts management team of Expo Freight.
The logistics provider has already sent seven flights of cargo after the launch of new operations from the Kolkata airport.
About the charge, Maria said if it costs Tk 5 for carrying a kg of goods by an airline to Europe from Bangladesh, the Dhaka-Kolkata-Europe route will cost Tk 3.5 a kg.
It takes three to five days to reach the final destinations in Europe from Dhaka, she added.
Emirates and Qatar Airways are currently carrying garment items from the Kolkata airport to Europe.
“Primarily our targeted markets are Europe. But we have plans to send apparel cargos to the US if our routes become commercially viable,” she added.
The initiative is commercially viable and cost-effective, said Arvind Aggarwal, senior manager for business development of Celebi Delhi Cargo Terminal Management India, the cargo management company in Indira Gandhi International Airport.
“We are lobbying with the governments of both Bangladesh and India for introducing truck services between Dhaka and Delhi to carry goods to be sent Europe from the Indira Gandhi International Airport.”
Once the Bangladesh-Bhutan-India-Nepal (BBIN) motor vehicles agreement comes into effect fully, the movement of goods by trucks would be easier between the two countries, he said.
At the Dhaka airport, every day more than 1,000 tonnes of goods, mostly garment items, are stored for air shipment, but airlines can carry 700 tonnes, exporters said.
The lead time on exports from Dhaka is higher than some of the country's competitors because of geographical location, according to the BGMEA president. Plus, it takes more time to release goods from the main airport in Dhaka.
Exporters say the rush of goods at the Dhaka airport is so high that goods are left unattended at the cargo village.
Usually, air shipments are made mainly to reduce the lead time, but when exporters opt for that mode of transport they are left with hardly any profit. “Air shipment is very expensive,” Rahman said.
But sometimes exporters have to use the air route to ship goods on schedule. In many cases, buyers carry the cost of air shipments, allowing exporters to make some profit from the sales, the BGMEA chief also said.
It costs between 30 cents and 40 cents or even less for carrying a kg of apparel items from the Chittagong port to any port in Europe.
https://www.thedailystar.net/business/economy/news/apparel-shipment-europe-quicker-now-1683898
GEF: Bangladesh economy to enjoy prosperous 2019
Tribune Desk
The revenue collection will face short of target due to poor business gain and slow growth in the private sector
The Global Economist Forum (GEF) has said the Bangladesh economy will enjoy one of the happiest years in 2019 in respect to economic freedom, which will help achieve above 7.5% GDP growth.
GEF, a special consultative status development and policy organisation of the United Nations Economic and Social Council (ECOSOC), has released their worldwide economic prediction for 2019, including Bangladesh, reports UNB.
According to the prediction, Bangladesh exports will be significantly increased due to the US-China trade war. Bangladesh could be able to tap huge amount of foreign direct investment (FDI), especially in the special economic zones.
The revenue collection will face short of target due to poor business gain and slow growth in the private sector. But the public sector, especially power sector, will fetch huge investment, it said.
The power transmission sector could gain investment worth Tk22,000 crore in 2019. The government debt to the GDP could be increased to 30 percent.
According to GEF49 President Dr Enayet Karim, the actual balance of trade will be minus Tk175 billion due to the huge quantity of import against export.
As per the prediction of Dr Mohammad Haider Ali Miah, President of Bangladesh chapter of GEF, the poverty will significantly be reduced and it will stand at 21.8% due to equal distribution of resources.
Secretary General of Bangladesh chapter of GEF Dr Mamun-Ur Rashid said, "The inward remittance may not increase due to huge job cut in Saudi Arabia, the main labour market of Bangladesh, but new job markets will be invested and wages would be increased."
https://www.dhakatribune.com/business/2019/01/07/gef-bangladesh-economy-to-enjoy-prosperous-2019
Exporters hail transshipment from Kolkata
Refayet Ullah Mirdha
Bangladesh's garment shipment to Europe has expedited with the introduction of transshipment facility from Kolkata's Netaji International Airport on a pilot basis, exporters said.
Last week, the first-ever bonded cargo from Bangladesh flew out of Kolkata airport. The cargo, weighing 4.1 tonnes, was carried by Bangladeshi trucks to the Benapole land port, where it was loaded on to Indian trucks. The Indian trucks carried the goods to the Kolkata airport.
“This is like opening up a new window for us,” said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The development comes as part of a renewed bilateral trade framework between the two neighbouring nations following government-led panel discussions between the two sides in New Delhi at the end of October.
Transshipment, which is the shipment of goods or containers to an intermediate destination for delivery to final destination through another mode of transport, will shorten the long lead time by a few days. Moreover, the cost of carrying goods will reduce significantly.
The programme will be run on a pilot basis for six months to gain experience to come up with regulation to check cargo diversion.
The first cross-border and land-to-air transshipment from Bangladesh was run by Expo Freight.
