Why are you jealous of Bangladesh? Why can't you praise a country that you claim falsely as your own? Start a new thread on your real country, Burma.
Bangladesh Economy: News & Updates
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Our jute lost its glory in the '70s to the artificial threads made of chemicals. But, the chemical factories only spread pollution, making our planet unfit for living creatures. Now, after four decades our golden jute is coming back to the forefront. Jute is a natural fibre free of chemicals and can degrade in soil.
The New Nation - Internet Edition
5.9 pc GDP growth in six months
BSS, Dhaka
The country attained a 5.9 percent GDP (gross domestic product) growth in the first half of the current fiscal year, leaving six more months to achieve the 6 percent target.
The GDP achievement negated the gloomy forecast of different multi-donor agencies. The International Monitory Fund (IMF) and Asian Development Bank (ADB) predicted that the GDP growth would be around 5.5 percent for fiscal 2009-10, ending June 30.
They apprehended that the tail impact of the global financial turmoil would cut the country's export earnings, which would eventually slow the economic growth.
Finance Minister Abul Maal Abdul Muhith instantly contradicted the projections and firmly said that the growth would be more than such forecasts. Bangladesh Bank (BB) Governor Dr Atiur Rahman also said that the growth rate would reach the target.
The central bank data, released Thursday, substantiated the claim and indicated a strong financial rally, which may increase the GDP further.
"The target will be achieved by the end of the fiscal as all the major indicators are showing positive trend," Bangladesh Bank (BB) Governor Dr Atiur Rahman said.
The governor, briefing journalists on the economy in the outgoing year 2009 at the central bank headquarters, said the national economy started rally, thanks to the timely measures by the present government.
"The year started with fear of global recession impact. But the newly elected government took some important measures including support to exporters, businesses and agriculture to keep both external trade and internal demands vibrant," Dr Atiur said.
Because of the prudent measures, the governor said the growth in two major sectors-export and agriculture-was satisfactory.
He said the export grew at a rate of 10 per cent in 2009 and agriculture by 4.8 percent.
"Imports including capital machinery are also on the increase, indicating that the domestic business and investments are rising", the governor said.
According to BB, capital machinery import rose by 24 percent in the first five months of the current financial year when the imports of consumer items increased by 44 percent compared to the same period of the 2008-09 financial year.
The inflation, a major concern, was 5.1 percent in October. Atiur hoped it would not go beyond the fiscal target of 6.5 percent.
He said that the central bank would announce a monitory policy next month, addressing the measures to contain inflation and commodity prices. The governor, however, urged the government to continue the programmes ensuring poor people food supply at reasonable prices and farmers the fair value of their produce.
Listing future challenges of the economy, Atiur said the impact of climate change would remain the main challenge to the development.
"We will have to develop eco-friendly industries to face the challenge," he observed.
Besides, the governor said, financial inclusion of more people should be addressed with effective measures to reduce poverty.
Atiur differed with the argument that the inadequate energy supply would hinder the employment and eventually the poverty reduction initiatives. He said that the agriculture sector is still the major employment generator and the growth of the sector is showing well.
He said the central bank also prioritized the small and medium enterprises, providing them with enough financial support so they could also generate substantial jobs.
The governor also referred to the highest ever reserve, remittance, stable exchange rate, adequate liquidity in the banking sector and increasing revenue earnings.
The reserve was $10.03 billion till December 29 and the remittance was $1.05 billion at the end of November this year.
The liquidity in banking system eased to Taka 34,265 crore in November, which is enough to meet the domestic credit demand.
Domestic investment increased by 15 percent during January-October this year when the foreign direct investment showed improvement.
Atiur said he noticed increased interest of foreign investors with the stability of macro economy.
"The economy would grow faster in the coming year," he said.
5.9 pc GDP growth in six months
BSS, Dhaka
The country attained a 5.9 percent GDP (gross domestic product) growth in the first half of the current fiscal year, leaving six more months to achieve the 6 percent target.
The GDP achievement negated the gloomy forecast of different multi-donor agencies. The International Monitory Fund (IMF) and Asian Development Bank (ADB) predicted that the GDP growth would be around 5.5 percent for fiscal 2009-10, ending June 30.
They apprehended that the tail impact of the global financial turmoil would cut the country's export earnings, which would eventually slow the economic growth.
Finance Minister Abul Maal Abdul Muhith instantly contradicted the projections and firmly said that the growth would be more than such forecasts. Bangladesh Bank (BB) Governor Dr Atiur Rahman also said that the growth rate would reach the target.
The central bank data, released Thursday, substantiated the claim and indicated a strong financial rally, which may increase the GDP further.
"The target will be achieved by the end of the fiscal as all the major indicators are showing positive trend," Bangladesh Bank (BB) Governor Dr Atiur Rahman said.
The governor, briefing journalists on the economy in the outgoing year 2009 at the central bank headquarters, said the national economy started rally, thanks to the timely measures by the present government.
"The year started with fear of global recession impact. But the newly elected government took some important measures including support to exporters, businesses and agriculture to keep both external trade and internal demands vibrant," Dr Atiur said.
Because of the prudent measures, the governor said the growth in two major sectors-export and agriculture-was satisfactory.
He said the export grew at a rate of 10 per cent in 2009 and agriculture by 4.8 percent.
"Imports including capital machinery are also on the increase, indicating that the domestic business and investments are rising", the governor said.
