Bangladesh Economy: News & Updates

[CaPtAiN_pLaNeT]

High hope on infrastructure fund

Thursday, 29 July 2010 20:30

High hope on infrastructure fund

High hope on infrastructure fund



Rejaul Karim Byron

The government pins high hope on an infrastructure fund by marking an authorised capital of Tk 10,000 crore for a company that will run the fund.

The company for Bangladesh Infrastructure Finance Fund (BIFF) will make long-term investment in projects including those of power and infrastructure.

A cabinet meeting presided over by Prime Minister Sheikh Hasina yesterday approved the proposal for formation of the company titled Bangladesh Infrastructure Finance Fund Ltd. The paid-up capital of the company will be Tk 1,600 crore.

"Such a big authorised capital is meant for giving a signal to the local and foreign investors that the government aims big for the fund. It will help grow confidence among the investors," said a finance ministry official.

According to the finance ministry proposal, the government will hold 100 percent ownership of the company at the beginning. After the private sector invests in equity they will also get ownership of the company.

The board of the company will comprise seven directors.

A Cabinet Division official said the finance ministry has also placed the company's memorandum of association and articles of association before the cabinet. The cabinet has in principle approved it.

The finance ministry proposal said the company would attract local and foreign investments through internationally practised financing options like issuance of bonds and debt instruments and equity offering.

The finance ministry official said the formation of the BIFF will reduce the uncertainty of investment in the projects to be taken under public-private partnership (PPP) initiatives. He also said India formed such a company -- India Infrastructure Finance Company Ltd -- in 2006.

The Indian company has invested Rs 188 billion in 107 infrastructure projects till March 2009.

In the current fiscal year's budget there has been scope for whitening black money by investing in the BIFF fund by paying 10 percent tax.

Earlier in June this year the finance ministry issued a circular about creation of the Bangladesh Infrastructure Finance Fund.

Of the Tk 2,100 crore kept for the PPP projects in the revised budget for last fiscal year, Tk 1,600 crore will go to the fund as its initial capital and will remain deposited with Bangladesh Bank in the name of BIFF.

The finance ministry official said, after creation of the company the money will be transferred to it as the government's 'share subscription'.

Earlier, the government had planned to form Bangladesh Energy and Power Investment Fund in an effort to fix the shortage of finance in the power and energy sector.

A 12-member committee was formed in October last year for this purpose.

In its report submitted to the power and energy ministry in May, the committee said the government could form the fund of Tk 1,500 crore to Tk 2,500 crore under PPP.

Later the finance ministry and the central bank decided to create a fund for the entire infrastructure sector instead of the energy sector alone.

The committee recommended that the government have a 51 percent share in the fund, while the private sector the rest.

The government will appoint a professional fund manager from the private sector to run the fund.

An 'investment committee' of five members will be nominated by the fund manager.

The company may invest in listed or non-listed issuers or new projects with sponsors who have established operating track record and positive cash flow and projects sponsored by such type of entities.

The tenure of the company will be 12-14 years and after that it will be liquidated, according to the report.

 

[CaPtAiN_pLaNeT]

5,000 to get jobs in Gopalganj

Fri, Jul 30th, 2010 12:12 am BdST
Gopalganj, July 29 (bdnews24.com)–The government will give jobs to 5,000 unemployed youth in Gopalganj under a national scheme created to ease the country's chronic unemployment situation.

This will be a continuation of the job-creation activities that have already started in Kurigram and Barguna.

Under the scheme, a total of 19,394 unemployed youth of Gopalganj will be given jobs.

They will be employed for a two-year period in police, education, health, agriculture, family planning, youth development, Ansar and village protection and in the social welfare department after three months' training.

Prime minister Sheikh Hasina will inaugurate the programme on Saturday at Sheikh Kamal Stadium in Gopalganj by issuing appointment letters to the selected candidates.

Gopalganj district administration and youth development department has been implementing the programme.

The district's youth development department stated that 4,845 candidates from the Sadar Upazila, 4,652 from Kashiani, 3,788 from Muksudpur, 1,854 from Tungipara and 4,255 candidates from Kotalipara Upazila were selected for the programme.

Acting deputy director of the department Mohammad Kohinoor Miah told bdnews24.com that their training will begin on August 1 at 25 training centres in five Upazilas.

