Bangladesh Economy: News & Updates

[CaPtAiN_pLaNeT]

BSFIC takes initiatives to produce bio-fuel from 'Chitagur'

Thursday, 14 October 2010 20:57

Bangladesh Sangbad Sangstha (BSS)

BSFIC takes initiatives to produce bio-fuel from 'Chitagur'

DHAKA, Oct 14 (BSS) - Bangladesh Sugar and Food Industries Corporation (BSFIC) has taken initiatives to produce bio-fuel (power ethanol) from tickle (chitagur).

Presently, power ethanol is being mixed with petrol to run motor vehicles in different countries of the world.

A Taka 4.5 crore project of the BSFIC is awaiting approval of the planning commission to build the bio-fuel plant.

BSFIC sources said their scientists conducted a joint research with Bangladesh University of Engineering and Technology (BUET) in 2006 and successfully produced power ethanol from tickle.

They also became successful to run motor vehicles with petrol by mixing 10 percent power ethanol.

After this success of the scientists, the BSFIC took initiatives in 2007 to produce power ethanol. Then a project was taken to set up a plant at Darshana Sugar Mills (Keru and Company).

After the approval of the finance ministry, the project was sent to the planning commission for its approval.

Different kinds of spirits and alcohol are manufactured in the distillery of Keru and Company at Darshana in Chuadanga district. A plant was set up with the distillery a few years ago to manufacture alcohol. But is remaining unused. Now initiatives have been taken to use this plant for producing power ethanol.

BSFIC said 75 to 80 tons of tickle is produced as a byproduct of sugar every year. Of the amount, 14-15 thousand tons are used for making spirit and alcohol. Of the rest, a small
amount is exported to India. Some 25 to 30 thousand tons are sold to private companies and about 30 thousand tons remain stockpiled.

BSFIC sources said 60 lakh tons of power ethanol could be produced from 30 thousand tons of tickle.

BSFIC Chairman Ranajit Kumar Biswas hoped that the project would approval of the planning commission.

 

[CaPtAiN_pLaNeT]

Export grows 30 pc in 1st quarter of fiscal

Thursday, 14 October 2010 21:02

The New Nation - Internet Edition

Export grows 30 pc in 1st quarter of fiscal
Staff Reporter

The country's overall export registered 30 per cent growth in the first quarter of the ongoing fiscal year compared to the corresponding period of previous fiscal, buoyant by growing global demand for local goods, commerce ministry sources said.

Bangladesh, fetched $5.02 billion from merchandise exports during July- September period of the current fiscal (2010-11), while export earnings were recorded at $3.86 billion in the same period of the previous fiscal (2009-10).

Moreover, the state-run Export Promotion Bureau (EBP) also showed that export earnings recorded $1.41 billion in the month of September 2010, showing 33.47 per cent growth, while it was $1.06 billion during the same month of previous year.

Meanwhile, the country also exceeded its export target that was earlier set at $4.47 billion for the July-September of the current fiscal.

During July-September of the fiscal 2010-11, Bangladesh fetched $2.18 billion from knitwear exports, $1.79 billion from woven, $125.22 million from home textile, $55.21m from raw jute and $154.3m from jute goods, $45. 93m from terry towel, $76.98m from footwear, $142.60m from frozen foods, $121.91m from shrimps, $28.49m from bicycle, $16.73m from vegetables, $64.39m from leather, $12.67m from leather products, $10.13m from pharmaceuticals and $10.36 million from cut flower exports.

"Bangladesh's overall exports during the fist quartet grew significantly due to the growing demand of local merchandise, epecially for the readymade garments (RMG)," said a high official of commerce ministry.

He said, "RMG is the main export commodity, accounted for 80 per cent of the country's total export earnings in the last fiscal, performed well during the said period with knitwear export growth by 32 per cent and woven 30 per cent respectively."

"Besides, other export segments also performed well that helped enriching the country's export basket," he added.