“Primarily, we are sending three cargo flights a week. Our target is to introduce six flights per week,” said Maria Rahman, head of key accounts management team of Expo Freight.
The logistics provider has already sent seven flights of cargo after the launch of new operations from the Kolkata airport.
About the charge, Maria said if it costs Tk 5 for carrying a kg of goods by an airline to Europe from Bangladesh, the Dhaka-Kolkata-Europe route will cost Tk 3.5 a kg.
It takes three to five days to reach the final destinations in Europe from Dhaka, she added.
Emirates and Qatar Airways are currently carrying garment items from the Kolkata airport to Europe.
“Primarily our targeted markets are Europe. But we have plans to send apparel cargos to the US if our routes become commercially viable,” she added.
The initiative is commercially viable and cost-effective, said Arvind Aggarwal, senior manager for business development of Celebi Delhi Cargo Terminal Management India, the cargo management company in Indira Gandhi International Airport.
“We are lobbying with the governments of both Bangladesh and India for introducing truck services between Dhaka and Delhi to carry goods to be sent Europe from the Indira Gandhi International Airport.”
Once the Bangladesh-Bhutan-India-Nepal (BBIN) motor vehicles agreement comes into effect fully, the movement of goods by trucks would be easier between the two countries, he said.
At the Dhaka airport, every day more than 1,000 tonnes of goods, mostly garment items, are stored for air shipment, but airlines can carry 700 tonnes, exporters said.
The lead time on exports from Dhaka is higher than some of the country's competitors because of geographical location, according to the BGMEA president. Plus, it takes more time to release goods from the main airport in Dhaka.
Exporters say the rush of goods at the Dhaka airport is so high that goods are left unattended at the cargo village.
Usually, air shipments are made mainly to reduce the lead time, but when exporters opt for that mode of transport they are left with hardly any profit. “Air shipment is very expensive,” Rahman said.
But sometimes exporters have to use the air route to ship goods on schedule. In many cases, buyers carry the cost of air shipments, allowing exporters to make some profit from the sales, the BGMEA chief also said.
It costs between 30 cents and 40 cents or even less for carrying a kg of apparel items from the Chittagong port to any port in Europe.
https://www.thedailystar.net/business/economy/news/apparel-shipment-europe-quicker-now-1683898
GEF: Bangladesh economy to enjoy prosperous 2019
Tribune Desk
- Published at 01:01 am January 7th, 2019
The revenue collection will face short of target due to poor business gain and slow growth in the private sector
The Global Economist Forum (GEF) has said the Bangladesh economy will enjoy one of the happiest years in 2019 in respect to economic freedom, which will help achieve above 7.5% GDP growth.
GEF, a special consultative status development and policy organisation of the United Nations Economic and Social Council (ECOSOC), has released their worldwide economic prediction for 2019, including Bangladesh, reports UNB.
According to the prediction, Bangladesh exports will be significantly increased due to the US-China trade war. Bangladesh could be able to tap huge amount of foreign direct investment (FDI), especially in the special economic zones.
The revenue collection will face short of target due to poor business gain and slow growth in the private sector. But the public sector, especially power sector, will fetch huge investment, it said.
The power transmission sector could gain investment worth Tk22,000 crore in 2019. The government debt to the GDP could be increased to 30 percent.
According to GEF49 President Dr Enayet Karim, the actual balance of trade will be minus Tk175 billion due to the huge quantity of import against export.
As per the prediction of Dr Mohammad Haider Ali Miah, President of Bangladesh chapter of GEF, the poverty will significantly be reduced and it will stand at 21.8% due to equal distribution of resources.
Secretary General of Bangladesh chapter of GEF Dr Mamun-Ur Rashid said, "The inward remittance may not increase due to huge job cut in Saudi Arabia, the main labour market of Bangladesh, but new job markets will be invested and wages would be increased."
https://www.dhakatribune.com/business/2019/01/07/gef-bangladesh-economy-to-enjoy-prosperous-2019
Trade deficit narrows amid rise in exports
AKM Zamir Uddin
Trade deficit narrowed 12 percent in the first five months of the fiscal year thanks to a rise in exports and a slowdown in imports.
At the end of November, trade deficit stood at $6.65 billion, down from $7.60 billion a year earlier, according to the central bank's latest data.
The development comes as a relief for the government, which has sufficient breathing space now to run the economy. Trade deficit hit an all-time high of $18.25 billion last fiscal year.
While unveiling the monetary policy statement for the second half of 2018 the central bank projected that the trade gap may reach $22.19 billion by the end of the fiscal year, suggesting a stringent state of affairs for the country's macroeconomy.
“But the pickup in remittance and exports is whopping the central bank projection,” said a Bangladesh Bank official.
Export fetched $16.77 billion in the first five months of the fiscal year, up 16.75 percent year-on-year.
“It is a good sign that export earnings are maintaining an upward trend while import payments are posting moderate growth,” said AB Mirza Azizul Islam, a former finance adviser to a caretaker government.
