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Will it be a social non profit participation too?
Bangladesh Economy: News & Updates
- Thread starter Raquib
- Start date
Will it be a social non profit participation too?
Is it true that BracNet is a non-profit company? KDDI or any Japanese company will not invest in a non-profit business. These companies have to make their share holders happy by giving them dividends.
Petrobnagla rejects Chevron's reserve estimate
PETROBANGLA REJECTS CHEVRON'S RESERVE ESTIMATE
Local gas reservoir experts has rejected Chevron's claim of gas reserve figure initially and asked the International Oil Company (IOC) to submit more evidential documents to prove its claims, reports BSS.
The local experts also asked the IOC not to extract more then 600 mmcfd gas instead of present extraction of 700 to 900 mmcfd from this field for its longevity of the country's second largest gas reserve.
"I heard that the IOC's claim is not acceptable to our experts, we will inform it to the government and then decide about the issue," Dr Hossain Moonsur, Petrobangla chairman said Saturday.
In recent times Chevron submitted a report to the Petrobangla, the state run oil and gas company that the gas reserve at Bibiana field has increased by more than four trillion cubic feet (tcf).
Chevron told the government recently that its survey had found a total of 6.6 tcf gas reserve at the Bibiana field in Habiganj district, up from its initial projection of 2.54 tcf.
"We worked on the report submitted by the Chevron for last two months, as per our calculation they calculated both the gas developed and undeveloped gas reserve, which is not acceptable," a top official of Petrobnagla told the news agency.
World reputed Independent Ryder and Scott reservoir assessors has certified a significant increase of Gas reserve of US energy Giant Chevron operated Bibiana Gas field the second largest gas field in Bangladesh.
Chevron is the major gas producer in Bangladesh. The company from its operation in gas fields delivers on the average 900 mmcfd gas.
http://www.newagebd.com/2009/nov/22/busi.html#1
Japanese investors' interest on rise
Kazi Azizul Islam
Japanese investors and importers are choosing Bangladesh as one of their major destinations. Trade negotiations, agreements and visits by investors have marked a significant rise in recent times.
According to a Japanese trade diplomat in Dhaka, Japanese investors are showing more interest in investing Bangladesh.
The express of interests from potential investors and importers in the past six months was definitely much higher than before,・Tomohiro Kinomoto, the country chief of the Japan External Trade Organisation, told New Age.
The JETRO official observed, Bangladesh should not miss this chance.・br> Top-level officials of Shimamura, Japan痴 second largest clothing retailer, and Okamoto, Japanese socks and hosiery market leader, visited Dhaka early this month.
Kinomoto said their visits were successful. In 2007, Bangladesh apparel shipment to Japan was worth less than $30 million exposing the country痴 inability to extract from Japan痴 $25 billion plus market of imported apparels.
But, the opening of the Dhaka sourcing office in Mid-2008 by Japan痴 number one clothing brand Uniqlo drew attention of other Japanese, who mainly source from China with some procurement from Vietnam, Thailand, and Indonesia.
In nine months to September 2009, Bangladesh apparel shipment to Japan crossed $80 million, which is more than double of the 2008 shipment.
Kinomoto finds highly significant the partnership between Bangladeshi ISP BracNet and Japanese telecom and internet service giant KDDI Corporation.
KDDI, which is partly owned by Toyota and Kyocera and has business with Google, announced last week that it had bought 50 per cent stakes in BracNet.
Kinomoto declined to name more companies that are close to make investment deals or doing feasibility studies in Bangladesh. Sources in the Japan Bangladesh Chamber of Commerce and Industry said at least half a dozen Japanese textile and garment companies were in process of registration as investors.
Companies are also doing feasibility studies in sectors like pharmaceuticals, information and communication technology and leather,・said a JBCCI official.
The JBCCI president, Abdul Haque, said Kenco Logistics and Konoike-Euro Logistics opened their offices in Dhaka while QTECH, an inspection company, announced opening of its office in February next year.
羨rrival of a freight forwarder and an inspection company in a new place indicates huge increase in business in the near future,・Akhtaruzzaman, a member of parliament and the agent QTECH, said.
Syed Nasim Manzur, managing director of Apex Adelchi Footwear, the country痴 largest shoe manufacturer and exporter, felt that eagerness of Japanese investors towards Bangladesh had increased significantly in recent months.
For years, business seminars in Dhaka discussed the potential of Japanese investment in Bangladesh or possibility of relocations of Japanese manufacturing industries in the country.
But in reality Japan痴 investments in Bangladesh remain insignificant comparing with Korea, China, Taiwan or even the UK or USA.
Kinomoto of JETRO said due to the 舛hina Plus One・policy of the Japanese government, the Japanese manufacturers had started considering Bangladesh as an important investment and import souring destination.
The global recession has pushed the Japanese business to search lower cost manufacturing base and sourcing destinations,・he added.