 

[fallstuff]

Western Marine building ferries for Pakistan

Local shipbuilder Western Marine Shipyard Limited has started building two passenger carriers for Karachi Port Trust of Pakistan.
The company that got a $2.35 million contract from KPT recently for building two ferries held a keel-laying ceremony for the vessels last week said a press release.
The vessels -- each 30 metre long with capacity to carry 200 passengers -- will be built under the supervision of French classification society Bureau Veritas and are expected to be delivered in November 2011, it said.
The KPT floated an international tender in February 2009 for construction of the two passenger carriers and Western Marine won the contract beating shipyards of shipbuilding nations including South Korea, UAE, Sri Lanka and Pakistan, said the company.
Company officials said that they were now eyeing entry into more SAARC countries.
Western Marine chairman Saiful Islam said after a successful foray into European market, the company had focused on SAARC countries considering huge prospect.
The company managing director Sakhawat Hossain hoped that the successful completion of this project would draw more shipbuilding orders from SAARC nations.
The company has so far received orders for building 18 ships from European buyers.

link:
Business

 

[eastwatch]

Denim makers eye high-end export
Kazi Azizul Islam

Bangladesh痴 denim industry is poised to enter a new era with massive expansion and significant up-gradation buoyed by confidence of global buyers and troubles in China and Turkey.

Industry analysts have been upbeat about Bangladesh gaining fresh grounds in overseas denim market with fashion and higher end products.

Already an important player in the $60 billion plus global denim-wear market, Bangladesh now export jeans and other denim products worth at least $3.5 billion or worth Tk 24,500 crore annually mainly to the US and EU markets.

Moreover in recent times, retailers and wholesalers from Japan, Turkey, India, and even China are switching to Bangladesh which they started to consider as a reliable source for finely stitched wears at competitive prices.

Industry insiders told New Age that at least half of the 22 local denim manufacturing units are doing or designing expansions now while, early this month, global denim leader Arbind announced to set up a three-million yards plant in Bangladesh.

Partex, the largest local player, having two million yards capacity, is installing equipment to enhance output to five million yards and to be one of the world痴 largest denim makers.

Global denim market is inviting Bangladesh now for more shares with shift of sourcing from China by a section of global importers,・said Showkot Aziz Russel, managing director of Partex Denim.

Investing Tk 450 crore in its expansion, Partex Denim has procured advanced technology from Europe and America.

We are already making fashion denims--coated, mercerized and with many advanced applications,・Russel said, adding that their expanded capacity would help churn out modern fashion denims.

Bangladesh denim industry got off the ground nearly two decades ago and continued with basic denims. But in the last couple of years, some manufacturers installed capacity for developing mid-range and superior grade denims.

Fashion denims like that used lycra and spandex fibres are now being produced in the country and the industry is going for valued-added dying and finishing in denims with laser applications, replacing the age-old sand blasting.

The industry痴 total output is now around 300 million yards and still third of that is imported. High value fashion denims are mainly imported from India, Pakistan and China.

India's Arbind categorically wants now to maintain its market share by local production.

Talking New Age, Aamir Akhter, CEO of Arbind Denim, said their proposed plant at Comilla EPZ would initially produce one million yards, but would expand in phases. Arbind would produces mid-range and premium denims, he said.

The export-oriented market of denim fabrics here has been experiencing sound growths of 10 to 12 per cent for the last several years, but there are more opportunities,・said Akhter, defining Bangladesh as a lucrative place for denim makers.

Anwar-Ul-Alam Chowdhury Parvez, chairman of Evince Textile Group, said Bangladesh had earlier been labeled as a good source for only basic denims, but the buyers・perception is now changing with fresh opportunities.

EU and US buyers are now trying local suppliers with orders for fashion denims and successful deliveries are inspiring them to come up with fresh orders,・said Parvez, who is also doubling his denim plant痴 capacity to 1.6 million yards.

