Daily News Flash 30th October 2017

1

DSEX 2285 Gold (Ounce) $127460 Dollar 8085 (Buy) 8085 (Sell) CSCX 3104 Oil (Barrel) $5419 Euro 9385(Buy) 9388(Sell)

EZ INDUSTRIES TO PAY DUTY TAXES ON IMPORTS FOR SELLING GOODS LOCALLY 2

BB BANKS REVIEW CHEAPER FOREX LOAN SITUATION TODAY 3

DHAKA BEIJING INK SPM LOAN DEAL 4

DSEX SLIPS BELOW 6000-MARK AGAIN 4

SAIF POWERTEC DISCLOSURES SPUR TRADING VOLUME 5

CORRUPT BANKS UNDER FINANCE MINISTRY PANEL SCANNER 6

CHINA TO PROVIDE $55040M FOR SINGLE-POINT MOORING 7

BANGLADESH NEEDS TO UP ANNUAL INFRA DEV SPENDING TO $125B EXPERTS 8

NBR EASES BONDED FACILITIES FOR EZ UNITS 10

DHAKA SIGNS $550M LOAN DEAL WITH BEIJING 11

THE lsquoFLEXIBLErsquo SHARIAH PRACTICE OF ISLAMIC BANKING IN BANGLADESH 11

$400B PRIVATE INVESTMENT NEEDED BY 2030 FOR SDGS 15

TREBLE SPENDING ON INFRASTRUCTURE 16

SEVEN RINGS CEMENT PAYS HOMAGE TO INFRASTRUCTURE DEV AUTHORITIES 17

CHINA TO GIVE $550M FOR PETROLEUM PROJECT 18

WORKERS GET ONLY 4PC OF PRICE OF CLOTHES SOLD IN AUSTRALIA OXFAM 19

INDIAN SHIP ON WAY WITH 185 TRUCK CHASSIS 19

CTG TRANSPORTERS WITHDRAW STRIKE 20

BUSINESS POLICY TO BE REFORMED MANNAN 21

lsquo rsquo 21

lsquo rsquo 22

২০২৪ 22

lsquo১০ rsquo 23

23

- 24

lsquo rsquo 24

24

৬ 25

25

Daily News Flash 30th October 2017

2

25

26

৫৫ ৪১ 27

১৬৪ 27

১৪০ 28

lsquo rsquo ৭ ৮০ 29

29

- 30

৬২ 30

১ 31

৬২ 31

EZ INDUSTRIES TO PAY DUTY TAXES ON IMPORTS FOR SELLING GOODS LOCALLY Industries set up in the countrys economic zones (EZs) are now required to pay duty and taxes on imported raw materials if they sell their finished products in the domestic market The same industries are entitled to enjoy duty-free benefit under the bonded warehouse facility on import of raw materials for their finished goods The customs wing has amended the Bangladesh Economic Zones Warehousing Station Rules-2015 by incorporating the provision of selling finished products in the local market with the payment of tax on their imported raw materials The National Board of Revenue (NBR) under Internal Resources Division (IRD) of the Ministry of Finance recently issued a Statutory Regulatory Order (SRO) with amendments to the rules The SRO issued by the NBR came into effect from October 24 2017 Import duty needs to be paid for both imported and locally procured raw materials under the bonded warehouse facility A senior customs official said the amendment to the rules has been made in a bid to incorporate the provision of payment of duty and taxes on duty-free raw materials used for producing finished products for the domestic market Earlier the industries under the EZs had to pay duty-taxes on finished products despite use of duty-free raw materials he added Value Added Tax (VAT) will also be applicable at supply stage on sale or transfer of finished goods in the local market the official said There are two zones in the EZ -- export processing area and domestic processing area Fully export-oriented industries will not be able to sell products beyond the customs authorised limit 20 per cent for domestic consumption Industries who are directly exporting finished goods from the export processing area can sell maximum 20 per cent of their produced goods for domestic consumption he said They will also have to pay duty-taxes and VAT on raw materials and finished goods for selling finished products in the local market he added However industries under domestic processing area are producing import substitute products and are allowed to sell all of their products for domestic consumption the official said

Daily News Flash 30th October 2017

3

Talking to the FE Executive Chairman (secretary) of the Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury said EZ industries will be facilitated to supply products in the local market The industries can produce goods targeting the large domestic market he said There is flexibility for investors that they can reach both domestic and export market he said adding that in near future there will be no scattered form of industries as those will be located inside EZ The government targets to establish 100 EZs by 2030 with an aim to set up all industrial units inside EZs and generate employment Industries set up in four of private EZs have already gone into full-fledged commercial operation Source httptodaythefinancialexpresscombdfirst-pageez-industries-to-pay-duty-taxes-on-imports-for-selling-goods-locally-1509298466

BB BANKS REVIEW CHEAPER FOREX LOAN SITUATION TODAY The central bank is scheduled to meet top executives of 29 commercial banks today to review the credit exposure of offshore banking units (OBUs) of the banks as well as the overall credit and deposit situation The latest move of Bangladesh Bank (BB) came against the backdrop of rising demand for the comparatively cheaper foreign-currency loans from the OBUs Total outstanding loans with OBUs of the banks jumped by more than 19 per cent or Tk 7544 billion in the first half of the current calendar year officials said The amount rose to Tk 46874 billion as on June 30 this calendar year from Tk 39330 billion six months before according to the central banks latest statistics It was Tk 41972 billion as on March 31 2017 Total exposure of the OBUs borrowing from other sources foreign currency transactions particularly BC (Bill for Collection) selling and TT (Telegraphic Transfer) clean would be discussed at the meeting Well review the overall foreign exchange market situation at the meeting BB deputy governor SK Sur Chowdhury told the FE Sunday Earlier on October 15 he advised major foreign commercial banks (FCBs) to gradually reduce the spread between BC selling and TT clean rates Sources however said the latest position on NASTRO account balance of foreign currency clearing account with the central bank and foreign currency deals in the name of corporate ones might be reviewed at the meeting They said the recent trend in credit and deposit growths would also be on table for discussion The rate of deposit growth year-on-year came down to 1088 per cent as on July 30 last from 1221 per cent three months before the BB data showed The deposit growth was 1313 per cent in December 31 2016 The deposits had a slower growth than that of the credit growth in the first seven months of the current calendar year as the depositors got discouraged to keep money with banks due to lower interest rates On the other hand the overall credit growth rose to 1716 per cent as on July 27 last from 1590 per cent as on March 30 this year It was 1532 per cent on December 31 2016 However the OBU operations are normally run by the banks concerned with collection of funds from their own source overseas sources and clean deposit taking from other banks Currently 36 commercial banks out of 57 are running their OBUs across the country as per a directive issued by the Banking Control Department of BB on December 17 1985 Under the directive the OBUs have been exempted from the purview of certain provisions of the Banking Companies Ordinance 1962 as per the government notification Besides the OBUs will also be considered for exemption from Article 36(1) of the Bangladesh Bank Order 1972 on such terms and for such period as may be deemed fit by the government

Daily News Flash 30th October 2017

2

25

26

৫৫ ৪১ 27

১৬৪ 27

১৪০ 28

lsquo rsquo ৭ ৮০ 29

29

- 30

৬২ 30

১ 31

৬২ 31

EZ INDUSTRIES TO PAY DUTY TAXES ON IMPORTS FOR SELLING GOODS LOCALLY Industries set up in the countrys economic zones (EZs) are now required to pay duty and taxes on imported raw materials if they sell their finished products in the domestic market The same industries are entitled to enjoy duty-free benefit under the bonded warehouse facility on import of raw materials for their finished goods The customs wing has amended the Bangladesh Economic Zones Warehousing Station Rules-2015 by incorporating the provision of selling finished products in the local market with the payment of tax on their imported raw materials The National Board of Revenue (NBR) under Internal Resources Division (IRD) of the Ministry of Finance recently issued a Statutory Regulatory Order (SRO) with amendments to the rules The SRO issued by the NBR came into effect from October 24 2017 Import duty needs to be paid for both imported and locally procured raw materials under the bonded warehouse facility A senior customs official said the amendment to the rules has been made in a bid to incorporate the provision of payment of duty and taxes on duty-free raw materials used for producing finished products for the domestic market Earlier the industries under the EZs had to pay duty-taxes on finished products despite use of duty-free raw materials he added Value Added Tax (VAT) will also be applicable at supply stage on sale or transfer of finished goods in the local market the official said There are two zones in the EZ -- export processing area and domestic processing area Fully export-oriented industries will not be able to sell products beyond the customs authorised limit 20 per cent for domestic consumption Industries who are directly exporting finished goods from the export processing area can sell maximum 20 per cent of their produced goods for domestic consumption he said They will also have to pay duty-taxes and VAT on raw materials and finished goods for selling finished products in the local market he added However industries under domestic processing area are producing import substitute products and are allowed to sell all of their products for domestic consumption the official said

