The first direct container vessel flagged off from Chittagong port for Italy today.
The Liberian flagged vessel, MV Songa Cheetah, carrying 952 TEUs of export load containers, sailed out for Ravenna port in Italy at 2:55pm.
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This is for the first time, a container vessel is carrying export cargo directly to a European destination from the country’s premier seaport.
The vessel is expected to reach Ravenna by the next 16 days, said Mohammad Rashed, chairman of the ships’ local agent firm, Reliance Shipping and Logistics Limited.
Talking to media at a brief ceremony held at the Jetty No. 4 of New Mooring Container Terminal, Chittagong Port Authority Chairman Rear Admiral M Shahjahan said this shipment would be a milestone for the country’s foreign trade.
Songa Cheetah came directly from Ravenna on Saturday carrying 945 TEUs of empty containers and seven TEUs of import load containers and got a berth at the port jetty within two hours of its arrival.
Liberian flagged vessel, MV Songa Cheetah, carrying 952 TEUs of export load containers, leaves Chittagong port for Ravenna port in Italy on Monday. Photo: Star
Italian shipping company Kalypso Compagnia di Navigazione SPA has introduced this new direct waterborne service between Chittagong and Ravenna with two small-sized vessels Songa Cheetah and Cape Flores.
Due to the port’s inability to accommodate bigger sized vessels, export containers are currently at first transported on small-sized feeder vessels to four transhipment ports including Colombo, Singapore as well as Tanjung Pelepas and Port Klang of Malaysia and some ports in China and then containers are loaded to connecting bigger mother vessels to Europe, USA and African destinations.
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১ ঘণ্টা আগে|মতামত
সরকার কেন কৃষকের কাছে আবহাওয়ার খবর পৌঁছাতে পারে না?
পশ্চিমা লঘুচাপের কারণে গত কয়েকদিন দেশের প্রায় সব জেলায় হঠাৎ করে স্বাভাবিকের চেয়ে অনেক বেশি বৃষ্টিপাত হয়েছে। এতে সবচেয়ে বেশি ক্ষতিগ্রস্ত হয়েছেন আমাদের দেশের কৃষকরা। বিদেশ করে উত্তরাঞ্চলের…
এইমাত্র|এশিয়ার অন্যান্য দেশ
ক্রিপ্টোকারেন্সি চুরি করে ক্ষেপণাস্ত্র প্রকল্পে অর্থায়ন করছে উ. কোরিয়া: জাতিসংঘ
Economy
Firms recovered 60% of business compared to pre-pandemic level: Sanem
Star Business Report
Mon Feb 7, 2022 02:22 PM Last update on: Mon Feb 7, 2022 02:27 PM
Firms in Bangladesh have recovered about 60 per cent of their business compared to the pre-pandemic levels, found a survey.
The survey, conducted by the South Asian Network for Economic Model (Sanem), found that firms recovered 60.6 per cent of their business during the October-December quarter last year, up from 56.8 per cent in the previous quarter.
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This was the seventh round of the survey that the Sanem carried out in July on 502 firms nationwide. The research organisation has been conducting the survey since July 2020 to track the situation of the economy and the sentiment of businesses during the pandemic.
The Present Business Status Index (PBSI) was 59.20 per cent in the October-December quarter from 56.79 per cent in the earlier quarter.
“It indicates a continuation of improvement. Over the quarters, there has been a gradual recovery in business activities,” said Sanem Executive Director Selim Raihan while sharing the findings of the survey.
The improvement is visible in all sub-indicators. However, a considerable improvement has been observed in the profitability and sales or export orders of sub-indicators.
Faster recovery has been observed in readymade garment, textile, restaurant, food processing, and pharmaceuticals sectors.
However, overall business confidence in January-March 2022 faces a decline in comparison to the October-December period.
Most of the sectors have expressed lesser confidence for the upcoming quarter, reflecting their growing concern about the advent of Omicron, the economist added.
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৫৯ মিনিট আগে|মতামত
সরকার কেন কৃষকের কাছে আবহাওয়ার খবর পৌঁছাতে পারে না?
পশ্চিমা লঘুচাপের কারণে গত কয়েকদিন দেশের প্রায় সব জেলায় হঠাৎ করে স্বাভাবিকের চেয়ে অনেক বেশি বৃষ্টিপাত হয়েছে। এতে সবচেয়ে বেশি ক্ষতিগ্রস্ত হয়েছেন আমাদের দেশের কৃষকরা। বিদেশ করে উত্তরাঞ্চলের…
১ ঘণ্টা আগে|অপরাধ ও বিচার
জায়েদ খানের প্রার্থিতা বাতিলের সিদ্ধান্ত হাইকোর্টে স্থগিত
Economy
Cotton production scanty despite huge market
Refayet Ullah Mirdha
Mon Feb 7, 2022 12:00 AM Last update on: Mon Feb 7, 2022 08:25 AM
Cotton production in Bangladesh has been low as farmers prefer other cash crops to the white fibre, completely missing out on at least a $3 billion domestic market.
