Eskayef signs insulin deal with Novo Nordisk

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Eskayef signs insulin deal with Novo Nordisk

Kawsar Khan

The world’s biggest insulin maker Novo Nordisk yesterday signed a major deal with Eskayef to extend its manufacturing base to Bangladesh as the third destination in Asia after China and India.

Eskayef Bangladesh Ltd, a leading pharmaceutical company and exporter, will set up an exclusive formulation, filling, inspection and packaging facility near Dhaka for the Novo Nordisk insulin.

The local company will make insulin from bulk drug (insulin crystals) supplied by Novo Nordisk, a world leader in diabetes care based in Denmark, said officials.

The agreement was signed by two top officials of both companies at a ceremony at Dhaka Sheraton Hotel, also attended by other dignitaries.

Speaking at the function, Dr Alauddin Ahmed, adviser (education, social development and political affairs) to the prime minister, said the deal was a landmark event for the pharmaceuticals sector.

“It’s a very fortunate thing that such a technologically advanced company would have a manufacturing base here,” he said.

Jan Møller Hansen, deputy head of mission, Danish Embassy in Bangladesh, said: “I hope Novo through its vast experience of more than 85 years of providing high-quality insulin will continue to be an important factor in fighting diabetes in Bangladesh.”

A symposium titled “Diabetes: A Growing Challenge for the Developing Countries” was also held at the ceremony.

Chairman of Eskayef Bangladesh Latifur Rahman said insulin is a sensitive product that requires careful handling.

Rahman also said he was happy over the partnership with the global leader in diabetes care.

The current size of Bangladesh’s insulin market is more than Tk 120 crore, according to officials of Novo Nordisk.

In a keynote speech, Prof Ashok Kumar Das, director and medical superintendent of Jawaharlal Institute of Post Graduate Medical Education and Research in India, said diseases such as diabetes are increasing rapidly. Around the world, one person dies from diabetes every 10 seconds while another two develop the disease by the same time, he said.

AM Faruque, managing director of Eskayef Bangladesh, and Melvin Oscar D’souza, head of the Regional Office India of Novo Nordisk, signed yesterday’s agreement.

“We are going to set up a plant in Bangladesh by SKF and by this we will reduce diabetes here,” said Sanjeev Shishoo, vice president of the Regional Office Far East of Novo Nordisk.

Prof AK Azad Khan, president of Bangladesh Endocrine Society and Diabetic Association of Bangladesh, Dr Hajera Mahtab, professor emeritus of Bangladesh Institute of Health Sciences, also spoke.

Novo Nordisk employs more than 25,800 people in 79 countries and markets its products in 179 countries.

Eskayef makes and markets a range of therapeutic drugs, bulk pellets and animal health and nutrition products. It has recently received accreditation from UK MHRA, which assures European-standard medicines from its manufacturing plant.

kawsar@thedailystar.net

A Sylhet industrial hub can boost economy

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A Sylhet industrial hub can boost economy
Visiting UK business team suggests
Unb, Dhaka

The visiting UK business delegation has suggested that the government set up an industrial hub in Sylhet for strengthening Bangladesh’s economy.

The Bangladesh British Chamber of Commerce team met Industries Minister Dilip Barua at his office yesterday.

The minister called upon the British investors and Bangladeshi expatriates in UK to invest in Bangladesh’s potential sectors such as shipbuilding, textiles, leather goods, food processing and real estate.

“We can ensure that all facilities will be provided to the British investors,” he said while exchanging views with a UK business delegation.

The delegation, who arrived here in search of business and investment prospects, called on the minister at his office yesterday.

Referring to the business agreement between Bangladesh and UK signed in 1980, the minister said UK companies can invest in the aforesaid sectors availing of generous facilities offered to foreign investors.

“The government is very much serious about the foreign investors and we will try our level best to ensure security for the foreign investors and their capital in Bangladesh. The UK companies can invest as Bangladesh might be the best location for future production due to very low cost and availability of labour”, he said.

