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National News ADP spending only at 0.58pc in July

Export: Bangladesh yet to fully tap Asian markets

Midland signs deal with Rolls-Royce to set up 150MW plant

Oil import to rise by one-third: Govt to award new 2,555MW plants in two years

3 major bridges being built ahead of time with cost less than estimated

ADB to invest Tk 27.40b for revival of ailing Bangladesh Railway

Muhith hopeful of recovering stolen BB money

GP shuts e-commerce platform Ki Dorkar

Move to ascertain reasons for hiring foreigners in RMG sector

International News Singapore firm inks deal to run Cambodia's first oil field

National News ADP spending only at 0.58pc in July

Progress in implementation of the annual development programme remained on the lower track in the first month

of the current fiscal year as 21 ministries and divisions could not spend a single penny in the month, according to the

data of the Implementation Monitoring and Evaluation Division of the planning ministry.

The government’s 54 ministries and divisions responsible for implementation of the country’s development budget

could spend only 0.58 per cent or Tk 952 crore in July of the total allocation worth Tk 1,64,085 crore for the entire

fiscal year, the IMED data showed.

They had spent 0.56 per cent or Tk 694 crore in the same month of the last fiscal year.

The agency had spent 1-2 per cent in the previous three fiscal years, according to the IMED data.

Officials said that the ministries and divisions usually remained indifferent in execution of development works due to

various reasons including lack of preparation and delay in appointment of project directors and acquisition of land.

The government should address the issues to expedite the ADP implementation progress, they said.

According to the IMED, ministries of science and technology, water resource, disaster management and relief,

industries, land, defence, information, jute and textiles, religious affairs, social welfare, cultural affairs, public

administration and foreign, and Rural Development and Cooperatives Division, Finance Division, Internal Resources

Division, Public Service Commission and Anti-Corruption Commission, among others, could not spend any money in

DSEX 5,855.88 6.46 Gold (Ounce) $1,293.60 Dollar 80.60 (Buy) 81.60 (Sell) REPO Rate (20/08/2017) 3.32%

CSCX 10,984.95 22.16 Oil (Barrel) $48.36 Euro 94.16 (Buy) 98.49 (Sell) REPO Rate (17/08/2017) 3.35%

Source: DSE and CSE Source: Yahoo Finance Source: One Bank Limited Source: Bangladesh Bank (W AV)

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the month.

On the other side, only Power Division, Road Transport and Highways Division, Energy and Mineral Resources

Division, Health Education and Family Welfare Division, fisheries and livestock ministry, Prime Minister’s Office,

expatriates welfare and overseas employment ministry, environment and forest ministry, labour and employment

ministry, Cabinet Division and Parliament Secretariat spent above one per cent in the period.

Source: http://www.newagebd.net/article/22637/adp-spending-only-at-058pc-in-july

Export: Bangladesh yet to fully tap Asian markets

Lack of necessary preferential trade agreements and quality products are preventing Bangladesh from seizing export

opportunities

Bangladeshi exports to Asian countries are still low due to absence of proper preferential trade agreements and quality

products, even though there are huge trade opportunities in the region.

Exporters and trade analysts say that removing non-tariff barriers, signing trade-friendly bilateral agreements and

proper usage of preferential trade deals can boost Bangladesh’s exports to the region.

They also said that high dependency on developed countries in North America and Europe could risk export earnings.

According to Export Promotion Bureau data, Bangladesh’s exports to Asian countries were worth $4.16bn in FY2016-

17, which is 12% of total exports.

At the same time, European Union (EU) imported 55.83% ($19.35bn) of Bangladesh’s total exports and the United

States 21.19% ($7.34bn).

For a developing country, Bangladesh has made remarkable progress as an exporter of manufactured goods, especially

readymade garments, but it’s highly reliant on the markets of developed countries.

The export basket is dominated by the readymade garment (RMG) sector, which accounts for over 80% of total

exports, followed by several other products including agricultural products, frozen food, jute and jute goods, and

leather.

In the last fiscal year, against a target of $37 billion, Bangladesh’s overall export earnings stood at $34.83bn, which is

1.68% higher than the previous year’s $34.25bn. Of the amount, the RMG sector alone earned $28.15bn.

Bangladesh has set an export target of $37.5bn for the current FY2017-18, which is a 1.35% rise from last year.

“Since there is an economic meltdown in traditional export destinations like Europe and the US, Bangladesh will have

to find new markets. Grabbing more Asian markets can help reduce dependency on the developed countries or a

certain region,” AB Mirza Azizul Islam, former finance adviser to a caretaker government, told the Dhaka Tribune.

