Banglar Bagh
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Why dont you click on the link and find out. I wanted to translate it but I am too lazy for such a thing.
Bangladesh Economy: News & Updates
- Thread starter Raquib
- Start date
Why dont you click on the link and find out. I wanted to translate it but I am too lazy for such a thing.
animelive
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1. Is staring banned in west?
2. Rapes occur everywhere. According to westerners, Rapists are psychotic and will rape regardless of your attire so I am not sure where we are going with this.
3. Does Bangladesh not welcome Christian tourists?
4. What do you mean by backward mindset? on what standards are you judging that?
5. Why are you so keen on polishing the place for Westerners? why not for the locals? Taking some good measures will make the richer people of Bangladesh visit the local spots rather than other countries. I don't think we should change our ways according to western standard to make Westerners more eager to visit us. They are welcome to visit us without any restrictions anyway. But yes, steps on polishing the beach and tourist spots should be taken anyway.
If you have decided not to understand the reality that western tourists shun BD for obvious reasons, I cannot make you understand.
I was answering to the post written by @Rokto about foreign tourists, and not local ones. Of course, there are thousands of newly rich BD people who always go to Cox's Bazaar and Kuakata.
These places should be more developed to suit the local taste. But, to bring in foreign tourists BD will have to RE-BRAND itself.
Hope, some one else will answer all your questions. I am a person of little learning to answer all your good questions. Thanks.
You forgot to mention Dubai in your post. They are attracting more tourists by their artificial structures.
One foreign tourist asked in Cox's bazar at night. Why is the city is so dead after evening. Nothing to enjoy.No Bars no casinos.
Today they are not attracted to natural beuties only, they need more.
Not only Dubai, even Brazil, Carribean countries are not bad too. And definately Singapore as they already have 2 casinos.
Zabaniyah
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Per capita income may stand at $1,024 this year*
Dhaka Tribune Report (Dhakatribune.com)
Bangladesh may become middle income country by 2019: BB Governor
The per capita income is expected to reach at US$1,024 this year as Bangladesh is heading for becoming a middle income nation, Bangladesh Bank Governor Dr Atiur Rahman said Sunday.
He said the country would become a middle income country by 2019, two years ahead of its earlier forecast.
The central bank governor was talking to journalists after launching a SME Help Desk Guideline of Trust Bank at Bangladesh Bank headquarters in Dhaka.
Were making quality growth and the increasing trend will make Bangladesh as a middle income country by the year 2019, he said, adding that the countrys economic growth is better than the neighbouring countries, including India and Pakistan.
Atiur said the GDP growth remains over 6% in last 10 years, despite the global recession for last few years. So, we should highlight the successes instead of frustrating scenario.
Bangladesh aspires to be a middle-income country by 2021, which would require increasing GDP growth to 7.5% to 8% per year based on accelerated export and remittance growth, economists say. Both public and private investment will need to increase as well.
The new national budget for the next fiscal year estimated GDP to grow by 7.2%, although critics apprehended that the target would not be achieved due to political unrest, lower investment and slow down in the international market.
The government had also estimated that the GDP growth would be 7% in the outgoing fiscal year, but the latest estimate by Bangladesh Bureau of Statistics (BBS) say it would be 6.03%.
People might have said the budget is so lavish, but the maximum of the allocation were made for the deprived people, said the governor, adding that the budget is investment-friendly for small investors. Challenge is always there but it needs fresh environment for implementation.
He said about 22m people came out of poverty level in last 10 years.
Atiur said Bangladesh Bank has given importance expanding the SME loans and, as a result, small enterprisers were getting more loans. Due to avoiding the SME loans, in the developed countries, particularly in Italy, employment suffered setback.
So, Bangladesh Bank is working on expanding the SME loans across the country and trying to make it women-friendly.
General Manager of SME and Special Programs Department of Bangladesh Bank Sukamal Sinha Choudhury, Managing Director of Trust Bank Ishtiak Ahmed Chowdhury and senior bank executives were present at the function.
Sukamal said Bangladesh bank had directed the banks to set a help desk for SME loan and, as per the directive Trust Bank has made a help desk guideline. It will help the mass people specially women in taking SME loan easily.
Last updated on June 10, 2013 at 12:12
Bangladesh's exports rose 15.43% in May to $2.54bn from a year earlier thanks to stronger clothing sales, the Export Promotion Bureau (EPB) said on Sunday, even as the country reviews safety standards at factories after two deadly incidents.
Garment exports totaled $19.3bn for the 11 months that ended in May, nearly 12% more than a year earlier.
The sharp increase comes as the government weighs industry reform after the collapse in April of the Rana Plaza building that housed 5 garments factories. The incident killed 1,129 people. A fire at Tazreen Fashions factory last year killed 112.