Power and gas supply would have to be improved, Kinomoto said adding that road condition would have to be improved and land has to be developed for setting up factories.
Citing establishment of a special economic zone by the Pakistan government for Japanese investors, he said, 禅he Japanese may not want that here, but spaces could be provided by expanding the existing EPZs immediately.・br> The JBCCI president said the government and business bodies would have to actively welcome the latest interests of the Japanese investors and arrange necessary facilities in shortest possible time.
He said for meeting demand of Japanese investors immediately the government could offer them land belonging to closed state-owned enterprises.
Japanese investors' interest on rise
Kazi Azizul Islam
Japanese investors and importers are choosing Bangladesh as one of their major destinations. Trade negotiations, agreements and visits by investors have marked a significant rise in recent times.
According to a Japanese trade diplomat in Dhaka, Japanese investors are showing more interest in investing Bangladesh.
The express of interests from potential investors and importers in the past six months was definitely much higher than before,・Tomohiro Kinomoto, the country chief of the Japan External Trade Organisation, told New Age.
The JETRO official observed, Bangladesh should not miss this chance.・br> Top-level officials of Shimamura, Japan痴 second largest clothing retailer, and Okamoto, Japanese socks and hosiery market leader, visited Dhaka early this month.
Kinomoto said their visits were successful. In 2007, Bangladesh apparel shipment to Japan was worth less than $30 million exposing the country痴 inability to extract from Japan痴 $25 billion plus market of imported apparels.
But, the opening of the Dhaka sourcing office in Mid-2008 by Japan痴 number one clothing brand Uniqlo drew attention of other Japanese, who mainly source from China with some procurement from Vietnam, Thailand, and Indonesia.
In nine months to September 2009, Bangladesh apparel shipment to Japan crossed $80 million, which is more than double of the 2008 shipment.
Kinomoto finds highly significant the partnership between Bangladeshi ISP BracNet and Japanese telecom and internet service giant KDDI Corporation.
KDDI, which is partly owned by Toyota and Kyocera and has business with Google, announced last week that it had bought 50 per cent stakes in BracNet.
Kinomoto declined to name more companies that are close to make investment deals or doing feasibility studies in Bangladesh. Sources in the Japan Bangladesh Chamber of Commerce and Industry said at least half a dozen Japanese textile and garment companies were in process of registration as investors.
Companies are also doing feasibility studies in sectors like pharmaceuticals, information and communication technology and leather,・said a JBCCI official.
The JBCCI president, Abdul Haque, said Kenco Logistics and Konoike-Euro Logistics opened their offices in Dhaka while QTECH, an inspection company, announced opening of its office in February next year.
羨rrival of a freight forwarder and an inspection company in a new place indicates huge increase in business in the near future,・Akhtaruzzaman, a member of parliament and the agent QTECH, said.
Syed Nasim Manzur, managing director of Apex Adelchi Footwear, the country痴 largest shoe manufacturer and exporter, felt that eagerness of Japanese investors towards Bangladesh had increased significantly in recent months.
For years, business seminars in Dhaka discussed the potential of Japanese investment in Bangladesh or possibility of relocations of Japanese manufacturing industries in the country.
But in reality Japan痴 investments in Bangladesh remain insignificant comparing with Korea, China, Taiwan or even the UK or USA.
Kinomoto of JETRO said due to the 舛hina Plus One・policy of the Japanese government, the Japanese manufacturers had started considering Bangladesh as an important investment and import souring destination.
The global recession has pushed the Japanese business to search lower cost manufacturing base and sourcing destinations,・he added.
Power and gas supply would have to be improved, Kinomoto said adding that road condition would have to be improved and land has to be developed for setting up factories.
Citing establishment of a special economic zone by the Pakistan government for Japanese investors, he said, 禅he Japanese may not want that here, but spaces could be provided by expanding the existing EPZs immediately.・br> The JBCCI president said the government and business bodies would have to actively welcome the latest interests of the Japanese investors and arrange necessary facilities in shortest possible time.
He said for meeting demand of Japanese investors immediately the government could offer them land belonging to closed state-owned enterprises.
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Jatrabari flyover construction to begin December
Mustafizur Rahman
The much-awaited construction of the Gulistan-Jatrabari fly-over will begin in December as the Awami League-led government has revived the Public-Private Partnership project, and it is likely to be completed in two years by a UAE-based construction company. The fly-over is expected to decrease traffic congestion in the city to a considerable extent.
The LGRD and cooperatives ministry on Wednesday at a meeting ordered the Dhaka City Corporation to ensure that the construction of the fly-over, which has been primarily estimated to cost Tk 700 crore, begins in December this year.
舛onstruction of the proposed Gulistan-Jatrabari flyover will begin in December・egal complications will be addressed and utility service-related problems will be solved soon,・said the DCC痴 chief engineer, Brigadier General Abdul Quadir, after the meeting.