Between the months of July and November of 2018, imports rose 6.64 percent to $23.43 billion.
The import of capital machinery has recently declined, which will not underpin the country's industrial sector, he said.
Islam went on to urge the government to give more importance to importing capital goods as it is the major ingredient for setting up new industrial units and retrofitting the existing ones.
The country's current account deficit also decreased 46 percent year-on-year to $2.55 billion in the first five months of fiscal 2018-19.
“Bangladesh's current account deficit is not too much considering that it is a developing country,” Islam added.
Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue, however, said the current account deficit was still high considering the rising economic activities of the country.
“There is a ray of hope that remittance has bounced back in recent months, which will ease the large deficit of current account in the months to come,” he said.
The foreign exchange reserve is now able to make import payments for five months, which is ideal for any economy, he said.
As of November 2018, the reserves stood at $31.05 billion.
“But a year ago the reserves could cover import payments for nine months. We have to keep a close eye on fluctuating reserves.”
The overall balance of payment situation is also not sanguine as it has recently entered the negative territory, he said.
At the end of November, the deficit in overall balance stood at $837 million, up from $479 million a year earlier, according to data from the BB.
The export earnings, foreign direct investment and remittance should increase more for reducing the current and overall deficit, Rahman said.
If the deficit in the two accounts is brought down, the foreign exchange market will also cool down bypassing the existing depreciating trend of the taka against the dollar, he added.
https://www.thedailystar.net/business/news/trade-deficit-narrows-amid-rise-exports-1684558
Mustafa Kamal expects 8.5% GDP growth in FY19
Tribune Desk
File photo of AHM Mustafa Kamal Mahmood Hossain Opu/Dhaka Tribune
The new finance minister expresses hope after taking oath
New Finance Minister AHM Mustafa Kamal on Monday expressed optimism that the country’s GDP growth rate in the current fiscal year (FY19) would reach 8.5%, exceeding the fiscal target of 7.8%.
“As per an international think-tank, Bangladesh’s GDP growth will reach 7.5% this year. They actually predict in a conservative way. I think, the GDP growth will reach 8.5%,” he said.
He was exchanging views with officials of the Finance Ministry at his secretariatoffice in Dhaka, after taking oath as finance minister along with other members of the new cabinet, reports BSS.
Kamal said Bangladesh has achieved remarkable successes in the last 10 years and the country has attained 41st position among the largest economies in the world in 2019, up from the 43rd position last year, as per UK-based think tank “World Economic League Table.”
If the country improves maintaining this trend, Bangladesh will stand within the first 20 countries in 2041 as per the largest economy in the world and the top 20 countries are considered as developed countries, he added.
The finance minister urged authorities concerned to come forward and take necessary reforms to bring non-performing loans (NPL) to a reasonable level.
“We should make necessary changes to bring the NPL to a reasonable level. The existing rate of NPL is around 13%. If we can keep the NPL at 7-8%, it will play a vital role in the country’s economy,” he added.
Referring to the on-going upward trend in the stock market, Kamal said the national election has brought confidence to the people, taking the capital market to upward trend.
He underscored the need for strengthening the bond market to collect long term investments of the business community.
He also said Bangladesh should focus on increasing the country’s tax to GDP ratio to accelerate the development activities.
“Currently, the tax to GDP ratio of Bangladesh is around 8-9%. We should take it to 16-17%,” he added.
https://www.dhakatribune.com/busine.../mustafa-kamal-expects-8-5-gdp-growth-in-fy19
AKM Zamir Uddin
Trade deficit narrowed 12 percent in the first five months of the fiscal year thanks to a rise in exports and a slowdown in imports.
At the end of November, trade deficit stood at $6.65 billion, down from $7.60 billion a year earlier, according to the central bank's latest data.
The development comes as a relief for the government, which has sufficient breathing space now to run the economy. Trade deficit hit an all-time high of $18.25 billion last fiscal year.
While unveiling the monetary policy statement for the second half of 2018 the central bank projected that the trade gap may reach $22.19 billion by the end of the fiscal year, suggesting a stringent state of affairs for the country's macroeconomy.
“But the pickup in remittance and exports is whopping the central bank projection,” said a Bangladesh Bank official.
Export fetched $16.77 billion in the first five months of the fiscal year, up 16.75 percent year-on-year.
“It is a good sign that export earnings are maintaining an upward trend while import payments are posting moderate growth,” said AB Mirza Azizul Islam, a former finance adviser to a caretaker government.
Between the months of July and November of 2018, imports rose 6.64 percent to $23.43 billion.
The import of capital machinery has recently declined, which will not underpin the country's industrial sector, he said.
Islam went on to urge the government to give more importance to importing capital goods as it is the major ingredient for setting up new industrial units and retrofitting the existing ones.
The country's current account deficit also decreased 46 percent year-on-year to $2.55 billion in the first five months of fiscal 2018-19.