The incidents have put the government, industrialists and the global brands that use the factories under pressure to reform an industry that employs four million and generates 80% of Bangladesh's export earnings.
Total exports in the first 11 months of Bangladesh's July-June financial year were $24.32bn, compared with $21.97bn over the same period the previous year.
Monthly exports had fallen year-on-year from March through June as the global economic slowdown weighed on demand. But exports have since picked up, with a 10.67% percent rise in the July-May period.
Created on June 9, 2013 at 17:12
RMG exports soar despite Savar, Tazreen
Reuters
Garment exports totaled $19.3bn for the 11 months that ended in May, nearly 12% more than a year earlier:
Duty-free access under Generalised System of Preferences (GSP) offered by Western countries and low wages have helped make Bangladesh the world's second-largest apparel exporter after China, with 60% of clothes going to Europe and 23% to the US.
The European Union and the US had threatened punitive measures in order to press the government to improve worker safety standards after the collapse in April of Rana Plaza.
Dhaka Tribune Report (Dhakatribune.com)
Bangladesh may become middle income country by 2019: BB Governor
The per capita income is expected to reach at US$1,024 this year as Bangladesh is heading for becoming a middle income nation, Bangladesh Bank Governor Dr Atiur Rahman said Sunday.
He said the country would become a middle income country by 2019, two years ahead of its earlier forecast.
The central bank governor was talking to journalists after launching a SME Help Desk Guideline of Trust Bank at Bangladesh Bank headquarters in Dhaka.
Were making quality growth and the increasing trend will make Bangladesh as a middle income country by the year 2019, he said, adding that the countrys economic growth is better than the neighbouring countries, including India and Pakistan.
Atiur said the GDP growth remains over 6% in last 10 years, despite the global recession for last few years. So, we should highlight the successes instead of frustrating scenario.
Bangladesh aspires to be a middle-income country by 2021, which would require increasing GDP growth to 7.5% to 8% per year based on accelerated export and remittance growth, economists say. Both public and private investment will need to increase as well.
The new national budget for the next fiscal year estimated GDP to grow by 7.2%, although critics apprehended that the target would not be achieved due to political unrest, lower investment and slow down in the international market.
The government had also estimated that the GDP growth would be 7% in the outgoing fiscal year, but the latest estimate by Bangladesh Bureau of Statistics (BBS) say it would be 6.03%.
People might have said the budget is so lavish, but the maximum of the allocation were made for the deprived people, said the governor, adding that the budget is investment-friendly for small investors. Challenge is always there but it needs fresh environment for implementation.
He said about 22m people came out of poverty level in last 10 years.
Atiur said Bangladesh Bank has given importance expanding the SME loans and, as a result, small enterprisers were getting more loans. Due to avoiding the SME loans, in the developed countries, particularly in Italy, employment suffered setback.
So, Bangladesh Bank is working on expanding the SME loans across the country and trying to make it women-friendly.
General Manager of SME and Special Programs Department of Bangladesh Bank Sukamal Sinha Choudhury, Managing Director of Trust Bank Ishtiak Ahmed Chowdhury and senior bank executives were present at the function.
Sukamal said Bangladesh bank had directed the banks to set a help desk for SME loan and, as per the directive Trust Bank has made a help desk guideline. It will help the mass people specially women in taking SME loan easily.
Last updated on June 10, 2013 at 12:12
Bangladesh's exports rose 15.43% in May to $2.54bn from a year earlier thanks to stronger clothing sales, the Export Promotion Bureau (EPB) said on Sunday, even as the country reviews safety standards at factories after two deadly incidents.
Garment exports totaled $19.3bn for the 11 months that ended in May, nearly 12% more than a year earlier.
The sharp increase comes as the government weighs industry reform after the collapse in April of the Rana Plaza building that housed 5 garments factories. The incident killed 1,129 people. A fire at Tazreen Fashions factory last year killed 112.
The incidents have put the government, industrialists and the global brands that use the factories under pressure to reform an industry that employs four million and generates 80% of Bangladesh's export earnings.
Total exports in the first 11 months of Bangladesh's July-June financial year were $24.32bn, compared with $21.97bn over the same period the previous year.
Monthly exports had fallen year-on-year from March through June as the global economic slowdown weighed on demand. But exports have since picked up, with a 10.67% percent rise in the July-May period.
Created on June 9, 2013 at 17:12
RMG exports soar despite Savar, Tazreen
Reuters
Garment exports totaled $19.3bn for the 11 months that ended in May, nearly 12% more than a year earlier:
Duty-free access under Generalised System of Preferences (GSP) offered by Western countries and low wages have helped make Bangladesh the world's second-largest apparel exporter after China, with 60% of clothes going to Europe and 23% to the US.
