The European Union's (EU) apparel imports from Bangladesh saw the highest growth among all the top exporter countries during January-August this year, Eurostat, the statistical office of the EU, said. During the first eight months of 2022, the EU imported clothing worth $67.18 billion from around the world, including $15.37 billion from Bangladesh. Read more: BGMEA wants increased police vigilance to stop RMG goods theft during transportation Bangladesh remained the second largest apparel import source for Europe with a 22.89 percent share of the EU's total apparel import. The EU's apparel import from Bangladesh increased by 45.26 percent during the first eight months of 2022 compared to the same period in 2021. China, the top apparel import source for the EU, had 28.06 percent share, registering 26.59 percent year-on-year growth. The EU's apparel imports from the country reached $18.85 billion in January-August this year. "While China had the larger share of the EU's total apparel import, Bangladesh saw better export growth than it," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md Mohiuddin Rubel said. Turkey, the third largest source for the EU, posted 20.38 percent growth during the same period. The EU's imports from the country grew by 16.97 percent. Also, the EU imported apparel worth $3.56 billion from India. The EU's imports from the country grew by 28.85 percent compared to the previous year. Other top countries having high growth were Cambodia 42.21 percent, Pakistan 31.34 percent, and Indonesia 35.41 percent. Read more: Initiatives taken to establish fair price shops for RMG workers "Bangladesh's apparel has always done well in the European market. So far the import figure of the EU indicates a good position for Bangladesh's apparel in the market. Numbers from January to August indicate that the EU's imports from Bangladesh will maintain a positive trend till September," Rubel said. "However, it may slow down afterwards as retail sales are already affected by geopolitical tension, global economic turmoil and buyers being cautious about overstock and current production."
Recover, a global producer of low-impact, high-quality recycled cotton fibre and fibre blends, and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) have discussed a possible collaboration to enhance the capacity of recycling the textile waste in Bangladesh to make the country a global hub of recycling. They expressed high optimism about developing the recycling industry in Bangladesh as 75 percent of apparel products are cotton-based and nearly 400,000 tons of recyclable pre-consumer waste is produced in Bangladesh every year, of which only 5 percent is locally recycled. Benjamin Joseph Malka, executive chairman of Recover, met with BGMEA President Faruque in Dhaka Wednesday. Alejandro Raña, chief business development officer, at Recover, was also present at the meeting. Read more: Bangladesh's RMG bracing for next phase of growth: BGMEA "We see a huge prospect in developing the recycling industry in Bangladesh. By capturing and reusing textile waste, we can reduce our cotton import and export clothing, made of recycled fibres, worth around USD 3 billion," Faruque said. Bangladesh's apparel industry has turned its focus on a shift from the linear economic model to circular as a circular fashion system could bring not only environmental but financial benefits for Bangladesh, he added. BGMEA has already entered into a partnership with Global Fashion Agenda (GFA), Reverse Resources, and P4G in an initiative "Circular Fashion Partnership" which aims to achieve a long-term, scalable transition to a circular fashion system. Read more: BGMEA seeks uninterrupted energy supply by special arrangements Ben said Recover had already made a huge investment in the recycling industry of Bangladesh and was keen to invest more to develop the recycling capacity in the country.
NOVOAIR has launched its direct flight on Jashore to Cox's Bazar route on Wednesday. Air Vice Marshal M Mafidur Rahman, chairman of Civil Aviation Authority of Bangladesh, inaugurated the flight operation at the Jashore airport. Read more: NOVOAIR to operate Jashore-Cox’s Bazar direct flights from Nov 30 Mofizur Rahman, managing director of the NOVOAIR, Reazul Islam Masoud, manager of Jashore airport, high officials of government, travel agencies and others organizations were present at the inaugural ceremony. Departing from Jashore at 11:45am every Wednesday the flight will land in Cox's Bazar at 12:55pm on the same day. Similarly, leaving from Cox's Bazar at 9:55am every Saturday it will arrive in Jashore at 11am. The private airline service provider said one-way fare would start from Tk 5,900. The NOVOAIR authority informed that they have been providing an offer of free hotel service for three nights for tourists in Cox's Bazar. To avail it, passengers will have to purchase return couple tickets from Jashore to Cox's Bazar to Jashore. Read more: Novoair's Rajshahi-Cox's Bazar flight starts This offer includes return tickets for a couple and a free hotel stay for three nights. NOVOAIR offered the free room hotels in Cox’s Bazar are Seagull Hotel, Long Beach Hotel, Neeshorgo Hotel & Resort, Windy Terrace Hotel, Grace Cox Smart Hotel, and Hotel Sea Palace. The NOVOAIR is currently operating daily flights from Dhaka to Chattogram, Cox's Bazar, Saidpur, Jashore, Sylhet, Rajshahi and Kolkata.
