BB to build ‘University of Banking’ in Ctg

http://www.daily-sun.com/?view=details&type=daily_sun_news&pub_no=127&cat_id=1&menu_id=3&news_type_id=1&index=1

BB to build ‘University of Banking’ in Ctg
Atiur tells a workshop at Brac-CDM
staff correspondent

Bangladesh Bank (BB) will build up a ‘University of Banking’ in Chittagong for the development of banking education in the country, said BB Governor Dr Atiur Rahman.

He said the efforts would be made so that proposed university could achieve international reputation by being of global standard.

“I have already asked the Deputy Governor to start feasibility study for the university and take the assistance from Indira Gandhi Institute of Reserve Bank of India,” said Atiur Rahman.

He was delivering his concluding speech at a two-day Strategic Planning and Management Strengthening Workshop-2011 at Brac-CDM in Savar yesterday.

Besides, BB Governor laid emphasis on being pragmatic to contain inflation, expediting financial deepening activities, strengthening financial inclusion and building up proactive supervisory mechanism for controlling banking sector.

“These activities should be reordered on priority basis, if required,” he said to the central bank’s officials.

Atiur Rahman said some crises such as repeated fall of price index in share markets in recent time tarnished the achievements of the central bank. “We are illogically blamed for the turmoil in the bourses, although we are not responsible for it,” he added.

Atiur Rahman asked BB officials to strengthen the communication activities, lack of which led the people misunderstand about the central bank.

He also urged them to apply best-practices strongly to make the country’s banks comply with the rules and regulations.

Agro-processing industry prospects bright in NW region

http://www.theindependentbd.com/business/others/34042-agro-processing-industry-prospects-bright-in-nw-region.html

Agro-processing industry prospects bright in NW region
BSS

RAJSHAHI, Feb 12: The prospect of Agro-processing industries is bright in the north western region as it produces food grain, fruits and vegetables in surplus amount. Talking to BSS here on Saturday, business leaders, bankers, agronomists and researchers reiterated that the region offers excellent potentials for making agro- processing enterprises sustainable as it has been producing varieties of fruits and vegetables contributing to the national economy.

They focused on the agricultural potentials of the region with special emphasis on value added agro-processing and agro- based industries.

President of Rajshahi Chamber of Commerce and Industry (RCCI) Abu Bakker Ali said the region has been producing rice, maize, wheat, soybean and fruits especially mango, banana, papaya and tomato and other vegetables in adequate quantities for the last several years.

Vegetables like potato, cauliflower, tomato, white gourd, bean, spinach, and baby corn are being produced in the region in large quantities alongside broccoli, carrot, celery, capsicum, and strawberry.

He said the Bangabandhu Multipurpose Jamuna Bridge contributed a lot in improving road communication in the northern region, creating wider scopes for increased production of cereals, fruits and vegetables.

“The bridge has in fact opened up many opportunities for agro- businesses to grow in the region,” he said stressing the need for uninterrupted power supply and gas for promotion of agro- based small, medium and big industries in the northern districts. The Chamber leader urged the government to upgrade Rajshahi Airport, making it an outlet for direct export of the processed agri- Products, fresh vegetables and fruits to the Middle East and European markets.

He underscored the need for setting up more agro-processing industries to ensure maximum utilization of agricultural products for increasing the contribution of the sector to the GDP.

Besides, establishment of agro- processing industries would encourage the farmers to grow more high- value products for increasing their own income, he added.

Kabirur Rahman Khan, another business icon of the city, said the region has now been fulfilling 52 percent of the country’s total food demand along side supplying 76 percent raw- materials to country’s agro- based industries. “Unfortunately, big industrial units have not yet been established here,” he said.

He said potato flakes have great demand in the international market and its production technology being simple, the item can be produced in great quantity in the northern region.

Besides, he added the region alone shares 49 percent of total mango produced in the country creating ample opportunity for establishing mango-based industries here. Managing Director of Rajshahi Krishi Unnayan Bank (RAKUB) Pradaip Kumar Dutta said the northwest region alone produces nearly one-third of total rice produced in the country.

