I was trying to make a difference between per capita GDP and per capita INCOME. $690 was the figure of last year's income.
Bangladesh Economy: News & Updates
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I was trying to make a difference between per capita GDP and per capita INCOME. $690 was the figure of last year's income.
fallstuff
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April shipments pull export to positive zone
April shipments pull export to positive zone
Overall export earnings amount to $12.94b in 10 months
The revenue from exports grew by 19 per cent in April compared to last April, pulling the overall export growth to positive zone in 10 months.
Export Promotion Bureau officials on Tuesday said the overall export which was negative in the first nine months of the current financial year turned positive with a 19 per cent increase in export in April compared to last April.
In the 10 months of the current fiscal year, the countrys export shipment amounted to $12.94 billion, which is 1 per cent more than the earnings of the same period in the last fiscal year.
The monthly export performance report of the bureau showed that garment exports, which account for more than three-fourths of the countrys export earnings, diminished by 1.72 per cent to $9.96 billion in ten months.
The average rate of growth of export earnings from the major products improved but still remains in minus figures, but growth figures for some products like jute goods and petroleum by-products were very high.
Knitwear export diminished by 2.06 per cent to $5.12 billion in the ten months of this fiscal year and shipments of woven or cut and sew garments decreased by 1.38 per cent to $4.83 billion.
A senior official of the EPB pointed out that as garment shipments had been experiencing negative growth from the beginning of this fiscal year, the countrys overall exports suffered in the following months.
Now export growth is improving as mainly garment exports are on rise again, he added.
The BGMEAs president, Abdus Salam Murshedy, said that the garment industry, due to the belated impact of the global recession and gas and power shortage, started experiencing negative and seesaw growth in export shipments since May last year.
He pointed out that the increase in orders that the local exporters had received by the end of last year resulted increased shipments in the past couple of months or so. There is still a seesaw in the trend of orders as our competitors in other countries are enticing buyers with more attractive offers, said Murshedy.
The EPBs report showed that with 70 per cent annual growth which achieved 66 per cent more than the target, export of jute goods earned $377 million in the 10 months of the current fiscal year.
Raw jute shipments amounted to $170 million in the period against $118 million of the same period in the last fiscal year.
Export of petroleum by-products naphtha and furnace oil rose by 104 per cent to $235 million while export of terry towels increased by 24 per cent to $136 million. Export of frozen foods decreased by 14 per cent to $333 million and of home textile products by 11 per cent to $234 million.
Leather exports grew by 16 per cent to $175 million, footwear by 4 per cent to $162 million, bi-cycles by 38 per cent to $94 million, agro-processed foods by 23 per cent to $46 million and pharmaceuticals by 13 per cent to $35 million.
The volume of export increased by 2.5 per cent in the period but the value of exported products fell by 1.5 per cent.
The volume of manufactured products, which constitute more than 90 per cent of Bangladeshs exports, increased by 2.3 per cent but the prices fell by 6.3 per cent.
Business
April shipments pull export to positive zone
Overall export earnings amount to $12.94b in 10 months
The revenue from exports grew by 19 per cent in April compared to last April, pulling the overall export growth to positive zone in 10 months.
Export Promotion Bureau officials on Tuesday said the overall export which was negative in the first nine months of the current financial year turned positive with a 19 per cent increase in export in April compared to last April.
In the 10 months of the current fiscal year, the countrys export shipment amounted to $12.94 billion, which is 1 per cent more than the earnings of the same period in the last fiscal year.
The monthly export performance report of the bureau showed that garment exports, which account for more than three-fourths of the countrys export earnings, diminished by 1.72 per cent to $9.96 billion in ten months.
The average rate of growth of export earnings from the major products improved but still remains in minus figures, but growth figures for some products like jute goods and petroleum by-products were very high.
Knitwear export diminished by 2.06 per cent to $5.12 billion in the ten months of this fiscal year and shipments of woven or cut and sew garments decreased by 1.38 per cent to $4.83 billion.
A senior official of the EPB pointed out that as garment shipments had been experiencing negative growth from the beginning of this fiscal year, the countrys overall exports suffered in the following months.
Now export growth is improving as mainly garment exports are on rise again, he added.
The BGMEAs president, Abdus Salam Murshedy, said that the garment industry, due to the belated impact of the global recession and gas and power shortage, started experiencing negative and seesaw growth in export shipments since May last year.