Daily News Flash 30th October 2017

3

Talking to the FE Executive Chairman (secretary) of the Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury said EZ industries will be facilitated to supply products in the local market The industries can produce goods targeting the large domestic market he said There is flexibility for investors that they can reach both domestic and export market he said adding that in near future there will be no scattered form of industries as those will be located inside EZ The government targets to establish 100 EZs by 2030 with an aim to set up all industrial units inside EZs and generate employment Industries set up in four of private EZs have already gone into full-fledged commercial operation Source httptodaythefinancialexpresscombdfirst-pageez-industries-to-pay-duty-taxes-on-imports-for-selling-goods-locally-1509298466

BB BANKS REVIEW CHEAPER FOREX LOAN SITUATION TODAY The central bank is scheduled to meet top executives of 29 commercial banks today to review the credit exposure of offshore banking units (OBUs) of the banks as well as the overall credit and deposit situation The latest move of Bangladesh Bank (BB) came against the backdrop of rising demand for the comparatively cheaper foreign-currency loans from the OBUs Total outstanding loans with OBUs of the banks jumped by more than 19 per cent or Tk 7544 billion in the first half of the current calendar year officials said The amount rose to Tk 46874 billion as on June 30 this calendar year from Tk 39330 billion six months before according to the central banks latest statistics It was Tk 41972 billion as on March 31 2017 Total exposure of the OBUs borrowing from other sources foreign currency transactions particularly BC (Bill for Collection) selling and TT (Telegraphic Transfer) clean would be discussed at the meeting Well review the overall foreign exchange market situation at the meeting BB deputy governor SK Sur Chowdhury told the FE Sunday Earlier on October 15 he advised major foreign commercial banks (FCBs) to gradually reduce the spread between BC selling and TT clean rates Sources however said the latest position on NASTRO account balance of foreign currency clearing account with the central bank and foreign currency deals in the name of corporate ones might be reviewed at the meeting They said the recent trend in credit and deposit growths would also be on table for discussion The rate of deposit growth year-on-year came down to 1088 per cent as on July 30 last from 1221 per cent three months before the BB data showed The deposit growth was 1313 per cent in December 31 2016 The deposits had a slower growth than that of the credit growth in the first seven months of the current calendar year as the depositors got discouraged to keep money with banks due to lower interest rates On the other hand the overall credit growth rose to 1716 per cent as on July 27 last from 1590 per cent as on March 30 this year It was 1532 per cent on December 31 2016 However the OBU operations are normally run by the banks concerned with collection of funds from their own source overseas sources and clean deposit taking from other banks Currently 36 commercial banks out of 57 are running their OBUs across the country as per a directive issued by the Banking Control Department of BB on December 17 1985 Under the directive the OBUs have been exempted from the purview of certain provisions of the Banking Companies Ordinance 1962 as per the government notification Besides the OBUs will also be considered for exemption from Article 36(1) of the Bangladesh Bank Order 1972 on such terms and for such period as may be deemed fit by the government

Daily News Flash 30th October 2017

3

Talking to the FE Executive Chairman (secretary) of the Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury said EZ industries will be facilitated to supply products in the local market The industries can produce goods targeting the large domestic market he said There is flexibility for investors that they can reach both domestic and export market he said adding that in near future there will be no scattered form of industries as those will be located inside EZ The government targets to establish 100 EZs by 2030 with an aim to set up all industrial units inside EZs and generate employment Industries set up in four of private EZs have already gone into full-fledged commercial operation Source httptodaythefinancialexpresscombdfirst-pageez-industries-to-pay-duty-taxes-on-imports-for-selling-goods-locally-1509298466

BB BANKS REVIEW CHEAPER FOREX LOAN SITUATION TODAY The central bank is scheduled to meet top executives of 29 commercial banks today to review the credit exposure of offshore banking units (OBUs) of the banks as well as the overall credit and deposit situation The latest move of Bangladesh Bank (BB) came against the backdrop of rising demand for the comparatively cheaper foreign-currency loans from the OBUs Total outstanding loans with OBUs of the banks jumped by more than 19 per cent or Tk 7544 billion in the first half of the current calendar year officials said The amount rose to Tk 46874 billion as on June 30 this calendar year from Tk 39330 billion six months before according to the central banks latest statistics It was Tk 41972 billion as on March 31 2017 Total exposure of the OBUs borrowing from other sources foreign currency transactions particularly BC (Bill for Collection) selling and TT (Telegraphic Transfer) clean would be discussed at the meeting Well review the overall foreign exchange market situation at the meeting BB deputy governor SK Sur Chowdhury told the FE Sunday Earlier on October 15 he advised major foreign commercial banks (FCBs) to gradually reduce the spread between BC selling and TT clean rates Sources however said the latest position on NASTRO account balance of foreign currency clearing account with the central bank and foreign currency deals in the name of corporate ones might be reviewed at the meeting They said the recent trend in credit and deposit growths would also be on table for discussion The rate of deposit growth year-on-year came down to 1088 per cent as on July 30 last from 1221 per cent three months before the BB data showed The deposit growth was 1313 per cent in December 31 2016 The deposits had a slower growth than that of the credit growth in the first seven months of the current calendar year as the depositors got discouraged to keep money with banks due to lower interest rates On the other hand the overall credit growth rose to 1716 per cent as on July 27 last from 1590 per cent as on March 30 this year It was 1532 per cent on December 31 2016 However the OBU operations are normally run by the banks concerned with collection of funds from their own source overseas sources and clean deposit taking from other banks Currently 36 commercial banks out of 57 are running their OBUs across the country as per a directive issued by the Banking Control Department of BB on December 17 1985 Under the directive the OBUs have been exempted from the purview of certain provisions of the Banking Companies Ordinance 1962 as per the government notification Besides the OBUs will also be considered for exemption from Article 36(1) of the Bangladesh Bank Order 1972 on such terms and for such period as may be deemed fit by the government

Daily News Flash 30th October 2017

4

It means the OBUs are exempted for maintaining CRR (cash reserve requirement) and SLR (statutory liquidity ratio) with the BB against their liabilities The OBUs are free to accept deposits from outside Bangladesh and borrow from abroad They are also free to make advancesinvestments abroad and make permissible transactions with industries in the export processing zones (EPZs) Under the existing provisions the central bank is not empowered fully to monitor and supervise the OBU operations closely due to legal constraint The central bank is now working on issuing a fresh directive aiming to mitigate the risks of OBU operations in Bangladesh through strengthening monitoring and supervision Source httptodaythefinancialexpresscombdlast-pagebb-banks-review-cheaper-forex-loan-situation-today-1509299216

DHAKA BEIJING INK SPM LOAN DEAL State minister for Power Energy and Mineral Resources Nasrul Hamid sought Chinese assistance to implement the power and energy projects for boosting the countrys economy Bangladesh currently requires an investment worth around US$24 billion in the power and energy sector he told a framework agreement signing ceremony on Sunday at Agargaon in the city China could help in a big way implement the relevant infrastructure he added The loan agreement was signed between Bangladesh and China to install the single point mooring (SPM) worth around $554 million Mr Hamid said investments in power and energy sector could be made by both government to government initiative and private sector He stressed the need for formation of a disaster infrastructure rescue team and sought Chinese assistance in this regard Economic Relations Division (ERD) secretary Kazi Shafiqul Azam and Chinese Ambassador to Bangladesh Ma Mingqiang signed the agreement on behalf of their respective sides China Petroleum Pipeline Bureau (CPPB) the contractor to build the SPM system and associated facilities is set to complete the project titled Installation of Single Point Mooring with Double Pipeline by 2020 Of the total loan amount China is set to provide $46784 million as preferential buyers credit and the remaining $825 million as soft loan Exim Bank of China would provide the money to be repaid within 20 years at an annual interest rate of 20 per cent with five years of grace period Once the SPM is built the government is expected to save around Tk 100 billion Mr Hamid said Currently BPC cannot offload imported fuel oil at its Chittagong refinery depot directly Large tankers anchor in deep sea and smaller ships unload and bring the oil to storage facilities of the Eastern Refinery Ltd (ERL) It takes up to seven days to offload oil from the tankers and the BPC very often pays fines for the extra period After installation of the SPM it will be possible to offload 120000 tonnes of crude oil within 48 hours and 70000 tonnes of diesel within 28 hours The SPMs capacity to offload oil annually will be 90 million tonnes Source httptodaythefinancialexpresscombdlast-pagedhaka-beijing-ink-spm-loan-deal-1509299357

DSEX SLIPS BELOW 6000-MARK AGAIN The core index of the Dhaka bourse dipped below 6000-mark Sunday again as investors sold shares due to lower than expected dividend recommendation of many companies

