Dhaka, Apr 22 (UNB) - A three-day fair titled ‘Indonesia Fair 2019’ will begin at International Convention City Bashundhara (ICCB) here on Thursday which is expected to highlight Indonesian products, services and tourism sector cooperation between the two countries.
Commerce Minister Tipu Munshi will attend the inaugural ceremony of the fair, to be organised by the Embassy of the Republic of Indonesia, as the chief guest.
The opening ceremony will be followed by the handover of Indonesia's buses procured by Bangladesh, said an official.
More than 30 companies from Indonesia will participate in the trade fair to showcase Indonesian products, ranging from traditional Indonesian batik, jewelry, fashion, and handicrafts, to services, food and beverages, automotive, aviation, banking, pharmaceutical, building material, military equipment, and tourism destinations.
On the sidelines of the fair, Indonesia-Bangladesh Business and Investment Forum will be held on April 26 with panelists from Bangladesh Economic Zones Authority (BEZA), Bangladesh Investment Development Authority (BIDA) and Indonesian Investment Board.
Railways Minister Nurul Islam Sujon will attend the business forum as the chief guest.
Two-day fashion shows, traditional dance performances, talk shows, and other product demo will be part of the fair.
Dhaka, Apr 19 (UNB) - US Ambassador to Bangladesh Earl R Miller has met Chittagong Port Authority Chairman Rear Admiral Zulfiqur Aziz and toured the seaport facilities through which over 90 percent of Bangladesh’s trade flows.
They discussed the important role US private business investment could play in port upgrades and other construction projects.
The US envoy visited Chattogram on April 16-19 to promote bilateral trade and investment, support the growing military partnership between the United States and Bangladesh, and bolster people-to-people ties, said the US Embassy in Dhaka on Friday.
Ambassador Miller visited US private energy company Excelerate, whose Floating Storage and Regasification Unit (FSRU) in the Bay of Bengal is supplying natural gas used to produce power for Chattogram’s six million residents and its entire industrial area.
The FSRU has a 500 million standard cubic feet of gas per day regasification capacity, increasing Bangladesh’s ability to reliably use its domestic natural gas reserves.
Ambassador Miller met business leaders to learn more about local industries that contribute to the economic development of both the Bangladeshi and US economies.
He also visited a ship-breaking yard and a steel melting and re-rolling facility.
Miller reiterated the importance of worker rights and safety, and called on business leaders to protect workers and the environment and put an end to child labor.
In support of growing US-Bangladesh military ties, Ambassador Miller gave remarks at the closing ceremony of a US-Bangladesh Special Warfare Diving and Salvage (SWADS) exercise.
The exercise included modules on human rights, first aid, and mission planning.
The US envoy laid a wreath and planted a tree to honour Seaman Mohammad Nurul Islam who was killed during a UN Peacekeeping Operation (PKO) in 2005.
He paid his respects to the 146 Bangladeshis who have lost their lives in PKOs, and expressed his appreciation for Bangladesh’s support of international peace and security as the second largest troop-contributing country in the world.
Miller also visited the American Corner at Chattogram Independent University (CIU), where he met two-time Fulbright Fellow and CIU Vice-chancellor Dr Mahfuzul Hoque Chowdhury and engaged with Bangladeshis attending an event on autism awareness, in commemoration of World Autism Awareness Day.
He highlighted the opportunities of studying in the United States as well as the EducationUSA information and services offered at the Corner.
He later met with the founder and the Vice Chancellor of the Asian University for Women to express his support for their dedication to women’s education and leadership development including Rohingya students.
The US Ambassador visited the Chattogram War Cemetery where he laid a wreath at the grave of American pilot William B Rice, who lost his life as a member of the British Royal Air Force during World War II.
He also laid a wreath at the Cross of Remembrance in honour of the sacrifices of all who died in the conflict.
Dhaka, Apr 19 (UNB) - A seminar on the business potentials of Bangladesh was held at the conference hall of Fukuoka Chamber of Commerce and Industries on Friday under the auspices of Embassy of Bangladesh in Japan.
Various aspects of doing business and investment opportunities in Bangladesh were discussed in the seminar. Recent economic development trend of Bangladesh under the able leadership of Prime Minister Sheikh Hasina was lauded at the event.
More than one hundred participants including a visiting Bangladeshi business delegation attended the seminar. Naonori Tsuchiya, the Chairman of Fukuoka Foreign Trade Association (FFTA) delivered the welcome speech at the program. The Keynote Presentation was made by Mohammad Hasan Arif, Commercial Counsellor of the Embassy of Bangladesh on the potentiality of Bangladeshi business and investment opportunities.
Daisuke Arai, country representative of Japan External Trade Organisation (JETRO) Dhaka, explained the opportunities and challenges for Japanese investors and businessmen in Bangladesh, said a press release of Embassy of Bangladesh in Tokyo of Japan.
He also described the facilities that Bangladesh government is offering to the investors. Deputy Director General of South Asia Department of JICA, Teruyuki Ito highlighted the Bangladesh’s economy and updated about JICA’s efforts in the development process of Bangladesh.