The interim government in March 2008 scrapped the 8.5 kilometre fly-over project, initiated by the BNP-led alliance government, because of alleged forgery of documents by construction company Belhasa-Accom JV and Associates Ltd.
The LGRD and cooperatives minister, Syed Ashraful Islam, while presiding over the meeting on the progress of the fly-over project, asked the authorities of the utility services ・the Dhaka Power Distribution Company Ltd, Bangladesh Telecommunications Company Ltd, Titas Gas and Dhaka Water and Sewerage Authority ・to submit their plans with estimated costs for removal of their infrastructure from the area that will be occupied by the proposed fly-over before 20 December, 2009.
The minister told the meeting that Prime Minister Sheikh Hasina was expected to formally inaugurate the construction of the fly-over in the first week of January.
Secretary to the local government division Manzur Hossain and the construction company痴 representative Obaidul Karim, along with others, attended the meeting.
The meeting was told that 20 lakh people would be affected in case of any disruption in WASA痴 water supply due to the proposed construction in city痴 busiest areas, said an official.
The chief engineer said that the design of the fly-over was being changed in keeping with the latest development projects such as the Padma Bridge and Dhaka-Chittagong four-lane highway.
糎e will have to change the design and the alignments also in view of the new development projects, like the Padma Bridge and the Dhaka-Chittagong highway・he government will have to negotiate with the construction company anew to protect the country痴 interest,・project director and DCC痴 superintending engineer Md Ashiqur Rahman told New Age after the meeting.
He claimed that implementation of the fly-over project, the preliminary work for which started in 1997, was facing no impediments at present. However, he said that there was misunderstanding over the project which had created controversy during the tenure of the Fakhruddin-led interim government.
The Prime Minister痴 Office had earlier ordered that the project be resumed without any delay, taking into account the urgency of managing the heavy traffic after implementation of Padma Bridge and expansion of the Dhaka-Chittagong Highway.
The DCC sent a letter to the LGRD and cooperatives ministry on 9 September, 2009 in which its chief executive officer recommended implementation of the project in accordance with the existing contract signed with UAE-based Belhasa Accom and Associates Ltd.
The DCC in April 2003 floated an international tender for construction of the fly-over and signed an agreement with Belhasa Accom under build-own-operate-transfer system on 21 June, 2005. The concessionaire was given permission to operate the fly-over and collect pre-approved toll for 24 years on completion of the project within three years.
The estimated cost of the project was Tk 670 crore and it was the first instance of private sector participation in infrastructure development of the country. The amount of toll to be collected over the 24-year period under the BOOT scheme was expected be about Tk 4,000 crore, according to the estimate of experts.
The foundation stone was laid in June 2006. The concessionaire issued an arbitration notice on 6 January, 2008 to the DCC due to problems in handing over the site to the firm. It filed an arbitration suit on 5 February, 2008 and the DCC appointed the arbitrator. On 31 March, 2008 the DCC declared the contract null and void. It also filed a case on 7 April, 2008, seeking execution of its notification issued on 31 March, 2008 declaring the contract null and void.
As both the arbitration suit and the case filed by the DCC are yet to be disposed of, no fresh tender process for the project can now be initiated, as the DCC reportedly opined in its letters to the PMO and LGRD ministry.
Mustafizur Rahman
The much-awaited construction of the Gulistan-Jatrabari fly-over will begin in December as the Awami League-led government has revived the Public-Private Partnership project, and it is likely to be completed in two years by a UAE-based construction company. The fly-over is expected to decrease traffic congestion in the city to a considerable extent.
The LGRD and cooperatives ministry on Wednesday at a meeting ordered the Dhaka City Corporation to ensure that the construction of the fly-over, which has been primarily estimated to cost Tk 700 crore, begins in December this year.
舛onstruction of the proposed Gulistan-Jatrabari flyover will begin in December・egal complications will be addressed and utility service-related problems will be solved soon,・said the DCC痴 chief engineer, Brigadier General Abdul Quadir, after the meeting.
The interim government in March 2008 scrapped the 8.5 kilometre fly-over project, initiated by the BNP-led alliance government, because of alleged forgery of documents by construction company Belhasa-Accom JV and Associates Ltd.
The LGRD and cooperatives minister, Syed Ashraful Islam, while presiding over the meeting on the progress of the fly-over project, asked the authorities of the utility services ・the Dhaka Power Distribution Company Ltd, Bangladesh Telecommunications Company Ltd, Titas Gas and Dhaka Water and Sewerage Authority ・to submit their plans with estimated costs for removal of their infrastructure from the area that will be occupied by the proposed fly-over before 20 December, 2009.
The minister told the meeting that Prime Minister Sheikh Hasina was expected to formally inaugurate the construction of the fly-over in the first week of January.