Daily News Flash 30th October 2017

5

Brokers said earnings and corporate declarations of many companies failed to satisfy investors expectation that resulted into selling frenzy Some 48 more listed companies recommended dividend for the year ended on June 30 2017 between 30 per cent and 45 per cent according to separate disclosures posted on the Dhaka Stock Exchange (DSE) website Sunday Meanwhile some 16 listed companies disclosed their third quarter (Q3) earnings for July-September 2017 on the day Lower-than-expected year-end dividend recommendation coupled with mixed quarterly earning disclosures of many companies made investors cautious taking the key index below 6000-mark once again said an analyst at a leading brokerage firm Selling of shares in food engineering financial institution and telecom sectors led the key index hit below 6000-mark despite some attempt for revival commented International Leasing Securities a stockbroker in its regular market analysis The stockbroker noted that the banking sector attracted the investors attention and the sector posted 110 per cent gain contributing 32 per cent of the days total turnover However year-end dividend declarations of some listed companies failed to attract the investors the stockbroker said The market started with a positive note and the key index of the major bourse rose around 19 points within first hour of trading but rest of the session fell steadily finally ended nearly 23 points lower DSEX the prime index of the Dhaka Stock Exchange (DSE) which replaced the DGEN in four-and-a-half-year back settled at 5995 losing 2284 points or 037 per cent over the previous session The two other indices -- the DS30 index and the DSE Shariah Index (DSES) -witnessed notable selling pressure The DS30 index comprising blue chips fell sharply by 1724 points or 079 per cent to close at 2156 The DSE Shariah Index (DSES) lost 1052 points or 080 per cent to finish at 1306 The total turnover came down to Tk 641 billion which was 332 per cent lower than the previous days turnover of Tk 663 billion The port city bourse the Chittagong Stock Exchange (CSE) also closed lower with its Selective Categories Index - CSCX - losing 31 points to settle at 11218 Losers beat gainers as 158 issues closed lower 66 closed higher and 20 remained unchanged on the CSE The port city bourse traded 1869 million shares and mutual fund units worth Tk 730 million in turnover Source httptodaythefinancialexpresscombdstock-corporatedsex-slips-below-6000-mark-again-1509294582

SAIF POWERTEC DISCLOSURES SPUR TRADING VOLUME Saif Powertec emerged as turnover leader on the Dhaka bourse Sunday as investors were active on its shares following some corporate declarations while top 10 companies captured 28 per cent transaction The board of directors of Saif Powertce has recommended 50 per cent cash dividend for shareholders excluding the sponsorsdirectors and 28 per cent stock dividend for all shareholders for the year ended on June 30 2017 The board has also taken a decision for revision of rights issue fund utilisation which remains un-utilised subject to the approval of shareholders and regulatory authorities Saif Powertec raised a fund worth above Tk 174 billion through rights issue for repayment of bank loans and expansion of business (battery project) in March this year The company has also reported consolidated earnings per share (EPS) of Tk 322 consolidated net asset value (NAV) per share of Tk 1911 and consolidated net operating cash flow per share

Daily News Flash 30th October 2017

6

(NOCFPS) of Tk 363 for the year ended on 30062017 as against Tk 211 (restated) Tk 2322 and Tk 757 respectively for the same period of the previous year The total turnover on the DSE stood at Tk 641 billion on the day which was 332 per cent lower than the previous days Tk 663 billion The most active shares in terms of value also included Brac Bank City Bank LankaBangla Finance BBS Cables Premier Bank IDLC Finance BDCOM Online Shahjalal Islami Bank and Uttara bank According to statistics available with the DSE about 618 million shares of Saif Powertec were traded generating a turnover of Tk 282 million which was 440 per cent of the premier bourses total turnover The companys share price hovered between Tk 4490 and Tk 4640 before closing at Tk 4510 advancing 296 per cent over the previous session The Chittagong-based companys paid-up capital is Tk 232 billion and authorised capital is Tk 50 billion while total number of securities is 23259 million the DSE data shows The sponsor-directors own 4006 per cent stake in the Saif Powertec while the institutions own 1497 per cent and general public 4497 per cent as on September 30 2017 Saif Powertec sales and provides service of construction material handling and power generation equipment in Bangladesh The company is also working at Chittagong Port as Container Terminal Operator Brac Bank followed next with shares of Tk 273 million changing hands It was 426 per cent of the days total turnover transaction The banks share price closed at Tk 10320 losing 067 per cent City Bank notched the third spot with shares of Tk 244 million changing hands which was 381 per cent of the total turnover The banks share price closed at Tk 4870 advancing 145 per cent over the previous day LankaBangla emerged as fourth with shares of Tk 212 million changing hands grabbing 331 per cent of the days total turnover The companys share price closed at Tk 64 losing 015 per cent over the previous day The turnover of BBS Cables was Tk 170 million capturing 265 per cent of the days total transaction The companys share price fell 275 per cent to close at Tk 131 each Source httptodaythefinancialexpresscombdstock-corporatesaif-powertec-disclosures-spur-trading-volume-1509302002

CORRUPT BANKS UNDER FINANCE MINISTRY PANEL SCANNER The Parliamentary Standing Committee of the Finance Ministry yesterday strongly condemned the irregularities of the NRB Commercial Bank and Farmers Bank and asked Bangladesh Bank (BB) to take necessary action within two months The parliamentary body also asked the four foreign financial units to provide the necessary information to the committee on the alleged laundering of Tk 2990 crore from the country by the Arab Bangladesh Bank on the pretext of offshore banking The committee will decide on the next course of action based on the reports given by the financial units In addition the committee expressed concern over the alarming increase in the rate of distribution of loans by the Islami Bank Bangladesh ever since its new board of directors has taken charge The committee has asked the bank authorities to provide information about the sectors in which loans are being disbursed and the clients at its next meeting Headed by the committee chairman Dr Muhammad Abdur Razzaque the meeting was held at the Parliament building The other members of the committee present at the meeting were MPs M A Mannan Nazmul Hassan Mustafizur Rahaman Chowdhury Farhad Hossain Md Sawkat Chowdhuri and Akhtar Jahan Committee sources said the members lambasted the corruption in the banking sector

Daily News Flash 30th October 2017

7

The NRB Commercial Bank started functioning in 2013 But within a short time the directors got embroiled in internal conflict and irregularities regarding the providing of loans it was reportedly discussed at the meeting A special BB report has reportedly found that the bank took a resolution after forging the signatures of some directors who were absent at the meeting disbursing loans in favour of organizations belonging to the chairman of the mercantile bank in violation of the rules The committee reportedly stated that the involvement of the board of directors and the managing director had been found in the issuing of a huge amount of loan without caring for the laws The BB report has also stated that the shares of six directors were confiscated and three of the directors were removed without following the rules The committee has also found that Farmers Bank got embroiled in several irregularities soon after it started operations in 2013 The bank allegedly granted loans to organizations that existed only in signboards to its own directors and the directors of other banks and to defaulters and often crossed the single-borrower exposure limit while granting loans the committee said Irregularities in recruitment have also been found Though BB has appointed an observer in Farmers Bank to check the increasing rate of irregularities and bring back discipline the situation has not improved Muhammad Abdur Razzaque told journalists that the committee has recommended further investigation into the irregularities of NRB Commercial Bank and Farmers Bank to ensure the punishment of the responsible persons bring back the trust of its customers and to save the banks from destruction ldquoThe Bangladesh Bank Intelligence Unit will investigate the irregularities in the two banks and take action according to rules within two monthsrdquo he said ldquoThese banks are public properties because people deposit their money here If irregularities are found the entire economy will be ultimately affectedrdquo he also said ldquoWe donrsquot want the banks to face the threat of being shut down We want them to carry out their activities properly following the rules and regulationsrdquo he added The amendment of the Bank Company Act 1991 was also discussed at the meeting A decision will be taken in the next meeting in the presence of finance minister AMA Muhith Source httpwwwtheindependentbdcompost121371

CHINA TO PROVIDE $55040M FOR SINGLE-POINT MOORING Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and Chinese Ambassador to Dhaka Ma Mingqiang signed a framework agreement to implement lsquoInstallation of Single Point Mooring (SPM) in the capital yesterday State Minister for Power Energy and Mineral Resources Nasrul Hamid was also present on the occasion China will provide USD 55040 million to Bangladesh to implement the much-anticipated Installation of Single-Point Mooring (SPM) with Double Pipeline project in an effort to ensure the countryrsquos energy security Of the total amount of USD 55040 million China will provide around USD 8256 million under the Chinese governments concessional loan while the remainder of USD 46784 million will come under its preferential buyers credit A framework agreement was signed between China and Bangladesh yesterday Economic Relations Division (ERD) secretary Kazi Shofiqul Azam and Chinese ambassador in Dhaka Ma Mingqiang inked the deal on behalf of their respective sides at the ERD conference room in the city State minister for power energy and mineral resources Nasrul Hamid was present The main objectives of the project to be implemented under the Energy and Mineral Resources Division are to strike a balance between the demand and supply of the countrys energy needs and