“Bangladesh's current account deficit is not too much considering that it is a developing country,” Islam added.
Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue, however, said the current account deficit was still high considering the rising economic activities of the country.
“There is a ray of hope that remittance has bounced back in recent months, which will ease the large deficit of current account in the months to come,” he said.
The foreign exchange reserve is now able to make import payments for five months, which is ideal for any economy, he said.
As of November 2018, the reserves stood at $31.05 billion.
“But a year ago the reserves could cover import payments for nine months. We have to keep a close eye on fluctuating reserves.”
The overall balance of payment situation is also not sanguine as it has recently entered the negative territory, he said.
At the end of November, the deficit in overall balance stood at $837 million, up from $479 million a year earlier, according to data from the BB.
The export earnings, foreign direct investment and remittance should increase more for reducing the current and overall deficit, Rahman said.
If the deficit in the two accounts is brought down, the foreign exchange market will also cool down bypassing the existing depreciating trend of the taka against the dollar, he added.
https://www.thedailystar.net/business/news/trade-deficit-narrows-amid-rise-exports-1684558
Mustafa Kamal expects 8.5% GDP growth in FY19
Tribune Desk
- Published at 11:40 pm January 7th, 2019
File photo of AHM Mustafa Kamal Mahmood Hossain Opu/Dhaka Tribune
The new finance minister expresses hope after taking oath
New Finance Minister AHM Mustafa Kamal on Monday expressed optimism that the country’s GDP growth rate in the current fiscal year (FY19) would reach 8.5%, exceeding the fiscal target of 7.8%.
“As per an international think-tank, Bangladesh’s GDP growth will reach 7.5% this year. They actually predict in a conservative way. I think, the GDP growth will reach 8.5%,” he said.
He was exchanging views with officials of the Finance Ministry at his secretariatoffice in Dhaka, after taking oath as finance minister along with other members of the new cabinet, reports BSS.
Kamal said Bangladesh has achieved remarkable successes in the last 10 years and the country has attained 41st position among the largest economies in the world in 2019, up from the 43rd position last year, as per UK-based think tank “World Economic League Table.”
If the country improves maintaining this trend, Bangladesh will stand within the first 20 countries in 2041 as per the largest economy in the world and the top 20 countries are considered as developed countries, he added.
The finance minister urged authorities concerned to come forward and take necessary reforms to bring non-performing loans (NPL) to a reasonable level.
“We should make necessary changes to bring the NPL to a reasonable level. The existing rate of NPL is around 13%. If we can keep the NPL at 7-8%, it will play a vital role in the country’s economy,” he added.
Referring to the on-going upward trend in the stock market, Kamal said the national election has brought confidence to the people, taking the capital market to upward trend.
He underscored the need for strengthening the bond market to collect long term investments of the business community.
He also said Bangladesh should focus on increasing the country’s tax to GDP ratio to accelerate the development activities.
“Currently, the tax to GDP ratio of Bangladesh is around 8-9%. We should take it to 16-17%,” he added.
https://www.dhakatribune.com/busine.../mustafa-kamal-expects-8-5-gdp-growth-in-fy19
Mongla EPZ exports rise sixteen-fold in 10 years
Published: January 08, 2019 17:37:26 | Updated: January 09, 2019 09:57:00
The exports from Mongla Export Processing Zone (EPZ) increased 16 times in the past 10 years. Investments also witnessed an eleven-fold rise, while about 4,500 people make a living in the zone.
“Mongla EPZ was established on 289 acres of land in 1998 in line with the decision of Prime Minister Sheikh Hasina. Currently, 128 factories are in operation and 15 more will go into operation soon,” said Executive Manager of Bangladesh Export Processing Zones Authority (BEPZA) Nazma Binte Alamgir, reports BSS.
Talking to BSS, Nazma said the Mongla Port has become active because of the Mongla EPZ, as products worth Tk 40.75 billion were exported via this seaport in 2018, which is 16 times higher from Tk 2.95 billion in 2008.
Out of 192 industrial plots in the zone, 165 plots have already been allocated among the investors, she added.
In 2008, EPZ drew investments worth Tk 450 million but investments witnessed a significant rise in 2018 as the port town EPZ drew Tk 5.1 billion worth of investments – an increase of eleven-fold in the last 10 years.
Nazma said previously the economy of this part of the country depended on agriculture and fishing. Now the situation has largely been changed as workers in the EPZ are involved in producing products ranging from heating pads of Toyota cars, VIP luggage bag, North American towel, jute based products to marble stone accessories etc, she said.
These products are being exported to India, China, Japan, South Korea, Thailand, Italy, the United Arab Emirates, the Netherlands, Indonesia and a few more countries in Middle East and Europe, she added.
Traffic Manager of Mongla Port Authority (MPA) Mohammad Shohag said the Mongla EPZ was established here to keep the Mongla Port active. Lands were acquired from the MPA to establish the EPZ.