Referring to the country’s emerging and potential ship building sector, Dilip Barua said many countries, including Germany, Sweden and Norway, shown their interest to invest their capital in shipbuilding sector.

Danish study finds shipbuilding 15pc cheaper in Bangladesh

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Danish study finds shipbuilding 15pc cheaper in Bangladesh

FE Report

The cost of building an ocean-going ship in Bangladesh is around 15 per cent less than in any other competitor countries, thanks to the cheap labour here, a study of the Danish Embassy said Monday.

Though the low labour costs cannot stand alone to lower the manufacturing costs, the study said the country might not compete with the countries like China, South Korea, India, Vietnam etc already dominating the secondary chain-supply industry.

According to the Danish study, the existing average labour wage per hour in Bangladesh is around US dollar 1.5, compared to $ 3.0 in a Chinese shipyard, $ 8 in South Korea, $ 16 in Italy and $ 18 in the US.

Bangladesh can supply only 10 per cent of the components required for building an exportable ship, but its support to the domestic inland and coastal vessel manufacturing is around 40 per cent, most of which is believed to be coming from small and medium enterprises (SMEs).

Though the cost of labour in shipbuilding is typically around 20-30 per cent of the total ship manufacturing costs, the study says the value of the local items could easily be raised to 70 per cent.

The productivity rate of Bangladesh is 1.0 with the estimated relative labour rate at 0.5 while the ratio stands at 1: 1.2 in India, 1:1.5 in China, and 6:4 in South Korea.

The Danish Embassy prepared the study on Bangladesh Shipbuilding Sector: Challenges and Business Opportunities prior to the visit of a high profile Danish business delegation, mostly from their shipbuilding industry, to find out joint venture business opportunities in Bangladesh.

The delegation, which arrived here Sunday, met Bangladeshi businesspeople at a meeting, titled “Denmark-Bangladesh Match-making event” Monday.

The study praised the contribution of the private sector to the sale of international oceangoing ships, which fetched half a million US dollars. It said four shipyard companies have already earned the full capacity of building ships of international standard.

Of the 200 shipyards, the study put Ananda Shipyard, Western Marine, Khulna Shipyard, and Karnaphuly Shipyard in the A category. Besides, Highspeed Shipbuilding and Engineering, Dhaka Dockyard, Narayanganj Engineering, Dockyard and Engineering, Chittagong Dry Dock and Fishers Shipyard have all been placed in the B category, which means these will be ready for constructing oceangoing ships in a year or two.

The study putting other shipyard companies in C and D categories said the country has the potential to develop 18 backward linkage industries, which include ship out-fittings, safety accessories, marine lighting, maritime signs, symbols and posters, piston rings, switch gear, furniture, marine cables, anchor and chain, electrical and electronic items, and shipbuilding steel plate.

While inaugurating the event at a city hotel, Commerce Minister Faruk Khan made a clarion call to the investors to take into account the country’s labour class and environment to make the investment fruitful.

He also called upon them to find more and more investment avenues including dredging and said the government has already taken necessary steps to create an investment environment for creating job opportunities for the poor segment of the population.

Danish Ambassdor Einar H Jensen, who led the country’s ship building sector revival by making international standard sea vessels, said Bangladesh’s ocean going ships are now doing well.

He said under the Business2Bussiness programme, 70 Danish companies have joint ventures with Bangladesh, mostly in information and technology.

The function, moderated by the president of Bangladesh Enterprise Institute Farooq Sobhan, was also addressed by Capt ATM Kamal from the local ship

UK investments sought in fields of energy, gas, infrastructure

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UK investments sought in fields of energy, gas, infrastructure
FE Report

The country’s apex trade body urged Monday the visiting delegation of the British Bangladesh Chamber of Commerce (BBCC) to invest in areas of energy, gas and infrastructure development.