He pointed out that the increase in orders that the local exporters had received by the end of last year resulted increased shipments in the past couple of months or so. There is still a seesaw in the trend of orders as our competitors in other countries are enticing buyers with more attractive offers, said Murshedy.
The EPBs report showed that with 70 per cent annual growth which achieved 66 per cent more than the target, export of jute goods earned $377 million in the 10 months of the current fiscal year.
Raw jute shipments amounted to $170 million in the period against $118 million of the same period in the last fiscal year.
Export of petroleum by-products naphtha and furnace oil rose by 104 per cent to $235 million while export of terry towels increased by 24 per cent to $136 million. Export of frozen foods decreased by 14 per cent to $333 million and of home textile products by 11 per cent to $234 million.
Leather exports grew by 16 per cent to $175 million, footwear by 4 per cent to $162 million, bi-cycles by 38 per cent to $94 million, agro-processed foods by 23 per cent to $46 million and pharmaceuticals by 13 per cent to $35 million.
The volume of export increased by 2.5 per cent in the period but the value of exported products fell by 1.5 per cent.
The volume of manufactured products, which constitute more than 90 per cent of Bangladeshs exports, increased by 2.3 per cent but the prices fell by 6.3 per cent.
Business
fallstuff
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Jute moves to 2nd position as largest export earner
Jute moves to 2nd position as largest export earner
Shakhawat Hossain
Jute has regained its position this fiscal year as the countrys second largest export earning sector, surpassing the value of frozen foods exports after three years, according to the export promotion bureau.
Bangladesh exported raw jute and jute goods worth $547 million compared to frozen foods exports valued $377 million in 10 months of the current fiscal.
This revival of the jute sector has been attributed to huge growth in exports of raw jute and jut goods as against falling exports of frozen foods.
The last time the jute sector earned higher mount of foreign currency than the earning from the frozen foods sector was in 2005-06 fiscal when the export of the former was $509 million against the $459 million export earning from the latter.
The readymade garment sector accounts for 76 per cent of the countrys export receipts as the country earned foreign currency amounting to $15.56 billion from the sector in 2008-09 fiscal.
The exports of jute goods rose 70 per cent and raw jute 40.56 per cent during the July-April period of the fiscal compared to the exports of the corresponding period of the previous fiscal.
The exports of frozen food declined by 13.66 per cent in the said 10 months due to strict rules of the European Union countries that slowed down exports from Bangladesh.
Also, the past years cyclone Aila damaged many shrimp firms in the southern region affecting the export potentials, industry leaders said.
Bangladesh Jute Goods Association leader Kazi Syedul Alam Babul pointed out that popularity of natural fibres in view of environmental concerns worldwide is pushing up the demand of jute.
Currently, the county produces 5.5 million bales (180 kg=1 bale) of raw jute a year compared to annual production of 7 million bales a decade back. Around 2 million bales are consumed locally and the rest exported.
Business
Jute moves to 2nd position as largest export earner
Shakhawat Hossain
Jute has regained its position this fiscal year as the countrys second largest export earning sector, surpassing the value of frozen foods exports after three years, according to the export promotion bureau.
Bangladesh exported raw jute and jute goods worth $547 million compared to frozen foods exports valued $377 million in 10 months of the current fiscal.
This revival of the jute sector has been attributed to huge growth in exports of raw jute and jut goods as against falling exports of frozen foods.
The last time the jute sector earned higher mount of foreign currency than the earning from the frozen foods sector was in 2005-06 fiscal when the export of the former was $509 million against the $459 million export earning from the latter.
The readymade garment sector accounts for 76 per cent of the countrys export receipts as the country earned foreign currency amounting to $15.56 billion from the sector in 2008-09 fiscal.
The exports of jute goods rose 70 per cent and raw jute 40.56 per cent during the July-April period of the fiscal compared to the exports of the corresponding period of the previous fiscal.
The exports of frozen food declined by 13.66 per cent in the said 10 months due to strict rules of the European Union countries that slowed down exports from Bangladesh.
Also, the past years cyclone Aila damaged many shrimp firms in the southern region affecting the export potentials, industry leaders said.
Bangladesh Jute Goods Association leader Kazi Syedul Alam Babul pointed out that popularity of natural fibres in view of environmental concerns worldwide is pushing up the demand of jute.