“With the similarities in culture and taste, the markets of some of the Asian nations can help Bangladesh boost its

export sector,” he added.

Asia’s population is 4.47 billion, which is 59.6% of the global total. China is the most populous nation in Asia with about

1.38 billion followed by India with 1.32 billion.

“Bangladeshi apparel products are sold in China, Japan, Indonesia and some other countries, but not all of that is

exported directly. International buyers buy and import from us and then sell the products in these countries with their

brand,” Exporters Association of Bangladesh President Abdus Salam Murshedy told the Dhaka Tribune.

Since there are non-tariff barriers in the way of exporting to these countries, the government should take initiatives

to sign deals to remove them, said Salam, also managing director of Envoy Group.

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Even though over $1bn worth of products were exported to Japan in the last FY, the market there is yet to be tapped

fully as the island nation is a market for high-end products, a level Bangladesh has not reached yet, he said.

But, Salam added, the exporters would enter the high-end markets soon and Bangladeshi exports in the Japanese and

other South Asian markets will increase in near future.

Moreover, non-tariff barriers, location issues, countervailing duty and anti-dumping duty on jute and jute goods by

Indian government are also major obstacles for Bangladeshi exporters.

“Bangladesh’s geographical location is not favourable for tapping the emerging Asian markets’ potentiality as it has to

use a third country to ship products,” Centre for Policy Dialogue’s (CPD) Research Director Khondaker Golam Moazzem

told the Dhaka Tribune.

Bangladesh exports products to many Asian countries, but it is not as well connected with all the nations of the region

as it should be and trade cost is higher because of that, said Moazzem.

Regional connectivity will have to be enhanced for better export opportunities, he added.

The emerging economies of Asia could become a great opportunity for Bangladesh as these economies are witnessing

higher growth based on manufacturing, Moazzem said. “But to increase export rate to these countries, manufacturers

will have to improve product quality.”

Many Asian countries have their own strong manufacturing base for most of the Bangladeshi products they import

and their domestic manufacturers sell similar products in local markets, said Moazzem.

“So, quality products and improvement in comparative advantages are must to penetrate these markets,” he said,

stressing products diversification.

Bangladesh government should take steps to make the sub-regional and regional trade and connectivity initiatives

such as BBIN, BCIM, Safta, Bimstec and Saarc Motor Vehicles Agreement (Saarc MVA) effective and functional, he

added.

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Policy Research Institute Executive Director Ahsan H Mansur told the Dhaka Tribune: “Bangladesh will have to attract

more investment from Asian countries, especially from Japan and China, to increase export in the region and sign more

preferential trade agreements.”

Investment from these countries will help to improve the quality of products through knowledge sharing, said Ahsan.

Commerce Minister Tofail Ahmed said: “Bangladesh’s export earnings, especially from apparel products, have

witnessed a sluggish growth recently due to price fall and devaluation of euro and pound sterling.”

“To maintain export growth, we have decided to focus on the Asian markets. As part of market diversification, the

government will cooperate fully to expand the market in the region,” he told the Dhaka Tribune.

On the other hand, product development will be prioritised to increase earnings from high-end buyers, the minister

added.

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Experts said that Bangladesh will have to improve product standards and institutional capacity at domestic level first,

particularly through strengthening the Bangladesh Standards and Testing Institution operation, in order to overcome

the export barriers.

Since the preferential market access to a number of Asian countries is not being utilised fully yet, the government and

export-oriented businesses need to concentrate more on using preferential trade opportunities, they said.

Source: http://www.dhakatribune.com/business/2017/08/24/export-bangladesh-yet-fully-tap-asian-markets/

Midland signs deal with Rolls-Royce to set up 150MW plant

Midland Power, a local joint venture, yesterday signed an agreement with Rolls-Royce Bergen Engines AS to set up a

plant at Ashuganj in Brahmanbaria that will generate 150 megawatt of electricity.

The UK-based Rolls-Royce will supply machinery and offer technical support to Midland to set up the Tk 800-crore

plant scheduled to go into operations by March next year. David Hasanat, chairman of Midland Power, and Jeff Elliott,

managing director of Rolls-Royce Bergen Engines, signed the deal in Dhaka for the furnace oil-based power plant.

Elliot said Rolls-Royce is now supporting power plants in Bangladesh that are producing 716MW of electricity. Some

other units to generate 450MW, including the 150MW of Midland Power, will start production soon.

He said Rolls-Royce, which has been in Bangladesh for the last 15 years and has an office in Dhaka, aims to raise the

power generation capacity to more than 1,100MW in the next two years. “The level of business growth in Bangladesh

is very high.”