“We need investment in energy, gas and infrastructure development to help the country attain the middle-income status by 2021,” said Annisul Huq, president of the Federation of Bangladesh

Chambers of Commerce and Industry (FBCCI).

The visiting delegation and FBCCI leaders were exchanging views at the FBCCI office in the city.

The FBCCI chief urged the British businesspeople to set up modern catering and packaging facilities and offer air-cargo service for Bangladeshi products being exported to Britain.

“The demand for catering facilities is rising in the country,” he added.

The FBCCI president said the global recession could not affect Bangladesh economy. “Even Bangladesh can achieve the targeted growth rate this fiscal.”

The FBCCI president said: “You can also invest in transport and other sectors to improve the city’s nagging traffic situation.”

Non-resident British entrepreneurs could work with partners here utilising the vast natural resources and the skilled and semi-skilled workforce available in the country.

On the other hand, the visiting team expressed their interest in the shipbuilding and real estate sectors.

Shahagir Bakth Faruk, president of the BBCC leading the team, said: “Our team members are now interested to invest in shipbuilding and real estate sectors.”

Mr. Shahagir Bakth said Bangladesh is now moving forward with a group of people attaining the capacity to spend on up-market goods.

“The change now taking place in Bangladesh is really significant and inspiring us to explore the investment opportunities.”

Bakth assured that they would consider the proposals of setting up catering facilities and offering cargo service between Dhaka and London.

The meeting also discussed regular exchange of business delegations from both sides.

Kevin Ringham, director of Trade and Investment of the British High Commission, also addressed the meeting.

FBCCI directors M A Rouf Chowdhury, Abdul Matlub Ahmad Obaidur Rahman and Managing Partner of Asian Tiger Ifty Islam also spoke at the function.

NRBs urged to invest in energy, infrastructure sectors

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NRBs urged to invest in energy, infrastructure sectors
STAFF REPORTER

Finance Minister AMA Muhith has assured a visiting delegation from Bangladesh-British Chamber of Commerce (BBCC) of considering raising the reserved quota for non-resident Bangladeshis (NRBs) when a company issues primary shares.
Presently, 10 per cent shares of an IPO (initial public offering) are reserved for the NRBs.

“We’ll consider raising the reserved quota if there is a demand,” the Finance Minister said yesterday, in the face of demand by the delegation at a meeting at the Finance Ministry. BBCC chairman Shahagir Bakht Faruk led the delegation.

In response to a query by the delegation, he apprised them of the most liberal investment regime in Bangladesh and informed that the government was also considering giving a separate incentive package for the shipbuilding industry. “The package will be announced soon.”

Muhith also invited the chamber leaders to consider investment in the country’s energy and power sector, transportation like road, rail and waterways, infrastructure, hotels, hospitals and tourism sectors. “The scope for investment in energy and power sector is limitless,” said the Finance Minister, adding that the government had decided to let the private sector develop the infrastructure.

The BBCC delegation recommended that the government set up a Spice Board in the country to ensure quality and certification of the spice products from Bangladesh and facilitate export to the United Kingdom.

“Indian exporters are taking advantage of the lack of the facility,” said a delegation member, adding that the Indians are exporting Bangladeshi spice with Indian brand name.

Positive change in Bangladesh to woo overseas trade, investment

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Positive change in Bangladesh to woo overseas trade, investment
UK delegation says
UNB, Dhaka

A group of UK companies praised ‘phenomenal’ change taking place in Bangladesh for attracting overseas business and investment as Dhaka evolves as an international trading hub.

“A phenomenal change is now taking place in Bangladesh. Dhaka is now an international city moving fast and international market is coming up here,” Shahagir Bakth Faruk, who is leading a delegation of the group, told a press briefing at Regency Hotel yesterday.

Faruk, who is leading the 15-member delegation of the British-Bangladesh Chamber of Commerce (BBCC), said they are eager to do business in Bangladesh ranging from perfume distributors to property developers and shipbuilding.