Currently, the county produces 5.5 million bales (180 kg=1 bale) of raw jute a year compared to annual production of 7 million bales a decade back. Around 2 million bales are consumed locally and the rest exported.
Business
Al-zakir
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Radisson to set foot in Cox's Bazar
Sayeda Akter
Clewiston Group, a Chittagong-based company, is set to build a 350-room five-star hotel on Kalatoli beach in Cox's Bazar, officials said yesterday.
Radisson, the flagship brand of US-based international chain Carlson Hotels Worldwide, will manage and operate the hotel.
Clewiston will initially invest Tk 350 crore to build Radisson Hotel Cox's Bazar, said an official of the company. Construction is likely to begin in September.
A memorandum of understanding was signed between Carlson and Clewiston last night at Radisson Water Garden Hotel in Dhaka.
Radisson is going to be the second five-star hotel in Cox's Bazar, the country's most popular tourist destination. Earlier, La Vinci took an initiative to build a five-star hotel on Inani beach, which is expected to start construction by July.
Sakhawwat Kamal, manager of Clewiston, said: “We will start construction in the hotel-motel zone of Cox's Bazar in September.
"The hotel will start operations by the end of 2011."
Over the years, the hospitality sector has seen significant growth, led by the five-star hotel segment. Three new five-star hotels opened in Dhaka in the past four years.
Industry experts said Dhaka has around 1,250 five-star rooms and they experience full occupancy only in winter. An average occupancy rate of around 75 percent can easily make the business profitable, they added.
Radisson is the most profitable five-star hotel in Bangladesh. The hotel owns a 40 percent share of the total market.
Clewiston, a maker of garment accessories for the last 15 years, has grown to Tk 1,000 crore in annual turnover, Kamal said.
Faruk Khan, commerce minister, and MA Alim Chowdhury, managing director of Clewiston Group, were present at the deal signing ceremony.
:The Daily Star: Internet Edition
Sayeda Akter
Clewiston Group, a Chittagong-based company, is set to build a 350-room five-star hotel on Kalatoli beach in Cox's Bazar, officials said yesterday.
Radisson, the flagship brand of US-based international chain Carlson Hotels Worldwide, will manage and operate the hotel.
Clewiston will initially invest Tk 350 crore to build Radisson Hotel Cox's Bazar, said an official of the company. Construction is likely to begin in September.
A memorandum of understanding was signed between Carlson and Clewiston last night at Radisson Water Garden Hotel in Dhaka.
Radisson is going to be the second five-star hotel in Cox's Bazar, the country's most popular tourist destination. Earlier, La Vinci took an initiative to build a five-star hotel on Inani beach, which is expected to start construction by July.
Sakhawwat Kamal, manager of Clewiston, said: “We will start construction in the hotel-motel zone of Cox's Bazar in September.
"The hotel will start operations by the end of 2011."
Over the years, the hospitality sector has seen significant growth, led by the five-star hotel segment. Three new five-star hotels opened in Dhaka in the past four years.
Industry experts said Dhaka has around 1,250 five-star rooms and they experience full occupancy only in winter. An average occupancy rate of around 75 percent can easily make the business profitable, they added.
Radisson is the most profitable five-star hotel in Bangladesh. The hotel owns a 40 percent share of the total market.
Clewiston, a maker of garment accessories for the last 15 years, has grown to Tk 1,000 crore in annual turnover, Kamal said.
Faruk Khan, commerce minister, and MA Alim Chowdhury, managing director of Clewiston Group, were present at the deal signing ceremony.
:The Daily Star: Internet Edition
TopCat
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^^^
Good to have international brand Hotel however I believe we should encurage private sector to build recreation park and private beach in cox bazar.
Yap .. I know a lot of 5 star chains are already flocking in Coxs' bazar now including Marriot.
Al-zakir
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Yes I can see that but I would to see a world class water park in near future. All these nice hotel won't do much unless ample of recreation activity on place.
Al-zakir
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Cotton production reaches 70,000 bales this season
Project to strengthen cotton research awaits govt nod
Reported on: June 04, 2010 16:52 PM
Dhaka, June 4 (UNB) - The country witnessed lint cotton production of 70,000 bales in the current season including 2000 bales under the hybrid cotton cultivation.
