4:27 pm - Saturday June 24, 2017
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Economy

6.8pc growth in 2017: World Bank

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Bangladesh’s growth in 2017 will be 6.8 percent, the World Bank has said in a report. The global lender, in its report Global Economic Prospect released Sunday, attributed the decline in growth to sliding remittance and shrink in internal demand and industrial production. Finance Minister AMA Muhith has projected for a GDP growth of 7.4 percent for the fiscal wb2017-18 in the budget he proposed. However, he himself said it was an ambitious budget. Last year, the growth target of overcoming the “6 percent growth trap” was overcome as...

Govt plans to speed up rice imports in wake of flooding

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The government of Bangladesh will speed up plans to import rice that it brought in to build reserves and rein in local prices after flash floods hit domestic output, government officials said on Thursday. As part of that, a Bangladeshi delegation is now in Vietnam to finalize imports of the staple grain in a government-to-government deal, said a procurement official, declining to be pariza rice panicleidentified as he was not authorized to speak with media. He did not give further details on the transacti...

Challenges in achieving higher growth

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Bangladesh faces formidable challenges in moving to a higher growth path of 8 percent plus GDP to become a middle income country. The foremost challenge lies with the stagnant private investment followed by weak institutional capacity to implement development projects. To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29.0% of GDP in FY2015 to 34.4% of GDP by FY2020, said ICC Bangladesh President Mahbubur Rahman while presenting the Executive Board Report at the ICC Bangladesh Annual Council held in Dhaka on Thursday (25 May). Bangladesh economy embraces 2017 with some other challenges that include declining remittanc...

One-Stop Service to promote investment

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The cabinet today approved in principle the ‘One-stop Service Act, 2017’ to facilitate domestic and foreign investors in getting various services with regard to their business under a package programme from one centre. The approval was given in the weekly meeting of the Cabinet held at Bangladesh Secretariat bbwith prime minister Sheikh Hasina in the chair, reports BSS. “Under the law entrepreneurs or investors having registered companies will get 16 types of services from the one-stop service centre within a stipulated timeframe f...

ADB, City Bank sign new trade finance deal in BD

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The Asian Development Bank (ADB) and the City Bank Limited on April 27 signed a loan agreement for $5 million to support import and export financing for Bangladeshi businesses. Under the agreement, ADB’s Trade Finance Program (TFP) will provide trade loans to the City Bank to on-lend to local firms. “We are pleased to be growing the partnership with the City Bank and to support more trade, which is directly linked to job creation and economic growth,” said Edward Faber, TFP citybankRelationship Manager for Bangladesh. “Wit...

Thrust on replication of Danish tech in RMG

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The Energy Efficiency Engagement (3e) Secretariat in collaboration with the Embassy of Denmark in Dhaka jointly organized a seminar titled ‘Renewable Energy, Energy and Water Efficiency in the Textile/Garment Industry’ on Tuesday, April 25, 2017 at Hotel Radisson Blu, Dhaka. The focus of the seminar was to promote effective implementation of Energy, Renewable Energy and Water Efficiency in the Textile/Garment Industry in Bangladesh, create awareness among industries, share key findings and achievements of the 3e programme and showcase Danish Technological solutions to the industries. The program started with a welcome address by Søren Robenhagen, Commercial Counsellor at