Daily News Flash 30th October 2017

8

ensure its energy security It will also reduce system losses during imports of refined and non-refined fuel by lighterage operations Delivering his speech on the occasion Nasrul Hamid said though the Bangladesh Petroleum Corporation (BPC) is one of the largest companies in Bangladesh with an annual turnover of USD 5 billion yet it is tasked only with importing oil and then selling it This is the first time that BPC is going in for an infrastructure project he added The state minister said after signing this Framework Agreement that the government would feel more encouraged to go in for bigger projects He added that the SPM Project would be an eye-opener both for Bangladesh and China in this sector Mentioning that the government is setting up the entire Bangladesh gas network system Nasrul Hamid said Were also going to set up two land-based liquefied natural gas (LNG) terminals wherein were looking for good partners China could be a good partner Referring to the exploration of gas in Bhola he said there was a lot of ideas that Bangladesh wanted to share with China Hamid also said China would help Bangladesh in two big power sector projects of which one would be implemented by the Dhaka Power Distribution Company Ltd (DPDC) and the other by the Power Grid Company of Bangladesh Ltd (PGCB) He said China is expected to disburse funds for the SPM project from next January and it would take 36 months to build two deep sea pipelines from the sea at the Eastern Refinery Once the SPM project is implemented the oil unloading time will be reduced to only 48 hours from 12 days while the country would be able to save USD 100 million per year by addressing the system losses Chinese ambassador to Dhaka Ma Mingqiang said this SPM project is of vibrant importance for the countrys energy sector as it will save around USD 100 million per year while side by side the unloading time would be significantly reduced Lauding the dynamic leadership of Prime Minister Sheikh Hasina the Chinese ambassador said Bangladesh has been a model for the developing countries and in fact Bangladesh and China are the two fastest developing countries in the world He said the implementation of the SPM project can impart further impetus to Bangladeshrsquos economic development saying We hope this project will be implemented as fast as we can do it China is known to be fast and we need to show how fast we can behellipwe need to deliver good quality work Source httpwwwtheindependentbdcompost121370

BANGLADESH NEEDS TO UP ANNUAL INFRA DEV SPENDING TO $125B EXPERTS Experts and economists on Sunday said that Bangladesh needed to increase investment to $ 1250 billion for infrastructure development from existing annual spending of $ 35 billion to gain economic benefits of regional and international connectivity At a seminar on lsquoBuilding Infrastructure for Growth and SDGsrsquo at Radisson Hotel in the city economists said that although an estimated $ 881 billion was invested in the infrastructure sector in Asia this was not sufficient Traditionally infrastructure investment has been sourced mainly from public sector and the sector provides over 90 per cent of the overall infrastructure investment in the region said Syed Afsor H Uddin chief executive Officer of public-private partnership office He emphasised on private sector partnership in developing infrastructures saying that the pattern of development and maintenance of the infrastructures by the government should be changed

Daily News Flash 30th October 2017

9

Citing an international report Afsor said despite huge growth and development over 400 million people in Asia lack electricity 300 million have no access to safe drinking water and 15 billion lack basic sanitation lsquoIn many countries power outage constrains economic growth and city traffic congestion alone costs huge amounts daily in lost productivity wasted fuel and human stress he said while presenting a keynote paper at the seminar Dhaka Chamber of Commerce and Industry and UNDP jointly organised the seminar on the sideline of the daylong lsquoImpact Bangladesh Forumrsquo Khan Ahmed Sayeed Murshid director general of Bangladesh Institute of Development Studies moderated the seminar Selim Raihan Dhaka University professor said the government should spend at least five per cent of the total budget for the development of infrastructures He said that Bangladesh government should take a lot of initiative to be integrated through Bangladesh Bhutan India and Nepal (BBIN) corridor and take part in Chinarsquos Belt and Road Initiative Selim suggested the government for reforming the old trade policies of the country and to increase the negotiation capacity of the government officials in the international arena Mahbubul Anam president of Bangladesh Freight Forwarders Association said that without resolving the domestic supply chain challenges it would not be possible to achieve the export earnings target at $ 50 billion by 2021 He said that at the airport in Dhaka the exporters and importers have to spend time at least for seven days for the release of goods and it takes on an average 21 days to release the goods from the Benapole land port Emphasising on the integrated tax and other systems Mahbubul suggested for introducing the national single window from where the private sector entrepreneurs can process all necessary documents within 24 to 48 hours In another session Ahsan H Mansur executive director of Policy Research Institute said the initiative of launching 100 Special Economic Zones is good but at the same time the government should also learn from the bad examples of Korean EPZ He said the authorities of Korean EPZ have been facing challenge of land registration Kaliakoir IT Park is ready but it is not functioning due to political reasons while the leather estate in Savar has been running but the effluent treatment plant is not functioning properly Mansur suggested the government for a stable energy policy as both the local and foreign investors want to have a reliable source of power at a stable rate to run their business The ongoing power related policy of the government is not sustainable and Bangladesh will go out of competition in the global market if the government frequently increases the price of power he said He said that countryrsquos banking system was not going to the right direction and the economic governance was also important for the economic growth lsquoThe current Rohingya issue indicates that Bangladesh is isolated in this region We are isolated because of our own problems We are not connected enough We need to have strings of geo-political connectivityrsquo he said Masrur Reaz senior economist and programme manager of Trade and Competitiveness of the World Bank said eight economic zones in Bangladesh had total a $ 26 billion of investments He said that the economic zones in Bangladesh can help achieve sustainable development goals and 74 per cent GDP growth Nihad Kabir president of Metropolitan Chamber of Commerce and Industry moderated the session State minister for finance MA Mannan inaugurated the daylong event while the Federation of Bangladesh Chambers of Commerce and Industry president Md Shafiul Islam Mohiuddin DCCI

Daily News Flash 30th October 2017

10

president Abul Kasem Khan and deputy country director of UNDP Bangladesh Kyoko Yokosuka attended the seminar Source httpwwwnewagebdnetarticle27222bangladesh-needs-to-up-annual-infra-dev-spending-to-125b-experts

NBR EASES BONDED FACILITIES FOR EZ UNITS The National Board of Revenue has amended the Bangladesh Economic Zone Warehousing Station Rules relaxing the provision related to sales of finished products in the local market for consumption Factories located in the economic zones (EZs) will now be able to sell their products in the local market after paying duties and taxes applicable only on raw materials imported under the bonded warehouse facility instead of finished goods according to the amendment Customs wing of the revenue board on October 24 issued a statutory regulatory order incorporating the provision of selling finished products for home consumption with the payment of tax for imported raw materials Officials of the NBR on Sunday told New Age that all industries in the EZs irrespective their export status would enjoy bonded warehouse facility under which they would be allowed to import raw materials without paying duties and taxes for the purpose of production of finished goods Factories can also collect the required raw materials from the local market Currently only 100 per cent export-oriented industries and deemed exporters along with factories in the Export Processing Zones enjoy duty-free raw materials import facility they said Bonded industries are usually barred from selling their products in local market Industries in the EPZs under the Bangladesh Export Processing Zone Authority can sell 10 per cent of their total production in the local market for home consumption But the Bangladesh Economic Zone Warehousing Station Rules-2015 allowed sales of products with a tough condition under which the products to be produced in the EZs will be considered as imported ones in case of selling those in local market Producers will have to pay the duties and taxes on finished goods at the rate which is applicable on the imported goods it says But according to the amended rules producers will have to pay the duties and taxes only on raw materials imported duty-free under the bonded warehouse facility instead of finished goods said a high official of the NBR In addition value-added tax will also be applicable on the goods to be sold in local market he said Export-oriented industries however will be able to sell only 20 per cent of their total products in the local market with payment of taxes according to the SRO signed by NBR chairman Md Nojibur Rahman There will be no duties VAT and other taxes on exports of goods from the EZs Customs officials said that the NBR amended the rules as per instruction of the Prime Ministerrsquos Office to facilitate investment in the EZs As per instruction all factories will gradually be relocated in the EZs and then there will be no discrimination between the export-oriented and local industries But until all industries are shifted to the EZs imposition of duties and taxes on finished goods for selling in local market will significantly increase the cost of production of industries in the EZs compared with those outside the EZs they said Bangladesh Economic Zone Authority is working to establish 100 EZs across the country by 2030 A number of EZs have already started their development works Many investors have also started construction of factories in some private EZs There will be both export-oriented industries and domestic consumption industries at the EZs Source httpwwwnewagebdnetarticle27224nbr-eases-bonded-facilities-for-ez-units

Daily News Flash 30th October 2017

10

president Abul Kasem Khan and deputy country director of UNDP Bangladesh Kyoko Yokosuka attended the seminar Source httpwwwnewagebdnetarticle27222bangladesh-needs-to-up-annual-infra-dev-spending-to-125b-experts

