Mirsarai Economic Zone gets $10b investment proposals

Staff Correspondent: (23 June 2017) Bangladesh Economic Zones Authority (BEZA) has got investment proposals amounting to US$ 10 billion in its Mirsarai Economic Zone in Chittagong.
Disclosing it at a programme yesterday, BEZA executive chairman Paban chowdhury expressed the hope that BEZA would be able to attract US$20 billion investments for the Mirsarai Economic Zone.
BEZA organized the programme to sign land lease agreement with DBL Group for Sri Hatto Economic Zone in Moulvibazar. DBL has taken lease of 170 acres of land in this zone for setting up industries. BEZA member Harunur Rashid and DBL DMD and group CEO MA Quader signed the agreement on their respective sides.
Principal Secretary of Prime Minister’s Office (PMO) Dr Kamal Abdul Naser Chowdhury was present at the agreement signing ceremony.

Permanent link to this article: http://www.daily-industry.com/2017/06/22/mirsarai-economic-zone-gets-10b-investment-proposals/

Inu wants no excise duty on bank accounts with Tk 500,000

Staff Correspondent: (23 June 2017)  Information Minister Hasanul Haq Inu has opposed excise duty on bank accounts with balance up to Tk 500,000. Joining the general discussion on the proposed budget for 2017-18 fiscal in parliament yesterday, he also called for delaying the implementation of the VAT law until next year.
“Bank accounts with Tk 500,000 should be kept outside the purview of excise duty. This will keep the middle and lower class people happy,” he said. Finance Minister AMA Muhith has been facing harsh criticism over the proposed budget, which was presented on June 1, from colleagues from both ruling Awami League and opposition Jatiya Party in parliament. The budget drew criticism due to a proposed increased excise duty on bank  accounts with at least Tk 100,000 and a uniform VAT of 15 percent. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/06/22/inu-wants-no-excise-duty-on-bank-accounts-with-tk-500000/

Forex reserves hit record $33b

Staff Correspondent: (23 June 2017) Bangladesh Bank’s foreign exchange reserves have crossed the record $33 billion (Tk. 3,300 crore) mark for the first time, the central bank’s Forex Reserve and Treasury Management Department sources said yesterday. The reserves are sufficient to cover about 10 months’ worth of imports, going by an estimated monthly requirement of $3 billion, the sources said.
Steady remittances inflow from the expatriates and low oil price in the international market helped build reserves in recent years.
As per international standards, countries are expected to maintain enough forex reserves to meet import costs for three months. Bangladesh clears Asian Clearing Union (ACU) bills every two months.

Permanent link to this article: http://www.daily-industry.com/2017/06/22/forex-reserves-hit-record-33b/

Govt targets $5b export on leather sector by 2021

Staff Correspondent: (23 June 2017) Leather goods And Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB) organised a seminar titled ‘Trade Logistics and the Use of New Container Port Facility at Pangaon’ in a city hotel Tuesday. Commerce Minister Tofail Ahmed, M.P, was the Chief Guest and Noor-E-Alam Chowdhury, MP, and Commodore Mohammad Mozammel Haque, Chairman of Bangladesh Inland Water Transport Authority (BIWTA) were Special Guests in the seminar. President of LFMEAB Md. Saiful Islam presided over the seminar while Advisor of LFMEAB Syed Nasim Manzur, Sr. Vice-President, Abdul Momen Bhuiyan ; Vice-President, Nasir Khan; Vice-President, Md. Nazmul Hassan Sohail, Director, M. Anisur Razzaque, Director, Ziaur Rahman, were present among others, said a statement. The Commerce Minister said that Bangladesh has huge growth potential in global US $ 211 billion export market and government targeted 5 billion USD export by 2021, which is around 10 per cent of total $54.1 billion national export target. To realize this target government is working hard for protection of competitiveness along with expanding trade logistics, port facilities, and efficient custom service. In this regard, he urged exporters to use Pangaon inland container terminal as it will to reduce carbon emission contributing towards sustainable environment-friendly trade logistics. Md. Saiful Islam, President of LFMEAB said every year the usage rate of the port facility is increasing by 16-18% and due to scarcity of port facilities transportation time of products is being delayed and the cost and lead time are increasing. He called upon LFMEAB companies to take opportunity of Pangaon as it will enhance exportability and profit margin, green image in global supply chain map and eventually investors and brands will be attracted to Bangladesh.

Permanent link to this article: http://www.daily-industry.com/2017/06/22/govt-targets-5b-export-on-leather-sector-by-2021/

Banks face huge rush ahead of Eid-ul-Fitr

Staff Correspondent: (23 June 2017)  As the general banking closed yesterday before the five-day Eid-ul-Fitr vacation beginning today, commercial banks witnessed a huge rush of clients withdrawing cash to meet their Eid expenditures.
Over the last three days, the banks in the metropolis were packed with clients withdrawing money, especially remittances. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/06/22/banks-face-huge-rush-ahead-of-eid-ul-fitr/

Govt to return over 1385 acres of city land to owners

Staff Correspondent: (23 June 2017) The government has decided to return over 1300 acres of land to their owners, Land Minister Shamsur Rahman Sherif told journalists yesterday.
The decision came following media reports about the problem that the land owners in some areas of the capital city have been facing for long. “The government will soon issue a gazette notification for returning the land to their owners,” the minister said at a press conference at his office in the capital city. He said a total of 1385.28 acres of land would be returned to their owners in the city’s Badda, Zoar Sahara, Ulun, Bhatara, Bhola and Shuti Bhola, Mohakhali, Karail and Lala Sarail mouzas. “The government acquired 2,760 acres of land in 1961 in these mouzas and  found 1518.28 acres of land already occupied by the people in greater Badda, Zoar Sahara, Bhatara, Bhola, and Shuti Bhola
mouzas,” he said.
The minister said out of 1518.28 acres of land, the owners would get back 1,385,28 acres after the
gazette notification.
He said the government would also take effective steps soon so the landowners could complete
mutation and pay taxes (khajna) of their land.