In the 2009-10 season, some 31,500 hectares of land were brought under cotton cultivation and we have achieved expected production of 70,000 bales, said Deputy Director of Cotton Development Board (CDB) M Farid Uddin.
Talking to UNB, he said that in the current season the cotton farmers used hybrid seeds in their fields for the first time and the output was very good.
Farid Uddin informed that of the total land, 289.5 hectares were brought under cultivation of two hybrid varieties - HSC-4 and DM-1. Around 3-3.5 tons of seed cotton were harvested in each hectare (1 hectare = 2.47 acres) compared to two tons from traditional CB-9.
The lint cotton production in the 2008-09 season was not so encouraging as some 32,600 hectares of land were brought under the cultivation from where 50,175 bales of cotton were harvested.
In the current season, the farmers grew hybrid cotton after two local business houses - Supreme Seed Company and Lal Teer Seed - began marketing the Chinese variety of hybrid seeds.
The fiber length of the hybrid variety is also better than the traditional one, said the CDB Deputy Director.
He said that the CDB is planning to increase the production target to over 90,000 bales in the next season (2010-11) by bringing some 42,000 hectares of land under cultivation including hilly and plain areas.
M Farid Uddin informed that a five-year CDB project to strengthen its research activities is also awaiting government nod for approval.
Under the proposed project from July 2010-June 2015, the hybrid variety of cotton seeds would be developed apart from developing technology.
The project titled Strengthening Research Activities of CDB would be implemented at an estimated cost of Tk 18 crore, informed the CDB Deputy Director.
Besides, the manpower of the CDB would be increased including appointing more scientists, establishing one gene bank and two green houses.
M Farid Uddin informed that they are planning to introduce a new traditional variety of CB11 from the next season apart from CB9. The CB11 variety, which is expected to be cost effective with 3-3.5 tons production per hectare, will be less vulnerable to boll rot disease and can be harvested within 180 days.
He said that there was huge enthusiasm among the cotton farmers under hybrid seed cultivation in the current season in Kushtia, Jhenidah and Chuadanga districts. The acreage under hybrid cultivation as well as the production will increase in the next season.
Of the existing traditional varieties of seeds like CB1, CB2, CB9 and CB10, the CB9 is cultivated on around 90 percent of the total land, the CDB official said.
One kilogramme of DM-1 of Lal Teer seed costs around Tk 2,000. On the other hand, the price of traditional seed is Tk 15-20 per kg.
Despite the huge additional cost, the hybrid seed is still profitable for the cotton farmers as it takes only 1.5-2 kg for per bigha, which is much lower than that of the traditional ones, said Fariduddin.
Ashraful Islam, a cotton farmer in Jhenidah district, told this correspondent over phone that the hybrid variety works well as it offers better yield.
He, however, cited excessively high price of hybrid seed as one of its problem.
But, considering the demand of the countrys textile industries, the local producers can meet 3-5 percent of the demand, as the textile sector needs to import around 35 lakh bales of cotton a year, which is around 95-97 percent of the total demand.
The main raw cotton-importing countries are Chad, Mali, Sudan and Zimbabwe.
UNBconnect... - Cotton production reaches 70,000 bales this season
Project to strengthen cotton research awaits govt nod
Reported on: June 04, 2010 16:52 PM
Dhaka, June 4 (UNB) - The country witnessed lint cotton production of 70,000 bales in the current season including 2000 bales under the hybrid cotton cultivation.
In the 2009-10 season, some 31,500 hectares of land were brought under cotton cultivation and we have achieved expected production of 70,000 bales, said Deputy Director of Cotton Development Board (CDB) M Farid Uddin.
Talking to UNB, he said that in the current season the cotton farmers used hybrid seeds in their fields for the first time and the output was very good.
Farid Uddin informed that of the total land, 289.5 hectares were brought under cultivation of two hybrid varieties - HSC-4 and DM-1. Around 3-3.5 tons of seed cotton were harvested in each hectare (1 hectare = 2.47 acres) compared to two tons from traditional CB-9.
The lint cotton production in the 2008-09 season was not so encouraging as some 32,600 hectares of land were brought under the cultivation from where 50,175 bales of cotton were harvested.
In the current season, the farmers grew hybrid cotton after two local business houses - Supreme Seed Company and Lal Teer Seed - began marketing the Chinese variety of hybrid seeds.
