Business
Budget FY23: Lower allocation for key mega projects worries FICCI
The Foreign Investors' Chamber of Commerce and Industry (FICCI) has raised concerns about the reduced allocation for some key mega projects in the proposed national budget for the fiscal year 2022-23.
The move will result in slowing the implementation of the projects as well as raise the total cost of the projects, according to FICCI.
"We feel instead of reducing the allocation in mega projects, the government could concentrate on enhancing the quality of spending, which could bring further efficiency as well as generate employment," the apex chamber of multinational companies doing business in Bangladesh said.
It also expressed concern about financing the deficit from banking sources, as that may tighten the liquidity situation.
Also, FICCI has said an entity is required to pay the Workers Profit Participation Fund (WPPF) as per the provision of labour law.
"It is not a dividend but rather an expense, a portion of which is also payable to the government. It is an expense not at the discretion of the company but a compulsion. Moreover, an individual is required to pay tax on it for an amount exceeding Tk50,000. Disallowing such a legitimate business expense will increase the tax burden of the compliant businesses," FICCI said.
"No significant changes have been made in section 56 of the ITO, 1984 except for bandwidth and other payments. The current TDS rate in section 56 is extremely high which should have been rationalised."
"Considering the overall existing macroeconomic scenario and increasing inflation rate, we feel the tax ceiling for individuals should have been increased, which has not been changed for the last two fiscal periods," FICCI said.
The budget proposed amnesty on the declaration of foreign assets in tax return by paying tax at different rates.
"We do not encourage this kind of amnesty, but as the foreign minister mentioned to bring the undisclosed monies from abroad back to the country to shore up reserves as a reason we appreciate. However, out of the three options, the one where cash and equivalents are brought back to Bangladesh seems to be the only one that supports the intention."
"The other two options where moveable and Immoveable properties are kept outside of Bangladesh may well go against the stated objective, in fact, these two may result in more money going out of the country," the chamber said.
The corporate tax rate for certain listed and non-listed companies will be cut by 2.5 percent subject to certain conditions.
"Corporate tax reduction has become a consistent change in tax policy which is welcoming. But considering the current economic condition and infrastructure, the proposed cash transaction limit must be increased," FICCI said.
"Tax deduction at source from payment to raw material suppliers will be reduced to 4 percent from 7 percent which will minimize the gap between statutory tax and an effective tax rate of those suppliers. We still believe TDS should not be made applicable for the supply of raw materials."
"Reduced tax rates at 10/12 percent have been introduced for all general industries exporting goods and services. Insertion of the definition of export will reduce the complexities of the export of goods and services. We also believe that this sort of export-friendly initiative will bring export diversification and bring down the trade deficit with other countries."
Tap, FairMart sign MoU
Mobile financial services provider Trust Axiata Pay (Tap) and e-commerce platform FairMart have signed an agreement to facilitate shopping ahead of Eid.
Users can now pay through Tap on every purchase from FairMart.
Ashikur Rahman, head of corporate affairs and media relations at Trust Axiata Pay, and Md Ataul Haque, head of business at Fairmart, signed the agreement.
Read: IBBL signs MoU with BRB Hospital
"Now everyone is accustomed to online shopping. So, we have introduced the discount offer to the users to make shopping more enjoyable for them," Ashikur said.
"FairMart is a reliable and safe platform when it comes to online shopping. We hope our consumers will enjoy and benefit from using Tap," Ataul said.
Read DNCC holding taxes can be paid through Tap
IBBL signs MoU with BRB Hospital
Islami Bank Bangladesh Limited (IBBL) recently signed an agreement on corporate facilities with BRB Hospital.
Under the deal, IBBL cardholders, the bank's officials and their family members will get a discount, up to 25 percent, from the hospital.
Read: NOVOAIR offers two nights free hotel in Cox's Bazar
JQM Habibullah, deputy managing director of IBBL, and Dr Md Monsur Ali, director of BRB Hospital, signed the MoU in the capital.