Deputy commissioner Sheikh Yusuf Harun said that preliminary works of the programme has been completed.

The district administration has taken elaborate security measure ahead of the prime minister's visit.

http://biz.bdnews24.com/details.php?id=169350&cid=4&us=0d6rv4r4lmu8v84236s106ccv5

 

[CaPtAiN_pLaNeT]

Tk 7.42 bn CCC budget unveiled

Thu, Jul 29th, 2010 10:41 pm BdST
Chittagong, July 29 (bdnews24.com)--Mayor M Mazur Alam has unveiled a Tk 7.42 billion budget for 2010-2011 fiscal year without tax increase.

He declared the budget at the Chittaging City Corporation convention centre on Thursday.

The amended budget of Tk 2.94 billion for the last fiscal (2009-2010) was also approved. ABM Mohiudding Chowdhury, the mayor during that fiscal, had proposed a budget of Tk 31.27 billion.

Income of Tk 5.22 billion from due tax, current tax, earnings from the resources and other sectors is shown in the current fiscal budget.

The budget includes earnings of Tk 2.2 billion from the relief fund and grants for the city corporation.

Though the budget expects income of Tk 4.03 billion from due and current tax, the budget statement reveals that, Tk 3.61 billion has been due for a long time from different government and autonomous organisations.

Regarding the collection of due taxes, Manzur said that initiatives will be taken to recover those through discussion with the relevant organisations.

Expenditure will be increased in development and welfare programmes and daily management costs will be reduced, he said.

The budget shows expense of Tk 8.5 million for paying dues, Tk 3.59 billion for development sector, Tk 1.91 billion for salaries of employees and utilities bills, and Tk 9.2 million for maintenance of fixed assets.

The mayor declared nine development projects, with solving the water-logging problem, as the priority in his budget speech.

A separate standing committee has been formed and a project of Tk 5 million undertaken to resolve the water-logging problem, he said.

The other major development projects and their estimated costs are: development of the circle at Bahaddarhat from Karnaphuli and the attached canals at Tk 5.7 million; structural development of different parts of the city at Tk 8.7 million; road extension and footpath construction at Tk 3.44 billion; development of the dredging process at Tk 0.4; and construction of small flyovers at Tk 1.1 billion.

He mentioned 36 projects including building Chittagong as a 'digital city', constructing deep sea port, assisting the government to construct Chittagong-Cox's Bazar rail line, building garments village, constructing world class hospital and others in the speech.

Responding to a question that why this year's budget is smaller than last one, he said that last time two projects-- worth Tk 25 billion for building a long flyover and marine drive and controlling rivers-- were included in the budget without approval from the relevant ministry.

They are not included in this year's as these projects falls under Private-Public Partnership (PPP), he added.

City council's Chief executive officer Manjur-e-Elahi, secretary M Kamruzzaman, chairman of standing committee (finance) Sirajul Islam and the ward councillors were present during the budget speech.

:: biz.bdnews24.com ::

 

[CaPtAiN_pLaNeT]

Govt to recruit 582 docs soon

Unb, Dhaka

Prime Minister Sheikh Hasina yesterday gave a strong instruction to doctors who have been posted in villages to perform their duties at their respective villages and make sure that villagers do not suffer for lack of doctors.

Recently, 3,500 physicians were recruited on ad hoc basis by relaxing rules, she said and asked the physicians to stay in their offices during official duties.

The premier gave the directives while addressing the inaugural session of Doctors' Conference at Gono Bhaban.

“We will appoint 582 more doctors very soon,” she said adding more physicians will be needed to ensure timely and quality medical services for the people living in remote areas.

The PM said she often read news that doctors posted in the remote areas do not attend office regularly. “Recently, I have read a report that out of nine doctors in a rural hospital, seven doctors do not attend office regularly,” she said.

Hasina declared that all hospitals at upazila level with 35-bed will be upgraded to 50 bed-hospitals. She said a list of 15,000 physicians already has been prepared for gradation.

Referring to certain complicated rules, the PM said if necessary, the government will relax those rules and regulations to remove legal barriers and ensure smooth development and advancement of the country.

“If any law or rule appears to be obstacle to implement any decision taken for people's development, we will relax it,” she said.

Hasina said she herself will take the responsibility of “legal risks” if any case or whatever comes in the future. “I myself will face the risks. We are lawmakers. If needed, we can take step to enact new law or relax law,” she said.

