Jagaran Chakma

Implementation of the budgetary proposal to phase out a tax holiday for investors and developers of private economic zones (EZs) will be a violation of agreements signed over developing the zones, according to the Japanese ambassador to Bangladesh.

India’s Prime Minister Narendra Modi emphasised the need for initiating operations fast at two special economic zones (SEZs) meant for Indian companies on meeting with his Bangladeshi counterpart Sheikh Hasina in Delhi on June 22.

The government’s target in the proposed budget for 2024-25 on increasing private sector investment is ambitious and will be difficult to achieve, said businesspeople and experts citing high bank interest rates and a shortage of US dollars.

Sales of refrigerators and chest freezers declined by 13 percent ahead of Eid-ul-Azha as consumers contended with persistent inflationary pressures as well as an increase in the prices of the home appliances, according to industry players.

Seeing the huge potential in agriculture, the government is implementing a Tk 211.84 crore project in the Chittagong Hill Tracts (CHT) region to introduce modern technologies and enhance research initiatives with a view to promoting coffee and cashew nut cultivation.

“You are being transferred to the Chittagong Hill Tracts.”

The Bangladesh Investment Development Authority (Bida) has identified 814 more factories as risky under a countrywide initiative as the government looks to prevent avoidable fire incidents and other disasters.

Full-scale rawhide procurement across the country has yet to begin due to rainfall and subsequent delays in animal sacrifices.

The government needs to provide guarantees against an increasing amount of loans of state-owned enterprises every fiscal year, especially for power generation, fertiliser and fuel imports, and aircraft purchases.

Currently, investors in the EZs and hi-tech parks qualify for a tax break for a decade starting from the first year of their operations. They are entitled to a full tax waiver in the first three years.

The proposed budget for 2024-25 lacks creativity and offers no solutions to the many complex challenges facing the country’s economy, economists have said.

Only 10 economic zones (EZs) have become operational since the Bangladesh Economic Zones Authority (Beza) rolled out its massive industrialisation plan in 2015, raising questions about whether its goal of setting up 100 enclaves will be materialised on time.

Locally assembled cars and the range of electric vehicles (EVs) offered by Mercedes-Benz were the main attraction during the 17th Dhaka Motor Show at the Bangabandhu Bangladesh-China Friendship Exhibition Center on Friday.

Ashit Chowdhury, managing director of AAPON, a manufacturer of shataranji and various jute home decor products, applied for a loan of Tk 30 lakh from a private commercial bank.

Imagine walking into a shop and finding products that are identical to those at branded outlets but are being sold for only a fraction of the price levied by the well-known companies.

Although there are around 40 steelmakers in Bangladesh, just four based in Chattogram are currently catering to 53 percent of the total demand, according to market studies and industry insiders.

The government is currently faced with a lack of funds, evidenced by a reduction in allocations it provided from the exchequer for the upcoming Annual Development Programme (ADP), said Fahmida Khatun, executive director of the Centre for Policy Dialogue.

Competition in the cement industry of Bangladesh could become even narrower as smaller producers are at risk of going out of business due to overcapacity in production and increasingly higher input costs.

Steel consumption in Bangladesh is projected to rise by 25 percent to around 1.06 crore tonnes in 2027 from 85 lakh tonnes in 2024 thanks to growing infrastructure development projects and individual consumption, according to Bigmint.

The consumer market in Uttara, a planned suburb in Dhaka city, has witnessed steady growth over the years, prompting many retailers and brands to expand their operations in the area.