China's foreign trade regains momentum in May
China's foreign trade rebounded in May as total imports and exports went up 9.6 percent year on year to 3.45 trillion yuan on top of April's 0.1-percent expansion, official data showed Thursday.
In the first five months of 2022, the country's foreign trade volume gained 8.3 percent year on year to 16.04 trillion yuan, outpacing the 7.9-percent-growth in the January-April period, according to the General Administration of Customs.
In U.S. dollar terms, total foreign trade came in at 2.51 trillion U.S. dollars in the five-month period, up 10.3 percent year on year.
In the first five months, exports grew 11.4 percent year on year while imports rose 4.7 percent, leading to a trade surplus of 1.84 trillion yuan, customs data showed.
Read: Bangladesh yet to reap full benefits of Chinese market facilities: Speakers
During this period, China's trade with its top three trading partners -- the Association of Southeast Asian Nations, the European Union and the United States -- expanded by 8.1 percent, 7 percent and 10.1 percent from a year ago, respectively.
From January to May, China's trade with Belt and Road countries jumped by 16.8 percent year on year to 5.11 trillion yuan.
Private enterprises reported a faster growth as their imports and exports rose 11.8 percent to 7.86 trillion yuan in the first five months, accounting for 49 percent of the country's total, marking an increase of 1.5 percentage points from the same period last year.
In terms of types of goods, exports of mechanical and electrical products expanded by 7 percent to account for 57.2 percent of the total, while labor-intensive products increased 11.6 percent in the first five months, customs data showed.
Read: Chinese investors can maximise profits by setting up industries in Bangladesh: Envoy
Career Opportunities in Meta: How to Prepare for Jobs at Metaverse?
The term ‘metaverse’ is one of the latest sensations in the information and technology industry. Tech companies are currently re-branding themselves to enjoy the benefits of the metaverse. For example, Facebook has changed its company name to Meta. And it is expected that the metaverse will one day rule the entire technology world.
You can think of metaverse as a new platform to revitalize the internet or at least convert it to the 3D internet. It is generally thought of as an endless interconnected virtual community. Where Internet users have access to technologically advanced facilities such as working, playing, augmented reality glasses, virtual reality headsets, and meeting each other using smartphone apps or other devices.
These new techs will create demands for new jobs; perhaps the jobs are already open for the metaverse. So, how do you get a job in Metaverse? Let’s get to know everything about jobs in Metaverse.
Read Metaverse: 10 Ways Virtual Reality Platforms Will Change the World
How can Metaverse Change the Job Market?
Technology is rapidly evolving in our world. With the advent of blockchain and virtual reality, the job market has never been more fluid. Metaverse is aiming to change all of that. The Metaverse platform could have a significant impact on the job market.
Metaverse provides a platform for people to explore their interests and capabilities in new and unique ways. So, it has the potential to revolutionize the way jobs are done by providing a secure, transparent, and safe online workspace for everyone. Moreover, it may offer a unique platform for businesses to conduct interviews and assess candidates. On top of that, employees may get an easy way to manage their work and career goals from one platform.
Job seekers will have to focus more on artificial intelligence as it is the future of technology, and it’s changing the way we work. Also, augmented reality is another technology that is changing how we work. It’s taking us away from our desktops and laptops and bringing us into the virtual world that seems to be real.
Read What the metaverse is and how it will work
As we are heading towards web 3.0, it will also have an impact on the metaverse job market. So, blockchain is going to change the way we work in the future. It’s an open-source technology that allows anyone to get involved and contribute to it.
Metaverse will create unparalleled convenience for workers. All interactions will be taken care of digitally as effectively as in person. Jobs that used to require in-person interaction now have virtual alternatives. So, freelance and remote work will increase.
In short, the metaverse can provide a new way of doing business, which will have a positive impact on the job market. That means new jobs will be created.