According to BB, capital machinery import rose by 24 percent in the first five months of the current financial year when the imports of consumer items increased by 44 percent compared to the same period of the 2008-09 financial year.
The inflation, a major concern, was 5.1 percent in October. Atiur hoped it would not go beyond the fiscal target of 6.5 percent.
He said that the central bank would announce a monitory policy next month, addressing the measures to contain inflation and commodity prices. The governor, however, urged the government to continue the programmes ensuring poor people food supply at reasonable prices and farmers the fair value of their produce.
Listing future challenges of the economy, Atiur said the impact of climate change would remain the main challenge to the development.
"We will have to develop eco-friendly industries to face the challenge," he observed.
Besides, the governor said, financial inclusion of more people should be addressed with effective measures to reduce poverty.
Atiur differed with the argument that the inadequate energy supply would hinder the employment and eventually the poverty reduction initiatives. He said that the agriculture sector is still the major employment generator and the growth of the sector is showing well.
He said the central bank also prioritized the small and medium enterprises, providing them with enough financial support so they could also generate substantial jobs.
The governor also referred to the highest ever reserve, remittance, stable exchange rate, adequate liquidity in the banking sector and increasing revenue earnings.
The reserve was $10.03 billion till December 29 and the remittance was $1.05 billion at the end of November this year.
The liquidity in banking system eased to Taka 34,265 crore in November, which is enough to meet the domestic credit demand.
Domestic investment increased by 15 percent during January-October this year when the foreign direct investment showed improvement.
Atiur said he noticed increased interest of foreign investors with the stability of macro economy.
"The economy would grow faster in the coming year," he said.
According to Bangladesh Bureau of Statistics, Bangladesh GDP growth in 2008 was 6.21% compare to 5.9% in first half of 2009 -2010 fiscal. And GDP growth rate decrease exposed awami "dinbodol" and "digital Bangladesh" are more hoax in making.
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fallstuff
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From:
http://www.thedailystar.net/newDesig...php?nid=120539
2009 remittance sets new benchmark
Tuesday, January 5, 2010
Rejaul Karim Byron
Remittance crossed $10 billion mark for the first time in Bangladesh history in the year 2009 because migrants, a main driver of the country's economic progress, sent more money home despite all odds during global recession.
With 20 percent growth, remittance inflow reached $10.72 billion last year, although the year marked a fall in manpower exports. In 2008, the remittance was $8.97 billion.
The overseas employment ministry data shows that the number of migrant workers declined 46 percent to 475,278 persons in January-December of 2009. In 2008, the number was 875,055.
The monthly average number of the workers going abroad with jobs almost halved last year from around 80,000 persons in 2008.
Still, the remittance inflow grew 20 percent, turning down World Bank forecast of 12-15 percent such growth for 2009. The international lender in a recent report expressed its fear about low growth on the basis of the declining trend of manpower exports.
Economists and bankers think the financial crisis worldwide has opened up the scope for Bangladesh expatriates to send more money home, as they lost confidence in depositing hard-earned money with foreign banks during their stay in middle eastern and other countries.
Baharul Islam, chairman of Sonali Bank, the second highest remittance earner among banks, gave all credit to the expatriates who sent money home after passing through many hurdles for the record remittance flow. Expatriates are great contributors to our economy, he said.
Mustafizur Rahman, executive director of the Centre for Policy Dialogue (CPD), said, The main cause of more remittance inflow in 2009 is the worry among expatriates about depositing money with foreign banks against the backdrop of global meltdown.
He also pointed to the fact that migrant workers now increasingly tend to sent their money to their relatives through official channels, instead of informal ones like 'hundi.' The institutional service providers are also contributing a lot to reach out the remitted amount to the recipients in rural areas, which Mustafiz thinks another reason behind the enhanced reliance on official channels.
Cost of sending money has also reduced significantly in recent times, which also helped raise remittance inflow, the CPD top official pointed out.
Meanwhile, uncertainty has loomed over future manpower export, as big manpower markets Saudi Arabia, Kuwait and Malaysia stopped hiring workers from Bangladesh. However, some new markets have emerged, which include Iraq and Libya.
The government is continuing dialogue with these countries but any positive signal is yet to come.
http://www.thedailystar.net/newDesig...php?nid=120539
2009 remittance sets new benchmark
Tuesday, January 5, 2010
Rejaul Karim Byron
Remittance crossed $10 billion mark for the first time in Bangladesh history in the year 2009 because migrants, a main driver of the country's economic progress, sent more money home despite all odds during global recession.
With 20 percent growth, remittance inflow reached $10.72 billion last year, although the year marked a fall in manpower exports. In 2008, the remittance was $8.97 billion.
The overseas employment ministry data shows that the number of migrant workers declined 46 percent to 475,278 persons in January-December of 2009. In 2008, the number was 875,055.
The monthly average number of the workers going abroad with jobs almost halved last year from around 80,000 persons in 2008.
Still, the remittance inflow grew 20 percent, turning down World Bank forecast of 12-15 percent such growth for 2009. The international lender in a recent report expressed its fear about low growth on the basis of the declining trend of manpower exports.
Economists and bankers think the financial crisis worldwide has opened up the scope for Bangladesh expatriates to send more money home, as they lost confidence in depositing hard-earned money with foreign banks during their stay in middle eastern and other countries.