Currently, few empty plots are left in Mongla EPZ. There has been a great industrialisation within the zone. The process of bringing in the raw materials is being done using the Mongla Port. For this reason the use of Mongla Port is on rise, he said.
A user of Mongla Port S M Nazrul Islam said huge people are employed due to the Mongla EPZ.
“Now, I am working in the EPZ and earn Tk 10,000 a month. The income of my husband and me is sufficient to meet the expenditure of my family,” said Rabeya Begum who works in a factory at Mongla EPZ.
https://thefinancialexpress.com.bd/...orts-rise-sixteen-fold-in-10-years-1546947446
New finance minister sounds tough on loan defaulters
Asks bankers to bring down NPL to 7.0-8.0pc
FE Report | Published: January 08, 2019 09:48:24 | Updated: January 08, 2019 22:07:51
A H M Mustafa Kamal
Newly-appointed Finance Minister AHM Mustafa Kamal asked the bankers on Monday to go tough on delinquent borrowers to help lower the size of non-performing loans (NPL).
He told them to bring down the (ratio of) NPL to 7.0-8.0 per cent from the existing 13 per cent which, he said, is quite high.
Mr Kamal said loans should be given to right kind of people only, and urged the bankers not to spare even 'relatives' in the case of loan recovery.
The minister said these while talking to bankers and officials at Bangladesh Secretariat soon after taking the oath of office as the finance minister.
"We won't send anyone to jail. But we have to take back public money from the defaulters," he said.
The minister further said the spread between lending and deposit rates is still very high, which needs to be lowered.
Mr Kamal expressed the hope that in the current fiscal year, 2018-19, the gross domestic product (GDP) growth rate will be close to 8.5 per cent.
The minister also talked about reform in the banking and other sectors.
He underscored the need for expediting revenue collection and exploring new arenas for raising revenue.
"In revenue sector, if we maintain the present trend, our achievement will be in arithmetic proportion. But we have to turn it into geometric proportion, which is not a tough job."
Mr Kamal said some 400 million people (in the country) are now in the middle-income category, each of whom can pay Tk 20,000 as income tax every year.
"But they don't pay the tax. Only 1.5 million people submit income tax returns annually."
"We couldn't penetrate the sector properly. We have to be rough and tough on people who dodge taxes," he added.
The finance minister said in some cases soil is being exported instead of manufactured goods. "But showing the export receipt those unscrupulous people are taking away cash incentives from the government. It has to be stopped."
He also said the rate of value added tax (VAT) has to be bearable. Otherwise people would not pay it.
"And whatever rate we decide, the collection has to be cent per cent. For that we have to provide electronic cash register machines to businesses, and also appoint more revenue collectors."
The minister said resources are limited in Bangladesh, and that has to be mobilised properly.
"We also have to ensure maximum utilisation of resources," he noted.
Earlier on the day, former finance minister AMA Muhith was given a farewell reception at the conference room of the finance ministry.
He said the country had seen tremendous economic development during the last ten years.
Now none can brand Bangladesh as a beggar's place, Mr Muhith opined.
"In the next five years the country's economy will reach such a position that none will be able to obstruct its development," he added.
syful-islam@outlook.com
https://thefinancialexpress.com.bd/...er-sounds-tough-on-loan-defaulters-1546919304
Published: January 08, 2019 17:37:26 | Updated: January 09, 2019 09:57:00
The exports from Mongla Export Processing Zone (EPZ) increased 16 times in the past 10 years. Investments also witnessed an eleven-fold rise, while about 4,500 people make a living in the zone.
“Mongla EPZ was established on 289 acres of land in 1998 in line with the decision of Prime Minister Sheikh Hasina. Currently, 128 factories are in operation and 15 more will go into operation soon,” said Executive Manager of Bangladesh Export Processing Zones Authority (BEPZA) Nazma Binte Alamgir, reports BSS.
Talking to BSS, Nazma said the Mongla Port has become active because of the Mongla EPZ, as products worth Tk 40.75 billion were exported via this seaport in 2018, which is 16 times higher from Tk 2.95 billion in 2008.
Out of 192 industrial plots in the zone, 165 plots have already been allocated among the investors, she added.
In 2008, EPZ drew investments worth Tk 450 million but investments witnessed a significant rise in 2018 as the port town EPZ drew Tk 5.1 billion worth of investments – an increase of eleven-fold in the last 10 years.
Nazma said previously the economy of this part of the country depended on agriculture and fishing. Now the situation has largely been changed as workers in the EPZ are involved in producing products ranging from heating pads of Toyota cars, VIP luggage bag, North American towel, jute based products to marble stone accessories etc, she said.
These products are being exported to India, China, Japan, South Korea, Thailand, Italy, the United Arab Emirates, the Netherlands, Indonesia and a few more countries in Middle East and Europe, she added.
Traffic Manager of Mongla Port Authority (MPA) Mohammad Shohag said the Mongla EPZ was established here to keep the Mongla Port active. Lands were acquired from the MPA to establish the EPZ.