Ranah George Abraham, a sourcing expert, said that responding to the changing demand of global markets and to sustain there Bangladesh痴 denim industry is gradually going for producing improved products. 選t is a very good sign.・br> Ranah however said that Bangladesh痴 industry would have to go many miles more as, he said. 船enim development is not only a matter of machinery-- it is the expertise of an industry.・br> 選f local industry continues improving products, an export market of several billion dollars more is already ready for Bangladesh,・Ranah, who is now based in Dhaka, said.

Increased availability of fine denims and eventually increased shipment of high-value jeans and denim-wear may help Bangladeshi suppliers to take some shares from the Turks, who are famous in the global markets for premium quality denims,・said Ranah.

Abdus Salam Murshedy president of the Bangladesh Garment Manufacturers and Exporters Association said the industry is just crying for gas supply as expanded facilities for denim dying and finishing would require huge gas.

We see a brighter denim future for Bangladesh as global importers have realized that Bangladesh is not only competitive in price but fine stitches on denims are available here,・said the leader of the garment exporters.

 

[TopCat]

^^^^^^^^^^^^^
Niccceeee... I hope this year export surpasses 20 bln dollar and next year 25 bln dollar.

 

[CaPtAiN_pLaNeT]

RMG exports grow 30pc in Q1

Monday, 18 October 2010 21:41

RMG exports grow 30pc in Q1

RMG exports grow 30pc in Q1



Star Business Report

Apparel exports grew by more than 30 percent in the first quarter of the current fiscal year, riding on high demand for the competitively priced item.

Export Promotion Bureau data show $2.18 billion knit exports and $1.79 billion woven during the July-September period, which are 32 percent and 30 percent more than in the same period a year earlier.

Jalal Ahmed, vice-chairman of EPB, said export of garment items is increasing in three new destinations -- Japan, South Korea and China.

The growth in garment exports to those countries is good, he said. Only the export of leather may be hampered because the number of cows slaughtered in Bangladesh has marked a decline recently due to anthrax scare, he added.

Price factor mainly contributed to such a commendable growth in apparel exports, observed David Hasanat, chairman and managing director of Viyellatex Group.

"We did well even during the recession period, as a result, we got a good exposure also in the international market for which Bangladesh is bagging more orders," he said.

Demand for garment items in the western world is also growing with the signs of recovering recession, he said.

Salim Osman, president of Bangladesh Knitwear Manufacturers and Exporters Association, said the higher cost of labour in China has become a boon for Bangladesh. Moreover, China is suffering from a shortage of workers in the readymade garment sector, he added.

"But the continuation of such growth in the export of garment items is largely depending on improvements in the supply of gas and power to the industrial units and stable cotton prices globally," Osman said.

Abdus Salam Murshedy, president of Bangladesh Garment Manufacturers and Exporters Association, said higher exports to some new destinations like Japan and India have contributed considerably to the overall RMG exports. The growth in exports to these new destinations is around 350 percent, he pointed out.

But, the turnaround time at Chittagong Port should be reduced at any cost to maintain the lead-time set by international buyers, he added.

During July-September, Bangladesh exported home textiles of $55.21 million, raw jute $154.3 million, jute goods $45. 93 million, terry towels $76.98 million, footwear $142.60 million, frozen foods $121.91 million, shrimps $28.49 million, bicycles $16.73 million, vegetables $64.39 million, leather $12.67 million and leather products worth $10.13 million.

The overall exports stood at $5.02 billion in the period, registering a 30 percent growth over the same period a year ago.

 

[CaPtAiN_pLaNeT]

Arvind to set up unit in Bangladesh

Monday, 18 October 2010 21:44

Arvind to set up unit in Bangladesh

Arvind to set up unit in Bangladesh
Economic Reporter

Arvind, one of India’s biggest textile and apparel manufacturers, will invest Rs 270 crores over the next three years on setting up a joint venture plant in Bangladesh to increase its denim manufacturing capacity by 30 million meters. With this plant, the annual manufacturing capacity of Arvind will increase from 110 million meters to 140 million meters. For this purpose, Arvind is entering into a 80:20 joint venture with Bangladesh’s Nitol Group. Nitol also has a joint venture with the Tata Group and VIP Industries in Bangladesh.

