Jagaran Chakma

A return to normalcy for Bangladesh’s steel manufacturing sector is still a far cry as factories have been forced to limit their operations due to declining demand amid the ongoing coronavirus pandemic, according industry insiders.

Samuda Food Product and Samuda Chemical Complex, two sister concerns of the TK Group of Industries, will invest Tk 1,744.80 crore at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) to produce consumer goods and chemicals.

The home electronics sector is suffering from a landslide in demand with the sales likely to stay below 70 per cent of annual target as consumers are reluctant to spend on luxury items amid the ongoing pandemic, according to various market players.

The planning ministry has expressed dissatisfaction over a decision to put on hold implementation of low-priority projects.

With development projects losing steam for the ongoing pandemic and several months of shutdown, the Economic Relations Division (ERD) hopes to get four back on track by getting loan agreements signed with China this fiscal year.

Prime Minister Sheikh Hasina in January announced light engineering as the “product of the year” in an attempt to bring special attention to the sector so that it increases the country’s foreign exchange reserves through the export of various goods.

While an unhealthy competition plagues Bangladesh’s cement sector for its 43 per cent overcapacity, Bashundhara Group has gone on to look beyond borders for opportunities. It found it in the India’s Seven Sister states.

The government has not discarded its plan to offload shares of several state-run banks, said Finance Minister AHM Mustafa Kamal.

IPDC Finance is eyeing up the premium customers of the real estate industry as the non-bank financial institution believes investment in the sector entails low risk now.

The government’s plan to impose a ban on the import of reconditioned vehicles to promote local manufacturing and assembling will create an imbalance in the domestic market, according to Bangladesh Reconditioned Vehicles Importers and Dealers Association (Barvida).

The rising trend in foreign direct investment (FDI) for Bangladesh may slow down this year due to the economic fallout of the coronavirus outbreak, experts believe.

Bangladesh’s event management sector is in dire straits as a lack of work for the past six months amid the ongoing coronavirus pandemic has led to a serious shortage of capital, according to industry insiders.

Premier Cement, a cement manufacturer in Bangladesh, became the maiden exporter to India’s north-eastern state of Tripura through a new river route in a development that is expected to boost cross-border trade and connectivity.

The target of Bangladesh Auto Industries Ltd (BAIL) to market the country’s first locally manufactured electric vehicles will be delayed by up to one year as the ongoing coronavirus pandemic has halted development work of its factory.

With just a year or so to go for golden jubilee celebrations of independence, Bangladesh is on its way to marking an epoch in history by manufacturing its own brand of automobiles with assistance from Japan.

Australian biotechnology company HA TECH will invest up to $80 million, or roughly Tk 700 crore, to establish a large-scale active pharmaceutical ingredient (API) manufacturing facility in Bangladesh that could help the country meet its growing demand.

Cement manufacturers have placed three new demands before the National Board of Revenue (NBR), including the payment of Tk 750 crore as refundable advance income tax (AIT), so that the producers can avail some assistance to cope with their losses amid the ongoing coronavirus pandemic.

Runner Automobiles seems to be on a roll. Hot on the heels of its announcement of bringing the famed off-road motorcycles of KTM to Bangladesh, it has now come up with a new two-wheeler with the highest engine displacement the country has seen yet.

The government plans to phase out the import of reconditioned cars over the next five years in a bid to encourage investments in the assembly and manufacture of motor vehicles within Bangladesh.

Bangladesh’s pharmaceutical sector could fetch up to Tk 700 crore by the end of fiscal 2020-21 from export of Remdesivir, a broad-spectrum antiviral medication that has proven to be effective for the treatment of severe Covid-19 cases, according to industry insiders.