The country managed to produce only 1.77 lakh bales of cotton last year, which was insufficient to meet the demand of even a single spinning mill.
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This represents nearly 1 per cent of the total annual consumption of the key textile raw material of 9 million bales. Some 480 pounds, or 218 kilogrammes, make a bale.
This has made Bangladesh one of the largest importers of cotton as it needs to feed the local apparel industry, the second-largest in the world.
Spinners, millers and other users have to spend more than $3 billion annually to buy cotton from India, the US, African countries, Australia, Brazil, Pakistan, and Central Asian nations.
Currently, cotton is cultivated on 45,000 hectares of land in about 40 districts.
The output has increased by 10,000 bales annually over the last five years, but the quantity has not touched 2 lakh bales.
Md Akhteruzzaman, executive director of the Cotton Development Board (CDB), blames the scarcity of arable land, emphasis on food production, and lower price of cotton for the farmers’ lack of interest in growing the textile raw material.
Parvez Anwar, head of the Department of Agronomy of Bangladesh Agricultural University, said many other crops are grown during the cultivation period of cotton.
Farmers also do not have the confidence to grow them abundantly as they do not get ready markets and better prices, he said.
However, cotton prices have been better in the last two years, both in global and local markets, and it is expected that the higher rate will continue in the near future as demand is rising.
In Bangladesh, good quality cotton is selling at Tk 3,600 per maund compared to Tk 2,200 to Tk 2,400 two years ago.
Globally, cotton was sold at $1.26-$1.27 per pound on Saturday, which was 81.35-81.58 US cents on February 5 last year, thanks to the faster recovery of the global supply chain from the coronavirus pandemic.
“So, it is expected that farmers will increase the acreage of cotton production,” said Akhteruzzaman.
The CDB is expecting to lift the cotton output to 2 lakh bales by 2022 and 3 lakh bales in the next five years, as part of its plans to grow the crop on one lakh hectares by 2030 and meet 10 to 15 per cent of the local demand.
Currently, the CDB is implementing three major initiatives to give a boost to cotton production and improve quality.
The board is executing the extended project for cotton production involving Tk 150 crore, a capacity-building project involving Tk 63 crore, and a donor-backed project to improve the quality of the raw material involving Tk 8 crore.
The state-run organisation has teamed up with a UK-based international clothing brand to enhance the capacity of 15,000 farmers under a project. The CDB mainly provides technical support.
Moreover, there are two more projects under the CDB aimed at alleviating poverty through cotton cultivation in hilly areas such as Bandarban and providing soft loans to farmers.
A minimum support price (MSP) can be a good tool to motivate farmers to grow more cotton, said Akhteruzzaman.
Khorshed Alam, managing director of Little Group, a cotton importer and consumer, says although the quality of the local variety of cotton is better than in other countries, the volume is small and the users cannot rely on domestic production.
Monsoor Ahmed, chief executive officer of the Bangladesh Textile Mills Association, a platform for spinners and millers, also said farmers have to be given MSP in order to accelerate cotton production.
The demand for cotton is growing rapidly as Bangladesh is a major hub for making cotton-based garments, he said.
In 2022, Bangladesh will import more than 9 million bales of cotton, up from 8.5 million bales last year, on the back of a nearly 30 per cent growth in garment exports in keeping with the recovery of the global supply chain.
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৫৯ মিনিট আগে|মতামত
সরকার কেন কৃষকের কাছে আবহাওয়ার খবর পৌঁছাতে পারে না?
পশ্চিমা লঘুচাপের কারণে গত কয়েকদিন দেশের প্রায় সব জেলায় হঠাৎ করে স্বাভাবিকের চেয়ে অনেক বেশি বৃষ্টিপাত হয়েছে। এতে সবচেয়ে বেশি ক্ষতিগ্রস্ত হয়েছেন আমাদের দেশের কৃষকরা। বিদেশ করে উত্তরাঞ্চলের…
১ ঘণ্টা আগে|অপরাধ ও বিচার
জায়েদ খানের প্রার্থিতা বাতিলের সিদ্ধান্ত হাইকোর্টে স্থগিত
Economy
Cut corporate tax by 2.5pc next fiscal year
DCCI offers recipe for higher economic growth
Star Business Report
Mon Feb 7, 2022 12:00 AM Last update on: Mon Feb 7, 2022 03:46 AM
The Dhaka Chamber of Commerce & Industry (DCCI) yesterday urged the government to cut the corporate tax rate by 2.5 percentage points in the next fiscal year to align it with the regional average rate.