In reply to a question he said Bangladesh no longer depends on traditional exports like jute and jute goods, tea and leather.
Bangladeshi-manufactured electronic items and software are being exported to the United Kingdom and the United States of America.

The business leader further noted that the government in Bangladesh also offers a lot of opportunities for business and investment.

Currently UK’s investment in Bangladesh amounts to 1.5 billion to 2 billion pounds sterling.

Faruk said last year BBCC showcased Bangladeshi products in the UK and this time around they are showcasing British products in Bangladesh.

Ishtiaque Hossain of Maritimus Ltd said they are building a shipyard in Narayangnj which will be completed towards the end of next year.

Besides, his company is planning to impart maritime training to unemployed Bangladeshi youths.

Ranjana Chowdhury, who owns Spice on the Green that specializes in catering field, said she will explore potential for setting up McDonald fast-food restaurant as the fast food is getting popular among young generation in Bangladesh.

She also plans to set up a ‘fish and chip’ fast-food restaurant.

Director of Trade and Investment at the British High Commission Kevin Ringham was present at the press briefing.

During their 4-day visit, the delegation members will talk commercial issues of mutual interest with Ministers and business leaders and chambers, including apex trade-body FBCCI.

German company to invest US$ 4.5m at Adamjee EPZ

http://nation.ittefaq.com/issues/2009/11/09/news0034.htm

German company to invest US$ 4.5m at Adamjee EPZ

Business Report

German Company M/S Cancun Food Produces Limited is going to set up a High Tech Food Processing Industry in the Adamjee Export Processing Zone.

This foreign owned company will invest 4.5 million US dollar in their unit and will produce process food items.

The company will also create employment opportunity for 382 Bangladeshi nationals, a BEPZA press release said.

An agreement to this effect was signed between Bangladesh Export Processing Zones Authority and Cancun Food Produces Limited at BEPZA Complex here today

Md. Moyjuddin Ahmed, Member (Investment Promotion) of BEPZA and Sheikh Badal Ahmed, Chairman of Cancun Food Produces Ltd signed the agreement on behalf of their respective organizations.

Among others, Brig General Jamil Ahmed Khan, Executive Chairman of BEPZA, M. Mahbub ul Alam, Member (Engineering), AKM Mahabubur Rahman, Member (Finance), Md. Shawkat Nabi, Secretary, AZM Azizur Rahman, general Manager (Investment Promotion) and other officers of BEPZA were present at the signing ceremony.

Power generation show begins Thursday

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Power generation show begins Thursday
Star Business Report

An exhibition on power generation and transmission will be held in Dhaka on November 12-14.

Renowned local and international companies are expected to participate in the three-day event.

Conference and Exhibition Management Services Ltd (CEMS) will hold the exhibition at Bangabandhu International Conference Centre in the capital, CEMS officials told a press conference at the National Press Club yesterday.

The fair styled Power Bangladesh 2009 will showcase development of power generation and transmission, alternative power, photovoltaic (PV) power and renewable energy sector.

A total of 78 local and foreign companies from 16 countries will exhibit their products and services at the show, open from 10:30am to 7:30 pm every day without any entry fee.

This exhibition will bring together under one roof all stakeholders of the country’s power and energy industry,” said Meherun N Islam, president of CEMS.

She said organising such a fair is very much pertinent with the government plan to invest US $ 6 billion in the sector in the next few years.

Foreign participators will also be able to get a glimpse of the investment climate here, she added.

Bangla Trac Limited (Bangla Cat) is the co-sponsor of the fair, while Green Delta Insurance Company Ltd is the insurance partner.

Caterpillar Inc, USA, Aksa Power Generation, Turkey, BRB Cable Industries Ltd of Bangladesh, Donaldson of the United States, Guangzhou Diesel Engine Factor of China, JST Technology Inc.BHD of Malaysia include the possible participants in the show.