The European Union and the US had threatened punitive measures in order to press the government to improve worker safety standards after the collapse in April of Rana Plaza.
BDforever
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BOSCH Dhaka office opens
German engineering company Bosch inaugurated its office in Dhaka on Tuesday to consolidate its last two decades presence in Bangladesh through local distributors.
With the inauguration of its first office, the industrial giant says it will start ‘direct operations’ in the Bangladesh market.
Officials say the investment has been made “to be close to markets and customers”.
The company says it will “significantly expand its footprint” in the Bangladesh’s emerging market engaging in the sales, marketing, and trading of products and services from the “Automotive Aftermarket, Security Systems, Power Tools and Thermotechnology divisions”.
Started in 1886, Bosch currently operates in about 150 countries. According to the company, its more than 300,000 associates generated sales worth € 52.5 billion last year.
In the same year, the company spent about € 4.8billion on research and development and applied for nearly 4,800 patents worldwide.
Last October it planned to make direct investment in Bangladesh.
The initial investment was Tk 100 million when it named the local company ‘Robert Bosch Bangladesh Limited’.
German embassy’s Charge d’affaires Ralph Reusch and Bosch India‘s President Dr. Steffen Berns inaugurated the office in the capital’s Gulshan area.
“With the official inauguration of our new office, we are taking the next step for business expansion in this region,” Steffen Berns said.
He said he was ‘fully convinced’ that their strategy “to be close to markets and customers will further increase our competitiveness in Bangladesh”.
Managing Director of Robert Bosch Bangladesh Limited Ajay Sahney vowed to provide “world-class services with assured quality and standards” based on their 127 years of innovation.
He said they had a presence in Bangladesh for over two decades, and “on receiving encouraging and favourable feedback, a new office was the obvious next step in this long and close association”.
The company has been inducted as the 400th member of Bangladesh German Chamber of Commerce and Industry (BGCCI).
For Bangladesh it immediately offers power tools for the construction and small scale industries -- and also workshop or service network of Bosch Car Service, Bosch Diesel Service, Electric Modules and Express Car Service along with products such as Starter Motors, Spark Plugs and Wiper Blades.
Its Security Systems division will provide ‘high-quality’ security and communication products based on demand in the local market.
Bosch Thermotechnology will support growth of industries such as jute and textiles “with its energy efficient systems”.
For residential and industrial requirements they will also offer commercial, industrial and power boilers.
source: BOSCH Dhaka office opens - bdnews24.com
German engineering company Bosch inaugurated its office in Dhaka on Tuesday to consolidate its last two decades presence in Bangladesh through local distributors.
With the inauguration of its first office, the industrial giant says it will start ‘direct operations’ in the Bangladesh market.
Officials say the investment has been made “to be close to markets and customers”.
The company says it will “significantly expand its footprint” in the Bangladesh’s emerging market engaging in the sales, marketing, and trading of products and services from the “Automotive Aftermarket, Security Systems, Power Tools and Thermotechnology divisions”.
Started in 1886, Bosch currently operates in about 150 countries. According to the company, its more than 300,000 associates generated sales worth € 52.5 billion last year.
In the same year, the company spent about € 4.8billion on research and development and applied for nearly 4,800 patents worldwide.
Last October it planned to make direct investment in Bangladesh.
The initial investment was Tk 100 million when it named the local company ‘Robert Bosch Bangladesh Limited’.
German embassy’s Charge d’affaires Ralph Reusch and Bosch India‘s President Dr. Steffen Berns inaugurated the office in the capital’s Gulshan area.
“With the official inauguration of our new office, we are taking the next step for business expansion in this region,” Steffen Berns said.
He said he was ‘fully convinced’ that their strategy “to be close to markets and customers will further increase our competitiveness in Bangladesh”.
Managing Director of Robert Bosch Bangladesh Limited Ajay Sahney vowed to provide “world-class services with assured quality and standards” based on their 127 years of innovation.
He said they had a presence in Bangladesh for over two decades, and “on receiving encouraging and favourable feedback, a new office was the obvious next step in this long and close association”.
The company has been inducted as the 400th member of Bangladesh German Chamber of Commerce and Industry (BGCCI).
For Bangladesh it immediately offers power tools for the construction and small scale industries -- and also workshop or service network of Bosch Car Service, Bosch Diesel Service, Electric Modules and Express Car Service along with products such as Starter Motors, Spark Plugs and Wiper Blades.
Its Security Systems division will provide ‘high-quality’ security and communication products based on demand in the local market.
Bosch Thermotechnology will support growth of industries such as jute and textiles “with its energy efficient systems”.