Currently, few empty plots are left in Mongla EPZ. There has been a great industrialisation within the zone. The process of bringing in the raw materials is being done using the Mongla Port. For this reason the use of Mongla Port is on rise, he said.
A user of Mongla Port S M Nazrul Islam said huge people are employed due to the Mongla EPZ.
“Now, I am working in the EPZ and earn Tk 10,000 a month. The income of my husband and me is sufficient to meet the expenditure of my family,” said Rabeya Begum who works in a factory at Mongla EPZ.
https://thefinancialexpress.com.bd/...orts-rise-sixteen-fold-in-10-years-1546947446
New finance minister sounds tough on loan defaulters
Asks bankers to bring down NPL to 7.0-8.0pc
FE Report | Published: January 08, 2019 09:48:24 | Updated: January 08, 2019 22:07:51
Newly-appointed Finance Minister AHM Mustafa Kamal asked the bankers on Monday to go tough on delinquent borrowers to help lower the size of non-performing loans (NPL).
He told them to bring down the (ratio of) NPL to 7.0-8.0 per cent from the existing 13 per cent which, he said, is quite high.
Mr Kamal said loans should be given to right kind of people only, and urged the bankers not to spare even 'relatives' in the case of loan recovery.
The minister said these while talking to bankers and officials at Bangladesh Secretariat soon after taking the oath of office as the finance minister.
"We won't send anyone to jail. But we have to take back public money from the defaulters," he said.
The minister further said the spread between lending and deposit rates is still very high, which needs to be lowered.
Mr Kamal expressed the hope that in the current fiscal year, 2018-19, the gross domestic product (GDP) growth rate will be close to 8.5 per cent.
The minister also talked about reform in the banking and other sectors.
He underscored the need for expediting revenue collection and exploring new arenas for raising revenue.
"In revenue sector, if we maintain the present trend, our achievement will be in arithmetic proportion. But we have to turn it into geometric proportion, which is not a tough job."
Mr Kamal said some 400 million people (in the country) are now in the middle-income category, each of whom can pay Tk 20,000 as income tax every year.
"But they don't pay the tax. Only 1.5 million people submit income tax returns annually."
"We couldn't penetrate the sector properly. We have to be rough and tough on people who dodge taxes," he added.
The finance minister said in some cases soil is being exported instead of manufactured goods. "But showing the export receipt those unscrupulous people are taking away cash incentives from the government. It has to be stopped."
He also said the rate of value added tax (VAT) has to be bearable. Otherwise people would not pay it.
"And whatever rate we decide, the collection has to be cent per cent. For that we have to provide electronic cash register machines to businesses, and also appoint more revenue collectors."
The minister said resources are limited in Bangladesh, and that has to be mobilised properly.
"We also have to ensure maximum utilisation of resources," he noted.
Earlier on the day, former finance minister AMA Muhith was given a farewell reception at the conference room of the finance ministry.
He said the country had seen tremendous economic development during the last ten years.
Now none can brand Bangladesh as a beggar's place, Mr Muhith opined.
"In the next five years the country's economy will reach such a position that none will be able to obstruct its development," he added.
syful-islam@outlook.com
https://thefinancialexpress.com.bd/...er-sounds-tough-on-loan-defaulters-1546919304
No more rise in NPLs ‘from now on’
BAB assures Kamal of loan recovery roadmap
FE Report | Published: January 11, 2019 10:11:03
File photos shows Finance Minister AHM Mustafa Kamal
Finance Minister AHM Mustafa Kamal said on Thursday non-performing loan (NPL) will not grow by even a single penny from today, rather it will reduce.
He, however, said he would not go for action against the "big shots" and "powerful persons" who are the main drivers of economy.
About his stance on the NPL holders, he said, "The powerful persons account for 82 per cent of the economy. How can we go forward without these 82 per cent holders?"
"Can we take economy to a good level with the rest of the population who account for only 18 per cent of the total economy? This sounds absurd to me."
Mr Kamal said this to reporters after a meeting with the representatives of the Bangladesh Association of Banks (BAB).
"You [the media] don't have exact data on the people who possess the exact amounts of NPLs… which are still manageable," he said in his Planning Commission office.
"All businessmen at home and abroad are powerful. They are titled as powerful and heavyweight persons who conduct business, and who play good cricket."
"If businessmen don't become powerful or heavyweight, how will I get investment, how employment will be created, how poverty be eliminated and how the government will provide services," Mr Kamal quipped.
He said, "From today, the NPL won't grow as the BAB delegation assured me of working to reduce it. How the NPL will be reduced was today's moot point."
"… They (bankers) will give me reports on the amounts of bad loans at their respective banks. And they will give a schedule on the recovery of the loans."
When asked, Mr Kamal said: "I'm worried on the NPL as well as I'm not worried on it."