Baharul Islam, chairman of Sonali Bank, the second highest remittance earner among banks, gave all credit to the expatriates who sent money home after passing through many hurdles for the record remittance flow. Expatriates are great contributors to our economy, he said.
Mustafizur Rahman, executive director of the Centre for Policy Dialogue (CPD), said, The main cause of more remittance inflow in 2009 is the worry among expatriates about depositing money with foreign banks against the backdrop of global meltdown.
He also pointed to the fact that migrant workers now increasingly tend to sent their money to their relatives through official channels, instead of informal ones like 'hundi.' The institutional service providers are also contributing a lot to reach out the remitted amount to the recipients in rural areas, which Mustafiz thinks another reason behind the enhanced reliance on official channels.
Cost of sending money has also reduced significantly in recent times, which also helped raise remittance inflow, the CPD top official pointed out.
Meanwhile, uncertainty has loomed over future manpower export, as big manpower markets Saudi Arabia, Kuwait and Malaysia stopped hiring workers from Bangladesh. However, some new markets have emerged, which include Iraq and Libya.
The government is continuing dialogue with these countries but any positive signal is yet to come.
Al-zakir
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Don't get over excited over this remittances. The reason we are seeing flux in the remittances is that because thousands of worker are being send home from middle east and Malaysia. Obviously these people are taking their saving with them. We are losing our man power market.
Al destroying relation with Saudi Arabia and other Islamic nations due to it's recent anti-Islamic stance. They will not recruit Bangladeshis in big number coming days
Current remittance growth is because of previous govt was able to export more manpower. Awami league is destrying these markets and effect of it already visible and will reflect on remitance in coming months and years.
Stumper
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Al destroying relation with Saudi Arabia and other Islamic nations due to it's recent anti-Islamic stance. They will not recruit Bangladeshis in big number coming days
Did you really think about this? Are we to belive that the gulf countries recruit people based on how islam friendly is the host country to which they belong. Are you aware about dubai recent crisis ?.. I guess not.
Dubai's six-year building boom grinds to a halt as financial crisis takes hold | World news | guardian.co.uk
Dubai Economic Crisis Hits The World : NPR
Stumper
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Interesting post idune. A few things were not clear though:
1.What steps/policies of your previous regime facilitated this increase in export of manpower?
2.What steps did AL take, that is negatively effecting this export of manpower?
Would be interesting.
leonblack08
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Dhaka yet to utilise zero tariff benefit from rich world
The country has so far hardly made use of the zero tariff benefit offered by different advanced countries, as exports to the rich world show no signs of a rise.
Being an LDC (least developed country), Bangladesh now enjoys either duty-free facility for everything but arms (EBA) or duty-preference for some selected products or duty concession for exports of products to 32 countries.
Businesspeople have identified some factors that contributed to such unutilisation of duty-free access, which include weak trade negotiation capacity, low industrial output, lack of proper knowledge of markets and consumer patterns, non-diversification of products, absence of any study or home-work by private and public sectors, various non-tariff barriers and sloth in performances in Bangladesh missions abroad.
Bangladesh exported 171 items to 189 countries in fiscal year 2008-09 and earned $15.57 billion, a very small pie of the total merchandise imports by developed countries.
The 2008 trade data shows $15,775 billion world merchandise exports, of which 49 LDCs account for only $176 billion, 1.1 percent of the total trade volume.
The major export destinations under such duty facility include Austria, Canada, European Union, Finland, Japan, New Zealand, Norway, Sweden, Switzerland, USA, Bulgaria, Czechoslovakia, Hungary, Poland, Russia, Australia, India, Thailand, Estonia and Belarus.
In the last fiscal, top 10-export destinations for Bangladesh were USA (26 percent), Germany (15 percent), UK (10 percent), France (7.0 percent), The Netherlands (6.0 percent), Canada, Italy and Spain (each 4.0 percent), Belgium (3.0 percent), Turkey (2.0 percent), and the rest of the world (19 percent), according to the Export Promotion Bureau data.
Of the exportable items, only six such as woven garment, knitwear, frozen foods, jute goods, leather and chemical products accounted for about 87 percent of the total exports.
The contribution of the rest of 165 items was only 13 percent to the export volume clearly indicates a lack in diversification of exportable products and the over-dependence on apparels.
Talking to The Daily Star Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry, pointed his finger at the lack in proper marketing capacity of many businessmen who export to the rich world.
Bangladesh lags behind some countries that have already gained foothold on those markets. These countries include China, India and Vietnam.
However, a ray of hope is there. We've found some new export destinations like Japan, Australia, New Zealand and Canada," Huq said.
K M Rezaul Hasanat, chairman and managing director of Viyellatex Group, said market access depends on many things.
"In the competitive age, we're strongly in need of brand of products and negotiation skills to earn the market pie. Duty facility is not the main driving force for market access," he said.
When asked, Commerce Minister Faruk Khan said exporters have limitations in marketing capacity and knowledge about export destinations. This is why they could hardly exploit potentiality of the duty-free facility in overseas markets, he added.
"It is true that the commercial wings in Bangladesh embassies have weaknesses. We are imparting training to both businessmen and officials of such wings so that the country can easily widen its export markets," Khan said, adding that raising the number of commercial wings to 30 from the existing 19 is now under a government plan.
Dhaka yet to utilise zero tariff benefit from rich world
The country has so far hardly made use of the zero tariff benefit offered by different advanced countries, as exports to the rich world show no signs of a rise.