He said there exists ample opportunity to extract edible oil from rice bran in the region by setting up a large number of medium sized rice-bran oil processing mills.

Some of the districts like Rajshahi, Naogaon, Chapainawabgonj, Natore and Dinajpur produce good quality aromatic rice. There exists a tremendous scope to export aromatic rice, he added.

He, however, said in this regard that there is a need of collaborative approach involving producers, millers, exporters and financial institutions.

He said maize production can be doubled and then quadrupled within a short time in the region by establishing backward and forward linkages among the maize growers, buyers and entrepreneurs. Poultry feed mills can be established meeting the demand of the country, he added.

Additional Director of the Department of Agriculture Extension (DAE) Younus Ali described ‘value addition to agricultural products and agro-processing’ very much consistent with the government’s declared policy.

Tk 284cr water management project for SW region

http://www.theindependentbd.com/business/banking/34038-tk-284cr-water-management-project-for-sw-region.html

Tk 284cr water management project for SW region
BSS

KHULNA, Feb 12: The government with the assistance of the Asian Development Bank (ADB) and the Netherlands government has undertaken a water development project for alleviating poverty in the southwestern region. The Taka 284 crore project is spread over six districts of the region- Narail, Jessore, Faridpur, Rajbari, Magura and Gopalganj, officials said.

Bangladesh Water Development Board is executing the project in cooperation with the Local Government Engineering Department, Department of Agriculture Extension (DAE) and the Cooperatives Division. The project will be completed by June 2013.

The officials said works to be done under the project are: excavation and re-excavation of canals, construction and repairing of regulators and embankments and construction of sluice gates.

Textile and garment machinery show kicks off today

http://www.thedailystar.net/newDesign/news-details.php?nid=173983

Textile and garment machinery show kicks off today
Star Business Report

A four-day exposition starts in Dhaka today to showcase textile and garment machinery.

Jahangir Alamin, president of Bangladesh Textile Mills Association, said at a press conference yesterday that the association has been organising the annual event, Dhaka International Textiles and Garments Machinery Exhibition, for the last eight years.

“Such an event is a reflection of how Bangladesh’s garment makers are progressing. We are the third largest supplier of garment products, followed by China and Turkey, and we have a chance to claim the second spot in future if the potential could be properly tapped.”

“The government should create an investment-friendly environment and build infrastructures to run business smoothly,” Alamin added.

He said machinery used in textile and garment, dyeing and finishing, embroidery and knitting would be put on display at the fair.

A total of 620 leading textile and garment machinery producing companies from 31 countries are likely to exhibit their products.

Textiles and Jute Minister Abdul Latif Siddiqui is expected to inaugurate the fair at Bangabandhu International Conference Centre.

Leading companies from Austria, Bangladesh, Belgium, Brazil, China, Czech Republic, Denmark, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Malaysia, Netherlands, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, UK and USA is participating in the exhibition.

Mitsubishi plans big for Bangladesh

http://www.thedailystar.net/newDesign/news-details.php?nid=173566

Mitsubishi plans big for Bangladesh

From right, Yukio Okamoto, statutory auditor of Mitsubishi Motors Corporation, Osamu Masuko, president, and Romo Rouf Chowdhury, managing director of Rangs Ltd, are seen at a press conference at Sonargaon Hotel in Dhaka yesterday.

Sajjadur Rahman

Global automobile giant Mitsubishi Motors has made a bid to increase its market share in Bangladesh, which it believes has big potential to grow as an emerging market for cars.

This is part of the Japanese carmaker’s new business plan. According to media reports, Mitsubishi said it would target a 37 percent jump in sales of Mitsubishi-brand vehicles to 1.37 million vehicles worldwide by 2013/14. Mitsubishi now looks to emerging markets for its rapid expansion.

The announcement came when Mitsubishi’s net loss narrowed in the nine months to December from a year earlier as the global market recovers and cost-cutting measures helped offset the yen’s strength.

Global retail sales volume for the three quarters totalled 807,000 vehicles, up 17 percent from the same period in 2009.