"I'm not worried about our total debts and deposits. If we think about our asset against deposit compared to other nations, we're not in the back step."
"Our NPL is only 12-13 per cent of the total outstanding loans. Look at India, how much their NPLs are!" the minister exclaimed.
"If the NPL is backed by asset, and if we have enough collateral and securities against loans, why am I to worry, I should not worry," he argued.
"I have to know about the real position of the bad loans and then evaluate them. Then I can tell you whether I should worry."
"On the assessment only, I cannot express my worry on the NPL before the nation," Mr Kamal maintained. He said they (bankers) assured him that they will not allow the NPLs to extend further.
"I've told them that it is your business how you will manage or take care of it. My point is you can't increase the NPL from now on…," he added.
About the central bank reserve heist, Mr Kamal said, "I'll see the Philippines judgment report and our report. Then we'll share our position with you."
BAB Chairman Nazrul Islam Mazumder said, "We'll prepare lists of two groups. Some NPL holders went broke after doing 10 years of good business for different types of shocks."
"And some have left (business) after borrowing from the banks," he added.
"First, we'll review the lists and then sit with the central bank and banking division. We'll go for legal action against the defaulters who will be in the second category."
"The finance minister has assured us of giving all-out support in this regard," Mr Majumder mentioned.
He, however, said the businessmen who have become defaulters for different shocks on their business should not be come under punishment.
IFIC Bank Chairman Salman F Rahman and Premier Bank Chairman Dr HBM Iqbal, among others, attended the meeting.
kabirhumayan10@gmail.com
http://www.thefinancialexpress.com.bd/economy/no-more-rise-in-npls-from-now-on-1547179863
BAB assures Kamal of loan recovery roadmap
FE Report | Published: January 11, 2019 10:11:03
Finance Minister AHM Mustafa Kamal said on Thursday non-performing loan (NPL) will not grow by even a single penny from today, rather it will reduce.
He, however, said he would not go for action against the "big shots" and "powerful persons" who are the main drivers of economy.
About his stance on the NPL holders, he said, "The powerful persons account for 82 per cent of the economy. How can we go forward without these 82 per cent holders?"
"Can we take economy to a good level with the rest of the population who account for only 18 per cent of the total economy? This sounds absurd to me."
Mr Kamal said this to reporters after a meeting with the representatives of the Bangladesh Association of Banks (BAB).
"You [the media] don't have exact data on the people who possess the exact amounts of NPLs… which are still manageable," he said in his Planning Commission office.
"All businessmen at home and abroad are powerful. They are titled as powerful and heavyweight persons who conduct business, and who play good cricket."
"If businessmen don't become powerful or heavyweight, how will I get investment, how employment will be created, how poverty be eliminated and how the government will provide services," Mr Kamal quipped.
He said, "From today, the NPL won't grow as the BAB delegation assured me of working to reduce it. How the NPL will be reduced was today's moot point."
"… They (bankers) will give me reports on the amounts of bad loans at their respective banks. And they will give a schedule on the recovery of the loans."
When asked, Mr Kamal said: "I'm worried on the NPL as well as I'm not worried on it."
"I'm not worried about our total debts and deposits. If we think about our asset against deposit compared to other nations, we're not in the back step."
"Our NPL is only 12-13 per cent of the total outstanding loans. Look at India, how much their NPLs are!" the minister exclaimed.
"If the NPL is backed by asset, and if we have enough collateral and securities against loans, why am I to worry, I should not worry," he argued.
"I have to know about the real position of the bad loans and then evaluate them. Then I can tell you whether I should worry."
"On the assessment only, I cannot express my worry on the NPL before the nation," Mr Kamal maintained. He said they (bankers) assured him that they will not allow the NPLs to extend further.
"I've told them that it is your business how you will manage or take care of it. My point is you can't increase the NPL from now on…," he added.
About the central bank reserve heist, Mr Kamal said, "I'll see the Philippines judgment report and our report. Then we'll share our position with you."
BAB Chairman Nazrul Islam Mazumder said, "We'll prepare lists of two groups. Some NPL holders went broke after doing 10 years of good business for different types of shocks."
"And some have left (business) after borrowing from the banks," he added.
"First, we'll review the lists and then sit with the central bank and banking division. We'll go for legal action against the defaulters who will be in the second category."
"The finance minister has assured us of giving all-out support in this regard," Mr Majumder mentioned.
He, however, said the businessmen who have become defaulters for different shocks on their business should not be come under punishment.
IFIC Bank Chairman Salman F Rahman and Premier Bank Chairman Dr HBM Iqbal, among others, attended the meeting.
kabirhumayan10@gmail.com
http://www.thefinancialexpress.com.bd/economy/no-more-rise-in-npls-from-now-on-1547179863
Bilal9
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Bee farming in Bangladesh
Stall for Akij Group at the DITF
President Abdul Hamid addressing the inauguration of the month-long 24th Dhaka International Trade Fair at Bangabandhu International Conference Centre in Dhaka on Wednesday
Here he is checking out local electronics products (I believe Walton)
Gerbera flowers have dominated export floriculture crops recently. Exported to EU countries.