Nazrul Islam Fakir, senior vice president of Bangla Trac Limited, also spoke at the press conference.

Foreign apparel makers plan relocation to Bangladesh

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Foreign apparel makers plan relocation to Bangladesh
BATEXPO ends amid warm response from buyers

Refayet Ullah Mirdha

Foreign buyers see Bangladesh as a lucrative destination for global apparel outsourcing as the country manufactures quality items at a cheap cost.

Many entrepreneurs now plan either relocation of their factories or venturing into joint business here, they said while narrating their experience as participants in the 20th BATEXPO in Dhaka.

The annual largest apparel exhibition concluded yesterday. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) organised the three-day fair. A total of 62 companies from home and abroad participated in 86 stalls.

Talking to The Daily Star at his stall, Gao Zhourong, marketing manager of Changzhou Giantsun Textile Company Ltd, a Chinese company, said they will set up a garment unit in Bangladesh soon as this is a good place for cheaper labour cost.

“We have already completed talks with a local partner to set up the garment unit,” Zhourong said.

Currently, this company has been supplying fabrics of woven garment in Bangladesh, he said. He thinks the response from local and international buyers was very high at the BATEXPO.

Bangladesh imports a substantial quantity of such fabrics from China as the local backward integration can only supply 35 percent of the total demand.

However, the local textile millers have been able to supply around 80 percent fabrics for the knitwear sub-sector for setting up of strong backward integration over the last few years, mainly backed by the GSP (Generalised System of Preferences).

Agha Dastageer of Kassim Textiles, a denim manufacturing company from Pakistan, said Bangladesh’s export trends show a huge rise in orders from importers in future.

He said Bangladesh is doing well also in denim manufacturing as many companies have already started exporting fine denim products.

Dastageer said the quality of Bangladesh made apparels is better compared to other competitive countries as the country mainly depends on the European machinery. “European machinery is really good for apparel manufacturing. And Europeans like such quality,” Dastageer said.

But Bangladesh is suffering limited products diversification as the country still mainly manufactures basic items, the foreign apparel businessmen said.

Meanwhile, the local makers said orders from international buyers are on the rise, as the world is coming out of recession with the signs of improvement in the advanced economies.

Golam Ahmed, general manager (product) of Intramex Group, a local firm, also pointed to the upward trend of buying orders saying that foreigners are coming to Bangladesh in large numbers.

He suggested that Bangladesh should focus on product diversification in a bigger way, as buyers always demand some new items.

Meanwhile, a considerable number of foreign investors and buyers flocked to the recently concluded 5th Knitexpo in the capital. A record 156 international buyers and investors attended the show, held at Dhaka Sheraton Hotel on November 2-4.

Bangladesh exported $5.918 billion woven garment and $6.429 billion knitwear products in 2008-09 fiscal year, the Export Promotion Bureau (EPB) data said.

reefat@thedailystar.net

RMG sets to avoid recession impact

http://www.newagebd.com/2009/nov/08/busi.html#1

RMG sets to avoid recession impact
Kazi Azizul Islam

As feared by some quarters, the impact of global recession on Bangladeshi garment industry may not linger for long as the local manufacturers are now presenting diversified products resulting in fresh orders in recent weeks.

In terms of price competitiveness, Bangladeshi exporters still remain number one in the world.

Importers from across the world were found enthusiastic about the Bangladeshi products at Bangladesh Knitwear Exhibition and BATEXPO — two major annual expos showcasing local garment and textile products.

Visiting both the exhibitions, it was found that be it knitwear or cut and sew woven garments or home textiles, manufacturers showcased finer fabrics, attractive applications, designs and colours.

‘It is being noticed by many importers that local manufacturers are getting capable to cater superior quality knitwear including sweaters,’ said Roberta Golfetto of Hangzheu Knitworks.

Roberta, an Italian having a souring office in China, hopes to significantly increase the volume of purchase she makes from Bangladesh. She purchases apparel for some posh French brands.