It may be noted that garments manufactured and exported from Bangladesh, which is categorized as a less-developed country (LDC), do not attract any import duty. Also its wage cost is the lowest in the world.

Moreover, Bangladesh, which exports US$10 billion worth of garments annually, is among the fastest growing garment exporters in the world, given its lower wages and higher productivity.

The demand for denim fabrics in Bangladesh is growing at 25 per cent and is currently at 280 million meters. Out of this, 180 million meters are being manufactured locally and 100 million meters are imported.

Arvind’s new unit first phase of 10 million meters will be set up within a year with an investment of US$25 million. Arvind's joint venture partner Nitol Group has a turnover of US$100 million.

Arvind is the third largest producer of denim in the world and exports to 70 countries worldwide.

The company’s clientele includes GAP, VF Corporation, Levi Strauss, Abercrombie & Fitch, and Calvin Klein.

 

[CaPtAiN_pLaNeT]

Handloom board to set up training institute with Japanese help

Tuesday, 19 October 2010 23:16

Handloom board to set up training institute with Japanese help to revamp industry

Handloom board to set up training institute with Japanese help to revamp industry
Japan Debt Cancellation Fund to provide Tk 35 crore; 21,600 jobs to be created

JAGARAN CHAKMA

Bangladesh Handloom Board (BHB) is going to establish a fashion design and training institute and three training sub-centres with Japanese assistance at a cost of Tk 35.55 crore within the next three years to revamp the handloom industry, Mostafa Kamal Haider, chairman of the BHB told The Independent yesterday. The FDTI will be set up in Mirpur in Dhaka and the three sub-centres will be established in Kalihati of Tangail, Kumarkhali in Kusthia, and Belkuchi in Sirajganj.

Jute and textiles ministry has prepared a project in this regard.

The Japan Debt Cancellation Fund (JDCF) will provide Tk 35 crore to implement the project. A total of 21,600 employment opportunities will be created through successful implementation of the project,the BHB chairman said.

Meanwhile, the jute ministry has sent the project to the planning commission for evaluation and forwarding it to the ECNEC) for approval today at the ECNEC meeting.

Under the project, the BHB will build the necessary infrastructures to train the weavers, developing their skills for new designs, more production and also provide training to the instructors of vocational training institute and the trainees.

At present, there are 30 basic centres for handloom fabrics across the country under the BHB,its chairman further said.

The tradition of weaving clothes by hand bears one of the richest traditions of the diverse culture and heritage of Bangladesh.

The level of designs and intricacy achieved in handloom fabrics are unparallel and unique. But they further development to meet the demands of time.

About a million weavers, dyers, hand spinners, embroiderers and allied artisans have been using their creative skills produce about 620 million metres of fabrics, using more than 3 lakhs active looms annually, bearing the tradition down from the days of famed muslin, a gossamer fabric.

It was one of ancient Bangladesh exports to the world. But destroyed by the British colonial regime to sale English textiles.

The handloom industry spins out 63 per cent of the total fabric production in the country, aimed at home consumption, meeting 40 per cent of the local demand for fabrics. Besides, it provides employment to a million rural people, 50 per cent of whom are women.

The training institutes are expected to revamp the traditional handloom industry with new looks and further productions, some of which could become part of the export catalogue of Bangladeshi textiles, the BHB sources added. Another half a million people are indirectly engaged in the industry. It contributes more than Tk 10 billion annually to the national exchequer as value addition, HBH noted.

 

[CaPtAiN_pLaNeT]

Danish team to explore tech, energy

Tuesday, 19 October 2010 23:15

Danish team to explore tech, energy

Danish team to explore tech, energy
Star Business report

A Danish business delegation is scheduled to visit Bangladesh on December 4-7 to seek local partners to invest in energy and clean technology.

