News Flash

June 6, 2017: Low-cost fund, EU cargo ban, RMG corporate tax, garment accessories and prospect of cotton farming in Barind region

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

Eight RMGs submit plea to PFIs for low-cost fund

Eight garment owners have submitted applications to the participating financial institutions (PFIs), seeking low-cost fund under Urban Building Safety Project (UBSP) for improving their working conditions, Financial Express reported.

The report quoted a senior official of Bangladesh Bank (BB) as saying that Public Works Department (PWD) under Ministry of Housing and Public Works is now assessing technical aspects of the applications.

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EU slaps cargo curbs on Dhaka

The European Union has put Bangladesh on the list of high-risk countries in terms of operating cargo services by air and sea to the EU countries, the Daily Star reported quoting sources at the Civil Aviation Authority of Bangladesh.

The report said that EU Ambassador in Dhaka Pierre Mayaudon disclosed the decision at a meeting with CAAB Chairman Air Vice-Marshal Ehsanul Gani Chowdhury at the latter’s office yesterday

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EAB for reducing source tax, RMG corporate tax

Exporters Association of Bangladesh (EAB) has urged the government for incorporating some changes in the proposed budget for the next fiscal year, 2017-18, Financial Express reported.

The report said that its suggestions include reducing tax at source from proposed 1.0 per cent to 0.25 per cent, fixing corporate tax for readymade garments (RMG) industry from 15 per cent to 10 per cent, and zero duty on import of fire safety equipment.

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Garment accessories open new export window

The garment accessories sub-sector is taking on more importance for Bangladesh with the start of direct exports to global brands, and could see a three-fold increase in export revenues in the next eight years, Dhaka Tribune reported.

The report said that according to data from the Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), the accessory sector earned $6.12bn in the last fiscal year, of which $1.12bn came from direct exports. The remaining $5bn were deemed indirect exports.

If the sector gets policy support and cooperation from the government, however, the earnings are likely to increase to $12 billion towards the end of 2018 and could hit $18 billion by 2025, the report added.

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Scientists for expanding cotton farming in Barind region to boost production

Agricultural scientists and researchers at a day-long discussion urged the farmers and others concerned to expand cotton farming in the vast barind tract for boosting up its production to meet up the country’s demand, the Financial Express reported.

The report said that scientists viewed prospect of boosting cotton production in the drought-prone barind region is bright as its topography and climatic condition suitable for the cash crop.

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