In Bangladesh, Mitsubishi will start assembling sedan cars. The 1,300cc sedan cars will be the latest addition to the current Mitsubishi Pajero and Mitsubishi Pajero Sport projects in Bangladesh. State-owned Progoti Industries Ltd has been assembling Pajero vehicles since 1985.

Osamu Masuko, global president of Mitsubishi Motors, who is in the city on a three-day visit, shared his company’s expansion plan for Bangladesh with The Daily Star in an interview yesterday.

The Bangladesh government and Mitsubishi have agreed to study the possibility of the sedan-assembling project. The feasibility study will take six months to complete. Masuko said prices of the cars will decrease after local assembly but did not disclose further details on it.

The automaker will gradually transfer technology to Bangladesh to help it go into car-manufacturing in future. “Bangladesh must localise components to save foreign currency being spent on imports,” said Masuko.

Presently, Bangladesh’s annual car market is around 30,000 units, dominated by reconditioned Japanese cars.

Rangs Motors, the market leader in the branded car segment and sole distributor of Mitsubishi vehicles, has a 38.6 percent share of the new-car market.

“It is an easy target to sell 200,000 units a year in the next five to 10 years,” Masuko said considering the country’s population size and growing economy.

He believes the middleclass will get cars when more parts will be produced locally. Reduction of import duties is the present remedy, he added.

He cited the example of Korea-based Hyundai Motor that became a global player due to transfer of technology by Mitsubishi.

“It took 39 years to transfer the technology to Hyundai. If we start here today it will take at least 10-15 years to do that,” said Masuko.

Mitsubishi and Rangs have also announced the plan at a press conference at Sonargaon Hotel yesterday.

Yukio Okamoto, statutory auditor of Mitsubishi Motors, and Romo Rouf Chowdhury, managing director of Rangs Ltd, were present at the press conference.

Despite being a potential country for car-making, Chowdhury said manufacturing is not taking place largely due to an unfavourable tax structure. “The tax rate is the same for imported and manufactured vehicles,” he said.

sajjad@thedailystar.net

Western Marine to build ferry for Denmark

http://www.theindependentbd.com/business/others/33666-western-marine-to-build-ferry-for-denmark.html

Western Marine to build ferry for Denmark
Keel-laying ceremony to be held today

One of the ships (the EMSSEA) built by Western marine. Source: http://www.priyoaustralia.com.au/

STAFF REPORTER

CHITTAGONG, FEB 9: After Germany, Denmark makes a beeline for Bangladesh. Western Marine Shipyards Ltd, leading ship-building company of the country, today begins the construction of a passenger ferry for a Danish company with the ceremonial laying of the keel of the vessel. The 49.80-metre-long ferry is being built for Hundested Rorvig Faergefart (HR) under the supervision of French classification society, Bureau Veritas, a company official said. Southeast Bank, the financial partner to Western Marine in this project, has extended a credit line of Tk. 44 crore (funded & non-funded), he added.

The new order is being viewed as a great achievement for the country’s ship-building industry in general, and for Western marine in particular, as this is the first time that a Danish order has travelled far beyond the shores of Scandivia.

The secretary in the ministry of commerce, Ghulam Hussain, is expected to inaugurate the ceremony as chief guest at the Patiya shipyard of Western Marine while Chairman of Prime Bank & CEO of East Cost, Azam J. Chowdhury will be present as special guest.

The chairman and the chief executive officer of Hundested Rorvig Faergefart, Captain Kennie G. Kjeldsen and Bo Andersen; regional head (SE Asian) of Bureau Veritas, Hubert Mignot; representative of the Danish Embassy in Bangladesh, Morten S. Lynge; representative of Western Marine in Europe and managing director of East Wind Germany, Hans-Ulrich Brenneke; and deputy managing directors of Southeast Bank, Syed Imtiaz Hasib and Shahid Hossain will be present during the programme.

Denmark enjoys a global reputation for building high-quality ferries. In fact Bangladesh once imported ferries from Denmark for operating in inland waters. Western Marine was nominated for this new building order by Danish Maritime Authority (DMA), which is known for maintaining and following stringent maritime safety rules in the world.