NBR EASES BONDED FACILITIES FOR EZ UNITS The National Board of Revenue has amended the Bangladesh Economic Zone Warehousing Station Rules relaxing the provision related to sales of finished products in the local market for consumption Factories located in the economic zones (EZs) will now be able to sell their products in the local market after paying duties and taxes applicable only on raw materials imported under the bonded warehouse facility instead of finished goods according to the amendment Customs wing of the revenue board on October 24 issued a statutory regulatory order incorporating the provision of selling finished products for home consumption with the payment of tax for imported raw materials Officials of the NBR on Sunday told New Age that all industries in the EZs irrespective their export status would enjoy bonded warehouse facility under which they would be allowed to import raw materials without paying duties and taxes for the purpose of production of finished goods Factories can also collect the required raw materials from the local market Currently only 100 per cent export-oriented industries and deemed exporters along with factories in the Export Processing Zones enjoy duty-free raw materials import facility they said Bonded industries are usually barred from selling their products in local market Industries in the EPZs under the Bangladesh Export Processing Zone Authority can sell 10 per cent of their total production in the local market for home consumption But the Bangladesh Economic Zone Warehousing Station Rules-2015 allowed sales of products with a tough condition under which the products to be produced in the EZs will be considered as imported ones in case of selling those in local market Producers will have to pay the duties and taxes on finished goods at the rate which is applicable on the imported goods it says But according to the amended rules producers will have to pay the duties and taxes only on raw materials imported duty-free under the bonded warehouse facility instead of finished goods said a high official of the NBR In addition value-added tax will also be applicable on the goods to be sold in local market he said Export-oriented industries however will be able to sell only 20 per cent of their total products in the local market with payment of taxes according to the SRO signed by NBR chairman Md Nojibur Rahman There will be no duties VAT and other taxes on exports of goods from the EZs Customs officials said that the NBR amended the rules as per instruction of the Prime Ministerrsquos Office to facilitate investment in the EZs As per instruction all factories will gradually be relocated in the EZs and then there will be no discrimination between the export-oriented and local industries But until all industries are shifted to the EZs imposition of duties and taxes on finished goods for selling in local market will significantly increase the cost of production of industries in the EZs compared with those outside the EZs they said Bangladesh Economic Zone Authority is working to establish 100 EZs across the country by 2030 A number of EZs have already started their development works Many investors have also started construction of factories in some private EZs There will be both export-oriented industries and domestic consumption industries at the EZs Source httpwwwnewagebdnetarticle27224nbr-eases-bonded-facilities-for-ez-units

Daily News Flash 30th October 2017

11

DHAKA SIGNS $550M LOAN DEAL WITH BEIJING China is set to finance $5504 million for a major infrastructure project in Bangladesh to install single point mooring at Moheshkhali and lay two pipelines to transport imported fuel oils to onshore storage in Chittagong On Sunday Economic Relations Division secretary Kazi Shafiqul Azam and Chinese Ambassador to Bangladesh Ma Mingqiang signed a framework agreement in this regard State minister for power energy and mineral resources Nasrul Hamid attended the signing ceremony at ERD office in the city He said once the project is completed the government will save approximately $120 million per year Unloading of imported fuel oil from a 100000 DWT vessel would take two days while it takes 10-11 days now Nasrul said adding that it would also be possible to eliminate theft and wastage of fuel oils during their loading and unloading to and from lighterage The Chinese funding will entirely be used to pay to China Petroleum Pipeline Bureau under an engineering procurement and construction contract for developing the facilities said officials The Bangladesh government and state-run Eastern Refinery Limited will finance the rest of the amount of the total project cost estimated at $617 million The project is expected to be completed by December 2018 they said Of the $5504 million credit China will provide $ 8256 million as soft loan and $46784 million as preferential buyerrsquos credit according to a handout distributed at the framework signing ceremony The Chinese credit carries a two per cent interest Bangladesh will repay the loan in 20 years with a five-year grace period the handout said Amid severe criticism the government in December 2015 approved in principle the unsolicited proposal of the Chinese company for the Installation of single point mooring with double pipeline under the Speedy Supply of Power and Energy (Special Provisions) Act 2010 that indemnifies officials against prosecution for any decision The Chinese funding was finalised one year ago when president Xi Jinping visited Dhaka Under the contract the Chinese firm will construct a floating jetty in the deep sea with 27m draft two 36rsquorsquo pipelines connecting the jetty and the tank farms power plant and pump on the island and two 220km 18rsquorsquo submarine pipelines from the farms to the storages in Chittagong according to the project proposal Source httpwwwnewagebdnetarticle27223dhaka-signs-550m-loan-deal-with-beijing

THE lsquoFLEXIBLErsquo SHARIAH PRACTICE OF ISLAMIC BANKING IN BANGLADESH Islamic banking in Bangladesh is taking shape rapidly with partial practice of Shariah amid the absence of a proper regulatory framework posing threat to religious belief and profit margin of the banksrsquo clients and investors Islamic banking an ideological banking and finance system based on a frame within the Shariah principles has been initiated aiming to provide economically viable financial intermediation alternatives to conventional banking The intermediation between the lsquohavesrsquo and lsquohave-notsrsquo among customers across all segments is consistent with Shariah intending to eliminate interest by developing a real sector generating permissible (halal) activities promoting profit and loss sharing establishing social equity upholding values and maintaining purity of contract

Daily News Flash 30th October 2017

12

Islamic banking in Bangladesh Islamic banking was first introduced in Bangladesh way in 1983 by foreign investors from Saudi Arabia and Kuwait Currently eight full-fledged Islamic banks are operating with 1068 branches in the country says the latest data of Bangladesh Bank (BB) The banks are Islami Bank Bangladesh Limited (IBBL) Al-Arafah Islami Bank Limited Social Islami Bank Limited Export Import Bank of Bangladesh Limited (EXIM Bank) Shahjalal Islami Bank Limited First Security Islami Bank Limited ICB Islamic Bank Limited and Union Bank Limited Moreover 19 Islamic banking branches of nine commercial banks and 25 Islamic banking windows of eight commercial banks are also providing Islamic financial services With a workforce of 30336 people Islamic banking covers 2272 market share of the countryrsquos entire banking sector in terms of deposits and investments As of June 30 the total number of deposits and investments in Islamic banking was Tk19942490 crore and Tk18524493 crore respectively

The lsquoflexiblersquo Shariah The data mentioned above shows the upward trend of growth in Islamic banking But a question arises whether it is expanding in the Shariah compliant way

Md Yasin Ali supernumerary professor of Bangladesh Institute of Bank Management (BIBM) said ldquoMost of the Islamic Banks in Bangladesh are not Shariah compliant They cannot maintain Shariah in banking operation like profit sharing lending and other issues Shariah-compliant banking covers less than 2 of the Islamic banksrsquo lending portfoliordquo ldquoIn fact the banks are fooling their clients taking advantage of their religious sentiment They are actually exploiting the religious belief of the clients which is not good for Islamic bankingrdquo he opined

Daily News Flash 30th October 2017

13

He also underscored the need of establishing good governance in conventional banking which in phases would eventually eliminate the other lsquobadrsquo practices BIBM Associate Professor Md Alamgir who conducted several studies on Islamic banking in Bangladesh seconding Yasinrsquos sentiment said the Islamic banks are operating based on the lsquoflexiblersquo Shariah instead Alamgir saidldquoIf a bank strictly follows the Shariah principles the bank has to provide financial services amid the risk and its Islamic term is ldquoMudaraba and Musharakardquo The principles mainly deal with equity-based transactions and must be free from Riba (interest)rdquo ldquoDuring its inception IBBL followed the Shariah principle incurring losses After that the Islamic banks started their operation by making the Shariah rules flexible Instead of risk-sharing of the asset the banks started cost-plus profit lendingrdquo he said In the cost-plus profit lending system a bank purchases a commodity on behalf of the customer and then sells it adding profit to the buying price Under this arrangement the bank discloses its cost and profit margin to the

customer ldquoThe flexible practice of Shariah is a complete violation of Shariah principlesrdquo he observed saying ldquoIslamic banking defying Shariah is completely equivalent to deceiving clients and investors of the banks that are banking upon a religious belief of permissible (halal) bankingrdquo Most banks the researcher said are not following the BB guidelines while opening new branches and windows of Islamic banking as they actually run based on the conventional method He suggested forming an independent and central Shariah supervisory council under the BB for proper audit and monitoring of the Islamic banksrsquo operation in accordance with Shariah principles He said ldquoThough the Islamic banks have their own Shariah boards they lack expertiserdquo A BB official anonymously said banks in the Islamic banking system do not have to fix the interest rate to the clients since they collect deposits in the profit-loss system Using the method the banks can easily deceive the deposit holders by showing a thin profit margin he stated

Expertsrsquo take on Islamic banking When contacted former Finance Adviser (caretaker government) AB Mirza Azizul Islam said ldquoThe central bank has to monitor the Islamic banking operations Islamic banks are bound to maintain Shariah principles If they are found violating the rules Bangladesh Bank must take punitive actionsrdquo Ex-BB Deputy Governor Khondkar Ibrahim Khaled said ldquoThere is no relation of banking with Islam Linking banking to Islam is nothing but doing business taking the advantage of religious illiteracy of the peoplerdquo