Besides, Ashir Ahmed, Associate Professor of Kyushu University lectured on the ‘Innovation and Entrepreneurship Opportunities for Japanese Organisations in Bangladesh’. Hidefumi Ikemoto of Towa Corporation, a Japanese company operating in Bangladesh shared their experiences of managing business in Bangladesh.
The seminar was co-organised by JETRO Fukuoka, United Nations Industrial Development Organization (UNIDO), Fukuoka One Stop Kyougikai, FFTA, Fukuoka Asia Business Center, Organization for Small & Medium Enterprises and Regional Innovation, Japan and was supported by JICA, Kyushu Economic Federation, and The Japan Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC).
A video documentary was screened on the economic development of Bangladesh. The event ended with the question-answer and business networking session.
Dhaka, Apr 18 (UNB) - Bangladesh is an important market for trade finance within Asia and the country has become one of Asia’s most remarkable success stories recently, said president of International Chamber of Commerce (ICC), Bangladesh, Mahbubur Rahman.
Mahbubur Rahman came up with the remarks at the closing ceremony of ICC Workshop on Trade Finance and Best Practices in Demand Guarantees organised by ICC Bangladesh at a city hotel in Dhaka on Wednesday.
He cautioned that with the growing business complexities, technological changes, market expectations and financial crimes, trade services are becoming increasingly challenging for banks and financial institutions of our country, similar to the other trading nations. Time has come to identify the exposure of banks on international bank guarantees; and it seems crucial now to formulate guideline/sets of rules for such guarantees and adopt international rules associated with bank guarantees and standby LCs, he mentioned.
Workshop Resource Person Dr Andrea Hauptmann, Senior Global Consultant on Trade Finance, Raiffeisen Bank International AG, Austria and ICCB Secretary General Ataur Rahman also spoke on the occasion, said a press release on Thursday.
A workshop on the same topic held in Chittagong on 16 April. A total of 123 participants from banks, BIBM & Law Farm in Dhaka and 70 participants from banks in Chittagong attended the workshop.
Shanghai, Apr 17 (AP/UNB) — China's economic growth held steady in the latest quarter despite a tariff war with Washington, in a reassuring sign that Beijing's efforts to reverse a slowdown might be gaining traction.
The world's second-largest economy expanded by 6.4% over a year earlier in the three months ending in March, the government reported Wednesday. That matched the previous quarter for the weakest growth since 2009.
"This confirms that China's economic growth is bottoming out and this momentum is likely to continue," said Tai Hui of JP Morgan Asset Management in a report.
Communist leaders stepped up government spending last year and told banks to lend more after economic activity weakened, raising the risk of politically dangerous job losses.
Beijing's decision to ease credit controls aimed at reining in rising debt "is starting to yield results," said Hui.
Consumer spending, factory activity and investment all accelerated in March from the month before, the National Bureau of Statistics reported.
The economy showed "growing positive factors," a bureau statement said.
Forecasters expect Chinese growth to bottom out and start to recover later this year. They expected a recovery last year but pushed back that time line after President Donald Trump hiked tariffs on Chinese imports over complaints about Beijing's technology ambitions.
The fight between the two biggest global economies has disrupted trade in goods from soybeans medical equipment, battering exporters on both sides and rattling financial markets.
The two governments say settlement talks are making progress, but penalties on billions of dollars of each other's goods are still in place.
China's top economic official, Premier Li Keqiang, announced an annual official growth target of 6% to 6.5% in March, down from last year's 6.6% rate.
Li warned of "rising difficulties" in the global economy and said the ruling Communist Party plans to step up deficit spending this year to shore up growth.
Beijing's stimulus measures have temporarily set back official plans to reduce reliance on debt and investment to support growth.
Also in March, exports rebounded from a contraction the previous month, rising 14.2% over a year earlier. Still, exports are up only 1.4% so far this year, while imports shrank 4.8% in a sign of weak Chinese domestic demand.
Auto sales fell 6.9% in March from a year ago, declining for a ninth month. But that was an improvement over the 17.5% contraction in January and February.
Economists warn that even if Washington and Beijing announce a trade settlement in the next few weeks or months, it is unlikely to resolve all the irritants that have bedeviled relations for decades.
The two governments agreed Dec. 1 to postpone further penalties while they negotiate, but punitive charges already imposed on billions of dollars of goods stayed in place.
Even if they make peace, the experience of other countries suggests it can take four to five years for punitive duties to "dissipate fully," said Jamie Thompson of Capital Economics in a report last week.
Chinese leaders warned previously any economic recovery will be "L-shaped," meaning once the downturn bottomed out, growth would stay low.
Credit growth accelerated in March, suggesting companies are stepping up investment and production.
Total profit for China's national-level state-owned banks, oil producers, phone carriers and other companies rose 13.1% over a year ago in the first quarter, the government reported Tuesday. Revenue rose 6.3% and investment rose 9.7%.