The National Board of Revenue (NBR) has extended the income tax returns submission date to December 31, considering application of trade bodies. NBR Chairman Abu Hena Md. Rahmatul Muneem today officially announced the time extension while speaking at a seminar, on the occasion of National Income Tax Day 2022, held at the conference hall of Revenue Bhaban in Dhaka’s Segunbagicha. READ: Tax lawyers seek 2 months more for filing income tax returns Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh, was present at the function as the chief guest. The NBR chairman said that around 22 lakh income tax returns were submitted till November 29. Many new taxpayers are willingly submitting returns this year and a good number of taxpayers sought time extension. Considering these, the time has been extended, he said. READ: NBR counting losses for rampant tax evasion He also said, submitting income tax returns is being simplified so that people can complete the process in a hassle-free environment. Anyone with taxable income must submit returns, the NBR chairman said. Read More: How to file your Tax Returns in Bangladesh
India's oldest and largest conglomerate, Tata Sons, will merge its Air India with Vistara, which it jointly runs with Singapore Airlines, in a major step toward revamping the country’s debt-laden national carrier. The merger will strengthen Singapore Airlines' foothold in India's fast-growing aviation market, the company said in a statement. It is also expected to bolster the Tata Group's competitive position in the market against the country's dominant carrier, IndiGo. Singapore Airlines is investing $250 million in Air India as part of the deal, giving it a 25.1% stake in the group, with the rest owned by the Tata Group. Both companies aim to complete the merger by March 2024, subject to regulatory approvals, Singapore Airlines said in its statement. “We will work together to support Air India's transformation program, unlock its significant potential, and restore it to its position as a leading airline on the global stage,” Singapore Airlines' CEO Goh Choon Phong said in the statement. Air India is India’s largest international carrier and second largest domestic carrier. The merger is an “important milestone” in its restructuring after Tata Sons regained ownership of it in January, said Tata's chairman, Natarajan Chandrasekaran. In taking over Air India, Tata absorbed about a quarter of its more than $8.2 billion debt burden. Between them, Air India and Vistara have 218 aircraft serving 38 international and 52 domestic routes. The merger will make Air India the only carrier in the country with both full-service and low-cost passenger services. IndiGo, a low-cost carrier founded in 2006, is India’s largest passenger airline with a market share of 56.7% as of October. Tata pioneered commercial aviation in India when it launched the airline in 1932, before it was taken over by the government in 1953. In addition to Air India and Vistara, the Tata Group runs a budget airline, Air Asia India in cooperation with Malaysia's Air Asia Berhad. The Indian conglomerate is a sprawling collection of nearly 100 companies that includes the country’s largest automaker, its largest private steel company and a leading outsourcing firm. The companies employ more than 350,000 people around the world.
Following Beijing’s crackdown on the tech industry, Chinese entrepreneur Jack Ma has been residing in Tokyo for almost six months, according to a Financial Times report published yesterday (November 29, 2022). The co-founder of Alibaba Group Holding has made frequent journeys to the United States and Israel in addition to visits to the countryside during his time in Japan, according to Financial Times. Ma is a close friend of Alibaba investor and billionaire Masayoshi Son, who founded the Tokyo-based SoftBank Group. Formerly the richest and most well-known tech figure in China, Ma withdrew from the public eye in recent years after getting into issue with Beijing over his criticism of government regulation, which halted the initial public offering (IPO) of fintech behemoth Ant Group. Read: Chinese e-tycoon Jack Ma ends silence with online video After that, China’s private sector came under intense scrutiny, with a focus on limiting the influence of internet companies. Since then, Jack Ma’s infrequent public appearances have drawn a lot of attention. According to the Financial Times, Ma has restricted himself to a small number of exclusive clubs in Tokyo’s downtown Ginza and Marunouchi neighbourhoods. The report also noted that he has enthusiastically taken up collecting modern art and brought along his personal chef and security team. In the early stages of the Covid-19 outbreak, Ma, who had previously been a well-known regular at business conventions, oversaw massive international donations of protective gear and other supplies that the world required. Read: FM thanks Jack Ma, invites him to visit Bangladesh A report in July said that Ma intended to cede control of Ant Group in order to placate Chinese regulators and resurrect the IPO of the digital payments division. For the first time ever, Alibaba reported flat sales growth in August as China struggled with a slowing economy and resurgent Covid-19 cases. The behemoth firm has been placed on a watchlist by US regulators, and if Jack ma's e-commerce venture Alibaba does not abide by disclosure orders, its shares would plummet and it might be delisted from the New York Stock Exchange. Read More: Alibaba appoints new CFO, reshuffles e-commerce businesses.
A three-day long first-ever Bangladesh International Travel and Tourism Expo (BITTE) will be held in the city from December 1 with a view to improving the quality of the country's tourism services to earn foreign currency. Association of Travel Agents of Bangladesh (ATAB) will organise the expo at Bangabandhu International Conference Center, said the organisation’s President SM Manzur Murshed Mahbub at a press briefing on Tuesday. Read more: ATAB to host tourism expo Dec 1-3; deal with “Air Astra” signed The Expo will run till December 3 from 10 am to 7 pm and seminars will be held on three topics over these days. Some of the activities are related to the Ministry of Civil Aviation and Tourism such as product branding promotion of the tourism industry, traditional food exhibitions, embassies of different countries and the high commissions. Airlines, hospitals, tourism boards, Travel agencies, tour operators, hotels, resorts, cruise liners, destination management companies and other travel and tourism sector service providers in more than 15 countries including India, Malaysia, Bhutan, Nepal, Maldives, Oman, Sri Lanka, Turkey, Azerbaijan, South Korea, Vietnam, Singapore, United Arab Emirates have already confirmed their participation as exhibitor Air Astra BITTE. Read more: Master plan for tourism in Bangladesh to be formulated in Dec: State Minister By participating in the Expo, business connections and relationships will be created between travel agents and tour operators and the country's public will get to know about global travel information, packages and air tickets, said ATAB President. General Manager Mozammel Haque on behalf of title sponsor Air Astra and General Manager Public Relations Kamrul Islam of sponsor US Bangla Airlines attended the press conference along with other invited guests.