Read Web 3.0 Career Guideline: How to start working and make money
Some Demanding Careers in Metaverse
It is expected that metaverse will be one of the fastest-growing industries in the world. The demand for jobs in the metaverse has been growing at an unprecedented rate. The following part will give you a brief overview of some of the most demanding careers in the metaverse.
AR, VR Software Engineer
Augmented reality (AR) and virtual reality (VR) are quickly becoming the future of technology, with many companies looking for employees who are skilled in using these technologies. As such, there is a growing demand for people who can work in this field.
Some of the responsibilities that may befall someone is working in AR or VR are creating and designing immersive user experiences, building and maintaining AR or VR software or hardware, evaluating and recommending new AR or VR applications or technologies, and more. Also, many jobs in augmented reality and virtual reality require users to create 3D models or images from scratch.
Read AI & Future of Jobs: Will Artificial Intelligence or Robots Take Your Job?
3D Game Designers
In order to create a 3D game, there are a number of different positions that need to be filled in the metaverse. These positions include game designers, programmers, and artists. Each of these positions has specific responsibilities and duties. For example, a game designer will typically come up with the idea for a game, work on the story and design of the game, and make sure the game is polished before it is released.
eSports are getting huge popularity day by day. if you have a passion for virtual multiplayer games, you can develop a career in esports. In the metaverse, esports will flourish by virtue of AR and VR development. You can find your skill, learn some programming skills, and join a sports community to be an e-sport gamer.
Every year several e-sport gaming competitions are arranged worldwide. The expert gamers earn a huge fortune in these events.
Read eSports: How to Build a Career in Online Multiplayer Gaming
Hardware Engineers
Although metaverse is built on software, it doesn’t mean that no hardware is needed. Hardware engineers are responsible for developing and maintaining the hardware for a digital world. They work with software developers to create a platform that is both reliable and efficient. These engineers must be able to create designs that meet or exceed the performance and reliability requirements of the metaverse.
Cyber Security Professionals
In the metaverse, numerous businesses and organisations around the world will emphasise over in organising their operations and finances virtually. Not to mention, technologies offer numerous advantages. But simultaneously the risks of hacking and data theft will increase.
Therefore, job opportunities for cybersecurity professionals will increase in the future. In the metaverse, cyber security specialist will be a lucrative career.
Read Cybersecurity Career Guide: How to Become a Cybersecurity Expert?
Metaverse Marketing Specialist
It is expected that the metaverse market will reach $814.2 billion by 2028. Therefore, the demand for metaverse marketing specialists will be high. The metaverse marketing specialist will have to Conduct market research to identify target markets and develop marketing plans that align with the company’s business goals.
Plan and implement marketing campaigns that attract new customers and increase sales. Analyze customer feedback to improve marketing strategy. Further, the marketer will need to monitor competitor activity and develop strategies to counteract their efforts.
Product Managers
Usually, the product managers are responsible for developing and managing and testing a product’s features, marketing, pricing, and distribution. Metaverse product management will also do the same. Currently, there are 2500+ jobs available for the product managers in Meta. As other companies focus on metaverse, the demand will certainly increase.
Read Career in Strategic Marketing: How to Be a Marketing Strategist or Specialist?
How to Prepare for Jobs at Metaverse?
Metaverse is all about software and related skill. However, some other jobs are also available, such as storytellers, marketing specialists, product developers, and more. So, if you are interested in working at Metaverse, there are a few things you will need to do in advance.
First, research the company and its goals. Second, familiarize yourself with the metaverse blockchain and its applications. Third, be prepared to share your skills and qualifications with potential employers. Fourth, make sure you have good communication skills. Fifth, keep patience as the recruitment process is lengthy, and you might need to go through different skill tests in different steps.
Final Words
As the world is changing keeping pace with the technological revolution, the career scopes are also transforming. In the upcoming meta world, the trends of employment will change. It is very important to keep in mind that in order to survive in meta, you need to have a plan of action; otherwise you will be wasting your time and money.