Promising to reach out quality medical services to doorstep of the mass people, she said her government will set up burn units at every government hospital across the country.

About the vacant posts of teachers in government medical colleges, she instructed the ministry concerned to take immediate step to give promotions to eligible physicians and fill up the vacant posts as soon as possible.

She reminded the doctors that the huge amount of money that is being spent on their studies in government medical colleges comes from taxes paid by the common people. “Never forget your debt to the hard working people,” she told the conference.

The PM expressed her gratitude to all physicians and nurses for making success the free medical service programme of the Bangabandhu Memorial Trust.

The Doctors' Conference was arranged on completion of a countrywide free medical service programme under which nine lakh poor people were given free medical services this year.

Hasina thanked the Bangladesh Medical Association, Swadhinata Chikitsak Parishad, Bangladesh Pharmaceuticals Association, Bangladesh Red Cross and Lions Club for their united efforts to complete the massive programme.

The PM recalled steps taken by Father of the Nation Bangabandhu Sheikh Mujibur Rahman to upgrade the physicians' professional standard and ensure necessary facilities for doctors and nurses.

Referring to medical services being provided at community health clinics, she said the concept of community health clinic was a brainchild of the Father of the Nation.

“Being the eldest daughter, I was so very lucky to know my father's thinking and planning. In fact, the Father of the Nation loved the people more than us,” she said.

Health Minister Prof AFM Ruhal Haque, Health Adviser Prof Syed Mudasser Ali and State Minister for Health Mozibur Rahman Fakir, among others, addressed the conference.

Govt to recruit 582 docs soon

 

[CaPtAiN_pLaNeT]

Watchdog proposes naming Padma bridge after Begum Mujib


Thu, Jul 29th, 2010 6:58 pm BdST

Dial 2000 from your GP mobile for latest news
Dhaka, July 29 (bdnews24.com)—A parliamentary watchdog has recommended naming the proposed Padma bridge after prime minister Sheikh Hasina's mother Begum Fazilatunnesa Mujib.

Officials told Thursday's meeting of the parliamentary standing committee on communications ministry that the construction of the proposed Padma bridge would start in December this year or January next year.

"As per the proposal from Apu Ukil, we have strongly recommended for naming the Padma bridge after the Bangamata Begum Fazilatunnesa Mujib," Shaikh Mujibor Rahman, the committee chairman, told bdnews24.com after the meeting.

Ukil, an Awami League MP elected from women's reserved seat, told bdnews24.com that she made the proposal considering the contribution of prime minister Sheikh Hasina's mother to the country.

The committee chairman said construction of the bridge is scheduled to finish before the end of present government's tenure on Jan 24, 2014.

Communications ministry sources say, the proposed 6.15 km Padma bridge will be the largest in the country and it will directly connect the capital with the Southern and South-western districts.

It is estimated to cost $2.4 billion.

The World Bank has promised providing $1.2 billion as loan. The Asian Development Bank, Japan International Cooperation Agency, Islamic Development Bank and the Abu Dhabi Fund will make the rest of the contributions.

Bangladesh's independence hero Sheikh Mujibur Rahman, his wife Begum Fazilatunnesa Mujib, along with other family members, were assassinated in a military coup on Aug 15, 1975.

The country's largest bridge, popularly known as Jamuna Bridge, connecting Dhaka with the northern part, has been renamed after Bangabandhu Sheikh Mujibur Rahman following the Awami League's return to power last year.

The BNP government in 2001 cut removed Bangabandhu's name from the bridge and renamed it after the river Jamuna.

Sea level rise may be higher in Bangladesh than prediction

 

[CaPtAiN_pLaNeT]

Ranhill pre-qualified for RM645mil 150-225 MW Bangladesh power plant project

PETALING JAYA: Ranhill Bhd, in ollaboration with Bangladesh-based STS Educational Group Ltd, have been pre-qualified for a 150-225 MW combined power plant project worth US$200mil (RM645mil) in Bangladesh.

The pre-qualification was done by the Bangladesh Power Development Board (under the Ministry of Electricity, Power and Mineral Resources Department of Electricity).

The proposed project will be undertaken on a build-own-operate basis at Bhola, Bangladesh, Ranhill told Bursa Malaysia in a statement yesterday.

