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Amazon wants to source products from Bangladesh under a new business model


Under the proposed mode of financial transaction, Bangladeshi exporters have to keep their goods at Amazon warehouses in the USA Amazon, an American e-commerce giant, yesterday formally wanted to source goods from Bangladesh for its global buyers with flexible terms that will require amending a number of regulations on external trade including the foreign exchange regulations. In making the sourcing ... Read More »

Future Enterprises CFO arrested over unpaid customs duties


Indian federal authorities arrested a top executive at the retail conglomerate Future Group, one of the largest retailers in the country, on customs fraud charges involving more than $2 million of unpaid customs duties on garment imports, a government statement said on Saturday. The Directorate of Revenue Intelligence, part of India’s finance ministry, arrested Dinesh Maheshwari, executive director and chief ... Read More »

More Than 10,000 Wild Animals Seized In Massive Interpol Anti-Smuggling Operation


More than 10,000 wild animals and their parts were seized in Operation Thunderball, a massive anti-smuggling campaign coordinated by two of the world’s largest enforcement agencies. The operation, conducted by Interpol and the World Customs Organization over 26 days in June, spanned 109 countries and was the “most widespread wildlife crime raid” ever organized, National Geographic reported. Interpol said on ... Read More »

Explore full trade potentials with Bangladesh: PM


Prime Minister Sheikh Hasina today invited Chinese business people to explore the full potentials of business and trade relations with Bangladesh as the country is marching ahead in various areas of economic growth and development. “As Bangladesh is marching ahead in various areas of economic growth and development, I invite you to explore the full potentials of business and trade ... Read More »

Bangladesh’s VAT rollout confuses consumers and businesses

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DHAKA : Raihan Khan, owner of a small diner selling rice and paratha flatbread dishes in Dhaka, has no idea how to deal with Bangladesh’s rollout of a new value added tax on Monday. “We don’t have a machine,” the bearded restaurateur said, referring to electronic cash registers. “If I hike prices, I have to wrangle with customers.” Khan, whose ... Read More »

Bangladesh to expand steelmaking capacity by 4 million metric tons


Bangladesh Steel Re-Rolling Mills’ Sanjoy Kumar Ghosh, who will speak at SteelMint’s 4th Steel Scrap, Billet & DRI Trade Summit, offers his views on the country’s steel sector. Bangladesh, one of Asia’s emerging steel markets, has seen a rapid increase in its steel production capacity throughout last few years, helping to drive raw material imports of ferrous scrap, pig iron ... Read More »

Bangladesh’s 65-day ban on fishing will hurt over 400,000 poor coastal families


The June-September monsoon is the peak fishing season in the Bay of Bengal for more than half a million poor Bangladeshi fishers. But this year, their wooden boats remain moored along the coast. For the first time, the government is enforcing a 65-day ban on all types of marine fishing to promote what the officials say is the conservation of ... Read More »

Canada seeking to expand trade with Bangladesh


Canada is seeking ways to expand business with Bangladesh, Canadian High Commissioner to Dhaka Benoit Préfontaine has said. “We have appointed a senior trade commissioner to explore trade opportunities,” he told diplomatic reporters at a press meet today. The interest grew because of the economic growth of Bangladesh. However, infrastructure and governance remain issues of concern, he said. According to ... Read More »

World Investment Report: Bangladesh second largest FDI recipient in South Asia


FDI in Bangladesh went up by 67.94% in 2018, report says Bangladesh registered a record level of foreign direct investment (FDI) inflow in 2018, topping the list in South Asia. In 2018, Bangladesh reached the highest ever level in the country’s history at $3.61 billion, according to World Investment Report 2019 by United Nations Conference on Trade and Development (UNCTAD). ... Read More »

Every mission possible for Bangladesh Air Force via Marshall ADG


Marshall Aerospace and Defence Group in Cambridge has signed a new multimillion pound contract with the Bangladesh Air Force to support additional C-130J aircraft bought from the UK Ministry of Defence. The multi-year contract follows on from a landmark deal signed in May 2018 and will see Marshall provide total support to the entire Bangladesh Air Force C-130J fleet. Marshall ... Read More »

