Discussion with banks' top brasses told

BGMEA President Anwar-Ul-Alam Chowdhury Parvez has suggested that bankers should not fear to invest in the garment sector as the flow of foreign buying orders to Bangladesh is increasing.

More international buyers are coming to Bangladesh despite the global financial recession as they think China, one of the major competitors of Bangladesh, is no more viable for them due to higher prices of apparel items.

Two garment factories caught fire in Asadganj area of the port city Sunday in which huge fabrics, yarns and readymade garments burnt to ashes.

Firefighters said the fire first broke out in Angelic Apparels Ltd from an electronic short circuit at about 1pm and then raged through adjacent Apollo Garments housed in the same building.

Prices of yarn declined in the local market, helped by falling cotton prices in the international market, manufacturers said.

Industry insiders believe the volume of garment production will increase thanks to the yarn price decline. They said they would be more competitive in global apparel trading.

State-owned Janata Bank plans to raise Tk 100 crore from capital market through initial public offering (IPO) next year in a bid to strengthen its capital base.

A senior official of the bank on condition of anonymity said they expect to go for the IPO by June next year after finalising the bank's financial statement by March.

Bangladesh's syndicated loan market is growing fast, as more private local banks in a group have come forward to lend different organisations because of the less risk in such banking product, according to bankers.

Former diplomats urge at roundtable, lament lack of coordination

Former diplomats have suggested that the next elected government formulate a foreign policy prioritising regional connectivity for economic growth, impacts of climate change, international labour market, energy crisis and access of Bangladeshi products to global market.

Bangladesh exports soared 42 percent in September from a year ago, hitting $1.478 billion on the back of rises in sales of clothing and other textiles, Export Promotion Bureau data showed on Wednesday.

Export earnings in July-September, the first quarter of the 2008/09 financial year, also grew 42 percent to $4.38 billion, the data showed.

BoI project awaits approval

The Board of Investment (BoI) has recently drawn up an industrial map identifying special areas across the country for special industries mainly to attract foreign investment to those zones.

The local aluminium sector shows signs of recovery from slack business, which was once hurt by a 30-40 percent cut in demand, according to industry insiders.

The sector had been dampened by the sluggishness in public and private construction works, but now sales of aluminium products are on the rise thanks to a turnaround in real estate.