“The closing date for the bid is by the last quarter of 2010,” it said.

Ranhill’s shares closed unchanged at RM7.65 yesterday.

A total of 1.3 million shares changed hands.

Ranhill pre-qualified for RM645mil Bangladesh power plant project

 

[Nihat]

I would just like to congratulate Bangladesh and appreciate the progress it is making. The recent increase of minimum wages is definetly a step in the right direction.

Bangladesh is an example of how a modern , Secular , Democratic and Fast developing Nation should be run. I'm certain it will be the first developed nation of the South Asia region.

 

[CaPtAiN_pLaNeT]

Newly introduced e-tendering cuts time significantly


Friday, 30 July 2010 20:33

Newly introduced e-tendering cuts time significantly

Newly introduced e-tendering cuts time significantly
FE Report

The Time of the Bangladesh Bank's procurement process has been reduced significantly with the introduction of electronic tendering, officials said on Tuesday.

They said since the online tender process was launched by Bangladesh Bank (BB) governor Atiur Rahman on June 12, the central bank has opened 24 tenders, of which four has already been awarded.

The process has been speeded up following provision of online submission by the bidders, automated evaluation and speedy award announcement ensuring full security of the system.

The officials said two-thirds of the time of procurement has been reduced with the e-tendering process.

"Which was earlier done in three months can now be done in a month," said Gouranga Chaktraborty, systems management of IT operation and communications department.

He said the tendering process is totally safe and secure and evaluation is done by the central bank's own software.

He said that the system evaluates the proposals automatically as soon as the bidding is closed and declares the award.

An evaluation committee is the only authority which can verify the whole process and the documents if anything unusual is found, said another official.

The e-tendering system of the central bank is introduced with the facility of online bidder registration, email acknowledgement of new tender according to bidder's interest list, online bid participation, online frequently asked tender-specific questions with comprehensive security.

 

[CaPtAiN_pLaNeT]

Four IPOs hit market in next two months


Friday, 30 July 2010 20:32

Business

Four IPOs hit market in next two months
Gazi Towhid Ahmed

Four mutual funds and company will raise Tk 291 crore from the capital market thorough issuing initial public offerings in the next two months.

The four issues are First Janata Bank Mutual Fund, Green Delta Mutual Fund, Popular Life First Mutual Fund and Active Fine Chemicals Limited, according to DSE sources.

First Janata Bank Mutual Fund, a Tk 200-crore closed-end mutual fund with a tenure of 10 years, will offer 10 crore units of Tk 10 each for public subscription.

The subscription of the IPO will begin on August 1 and close on August 5 for local public. For non-resident Bangladeshis, the subscription will close on August 14.

RACE Management PCL is the asset manager of the fund and Janata Bank is the sponsor. Investment Corporation of Bangladesh is the trustee and custodian.

Green Delta Mutual Fund, a Tk 150-crore closed-end mutual fund with a tenure of 10 years, will offer 7.5 crore units of Tk 10 each for public subscription.

The subscription of the IPO will begin on August 10 and close on August 17 for local public. For NRBs, the subscription will close on August 26.

LR Global Bangladesh is the asset manager of the fund and Green Delta Insurance Company is the sponsor. Bangladesh General Insurance Company is the trustee and Standard Chartered Bank is the custodian of the fund.

Popular Life First Mutual Fund, a Tk 200-crore closed-end mutual fund with a tenure of 10 years, will offer 10 crore units of Tk 10 each for public subscription. The subscription of the IPO will begin on August 22 and close on August 26 for local public. For NRBs, the subscription will close on September 4.

RACE Management PCL is the asset manager of the fund and Popular Life Insurance Company is the sponsor. Bangladesh General Insurance Company is the trustee and Standard Chartered Bank is the custodian.

Active Fine Chemicals will offload 1.6 crore shares of Tk 10 each to raise Tk 16 crore through an IPO.

The subscription of the IPO will begin on September 14 and close on September 20 for resident Bangladesh. For NRBs, the subscription will close on September 29. The authorised capital of Active Fine Chemicals is Tk 100 crore and its pre- IPO paid-up capital is Tk 24 crore.