Bangladesh Bank has allowed mobile financial service (MSF) providers to bring inward remittance, in order to increase remittance inflow. The foreign exchange policy department of Bangladesh Bank issued a circular in this regard on Tuesday. According to the circular, authorized dealers can make drawing arrangements directly with exchange houses abroad without prior permission from Bangladesh Bank. Read more: Bangladesh Bank allows export income, remittance through MFS Authorized dealers are also allowed to go for drawing arrangements without letters of reference or certificates from the Bangladesh embassy or high commission of the respective country. In order to bring wider flexibility, MFS providers will be allowed to repatriate wage earners’ remittance in association with internationally recognized online payment gateway service providers, banks, digital wallets, card schemes, and aggregators abroad, said the Bangladesh Bank notification. In this context, MFS providers must have standing arrangements with foreign PSPs to receive foreign currency in their account, and equivalent taka value will be credited to the wage earners’ MFS accounts. Subsequently, foreign PSPs will provide credit to the designated dealer’s Nostro account (an account that a bank holds in a foreign currency in another bank). After receiving the amount in taka, wage earners’ can use the MFS account from abroad to do all transactions in Taka. Read more: BFIU suspends cash out from 230 MFS accounts over transactions through hundi Mobile financial services who want to provide repatriation services have to apply to Foreign Exchange Policy Department by December 31, 2022, with details of proposed arrangements in accordance with the framework outlined above or similar conducive procedures. Bangladesh Bank will primarily accord permissions, to review arrangements for piloting the initiative. Bangladesh rolled out MFS in 2011. Since then, the service has seen a boom in the country. At present, 13 MFS operators are providing services to more than 18 crore account holders who are transferring nearly Tk 3,000 crore daily.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the Customs Bond Commissionerate (CBC) to provide faster and more simplified services to the RMG industry. The trade association also called for removing complexities in the process of including description of raw materials and other related materials with their HS code in bond licences. Read more: BGMEA urges BEZA to speed up garment village construction at Mirsarai BGMEA President Faruque Hassan made the request during his meeting with CBC Commissioner (Dhaka South) Mohammad Ahsanul Haque, and CBC Commissioner (Dhaka North) Md. Azizur Rahman at the CBC office in Dhaka on Monday. BGMEA Vice President Shahidullah Azim was also present at the meeting. The BGMEA leaders apprised the CBC commissioners of the problems being faced by the RMG factories with regard to customs bond related services. They sought cooperation of CBC to remove all obstacles in the customs bond related issues. Faruque Hassan said the RMG industry aims to increase its global market share in the coming days. The sector needs faster services to reduce lead time and the cost incurred due to delayed services, he said. Read more: BGMEA wants increased police vigilance to stop RMG goods theft during transportation In order to seize the opportunities that lie ahead of the RMG industry, business procedures, especially customs and bond related ones should be made more simplified and quicker, Faruque Hassan added. The two commissioners listened to the BGMEA leaders and assured of their cooperation address the issues raised in the meeting.
TAD Logistic has launched direct cargo flights between Dhaka to Incheon (South Korea). The third flight was operated last Saturday, said a media release on Monday. Read more: NOVOAIR to operate Jashore-Cox’s Bazar direct flights from Nov 30 According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), this fiscal year, Korea will export a diverse range of garments such as underwear, denim, shirts, jackets and pullovers worth $1 billion. Bangladeshi entrepreneurs now have an opportunity to capture the Korean market as garment manufacturing is increasingly moving out of China due to continued cost increases, business people say. Korea currently sources 34% of its apparel demand from Beijing. Tad Group Managing Director, Md. Ashikur Rahman Tuhin said, " This direct flight will operate twice a week. Based on demand, we want to increase the number of flights to five per week. This will increase the export of perishable products from Bangladesh. The major exports from Bangladesh to South Korea are leather, leather products, crab, RMG, fish and human hair." Read more: Bangladesh-Vietnam direct flights may begin this year-end He also said that now entrepreneurs are looking for reliable options to import and export products to keep pace with market demand and maintain business continuity. This service will save time and ensure the arrival of any urgent product within one day. According to a data released by the Export Promotion Bureau (EPB), Bangladesh's share of the Korean apparel market has been increasing since 2017, albeit at a slower pace, and in fiscal year 2022 it earned $440 million in export revenue, which is more than 4%.