Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
BGMEA requests duty free access to US market for RMG made of American cotton
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) urged on Tuesday outgoing US Ambassador in Dhaka, Marcia Bernicat, to lobby for duty free access to the US market for apparel products made of American cotton in Bangladesh. BGMEA President Md Siddiqur Rahman made the request at a farewell lunch for Bernicat, hosted by the BGMEA at its office in Dhaka.
Private foreign borrowing now costlier than before
Amid impending risks, foreign borrowing by the country’s private sector keeps rising, which in turn increases the external debt gradually. Bankers, beneficiaries and financial market analysts said the fund users might face difficulties in repaying the loans if the cost of borrowing continues to rise.
Investment hits record high
Overall investment crossed 31 percent of GDP for the first time in Bangladesh’s history last fiscal year thanks to a spike in public spending on mega infrastructure projects now being implemented. In fiscal 2017-18, overall investment to gross domestic product ratio stood at 31.23 percent, which was 30.51 percent the previous year, according to data from the Bangladesh Bureau of Statistics.
PM urges US businesses to invest in Bangladesh
Prime minister Sheikh Hasina has invited US investors to come to Bangladesh with businesses, technology, and innovations for mutual benefit, assuring them of her government’s full support and cooperation. ‘We also have challenge ahead of Fourth Industrial Revolution looming in the horizon. I invite you to come to Bangladesh with your businesses, technology, and innovations for mutual benefit,’ she told a luncheon with US businesses.
IMF team due next week to review SoCBs’ performance
A team of the International Monetary Fund is expected to arrive in the city next week to assess the overall performance of the state owned commercial banks (SoCBs), an official said. The IMF mission chief for Bangladesh Daisaku Kihara will lead the delegation, which will assess the banks’ performance during fiscal year (FY) ’18 and the first quarter of FY ’19.
Indian minister praises Bangladesh economy
The economic development of Bangladesh is a unique model and a good example for the rest of the world, said visiting Indian Commerce Minister Suresh Prabhu yesterday. He said at first, social and human resources development took place in Bangladesh, followed by economic development. “All the three developments happened together and it is unique,” he said.
All authorised agencies in Bangladesh allowed to send workers to Malaysia
Bangladesh and Malaysia at a ministerial level meeting in Kuala Lumpur on Tuesday decided to allow all the authorized recruiting agencies in Bangladesh to send workers to Malaysia. Expatriates Welfare and Overseas Employment Minister Nurul Islam and Malaysian human resource minister M. Kulasegaran led their sides at the talks, says an EWOE Ministry press release.
LNG imports from Indonesia: Bangladesh may rethink deal due to graft charges, potential supply crunch
The Bangladesh government may reexamine an agreement for the import of liquefied natural gas (LNG) from Indonesia, following allegations of corruption against the supplier and a potential supply shortfall, officials said. Asking to remain anonymous, sources at the Power, Energy and Mineral Resources Ministry and the state-owned Bangladesh Oil, Gas and Mineral Corporation (Petrobangla), said the government was scrutinizing the deal due to significant upheaval in Indonesian state energy company Pertamina over the past year. Furthermore, Indonesia’s domestic gas reserves are also reported to be dwindling.