Read Plenty of pitfalls await Zuckerberg’s ‘metaverse’ plan
Here we have discussed some potential career scopes in the metaverse. We hope our discussion will help you gain an insight into the world of the metaverse and should inspire you to take action and start your own metaverse career.
Blue economy potentials: Experts for maritime affairs ministry
To make use of the great potentials of the country's blue economy and to protect and use marine resources, a maritime affairs ministry needs to be set up, the experts said Wednesday.
They called for united efforts and the better use of maritime resources for the economic development of the country.
The experts were addressing the online discussion "Public connectivity in achieving blue economy" – organised by Save Our Sea, a platform working for the protection of the marine environment on World Oceans Day 2022.
The day was observed in Bangladesh and elsewhere in the world with the call to collect and develop the vast marine resources through adopting collective action.
The theme of the day this year was "Revitalisation: collective action for the ocean."
READ: Blue Economy in Bangladesh: Prospects and Challenges
Save Our Sea Director SM Atiqur Rahman chaired the SOS discussion.
Chittagong University oceanology department Chairman Dr Mohammad Muslem Uddin Munna, former Dhaka University zoology department chair Professor Gulshan Ara Latifa, and Bangladesh Paribesh Andolan Joint Secretary Professor Ahmad Kamruzzaman Majumder joined the programme as panel discussants.
No shortage of spices in market ahead of Eid: Spice Traders Association
Wholesale Spice Traders Association has said there is no possibility of price hike in spices as there is no shortage of spices in the market ahead of Eid-ul-Azha.Md. Enayet Ullah, president of association, said this during a discussion on stocks, imports, supply and price situation of daily essential commodities organised by FBCCI on Wednesday with Moulvibazar Traders’ Association.
Also read: FBCCI President mourns deaths in container depot firePresident of
Moulavibazar Traders Association Syed Md. Bashir Uddin said if anyone attempts to manipulate the market ahead of Eid, the association will take punitive action as per the rules.FBCCI President Md. Jashim Uddin called upon the businessmen to run their business with honesty.He said that the whole world is going through an unusual situation right now and traders need to be more responsible at that time.The FBCCI will not take responsibility for a few dishonest businessmen, he said.The president also said that 99 percent businessmen do their business fairly, and they should work together to prevent a handful of dishonest traders.The FBCCI chief further urged the shop owners’ associations to control the retail market price.At the same time, he called upon the traders for decreasing the prices in festivals as the other countries do.He said that the Control of Essential Commodities Act is a very old one.
Also read: OECD delegation interested in FBCCI's Innovation Centre“As the country has been developing fast over the recent years and the trend will be continued further, the Essential Commodities Act should be amended.”In this connection, he said FBCCI has already discussed with the Commerce Ministry and Consumer Rights Protection Department in this regard.Md. Jashim Uddin said that the forthcoming budget is a very crucial one due to the current world perspective.He said that giving relief to the people and curbing the inflation should be the priorities in the upcoming budget.Tax and duty burden on daily essentials should be taken away and the revenue can be collected from imposing extra tax on luxury items, he added.FBCCI Director Abu Motaleb, Harun Or Roshid, Former President of Moulvibazar Babosayee Samity Alhaj Abdur Razzak, General Secretary of the present Committee Azmol Hossain Bablu also spoke at the meeting.Among others, FBCCI Vice-President Md. Amin Helaly, Md. Habib Ullah Dawn, M A Razzak Khan Raj were also present at the discussion meeting.After the meeting, the FBCCI leaders visited a number of wholesale shops at Moulavibazar.
Wall Street points lower after two days of gains
Major U.S. markets slipped before the opening bell Wednesday as broad concerns about interest rates, inflation and the war in Ukraine continue to weigh on investors.