The fiber length of the hybrid variety is also better than the traditional one, said the CDB Deputy Director.
He said that the CDB is planning to increase the production target to over 90,000 bales in the next season (2010-11) by bringing some 42,000 hectares of land under cultivation including hilly and plain areas.
M Farid Uddin informed that a five-year CDB project to strengthen its research activities is also awaiting government nod for approval.
Under the proposed project from July 2010-June 2015, the hybrid variety of cotton seeds would be developed apart from developing technology.
The project titled Strengthening Research Activities of CDB would be implemented at an estimated cost of Tk 18 crore, informed the CDB Deputy Director.
Besides, the manpower of the CDB would be increased including appointing more scientists, establishing one gene bank and two green houses.
M Farid Uddin informed that they are planning to introduce a new traditional variety of CB11 from the next season apart from CB9. The CB11 variety, which is expected to be cost effective with 3-3.5 tons production per hectare, will be less vulnerable to boll rot disease and can be harvested within 180 days.
He said that there was huge enthusiasm among the cotton farmers under hybrid seed cultivation in the current season in Kushtia, Jhenidah and Chuadanga districts. The acreage under hybrid cultivation as well as the production will increase in the next season.
Of the existing traditional varieties of seeds like CB1, CB2, CB9 and CB10, the CB9 is cultivated on around 90 percent of the total land, the CDB official said.
One kilogramme of DM-1 of Lal Teer seed costs around Tk 2,000. On the other hand, the price of traditional seed is Tk 15-20 per kg.
Despite the huge additional cost, the hybrid seed is still profitable for the cotton farmers as it takes only 1.5-2 kg for per bigha, which is much lower than that of the traditional ones, said Fariduddin.
Ashraful Islam, a cotton farmer in Jhenidah district, told this correspondent over phone that the hybrid variety works well as it offers better yield.
He, however, cited excessively high price of hybrid seed as one of its problem.
But, considering the demand of the countrys textile industries, the local producers can meet 3-5 percent of the demand, as the textile sector needs to import around 35 lakh bales of cotton a year, which is around 95-97 percent of the total demand.
The main raw cotton-importing countries are Chad, Mali, Sudan and Zimbabwe.
UNBconnect... - Cotton production reaches 70,000 bales this season
Al-zakir
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Bangladesh exports crocodiles to Germany
BSS, Dhaka
An unconventional product was added to Bangladesh's export basket as the country's lone crocodile farm has finally been able to send 67 crocs to Germany through air yesterday, half a decade into its inception.
"A Thai Airways flight carrying the 67 frozen saltwater crocs of different age groups yesterday left Hazrat Shahjalal International Airport for Germany ", Mustaq Ahmed, Managing Director and CEO of Reptile Farm Ltd (RFL), told BSS.
"We are very much delighted with the maiden export of crocs from Bangladesh as our dreams were fulfilled at last," he said, adding Bangladesh is the first country in South Asia to export farm grown crocodiles.
Mushtaq said Germany's Heidelberg University is importing the crocodiles for research purposes. "The export of crocodiles from Bangladesh would fetch US Dollar one lakh, ushering in a hope of croc business in the country," he said.
Earlier on January 21, the Department of Forest (DoF) gave the permission for exporting the crocodiles, Mushtaq said thanking the media for their sincere cooperation to this end.
He along with Mesbahul Huq, a pharmacist, set up the croc farm on 15 acres of land at Hatiber village under Bhaluka upazila in Mymensingh district.
After exporting 67 crocodiles to Germany, there are now about 700 crocs in the farm, Mushtaq said.
While the project is Mushtaq's brainchild, it was Haque's investment that helped turn the dream into a reality. The two entrepreneurs were aided in their maiden venture with technical assistance from South Asian Enterprise Development Facility (SEDF) and with financial support from the Equity and Entrepreneur fund (EEF) unit of Bangladesh Bank. RFL also received assistance from Southeast Bank Ltd.
The duo brought 75 reptiles ranging from 7 feet to 12 feet in lengths from Malaysia for commercial breeding of crocs at a cost of Taka 1.25 crore. Of them, eight died on the way to the farm established in October 2004. Mushtaq said they set up the farm with an aim to export over 5,000 pieces of crocodile skin annually and create a base for earning up to US$ 5 million by 2015.