Western Marine termed the achievement the beginning of a new chapter in the history of ship-building industry in Bangladesh with the country poised to export ferries to Denmark.

Earlier, Western Marine delivered two ice-class 5,200 DWT multi-purpose vessels to a German company.

Sedan venture soon

http://www.thedailystar.net/newDesign/news-details.php?nid=173574

Sedan venture soon
Mitsubishi president tells The Daily Star about the motor giant’s decision on new assembling project in Bangladesh

Osamu Masuko

Sajjadur Rahman

Mitsubishi Motors Corporation decided to assemble family saloon cars in Bangladesh to tap the growing potential of the local market.

The Japanese carmaker giant also has plans to locally manufacture as many components as it can.

“We [Bangladesh government and Mitsubishi] have agreed to study the possibility of a sedan car assembling project,” Osamu Masuko, global president of Mitsubishi Motors, told The Daily Star in an interview yesterday.

The study will be concluded in six months, Masuko said.

After the feasibility study, state-owned Progoti Industries Ltd will start assembling the cars with 1,300cc (1.3 litre) engines.

The family saloon will be the third Mitsubishi vehicle, after the Pajero and Pajero Sport, to be assembled here. Progoti has been assembling Pajeroes since 1985. The Pajero Sport is expected to hit the local market in two to three months.

Rangs Motors is the sole distributor of all Mitsubishi vehicles in the local market.

Masuko, who is now in the city on a three-day visit to see progress of Mitsubishi’s ongoing and future projects, said Bangladesh would benefit from the assembly plants in terms of technology transfer.

“Bangladesh has to localise components to save the foreign currency being spent on imports,” said the company president.

He cited the example of Hyundai Motor, a Korean automaker, that has become a global player due to transfer of technology by Mitsubishi Motors.

“It took 39 years to transfer the technology to Hyundai. If we start here today it will take at least 10-15 years to do that,” said Masuko.

He believes that Bangladesh has a lot of potential in the automobile sector with its huge number of educated young people.

Govt signs 360mw power deal with Marubeni

http://www.thedailystar.net/newDesign/news-details.php?nid=173568

Govt signs 360mw power deal with Marubeni
Star Business Report

The government yesterday went into an agreement with a Japanese corporation to set up a 360-megawatt combined cycle power plant and associated substations in Haripur by August of 2013.

Electricity Generation Company Ltd (EGCL), an enterprise of Bangladesh Power Development Board, signed the deal with Marubeni Corporation of Japan at Biddut Bhaban in Dhaka.

Kazi Nazrul Islam, company secretary of EGCL, and Hidekatus Mizushima, general manager of Marubeni Corporation, inked the $376 million deal .

Japan International Cooperation Agency (JICA) will finance the project.

“This project is our major anchor to the development of the power sector, said Tawfiq-e-Elahi Chowdhury, energy adviser to the prime minister.

Takao Toda, chief representative of JICA Bangladesh Office, said the project is expected to be complete within 29 months.

Country’s forex reserve now $10,381.72 million

http://www.bssnews.net/newsDetails.php?cat=7&id=160162&date=2011-02-09

Country’s forex reserve now $10,381.72 million

SANGSAD BHABAN, Feb 9 (BSS)-Finance Minister Abul Maal Abdul Muhith told the House today that the country’s foreign exchange reserve was US Dollar 10,381.72 million till January 31 this year, $283 million up from January 31 in 2010.

Replying to a question from Jatiya party lawmaker Begum Salma Islam, the finance minister said the present government has undertaken various steps to increase the forex reserve.

The measures, he said, include raising the number of exchange house, banks’ branches and drawing system, giving approval for using platform of the mobile operators following the application of commercial banks to reach the remittances to the recipients quickly.

“To prevent the hundi business, the anti-money laundering law is being enforced side by side with the foreign currency control law in the country,” he said.

The finance minister said US Dollar Investment Bond, US Dollar Premium Bond and Wage Earners’ Development Bond have been introduced for the expatriate Bangladeshis at an attractive interest rate.

