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Bangladesh

Sri Lanka, Bangladesh agree on Free Trade

freetrade

COLOMBO: Sri Lanka and Bangladesh have agreed to finalise a Free Trade Agreement between them by the end of this year. The matter came up for discussion during bilateral discussions when President Maithripala Sirisena visited Dhaka last week. As the first step, a Memorandum of Understanding on Economic Partnership was signed between the two countries. The MoU “should pave way ... Read More »

Dhaka signs initial deal with Doha to import 2.5m tons of LNG a year

LNG export

DHAKA: Bangladesh inked the country’s first-ever deal to import from Qatar liquefied natural gas (LNG), a new fuel for the country, to meet the mounting natural gas demand. Qatar’s RasGas and Bangladesh’s state-owned Petrobangla signed the long-awaited initial deal at Petrocentre in the city over import of around 2.5 million tonne per year of lean LNG for 15 years, a ... Read More »

Bangladesh’s first ever FTA to be signed with Sri Lanka

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DHAKA: Bangladesh is expecting to boost mutual trade with Sri Lanka by signing a free trade agreement this year. It would be Dhaka’s first deal for free trade with any country, said Foreign Secretary Md Shahidul Haque on Friday. “Prime Minister Sheikh Hasina and President Maithripala Sirisena decided to sign the deal in 2017 and asked that negotiations and studies ... Read More »

Bangladesh exports to Sri Lanka jump in FY17

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DHAKA: Bangladesh exports to Sri Lanka sharply increased in the just concluded fiscal year as the figure totalled $42.24 million registering a 38.76% growth over the previous year. In the FY2015-16, the export was $30.44 million. The pharmaceutical products constituted the largest part of the exports with $13.87 million followed by medicament mixture which earned $11.70 million, medicaments nes in ... Read More »

Bangladesh, Sri Lanka sign 14 instruments

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DHAKA: Bangladesh and Sri Lanka has signed 14 instruments, including one between Shipping Corporations of the two countries. The signing ceremony was held at the Prime Minister’s Office after a bilateral meeting between Sri Lankan President Maithripala Sirisena and Prime Minister Sheikh Hasina on Friday, reports the UNB. Confirming the matter, Foreign Secretary M Shahidul Haque said they have also ... Read More »

Bangladesh Bank advises banks to help flood victims

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DHAKA: Bangladesh Bank has advised all scheduled banks to distribute relief and financial assistance among the flood-affected people in the country, especially those in the northern areas, under their corporate social responsibility activities. The banks were asked to show such expenditure as spending in social projects or community investment sector, the central bank said in a statement yesterday. Some 6.5 ... Read More »

Bangladesh’s first LNG import terminal secures financing

LNG imports

DHAKA: Bangladesh appears to be on track to begin importing LNG next year after this week’s announcement from the developer of the country’s first import terminal that project financing had been secured. Excelerate Energy said on July 11 that its partner in the development, World Bank unit IFC, had secured US$125.7 million in debt financing for the US$179.5 million Moheshkhali ... Read More »

Bangladesh inflation cools in FY17

Finland inflation highest since Sep-2014

DHAKA: Bangladesh´s annual inflation eased to 5.44 percent in the financial year that ended in June, the planning minister said on Tuesday, as non-food prices rose at a slower pace but food prices climbed to a two-year high. Food inflation in the financial year hit 6.01 percent, up from 4.9 percent in the previous year, Mustafa Kamal told a news ... Read More »

Foreign direct investment rises in Bangladesh

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DHAKA: Foreign direct investment or FDI has increased in Bangladesh, particularly in energy, telecom and stockmarket. Bangladesh received $2.65 billion in gross inflows of FDI between July 2016 and May 2017, whereas the amount was $2.33 billion in the same period of the previous year. The net inflow of FDI jumped 27.75 percent to $1.62 billion in the July-May period, ... Read More »

Bangladesh exports up 1.7% in 2016/17, slowest growth in 15 years

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DHAKA: Bangladesh’s exports in the fiscal year ended in June rose nearly 1.7 percent from a year earlier, but that was the slowest growth in 15 years, while pivotal garment sales posted only 0.2 percent growth. The Export Promotion Bureau said on Monday total exports in the 12 months ended June 30 were $34.8 billion, or 5.85 percent below the ... Read More »