Being an LDC (least developed country), Bangladesh now enjoys either duty-free facility for everything but arms (EBA) or duty-preference for some selected products or duty concession for exports of products to 32 countries.
Businesspeople have identified some factors that contributed to such unutilisation of duty-free access, which include weak trade negotiation capacity, low industrial output, lack of proper knowledge of markets and consumer patterns, non-diversification of products, absence of any study or home-work by private and public sectors, various non-tariff barriers and sloth in performances in Bangladesh missions abroad.
Bangladesh exported 171 items to 189 countries in fiscal year 2008-09 and earned $15.57 billion, a very small pie of the total merchandise imports by developed countries.
The 2008 trade data shows $15,775 billion world merchandise exports, of which 49 LDCs account for only $176 billion, 1.1 percent of the total trade volume.
The major export destinations under such duty facility include Austria, Canada, European Union, Finland, Japan, New Zealand, Norway, Sweden, Switzerland, USA, Bulgaria, Czechoslovakia, Hungary, Poland, Russia, Australia, India, Thailand, Estonia and Belarus.
In the last fiscal, top 10-export destinations for Bangladesh were USA (26 percent), Germany (15 percent), UK (10 percent), France (7.0 percent), The Netherlands (6.0 percent), Canada, Italy and Spain (each 4.0 percent), Belgium (3.0 percent), Turkey (2.0 percent), and the rest of the world (19 percent), according to the Export Promotion Bureau data.
Of the exportable items, only six such as woven garment, knitwear, frozen foods, jute goods, leather and chemical products accounted for about 87 percent of the total exports.
The contribution of the rest of 165 items was only 13 percent to the export volume clearly indicates a lack in diversification of exportable products and the over-dependence on apparels.
Talking to The Daily Star Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry, pointed his finger at the lack in proper marketing capacity of many businessmen who export to the rich world.
Bangladesh lags behind some countries that have already gained foothold on those markets. These countries include China, India and Vietnam.
However, a ray of hope is there. We've found some new export destinations like Japan, Australia, New Zealand and Canada," Huq said.
K M Rezaul Hasanat, chairman and managing director of Viyellatex Group, said market access depends on many things.
"In the competitive age, we're strongly in need of brand of products and negotiation skills to earn the market pie. Duty facility is not the main driving force for market access," he said.
When asked, Commerce Minister Faruk Khan said exporters have limitations in marketing capacity and knowledge about export destinations. This is why they could hardly exploit potentiality of the duty-free facility in overseas markets, he added.
"It is true that the commercial wings in Bangladesh embassies have weaknesses. We are imparting training to both businessmen and officials of such wings so that the country can easily widen its export markets," Khan said, adding that raising the number of commercial wings to 30 from the existing 19 is now under a government plan.
Dhaka yet to utilise zero tariff benefit from rich world
Al-zakir
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Rahimafrooz building Asias largest battery plant
Economic Reporter
Rahimafrooz Globatt Ltd, a new concern of Rahimafrooz Group, is building Asia's largest battering manufacturing factory in the country. The factory is being built at Ishurdi Export Processing Zone in the northern part of the country at a cost of around Tk 100 crore.
Jeddah-based Islamic Corporation for Development (ICD), the private sector financing arm of Islamic Development Bank (IDB), and Hongkong and Sanghai Banking Corporation (HSBC) are jointly financing the project.
Rahimafrooz has been the first business venture of the country to receive financing from ICD. A financing agreement was signed to this effect between Rahimafrooz Globatt and ICD at Pan Pacific Sonargaon in the city recently, says a press release.
Fawaz Adbul Nour, Executive director of ICD, and Munawar Misbah Moin, Managing Director of Rahimafrooz Globatt, signed the agreement on behalf of the respective organisations.
Rahimafrooz Globatt Chairman Feroz Rahim, HSBC hief Executive Officer Sanjay Prakash and Board of Investment Executive Chairman Kamaluddin also spoke on the occasion. Rahimafrooz Group chairman Afroz Rahim, directors Mohammad Ismail and Niaz Rahim, other senior officers of the group, representatives from Bangladesh Bank, BEPZA, financial institutions and different business houses were present.
Production at the factory, having a capacity of 25 lakh batteries per year, will be launched in May this year. The factory will produce batteries using state-of-the-art battery technology and SAP enterprise solution.
:: The Daily Independent Bangladesh :.. Internet Edition
Economic Reporter
Rahimafrooz Globatt Ltd, a new concern of Rahimafrooz Group, is building Asia's largest battering manufacturing factory in the country. The factory is being built at Ishurdi Export Processing Zone in the northern part of the country at a cost of around Tk 100 crore.
Jeddah-based Islamic Corporation for Development (ICD), the private sector financing arm of Islamic Development Bank (IDB), and Hongkong and Sanghai Banking Corporation (HSBC) are jointly financing the project.
Rahimafrooz has been the first business venture of the country to receive financing from ICD. A financing agreement was signed to this effect between Rahimafrooz Globatt and ICD at Pan Pacific Sonargaon in the city recently, says a press release.
Fawaz Adbul Nour, Executive director of ICD, and Munawar Misbah Moin, Managing Director of Rahimafrooz Globatt, signed the agreement on behalf of the respective organisations.