A press release from the Embassy of Denmark in Dhaka said the delegation members, from about 10-15 Danish companies, will explore the market for local partners.

This is the second such team to visit Bangladesh this year. The first team of 10 companies visited Dhaka in April.

"We are proud to be able to bring in this second delegation of Danish companies to Bangladesh in 2010," said Danish Ambassador Svend Olling.

"The first delegation tour was a great success. Out of 10 companies visiting in April, seven of these companies are now active in Bangladesh -- or getting ready to enter the market. We hope that the success rate of this second delegation will be the same, or even better.”

He said the delegation's objective is to introduce Danish companies to relevant local companies to explore the possibilities of setting up long-term cooperation/joint ventures, where Danish know-how and investment will be combined with local knowledge and manpower skills.

The envoy said the embassy here is planning for meetings for the Danish companies and looking for potential relevant Bangladeshi companies.

 

[CaPtAiN_pLaNeT]

Zone for shipbuilders soon

Saturday, 16 October 2010 23:31

Zone for shipbuilders soon

Zone for shipbuilders soon

Picture shows the yard of Western Marine in Chittagong. The government now plans a special zone for the shipbuilders.Photo: STARPicture shows the yard of Western Marine in Chittagong. The government now plans a special zone for the shipbuilders.Photo: STAR

Jasim Uddin Khan

Bangladesh will establish a special shipbuilding zone to promote the export-oriented shipbuilding sector with the aim of earning $5 billion a year from exports by 2015, said officials.

The Export Promotion Bureau (EPB), which is leading the plan, is now in talks with top shipbuilding entrepreneurs in the country, they said.

"We plan to establish a shipbuilding zone to accommodate top exporters on the same premises and help the sector expand by providing more incentives and supports," said EPB Vice Chairman Jalal Ahmed.

The shipbuilding and ICT sectors can individually earn up to $5 billion a year from exports, he said, adding that the government should come forward to expedite expansion of the sectors.

"Bangladesh economy is now dependent on only traditional export items. It needs diversification to sustain. The shipbuilding and ICT sectors have the potential to diversify our export basket and generate more employment," Ahmed said.

Industry people want the shipbuilding zone at Mongla, Meghna, Patuakhali or Kutubdia but the government will conduct a feasibility study for selecting the site, according to officials.

Ananda Shipyard and Slipways Ltd, Western Marine, Highspeed Shipbuilding, Dhaka Dockyard and Engineering Works, Khan Brothers Shipbuilding Ltd and Karnaphuli Shipyard are the leading shipbuilders that make ocean-going ships for international buyers.

These companies have received export orders of world-class seagoing vessels -- both small and medium -- worth $ 478 million with a deadline to deliver those by 2013.

Ananda Shipyard received orders for exporting 28 vessels worth $348 million from different countries, including the Netherlands, while Western Marine got orders worth $130 million to export 12 vessels to a German company.

The global recession rocked many developed countries, and forced them to shift their shipbuilding orders to Bangladesh.

Chief Executive Officer of Dhaka Dockyard Gazi G Rabbani said his company fetched orders of two bulk carriers at $40 million and two 'goat carriers' worth $15 million for exports to Middle Eastern countries.

MA Rashid, managing director of Karnaphuli Shipyard, said his company received a good number of queries on dredgers and container ships from the world's top shipbuilders and suppliers, but they are yet to reach a final decision.

The size of the global shipbuilding market is $400 billion and Bangladesh can easily grab 1 percent of the market equivalent to $4 billion if the sector gets cash incentive, said the industry people.

 

[integra]

Hugo Boss, Adidas plan direct buying from Bangladesh

German high-end brands Hugo Boss and Adidas will directly buy garments from Bangladesh for the first time, said the owner of a leading apparel company.