Secretary to the local government division Manzur Hossain and the construction company痴 representative Obaidul Karim, along with others, attended the meeting.
The meeting was told that 20 lakh people would be affected in case of any disruption in WASA痴 water supply due to the proposed construction in city痴 busiest areas, said an official.
The chief engineer said that the design of the fly-over was being changed in keeping with the latest development projects such as the Padma Bridge and Dhaka-Chittagong four-lane highway.
糎e will have to change the design and the alignments also in view of the new development projects, like the Padma Bridge and the Dhaka-Chittagong highway・he government will have to negotiate with the construction company anew to protect the country痴 interest,・project director and DCC痴 superintending engineer Md Ashiqur Rahman told New Age after the meeting.
He claimed that implementation of the fly-over project, the preliminary work for which started in 1997, was facing no impediments at present. However, he said that there was misunderstanding over the project which had created controversy during the tenure of the Fakhruddin-led interim government.
The Prime Minister痴 Office had earlier ordered that the project be resumed without any delay, taking into account the urgency of managing the heavy traffic after implementation of Padma Bridge and expansion of the Dhaka-Chittagong Highway.
The DCC sent a letter to the LGRD and cooperatives ministry on 9 September, 2009 in which its chief executive officer recommended implementation of the project in accordance with the existing contract signed with UAE-based Belhasa Accom and Associates Ltd.
The DCC in April 2003 floated an international tender for construction of the fly-over and signed an agreement with Belhasa Accom under build-own-operate-transfer system on 21 June, 2005. The concessionaire was given permission to operate the fly-over and collect pre-approved toll for 24 years on completion of the project within three years.
The estimated cost of the project was Tk 670 crore and it was the first instance of private sector participation in infrastructure development of the country. The amount of toll to be collected over the 24-year period under the BOOT scheme was expected be about Tk 4,000 crore, according to the estimate of experts.
The foundation stone was laid in June 2006. The concessionaire issued an arbitration notice on 6 January, 2008 to the DCC due to problems in handing over the site to the firm. It filed an arbitration suit on 5 February, 2008 and the DCC appointed the arbitrator. On 31 March, 2008 the DCC declared the contract null and void. It also filed a case on 7 April, 2008, seeking execution of its notification issued on 31 March, 2008 declaring the contract null and void.
As both the arbitration suit and the case filed by the DCC are yet to be disposed of, no fresh tender process for the project can now be initiated, as the DCC reportedly opined in its letters to the PMO and LGRD ministry.
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I am glad that it was not done under BNP thief government unless it would have been another Mohakhali flyover for no use. The project is being redeisigned to meet the future need.. Way to go.
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You will have to blame yourself if our great Idune sends a cyclone over your head and tear apart your hairs for saying against BNP. However, I think politic has already changed in BD. Rhetorics like 3 million killed and India phobias do not attract voters any more. Economic and development issues will fully replace these rhetorics.
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The New Nation - Internet Edition
Govt takes steps to expand tea farming in Panchagarh
BSS, Rangpur
The government has taken a massive Taka 100-crore special package programme for boosting the growing small-scale tea farming that has already become very popular bringing fortunes to many in Panchagarh villages. Under the programme being implemented by Bangladesh Tea Board (BTB), the small and marginal farmers are being provided with training on the latest technologies for tea farming, loans, tea saplings and necessary inputs, officials concerned said.
The government initiatives will further prompt economic advancements of the common people, farmers as well as working women, as the small and marginal farmers have been showing more interest in farming the cash crop in the areas. Side by side with the latest assistance, local farmers and experts suggested setting up more tea processing industries, competitive markets for tealeaves and resolving some problems like power crisis for accelerating further growth of the tea sector.
The prospective tea sector has created opportunities for hundreds of working women to change their fate by achieving self-reliance through earning wages as plucking workers in tea gardens of the officially recognized third tea zone in the country.
Presently, nearly 7,500 skilled and unskilled workers, mostly women, have been working in about 260 tea gardens, including 18 big estates, 13 medium-size and 229 small-scale gardens set up on about 2,200 acres in Panchagarh alone. Small-scale tea growers are now happier as the tea processing factories of Tentulia Tea Company Ltd (TTCL) and Karotoa Tea Garden started purchasing green tealeaves at Taka 11 per kg though the rate was only Taka 9.50 in the past.
As per a survey conducted by BTB, there is over 16,000 hectares land suitable for tea farming in Panchagarh alone and nearly 2,200 acres have so far been brought under tea farming in the area since 2002. The BTB has taken the special steps, including finding newer areas for tea farming, with a view to further expanding tea farming areas and increasing tea production in the country to meet its growing local demand and increase exports.
There are tremendous prospects of the expanding tea sector and creating job opportunities to enhance economic activities further in the region, president of Panchagarh Chamber of Commerce and Industry Iqbal Kaiser Mintu said.