For residential and industrial requirements they will also offer commercial, industrial and power boilers.
source: BOSCH Dhaka office opens - bdnews24.com
BDforever
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FBCCI wants joint trade council with Korea
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has suggested a joint council with South Korea to explore business opportunities in the world’s 15th largest economy.
President Kazi Akram Uddin Ahmed also suggested organising regular trade fairs in Korea to familiarise the people there with Bangladeshi products as he observed that despite duty-free and quota-free market access, ‘Bangladesh’s exports are yet to pick up’.
He was speaking at a seminar on ‘strengthening strategic partnership between Bangladesh and Korea’ in Dhaka marking 40 years of diplomatic relations between the two countries.
A strong development partner of Bangladesh, Korea opened its embassy in Dhaka early in 1975, more than a year after the establishment of the diplomatic relations in 1973.
The Korea Trade-Investment Promotion Agency opened its office in Dhaka in 1978. In the 70s, Korean entrepreneurs came here to set up garment factories, ‘many of whom are still active in Bangladesh’.
A leading investor in Bangladesh, Korea’s current investment ranges from textiles to power generation, energy and natural resources development, shipbuilding and ICT.
As of 2010, Korean private investment surpassed $ 698 million with 328 companies being registered in Bangladesh’s Board of Investment.
Big companies like Samsung and LG are expanding their commercial presence in Bangladesh while small and medium-sized enterprises are also turning up.
But, experts say, due to lack of diversity in Bangladesh's export basket, its trade gap with Korea remains high with more than $1.5 billion in imports against only $209 million in exports in 2011-12.
Currently 291 Bangladesh items are enjoying duty-free or quota-free access to Korea.
“Bangladeshis are well acquainted with Korean products. But the same cannot be said for Bangladeshi products in Korea,” the FBCCI President said.
“So it’s important to hold single country trade fairs of Bangladeshi products in Korea on a regular basis to make the Korean consumers know about good quality Bangladeshi products,’’ he said as he believed Bangladesh had ‘opportunities’ to narrow down the trade gap.
Ahmed said Bangladesh also had the potentials to push earnings from Korea through trade beyond commodities like tourism, medical services, education, finance, and business consultancy.
“Korea may choose to import more of our woven garments, diversified leather goods and jute goods, frozen food and agriculture products,’’ the FBCCI chief he said.
“Joint efforts should be made for developing a system of accreditation to ensure the quality and standards of our products to Korean markets,” he added.
The FBCCI President also stressed the need for joint investment in the areas of energy, infrastructure, technology, human resources development and services for boosting partnership between the two countries.
In the day-long seminar, Korea’s foreign policy and development and strategic cooperation were discussed.
The Korean embassy in Dhaka kicked off its year-long celebration of 40 years of Bangladesh camaraderie in January.
source: FBCCI wants joint trade council with Korea - bdnews24.com
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has suggested a joint council with South Korea to explore business opportunities in the world’s 15th largest economy.
President Kazi Akram Uddin Ahmed also suggested organising regular trade fairs in Korea to familiarise the people there with Bangladeshi products as he observed that despite duty-free and quota-free market access, ‘Bangladesh’s exports are yet to pick up’.
He was speaking at a seminar on ‘strengthening strategic partnership between Bangladesh and Korea’ in Dhaka marking 40 years of diplomatic relations between the two countries.
A strong development partner of Bangladesh, Korea opened its embassy in Dhaka early in 1975, more than a year after the establishment of the diplomatic relations in 1973.
The Korea Trade-Investment Promotion Agency opened its office in Dhaka in 1978. In the 70s, Korean entrepreneurs came here to set up garment factories, ‘many of whom are still active in Bangladesh’.
A leading investor in Bangladesh, Korea’s current investment ranges from textiles to power generation, energy and natural resources development, shipbuilding and ICT.
As of 2010, Korean private investment surpassed $ 698 million with 328 companies being registered in Bangladesh’s Board of Investment.
Big companies like Samsung and LG are expanding their commercial presence in Bangladesh while small and medium-sized enterprises are also turning up.
But, experts say, due to lack of diversity in Bangladesh's export basket, its trade gap with Korea remains high with more than $1.5 billion in imports against only $209 million in exports in 2011-12.
Currently 291 Bangladesh items are enjoying duty-free or quota-free access to Korea.
“Bangladeshis are well acquainted with Korean products. But the same cannot be said for Bangladeshi products in Korea,” the FBCCI President said.
“So it’s important to hold single country trade fairs of Bangladeshi products in Korea on a regular basis to make the Korean consumers know about good quality Bangladeshi products,’’ he said as he believed Bangladesh had ‘opportunities’ to narrow down the trade gap.
Ahmed said Bangladesh also had the potentials to push earnings from Korea through trade beyond commodities like tourism, medical services, education, finance, and business consultancy.