‘Increase of automated machineries indicates that Bangladesh in future is capable of presenting fancy and expensive products,’ she said.

‘This year’s exhibitions are more colourful and diversified than the previous years. And, Bangladeshi exhibitors now showcase products with variation,’ said David Chiu of Hong Kong-based apparel buying agent South Ocean. Chiu and some Japanese visitors were eagerly having a look at some knitted T-shirts for men and tops for women with attractive designs and applications —print, embroidery and stonework.

Mohammed Soharwardi, chairman of the Rupashi Group, showed the overseas visitors some up-market T-shirts, tops and bottoms tagged with brands like Zara, GAP and H&M.

Abdus Salam Murshedy, president of the Bangladesh Garment Manufacturers and Exporters Association said despite price-fall every sub-sectors of the industry is fighting for developments which has been reflected at the 20th BATEXPO-2009.

Denim fabrics, woven garments, knitwear and home textiles were showcased at BATEXPO. Of them, mercerized denim was displayed at the stall of Murshedy’s Envoy Textile- country’s first rope denim unit. But, this variety of denim was not produced in the country even a year back.

Agha Dastageer of Pakistan’s Kassim Textiles pointed out that the global buyers would continue sourcing the finely-stitched made in Bangladesh jeans denim-wears, as these are cheapest in the world.

Julfiquer Ali Turaj, executive director of Synergies, an international buying house, also said that for the last couple of months, local manufacturers have been experiencing fresh rush of orders.

Japanese QTEC plans Dhaka wing

http://www.newagebd.com/2009/nov/07/busi.html#2

Japanese QTEC plans Dhaka wing
Kazi Azizul Islam

The Japan Textile Products Quality and Technology Centre, which is called QTEC, will open a laboratory in Dhaka in February next year for inspection of Bangladeshi goods to be exported to Japan.

After China and Korea, Bangladesh will be the third country to have a QTEC laboratory, which serves importers testing products following the strict Japanese standard requirements, said a top QTEC official.

‘We will open our Dhaka laboratory on the first day of February 2010,’ Hiroshi Okada, president of Tokyo-based QTEC, told New Age on Thursday.

Having annual turnover of over $30 million, QTEC is one of the Japan’s top three testing and inspection service organisations which serve textile, leather and food industries as well as other sectors.

Now in Dhaka, Okada pointed out that Japanese quality inspection requirements are quite different than other countries that import from Bangladesh.

‘Contrary to others, Japanese importers require checks on each unit of the imported goods. Our checklist is much longer,’ he said.

Okada said the Dhaka laboratory would be a state of the art one with most sophisticated equipments.

For textile importers, the lab will provide tests in color fastness, shrinkage in yarns to fabrics, tests of hazardous chemicals and metals.

Currently, Pacific Quality Centre, a Japan-Bangladesh joint venture inspection company in Dhaka, provides some of the services that would be offered by QTEC.

PQC is now providing services to around 50 Japanese importers who procure textile, leather goods, frozen foods and many other products from Bangladesh.

Chairman of the PQC, Shibahara Toshihiro, told New Age that enhanced capacity for meeting Japanese standard requirements had become necessary.

‘I foresee manifold increases on Japanese imports of textile and other products from Bangladesh. All leading Japanese retailers will be here within next few years,’ he said.

With finished leather, shoes, frozen shrimps as top products, Japan’s imports from Bangladesh are worth around $200 million. But in recent months, Bangladesh garment shipments to Japan have risen significantly.

In the 2008-2009 fiscal, Bangladesh exported garments worth $74 million to Japan and the year-on-year shipment growth was more than double.

But industry people hope for a billion dollar plus share in the $24 billion Japanese market of imported garments. Japan’s strategy of shifting focus from one country [China] to more countries further brightens that prospect, they believe.