Midland is a joint venture of Viyellatex Group and Shahjibazar Power, a sister concern of Youth Group. It is an

independent power producer and has been supplying 51MW to the national grid since 2013.

Source: http://www.thedailystar.net/business/midland-signs-deal-rolls-royce-set-150mw-plant-1453225

Oil import to rise by one-third: Govt to award new 2,555MW plants in two years

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The country's oil import volume as well as payment in this regard is set to surge by one-third from the existing level,

said officials.

It will happen, as the government has approved awarding of some new diesel and furnace oil-fired power plants with

the total capacity of 2,555 megawatts (MW) over the next two years, they added.

A senior official of Bangladesh Petroleum Corporation (BPC) said the oil import is expected to increase from March

2018, as some 1,768-MW diesel and furnace oil-fired power plants are expected to come online by then.

He assumed that some 650,000 tonnes of diesel and 750,000 tonnes of furnace oil will be required to import for

operating the new power plants, of which 800-MW would be of diesel-fired and 968-MW would be of furnace oil-

fired.

On August 09, the Cabinet Committee on Public Purchase (CCPP) approved awarding these power plant projects to

their respective sponsors, selected through unsolicited offers under Speedy Supply of Power and Energy (Special

Provision) Act 2010. The law has a provision of providing immunity to people involved with the quick-fix remedies for

power generation.

The government has decided to build these power plants 'abruptly' to ramp up the country's overall electricity

generation before the next summer ahead of the general election, said a senior official of Power Division under

Ministry of Power, Energy and Mineral Resources. The election is slated to be held between October 2018 and

January 2019.

Separately, on April 05, CCPP also approved awarding seven new furnace oil-fired power plants to generate around

787 MW of electricity.

The power plants were awarded through competitive tendering process, which will come online by October 2019,

the official further said.

Some 600,000 tonnes of furnace oil will be required to import annually for operating the power plants.

Most of the sponsors of the new power plants might be entitled to import furnace oil directly to run their power

plants, the official added.

BPC imported petroleum products worth over Tk 270.23 billion in fiscal year (FY) 2014-15, which was Tk 365.87

billion in FY 2013-14.

The country currently imports around 3.50 million tonnes of diesel and 1.50 million tonnes of furnace oil per year to

meet the domestic demands of various sectors, including power plants, irrigation, transportation and industries.

The country also imports around 5.90 million tonnes of crude oil and refined oil combined annually.

The government has already waived oil import duties for private companies and also offered 9.0 per cent service

charge on the import.

The country began expanding its oil-based power generation capacity in 2010, amid a natural gas deficit caused by

depleting upstream reserves and rapid industrialisation.

It brought almost 40 new oil-fired power plants online by the end of 2016, and subsequently, Bangladesh became a

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furnace oil importer in mid-2010.

Prior to that, it was a regular fuel oil exporter, with cargoes coming from the state-owned BPC's subsidiary Eastern

Refinery Ltd.

Since 2012, Power Division has awarded many contracts to build gas-fired and coal-fired plants, but these projects

have faced delay, forcing the government to extend the contracts of the oil-fired plants.

Currently, Bangladesh has over 50 operational oil-fired power plants, being run with diesel and furnace oil.

Source: http://www.thefinancialexpress-bd.com/2017/08/24/80581/Oil-import-to-rise-by-one-third

3 major bridges being built ahead of time with cost less than estimated

When all major infrastructure projects are facing delays and cost escalation, the venture to build three new bridges

on the Shitalakkhya, Meghna and Gumti rivers is making good progress.

All of them are expected to be completed by the December 2018 deadline, and setting an example, will cost less than

what was estimated in the development project proforma (DPP).

Under the project, the existing Kanchpur, Meghna and Meghna-Gumti bridges would also be refurbished, officials of

the road transport and bridges ministry said.

The four-lane bridges being built parallel to the old ones would cut short the travel time between Dhaka and

Chittagong. The Dhaka-Chittagong highway was expanded into four-lanes last year.

After feasibility study, the cost of the project was estimated at Tk 8,487 crore, of which Japan International

Cooperation Agency (Jica) was supposed to provide Tk 6,430 crore.

Before signing deals with four Japanese firms in November 2015, the total cost came down to Tk 7,677 crore due to

strong negotiations by the project officials.

"We negotiated item to item and had been able to reduce the costs of many items," Road Transport and Bridges

Division Secretary MAN Siddique told The Daily Star.

Project officials said the cost would further decrease as the consultancy fee (Tk 510 crore) and Custom Duty VAT (Tk

1,200 crore) were set to reduce.

The four contractors are Obayshi Corporation, Shimizu Corporation, JFE Engineer Corporation, and IHI Infra Systems

Company Ltd.