Daily News Flash 30th October 2017

14

He said the Islamic banks were not conforming to the Shariah principles of keeping customers as partners of profit or loss So it is not Islamic banking He suggested the people to be aware of the misuse of religious belief saying that Islamic banking would be in practice using another name

Lack of regulatory framework and expertise Many conventional banks have applied to the central bank for license to convert to Islamic banks The central bank however has stopped giving permission in this regard while there is no proper regulatory framework for strict monitoring of Islamic banking Interestingly Bangladeshrsquos banking sector is yet to have any Shariah governance in terms of regulatory issues and other relevant factors

Till date there is no complete Islamic banking law to control guide and supervise this sector except the inclusion of some Islamic banking provisions in the existing Banking Companies Act A central bank official said the BB had issued a guideline for conducting Islamic banking on November 9 2009 which needs to be updated ldquoInspection and supervision of the Islamic banks are being done following the general guidelines of the BB which was actually adopted for conventional banks The central bank does not even have a

separate wing to deal with the Islamic bankingrdquo he said The conventional banks can move the Artha Rin Adalat (money loan court) a specialised court for legal battle related to financial issues but that too lack a separate section for Islamic banking In addition the government has to borrow only from conventional banks through treasury bills and bonds to finance development projects as there is no regulation for Islamic banks to fund the projects The Islamic banks in Bangladesh have been facing excess liquidity problem which is depriving them of being financiers in public projects At the end of June the surplus liquidity of Islamic banks was Tk788601 crore a BB data reads

The central bankrsquos stance BB Executive Director Subhankar Saha said ldquoAs there is no law we are taking care of the issues related to audit and monitoring of the Islamic banks as per the existing guidelinesrdquo ldquoIf any bank is found violating the guidelines we are taking punitive actions against thatrdquo he added BB Deputy Governor Abu Hena Mohd Razee Hassan said ldquoDespite lacking a complete law Islamic banking is still an important part of the countryrsquos banking sectorrdquo ldquoWe are working to formulate a proper regulatory framework for Islamic bankingrdquo he added Source httpwwwdhakatribunecombusinessbanks20171030flexible-shariah-practice-islamic-banking-bangladesh

Daily News Flash 30th October 2017

15

$400B PRIVATE INVESTMENT NEEDED BY 2030 FOR SDGS The private sector has to play a big role to help Bangladesh achieve the Sustainable Development Goals (SDGs) analysts said yesterday Private investment to gross domestic product needs to be scaled up to 40 percent or $400 billion by 2030 to meet the SDGs said Abul Kasem Khan president of Dhaka Chamber of Commerce and Industry (DCCI) He was addressing an event titled ldquoImpact Bangladesh Forum 2017rdquo at Radisson Blu Dhaka Water Garden organised by DCCI and United Nations Development Programme (UNDP) The event was meant to create awareness among businesses about investment opportunities and the role of the private sector for ensuring an equitable sustainable future for all More than 150 business leaders government officials and UN representatives attended the event where entrepreneurs pledged to increase their investments in the SDGs along with maximising corporate and national growth according to a statement UNDP and DCCI referring to a report said achievement of global goals creates at least $12 trillion in business opportunities representing foods and agriculture cities energy materials health and wellbeing These sectors are approximately 60 percent of the real economy and they are also critical to delivering the SDGs said the UNDP Khan said there were some key challenges that might overshadow potential opportunities for the private sector in Bangladesh The challenges are absence of affordable and reliable energy sources inadequate technology expensive compliance and preparedness measures climate change impacts outdated infrastructure facilities high cost of doing business weak regulatory framework including business process and lack of institutional capacity Debapriya Bhattacharya distinguished fellow at the Centre for Policy Dialogue cited a cross-country study on early signals of implementation of SDGs in the developing world He said engaging the private sector in the SDG implementation beyond its traditional role of investment and income generation has come out as one of the challenging issues ldquoWe need an institutional structure in each country within its own context by bringing together existing mechanisms and new ones where the private sector gets an opportunity to interact with the highest possible policymaking process in an open and candid way That mechanism is very importantrdquo He said such a mechanism would enable policymakers particularly the government to get the direct inputs from the private sector ldquoNot on an occasional basis not during when they are giving cheques for the Prime Ministers relief fund but on a sustained regular structured basisrdquo said Bhattacharya He said a discussion forum followed up by actions and transparent monitoring of the minutes of the meeting was a key practice that has come out in many countries ldquoBangladesh can benefit from it What we need within our country is an indigenous process grafted into the system where the private sector gets an opportunity to directly talk to the policymakers and their movers and shakers regarding the new role (on SDGs)rdquo he said He said internal regulations and accountability of the private sector was no less important than seeking accountability and regulations from the government ldquoThe private sector quite often forgets that particular partrdquo he said UNDP Bangladesh Acting Country Director Kyoko Yokosuka said the private sector was a key development actor in Bangladesh

Daily News Flash 30th October 2017

16

ldquoYet their existing contribution to development is not monitored neither is the extent of the business opportunities that an inclusive society representsrdquo She said the UN recently launched IMPACT Bangladesh an alternative financing platform that brings together sustainable e-commerce impact investment and donations The private sector needs predictable and business-friendly policies said Md Shafiul Islam Mohiuddin president of the Federation of Bangladesh Chambers of Commerce and Industry State Minister for Finance and Planning MA Mannan said the government was working to lower the cost of doing business Business policy reforms will be brought about in consultation with the private sector and related stakeholders he added Source httpwwwthedailystarnetbusiness400b-private-investment-needed-2030-sdgs-1483615

TREBLE SPENDING ON INFRASTRUCTURE Bangladesh needs to increase allocation for infrastructure development by more than 35 times from its current annual spending of $35 billion if it wants to benefit from regional and international connectivity experts said yesterday The idea that only the government should develop and maintain the infrastructure needs to be changed ldquoThe private sector should also participate in the development of infrastructurerdquo said Syed Afsor H Uddin chief executive officer of PPP (public-private partnership) Office In Bangladesh the government accounts for 90 percent of the infrastructure spending and the private sector only 10 percent ldquoThat has to be changedrdquo Afsor said while presenting a keynote paper at a seminar on building infrastructure for growth and SDGs jointly organised by the Dhaka Chamber of Commerce and Industry and the United Nations Development Programme on the sidelines of the daylong Impact Bangladesh Forum It is feasible for the private sector to develop airports and other ports Similarly the potential of the private sector can also be utilised in education and health sectors Afsor said at the event held at the capitals Radisson Hotel The government should spend at least 5 percent of the total budget on the development of infrastructure if it is not possible to spend 10 percent which is the standard said Selim Raihan professor of the University of Dhakas economics department The Bangladesh government should take a lot of initiatives to be integrated into the Bangladesh Bhutan India and Nepal (BBIN) corridor and Chinas Belt and Road Initiative He also suggested wholesale reforms of the countrys trade policies which he said have become dated now The countrys target of exporting $50 billion worth of garment items by 2020 might not be possible without resolving the domestic supply chain challenges said Mahbubul Anam president of Bangladesh Freight Forwarders Association For instance exporters and importers have to wait for seven days for the release of their goods at the Dhaka airport it takes on average 21 days to release imported goods from Benapole land port he said ldquoThe physical infrastructure should be improved by the private sectorrdquo Anam also touched upon the lack of trading activities among the Saarc nations Trade between the Saarc nations is only 5 percent whereas it is 26 percent among the Asean nations Neither the coastal shipping line agreement with India nor the BBIN could be made functional as those were done without adequate consultation with the stakeholders ldquoSo there are a lot of barriers to regional connectivityrdquo

Daily News Flash 30th October 2017

16

ldquoYet their existing contribution to development is not monitored neither is the extent of the business opportunities that an inclusive society representsrdquo She said the UN recently launched IMPACT Bangladesh an alternative financing platform that brings together sustainable e-commerce impact investment and donations The private sector needs predictable and business-friendly policies said Md Shafiul Islam Mohiuddin president of the Federation of Bangladesh Chambers of Commerce and Industry State Minister for Finance and Planning MA Mannan said the government was working to lower the cost of doing business Business policy reforms will be brought about in consultation with the private sector and related stakeholders he added Source httpwwwthedailystarnetbusiness400b-private-investment-needed-2030-sdgs-1483615

