CPD RMG Study Stitching a better future for Bangladesh
Every day, CPD RMG Study team reveals what’s on our economic and apparel radar and curates a selection of the best reports, opinion, and analysis you may have missed.
BGAPMEA wants reduced corporate tax to boost exports
Bangladesh garment accessories and packaging manufacturers want 12% corporate tax for the fiscal year 2018-19 to boost exports and attract new investments. Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), a platform of the RMG backward linkage industry, made the call in its proposal that is to be placed before the National Board of Revenue (NBR) on Wednesday in a pre-budget meeting.
Noman Group to spend Tk 500cr on specialised fabric plant
Noman Group is planning to invest Tk 500 crore for producing polyester fashion fabrics which the company officials hope would contribute at least $100 million to country’s export earnings per year. Zaber and Zubair Fabrics, a textile entity of Noman Group is the largest fabric manufacturer and exporter in Bangladesh. The total employment of the group would exceed one lakh from the existing 80,000 after setting up the new plant for producing polyester fashion fabrics and it would take three years.
Bangladesh foreign exchange reserves drop in March
Bangladesh’s foreign exchange reserves dropped to $32.40 billion at the end of March from $33.37 billion the previous month, but were up nearly 1 percent from a year earlier. The monthly decline was fuelled by a rise in imports. In January, Bangladesh Bank kept its key policy interest rates unchanged, while it raised its private sector credit growth target in a bid to achieve an economic growth target of 7.4 percent for the 2017-18 financial year that ends in June.
