Refayet Ullah Mirdha

Cottage, micro, small and medium enterprises (CMSMEs), which are the backbone of the economy, have been struggling to revive their battered business as the country entered into the second year of the pandemic.

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A number of big British companies are interested to invest in Bangladesh to benefit from the country’s large consumer base, said British High Commissioner Robert Chatterton Dickson.

The outbreak of coronavirus and subsequent lockdown wrecked a havoc on business activities and wiped out many jobs apart from taking away many lives.

Earnings from exports declined 3.92 per cent year-on-year to $3.19 billion in February because of a fall in apparel shipment as the lingering coronavirus pandemic continues to hurt the country’s key markets.

The government is going to prepare a roadmap soon for Bangladesh’s smooth transition from a least developed country to a developing one in the next five years.

Bangladesh has stepped into a new journey as it qualified to graduate into a developing nation from a Least Developed Country (LDC) after 45 years.

The Indonesian Safeguards Committee (KPPI) recommended that the Indonesian government take safeguard measures against Bangladeshi apparel import to save the Indonesian domestic industry, according to a senior official of commerce ministry of Bangladesh.

Bangladesh is confident that it can fend off the challenges stemming from the graduation from the grouping of least-developed countries (LDCs) as the government has taken measures.

Australia is set to lift its ban on direct cargo flights from Dhaka, a move that is expected to boost Bangladesh’s shipments to the continent.

The dearth of work orders from international retailers and brands to small and medium-sized garment factories is so acute that many entrepreneurs are looking for buyers to sell units and exit the industry for good.

Youngone Corporation, a global conglomerate based in Korea, has made massive investments in man-made fibre (MMF) for clothing in its factories in Bangladesh as artificial materials are now dominating the fashion industry, according to Kihak Sung, chairman and chief executive officer of the company.

The downing of bank deposit rates is pushing savers towards national savings certificates as they seek higher returns after incomes were wiped out by the coronavirus pandemic.

The number of voters in the election of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has risen to 2,313.

Some 37 local textile and garment manufacturers have started investing in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) to establish high-end apparel factories.

Just as it had been for past LDC status graduates, Bangladesh will also not face a lot of challenges afterwards for already having proven its economic resilience and potential for sustainable growth, according to a government study.

Local clothing retailers and brands expect their sales to revive in the upcoming Pahela Falgun, Valentine’s Day, Pahela Baishakh and Eid festivals thanks to the arrival of the Covid-19 vaccine, according to market insiders.

At least 66,622 people would fall below the poverty line due to the decline in exports following Bangladesh’s graduation to a developing nation from the group of least-developed countries, according to a government analysis.

Development of physical infrastructure, improvement of the business climate and labour productivity and technological adoption are the key to making Bangladesh competitive in global trade by offsetting the fallouts of the LDC graduation.

Bangladesh will face an uphill task in convincing major trading partners and regional blocs to sign free trade agreements (FTAs) because of higher tariffs as it looks to retain duty benefits after its graduation from the LDC group, according to a government report.