TREBLE SPENDING ON INFRASTRUCTURE Bangladesh needs to increase allocation for infrastructure development by more than 35 times from its current annual spending of $35 billion if it wants to benefit from regional and international connectivity experts said yesterday The idea that only the government should develop and maintain the infrastructure needs to be changed ldquoThe private sector should also participate in the development of infrastructurerdquo said Syed Afsor H Uddin chief executive officer of PPP (public-private partnership) Office In Bangladesh the government accounts for 90 percent of the infrastructure spending and the private sector only 10 percent ldquoThat has to be changedrdquo Afsor said while presenting a keynote paper at a seminar on building infrastructure for growth and SDGs jointly organised by the Dhaka Chamber of Commerce and Industry and the United Nations Development Programme on the sidelines of the daylong Impact Bangladesh Forum It is feasible for the private sector to develop airports and other ports Similarly the potential of the private sector can also be utilised in education and health sectors Afsor said at the event held at the capitals Radisson Hotel The government should spend at least 5 percent of the total budget on the development of infrastructure if it is not possible to spend 10 percent which is the standard said Selim Raihan professor of the University of Dhakas economics department The Bangladesh government should take a lot of initiatives to be integrated into the Bangladesh Bhutan India and Nepal (BBIN) corridor and Chinas Belt and Road Initiative He also suggested wholesale reforms of the countrys trade policies which he said have become dated now The countrys target of exporting $50 billion worth of garment items by 2020 might not be possible without resolving the domestic supply chain challenges said Mahbubul Anam president of Bangladesh Freight Forwarders Association For instance exporters and importers have to wait for seven days for the release of their goods at the Dhaka airport it takes on average 21 days to release imported goods from Benapole land port he said ldquoThe physical infrastructure should be improved by the private sectorrdquo Anam also touched upon the lack of trading activities among the Saarc nations Trade between the Saarc nations is only 5 percent whereas it is 26 percent among the Asean nations Neither the coastal shipping line agreement with India nor the BBIN could be made functional as those were done without adequate consultation with the stakeholders ldquoSo there are a lot of barriers to regional connectivityrdquo

Daily News Flash 30th October 2017

17

He also called for a national single window from where entrepreneurs can get all the necessary documents within 24 or 48 hours Without having such a facility the businessmen have to collect 22 permissions for running a business Anam added Khan Ahmed Sayeed Murshid director general of the Bangladesh Institute of Development Studies moderated the seminar In another session Ahsan H Mansur executive director of the Policy Research Institute said while the idea of having 100 special economic zones in the near future is heartening one must temper the expectations given the bad examples of Korean EPZ Kaliakoir IT Park and leather estate in Savar The authority of Korean EPZ is facing challenges in land registration the Kaliakoir IT Park is ready but it is not operational yet and the leather estate in Savar is running but the effluent treatment plant is not functioning properly ldquoThe government must learn from these incidentsrdquo Mansur also called for a stable energy policy as both the local and foreign investors want to have a reliable source of power at stable rates to run their business ldquoEconomic governance is also necessary as the countrys banking system is not going in the right directionrdquo Bangladesh needs to capitalise on the opportunities stemming from the economic developments in India China and Japan he said ldquoThe current Rohingya issue indicates that Bangladesh is isolated in this region We are isolated because of our own problems We are not connected enough We need to have a strong geo-political connectivityrdquo Mansur added Economic zones employ 13 percent of Dubais workforce said Masrur Reaz senior economist and programme manager of Trade and Competitiveness Global Practice of the World Bank while highlighting the contribution of economic zones around the world Particularly in China economic zones contributed 111 percent to its gross domestic product and created 19 million jobs Economic zones utilised 95 percent of Chinas total foreign direct investment he said adding that such zones in China accounted for 37 percent of Chinese merchandise export in a year The economic zones in Bangladesh can help achieve 74 percent GDP growth and export $541 billion worth of goods in a year Reaz added ASM Mainuddin Monem deputy managing director of Abdul Monem Ltd said Japanese firm Honda is setting up a factory in the economic zone owned by his company Nihad Kabir president of the Metropolitan Chamber of Commerce and Industry moderated the session Source httpwwwthedailystarnetbusinesstreble-spending-infrastructure-1483624

SEVEN RINGS CEMENT PAYS HOMAGE TO INFRASTRUCTURE DEV AUTHORITIES Seven Rings Cement organised a programme to pay homage to the countrys top infrastructure development authorities for their contribution to building the nation The event titled ldquoTribute to nation buildersrdquo took place at Radisson Blu Dhaka Water Garden Hotel on Thursday Officials of Bangladesh Bridge Authority Bangladesh Power Development Board Bangladesh Railway Bangladesh Water Deve-lopment Board the Department of Public Health Engineering Dhaka North City Corporation Dhaka South City Corporation Dhaka WASA Education Engineering Department Health Engineering Department Local Government Engineering Department National Housing Authority Public Works Department Rajdhani Unnayan Kartripakkha and Roads and Highways Department attended the event ldquoThese infrastructure development authorities are contributing in building the nation by supporting Bangladeshi people to have access to different services and facilitiesrdquo said the company which is owned by Shun Shing Group International Ltd (SSGIL)

Daily News Flash 30th October 2017

18

Prof Jamilur Reza Choudhury vice chancellor of the University of Asia Pacific Ikram Ahmed Khan group managing director of SSGIL and S Raihan Ahmed CEO of Seven Rings Cement spoke at the event which ended with a cultural show Source httpwwwthedailystarnetbusinessseven-rings-cement-pays-homage-infrastructure-dev-authorities-1483573

CHINA TO GIVE $550M FOR PETROLEUM PROJECT Bangladesh and China yesterday signed a $550 million framework agreement for loan that will be used to implement a petroleum project with a view to ensuring energy security for the country Under the project crude and finished petroleum products will directly be taken to the Eastern Refinery in Patenga of Chittagong from the deep sea by way of two pipelines At present the petroleum products are unloaded from big ships and taken to the port in small ships It is then taken to the refinery by oil tankers In the previous system 12 days were needed to take petroleum products from the ship to the refinery Once the pipeline is built the products will reach the refinery in 48 hours said Nasrul Hamid state minister for power energy and mineral resources at the agreement signing ceremony ldquoIt will not only save us time but also $100 million a yearrdquo he added The work for implementing the project titled -- Installation of Single Point Mooring with Double Pipe Line -- will start in January next year The project is one of the 27 that the Chinese government agreed to finance during its premiers visit to Dhaka in October last year Xi Jinping had promised to give soft loans of about $215 billion for 27 projects But the implementation of the projects has not been smooth said Kazi Shofiqul Azam secretary of the Economic Relations Division As of now framework agreements have been signed for a total of three projects including the Single Point Mooring one The other projects are the Development of National ICT Infra-Network for Bangladesh Government Phase III ($157 million) and Modernisation of Telecommunication Network for Digital Connectivity ($231 million) The governments loan disbursement target for this year is $7 billion $1 billion of which is supposed to come from China ldquoIt will be challenging but if the two sides work efficiently it can be donerdquo Azam said The last step for implementing any project with Chinese loans is the signing of the loan agreement The loan agreement for a project has already been signed and the one for Single Mooring Project will be inked soon according to the ERD secretary About the perception that the China-funded projects are moving slowly Chinese Ambassador Ma Mingqiang said the decision-making process is time-consuming ldquoIt is not that we can say something today and do it overnightrdquo he said adding that there are many layers of evaluation and administrative team work Sometimes the bureaucracy does not help matters either he said while citing the release of a Chinese shipment from Chittagong Port that took 11 months as a case in point ldquoThese slow down the pace of projectsrdquo he said adding that both the Chinese and Bangladesh sides are working hard to push the implementation of the projects forward Source httpwwwthedailystarnetbusinesschina-give-550m-petroleum-project-1483606

Daily News Flash 30th October 2017

19

WORKERS GET ONLY 4PC OF PRICE OF CLOTHES SOLD IN AUSTRALIA OXFAM Just 4 percent of the price of a piece of clothing sold in Australia goes toward workers wages in factories across the globe according to a new study by Oxfam released yesterday The research which is the first of its kind in Australia shows an even dire situation in Bangladesh where wages are extremely low On average just 2 percent of the price of an item of clothing sold in Australia goes to the wages of factory workers While many leading and iconic Australian fashion brands are enjoying increases in revenue the workers making the clothes -- the vast majority of whom are women -- are trapped in a cycle of poverty said the report titled What She Makes ldquoThe women making the clothes Australians love and wear are being denied decent lives by being paid poverty wages and are unable to afford even the basics no matter how hard they workrdquo said Helen Szoke chief executive of Oxfam Australia Women are working six-day weeks and as much overtime as they can and yet they are forced to live in slums often separated from their children and families and going without enough food as they struggle to make it to their next pay But the report which was prepared by Deloitte Access Economics argues that it is possible for big brands to pay living wages -- wages earned in a standard week that cover essential needs including food housing healthcare clothing transport education and some money for unexpected events Deloitte estimates that even if big companies passed the entire cost of paying living wages to all workers on to consumers this would increase the price of a piece of clothing sold in Australia by just 1 percent ldquoThat is just 10 cents extra for a $10 T-shirt Szoke said With the profits being made by the factory owners wholesalers and retailers of the fashion industry Oxfam says it is more than possible for the cost of paying living wages to be absorbed in supply chains ldquoFashion is big business in Australia -- turning over $27 billion last year alone and growing at 4 percent a year Yet the women who make our clothes remain entrenched in lives of poverty paid as little as 39 cents an hour It is time for this grossly unfair system to changerdquo Szoke said Oxfam was calling on the companies behind Australian fashion brands to commit to paying a living wage to factory workers in their supply chains -- and to publishing a step-by-step strategy outlining how this would be achieved over six years Alongside the report Oxfam has released a live company tracker to publicly monitor Australias leading fashion retailers -- brands such as Kmart Big W Bonds Cotton On and Just Jeans -- and their progress on paying living wages Brands have the power and responsibility to ensure workers are paid enough to live with basic dignity Szoke said ldquoWe are asking Australians to speak up Together we can hold brands accountable for what women make -- telling them loud and clear the time has come to pay living wagesrdquo Source httpwwwthedailystarnetbusinessworkers-get-only-4pc-price-clothes-sold-australia-oxfam-1483582