David Hasanat, chairman of Viyellatex Group, said his company intends to start producing goods under both the brands next year.

"We started imparting training to our workers to raise their skills, to cater to such prestigious brands," he said.

Hasanat said some directors and the head of purchase for Hugo Boss visited Viyellatex, prior to placing orders. "We will mainly supply T-shirts, polo shirts and basic shirts to the two brands."

Hasanat said Bangladesh would be able to sell garment products worth at least $100 million to the two brands within the next two years.

"Several mid-level brands will no longer question the image and performance of Bangladesh again, after the entry of such highly prestigious brands."

The retail price of a regular Hugo Boss shirt starts at $150 and a T-shirt at $100, where other brands retail for around $40-$50 a piece, he said.

Currently, Hugo Boss buys garment items from Thailand in the region.

Viyellatex Group supplies garment products to Wal-Mart, Puma, G-Star, Marks and Spencer, Esprit and s. Oliver, he said.

He said renowned brands are coming to Bangladesh because of its ability to supply quality garment items at cheaper prices than other competing countries. Orders are also shifting to Bangladesh from China because of the latter's high cost of production and a shortage of workers in the apparels industry, he added.

Hugo Boss is represented in the world of fashion by 'BOSS' and 'HUGO'. The Boss brand was first introduced as a classical men's business wear line in the 1970s, while Hugo that was launched in 1993 adds unconventional accents and uniquely different styles.

These fashion lines are aimed at various target groups, creating a world of extraordinary fashion diversity, at a constantly high level of quality.

The Boss Black, Boss Selection, Boss Orange and Boss Green lines, as well as the accompanying accessory collections, are all part of the core Boss brand.

In addition, other licensed products, such as fragrances, cosmetics, watches, and eyewear, complete the Hugo Boss product range.

Hugo Boss products can be purchased at 6,100 outlets in more than 110 countries. Up to the last fiscal year, the number of its own retail stores amounted to 364. The number of stores operated via franchisees amounts to approximately 1,050.

Established as a brand in 1948 in Germany, Adidas runs 22 stores in the US, and 398 stores in the rest of the world.

Several global retail brands have opened offices in Dhaka in recent times to directly source clothing items.

After China, the world's largest supplier of apparels, Bangladesh, emerges as a lucrative place for renowned retailers, like US giant Wal-Mart, JC Penny, Zara, Tesco, IKEA, Marks and Spencer, H&M, Uniqlo, Li & Fung and s. Oliver.

 

[integra]

Bloomberg identifies Bangladesh as ‘emerging economy’

DHAKA, Oct 20: Leading US business magazine Bloomberg Business Week identified Bangladesh as one the world’s emerging economies to attract foreign investments being one of the “late bloomers”. “It (Bangladesh) is one of the world’s top garment makers, supplying H&M and Zara . . . Its bank sector is also booming,” wrote the new York- based business weekly in a lead article titled “Investing in Frontier Emerging Markets: Your next money-making opportunity is in the last place you’d think to look”.

The article noted the country’s past five years of GDP growth at 27 per cent and YTD market growth at 64.6 per cent against its population of 156 million to justify its observation as an emerging economy for the investors along with several other countries.

“From Peru to Ghana to Bangladesh, astute (smart) invests are taking a chance on the next wave of emerging nations as the international Monitory Fund expects frontier markets to grow at nearly three times the average rate at developed world,” read the article Roben Farzad is a senior writer for Bloomberg Business Week.

He writes for The New York Times, Boston Globe, and The Wall Street Journal and appears on NPR, CNBC, PBS, CNN, and the BBC News. Farzad said in the span of two decades, Peru has graduated from near- failed-state status to a stable democracy with an investment-grade credit rating and some of the most consistent economic growth in the world. BSS

 

[TopCat]

RMG export growth in US highest among competing countries

After a short spell of stagnation due to global recession, Bangladesh's exports of RMG products is surging again to the US market, reports UNB.