Proposal to follow Bangladesh economic model supported


ISLAMABAD: Jahangir Akhtar, a veteran leader of the trading community, has supported the statement of a minister proposing to follow Bangladesh’s model to ensure rapid economic growth. “Development like Bangladesh is difficult but not impossible. Cooperation of the business community will be vital in this regard,” he remarked. Talking to reporters on Thursday, Jahangir Akhtar said that the growth rate ... Read More »

Lift extra 15% customs duty on smartphones: BMBA


Dhaka,: The Bangladesh Mobile Phone Business Association (BMBA) has demanded withdrawal of additional 15 percent customs duty on smartphones proposed in the new budget. BMBA President Md Nizam Uddin Jitu said the proposed duty will be an obstacle towards achieving the goal of ‘Digital Bangladesh’ and encourage illegal imports. “We fear that about Tk 6,000 crore will be laundered if ... Read More »

Budget measures undermine vision of Digital Bangladesh


The government has two and a half years to attain its vision of Digital Bangladesh by 2021, and by the time it took a number of initiatives and spent a lot to realize its dream of providing services online, moving towards cashless economy and introducing digital payment gateway. But measures in the proposed budget for fiscal year 2019-20 have raised ... Read More »

First Bangladeshi expat gets UAE permanent residency ‘Golden Visa’

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Mohammed Mahtabur Rahman, Chairman and Managing Director of Al Haramain Group of Companies, Chairman of NRB Bank Ltd and President of Bangladesh Business Council in Dubai, has become the first Bangladeshi expat to be awarded the UAE permanent residency ‘Golden Visa’. In a statement issued by the company, the recognition comes as Al Haramain Group celebrates 38 years of its ... Read More »

DRI seizes 834 tortoises meant for smuggling to Bangladesh


The Directorate of Revenue Intelligence (DRI) has seized 834 Indian star tortoises meant for smuggling to Bangladesh, an official statement issued on Friday said. On the basis of inputs that a consignment of Indian star tortoises is being brought from Chennai onboard the Coromondel express train and would be handed over to a group of people at the Santragachi railway ... Read More »

Record quantity of goods imported through Benapole in 3 days


A record quantity of goods was imported from India in the last three days (9 to 11 June) through Benapole port leading to revenue increase, according to customs sources. At least 354 trucks entered with goods on Sunday, 445 trucks on Monday and 382 trucks till Tuesday noon, said Mamunur Rahman, deputy director of benapole port authority. This number was ... Read More »

Economy at its lowest ebb in 10yrs: CPD


Bangladesh’s economy is now at its lowest ebb since the last 10 years, the Centre for Policy Dialogue (CPD) said today. The independent thinktank said, a rift in the macroeconomic stability surfaced in the last fiscal because of revenue shortfall, problems in the banking sector, and pressure on the exchange rate of the Taka against Dollar. Bangladesh’s macroeconomy is now ... Read More »

Gold import cost to drop under baggage rules


The government may relax the baggage rules from next fiscal year to facilitate travellers to bring in gold bars and jewellery through the formal channel as it looks to curb smuggling. As per the plan, a passenger will get the scope to bring 234 grams of gold bars or bullions upon payment of Tk 2,000 for each 11.664 grams (one ... Read More »

Deal signed for export privileges to Eurasia


Bangladesh has signed a memorandum of understanding with the Eurasian Economic Commission (EEC) to enjoy trade privileges and economic cooperation in the region. Commerce Minister Tipu Munshi signed the MoU with the EEC in the Russian capital of Moscow on May 31. The Eurasian Economic Union (EAEU), a region like the European Union, is becoming a major export destination for ... Read More »

Banglabandha land port to remain closed for 9 days


Panchagarh,:The export and import activities through Banglabandha land port will remain closed for nine days from Saturday due to Eid-ul-Fitr celebration. Export-importers association, Panchagarh C&F Agent association, Banglabandha Land-port Limited and Labourers Union have taken a decision to keep trading shut from June 1 to 9. Port authorities said export-import among Bangladesh, India, Nepal and Bhutan through Banglabandha land port ... Read More »