Permanent link to this article: http://www.daily-industry.com/2017/06/22/govt-to-return-over-1385-acres-of-city-land-to-owners/

1st rice consignment to arrive from Vietnam in 15 days: Envoy

Staff Correspondent: (23 June 2017) The first consignment of rice from Vietnam is scheduled to arrive in Chittagong within 15 days, said newly appointed Ambassador of Vietnam to Dhaka Tran Van Khoa.
The Vietnamese Ambassador said this when he met Prime Minister Sheikh Hasina at her parliament office yesterday.
PM’s Press Secretary Ihsanul Karim briefed reporters after the meeting.
He said the Vietnamese Ambassador expressed satisfaction over the extension of MoU on rice trade with Bangladesh as the first consignment of rice is scheduled to arrive in Chittagong in 15 days.
In this context, Sheikh Hasina said, “We want to keep extra food grains in stock to meet any eventuality.” Pointing out Vietnam’s socioeconomic development, the Prime Minister said  the Southeast Asian nation achieved remarkable successes after the war. “Vietnam is an example to us and we follow it. We had to fight for independence like Vietnam.” Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/06/22/1st-rice-consignment-to-arrive-from-vietnam-in-15-days-envoy/

Inu demands VAT withdrawal from newspaper industry

Staff Correspondent:  (23 June 2017) Information Minister Hasanul Haq Inu yesterday suggested the government to suspend the new Value Added Tax (VAT) law for one year with a view to removing the confusion over the unified 15 percent VAT. “The new VAT is an epoch-making one but confusion is spreading over it… I would like to tell the Prime Minister and the Finance Minister to suspend it this time. Otherwise, it won’t be possible to remove the confusion. Introduce it next time removing the confusion and convincing all,” he said. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/06/22/inu-demands-vat-withdrawal-from-newspaper-industry/

70 lakh Eid holidaymakers set to leave capital

Staff Correspondent : (22 June 2017) Around 70 lakh people will leave the capital city of Dhaka for their village homes to celebrate upcoming Eid-ul-Fitr with their near and dear ones.
Eid-ul-Fitr, one of the biggest religious festivals of the Muslims, will be celebrated in the country either on June 26 (Monday) or June 27 (Tuesday) subject to the sighting of the Shawwal moon.
A major portion of the Eid holidaymakers will start leaving the city after Thursday noon as the day is the last working day for the government and private officials and employees before Eid-ul-Fitr.
“We think nearly 6-7 million people will go to their village homes from Dhaka on the occasion of Eid-ul-Fitr,” said Deputy Commissioner (Media) of Dhaka Metropolitan Police (DMP)  Masudur Rahman yesterday.
He said nearly 5 lakh Eid holidaymakers, especially family members of officials and employees of government, semi-government and private organisations, have already left the city while 15-20 lakh more will leave Dhaka by tonight.
Bus, launch and railway stations will witness the main Eid rush on Thursday and Friday as nearly 35-40 lakh people will make their frantic efforts to reach their native villages in the two days, Masudur said. Read the rest of this entry »

Permanent link to this article: http://www.daily-industry.com/2017/06/21/70-lakh-eid-holidaymakers-set-to-leave-capital/

Holy Lailatul Qadr tonight

Staff Correspondent: (22 June 2017) Muslims across the country are set to observe the holy Shab-e-Qadr or Lailatul Qadr, tonight when the first verses of the holy Quran were revealed to Prophet Hazrat Muhammad (PBUH).
According to the holy Quran, Lailatul Qadr, the Night of Decree, is better than 1,000 nights as the angels and the spirit descend therein, by the permission of Almighty Allah with all decrees. This is one of the holiest and most blessed nights which is likely to occur on one of the odd nights in the last 10 days of Ramadan and most likely to be the 27th of the holy month.
The devout Muslims traditionally observe the occasion through nightlong special prayers, milad, Quran Khwani, religious discussions at mosques and in their houses on this holy night.
Devotees also visit graveyards to seek eternal blessings for the departed souls of their near and dear ones.
Newspapers publish special articles while state-run Bangladesh Betar, Bangladesh Television and private television channels telecast special programmes highlighting the significance of Lailatul Qadr.
To the Muslims, the entire month of Ramadan is a period of spiritual training. Besides fasting, they devote themselves to praying, recitation from the holy Quran and offering charity.
Special prayers and sermons will be held at Baitul Mukarram National Mosque and other mosques across the country on the holy night. The Islamic Foundation will organize a waz mahfil (sermon session) and milad mahfil at Baitul Mukarram on the occasion.

Permanent link to this article: http://www.daily-industry.com/2017/06/21/holy-lailatul-qadr-tonight/

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