INDIAN SHIP ON WAY WITH 185 TRUCK CHASSIS A ship carrying 185 truck chassis left Chennai port on Saturday for Bangladeshs Mongla port Nitin Gadkari Indias minister for shipping road transport highways and water resources digitally flagged off the RoRo ship cum general cargo vesselmdashMV IIDM Doodlemdashcarrying the chassis manufactured by leading Indian company Ashok Leyland

Daily News Flash 30th October 2017

20

There are problems at the border so the company has decided to explore sea which will also help in controlling damages and reducing pollution said Vinod K Dasari Ashok Leylands managing director Normally truck chassis travel a distance of 1500 km by road before reaching Bangladesh The ship is expected to reach Mongla in five days down from 20-25 days needed for transportation by road Gadkari said For this trip alone a total of about 3 lakh vehicle-kilometre of road travel will be saved and it would also save time at the congested Petrapole-Benapole checkpoint he said According to the minister coastal transport will be more cost-effective and environment-friendly He urged all automobile manufacturers to use coastal shipping mode A shipping company official said the cost saving would be anywhere between 20-40 percent if cargo is moved through coastal shipping Ships can also transport other goods an official of the Indian shipping ministry said The trip will also help explore the options on how to make the sea route transportation economically more viable the official said Ashok Leyland currently exports around 12000 truck chassis to Bangladesh Sri Lanka and countries in Africa The volume to Bangladesh and Sri Lanka is likely to increase by 80 percent in the coming years Now over 500 trucks per month are expected to be exported using the sea route which will take away a lot of traffic off Indias roads Gadkari said The coastal shipping agreement between the two countries was signed during Prime Minister Narendra Modis visit to Bangladesh in June 2015 Based on the agreement sea transportation from India to Bangladesh is being treated as coastal movement making it eligible for 40 percent concession on vessel- and cargo-related charges applicable in Indian ports Fuel consumption is much lower via sea route so transportation by waterways will also reduce carbon footprints according to an official statement issued from New Delhi The use of coastal shipping for cargo movement from India to Bangladesh comes at a time when exporters are facing hurdles on India-Bangladesh border Petrapole around 80km from Kolkata is the nerve centre for handling business worth Rs 25000 crore a year an official said Petrapole-Benapole is a key and busy gateway for India-Bangladesh business But there is just a single lane and it is narrow which becomes a long bottleneck for cargo carriers An estimated 350 trucks are cleared from Indian side while 80 trucks come to India from Bangladesh every day through the gateway Exporters say at least 3500 Indian trucks are waiting on a given day to cross the border creating a big problem for parking Of them 2000 trucks have to wait for about 10 days before they get parking at Petrapole While the Bongaon municipality on Indian side accommodates 1200 trucks the rest are at the mercy of private parking lots where contractors charge an upfront fee of about Rs 4000 for seven days said an exporter The last 5km of the cargo journey to the border should take a few hours but in reality it takes about 7-10 days due to heavy traffic congestion an official said Source httpwwwthedailystarnetbusinessindian-ship-way-185-truck-chassis-1483576

CTG TRANSPORTERS WITHDRAW STRIKE Goods transport owners and workers withdrew their 48-hour strike in greater Chitta-gong after 11 hours yesterday afternoon Cargo services will resume from 600pm said Chowdhury Zafar Ahmmad convener of Brihottor Chattagram Ponnyo Paribahan Malik Sramik Oikya Parishad which enforced the strike

Daily News Flash 30th October 2017

21

The decision came after Road Transport amp Bridges Minister Obaidul Quader assured of sitting with them at the ministry in Dhaka today to talk about their five-point demand he said Chittagong City Corporation Mayor AJM Nasir Uddin also assured the strike-enforcers of withdrawing an increase in annual vehicle document renewal tax from Tk 500 to Tk 10000 Ahmmad added Apart from the tax increase withdrawal the parishad has also been demanding scrapping of plans to increase fines at weighbridges for overloaded vehicles Source httpwwwthedailystarnetbusinessctg-transporters-withdraw-strike-1483570

BUSINESS POLICY TO BE REFORMED MANNAN Mentioning that the Bangladesh economy is a private sector-led one State Minister for Finance and Planning MA Mannan on Sunday said the business policy will be reformed following consultations with the stakeholders concerned The junior minister came up with the remarks while addressing the lsquoImpact Bangladesh Forum 2017rsquo jointly arranged by Dhaka Chamber of Commerce amp Industry (DCCI) and United Nations Development Programme (UNDP) at a city hotel ldquoFor more economic development we need regional connectivity as we have advancement in technology and educationrdquo said Mannan FBCCI President Md Shafiul Islam Mohiuddin was present as a special gust at the programme while CPD distinguished fellow Dr Debapriya Bhattacharya and senior economist and programme manager of the World Bank Group Dr Masrur Reaz were among others present Underscoring the need for enacting a business-friendly policy the FBCCI President said Bangladesh witnessed US$ 3465 billion export earnings in 2016-17 fiscal year Debapriya Bhattacharya said an internal institutional framework is needed to be built where the private sector stakeholders will be able to share advocacy with the policymakers of the government to finalise the policies for the countryrsquos economic development There can be a monitoring committee to look after the implementation of the decisions made by the government Bhattacharya added Source httpwwwdaily-suncompost264875Business-policy-to-be-reformed-Mannan

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Daily News Flash 30th October 2017

22

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Source httpwwwkalerkanthocomprint-editionindustry-business20171030559192

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Daily News Flash 30th October 2017

23

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Source httpwwwkalerkanthocomprint-editionindustry-business20171030559189

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Source httpwwwkalerkanthocomprint-editionindustry-business20171030559182

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Daily News Flash 30th October 2017

24

২১ ৫৫০

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Source httpwwwkalerkanthocomprint-editionindustry-business20171030559177

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Source httpwwwkalerkanthocomprint-editionindustry-business20171030559184

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Source httpwwwarthosuchakcomarchives383947

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Daily News Flash 30th October 2017

25

Source httpwwwarthosuchakcomarchives383901

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৮২ ২২৬ ২৪

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Source httpwwwprothom-alocomeconomyarticle1353916

৮ ঋ ১ ৭৯

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১১ ৬২ ৯৫ ৩৪৮ ১৭৪ ৪৪ ৩০ ২২০

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Source httpwwwsharebazarnewscomarchives89316

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Daily News Flash 30th October 2017

26

ৎ ৎ

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Source httpwwwsharenews24comindexphppage=detailsampnc=3ampnews_id=6330

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Daily News Flash 30th October 2017

27

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(২০১৬-১৭) ৯০ ৭০

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Source httpwwwsamakalcomtodays-print-editiontp-industry-tradearticle17105724 - - -

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Source httpwwwsamakalcomtodays-print-editiontp-industry-tradearticle17105723৫৫- - - - - -৪১

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Daily News Flash 30th October 2017

28

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Source httpwwwsamakalcomtodays-print-editiontp-industry-tradearticle17105722 - -১৬৪-

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Daily News Flash 30th October 2017

29

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Source httpbonikbartanetbanglanews2017-10-30136549 - -১৪০- - - - - - ---

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Source httpbonikbartanetbanglanews2017-10-30136548lsquo - rsquo- - - - -৭- -৮০-

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Daily News Flash 30th October 2017

30

২০৩০

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Source httpbonikbartanetbanglanews2017-10-30136550 - - - - - - -

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Source httpbonikbartanetbanglanews2017-10-29136475 - - - -

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Daily News Flash 30th October 2017

31

৩০ ২০১৬-১৭ ১৫

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Source httpbonikbartanetbanglanews2017-10-30136544 - - - -৬২----

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Source httpbonikbartanetbanglanews2017-10-30136543 - - - - -১-

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Daily News Flash 30th October 2017

32

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Source httpbonikbartanetbanglanews2017-10-30136541 - - - -৬২--