“Korea may choose to import more of our woven garments, diversified leather goods and jute goods, frozen food and agriculture products,’’ the FBCCI chief he said.
“Joint efforts should be made for developing a system of accreditation to ensure the quality and standards of our products to Korean markets,” he added.
The FBCCI President also stressed the need for joint investment in the areas of energy, infrastructure, technology, human resources development and services for boosting partnership between the two countries.
In the day-long seminar, Korea’s foreign policy and development and strategic cooperation were discussed.
The Korean embassy in Dhaka kicked off its year-long celebration of 40 years of Bangladesh camaraderie in January.
source: FBCCI wants joint trade council with Korea - bdnews24.com
BDforever
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FDI up in Bangladesh
The Foreign Direct Investment (FDI) in Bangladesh has gone up by 13.75 percent in 2012, despite a weak global investment climate.
The "World Investment Report" of the UNCTAD, released on Wednesday, puts Bangladesh in second place in South Asia in drawing FDI last year.
India was in first place in attracting FDI in South Asia, the report said.
The report said FDI flow suffered throughout South Asia , affecting India, Pakistan and Sri Lanka in 2012 compared to the previous year.
In a press conference, the Board of Investment said that foreign investment in 2012 for Bangladesh amounted to $1.29 billion, which was 13.75 percent more than in 2011.
Meanwhile, throughout the world, FDI amounted to $1.35 trillion – 18 percent less in 2012 compared to the preceding year.
“It is good that we could keep up the investment flow despite global recession. But we need more,” Investment Board Executive Chairman SA Samad said.
Energy Advisor to Prime Minister, Tawfiq-e-Elahi Chowdhury described this as a positive trend. “The world is gripped by economic recession. It is very creditable to maintain the FDI flow in such circumstances.”
According to the report, India topped the South Asian region for FDI by attracting $255 billion -- but that was $106 billion lower than in 2011.
Pakistan stood third with $8.47 billion, $4.8 billion less than what it got in 2011.
Last year, Bangladesh got the most of its FDI from Malaysia, Egypt, United Kingdom, South Korea, Netherlands, Thailand and Hong Kong.
It included $347 million for telecommunications sector, $307 million for textiles, $137 million for banks, $126 for energy and petroleum, and $60 million for agriculture.
source: FDI up in Bangladesh - bdnews24.com
Bangladesh grows - on remittances, exports
Bangladesh's economy has achieved an average growth of over 6 percent over the past five years primarily due to the healthy flow of remittance and rising exports.
Both exports and remittance flow from expatriate Bangladeshis have doubled over the last five years despite many hurdles.
The foreign currency reserve has increased two and a half times, again due to rising exports and remittance flow.
Economists say exports, remittances and foreign reserves have come to form a growth triangle that helped Bangladesh pull a large part of its population out of poverty and help it achieve UN targets two years in advance.
For the first time since independence from Pakistan, Bangladesh has a current account surplus of $2 billion plus.
A buoyant economy gives Bangladesh the confidence to even decide to fund the $2.9 billion Padma bridge, the country's biggest ever infrastructure project, with its own resources.
Finance Minister Abul Maal Abdul Muhith is overjoyed.
Speaking to bdnews24.com, he said Bangladesh's economy had developed over the past five years despite various challenges like the global economic downturn and the country's volatile politics, with frequent strikes affecting both output and marketing.
"We can do nothing with the worldwide economic depression which has not gone away fully," he said.
"Then there was political instability. The opposition-enforced harmful programmes such as shutdowns and blockades have affected the economy to a great extent," he said.
"Despite everything, remittance, export income and reserve have increased in the past five years which have strengthened the base of our economy," the Finance Minister said.
He observed few countries could achieve an average 6 percent annual growth in the past five years -- or maintain it once achieved.
According to latest Bangladesh Bank statistics, the remittance kitty touched $14.18 billion seven days before the current fiscal ended – nearly 15 percent higher than the same period last year.
Remittance this fiscal would cross $14.6 billion once figures 2012-13 fiscal are added, said Kazi Saidur Rahman, General Manager of the central bank's Foreign Exchange Reserve and Treasury Management Department.
Only five years ago, in the 2007-08 fiscal, remittance inflow stood at $7.9 billion. It has increased gradually ever since.
In the 2008-09 fiscal it rose to $9.9 billion, then by nearly $1 billion within a year. Remittance inflow was $11.65 billion in the 2010-11 fiscal and $12.84 billion in the last fiscal.
According to July 2012- May 2013 statistics, Bangladesh has earned $24.32 billion in export which is 11 percent higher than the same time previous year.
Experts say the amount would get close to $27 billion once the income in June is added.