Stall for Akij Group at the DITF
President Abdul Hamid addressing the inauguration of the month-long 24th Dhaka International Trade Fair at Bangabandhu International Conference Centre in Dhaka on Wednesday
Here he is checking out local electronics products (I believe Walton)
Gerbera flowers have dominated export floriculture crops recently. Exported to EU countries.
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ARMalik
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Well BD needs to pay thousands of it poor workers first. These poor garment workers get only 39-Cents an hour. All we hear is propaganda on how good BD is but these poor people are literally slaves for the rich in BD.
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Garment workers protest in Bangladesh
Bangladesh police used water cannons to disperse thousands of garment workers demonstrating for better wages for a fourth day Wednesday, shutting down factories on the outskirts of the capital.
--------------------------------------------------------
https://www.voanews.com/a/bangladesh-police-garment-workers-clash-in-protests/4735636.html
Bangladesh Police, Garment Workers Clash in Protests
DHAKA, BANGLADESH —
Bangladesh police fired tear gas and swung batons as thousands of garment workers demonstrated for better wages for a fourth day Wednesday, shutting down factories on the outskirts of the capital.
The Daily Star newspaper said one protester was fatally shot and three dozen others were injured in clashes with police.
Police fired tear gas and water cannons to prevent demonstrators from blocking the road leading to Dhaka's Hazrat Shahjalal International Airport. Workers responded by hurling bricks at police and setting vehicles ablaze.
Bangladesh's garment industry generates around $30 billion in exports a year, making it the second largest in the world after China. It makes products for big-name fashion retailers including Zara, H&M and Uniqlo.
For months, workers have been demanding a higher minimum pay than what the government of Prime Minister Sheikh Hasina has proposed.
Garment worker Shefali Begum said protesters want at least 16,000 taka, or about $191, per month.
"They give us nothing. Right now, our salaries are the same as for helpers hired to assist us," Begum said.
Hasina's ruling Awami League-led coalition swept a general election on Dec. 28 amid opposition complaints of voter intimidation and vote rigging. Hasina was sworn in Monday for a record third consecutive term as head of government.
The booming garment industry has been a pillar of Hasina's economic development strategy for Bangladesh, where annual per capita income has nearly tripled since 2009 to $1,750.
-------------------------------------------------
Garment workers protest in Bangladesh
Bangladesh police used water cannons to disperse thousands of garment workers demonstrating for better wages for a fourth day Wednesday, shutting down factories on the outskirts of the capital.
--------------------------------------------------------
https://www.voanews.com/a/bangladesh-police-garment-workers-clash-in-protests/4735636.html
Bangladesh Police, Garment Workers Clash in Protests
DHAKA, BANGLADESH —
Bangladesh police fired tear gas and swung batons as thousands of garment workers demonstrated for better wages for a fourth day Wednesday, shutting down factories on the outskirts of the capital.
The Daily Star newspaper said one protester was fatally shot and three dozen others were injured in clashes with police.
Police fired tear gas and water cannons to prevent demonstrators from blocking the road leading to Dhaka's Hazrat Shahjalal International Airport. Workers responded by hurling bricks at police and setting vehicles ablaze.
Bangladesh's garment industry generates around $30 billion in exports a year, making it the second largest in the world after China. It makes products for big-name fashion retailers including Zara, H&M and Uniqlo.
For months, workers have been demanding a higher minimum pay than what the government of Prime Minister Sheikh Hasina has proposed.
Garment worker Shefali Begum said protesters want at least 16,000 taka, or about $191, per month.
"They give us nothing. Right now, our salaries are the same as for helpers hired to assist us," Begum said.
Hasina's ruling Awami League-led coalition swept a general election on Dec. 28 amid opposition complaints of voter intimidation and vote rigging. Hasina was sworn in Monday for a record third consecutive term as head of government.
The booming garment industry has been a pillar of Hasina's economic development strategy for Bangladesh, where annual per capita income has nearly tripled since 2009 to $1,750.
Please give them some money if you are rich enough.
With 40 cents one is likely to earn 3.2 USD per day. Garments are open 6 days in a week. Making it 25 days in a month. So a garments worker would earn like 80 USD per month. Making it 6700 taka. Most of the garments workers have to do mandatory over time. So they earn like 8,500 taka per month. Garments workers are mostly female. Their husbands too earn somewhere near 10000-12000 taka. Making a family income of 20000.
Well, it is somewhat manageable for the poor people. Quality of life is very poor. And they surely need some increase in salary. Hopefully they will increase it. 16000 taka is not possible now. I read somewhere govt want to increase it to 11000. They will reach an agreement soon.
Lol.....should try to make some cars first. It's unbelievable that a country of 160 million have no car manufacturer.
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