Jagaran Chakma

A return to normalcy is still a far off reality for Bangladesh’s leather sector as the ongoing coronavirus pandemic has led to low domestic demand and a decline in exports, according to industry insiders.

In countries like Bangladesh, being successful in life means achieving financial solvency but while many individuals try to do so by starting their own businesses, they are often impeded by numerous roadblocks, said Mohammed Amirul Haque, managing director of Seacom Group.

Almost all of the country’s major development projects being funded by China are back on track following a prolonged hiatus caused by the coronavirus pandemic, the Economic Relations Division and project officials said.

The Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) will be brought under a digital security system as a part of the government’s plans to build it up as a ‘smart industrial city’.

Delta Agrofood Industries, a joint venture of SEACOM and Samuda, is set to invest Tk 1,200 crore in the production of various soy and wheat products with an aim to meet the country’s growing demand for healthier consumer goods.

A return to normalcy for Bangladesh’s steel manufacturing sector is still a far cry as factories have been forced to limit their operations due to declining demand amid the ongoing coronavirus pandemic, according industry insiders.

Samuda Food Product and Samuda Chemical Complex, two sister concerns of the TK Group of Industries, will invest Tk 1,744.80 crore at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) to produce consumer goods and chemicals.

The home electronics sector is suffering from a landslide in demand with the sales likely to stay below 70 per cent of annual target as consumers are reluctant to spend on luxury items amid the ongoing pandemic, according to various market players.

The planning ministry has expressed dissatisfaction over a decision to put on hold implementation of low-priority projects.

With development projects losing steam for the ongoing pandemic and several months of shutdown, the Economic Relations Division (ERD) hopes to get four back on track by getting loan agreements signed with China this fiscal year.

Prime Minister Sheikh Hasina in January announced light engineering as the “product of the year” in an attempt to bring special attention to the sector so that it increases the country’s foreign exchange reserves through the export of various goods.

While an unhealthy competition plagues Bangladesh’s cement sector for its 43 per cent overcapacity, Bashundhara Group has gone on to look beyond borders for opportunities. It found it in the India’s Seven Sister states.

The government has not discarded its plan to offload shares of several state-run banks, said Finance Minister AHM Mustafa Kamal.

IPDC Finance is eyeing up the premium customers of the real estate industry as the non-bank financial institution believes investment in the sector entails low risk now.

The government’s plan to impose a ban on the import of reconditioned vehicles to promote local manufacturing and assembling will create an imbalance in the domestic market, according to Bangladesh Reconditioned Vehicles Importers and Dealers Association (Barvida).

The rising trend in foreign direct investment (FDI) for Bangladesh may slow down this year due to the economic fallout of the coronavirus outbreak, experts believe.

Bangladesh’s event management sector is in dire straits as a lack of work for the past six months amid the ongoing coronavirus pandemic has led to a serious shortage of capital, according to industry insiders.

Premier Cement, a cement manufacturer in Bangladesh, became the maiden exporter to India’s north-eastern state of Tripura through a new river route in a development that is expected to boost cross-border trade and connectivity.

The target of Bangladesh Auto Industries Ltd (BAIL) to market the country’s first locally manufactured electric vehicles will be delayed by up to one year as the ongoing coronavirus pandemic has halted development work of its factory.

With just a year or so to go for golden jubilee celebrations of independence, Bangladesh is on its way to marking an epoch in history by manufacturing its own brand of automobiles with assistance from Japan.