In 2007-08 fiscal, Bangladesh had earned $14.1 billion from exports.
The exports increased by nearly $1.5 billion the following fiscal to $15.56 billion, then to $16.2 billion in the 2009-10 fiscal.
Bangladesh saw a boost of over $6.5 billion in the 2010-11 fiscal when the exports rose to $22.93 billion, again rising to $24.28 billion last fiscal.
On Monday, Bangladesh Bank's foreign exchange reserve touched $15.25 billion for the first time in history.
It is possible to meet import demand of over five months with the current reserve, Kazi Saidur Rahman told bdnews24.com.
"We hope the remittance will cross $15.5 billion in the first week of July before payment of Asian Clearing Union (ACU) dues," he said.
At the end of the 2007-08 fiscal the central bank's foreign exchange reserve was $6.14 billion which increased to $7.47 billion at the end of the next fiscal.
By the end of 2009-10 fiscal, the amount increased to $10.75 billion. It was $10.36 billion at the end of 2010-11 fiscal and $13.07 billion in the last fiscal.
Zaid Bakht, Research Director of Bangladesh Institute of Development Studies (BIDS), said, "I think the expatriates had kept the economy booming in the past five years. Their remittance increased over the years despite political volatility in Libya, Egypt and other Middle Eastern countries."
"In case of exports, there were problems of gas and power besides weak infrastructure. Apart from the fire at the Tazreen garments and huge loss of lives in the Rana Plaza collapse, the apparel sector is plagued with continuous labour unrest."
"The European countries and America are reducing import of readymade garment products due to economic slowdown. Still, the export income is rising."
He believes the foreign currency reserve has got a strong base thanks to the increased export income and buoyant remittance flow.
All in all, bright economics despite fractious, volatile politics – that's the Bangladesh story.
source: Bangladesh grows - on remittances, exports - bdnews24.com
The Foreign Direct Investment (FDI) in Bangladesh has gone up by 13.75 percent in 2012, despite a weak global investment climate.
The "World Investment Report" of the UNCTAD, released on Wednesday, puts Bangladesh in second place in South Asia in drawing FDI last year.
India was in first place in attracting FDI in South Asia, the report said.
The report said FDI flow suffered throughout South Asia , affecting India, Pakistan and Sri Lanka in 2012 compared to the previous year.
In a press conference, the Board of Investment said that foreign investment in 2012 for Bangladesh amounted to $1.29 billion, which was 13.75 percent more than in 2011.
Meanwhile, throughout the world, FDI amounted to $1.35 trillion – 18 percent less in 2012 compared to the preceding year.
“It is good that we could keep up the investment flow despite global recession. But we need more,” Investment Board Executive Chairman SA Samad said.
Energy Advisor to Prime Minister, Tawfiq-e-Elahi Chowdhury described this as a positive trend. “The world is gripped by economic recession. It is very creditable to maintain the FDI flow in such circumstances.”
According to the report, India topped the South Asian region for FDI by attracting $255 billion -- but that was $106 billion lower than in 2011.
Pakistan stood third with $8.47 billion, $4.8 billion less than what it got in 2011.
Last year, Bangladesh got the most of its FDI from Malaysia, Egypt, United Kingdom, South Korea, Netherlands, Thailand and Hong Kong.
It included $347 million for telecommunications sector, $307 million for textiles, $137 million for banks, $126 for energy and petroleum, and $60 million for agriculture.
source: FDI up in Bangladesh - bdnews24.com
Bangladesh grows - on remittances, exports
Bangladesh's economy has achieved an average growth of over 6 percent over the past five years primarily due to the healthy flow of remittance and rising exports.
Both exports and remittance flow from expatriate Bangladeshis have doubled over the last five years despite many hurdles.
The foreign currency reserve has increased two and a half times, again due to rising exports and remittance flow.
Economists say exports, remittances and foreign reserves have come to form a growth triangle that helped Bangladesh pull a large part of its population out of poverty and help it achieve UN targets two years in advance.
For the first time since independence from Pakistan, Bangladesh has a current account surplus of $2 billion plus.
A buoyant economy gives Bangladesh the confidence to even decide to fund the $2.9 billion Padma bridge, the country's biggest ever infrastructure project, with its own resources.
Finance Minister Abul Maal Abdul Muhith is overjoyed.
Speaking to bdnews24.com, he said Bangladesh's economy had developed over the past five years despite various challenges like the global economic downturn and the country's volatile politics, with frequent strikes affecting both output and marketing.
"We can do nothing with the worldwide economic depression which has not gone away fully," he said.
"Then there was political instability. The opposition-enforced harmful programmes such as shutdowns and blockades have affected the economy to a great extent," he said.