Rahimafrooz Globatt Chairman Feroz Rahim, HSBC hief Executive Officer Sanjay Prakash and Board of Investment Executive Chairman Kamaluddin also spoke on the occasion. Rahimafrooz Group chairman Afroz Rahim, directors Mohammad Ismail and Niaz Rahim, other senior officers of the group, representatives from Bangladesh Bank, BEPZA, financial institutions and different business houses were present.
Production at the factory, having a capacity of 25 lakh batteries per year, will be launched in May this year. The factory will produce batteries using state-of-the-art battery technology and SAP enterprise solution.
:: The Daily Independent Bangladesh :.. Internet Edition
Skies
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US wants 20,000 students from Bangladesh each year
S: US wants 20,000 students from Bangladesh each year
The United States was planning to have 20,000 Bangladeshi students enrolled at its colleges and universities each year, visiting US Under Secretary for Public Affairs and Public Diplomacy Judith A Mchale said on Sunday.
“We encourage Bangladeshi students to come to the US and US students to Bangladesh. Such exchange programmes are aimed at better understanding of culture and people,” she told reporters after a lecture at the Senate Bhaban of Dhaka University.
According to the statistics of American Centre in Dhaka, only 2,700 Bangladeshi students are currently studying in the US.
Judith lectured on “Building Bridges through Studies in the US” where Dhaka University Vice Chancellor Professor AAMS Arefin Siddique, Pro Vice Chancellor Harun-or-Rashid, a number of other teachers and students were present.
Judith said there were many educational institutions in the US interested in students from Bangladesh. For that, from now on the American Centre in Dhaka will prepare more tools to inform the students of the financial or other facilities that the US institutions offer.
She, however, did not mention anything specific on quota or increased scholarships for Bangladeshi students.
Judith, who is in Bangladesh for the first time, said Bangladesh and the US maintained a long history of cooperation and would continue it for the betterment of the peoples.
“I am confident that Bangladesh’s future leaders will have more opportunities than ever before to experience firsthand the friendship of the American people,” she said, adding that more US students will also be coming to Bangladesh to study.
S: US wants 20,000 students from Bangladesh each year
The United States was planning to have 20,000 Bangladeshi students enrolled at its colleges and universities each year, visiting US Under Secretary for Public Affairs and Public Diplomacy Judith A Mchale said on Sunday.
“We encourage Bangladeshi students to come to the US and US students to Bangladesh. Such exchange programmes are aimed at better understanding of culture and people,” she told reporters after a lecture at the Senate Bhaban of Dhaka University.
According to the statistics of American Centre in Dhaka, only 2,700 Bangladeshi students are currently studying in the US.
Judith lectured on “Building Bridges through Studies in the US” where Dhaka University Vice Chancellor Professor AAMS Arefin Siddique, Pro Vice Chancellor Harun-or-Rashid, a number of other teachers and students were present.
Judith said there were many educational institutions in the US interested in students from Bangladesh. For that, from now on the American Centre in Dhaka will prepare more tools to inform the students of the financial or other facilities that the US institutions offer.
She, however, did not mention anything specific on quota or increased scholarships for Bangladeshi students.
Judith, who is in Bangladesh for the first time, said Bangladesh and the US maintained a long history of cooperation and would continue it for the betterment of the peoples.
“I am confident that Bangladesh’s future leaders will have more opportunities than ever before to experience firsthand the friendship of the American people,” she said, adding that more US students will also be coming to Bangladesh to study.
leonblack08
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Deals signed with Chinese cos for 300MW power
File photo UNB, Dhaka
The state-owned Power Development Board (PDB) on Monday signed separate contracts with two Chinese contractors to set up two power plants having total capacity of 250MW.
The projects are Chandpur 150MW combined cycle plant and Sylhet 100MW simple cycle plant. However, the Sylhet 100MW simple cycle plant will be set up as part of a 150 MW combined cycle plant.
Officials hoped both the projects will come into operation by 2011.
As per the contracts, China Chengda Engineering Co Ltd (CCECL) will set up the Chandpur combined cycle plant at a cost of Tk 1005.77 crore (about US$ 145.76 million) while Shanghai Electric Group Co Ltd, China will install the Sylhet simple cycle plant at a cost of Tk 704.51 crore (about US$ 105.15 million).
Both the contractors will have to supply the equipments and install their respective plant under turnkey contract.
Finance Minister AMA Muhith, who was preset at the signing ceremony at Bidyut Bhaban in the city, urged the Chinese contractors to complete their jobs as fast as possible.
“We hope the contractors will do their job ahead of the schedule. Because, power and energy is the bases of all developments,” he said.
Muhith alleged that the power and energy sector had gone backwards because of the previous government’s corruption and misrule.
He termed the Chinese contractors as development partners of the country and offered all out support to set up the power plants.
Prime Minister’s Adviser Tawfiq-e-Elahi Chodhury, State Minister for Power Mohammad Enamul Haque, Power Secretary Abul Kalam Azad and PDB Chairman ASM Alamgir Kabir also spoke at the function.
As per the contract, CCECL will complete the supply and installation job of gas turbine unit of the Chandpur plant by 15 months (450 days) and its steam turbine unit by 21.66 months (650 days) from the date of contract signing.
The Chandpur plant’s gas turbine will come from GE Energy of France while its gas turbine generator from Brush company of Czech Republic.
On the other hand, the Shanghai Electric will supply and install the Sylhet simple cycle plant within 18 months (540 days) from the date of signing the contract.
