Jute mills in Bangladesh are expected to get modernized as the country has signed three memorandum of understandings (MoUs) to receive technical assistance from China, BSS reported.
As per the MoUs, all the 26 old jute mills under the Bangladesh Jute Mills Corporation (BJMC) will be surveyed with the grant to be provided by the Government of China.
Subsequently, the China TextMatek Company (CTMC) will undertake Balancing, Modernization, Rehabilitation and Expansion (BMRE) work at these jute mills.
In addition, th...
The central bank has started the process of disbursing loan for jute millers and traders from its refinance fund to help them purchase raw jute. The bank has already directed about two dozens of scheduled banks to start disbursement of the loan.
Bangladesh Bank set up a Tk 200 crore refinance fund last year to help jute growers to have fair prices and jute millers and traders in purchasing required amount of raw jute during the season to run their mills and business, reports the Financial Express.
A recent meeting of Bangladesh Bank took the decision to disburse the loan among the state-owned jute mills, private jute mills and raw jute traders. The BB also issued a circular to managing directors and chief executive officers of all scheduled banks saying that the board of directors...
Bangladesh has decided to set up an economic zone exclusively for the entrepreneurs of Japan, the world’s third largest economic power.
“We have a plan to set up eight new economic zones across the country. We may allow the zone at Mirsarai in Chittagong for Japanese investors,” said Commerce Minister Tofail Ahmed yesterday.
“The decision to allow a separate economic zone for the Japanese investors has already been made,” Tofail told reporters after a meeting with Norihiko Inshiguro, vice-minister of economy, trade and industry of Japan, at the Secretariat, Daily Star reports.
“We may finalise the allocation of the economic zone during the visit of Japanese Prime Minister Shinzo Abe next month,” he said, adding that the government had acquired 8,000 acres of land in Mirsarai.
...
As emerging markets move towards digital currency ecosystems, Bangladesh has emerged as the first adapter of these changes by becoming the first affiliate from Asia for Bitcoin Foundation.
The Bitcoin Foundation has been interacting with economies worldwide, urging users to tread the digital currency route. In just under eight months, the Foundation has worked incessantly, bringing international users to the cryptocurrency space.
At last count, the countries on its affiliate list included Mexico, Denmark, Canada, Netherlands as well ...
Crisis in export through an Indo-Bangladesh cross-border trade gate has reached an unprecedented height to prompt the traders to knock the door of top officials at diplomatic level. It is Mahadipur Land Customs Station in West Bengal that has Sonamasjid Land Port of Bangladesh in the other side of border, that has become a concern for the Indian cross border traders.
“Lack of infrastructure in Bangladesh side of the port has become a nightmare,” said Mr. Ujjal Saha, Secretary, West Bengal Exporters Coordination Committee, a body affiliated to Federation of Indian Export Organization.
US Department of Agriculture has slightly lowered its rice production forecast for Bangladesh to 3.46 crore tonnes for 2014-15 from earlier estimate of 3.48 crore tonnes due to decline in boro rice production.
The USDA said the production would decline in the boro areas as farmers had been shifting to other crops due to higher production cost of rice.
‘For marketing year 2014-15 (May to April), Post’s estimate for total rice area and production is revised down to 11.8 million hectares and 34.6 million...