 

[CaPtAiN_pLaNeT]

Govt to construct plastic industrial area at Keraniganj

Friday, 30 July 2010 20:34

The New Nation - Internet Edition

Govt to construct plastic industrial area at Keraniganj
BSS, Dhaka

Industries Minister Dilip Barua said on Thursday the government has taken a decision to construct a plastic industrial area at Keraniganj to relocate the plastic factories of the capital.

Bangladesh Small and Cottage Industries Corporation (BSCIC) will develop the industrial area, he said while exchanging views with the business leaders of old city at DCCI auditorium.

Dr Mostafa Jalal Mohiuddin MP, former minister MA Sattar and Anowar Hossain, among others, spoke with Dhaka Chamber of Commerce and Industries (DCCI) President Abul Kashem Khan in the chair.

Dilip Barua said rapid industrialization as well as creating employment opportunities are the main objectives of the present government. The government, he said, has given two months time to relocate the plastic industries from old part of the city.

During the meeting, the businessmen raised a number of demands, including extension of timeframe to relocate the chemical warehouses, strengthening of BSTI, stoppage of mobile court harassment and extending the timing of shopping malls ahead of the holy Ramadan.

The minister gave a patient hearing to the businessmen and assured of fulfilling their demands in phases.

 

[Skies]

RMG wage sparks violent protests
Rampaging workers vandalise over 200 business establishments, several factories in city a day after announcement of new pay structure

RMG wage sparks violent protests

A furniture shop in the capital's Gulshan vandalised during the RMG unrest yesterday although the shop is in no way linked to the issue. Garment workers rampaged through different parts of the capital, protesting the wage structure providing a minimum monthly pay of Tk 3,000 against their demand of Tk 5,000. Photo courtesy: Jessica Mudditt
Inset, a police action to disperse the agitators. Photo: Rashed Shumon
Staff Correspondent

Several thousand garment workers yesterday rampaged through different parts of the capital and Gazipur rejecting new wage structure and demanding Tk 5,000 minimum wage from August.

The workers damaged around 200 business establishments, including several garment factories, and seven vehicles at Mohakhali, Tejgaon industrial area, Banani Chairmanbari and Gulshan Avenue.

The violent protest yesterday rocked the upscale neighbourhood of Gulshan Avenue, a popular shopping area. Angry workers vandalised a series of shops and smashed the glass fronts of offices on both sides of the avenue.

At least 20 people including five police personnel were injured in yesterday's clashes in Dhaka between law enforcers and workers.

Witnesses said around 8:30am about 4,000 workers blocked the roads at Nabisco in Tejgaon industrial area while some 1,000 others took position near Mohakhali flyover at Chairmanbari, Banani.

Heavily outnumbered, police put barricades on roads and tried to disperse the protestors by charging truncheons and lobbing teargas canisters.

The barricades, however, could hardly hold the agitating workers for long. They started vandalising glass exteriors of many business centres including Navana Tower, Habib Super Market, Jabbar Tower in Gulshan-1, United Commercial Bank at Mohakhali Commercial area and Prime Bank at Amtoli in Mohakhali.

Witnesses said the workers damaged the glass fronts of the establishments, as the business centres were closed for the weekend.

Meanwhile, the agitators at Tejgaon Industrial Area swooped on a dyeing factory and brought out a huge volume of fabrics on the street. They set fire to the fabrics.

Security guard Abdul Ali was on duty at an ATM booth in Mohakhali commercial area. He said garment workers hurled brickbats and damaged the booth around 11:30am. He and his two other colleagues were beaten up when they requested the protestors not to damage the booth.

The workers damaged five vehicles including three CNG-run auto rickshaws at Shahid Tajuddin Ahmed Sarani and torched a vehicle at Tejgaon-Gulshan link road and a motorbike near Navana Tower in Gulshan-1.

Deputy Commissioner (DC) AKM Hafiz Akhter of Gulshan zone told The Daily Star that the factory workers damaged over 40 business centres in Gulshan.

He said they have picked up 15 people from the spot in connection with vandalism.

DC Chowdhury Manjurul Kabir of Tejgaon zone said around 4,000 workers took to the streets in the area. At one stage police were compelled to charge truncheons and use teargas as the workers pelted them with brickbats, said the DC.

Around 12:30pm police brought the situation under control and restored vehicular movement in the areas.

Garment worker Parvin said, "We were forced to take to the streets as the owners exploited us right under the government's nose. I have to spend Tk 1,000 for food and Tk 1,500 for house rent. How will I maintain other things with this wage?"