Different countries, including France, Germany, Italy and Spain, have shown keen interest in importing croc skins from their farm, he said, expressing hope that their farm would be able to export 500 croc skins by next two or three years.
He said there is a huge demand for croc skins, meat and bones in Europe, America and other developed countries like Australia, Japan, Singapore and China, and charcoal made from crocodile bones is indispensable to the global perfume industry.
Mushtaq said their farm follows the Australian standard and fulfills the criteria of IUCN (International Union for the Conservation of Nature) and CITES (Convention on International Trade in Endangered Species) in breeding crocs.
Crocodiles are being commercially farmed in 40 countries including China, Malaysia, Thailand, Cambodia, Indonesia, and Vietnam.
Fashionable items made of crocodile hide also have great global demand. Well-off people pay high prices for those.
A good quality crocodile leather bag is sold for US$ 50,000 to US$ 55,000, and the clients are even willing to wait for two to three years for delivery. Crocodile teeth, and other by-products are used for making ornaments including necklace and showpieces, which also enjoy high international demand.
http://nation.ittefaq.com/issues/2010/06/05/news0418.htm
BSS, Dhaka
An unconventional product was added to Bangladesh's export basket as the country's lone crocodile farm has finally been able to send 67 crocs to Germany through air yesterday, half a decade into its inception.
"A Thai Airways flight carrying the 67 frozen saltwater crocs of different age groups yesterday left Hazrat Shahjalal International Airport for Germany ", Mustaq Ahmed, Managing Director and CEO of Reptile Farm Ltd (RFL), told BSS.
"We are very much delighted with the maiden export of crocs from Bangladesh as our dreams were fulfilled at last," he said, adding Bangladesh is the first country in South Asia to export farm grown crocodiles.
Mushtaq said Germany's Heidelberg University is importing the crocodiles for research purposes. "The export of crocodiles from Bangladesh would fetch US Dollar one lakh, ushering in a hope of croc business in the country," he said.
Earlier on January 21, the Department of Forest (DoF) gave the permission for exporting the crocodiles, Mushtaq said thanking the media for their sincere cooperation to this end.
He along with Mesbahul Huq, a pharmacist, set up the croc farm on 15 acres of land at Hatiber village under Bhaluka upazila in Mymensingh district.
After exporting 67 crocodiles to Germany, there are now about 700 crocs in the farm, Mushtaq said.
While the project is Mushtaq's brainchild, it was Haque's investment that helped turn the dream into a reality. The two entrepreneurs were aided in their maiden venture with technical assistance from South Asian Enterprise Development Facility (SEDF) and with financial support from the Equity and Entrepreneur fund (EEF) unit of Bangladesh Bank. RFL also received assistance from Southeast Bank Ltd.
The duo brought 75 reptiles ranging from 7 feet to 12 feet in lengths from Malaysia for commercial breeding of crocs at a cost of Taka 1.25 crore. Of them, eight died on the way to the farm established in October 2004. Mushtaq said they set up the farm with an aim to export over 5,000 pieces of crocodile skin annually and create a base for earning up to US$ 5 million by 2015.
Different countries, including France, Germany, Italy and Spain, have shown keen interest in importing croc skins from their farm, he said, expressing hope that their farm would be able to export 500 croc skins by next two or three years.
He said there is a huge demand for croc skins, meat and bones in Europe, America and other developed countries like Australia, Japan, Singapore and China, and charcoal made from crocodile bones is indispensable to the global perfume industry.
Mushtaq said their farm follows the Australian standard and fulfills the criteria of IUCN (International Union for the Conservation of Nature) and CITES (Convention on International Trade in Endangered Species) in breeding crocs.
Crocodiles are being commercially farmed in 40 countries including China, Malaysia, Thailand, Cambodia, Indonesia, and Vietnam.
Fashionable items made of crocodile hide also have great global demand. Well-off people pay high prices for those.
A good quality crocodile leather bag is sold for US$ 50,000 to US$ 55,000, and the clients are even willing to wait for two to three years for delivery. Crocodile teeth, and other by-products are used for making ornaments including necklace and showpieces, which also enjoy high international demand.
http://nation.ittefaq.com/issues/2010/06/05/news0418.htm
TopCat
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I will be damn. Why the hell???? Is it a real figure or misprint?