Govt takes steps to expand tea farming in Panchagarh
BSS, Rangpur
The government has taken a massive Taka 100-crore special package programme for boosting the growing small-scale tea farming that has already become very popular bringing fortunes to many in Panchagarh villages. Under the programme being implemented by Bangladesh Tea Board (BTB), the small and marginal farmers are being provided with training on the latest technologies for tea farming, loans, tea saplings and necessary inputs, officials concerned said.
The government initiatives will further prompt economic advancements of the common people, farmers as well as working women, as the small and marginal farmers have been showing more interest in farming the cash crop in the areas. Side by side with the latest assistance, local farmers and experts suggested setting up more tea processing industries, competitive markets for tealeaves and resolving some problems like power crisis for accelerating further growth of the tea sector.
The prospective tea sector has created opportunities for hundreds of working women to change their fate by achieving self-reliance through earning wages as plucking workers in tea gardens of the officially recognized third tea zone in the country.
Presently, nearly 7,500 skilled and unskilled workers, mostly women, have been working in about 260 tea gardens, including 18 big estates, 13 medium-size and 229 small-scale gardens set up on about 2,200 acres in Panchagarh alone. Small-scale tea growers are now happier as the tea processing factories of Tentulia Tea Company Ltd (TTCL) and Karotoa Tea Garden started purchasing green tealeaves at Taka 11 per kg though the rate was only Taka 9.50 in the past.
As per a survey conducted by BTB, there is over 16,000 hectares land suitable for tea farming in Panchagarh alone and nearly 2,200 acres have so far been brought under tea farming in the area since 2002. The BTB has taken the special steps, including finding newer areas for tea farming, with a view to further expanding tea farming areas and increasing tea production in the country to meet its growing local demand and increase exports.
There are tremendous prospects of the expanding tea sector and creating job opportunities to enhance economic activities further in the region, president of Panchagarh Chamber of Commerce and Industry Iqbal Kaiser Mintu said.
Please note that Panchagarh is located at the very northern tip of Bangladesh. It is adjacent to India's Darjeeling. Topogaraphy of Panchagarh is different from Darjeeling, but the soil here is same making it very suitable for producing good quality teas.
The trees here grow very fast, and the quality and aroma of the tea are same as those of Darjeeling. 16,000 hectares must be a large area, it will produce a huge quantity of tea. Please note that now-a-days, BD does not export tea that much. It is because of increase in domestic demand for all grades of tea.
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Citi projects GDP growth at 6.1pc for next fiscal year
Citi projects GDP growth at 6.1pc for next fiscal year
Star Business ReportBangladesh's economy is expected to grow at 6.1 percent in the next fiscal year (2010-11) after two years' growth of less than 6 percent, Citigroup forecasts on Bangladesh yesterday.
The economy grew at 5.9 percent in fiscal 2008-09 and set to grow 5.7 percent this year, according to the projection. Earlier, the economy had grown 6 percent plus rate since fiscal 2004-05.
Trends so far indicate that estimates could be achieved, with industrial production growing at a healthy pace, said the group in an outlook report.
Lauding the government's thrust on infrastructure development, the Citigroup sees it as encouraging. It said this thrust could result in more investments.
However, there are some downside risks, including low agriculture production, poor implementation of the government's various initiatives and a decline in manufacturing production, particularly due to sluggish demand for textile exports, it said.
The group has also identified inflation as a risk in future. Growth in Bangladesh has historically remained firmly above 6 percent on year-on-year levels in spite of natural disasters, political volatility and governance issues.
In FY 2008-09, gross domestic product (GDP) was up 5.9 percent despite weak global growth. The group expects GDP to sustain at 5.7 percent growth this fiscal before recovering further to 6.1 percent in 2010-11.
Citigroup estimates are based on an upturn in industry and services. It said industry now comprises close to 30 percent of GDP from 20 percent levels earlier.
We expect the government's thrust on infrastructure development to fuel further growth, particularly in construction, manufacturing, and in the power sector, it projects.
Growth in exports has been a major driver in Bangladesh economy during the recent years. Exports comprise around 17 percent of GDP and have been growing at an average rate of around 11percent year-on-year over the last ten years. And the key driver has been textile exports, which account for around 75 percent of total exports.
Trends are erratic, but it should gather pace in fiscal 2010-11, the group said in the outlook. Monthly trends have been extremely erratic with growth during July-September (FY10) down 11.7 percent.
While trends in remittances are expected to remain buoyant, rising imports could result in the current account surplus narrowing to 1.7 percent of GDP in the next fiscal year from estimated 2.5 percent this year.
On the currency, the group expects Taka to continue its depreciating trend, to average Tk 71.6/$ in FY 2009-10.
It said the recent success of the Grameenphone IPO (the biggest since independence in 1971) could enhance the attractiveness of the domestic equity market to foreign investors.
The projection also said the fiscal deficit will remain within the GDP target of 5 percent.
