Jagaran Chakma

Industrial demand for liquefied petroleum gas (LPG) has shot up around threefold in the past couple of months, which market insiders believe resulted from industries trying to reduce their reliance on diesel for a hike in its price. 

When Bangladesh embarked on a journey to set up 100 economic zones across the country in 2015, the government’s aim was to attract both foreign and local investments as it looks to accelerate industrialisation, create one crore jobs and export $40 billion worth of goods and services from the enclaves in the next 15 years.

Nearly half a year ago, farmers harvested the dry Boro season paddy. Then they took home Aus season paddy in August. And now, they are harvesting rain-based Aman season paddy and preparing to cultivate the next season’s Boro paddy.

The government should expand social safety net programmes immediately to support the people reeling under escalated food prices, said Selim Raihan, executive director of the South Asian Network on Economic Modeling (Sanem).

Firms, both local and foreign, have put on hold their investments in Bangladesh owing to the surge in the dollar price, the energy crisis, the escalated cost of production, and the deep uncertainty caused by the Russia-Ukraine war. 

Twelve private economic zones in Bangladesh have received good responses from investors drawing investment proposals involving $4.27 billion from local and foreign entrepreneurs in the past six years.

Initiatives expected over the manufacture of automobiles in Bangladesh is yet to become visible in spite of the unveiling of a policy by the government for the first time in 2021 to develop the sector. 

Reconditioned car imports surged by more than 75 per cent year-on-year in July-October despite the ongoing economic uncertainty and the government’s efforts aimed at discouraging the purchases of luxury items from external sources, traders say.  

Bicycle exports from Bangladesh declined year-on-year in the first four months of the current fiscal year apparently for shrinking demand in Europe propagated by the war-induced cost-of-living crisis.

With sugar prices making new records almost every day for a supply crunch at home and abroad, pushing up the cost of making sweetener-based foods, state-run Bangladesh Sugar and Food Industries Corporation (BSFIC) can’t increase the supply to provide some relief to consumers. 

Bangladesh’s steel industry is set to see the entry of a couple of large business houses while several existing steelworks are looking to expand their capacities in order to gain from the rising demand for the key construction material.

Partex Petro Ltd, an oil refinery, has started production and marketing of aviation fuel, becoming the first company in Bangladesh to manufacture the finished product for the growing air transport market. 

The demand for large-screen and premium-branded televisions has picked up in Bangladesh as sports-loving fans are gearing up to watch cricket and football world cups.    

Eastern Cables Limited, a subsidiary of the Bangladesh Steel and Engineering Corporation, was once the only cable manufacturer in Bangladesh.

Industries, already under huge pressure for the fall in gas supply and higher input costs, have been hit with power outages in the last few days, which have raised the production cost and may force factories to cut output. 

Like always, investors and experts apprehend that there will be challenges in implementing the new industrial policy to achieve maximum benefits due to a lack of ownership and coordination among line ministries and various stakeholders.

Bangladesh’s entire business sector, particularly the producers focused on the domestic market, is facing troubles due to an unprecedented hike in the US dollar price as their cost of production has witnessed a sharp spike. 

One of the Rampal power plant’s two units was inaugurated last month but it still requires some machinery to practically start running. 

The market for glass used in construction has increased steadily in Bangladesh over the past 15 years thanks to expansion in the real-estate sector resulting from rapid urbanisation, according to industry insiders.

Six Bangladeshi companies have showed their interest to invest $457 million at Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram and Sabrang Tourism Park in Cox’s Bazar.