I suppose its the real figure.. crocodile hide.. not a joke
Jute lost its market in the early 70's only because of introduction of cheap chemical-based fabrics. People all over the world now want back jute only because it is a pollution-free natural fiber. So, the day is not far away when jute will again capture its place as the multi-billion dollar earner of foreign currency for Bangladesh
Al-zakir
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Forex reserve stands at $10,255 millionsBSS, Sangsad Bhaban
Finance Minister Abul Maal Abdul Muhith informed the House on Tuesday that the country's foreign exchange till June 9 last was US$ 10,255.02 million.
Replying to a question raised by BNP lawmaker Nazim Uddin Ahmed, the finance minister the country's forex reserve till June 30 last year was US$ 10,003.82 million.
Responding to another question from treasury bench member Nasimul Alam Chowdhury, the finance minister said US $ 10,717.73 million was remitted to the country last year.
"Bangladeshi expatriates from Saudi Arabia remitted the highest US$ 3,194.31 million last year. It was followed by US$ 1,958.12 million from the United Arab Emirates and US$ 1,514.74 from the United States," he said.
Muhith told ruling party lawmaker Giasuddin Ahmed that the country earned Taka 62.85 crore by exporting ships till May this year. "The earnings from the ship export in 2008-09 was Taka 45.84 crore," he said.
Replying to another question from BNP lawmaker Jafrul Islam Chowdhury, the finance minister said a total of US$ 1113.13 million in foreign loans was repaid during the period from January 1, 2009 to April 30, 2010.
Of them, he said, US$ 865.60 million was repaid as principal amount, while US$ 247.53 million was repaid as interest.
leading news
Finance Minister Abul Maal Abdul Muhith informed the House on Tuesday that the country's foreign exchange till June 9 last was US$ 10,255.02 million.
Replying to a question raised by BNP lawmaker Nazim Uddin Ahmed, the finance minister the country's forex reserve till June 30 last year was US$ 10,003.82 million.
Responding to another question from treasury bench member Nasimul Alam Chowdhury, the finance minister said US $ 10,717.73 million was remitted to the country last year.
"Bangladeshi expatriates from Saudi Arabia remitted the highest US$ 3,194.31 million last year. It was followed by US$ 1,958.12 million from the United Arab Emirates and US$ 1,514.74 from the United States," he said.
Muhith told ruling party lawmaker Giasuddin Ahmed that the country earned Taka 62.85 crore by exporting ships till May this year. "The earnings from the ship export in 2008-09 was Taka 45.84 crore," he said.
Replying to another question from BNP lawmaker Jafrul Islam Chowdhury, the finance minister said a total of US$ 1113.13 million in foreign loans was repaid during the period from January 1, 2009 to April 30, 2010.
Of them, he said, US$ 865.60 million was repaid as principal amount, while US$ 247.53 million was repaid as interest.
leading news
Al-zakir
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Five state-owned jute mills to revive next month
15,000 workers to be employed
RABIUL ISLAM
The government has decided to reopen five state-owned jute mills in the beginning of the next fiscal year, which will also generate employment for not less than 15,000 workers when these mills start running full steam.
The jute mills to resume are the Peoples Jute Mill and Daulatpur Jute Mill in Khulna, Kaomi Jute Mill in Shirajganj, Rajshahi Jute Mill's second unit in Rajshahi and the M M Jute Mill in Chittagong.
"We want to restart five state-owned jute mills from the fiscal year of 2010-11 at any cost and if the finance ministry does not allocate the required money, the mills would be reopened through loans from banks," said Textile and Jute Secretary Md Ashraful Mokbul while talking to The Independent yesterday.
Around 15,000 workers would get jobs if the mills could be run in full scale, he said adding the demand for jute goods at home and abroad was rising on account of it being environment friendly.
A senior official in Bangladesh Jute Mills Corporation (BJMC) said former as well as new workers would be employed in these jute mills.
According to sources, a meeting will be held today (Wednesday) at the Textile and Jute Ministry with the managing directors of state-owned banks to work out the modalities for arranging loans to resume the closed jute mills.
BJMC sources said a proposal requesting Tk 176 crore for restarting the five jute mills had been sent to the Textile and Jute Ministry.
Asked about such proposal, the jute Secretary said, "To meet initial costs of reopening of the jute mills, we requested the finance ministry to allocate Tk 35 crore, but the finance ministry has not responded to our request to date."