“A road show was arranged from Teknaf to Tentulia side by side with holding meetings with bankers in every district to encourage incoming remittances through banking channel,” he said.

Replying to another question from ruling party lawmaker Murad Hasan, the finance minister said the government earned revenue income of Taka 6648.69 crore from cigarette and bidi sector in 2009-10 fiscal year, Taka 1258.79 crore up from the previous fiscal year.

Bangladesh: Next destination for investment

http://www.thedailystar.net/newDesign/news-details.php?nid=173543

Bangladesh: Next destination for investment
Indian business delegation meets FBCCI team in Dhaka
Star Business Report

Bangladesh could be the next ideal destination for investment as its markets are opening up amid industrial resurgence, the head of an Indian business delegation said yesterday.

“Bangladesh is ready to launch and march forward, and we are convinced that Bangladesh could be the next destination for investment,” said Aniruddha Lahiri, vice chairman of AmCham India.

“Its markets are opening and industrial resurgence is taking place. We have got indication that we are very much welcome here,” he said.

Lahiri said the two countries should work together to explore common interests in trade and business across the border and in and beyond the region.

The comments came at a meeting between the 18-member team of AmCham India led by Lahiri and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at the conference room of FBCCI in the city.

FBCCI Vice-President Mostofa Azad Chowdhury Babu chaired the meeting.

FBCCI Director Abdul Haque said Bangladesh offers tremendous opportunities for the Indian business community; the two countries also explore opportunities in the region together.

FBCCI Director Md Harun-ur-Rashid said the killing of Bangladeshi citizens by Indian Border Security Force in the border area is unprecedented given the historic and existing friendly relationship between the two countries.

He urged the business delegation to discuss the issue with Indian policymakers aiming to stop killing of innocent people. “The security force could use rubber bullets, which will spare innocent lives.”

He was referring to the killing of a 15-year-old girl, Felani, on Phulbari border in Kurigram by the BSF on January 7. The incident provoked huge outrage from the people in Bangladesh, leading New Delhi to regret the incident two weeks later.

FBCCI Secretary General Mir Shahabuddin Mohammad said getting Indian visa is a major hurdle the country’s business community faces.

“Getting visa is a very complicated matter. We have to wait for visas no matter what one’s purpose is–business or healthcare,” he said. “This is painful when our prime minister has provided various facilities to India to improve connectivity with Bhutan and Nepal.”

He said India should be more open in removing tariff and non-tariff barriers to take economic relations to a new height. “There are some minor problems that hamper trade.”

Bangladesh imports products worth $5 billion, which is an official figure, but imports by informal means are just as big, Shahabuddin said. “So, India should help promote trade and investment.”

Rajiv Pujara, managing director of Kolkata-based Atlas Healthcare Software, said people getting killed across the border is very unfortunate and shocking. “It’s a sensitive issue.”

He said the visa related problems are not one-sided. “The two countries should work together to find solutions.”

Later, the business delegation had another meeting with the Dhaka Chamber of Commerce and Industry (DCCI) in its office.

DCCI President Asif Ibrahim, senior vice president TIM Nurul Kabir and vice-president Nasir Hossain were also present among others.

Reforms in export-import policy soon: Faruk

http://www.thedailystar.net/newDesign/news-details.php?nid=173544

Reforms in export-import policy soon: Faruk
Star Business Report

The government will update the country’s export and import policies through mid-term review for the first time in a bid to create a further congenial business environment, the commerce minister said yesterday.

“We will also formulate competition law to make the business environment friendlier. The existing companies’ laws will also be revised,” Faruk Khan said.

The minister made the comments when the newly elected board of directors of Dhaka Chamber of Commerce and Industry (DCCI) led by its President Asif Ibrahim called on him at his office in the secretariat.

Ibrahim said the country should analyse the micro-level policies, considering the purchasing capacity of people, who are under tremendous pressure due to soaring prices of basic commodities.

“The Trading Corporation of Bangladesh (TCB) should be reformed to control unwarranted price hike. There should also be a comprehensive food security policy under the public-private partnership (PPP) framework,” the new president of the chamber said.

