The government should extend adequate policy support to tannery firms in Bangladesh and introduce a new refinancing scheme to help them make a comeback from the pandemic-induced business slowdown, according to a study paper and industry people.

On April 5, the revenue authorities held a draw of the lottery of sales receipts issued by the stores using electronic fiscal devices (EFDs).

The National Board of Revenue should accelerate the use of electronic fiscal devices (EFDs) and ramp up monitoring to eliminate non-compliance with a view to raising more value-added taxes using technologies, said former top taxmen and economists.

The number of mobile network subscribers in Bangladesh rose for three consecutive months to reach an all-time high in April while internet usage slipped that same month.

The monthly internet usage of mobile subscribers has more than doubled ever since the coronavirus pandemic began as more people are being pushed online for work and entertainment purposes.

Top officials of the government at a workshop today said the government couldn’t provide proper policy support to encash the huge prospect of the country's tourism sector.

Commerce Minister Tipu Munshi today highlighted the investment opportunities in Bangladesh before the representatives of Nordic countries and said this is the high time to invest in the south Asian nation.

South Korean company HKD Bangladesh Ltd is going to establish an industry to manufacture tent, tent accessories, camping furniture and camping equipment in Bepza Economic Zone.

Smartphone penetration in Bangladesh is fast approaching 50 per cent as the coronavirus pandemic has accelerated the adoption of digital technologies to work, study and find entertainment using smart devices.

South Korean conglomerate Samsung Group on Tuesday unveiled a massive 450 trillion won ($356 billion) investment blueprint for the next five years aimed at making it a frontrunner in a wide range of sectors from semiconductors to biologics.

Proper planning for the tourism sector’s development has become imperative as Sustainable Development Goals (SDGs) cannot be achieved by 2030 if tourism does not flourish in Bangladesh, said speakers at a meeting yesterday.

For the first time, home textile has emerged as the second largest export earning sector after garments as demand remains buoyant in major markets, particularly Europe, according to exporters. Exporters fetched $1.3 billion from shipping home textiles in the July-April period of the current fiscal year, posting 39 per cent year-on-year growth. Receipts from shipments of home textile items such as bed sheets, pillow covers, curtains and cushion covers were higher than export receipts from agricultural products as well as leather and leather goods during the period. Home textile exports were 28 per cent higher than its nearest peer, agricultural products, namely dry foods, vegetables, tobacco and spices. Jute and jute goods, which topped the export basket as the second biggest earning source in fiscal year 2020-21, fell to fifth place in the face of falling demand for jute yarn, twine, sacks and bags, according to the Export Promotion Bureau (EPB). “We have been registering increasing demand for home textiles from the last fiscal year as people stayed home as a part of coronavirus containment measures,” said Shahidullah Chowdhury, executive director of Noman Group, the main exporter of home textile. It exports $27 million worth of home textiles each month. “Our main markets are Europe, Canada, the United Kingdom and Japan. However, our exports are increasing in new markets such as Australia,” he added. The sector first crossed the $1 billion mark in fiscal 2020-21 thanks to a 49 per cent year-on-year hike in export earnings, driven mainly by higher costs and prices of raw cotton and other materials. Export earnings were only 3 per cent of the total receipts of $38.75 billion for that year with garments accounting for 81 per cent, according to the EPB. “Definitely the volume of exports has increased too,” said Abul Basar, general manager of human resource, admin and compliance of Momtex Expo Ltd, another major exporter. He said Bangladesh can offer competitive prices as labour costs here are the cheapest. Labour cost has increased in China, which once dominated the home textile market. Political uncertainty in Pakistan has also discouraged buyers from placing orders there, Bashar said. “So, the increased order flow is likely to sustain,” he added. Harun-Ar-Rashid, managing director of Apex Weaving and Finishing Mills Ltd, said nearly 10 textile mills export home textile products from Bangladesh and the export volume is not that high. Bangladesh only has a 7 per cent share in the global home textile export market. He went on to say that demand may decline due to a yarn shortage and the ongoing war in Ukraine. Noman Group’s Chowdhury said exports would grow if the government provides policy support. Increasing the cash incentive for exports to 10 per cent from the present 4 per cent and reducing congestion at ports will be instrumental for increasing export earnings from home textiles. “We have political stability now but what we need is policy stability,” he added.

The government is establishing 89 laboratories to develop Bangladesh Standards and Testing Institution (BSTI) as a world-class institution, Industries Minister Nurul Majid Mahmud Humayun said today.

The construction work of Bscic Chemical Industrial Park in Munshiganj will be completed by December 2023 if everything goes according to plan, said Industries Minister Nurul Majid Mahmud Humayun.

The ICT Division and the World Bank will work jointly to build ICT infrastructure in Bangladesh to take the economic development to the next stage, said Junaid Kamal Ahmad, a vice president of the World Bank.

Small and light engineering industries in Saidpur have helped the railway town emerge as a hub for producing valuable machinery and spare parts consumed by various sectors, thus cutting dependence on imports, saving foreign currencies and generating jobs for thousands.

The National Board of Revenue (NBR) has been failing to achieve tax collection targets since the fiscal year of 2012-13 because of lofty goals set by the government and the absence of major reforms.

The government’s a2i programme is set to become a full-fledged agency, entering the software and digital innovations industry as a government-subsidised player, but creating uncertainty for local tech companies.

Global tourism is roaring back to life despite Covid travel headaches and the effects of the war in Ukraine, but it has yet to return to its pre-pandemic health.

Entrepreneurs in Bangladesh have pumped billions of dollars into the shipbuilding sector in recent years to meet their own demand for vessels as well as regain the international market.