The Sylhet project’s gas turbine and generator will come from Italy’s Ansaldo Energia and gas booster from Atlas Copco of USA.
PDB Secretary Eskendar Ali, CCECI chairman Cao Guang and Shanghai Electric Group chairman Zhu Denian signed the contracts on behalf of their respective sides.
PDB Chairman ASM Alamgir Kabir said the initiative for both the Chandpur and Sylhet plant was taken five years back and tenders were floated five times.
But this time, the government has been successful to complete the tendering process.
Although the PDB officials are hopeful of installing the plants by 2011, but experts in the power industry are doubtful about their operation because of gas crisis.
Availability of gas is yet to be confirmed by Petrobangla, said a source in the state-run agency.
Deals signed with Chinese cos for 300MW power
File photo UNB, Dhaka
The state-owned Power Development Board (PDB) on Monday signed separate contracts with two Chinese contractors to set up two power plants having total capacity of 250MW.
The projects are Chandpur 150MW combined cycle plant and Sylhet 100MW simple cycle plant. However, the Sylhet 100MW simple cycle plant will be set up as part of a 150 MW combined cycle plant.
Officials hoped both the projects will come into operation by 2011.
As per the contracts, China Chengda Engineering Co Ltd (CCECL) will set up the Chandpur combined cycle plant at a cost of Tk 1005.77 crore (about US$ 145.76 million) while Shanghai Electric Group Co Ltd, China will install the Sylhet simple cycle plant at a cost of Tk 704.51 crore (about US$ 105.15 million).
Both the contractors will have to supply the equipments and install their respective plant under turnkey contract.
Finance Minister AMA Muhith, who was preset at the signing ceremony at Bidyut Bhaban in the city, urged the Chinese contractors to complete their jobs as fast as possible.
“We hope the contractors will do their job ahead of the schedule. Because, power and energy is the bases of all developments,” he said.
Muhith alleged that the power and energy sector had gone backwards because of the previous government’s corruption and misrule.
He termed the Chinese contractors as development partners of the country and offered all out support to set up the power plants.
Prime Minister’s Adviser Tawfiq-e-Elahi Chodhury, State Minister for Power Mohammad Enamul Haque, Power Secretary Abul Kalam Azad and PDB Chairman ASM Alamgir Kabir also spoke at the function.
As per the contract, CCECL will complete the supply and installation job of gas turbine unit of the Chandpur plant by 15 months (450 days) and its steam turbine unit by 21.66 months (650 days) from the date of contract signing.
The Chandpur plant’s gas turbine will come from GE Energy of France while its gas turbine generator from Brush company of Czech Republic.
On the other hand, the Shanghai Electric will supply and install the Sylhet simple cycle plant within 18 months (540 days) from the date of signing the contract.
The Sylhet project’s gas turbine and generator will come from Italy’s Ansaldo Energia and gas booster from Atlas Copco of USA.
PDB Secretary Eskendar Ali, CCECI chairman Cao Guang and Shanghai Electric Group chairman Zhu Denian signed the contracts on behalf of their respective sides.
PDB Chairman ASM Alamgir Kabir said the initiative for both the Chandpur and Sylhet plant was taken five years back and tenders were floated five times.
But this time, the government has been successful to complete the tendering process.
Although the PDB officials are hopeful of installing the plants by 2011, but experts in the power industry are doubtful about their operation because of gas crisis.
Availability of gas is yet to be confirmed by Petrobangla, said a source in the state-run agency.
Deals signed with Chinese cos for 300MW power
Financial Express :: Financial Newspaper of bangladesh
Rising inflation poses challenge
Declining investment, imports, exports to slow down growth
FE Report
The country's economic growth would slow down to 5.5 per cent this fiscal year, as exports and investment went into the red, import of industrial machinery and raw materials dipped while inflation shows signs of upward movement, experts said Thursday.
Remittance, flat exchange rate, farm output and a robust foreign exchange reserve are some of the areas where the economy has excelled, but the performance was not good enough to boost growth beyond last fiscal's 5.88 per cent, they added.
The seminar titled Global Recession and Bangladesh Economy: Macro and Meso Trends was organised by the private think tank Policy and Participation Research Center (PPRC) in the city.
Former Bangladesh Bank governor Dr Salehuddin Ahmed said manufacturing sector is the main driver of economic growth in Bangladesh, but lack of investment has hit the sector.
"LC (Letter of Credit also known as import order) opening for capital (industrial) machinery grew by 37 per cent but settlement was six per cent negative," Ahmed said.
Import of industrial machinery gives ample indications on manufacturing growth in the near future and so far the signals are not positive, he said.
He added import of industrial raw material has declined by 13 per cent, reflecting dismal performance in the exports and manufacturing sector.
"With the main macro-economic indicators showing signs of distress, I don't think this year the economy would grow more than 5.5 per cent," the former governor said, stressing more spending in infrastructure to spur investment.
He said food and non-food inflation has been increasing in recent months, digging dip into the pockets of common people.
"All indications are that inflation may cross seven per cent in the current fiscal. Controlling prices now poses a big challenge to the government," he said.
The point-to-point inflation hit 7.24 per cent in November with the food inflation in urban areas reaching 9.83 per cent during the period, up from 6.48 per cent in the same time in 2008.