He said immediate short-term measures are needed to find the best way to use the country’s limited gas resource, which is depleting fast, and the national coal policy should also be finalised.

The chamber leader said Bangladesh also needs to chalk out a fresh policy to face emerging challenges in the global trade arena. “Research and development and capacity building of Export Promotion Bureau should get priority,” Ibrahim said.

The commerce minister said they have already sought fund from the finance ministry to strengthen the TCB, the state-run supplier of basic commodities.

“We have also decided to introduce distributorship system, as the existing delivery order system offered scope to create middlemen who inflate the prices of basic commodities without valid reasons.”

On edible oil crisis, the minister said the government is actively planning to reduce tax on imports to keep the prices at a tolerable level, according to a DCCI statement.

Commerce Secretary Md Ghulam Hussain and DCCI Senior Vice President TIM Nurul Kabir and Vice President Nasir Hossain were also present.

Bangladesh taking part in Frankfurt fair beginning Feb 11

http://www.bssnews.net/newsDetails.php?cat=0&id=160007&date=2011-02-08

Bangladesh taking part in Frankfurt fair beginning Feb 11

DHAKA, Feb 8 (BSS) – A five-day International Trade Fair (Ambiente- 2011) begins February 11 in Frankfurt, the business hub of Germany, an Export Promotion Bureau (EPB) source said today.

A total of 16 Bangladeshi companies manufacturing and exporting handicrafts made of jute and leather, are taking part in the Ambiente-2011 which is one of the world’s largest fair on design-oriented innovations.

The fair, at Messe Frankfurt, would accommodate an array of products such as services in arts and crafts, bags, cases, boxes and toys.

EPB deputy director Dr Bikarna Kumar Ghosh said today that the Ambinte-2011 would provide participants with a great opportunity to display the unique aspects of recent developments in jute and leather sectors in Bangladesh. Export Promotion Bureau (EPB) will set up a stall in the fair. Vice- Chairman of EPB Jalal Ahmed, Cabinet Secretary M Abdul Aziz and business representatives will attend the fair.

Talking to BSS , Moshammat Halima Akter, proprietor of Hamila Handicraft and Gift Products said the fair would enable Bangladeshi entrepreneurs to have a better idea about the world standard goods.

The EPB source said the Cabinet Secretary is expected to hold a meeting with the leaders of German Chamber of Industry and Commerce (GCIC) there.

He will also visit an open pit coal mine to see for himself how the German miners are working there protecting themselves and the environment. Germany is the second largest export destination of Bangladeshi goods.

Bangladesh exported goods worth 2187.35 million US dollars to Germany while it imported goods valued at US$469.55m during 2009-10 fiscal. Goods worth US$1465 were exported to Germany from Bangladesh during July-December of the 2020-11 fiscal.

Bilateral trade between the two countries grew by 15 percent to 2.3 billion Euro in 2009, with trade balance in favour of Bangladesh. Bangladesh’s exports to Germany are concentrated on woven garments, knitwear, shrimp, home textiles, footwear and jute yarns, EPB said.

ECNEC approves 11 projects involving Tk 2246 crore

http://www.bssnews.net/newsDetails.php?cat=0&id=160030&date=2011-02-08

ECNEC approves 11 projects involving Tk 2246 crore

DHAKA, Dec 7 (BSS) – The Executive Committee of National Economic Council (ECNEC) today approved 11 projects involving Taka 2246 crore with Taka 1155 crore coming from domestic sources and Taka 1091 crore from project aid, an official release said.

The approval was given at a meeting of the ECNEC held at the NEC conference room here with Prime Minister Sheikh Hasina in the chair.

The approved projects include water supply and sanitation project for the Sidr and Aila affected people in coastlines, river bank protection projects for the left banks of Madhumati river at Fukra of Gopalganj and beel route channel in Madaripur, Karnaphuli water supply project, projects for infrastructure development of three jails and completion of remaining works of two other jails, first phase construction work of Muktijoddha complex in all districts, extension and development of Hathazari road and development of roads, bridges and culverts in different parts of the country.