"Moreover, the factory owners want to deprive us of the increased Eid bonus by trying to implement the wage structure from November," she added.

Dhaka Metropolitan Police (DMP) Commissioner AKM Shahidul Haque at a press briefing at the DMP headquarters yesterday said police would show zero tolerance to those who destroyed public properties.

"Cases will be filed today [Friday] against the garment workers' leaders who instigated the violence in the city. Police have an intelligence department report on those leaders and none would be spared," he said, adding, "We are left with no other choice but to deal with the situation with an iron hand."

The commissioner suspects yesterday's violence as an act of sabotage. "We cannot rule out the chances of sabotaging as a quarter will take advantage of the RMG chaos," he said.

Sub-Inspectors Nazrul Islam and Minul Islam Khan of Tejgaon Industrial Area Police Station filed two separate cases under Speedy Trial Tribunal Act accusing around 1,500 unidentified people.

Meanwhile, SI Sayeed Iftekher Hossain filed another case with the police station in connection with assaulting police against the same number of people.

Mohammad Selim, general secretary of Navana Tower, filed a case with Gulshan Police Station accusing around 700 unidentified people of damaging the shopping mall, looting optic store Eye Lander and torching vehicles parked in front of the building.

In all the four cases 10 garment workers--Mahbub Islam, Bazlur Rashid Feruz, Moshrefa Mishu, Montu Ghosh, Sultan Bahar, Nasim Nasrin, Kalpana Akhter, Ruhul Amin, Babul Akhter and Abul Hossain--have been implicated.

Gulshan police arrested six people while Tejgaon industrial police arrested two people last night.

Meanwhile, around seven thousand garment workers demonstrated at Tinsarak Purba Chandana in Gazipur yesterday afternoon pressing for the same demand.

They barricaded Dhaka-Gazipur highway and clashed with police as law enforcers tried to disperse the workers charging truncheons.

The workers vandalised five vehicles including three buses during their one-hour roadblock from 4:00pm. The situation came under control around 5:00pm.

On Thursday, the government announced a new pay scale for the garment sector. According to the new wage structure, the minimum wage at entry level has been fixed at Tk 3,000, up from the present Tk 1,662.

The garment workers' leaders expressed resentment over the pay scale as they have been bargaining for Tk 5,000 minimum wage for years

 

[Skies]

Govt to import 950 buses for city
Public sufferings to continue as import process to take several months
M Abul Kalam Azad and Hasan Jahid Tusher

The government is going to purchase 950 buses in the shortest possible time to ease city dwellers' sufferings due to the severe shortage of public transport.

The move was taken as part of the government's plan to replace all the run-down buses and minibuses within the next couple of years, communications ministry officials said.

“We are planning to purchase a large number of single and double-decker buses to phase out the run-down ones,” Communications Minister Syed Abul Hossain told The Daily Star last week.

He also said 100 single-decker buses were bought from China last month and they are now plying the city streets.

The ministry will get 300 double-deckers costing Tk 204 crore from India. Prime Minister Sheikh Hasina recently approved the decision that now awaits the Planning Commission's vetting, ministry officials said.

Plans are also being finalised to buy 100 single-decker air-conditioned and 50 articulated buses, popularly known as bendy buses, with an estimated cost of Tk 100 crore from India.

The government also plans to buy some 300 buses from South Korea.

Sources said the Korean government would give Tk 200 crore to buy those buses through tender among Korean bus companies alone.

“Economic Relations Department (ERD) is now negotiating with the Korean authorities on the loan agreement,” said a senior communications ministry official, adding that the tender will be floated once the agreement is inked.

Although the government has given the nod to buy buses from Korea, it did not decide as to whether the buses would be assembled here or in Korea.

Some communications ministry officials are in favour of importing assembled buses to ensure quality while others want importing only chassis of the buses arguing that building the bodies locally will create employment.

Moves are also afoot to expedite the process of buying the new buses from India, South Korea and China, said the officials.

However, getting new buses from those countries will require several more months, an official said, preferring not to be named.

“It is possible to add some 200 buses to the city's public transport within two to three months,” Communications Secretary Md Mozammel Haque Khan told The Daily Star on Thursday, adding that it would take them nearly a year to bring all the 950 buses.