Futures for the Dow Jones industrials ticked down 0.4% and gave up 0.3% on the S&P 500. Most Asian markets finished in positive territory, mimicking U.S. gains Tuesday, while shares in Europe were in decline at midday.
“Equities are drifting lower as the broader narrative remains unchanged, with peak inflation optimism meeting increasingly hawkish pivots from central banks,” Stephen Innes of SPI Asset Management said in a commentary.
Britain’s FTSE 100 and Germany’s DAX both slipped 0.6%, while the CAC 40 in Paris shed 0.7%.
U.S. stocks gained for the second straight day Tuesday, even as the World Bank sharply cut its forecast for economic growth this year, highlighting Russia’s war against Ukraine and the possibility of food shortages and the potential return of “stagflation,” a toxic mix of high inflation and sluggish growth unseen for more than four decades.
Treasury Secretary Janet Yellen, testifying before the the Senate Finance Committee on Tuesday, said she expects inflation to remain elevated and bringing that down is a top priority.
More data on recent price swings arrives Friday when the U.S. reports its consumer price index, which excludes volatile food and energy prices.
Also Read: Asian stock markets higher after Wall St sinks further
The economy’s fragility has been atop Wall Street’s mind this year amid worries about interest-rate hikes coming from the Federal Reserve. The central bank is moving aggressively to stamp out the worst inflation in decades, but it risks choking off the economy if it moves too far or too quickly.
The Fed is widely expected to raise its key short-term interest rate by half a percentage point at its meeting next week. That would be the second straight increase of double the usual amount, and investors expect a third in July.
Treasury yields have largely climbed through this year with expectations for a more aggressive Fed. They moderated a bit on Tuesday, though.
The yield on the 10-year Treasury held just above 3% at 3.01% early Wednesday. The two-year yield, which more closely tracks expectations for Fed action, inched up to 2.75% from 2.73%.
The next big update on inflation arrives Friday, when the U.S. government releases its latest reading on the consumer price index.
In Asian trading, Hong Kong shares surged 2.2% to 22,014.59 on heavy buying of shares in Chinese technology companies after Beijing approved a new batch of video games. That was seen as a sign the business outlook for tech companies is improving after a prolonged regulatory crackdown.
Tokyo’s Nikkei 225 gained 1% to 28,234.29 after Japan reported its economy contracted at a lower pace than earlier reported in the January-March quarter, shrinking 0.5% instead of 1%. The latest data showed consumer spending was not as weak as earlier thought.
In India, the Sensex lost 0.4% to 54,905.16 after the Reserve Bank of India raised its key interest rate by 0.5 basis points to 4.9%.
The Kospi in South Korea was little changed at 2,626.15. In Sydney, the S&P/ASX 200 advanced 0.4% to 7,121.10. The Shanghai Composite index reversed early losses, gaining 0.7% to 3,263.79.
In other trading, benchmark U.S. crude oil added $1.12 to $120.53 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the standard for international trading, picked up $1.04 to $121.61 per barrel.
The U.S. dollar traded at 134.03 Japanese yen, up from 132.61 yen. The euro ticked up to $1.0736 from $1.0705.
END/AP/UNB
Bangladesh economy’s remarkable progress in 50 years
Bangladesh’s socio economic development over the past 50 years has been surprising despite problems of alleged corruption, poor intuitional capacity and natural disasters.
Dismissed as a basket case at independence in 1971, Bangladesh has braved stiff hurdles to become self-sufficient in food grains production and made good progress in manufacturing sector too.
This remarkable progress is best illustrated by a chronology of the national budgets since 1972.
Also read: PM: US$1500 million under way as budgetary support
In 1972, the budget of Bangladesh was Tk 786 crore while the gross domestic product (GDP) was USD $6.288 billion. As per the GDP, per capita income was $94.4 or Tk566 in 1972 and the population was about 70 million.
In the fiscal year 2021-22 the country’s budget size swelled to Tk 603681 crore ($ 71 billion), the estimated GDP was $465 billion. The population Bangladesh is stood at over 160 million in 2021.