Japanese delegation leaves country: Bangladeshi products to achieve more share in Japanese market

http://nation.ittefaq.com/issues/2009/11/07/news0866.htm

Japanese delegation leaves country: Bangladeshi products to achieve more share in Japanese market

Business Report

22-member business delegation from Japan after a six-day visit to Bangladesh yesterday left the country. The visit of the delegation was jointly organised by JETRO and United Nations Industrial Development Organization (UNIDO).

Keeping KNITEXPO and BATEXPO, the two gala events of Bangladeshi apparels, at the top of their agenda, the delegation members arrived in Dhaka on 2nd November.

The delegation, led by Kiyoshi Omori made the visit with the objective to achieve more share in Japanese market for Bangladesh made products and to develop the image of Bangladesh for attracting more Japanese investment in Bangladesh.

The members of the delegation representing sectors including textile and clothing, textile trading house, textile machinery, apparel-textile inspection, leather goods, pharmaceuticals, food, real estate and media.

Inclusion of Senken Shim bun Co., Ltd, the famous daily newspaper on fashion and textile in Japan, Nikkei Inc., the esteem daily newspaper on the business & economy as well as the presence of freelance business journalist from KM Inc. of Japan, are the most phenomenal characteristics of this particular delegation and is highly significant for Bangladesh to improve mutual understandings.

Apart from visiting the KNITEXPO and BATEXPO, the delegation during their staying here in Bangladesh, also visited RMG and Leather goods manufacturing units in and around Dhaka. The delegation also exchanged views with policy makers, Board of Investment, BEPZA, potential exporters and representatives of leading textile and clothing association of the country.

The visiting delegation from Japan contains huge opportunity for further enhancement of trade and investment between Japan and Bangladesh.

Japan External Trade Organization (JETRO) is the official trade and investment promotion agency under the Ministry of Economy Trade and Industry (METI) of Government of Japan. Since its inception in 1958, JETRO has been working to promote mutual trade and investment between Japan and rest of the world. JETRO commenced its operation in Bangladesh in the year 1973, as part of its long-term strategy to build strong economic relations with this promising country.

BD to sign investment accord to join big Asian economies

http://www.thefinancialexpress-bd.com/2009/11/06/83559.html

BD to sign investment accord to join big Asian economies

Nazmul Ahsan

Bangladesh is going to join the big Asian economies under a Framework Agreement on Promotion, Protection and Liberalisation of Investment to help boost foreign investment flow to the country and also its external trade in holistic and rule-based ways, trade officials said.

The high performing Asian economic like those of China, Korea and India, along with countries like Sri Lanka, Laos and Bangladesh that are also signatories to the Asia Pacific Trade Agreement (APTA), will sign the historic Investment agreement on December 15 in South Korean capital Seoul. The commerce ministers of member countries will attend the signing ceremony there on behalf their respective countries, sources said.

The officials of the Ministry of Commerce (MoC) said the APTA Standing Committee, comprising trade officials of the member countries in their latest round of negotiations finalised the draft deal in Bangkok.

An inter-ministerial meeting, held recently in the Ministry of Commerce (MoC), approved the draft agreement. This will be placed before the Cabinet Division soon for approval by the cabinet, a high official in the MoC said.

“The agreement will be a major tool to attract foreign direct investment from major Asian countries, particularly from China and Korea as it would provide protection of investment to the investors from APTA member countries,” another top official in the MoC told the FE.

“The country’s external trade is expected to increase manifold following signing of the groundbreaking agreement,” he added.

Commerce Minister Faruk Khan will attend the Ministerial Council

meeting in Seoul as the head of Bangladesh delegation.

The APTA was formerly known as the Bangkok Agreement, with officials holding meetings from time to time to discuss trade and economic ties among the six Asian nations.

According to the agreement, member countries will enact new laws to give full security and protection to investments to be made in the countries that are its members.