Citi projects GDP growth at 6.1pc for next fiscal year
Star Business ReportBangladesh's economy is expected to grow at 6.1 percent in the next fiscal year (2010-11) after two years' growth of less than 6 percent, Citigroup forecasts on Bangladesh yesterday.
The economy grew at 5.9 percent in fiscal 2008-09 and set to grow 5.7 percent this year, according to the projection. Earlier, the economy had grown 6 percent plus rate since fiscal 2004-05.
Trends so far indicate that estimates could be achieved, with industrial production growing at a healthy pace, said the group in an outlook report.
Lauding the government's thrust on infrastructure development, the Citigroup sees it as encouraging. It said this thrust could result in more investments.
However, there are some downside risks, including low agriculture production, poor implementation of the government's various initiatives and a decline in manufacturing production, particularly due to sluggish demand for textile exports, it said.
The group has also identified inflation as a risk in future. Growth in Bangladesh has historically remained firmly above 6 percent on year-on-year levels in spite of natural disasters, political volatility and governance issues.
In FY 2008-09, gross domestic product (GDP) was up 5.9 percent despite weak global growth. The group expects GDP to sustain at 5.7 percent growth this fiscal before recovering further to 6.1 percent in 2010-11.
Citigroup estimates are based on an upturn in industry and services. It said industry now comprises close to 30 percent of GDP from 20 percent levels earlier.
We expect the government's thrust on infrastructure development to fuel further growth, particularly in construction, manufacturing, and in the power sector, it projects.
Growth in exports has been a major driver in Bangladesh economy during the recent years. Exports comprise around 17 percent of GDP and have been growing at an average rate of around 11percent year-on-year over the last ten years. And the key driver has been textile exports, which account for around 75 percent of total exports.
Trends are erratic, but it should gather pace in fiscal 2010-11, the group said in the outlook. Monthly trends have been extremely erratic with growth during July-September (FY10) down 11.7 percent.
While trends in remittances are expected to remain buoyant, rising imports could result in the current account surplus narrowing to 1.7 percent of GDP in the next fiscal year from estimated 2.5 percent this year.
On the currency, the group expects Taka to continue its depreciating trend, to average Tk 71.6/$ in FY 2009-10.
It said the recent success of the Grameenphone IPO (the biggest since independence in 1971) could enhance the attractiveness of the domestic equity market to foreign investors.
The projection also said the fiscal deficit will remain within the GDP target of 5 percent.
United Airways set to fly to
Kuala Lumpur, Kathmandu
Humayun Kabir Bhuiyan
Local private carrier United Airways is set to launch flight on Monday to the Malaysian capital, Kuala Lumpur, a popular destination already directly served by four other airlines.
According to officials, the airline will operate two flights every week with an introductory promotional fare.
United will also start operation on Dhaka-Katmandu route on January 4. Four weekly flights will be operated on this popular tourist destination, currently served by Biman Bangladesh Airlines and GNG Airlines.
There will also be an introductory promotional fare for this route. With the launching of these two new routes, the number of the carrier痴 international destinations will rise to five. Currently, United flies to Kolkata, Dubai and London.
The local carrier will have to compete with Biman Bangladesh Airlines, GMG Airlines, Malaysia Airlines and Air Asia, a Malaysia-based budget carrier, for its share of business.
Yes, we did the market research before making a decision. Our market research says the routes will be viable,・Jilanee FR Chowdhury, director (Sales and Marketing) of United Airways, told New Age.
Responding to a question regarding Dhaka-Kuala Lumpur, he admitted that initially the airline might face little problem due to the issues relating to Bangladesh manpower export to Malaysia. In this regard, we are thinking more about the future.
About Katmandu, Jilanee said, apart from passengers using Dhaka-Kathmandu route, we have a target of carrying passengers from Nepal to Malaysia. The schedule of these two routes will be done to facilitate that.・br> To a question, he informed that the introductory promotional return fare (including taxes) for Kuala Lumpur and Katmandu would be Tk19,900 and Tk13,671 respectively. 禅hese fares will be the cheapest at the moment. He also said that MD-83 aircraft would be used on both these routes.
About the fleet expansion, the director said that another MD-83 aircraft would be inducted by this month to the fleet of two Dash-8 and one MD-83.
He said as part of the expansion plan, the airline would launch flights on Dhaka-Bangkok route within about a month.
Jilanee said the process of procuring a Boeing-767 had already begun and the aircraft was expected to join the fleet by April 2010.
After the arrival of the Boeing-767, he said it would be used straightway in flights to London, currently served by MD-83, a relatively smaller aircraft. 禅he aircraft will also be used in new flights to Saudi Arabia.・br> About Dhaka-Dubai and Dhaka-London routes, Jilanee said the Middle Eastern route was doing okay while it would take some time to get hold the passengers of Dhaka-London sector.