It is learnt that the Parliamentary Standing Committee on Textile and Jute Ministry is putting pressure to reopen the jute mills, so that a good number of workers get employment there.
To a question whether there was any bar from the World Bank side on reopening the mills, a jute ministry official said, "There is no bar as the situation has already changed…there is huge demand of jute-made goods both in the domestic market and abroad. When the World Bank had suggested closing down of the mills, the demand and price of jute goods had declined substantially."
According to the jute ministry sources, due to continuous losses and mismanagement of the state-owned jute mills, the government had closed down the Peoples Jute Mill and the Koami Jute Mill in 2007, while the Daulatpur Jute Mill was closed down in 2001. The M M Jute Mill was leased out in 2007, but the government has now decided to run it. The government will launch the extended part of Rajshahi Jute Mill, though it is yet to be completed.
Of the 27 state-owned jute mills, 19 jute mills are now in operation. According to the jute ministry, most of the mills are performing well.
The sources said jute had been cultivated over 6,79,000 acres of land this year while it was cultivated over four lakh acres the last year. It is expected that 60 lakh bales of raw jute will be produced this year while only 45 lakh bales was produced last year.
:: The Daily Independent Bangladesh :.. Internet Edition
15,000 workers to be employed
RABIUL ISLAM
The government has decided to reopen five state-owned jute mills in the beginning of the next fiscal year, which will also generate employment for not less than 15,000 workers when these mills start running full steam.
The jute mills to resume are the Peoples Jute Mill and Daulatpur Jute Mill in Khulna, Kaomi Jute Mill in Shirajganj, Rajshahi Jute Mill's second unit in Rajshahi and the M M Jute Mill in Chittagong.
"We want to restart five state-owned jute mills from the fiscal year of 2010-11 at any cost and if the finance ministry does not allocate the required money, the mills would be reopened through loans from banks," said Textile and Jute Secretary Md Ashraful Mokbul while talking to The Independent yesterday.
Around 15,000 workers would get jobs if the mills could be run in full scale, he said adding the demand for jute goods at home and abroad was rising on account of it being environment friendly.
A senior official in Bangladesh Jute Mills Corporation (BJMC) said former as well as new workers would be employed in these jute mills.
According to sources, a meeting will be held today (Wednesday) at the Textile and Jute Ministry with the managing directors of state-owned banks to work out the modalities for arranging loans to resume the closed jute mills.
BJMC sources said a proposal requesting Tk 176 crore for restarting the five jute mills had been sent to the Textile and Jute Ministry.
Asked about such proposal, the jute Secretary said, "To meet initial costs of reopening of the jute mills, we requested the finance ministry to allocate Tk 35 crore, but the finance ministry has not responded to our request to date."
It is learnt that the Parliamentary Standing Committee on Textile and Jute Ministry is putting pressure to reopen the jute mills, so that a good number of workers get employment there.
To a question whether there was any bar from the World Bank side on reopening the mills, a jute ministry official said, "There is no bar as the situation has already changed…there is huge demand of jute-made goods both in the domestic market and abroad. When the World Bank had suggested closing down of the mills, the demand and price of jute goods had declined substantially."
According to the jute ministry sources, due to continuous losses and mismanagement of the state-owned jute mills, the government had closed down the Peoples Jute Mill and the Koami Jute Mill in 2007, while the Daulatpur Jute Mill was closed down in 2001. The M M Jute Mill was leased out in 2007, but the government has now decided to run it. The government will launch the extended part of Rajshahi Jute Mill, though it is yet to be completed.
Of the 27 state-owned jute mills, 19 jute mills are now in operation. According to the jute ministry, most of the mills are performing well.
The sources said jute had been cultivated over 6,79,000 acres of land this year while it was cultivated over four lakh acres the last year. It is expected that 60 lakh bales of raw jute will be produced this year while only 45 lakh bales was produced last year.
:: The Daily Independent Bangladesh :.. Internet Edition
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How long will it take for government to understand that it isn't good businessman? Bloody fools...
They are to sell or lease them to real businessman that can turn around these money making Jute mills.
How long will it take for government to understand that it isn't good businessman? Bloody fools...
They are to sell or lease them to real businessman that can turn around these money making Jute mills.
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