The contracting countries under the framework agreement will not practise any unreasonable or discriminatory measures, impairing the operations, management, maintenance, disposition or liquidation of investment to be made by member countries, said the agreement.

The member countries of the agreement will protect and uphold the principles of Intellectual Property Rights, in line with the spirit of the World Trade Organisation (WTO), the agreement said further.

No restriction could be imposed on transfer of capital, profit to be derived from such investment, royalties and other income, said the agreement referring to basic criteria of foreign investment.

All sorts of movable and immovable products, share, debenture and stock will be considered as investment, the agreement said.

The member countries of the Investment Pact will promote free flow of investments and encourage transfer of technology among participating countries, according to the regional investment agreement.

“The least developed countries (LDCs) will be provided flexibility, in terms of observing and maintaining the main features of the agreement,” a trade diplomat said.

“Technical cooperation relating to attracting investment and diversifying export-oriented sectors, will be provided by member countries of the big economies to the LDCs and Sri Lanka,” he added.

Shows planned in USA, UK, S’pore for FDI in energy sector

http://nation.ittefaq.com/issues/2009/11/06/news0761.htm

Shows planned in USA, UK, S’pore for FDI in energy sector

Shamim Jahangir

The government will hold three separate road shows in London, New York and Singapore from December 15 to attract foreign direct investment (FDI) for 10 large power plants and two LNG stations.

Prime Minister Sheikh Hasina is likely to attend the opening ceremony of the road show in London on December 15. The two-day London road show will begin on December 15.

The two-day road show in New York will start on December 18 while the two-day road show in Singapore will begin on December 21.

The government will hold the road shows to attract foreign direct investments in the projects like : Coal based power plants each having capacity of 500MW in Chittagong, Khulna , Mawna/ Jazira and Meghnaghat.

FDI will be encouraged also for establishments of 450MW Bibiana Power Plant Unit-2, 450 MW Meghnaghat Duel fuel based Power Plant, 225MW Bhola Power plant Unit 2nd , 450MW Sirajgonj unit-1 Power Plant, Kaliakoir and Savar Power Plant (each having capacity of 100 MW) and two LNG terminals, Power Division Secretary Md Abul Kalam Azad told the New Nation .

The Power Division will also attract investments for installation of 400MW wind and solar based renewable power plants, he said.

“Power Division has already invited Prime Minister Sheikh Hasina to attend the road shows and submitted a paper to the PM in this regard,” he said, adding, “At least 50 to 80 delegates in world renowned power producing companies will be invited to participate in each of the road shows.”

The government has already directed ambassadors in the USA, England and Singapore to prepare lists of the invitees , PDB sources said.

As per PDB estimates more than $5 billion will be required to install the power plants.

Prime Minister’s Adviser for Power and Energy Dr Tawfiq-e-Elahi, state minister for power and energy Brig Gen (retd) Enamul Huq, Power Secretary and the Chairmen of the Board of Investment, Power Development Board and Bangladesh Petroleum Corporation will attend the road shows. The Petrobangla Chairman is also likely to attend some of the events.

Danish-Bangla investment accord signed

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Danish-Bangla investment accord signed
Star Business Desk

Bangladesh and Denmark signed a bilateral investment protection agreement yesterday.

The deal was signed by Industries Secretary Dewan Zakir Hossain and Dutch Ambassador in Dhaka Einar H. Jensen on behalf of the governments of the two countries, according to a press release.

Held at the industries ministry, the signing ceremony was also attended by Industries Minister Dilip Barua and Head of Asian Department of the Danish foreign ministry Martin Bille Hermann.

The agreement aims at protecting and promoting foreign investment. It will be an important foundation for the future cooperation between the two countries as it spells out the overall framework for bilateral private sector investments in the two countries.

“The agreement is first of all an important signal to Danish companies who want to invest in Bangladesh. They can now feel more confident when investing in the country”, says the Danish envoy.

Direct trade between Bangladesh and Denmark has been growing steady in recent years.