"Despite everything, remittance, export income and reserve have increased in the past five years which have strengthened the base of our economy," the Finance Minister said.
He observed few countries could achieve an average 6 percent annual growth in the past five years -- or maintain it once achieved.
According to latest Bangladesh Bank statistics, the remittance kitty touched $14.18 billion seven days before the current fiscal ended – nearly 15 percent higher than the same period last year.
Remittance this fiscal would cross $14.6 billion once figures 2012-13 fiscal are added, said Kazi Saidur Rahman, General Manager of the central bank's Foreign Exchange Reserve and Treasury Management Department.
Only five years ago, in the 2007-08 fiscal, remittance inflow stood at $7.9 billion. It has increased gradually ever since.
In the 2008-09 fiscal it rose to $9.9 billion, then by nearly $1 billion within a year. Remittance inflow was $11.65 billion in the 2010-11 fiscal and $12.84 billion in the last fiscal.
According to July 2012- May 2013 statistics, Bangladesh has earned $24.32 billion in export which is 11 percent higher than the same time previous year.
Experts say the amount would get close to $27 billion once the income in June is added.
In 2007-08 fiscal, Bangladesh had earned $14.1 billion from exports.
The exports increased by nearly $1.5 billion the following fiscal to $15.56 billion, then to $16.2 billion in the 2009-10 fiscal.
Bangladesh saw a boost of over $6.5 billion in the 2010-11 fiscal when the exports rose to $22.93 billion, again rising to $24.28 billion last fiscal.
On Monday, Bangladesh Bank's foreign exchange reserve touched $15.25 billion for the first time in history.
It is possible to meet import demand of over five months with the current reserve, Kazi Saidur Rahman told bdnews24.com.
"We hope the remittance will cross $15.5 billion in the first week of July before payment of Asian Clearing Union (ACU) dues," he said.
At the end of the 2007-08 fiscal the central bank's foreign exchange reserve was $6.14 billion which increased to $7.47 billion at the end of the next fiscal.
By the end of 2009-10 fiscal, the amount increased to $10.75 billion. It was $10.36 billion at the end of 2010-11 fiscal and $13.07 billion in the last fiscal.
Zaid Bakht, Research Director of Bangladesh Institute of Development Studies (BIDS), said, "I think the expatriates had kept the economy booming in the past five years. Their remittance increased over the years despite political volatility in Libya, Egypt and other Middle Eastern countries."
"In case of exports, there were problems of gas and power besides weak infrastructure. Apart from the fire at the Tazreen garments and huge loss of lives in the Rana Plaza collapse, the apparel sector is plagued with continuous labour unrest."
"The European countries and America are reducing import of readymade garment products due to economic slowdown. Still, the export income is rising."
He believes the foreign currency reserve has got a strong base thanks to the increased export income and buoyant remittance flow.
All in all, bright economics despite fractious, volatile politics – that's the Bangladesh story.
source: Bangladesh grows - on remittances, exports - bdnews24.com
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Expatriate Bangladeshis sent $14.46 billion in remittances during the 2012-13 fiscal year, Bangladesh Bank said on Wednesday.
The amount is 12.6 percent more than the remittances during the previous fiscal.
Bangladesh Bank Forex Reserve and Treasury Management division General Manager Kazi Saidur Rahman told bdnews24.com that was the highest remittance send by expatriate Bangladeshis in a single fiscal year since independence.
$14 billion remittance in 2012-13 - bdnews24.com
The amount is 12.6 percent more than the remittances during the previous fiscal.
Bangladesh Bank Forex Reserve and Treasury Management division General Manager Kazi Saidur Rahman told bdnews24.com that was the highest remittance send by expatriate Bangladeshis in a single fiscal year since independence.
$14 billion remittance in 2012-13 - bdnews24.com
Record dollar purchase - bdnews24.com
Record dollar purchase
Abdur Rahim Harmachi, bdnews24.com
Published:12 July 2013 06:44 AM GMT Updated:12 July 2013 06:44 AM GMT
Bangladesh Bank has purchased a record amount of dollar from the market, highest in recent times, to keep exchange rates stable.
The central bank has purchased over $5.1 billion during the 2012-13 fiscal year. The trend continued even in July the early phase of 2013-14 fiscal.
According to an apex bank figure it had brought $155 million in the first ten days of July.
A dollar traded for Tk 77.75 on Wednesday. The rate was Tk 81.85 in Jun 30 last year.
It is an increase of 5.5 percent over one year and nine percent in a year and half.
Simultaneously in neighboring India, rupee rates were falling against dollar. In the last month, rupee slid four percent against a dollar.
Economists and bankers said that if dollar was not taken out from the market, the exchange rate of Taka would have fallen. A dollar would have traded lesser against taka.