The provisional estimate for per capita income in 2021-22 was $2,824, up from $2,591 in the previous year, accoding to a Bangladesh Bureau of Statistics report. “In nominal terms, Bangladesh's GDP stands at $465 billion in the current fiscal year.
Braving flood, cyclone and drought, the economy has grown steadily since the independence. Bangladesh has achieved remarkable success in food production, manufacturing and manpower export.
Bangladesh is characterized as a developing economy. It is the 41st largest in the world in nominal terms or at current prices, and 30th largest by purchasing power equivalence; international dollars at current prices.
Also read: Finance minister is set to unveil Tk6.80 tn national budget at JS on Thursday
At a glance Bangladesh’s budget:
Fiscal Year – by Whom - Annual Outlay-
1972-'73 Tajuddin Ahmed Tk 786 crore
1973-'74 Tajuddin Ahmed Tk 995 crore
1974-'75 Tajuddin Ahmed Tk 1,084.37 crore
1975-'76 Azizur Rahman Tk 1,549.19 crore
1976-'77 Maj Gen Ziaur Rahman Tk 1,989.87 crore
1977-'78 Lt. Gen. Ziaur Rahman Tk 2,184 crore
1978-'79 President Ziaur Rahman Tk 2,499 crore
1979-'80 MN Huda Tk 3,317 crore
1980-'81 M Saifur Rahman Tk 4,108 crore
1981-'82 M Saifur Rahman Tk 4,677 crore
1982-'83 AMA Muhith Tk 4,738 crore
1983-'84 AMA Muhith Tk 5,896 crore
1984-'85 M Sayeduzzaman Tk 6,699 crore
1985-'86 M Sayeduzzaman Tk 7,138 crore
1986-'87 M Sayeduzzaman Tk 8,504 crore
1987-'88 M Sayeduzzaman Tk 8527 crore
1988-'89 Maj Gen (rtd) Munim Tk 10,565 crore
1989-'90 Wahidul Haq Tk 12,703 crore
1990-'91 Maj Gen (rtd) Munim Tk 12,960 crore
1991-'92 M Saifur Rahman Tk 15,584 crore
1992-'93 M Saifur Rahman Tk 17,607 crore
1993-'94 M Saifur Rahman Tk 19,050 crore
1994-'95 M Saifur Rahman Tk 20,948 crore
1995-'96 M Saifur Rahman Tk 23,170 crore
1996-'97 Shah AMS Kibria Tk 24,603 crore
1997-'98 Shah AMS Kibria Tk 27,786 crore
1998-'99 Shah AMS Kibria Tk 29,537 crore
1999-'00 Shah AMS Kibria Tk 34,252 crore
2000-'01 Shah AMS Kibria Tk 38,524 crore
2001-'02 Shah AMS Kibria Tk 42,306 crore
2002-'03 M Saifur Rahman Tk 44,854 crore
2003-'04 M Saifur Rahman Tk 51,980 crore
2004-'05 M Saifur Rahman Tk 57,248 crore
2005-'06 M Saifur Rahman Tk 61,058 crore
2006-'07 M Saifur Rahman Tk 69,740 crore
2007-'08 AB Mirza Azizul Islam Tk 87,137 crore
2008-'09 AB Mirza Azizul Islam Tk 99,962 crore
2009-'10 AMA Muhith Tk 113,815 crore
2010-'11 AMA Muhith Tk 132,170 crore
2011-'12 AMA Muhith Tk 165,000 crore
2012-’13 AMA Muhith Tk 191,738 crore
2013-’14 AMA Muhith Tk 222,491 crore
2014-’15 AMA Muhith Tk 250,506 crore
2015-’16 AMA Muhith Tk 295,100 crore
2016-’17 AMA Muhith Tk 340,605 crore
2017-18, AMA Muhith Tk 4, 00,266 crore
2018-19, AMA Muhith Tk4, 64,573 crore
2019-20, AHM Mustafa Kamal Tk 5, 23,190 crore
2020-21 AHM Mustafa Kamal Tk 5, 68,000 crore
Bangladesh yet to reap full benefits of Chinese market facilities: Speakers
Despite obtaining almost 98 per cent duty-free market access in China, Bangladesh cannot take the opportunities properly yet due to lack of aggressive export promoting activities, building a solid B2B linkage, establishing a local presence, and participating in online sales, speaker said on Wednesday.
