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Bangladesh-US economic relations largely unutilised
Experts say at AmCham discussion
Star Business Report
Star Business Report
The Bangladesh-US economic relations have largely remained unutilised 50 years past independence, exemplified by bilateral trade which is too poor when compared with that gained by some competitors, businesses said yesterday.
In 2019, the US had a bilateral trade balance of $9 billion with Bangladesh, which is not that much considering the fact that it was only $4.1 billion in 2009.
In contrast, with Vietnam it was $81.3 billion, Malaysia $59.2 billion, Thailand $52.7 billion, Singapore $91.6 billion, Cambodia $5.9 billion, India $146.1 billion and China $558.1 billion.
The scenario was pointed out by A Gafur, director of Abdul Monem Economic Zone (AMEZ), at a virtual discussion on US-Bangladesh economic relation: Migration to a developing nation , organised by the American Chamber of Commerce in Bangladesh (AmCham).
News Desk,
bdnews24.com
Published: 20 May 2021 03:37 AM BdST
Updated: 20 May 2021 03:37 AM BdST
Roulin (BD) Limited, a Japanese-owned apparel manufacturing company, is going to expand their business in Ishwardi Export Processing Zone with an investment of $25 million. );
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The enterprise signed an agreement on the expansion of its business with Bangladesh Export Processing Zones Authority or BEPZA on Wednesday.
Recently, the major share of the company was bought by Matsuoka Corporation, a major player of the wholesale sector of Japan, BEPZA said in a statement.
Now the new shareholder will expand the existing operation of Roulin by investing $25 million.
BEPZA expects the investment will create 3,500 jobs.
Banks can open temporary online accounts for FDI
Staff Correspondent
18th May, 2021 12:06:55
Bangladesh Bank (BB) has instructed banks to open temporary accounts through online arrangement for foreign direct investment (FDI) in Bangladesh.
As per the instructions released on Monday, the designated banks will observe simplified due diligence in opening these temporary accounts and regulate Anti-Money Laundering (AML) and Know Your Customer (KYC) along with other relevant procedures before transferring balance at these temporary accounts. The BB also directive stated that the scheduled banks are allowed to open accounts through online application received via website/web portal/app of banks or some government service providing entities under their one stop service facilities.
Investment authorities mull over changing corporate structure of country
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DHAKA, April 4, 2021 (BSS) – The Bangladesh Investment Development Authority (BIDA), the Bangladesh Economic Zones Authority and other government investment authorities have considered the corporate structure of the country as a barrier to attracting domestic and foreign investment.
They came up with the thoughts in the pre-budget discussion held at the NBR conference room on Wednesday last where BIDA and Bejar, Bangladesh Export Processing Zones Authority (BEPZA), Bangladesh Hi-Tech Park Authority and Business Initiative Leading Development (BUILD) also took part.
The concerned authorities have proposed a number of reforms in the areas of income tax, VAT and customs for National Board of Revenue (NBR) investors citing that the 2021-22 budget will be for the ‘post-corona economic recovery’.