In that case, it would have a negative effect on export earnings and remittances.
Bangladesh Bank Forex Reserve and Treasury Management division General Manager Kazi Saidur Rahman said the purchase of dollar was to keep a positive flow of export earnings and remittances.
Disclosing the dollar purchase statistics to the bdnews24.com, he said But, the dollar rate is constant over the last month. I hope it will not fall further.
Bangladesh Institute of Development Studies (BIDS) Research Director Zaid Bakht told bdnews24.com that apex banks move was one kind of intervention in the monetary market.
The export revenues, remittance and aids have increased supply of dollar in the market, thats why its rate is falling. The central bank thought the slide will rein the flow of remittance and export earnings.
Meanwhile, even a few months back, a dollar traded for Rs 54 in India. Now a dollar costs Rs 60.
In 1986, a rupee traded for Tk 2.5. In 1999, the gap reduced to Tk 1.14. Now, despite the ups and downs over the last decade, a rupee is between Tk 1.20 and Tk 1.30.
The 2012-13 fiscal, which ended in June, saw record $14.46 billion inflow of remittance from abroad a 12.6 percent more in comparison to the preceding fiscal.
Largely because of this remittance, the forex reserve touched $15.32 billion on Wednesday, which is an all time high.
Record dollar purchase
Abdur Rahim Harmachi, bdnews24.com
Published:12 July 2013 06:44 AM GMT Updated:12 July 2013 06:44 AM GMT
Bangladesh Bank has purchased a record amount of dollar from the market, highest in recent times, to keep exchange rates stable.
The central bank has purchased over $5.1 billion during the 2012-13 fiscal year. The trend continued even in July the early phase of 2013-14 fiscal.
According to an apex bank figure it had brought $155 million in the first ten days of July.
A dollar traded for Tk 77.75 on Wednesday. The rate was Tk 81.85 in Jun 30 last year.
It is an increase of 5.5 percent over one year and nine percent in a year and half.
Simultaneously in neighboring India, rupee rates were falling against dollar. In the last month, rupee slid four percent against a dollar.
Economists and bankers said that if dollar was not taken out from the market, the exchange rate of Taka would have fallen. A dollar would have traded lesser against taka.
In that case, it would have a negative effect on export earnings and remittances.
Bangladesh Bank Forex Reserve and Treasury Management division General Manager Kazi Saidur Rahman said the purchase of dollar was to keep a positive flow of export earnings and remittances.
Disclosing the dollar purchase statistics to the bdnews24.com, he said But, the dollar rate is constant over the last month. I hope it will not fall further.
Bangladesh Institute of Development Studies (BIDS) Research Director Zaid Bakht told bdnews24.com that apex banks move was one kind of intervention in the monetary market.
The export revenues, remittance and aids have increased supply of dollar in the market, thats why its rate is falling. The central bank thought the slide will rein the flow of remittance and export earnings.
Meanwhile, even a few months back, a dollar traded for Rs 54 in India. Now a dollar costs Rs 60.
In 1986, a rupee traded for Tk 2.5. In 1999, the gap reduced to Tk 1.14. Now, despite the ups and downs over the last decade, a rupee is between Tk 1.20 and Tk 1.30.
The 2012-13 fiscal, which ended in June, saw record $14.46 billion inflow of remittance from abroad a 12.6 percent more in comparison to the preceding fiscal.
Largely because of this remittance, the forex reserve touched $15.32 billion on Wednesday, which is an all time high.
TopCat
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Bangladesh bank cant stop dollar to slide. Our trade deficit is getting lesser and lesser, remittance is getting higher and the foreign exchange is stacking up. I think dollar will be traded for 70 taka again.
However, I do not think our trade surplus is something permanent. BD needs tens of billions of dollars of foreign currency to import technology, machines, factories, fuels and raw materials. However, as investment in these sectors remains stagnant, therefore, there is a superficial trade surplus.
The surplus is sure to swing to deficit once demand for machines and factories increase during the next phase of development. The present appreciating Taka proves BD needs to invest in industries that produce more high end goods. Unless used properly, the appreciating Taka will wipe away the advantage BD is enjoying now vis-a-vis Vietnam or other producers of low-end RMG goods.
Bank interest rate is now too high in BD that discourages private investors from borrowing heavily to invest in other industrial sectors not very much understood by them. Many investors are unwilling to invest in sectors that they do not really know about. For them, it is a great risk to borrow at high interest rate and invest in those sectors.
I believe, highly educated new generation entrepreneurs with their parents' money in their pockets are more able to face the new challenge of introducing higher technology industries.
By the way, there is a glut of money in the Banks. This will certainly lower the interest rate. I hope, there will be new investments in non-traditional industries once the interest rate is further lowered.
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