--------------------------------------------------------------------------------
Kuala Lumpur, Kathmandu
Humayun Kabir Bhuiyan
Local private carrier United Airways is set to launch flight on Monday to the Malaysian capital, Kuala Lumpur, a popular destination already directly served by four other airlines.
According to officials, the airline will operate two flights every week with an introductory promotional fare.
United will also start operation on Dhaka-Katmandu route on January 4. Four weekly flights will be operated on this popular tourist destination, currently served by Biman Bangladesh Airlines and GNG Airlines.
There will also be an introductory promotional fare for this route. With the launching of these two new routes, the number of the carrier痴 international destinations will rise to five. Currently, United flies to Kolkata, Dubai and London.
The local carrier will have to compete with Biman Bangladesh Airlines, GMG Airlines, Malaysia Airlines and Air Asia, a Malaysia-based budget carrier, for its share of business.
Yes, we did the market research before making a decision. Our market research says the routes will be viable,・Jilanee FR Chowdhury, director (Sales and Marketing) of United Airways, told New Age.
Responding to a question regarding Dhaka-Kuala Lumpur, he admitted that initially the airline might face little problem due to the issues relating to Bangladesh manpower export to Malaysia. In this regard, we are thinking more about the future.
About Katmandu, Jilanee said, apart from passengers using Dhaka-Kathmandu route, we have a target of carrying passengers from Nepal to Malaysia. The schedule of these two routes will be done to facilitate that.・br> To a question, he informed that the introductory promotional return fare (including taxes) for Kuala Lumpur and Katmandu would be Tk19,900 and Tk13,671 respectively. 禅hese fares will be the cheapest at the moment. He also said that MD-83 aircraft would be used on both these routes.
About the fleet expansion, the director said that another MD-83 aircraft would be inducted by this month to the fleet of two Dash-8 and one MD-83.
He said as part of the expansion plan, the airline would launch flights on Dhaka-Bangkok route within about a month.
Jilanee said the process of procuring a Boeing-767 had already begun and the aircraft was expected to join the fleet by April 2010.
After the arrival of the Boeing-767, he said it would be used straightway in flights to London, currently served by MD-83, a relatively smaller aircraft. 禅he aircraft will also be used in new flights to Saudi Arabia.・br> About Dhaka-Dubai and Dhaka-London routes, Jilanee said the Middle Eastern route was doing okay while it would take some time to get hold the passengers of Dhaka-London sector.
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These suckers got sued by United Airways of USA. Why the hell they needed to copy the name of some internationally renowned company??? Not only they going to screw themselves up, also bring bad name for my country. Cant we get rid of idiots ever?
FOUR TUNNELS TO EASE CONGESTION IN DHAKA
Staff Correspondent
The Dhaka City Corporation has taken up a plan to construct tunnels at four important intersections in the capital to facilitate smooth movement of vehicles, said official sources on Sunday.
The tunnels will be constructed at Shahbagh, Sheraton, Banglamotor and Sonargaon intersections which are plagued by heavy traffic, according to the decision taken at the meeting held at the DCC on Sunday with its chief engineer in the chair.
A proposal for the envisaged project worth Tk 170 crore, to be implemented in one and a half year, will be submitted to the LGRD ministry very soon, said meeting sources.
The tunnels at Shahbagh and Sheraton will be two-way, going in both directions. The vehicles from in front of the Shishu Park on the Mowlana Bhasani Sarani will cross the intersection through the tunnel on the right, while vehicles from Minto Road will also cross the Sheraton intersection through the left tunnel.
The tunnels at Banglamotor and Sonargaon will also be two-way with two lanes, said sources. If the tunnels are constructed, no congestion at these intersections will be seen again,・said a DCC official.
The DCC has already consulted the engineers of the Bangladesh University of Engineering and Technology in this regard.
The engineers have suggested that the construction of the tunnels should be started immediately to improve the traffic situation and prevent the nagging congestion that kills hundreds of working hours and burns a huge amount of fuel uselessly.
Staff Correspondent
The Dhaka City Corporation has taken up a plan to construct tunnels at four important intersections in the capital to facilitate smooth movement of vehicles, said official sources on Sunday.
The tunnels will be constructed at Shahbagh, Sheraton, Banglamotor and Sonargaon intersections which are plagued by heavy traffic, according to the decision taken at the meeting held at the DCC on Sunday with its chief engineer in the chair.
A proposal for the envisaged project worth Tk 170 crore, to be implemented in one and a half year, will be submitted to the LGRD ministry very soon, said meeting sources.
The tunnels at Shahbagh and Sheraton will be two-way, going in both directions. The vehicles from in front of the Shishu Park on the Mowlana Bhasani Sarani will cross the intersection through the tunnel on the right, while vehicles from Minto Road will also cross the Sheraton intersection through the left tunnel.