Bangladesh signs deal with China’s ZTE Corp for solar power plant

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DHAKA: Bangladesh has signed deal with a Chinese firm to set up a solar power plant in Rangamati. The 7.4MW plant is expected to go to production in August next year, said the Bangladesh Power Development Board or BPDB. ZTE Corporation will implement the Tk 770 million project, partially funded by the Asian Development Bank. On Sunday, representatives from the ... Read More »

Govt gets lowest offer of $430 per ton in rice import tender

RICE IMPORTS

DHAKA: Bangladesh received a lowest offer of $430 tonne CIF liner out from Phoenix in a tender that opened on Sunday to import 50,000 tonnes of parboiled rice, officials at the state grains buyer said. Bangladesh is stepping up imports due to depleted stocks and record local prices following flash floods. Six traders competed for Sunday’s tender, the fourth issued ... Read More »

Bangladesh LNG drive likely to hit its diesel, fuel oil demand

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DHAKA: Bangladesh’s plan to start importing liquefied natural gas (LNG) next year will likely dampen its demand for oil used in power generation, government and industry sources said. The South Asian nation typically ships in around 2.5 million tonnes of fuel oil and 3.2 million tonnes of diesel annually, making it one of the top 10 such importers in the ... Read More »

Bangladesh to import 500,000 tons of unrefined salt to stabilise market

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DHAKA: The government has allowed authorised importers to bring in 500,000 tonnes of unrefined salt from abroad, in a move to stabilise the market. The decision came after Cyclone Mora and flash floods affected salt production. Salt will be imported to meet local demand and keep the prices steady, the commerce ministry said in a statement on Wednesday. A statutory ... Read More »

Bangladesh, Sri Lanka holds Foreign Office Consultations

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DHAKA: The Foreign Office Consultations (FOC) between Bangladesh and Sri Lanka was held on Monday. Foreign Secretary Md Shahidul Haque and his Sri Lankan counterpart Esala Weerakoo discussed bilateral issues during the secretary level meeting held at state guest house Padma around 3pm. Wishing anonymity, a foreign ministry official told the Dhaka Tribune that a total of 30 issues, including ... Read More »

JICA to give Bangladesh $1.59 bln in loans for infrastructure

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DHAKA: Bangladesh will receive a total of 178.223 billion yen (about US$1.59 billion) from JICA as Japanese ODA loans for six infrastructure projects. The Japan International Cooperation Agency (JICA) signed loan agreements with Bangladesh for the loan package on June 29, said JICA as quoted by BSS. The six projects are- the Hazrat Shahjalal International Airport Expansion Project (loan amount: ... Read More »

BD money in Swiss Banks jumps 20% in a year

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DHAKA: Bangladeshi nationals’ deposits in Swiss banks rose 20.18 percent year-on-year in 2016 to 661.96 million Swiss francs or Tk 5,575 crore. The Swiss National Bank (SNB) came up with the data in its annual report titled “Banks in Switzerland 2016”. The amount was Tk 4,423 crore in 2015 and Tk 4,283 crore in 2014, show the data by the ... Read More »

Bangladesh govt reduces RMG corporate tax to 12%

New Zealand meat, wine exports to face uncertainty on U.S border tax

DHAKA: Corporate tax for the readymade garment (RMG) industry of Bangladesh has been reduced from 15 per cent to 12 per cent and the same has gone down to 10 per cent from 14 per cent for green RMG factories, as per the Finance Bill for 2017-18 that has been approved in the country’s Parliament. It is expected to encourage ... Read More »

Wheat import triples in 5yrs

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DHAKA: Bangladesh has emerged as a leading wheat importer in the world with its import volume hitting a record high in the current fiscal year, mainly due to a shift in consumers’ diet preference and flourishing baked food market. In this fiscal year, wheat import stood at 5.4 million tonnes till mid-June, show government statistics. A world grain market report ... Read More »

Bangladesh’s foreign exchange reserves cross $33 bln

FOREX RESERVES

DHAKA: Bangladesh’s foreign exchange reserves have crossed $33 billion for the first time in the history of Bangladesh. Reserves grew 10.5 percent to $33.02 billion on Thursday from a year ago, Subhankar Saha, a spokesman for Bangladesh Bank, told bdnews24.com, citing data. The amount is good enough to clear import bills for the next nine months, going by an estimated ... Read More »