Import is likely to have negative growth of four per cent to 7.5 per cent while export is expected to rise a tepid five-six per cent while remittance may grow between 15 and 19 per cent, he said.
Former finance adviser Mirza Azizul Islam said the economy is heading for a slowest growth in recent years - being pulled down by moribund private sector credit, sharp downturn in term lending and negative exports and imports.
"In addition, excess liquidity is building up in the economy as entrepreneurs are not investing their money in real sectors," he said.
Industrial unrest including series of violent wage-linked clashes in the garment sector and dearth of gas and power are the major factors behind the dipping investment, he added.
"Why a new factory will be set up when the government is opted for gas and power rationing?" he questioned.
The former advisor said the government needs not worry much about rising inflation and should instead focus on manufacturing and service sector growth and increase spending in social safety net.
Mirza Azizul said remittance flow could also slow down in the coming months as the government has failed to resolve disputes with major Bangladeshi employers.
"Work permit problem in Saudi Arabia has not been resolved yet. Malaysia has not lifted the ban on Bangladeshi workers and other Middle Eastern countries are not interested in our workers," he said.
Former adviser and PPRC executive chairman Dr Hossain Zillur Rahman said uncertain policy direction is sending wrong signal to the entrepreneurs, resulting in a sharp decline in investment.
Investors do not like to do business in an uncertain environment, stemming mainly from political situation, he said.
There has also been sharp deterioration in quality of investment as entrepreneurs are mainly investing in unproductive areas, not in productive sectors, he said.
Dr. Rahman said inflation is a big concern but he cautioned that the government should not do anything that affects growth prospect.
"In 2008, inflation rose to double digit due to high food prices but this year non-food inflation is also going up, which is a bad sign," he said.
The former adviser suggested that the government should expand social safety net programme to cushion poor people from the affects of price pressures.
Federation of Bangladesh Chambers of Commerce and Industry president Annisul Haq said export grew minus seven per cent in July-November period,
"If the country wants to achieve positive export growth of at least five to six per cent, the growth rate should be 14 per cent during the next seven months," he said.
It would be a tough call as import of raw material and capital machinery has already declined, he added.
The apex trade body chief said the interest rate is too high and it is harming growth prospect.
Executive director of CPD Mustafizur Rahman said poor public expenditure is dragging down growth as the government could spend only 28 per cent of its Annual Development Programme (ADP) in the first six months.
Rising inflation poses challenge
Declining investment, imports, exports to slow down growth
FE Report
The country's economic growth would slow down to 5.5 per cent this fiscal year, as exports and investment went into the red, import of industrial machinery and raw materials dipped while inflation shows signs of upward movement, experts said Thursday.
Remittance, flat exchange rate, farm output and a robust foreign exchange reserve are some of the areas where the economy has excelled, but the performance was not good enough to boost growth beyond last fiscal's 5.88 per cent, they added.
The seminar titled Global Recession and Bangladesh Economy: Macro and Meso Trends was organised by the private think tank Policy and Participation Research Center (PPRC) in the city.
Former Bangladesh Bank governor Dr Salehuddin Ahmed said manufacturing sector is the main driver of economic growth in Bangladesh, but lack of investment has hit the sector.
"LC (Letter of Credit also known as import order) opening for capital (industrial) machinery grew by 37 per cent but settlement was six per cent negative," Ahmed said.
Import of industrial machinery gives ample indications on manufacturing growth in the near future and so far the signals are not positive, he said.
He added import of industrial raw material has declined by 13 per cent, reflecting dismal performance in the exports and manufacturing sector.
"With the main macro-economic indicators showing signs of distress, I don't think this year the economy would grow more than 5.5 per cent," the former governor said, stressing more spending in infrastructure to spur investment.
He said food and non-food inflation has been increasing in recent months, digging dip into the pockets of common people.
"All indications are that inflation may cross seven per cent in the current fiscal. Controlling prices now poses a big challenge to the government," he said.
The point-to-point inflation hit 7.24 per cent in November with the food inflation in urban areas reaching 9.83 per cent during the period, up from 6.48 per cent in the same time in 2008.
Import is likely to have negative growth of four per cent to 7.5 per cent while export is expected to rise a tepid five-six per cent while remittance may grow between 15 and 19 per cent, he said.
Former finance adviser Mirza Azizul Islam said the economy is heading for a slowest growth in recent years - being pulled down by moribund private sector credit, sharp downturn in term lending and negative exports and imports.
"In addition, excess liquidity is building up in the economy as entrepreneurs are not investing their money in real sectors," he said.
Industrial unrest including series of violent wage-linked clashes in the garment sector and dearth of gas and power are the major factors behind the dipping investment, he added.
"Why a new factory will be set up when the government is opted for gas and power rationing?" he questioned.
The former advisor said the government needs not worry much about rising inflation and should instead focus on manufacturing and service sector growth and increase spending in social safety net.
Mirza Azizul said remittance flow could also slow down in the coming months as the government has failed to resolve disputes with major Bangladeshi employers.
"Work permit problem in Saudi Arabia has not been resolved yet. Malaysia has not lifted the ban on Bangladeshi workers and other Middle Eastern countries are not interested in our workers," he said.
Former adviser and PPRC executive chairman Dr Hossain Zillur Rahman said uncertain policy direction is sending wrong signal to the entrepreneurs, resulting in a sharp decline in investment.
Investors do not like to do business in an uncertain environment, stemming mainly from political situation, he said.