They suggested focusing on product quality and diversification, and signing a trade agreement to boost Chinese investment-backed export expansion.
The observations came from the seminar on ‘Making the Most of Market Access in China: What Needs to be Done?’ jointly organized by Bangladesh China Chamber of Commerce and Industry (BCCCI) and Research and Policy Integration for Development (RAPID) in the city on Wednesday.
Ambassador of China to Bangladesh Li Jiming hoped that Bangladesh would be member of Regional Comprehensive Economic Partnership (RCEP) soon which will help Bangladesh to promote export and welfare by trade and investment facilitation.
“The relationship between Bangladesh and China is well in trade and investment. However, Chinese commercial bank can be set up in Bangladesh for the sake of financial cooperation more. There are a lot of projects under taking by Chinese companies in Bangladesh. Many mega projects will also complete soon,” he added.
Jiming also said Bangladesh has a brighter future. There is a meaningful industrialisation. “China government provides Bangladesh zero tariff export facilities. It’s a very crucial. We are working G2G as well.”
Read: Chinese investors can maximise profits by setting up industries in Bangladesh: Envoy
Commerce minister Tipu Munshi said, “Our apparels are exported more to the USA and European countries but the volume is lower in Chinese market. We have to work and make proper strategy to take the opportunities.”
He said Bangladesh is going to graduate LDC by 2026 and now they need a comprehensive action plan. “Besides, the gabs in different sectors should be addressed soon. And, more and more fairs and branding of our products are also requirement,” he added.
Presenting key-note paper, RAPID chairman Dr. Mohammad Abdur Razzaque said despite obtaining zero-tariff market access facility to most products, Bangladesh’s exports to China remain rather modest. Since 2021, China has provided Bangladesh duty-free market access in almost 98 per cent of tariff lines.
Prior to that, Bangladesh used to get similar market access in 61 per cent of Chinese tariff lines.
“Bangladesh exported to China $680 million in 2021 FY while Bangladesh imports around $13 billion from China each year. Bangladesh’s potential exports to China should be at least $3 billion,” the economist said.
He said China imports products from different countries every year worth around $2.7 trillion dollars. So, it has huge market.
“Bangladesh’s duty-free benefits will end with LDC graduation. Bangladesh should negotiate a trade agreement with China. As part of the agreement, China can consider Bangladesh as a regional manufacturing hub to supply to other markets,” the economist also said.
Read: 5,161 more Bangladeshi products to enjoy zero tariff benefits to Chinese market from July 1
He added that Chinese consumers are focusing more on high-quality products. Bangladesh should develop a long-term strategy for export promotion to Chinese as China will soon emerge as the world largest retail market.
RAPID executive director and also Dhaka University professor Dr M Abu Eusuf moderated the function and with BCCCI president Gazi Golam Murtoza in chair.
BCCCI Acting Secretary General Al Mamun Mridha said the trade gap between the two countries should be reduced. “Bangladesh can take the opportunities through product value addition and sipping cost should be reduced to facilitate trade.”
He also urged China investors to invest more in Bangladesh’s potential sectors like e-commerce and agriculture.
Vice Chairman of Export Promotion Bureau (EPB) AHM Ahsan said they scrutinise how to increase Bangladesh’s export volume.
“Our main exportable item is RMG. Our export growth is low in Chinese market despite obtaining more tariff facilities there. We have to work as per the demand of Chinese market,” he added.