More important, Bangladesh is outpacing all competing countries as far as RMG export to the US is concerned.

According to the Commerce Wing report of Bangladesh Embassy in Washington DC, Bangladesh exported $409 million worth of RMG products in August 2010 while the same amount in August 2009 was only $289 million, marking a spectacular 41.5 per cent growth.

Compared to the Bangladesh's monthly August, 2010 growth of 41.5 per cent, exports from China grew by 28.81 per cent, Vietnam by 24.59 per cent, Indonesia by 23.84 per cent, India by 13.12 per cent and Cambodia by 27.38 per cent, as per data released by US International Trade Commission (USITC).

Bangladesh is currently the 4th largest apparel exporting country to the US market, trailing behind only China, Vietnam and Indonesia. Not long ago, Mexico's apparel exports was significantly higher than of Bangladesh which is reversed in the recent months.

The rising production cost of making apparels in the competing countries and also recent tug of war between US and China over undervalued currency, along with other factors, are contributing to higher level of sourcing by the US based importers from Bangladesh.

 

[CaPtAiN_pLaNeT]

First-ever Bangladesh Trade Centre opens in Port of Spain

Sunday, 24 October 2010 22:13

First-ever Bangladesh Trade Centre opens in Port of Spain

First-ever Bangladesh Trade Centre opens in Port of Spain
FE report

The country's first trade centre in a foreign country - Bangladesh Trade Centre (BTC) - has been established in Port of Spain, the capital of Trinidad and Tobago, aiming at finding new trade and investment opportunities in the Caribbean and Latin America.

Commerce Minister Faruk Khan, who was in Port of Spain to attend Commonwealth summit, inaugurated the high-tech centre at Trinicity Industrial Estate on November 27 last.

The Export Promotion Bureau (EPB) opened the BTC aiming at diversifying the country's export items by reducing dependency on the existing and limited traditional items, officials said.

They said the first ever trade centre has been equipped with all kinds of business and investment-related information including the country's exportable items, lists of exporters, export and import policy and data for traders to facilitate the future importers in getting doorstep information.

"Attempts will also be taken to sell wholesale products on demand from the Caribbean buyers," said an EPB official adding that the centre would also be equipped to conduct one-2-one business meetings through video conference to enable Bangladeshi sellers and Caribbean buyers to do business.

 

[CaPtAiN_pLaNeT]

EPB for turning shipbuilding industry into billion dollars industry

Saturday, 23 October 2010 21:43

The New Nation - Internet Edition

EPB for turning shipbuilding industry into billion dollars industry
BSS, Dhaka

Export Promotion Bureau (EPB) has planned to develop the country's growing shipbuilding industry into billion dollars industry after the readymade garment (RMG) sector.

As part of its plan, the EPB started visiting the country's shipyards to assess the problems and potentials of shipbuilding industry.

An EPB delegation yesterday visited the Ananda Shipyard and Slipways Ltd (ASSL) at Meghnaghat in Narayanganj.

EPB Vice-chairman M Jalal Ahmed, who led the delegation, highly appreciated the shipbuilding facilities in the shipyard.

Talking to BSS over phone after the visit, Jalal Ahmed said the government would extend necessary support to the sector keeping in mind the shipbuilding is gradually becoming a thrust sector.

EPB director general Dr Rakhal Chandra Barmon, director M Omar Faruq, secretary SM Eahsan Kabir, deputy director M Abdur Rouf and assistant director Zakir Ahmed are the other delegation members.

Executive Director of Ananda Group Tariqul Islam and other officials of the shipyard were present during the visit.

The EPB has prepared a report on prospects and problems of the shipbuilding industry and it would be placed before the coming national level seminar next month.

Finance Minister Abul Maal Abdul Muhith is expected to inaugurate the seminar in the EPB conference room here. Commerce Minister Lt Col (retd) Faruk Khan will attend the seminar as the special guest.

The EPB delegation will visit Chittagong-based Western Marine shipyard on October 25.