He also said the ministry is trying its best and hopefully public sufferings will ease once the new buses hit the streets. “The problem cannot be resolved overnight,” he added.

According to Bangladesh Road Transport Authority (BRTA) records, the number of roadworthy buses and minibuses that ply the city streets are 6,770 and 5,952 respectively while 1,446 buses and 2,365 minibuses are unfit.

These unfit vehicles are not running on the city streets now to evade the ongoing drive against outdated vehicles, intensifying the city's existing transport crisis.

Earlier this year, the government got 10 million euros from Nordic Development Fund (NDF) with which Bangladesh Road Transport Corporation (BRTC) purchased 100 buses from China that cost about 3 million euros. The government is negotiating with the donors to buy 200 more buses with the remaining fund.

But communications ministry officials said it is still undecided whether new tender will be floated to buy buses from China or the same Chinese company that supplied the 100 buses should supply those at the same price.

 

[CaPtAiN_pLaNeT]

BAPEX to drill Sundolpur gas field next winter

Saturday, 31 July 2010 21:20

BAPEX to drill Sundolpur gas field next winter

BAPEX to drill Sundolpur gas field next winter
FHM Humayan Kabir

State-owned energy exploration company BAPEX will start drilling at Sundolpur gas field next winter aiming at finding new hydrocarbon reserve, officials said Saturday.

BAPEX (Bangladesh Petroleum Exploration and Production Company Ltd) officials said they would start drilling of exploratory well at Sundolpur gas field in Noakhali in October this year.

According to a preliminary estimate, the gas structure has presence of nearly half a trillion cubic feet of gas, the officials said.

"If the field contains commercially viable gas, we will start development drilling in the second half of next year for producing gas from early 2012," a general manger of BAPEX told the FE.

He said production of about 20 million cubic feet of gas per day (mcfd) might be possible from the potential Sundolpur structure, which would be supplied to the energy-strived Chittagong region.

BAPEX, a company under the state-run energy corporation Petrobangla, conducted two-dimensional seismic survey in 2008-2009 when it detected presence of nearly 0.5 tcf of gas.

Scottish oil company Cairn Energy PLC, now working in Bangladesh, in a survey in 2006 said there were nearly 556 billion cubic feet (bcf) of gas reserve in the Sundolpur structure.

Against backdrop of gas crisis and growing demand in the country, the government in July 2007 handed over the potential Sundolpur gas structure to BAPEX for exploration and production of gas.

The BAPEX undertook a scheme of exploring the gas field investing Tk 736.5 million in May 2008.

Under the project, the BAPEX conducted 2D seismic survey in 200-line-kilometre area in Sundolpur.

"Now, we will drill exploratory well upto 3300 metre in depth for confirming the actual reserve of oil or gas in the structure," the BAPEX GM said.

 

[CaPtAiN_pLaNeT]

Bangladesh clothing show in London

Saturday, 31 July 2010 21:21

http://www.theindependentbd.com/business/banking/2372-bangladesh-clothing-show-in-london.html

Bangladesh clothing show in London

The Bangladesh clothing industry is set to hold its first ever supplier exhibition in the UK at the Hilton London Metropole Hotel, Monarch Suite, on Monday 27th (10.00.am to 6.00pm) and Tuesday 28th (10.00am to 5.30pm) September 2010.

The Bangladesh Clothing Show 2010 will showcase nearly 80 of the country's most innovative and successful ladieswear, menswear, childrenswear and knitwear manufacturers, textile dyers, printers and finishers, buying houses/agents and logistics providers. The exhibition will allow fashion designers, buyers for retailers, brands, corporate clothing and mail order groups, wholesalers and relevant trade associations from the UK and Europe to see the extensive breadth and quality of product available from Bangladesh and discuss face-to-face their specific sourcing requirements, says a press release. A key component of the exhibition will be to demonstrate Bangladesh suppliers' active commitment to ethical and standards' compliance encompassing the elimination of child labour, the empowerment of women and the implementation of ecological working practices and processes. There will also be a programme of organised networking and seminar events running alongside the show including presentations on trading in Bangladesh. The exhibition will also help promote British and other European business opportunities as Bangladeshi clothing companies are themselves major purchasers of intellectual property services, heavy duty machinery, chemicals and raw materials.