“If the government cuts the corporate tax rate, it will boost local and foreign investment,” said DCCI President Rizwan Rahman at a media briefing at the chamber’s office in the capital.
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The corporate tax rate in Bangladesh is 30 per cent while the average rate is 29 per cent in Pakistan, 24 per cent in Sri Lanka, and 20 per cent in Vietnam, Cambodia and Thailand, according to a DCCI paper.
Rahman said after Bangladesh’s graduation from the grouping of the least-developed countries, the cost of doing business would increase and the tariff would go up by at least 6 to 7 per cent.
“So, we should look into diversifying products and markets.”
Bangladesh’s major export destinations are Europe and the US, covering almost 67 per cent of the total shipment whereas Africa and the Middle East are untapped.
“But after the LDC graduation, our export will face challenges. We have to formulate an export diversification strategy engaging all stakeholders to face the challenges,” said Rahman.
Tariff rationalisation, reduction of non-tariff barriers in cross-border trade, and minimising anti-export bias are also important in this regard, he said.
The DCCI chief stressed automation of overall taxation, value-added tax, audit, arrears management, investigation and inquiry, appeal, revenue account management, taxpayer account management, and revenue information management.
He called for ensuring convenience, transparency and equity in the Income Tax Act 2022 to make it business-friendly and simplifying the VAT refund process.
“Only automation can remove corruption and hassles and ensure transparency and accountability.”
According to the chamber, private investment came down to 21.25 per cent of GDP in 2020-21.
In order to revive private investment and attract foreign direct investment, the DCCI suggested rationalising corporate tax structure and making economic zones ready.
Rahman said cottage, micro, small and medium enterprises should get priority, especially in terms of easy access to finance.
To cope with the growing demand for a skilled workforce, he called for more investment in research and development, re-skilling, and upskilling.
He said shipbuilding, tourism, sustainable fishing, gas, and mineral explorations are largely unutilised.
In order to have a strong position in economic diplomacy, the entrepreneur suggested developing negotiation skills on international trade, issues related to the World Trade Organisation and relevant international laws for win-win free trade agreements and preferential trade agreements.
DCCI Senior Vice President Arman Haque and Vice President Monowar Hossain were also present during the event.
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১ ঘণ্টা আগে|মতামত
সরকার কেন কৃষকের কাছে আবহাওয়ার খবর পৌঁছাতে পারে না?
পশ্চিমা লঘুচাপের কারণে গত কয়েকদিন দেশের প্রায় সব জেলায় হঠাৎ করে স্বাভাবিকের চেয়ে অনেক বেশি বৃষ্টিপাত হয়েছে। এতে সবচেয়ে বেশি ক্ষতিগ্রস্ত হয়েছেন আমাদের দেশের কৃষকরা। বিদেশ করে উত্তরাঞ্চলের…
২ ঘণ্টা আগে|অপরাধ ও বিচার
জায়েদ খানের প্রার্থিতা বাতিলের সিদ্ধান্ত হাইকোর্টে স্থগিত
Industries
Reduce duty for industrial fire safety equipment
Businesses demand
Star Business Desk
Mon Feb 7, 2022 12:00 AM Last update on: Mon Feb 7, 2022 02:49 AM
Every industry, instead of just the garment sector, should be allowed to import fire safety equipment at reduced rates to safeguard workers’ rights and broaden Bangladesh’s image abroad, said entrepreneurs at a meeting yesterday.
High duties often make it impossible for small and medium entrepreneurs to avail adequate protection measures, said Md Niaz Ali Chisty, chairman of the FBCCI Standing Committee on Fire Safety, Disaster and Explosion.
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Separate permits are required for the import of carbon dioxide, foam, dry powder and other fire-retardant gases and chemicals, he told the committee’s first meeting at the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI).
Samples from imports need to be tested at the Bangladesh Standards & Testing Institution’s Dhaka office while the cargo must lie in wait in containers at ports for eight to 10 days, raising costs, he said.
Addressing as chief guest, FBCCI Vice President Md Amin Helaly urged entrepreneurs to start manufacturing fire safety equipment locally, says a press release.
Abu Nayeem Md Shahidullah, advisor of the FBCCI’s Safety Council, said the FBCCI had already contacted International Labour Organization to start providing safety training in industries.
The government is also considering setting up a one-stop service at the national level to provide all fire safety certificates and permits, he informed.
The meeting formed a sub-committee to formulate a policy identifying problems and an action plan to ensure fire safety in factories. Abu Motaleb, director-in-charge of the committee, said they would soon prepare the policy.