Finance Minister and Alternative Chairman of ECNEC Abul Maal Abdul Muhith, Planning Minister Air Vice Marshal (Retd) AK Khondoker (Bir Uttam), Agriculture Minister Matia Chowdhury, LGRD and Cooperatives Minister Syed Ashraful Islam, Water Resources Minister Ramesh Chandra Sen, Commerce Minister Lt. Col (Retd) Faurk Khan, Communications Minister Syed Abul Hossain, Law Minister Barrister Shafiq Ahmed, Shipping Minister Shajahan Khan, Home Minister Advocate Sahara Khatun, advisers to the Prime Minister H T Imam, Dr. Modasser Ali, Tawfique-e-Elahi Choudhury (Bir Bikram), Dr. Alauddin Ahmed, State Minister for Liberation War Affairs Capt. (Retd) A B M Tajul Islam and State Minister for Housing and Works Advocate Abdul Mannan Khan attended the meeting.

Cabinet Secretary, Principal Secretary to the Prime Minister, Planning Secretary, members of the planning commission, secretaries and high officials of concerned ministries were also present.

Exports post robust growth

http://www.thedailystar.net/newDesign/news-details.php?nid=173305

Exports post robust growth
Star Business Report

Bangladesh registered almost 40 percent growth in exports in the first seven months of the current fiscal year, compared to the same period a year ago.

According to the Export Promotion Bureau (EPB), the country exported goods worth $12.18 billion during July-January of fiscal 2010-11, up from $8.7 billion during the same period of 2009-10, marking a 39.85 percent rise.

In January alone, exports grew 34.33 percent to $1.92 billion, compared to the same month of the previous year, according to government data.

The EPB report shows exports of major products — knitwear, woven, jute and jute goods, home textile, frozen foods, shrimp, leather goods — have grown significantly during July-January period.

In the first seven months of the current fiscal year, the knitwear sector earned $5.07 billion, which is a 43.22 percent rise from the same period a year ago. Woven garment exports grew 39.09 percent to $4.38 billion, compared to the same-year-ago-period.

The shipbuilding sector logged highest growth in percentage, rising at 1,386.78 percent.

At the same time, products such as tea, chemical, bicycle, furniture, engineering products, petroleum by-products and pharmaceuticals showed negative growth.

However, EPB set a target to earn $18.5 billion for the current fiscal year, which is 14.16 percent more than the actual earnings last year.

During 2009-10, the total export earnings were $16.2 billion against a target of $17.6 billion, which was 4.11 percent higher than the 2008-2009 earnings.

Govt mulling revising GDP base year to 2005-06

http://newagebd.com/newspaper1/business/7985.html

Govt mulling revising GDP base year to 2005-06
United News of Bangladesh . Dhaka

The government is mulling revising the GDP base year, as massive structural changes have occurred in the country’s economy in the last 15 years. The GDP is currently estimated taking 1995-96 as the base year.

As per the government’s plan, the GDP base year will be upgraded to 2005-06, said statistics division secretary Riti Ibrahim while talking to the news agency.

She said that at present they would not go for upgrading the GDP base year to 2010, as for doing this there is a need for conducting more surveys. The existing data will be enough to upgrade the base year to 2005, she added.

Riti said that necessary works are expected to be completed by this June for upgrading the GDP base year to 2005-06. ‘After that, we will carry out work to upgrade the base year to 2010.’

She informed that an IMF consultant had already sat with the statistics division in January regarding upgrading the GDP base year.

During the period, IMF representative AC Kulshrestha put forward some recommendations before the division.

The recommendations include upgrading the base year to 2005-06, then upgrading the base year to 2010, allowing the Bangladesh Bureau of Statistics to analyse the public sector activities, also to take the profit and loss statements of the companies from the Registrar of Joint Stock Companies.

The IMF consultant also recommended strengthening the national accounting wing as well as making it an equivalent entity to the BBS, creating research groups and research cells in the BBS.

The statistics division secretary said that they would also consult with the chairman and members of the National Statistics Council regarding upgrading the GDP base year.