There has also been sharp deterioration in quality of investment as entrepreneurs are mainly investing in unproductive areas, not in productive sectors, he said.
Dr. Rahman said inflation is a big concern but he cautioned that the government should not do anything that affects growth prospect.
"In 2008, inflation rose to double digit due to high food prices but this year non-food inflation is also going up, which is a bad sign," he said.
The former adviser suggested that the government should expand social safety net programme to cushion poor people from the affects of price pressures.
Federation of Bangladesh Chambers of Commerce and Industry president Annisul Haq said export grew minus seven per cent in July-November period,
"If the country wants to achieve positive export growth of at least five to six per cent, the growth rate should be 14 per cent during the next seven months," he said.
It would be a tough call as import of raw material and capital machinery has already declined, he added.
The apex trade body chief said the interest rate is too high and it is harming growth prospect.
Executive director of CPD Mustafizur Rahman said poor public expenditure is dragging down growth as the government could spend only 28 per cent of its Annual Development Programme (ADP) in the first six months.
LOCAL-MADE SHIP TO PREVENT OIL SPILLAGE IN SEA
The newly-constructed oil-spill cleaner Bay Cleaner-2 to be handed over to Chittagong Port Authority today. Photo: Star Staff Correspondent, Ctg
The Chittagong Port Authority today receives an oily waste collection vessel from Western Marine Shipyard Ltd to prevent spillage of wasted oil into the sea from ships, tankers and other vessels.
Commissioned as Bay Cleaner-2, the vessel is first of its kind in the country and will significantly enhance CPA's capacity in safeguarding marine environment as required by the International Maritime Organisation under Surface Ocean Lower Atmosphere Study and Marine Pollution, sources said.
Western Marine authority will hand over the vessel to CPA Chairman Commodore RU Ahmed at a ceremony at its shipyard at Kolagaon under Patia upazila in the Port City.
Shipping Minister Shajahan Khan and Nur-E-Alam Chowdhury, chairman of the parliamentary standing committee on shipping ministry, are scheduled to attend the handover ceremony.
At a press conference yesterday, Western marine officials said the CPA signed contract with the Lamor Corporation AB of Finland, one of the manufacturers of spill response systems and products, for building the oily waste reception vessel. The Lamor later teamed up with Western Marine to build the vessel at the latter's shipyard.
Western Marine Chairman Saiful Islam said the vessel, with a dimension of 25m length, 6.80m width and 4.10m depth, would have a capacity of storing 150cbm oily wastes, 30cbm fresh water, 40cbm fuel oil and 3cbm lube oil.
Activities of Bay Cleaner-2 will include reception of oily wastes from ships, tankers and other vessels docked at Chittagong Port, transferring wastes to treatment sites on the shore, and collection of oily wastes over a 2km area within the CPA zone, said Saiful.
Western Marine Managing Director Sakhawat Hossain said Lamor got the order for building the vessel at a cost of Tk 25 crore.
He expressed hope that there will be policy supports like declaring the south bank of the Karnaphuli and banks of the Meghna and the Pashur at Mongla Port as shipyard zones, delivery of imported shipbuilding materials on priority basis, single digit rate of bank interest and 15 percent cash incentive for the shipbuilding industry to help this booming sector flourish further.
The newly-constructed oil-spill cleaner Bay Cleaner-2 to be handed over to Chittagong Port Authority today. Photo: Star Staff Correspondent, Ctg
The Chittagong Port Authority today receives an oily waste collection vessel from Western Marine Shipyard Ltd to prevent spillage of wasted oil into the sea from ships, tankers and other vessels.
Commissioned as Bay Cleaner-2, the vessel is first of its kind in the country and will significantly enhance CPA's capacity in safeguarding marine environment as required by the International Maritime Organisation under Surface Ocean Lower Atmosphere Study and Marine Pollution, sources said.
Western Marine authority will hand over the vessel to CPA Chairman Commodore RU Ahmed at a ceremony at its shipyard at Kolagaon under Patia upazila in the Port City.
Shipping Minister Shajahan Khan and Nur-E-Alam Chowdhury, chairman of the parliamentary standing committee on shipping ministry, are scheduled to attend the handover ceremony.
At a press conference yesterday, Western marine officials said the CPA signed contract with the Lamor Corporation AB of Finland, one of the manufacturers of spill response systems and products, for building the oily waste reception vessel. The Lamor later teamed up with Western Marine to build the vessel at the latter's shipyard.
Western Marine Chairman Saiful Islam said the vessel, with a dimension of 25m length, 6.80m width and 4.10m depth, would have a capacity of storing 150cbm oily wastes, 30cbm fresh water, 40cbm fuel oil and 3cbm lube oil.
Activities of Bay Cleaner-2 will include reception of oily wastes from ships, tankers and other vessels docked at Chittagong Port, transferring wastes to treatment sites on the shore, and collection of oily wastes over a 2km area within the CPA zone, said Saiful.
Western Marine Managing Director Sakhawat Hossain said Lamor got the order for building the vessel at a cost of Tk 25 crore.
He expressed hope that there will be policy supports like declaring the south bank of the Karnaphuli and banks of the Meghna and the Pashur at Mongla Port as shipyard zones, delivery of imported shipbuilding materials on priority basis, single digit rate of bank interest and 15 percent cash incentive for the shipbuilding industry to help this booming sector flourish further.