The tunnels at Banglamotor and Sonargaon will also be two-way with two lanes, said sources. If the tunnels are constructed, no congestion at these intersections will be seen again,・said a DCC official.
The DCC has already consulted the engineers of the Bangladesh University of Engineering and Technology in this regard.
The engineers have suggested that the construction of the tunnels should be started immediately to improve the traffic situation and prevent the nagging congestion that kills hundreds of working hours and burns a huge amount of fuel uselessly.
The New Nation - Internet Edition
TSS to produce mobile set locally
BSS, Dhaka
The Government has taken an initiative to produce mobile phone sets in the country in view of the phenomenal rise in the number of mobile phone users which may hit 80 million in next two years.
Telephone Shilpa Sangstha (TSS) under the Ministry of Post and Telecommunications has taken the move, Secretary of the ministry Sunil Kanti Bose told BSS on Sunday.
He said the initiative has mainly come from Post and Telecommunications Minister Raziuddin Ahmed Razu, who wanted to make TSS an active player away from past slow down in activities. Many initiatives have been taken up for the purpose, he added.
The minister told BSS that he has taken steps to use TSS and other agencies under the ministry to developing digital gears and appliances to create a new digital Bangladesh.
The ministry has taken short, medium and long-term projects accordingly, he said adding, the plan to produce mobile phone, laptop and such other of telecommunication gears are some such moves.
Sunil said the government wants to enter into joint venture with foreign firms to produce mobile phones locally and international tenders have already been invited to this effect.
TSS secretary Osman Ghani Sheikh said these mobile sets would be produced using local technology. Such mobile set may sell at Taka 2000 in the market. These will also have facility for use of double sim and other communication gears.
The Post and Telecommunication Minister said TSS has been asked to produce laptop for students which they may buy at a cost of Taka 10 to 12 thousand.
Osman Sheikh said at present 50 million people are using mobile phone in the country and the number may rise to 80 million in next two years. TSS is initially planning to produce four lakh mobile sets annually.
The government is waiting for response from interested foreign company to enter into joint venture, he said adding discussion on technical details will be taken up once foreign parties will be holding talks.
Sunil said the TSS is not producing anything since last 12 years, however having 525 people on the pay roll. The last caretaker government reduced the manpower to 260 relieving of unnecessary people.
He said the TSS is now producing land phone sets, besides having set up 200 network towers for TeleTalk mobile under the public sector. He said the government wants to further expand its activities and has taken up producing digital meters, mobile charger, laptop and such other gears.
He said multinational companies like Goldcom China, ZT, Erickson and China Electric Co. have so far showed interest to enter into joint venture following the government tender. The TSS has already set up a tender evaluation committee with the secretary of the ministry as its head.
TSS to produce mobile set locally
BSS, Dhaka
The Government has taken an initiative to produce mobile phone sets in the country in view of the phenomenal rise in the number of mobile phone users which may hit 80 million in next two years.
Telephone Shilpa Sangstha (TSS) under the Ministry of Post and Telecommunications has taken the move, Secretary of the ministry Sunil Kanti Bose told BSS on Sunday.
He said the initiative has mainly come from Post and Telecommunications Minister Raziuddin Ahmed Razu, who wanted to make TSS an active player away from past slow down in activities. Many initiatives have been taken up for the purpose, he added.
The minister told BSS that he has taken steps to use TSS and other agencies under the ministry to developing digital gears and appliances to create a new digital Bangladesh.
The ministry has taken short, medium and long-term projects accordingly, he said adding, the plan to produce mobile phone, laptop and such other of telecommunication gears are some such moves.
Sunil said the government wants to enter into joint venture with foreign firms to produce mobile phones locally and international tenders have already been invited to this effect.
TSS secretary Osman Ghani Sheikh said these mobile sets would be produced using local technology. Such mobile set may sell at Taka 2000 in the market. These will also have facility for use of double sim and other communication gears.
The Post and Telecommunication Minister said TSS has been asked to produce laptop for students which they may buy at a cost of Taka 10 to 12 thousand.
Osman Sheikh said at present 50 million people are using mobile phone in the country and the number may rise to 80 million in next two years. TSS is initially planning to produce four lakh mobile sets annually.
The government is waiting for response from interested foreign company to enter into joint venture, he said adding discussion on technical details will be taken up once foreign parties will be holding talks.
Sunil said the TSS is not producing anything since last 12 years, however having 525 people on the pay roll. The last caretaker government reduced the manpower to 260 relieving of unnecessary people.
He said the TSS is now producing land phone sets, besides having set up 200 network towers for TeleTalk mobile under the public sector. He said the government wants to further expand its activities and has taken up producing digital meters, mobile charger, laptop and such other gears.
He said multinational companies like Goldcom China, ZT, Erickson and China Electric Co. have so far showed interest to enter into joint venture following the government tender. The TSS has already set up a tender evaluation committee with the secretary of the ministry as its head.