The Bangladesh Clothing Show 2010 is being organised by GenX UK Limited in collaboration with ALLIANT in Bangladesh. Commenting on the exhibition Mahbubur Rahman, event director, GenX said: "The UK is one of the top five target markets for Bangladeshi suppliers. London is one of the world's most important economic and fashion capitals and well connected to the rest of the world. Buyers from all over the globe source from here so we hope that European-based companies will see it as an 'easy' and low cost opportunity to visit some of our best suppliers without having to travel all the way to Bangladesh." He added: "We held hugely successful country events in Japan and Canada last year. We hope to replicate that success with the UK show and create the forum within which companies can meet, discuss issues, do business and build valuable long-term relationships."

In addition to the Export Promotion Bureau of Bangladesh, EPB, which is a part of Ministry of Commerce, the show is being supported by the People's Republic of Bangladesh and the Bangladesh High Commission in the UK. It is also being supported by the Association of Suppliers to the British Clothing Industry, ASBCI; the Bangladesh Garments Manufacturer & Exporter Association, BGMEA; the Bangladesh Knitwear Manufacturer & Exporter Association, BKMEA; Bangladesh Textile Mills Association, BTMA; Bangladesh Textile Mills Corporation, BTMC; and the leading Bangladesh TV - Channel-I. Company Clothing magazine in the UK is also supporting the show as its official media partner.

GenX is a professional networking company specialising in bringing businesses together through major industry events. Alliant is a global public relations, event management and marketing company. They have previously organised the BGMEA's annual BATEXPO since 2003; the BKMEA's KNITEXPO for the last six Years; the BTMA's TEXBANGLA in 2004, 2005, 2008, 2009, 2010; and the Dhaka International Textile & Garment Machinery Exhibition (DTC). GenX and Alliant are also currently promoting a series of events "Euro Bangladesh Property Fair" 14-15 August 2010 in Paris, France and 21-22 August 2010 in Rome, Italy. It is also organising BATEXPO this year, which is scheduled for November. GenX is affiliated to the London Chamber of Commerce and the Association of Event Management.

 

[CaPtAiN_pLaNeT]

Investment in EPZs rose by 50pc last yr

Saturday, 31 July 2010 21:22

Investment in EPZs rose by 50pc last yr

Investment in EPZs rose by 50pc last yr
Jasim Uddin Haroon

Actual investment in the country's eight export processing zones (EPZs) increased by 50 per cent in the last fiscal year thanks to robust growth in the sectors of shoes, garments and textiles.

The eight EPZs attracted a total of US$ 222 million in 2009-10 fiscal year against $ 148 million in 2008-09. The cumulative investment in the eight EPZs stood at $ 18 billion since 1983-84.

"Our investment increased tremendously last year, mostly for shoes plants," Brigadier General Jamil Ahmed Khan, executive chairman of Bangladesh Export Processing Zones Authority (BEPZA) told the FE.

BEPZA chief also said: "Many plots were left unutilized for long. Our effort to make use of those plots played significant role in raising the actual investment."

Mr Jamil also said the increased investment had contributed to the large export earnings worth $ 2.8 billion last year.

According to official statistics, the actual investment in the Dhaka EPZ stood at $ 64.38 million, a 112 per cent rise in the investment against previous fiscal year.

The country's oldest EPZ at Chittagong attracted a total of $ 47.52 million against $ 47.22 million in 2008-09.

"Actually we have few plots which remained unutilised. For this, investment flow was relatively poor in the EPZ," a senior official told the FE.

Comilla EPZ attracted $ 20.44 million last year against $ 8.20 million in 2008-09. The cumulative investment in the zone stood at $ 100.35 million. Ishwardi EPZ earned a total of $ 12.21 million in the past fiscal against $ 14.04 million in 2008-09, according to official statistics.

Adamjee EPZ attracted $ 26.17 million during 2009-10 against $ 21.07 million in the previous year.

Karnaphuli EPZ in Chittagong earned $ 39.58 million in the last fiscal. Investors invested worth 27.90 million in 2008-09 fiscal year while Mongla EPZ received US$ 0.01 million against a negative growth in investment in 2008-09.

But investment growth was comparatively less in Uttara EPZ which had attracted only $ 1.69 million last year against $ 4.75 million in 2008-09.

BEPZA officials said that investments at Mongla and Uttara EPZs remained poor as the investors feel discouraged to invest there.