As per the contract, the Japanese firms started working in January 2016 to build the new bridges. Despite a hiccup

after last year's Holey Artisan attack, all foundation work, including piling of the three bridges were almost done.

"Piling work will be completed by October," said Project Director Saidul Haq, also the additional chief engineer of

Roads and Highways Department.

He said the Japanese companies were producing steel girders at their factories in Vietnam and Myanmar. "They will

start bringing the girders from October."

The length of the second Kanchpur bridge is 397 meters while the length of second Meghna bridge is 930 meters and

second Meghna-Gumti bridge 1,410 meters.

This correspondent visited the sites last week and saw Japanese and local workers doing the pilings and other work in

the rain. A good number of police and Ansar personnel were seen deployed to ensure round-the-clock security.

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MAN Siddique said to complete the new bridges by next year the Japanese firms demanded two things, ensuring fund

flow and security of the workers. "We assured them both and the firms are working extra hours to complete the

project even before the deadline."

About 90 percent of the country's export-imports are done through the Chittagong Port. A majority of the goods are

transported using the highway.

The highway had been widened onwards but the three bridges had become bottlenecks, often causing chaos on the

country's economic lifeline.

Two underpasses and an overpass are being built on the eastern side of the Kanchpur bridge for smooth flow of traffic

from all directions --Dhaka, Chittagong and Narsingdi (Sylhet).

The Japanese firms would start restoring the old bridges after completing the new bridges.

"The old bridges will be ready by the end of 2019, meaning traffic movement on the vital highway will be faster,"

Project Director Saidul Haq said.

Source: http://www.thedailystar.net/frontpage/also-happens-1453222

ADB to invest Tk 27.40b for revival of ailing Bangladesh Railway

The Asian Development Bank (ADB) will invest a big sum of money to give a new lease of life to Bangladesh Railway

through adding more locomotives, wagons and other equipment.

Officials said Tuesday the Manila-based lender is expected to provide Tk 27.40 billion for upgrading the struggling rail

operator to meet a surging demand for the popular mode of mass transport.

Under a Tk 36.46 billion umbrella project titled 'Upgrading Bangladesh Railway's rolling stock operation', the ADB will

provide the funds to the state-owned rail-service provider.

The BR reels from a shortage of locomotives (engines), vans and wagons, which makes it lag far behind the

requirement for smart operation and passenger services across the country.

The government over the last six to seven years has invested huge funds in improving its railway services, which is

still a far cry, the sources said.

A senior BR official said the ADB has come forward with its larger support which is expected to improve the train

services in Bangladesh within a couple of years.

"This project is a part of the ADB support. The development partner is also helping us to set up double-track line

between Dhaka and Chittagong and a fresh line on Dohazari-Cox's Bazar-Ghundum route, procure carriages and

locomotives, and improve the railway infrastructures," he added.

"We have recently sent the Tk 36.46-billion-cost project proposal to the Planning Commission (PC) for getting

approval," the BR official said.

He said they would procure 40 broad-gauge (BG) diesel-electric locomotives, 75 metre-gauge (MG) and 50 BG

luggage vans, 400 MG and 300 BG bogie covered wagons, and 180 MG and 120 BG bogie open wagons for improving

the shabby fleet of the BR.

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Besides, the diesel-electric-locomotive workshop, DEMU workshop and central locomotive workshop will be

upgraded under the ADB-supported project.

The railway official said the project is scheduled to be completed by June 2021.

When asked, Assistant Chief of the PC Mizanur Rahman Mian said they were scrutinising the BR's project before

giving the seal of approval.

The Project Evaluation Committee (PEC) will sit in the second week of September for examining the pros and cons of

the scheme, he added.

If the PEC recommended approval for the project, they would place it before the Executive Committee of the

National Economic Council (ECNEC) for giving the go finally.

Source: http://www.thefinancialexpress-bd.com/2017/08/24/80582/ADB-to-invest-Tk-27.40b-for-revival-of-ailing-

BR

Muhith hopeful of recovering stolen BB money

Finance Minister AMA Muhith on Wednesday reiterated his optimism about getting back the Bangladesh Bank's (BB)

stolen money from the Philippines despite the delay in the procedure.

"The activities are going on to bring back BB's stolen money. Though it will take time, we will get back the total

money," he told journalists after a meeting of the Cabinet Committee on Government Purchase (CCGP) at cabinet

division.

The minister said the investigation report on the BB's reserve heist is not being made public for now.

Hackers stole the BB’s US $101 million account with New York's Federal Reserve Bank. The thieves were able to

move about $81 million to accounts in the Philippines and another $20 million to a bank in Sri Lanka, according to

BSS.

Source: http://www.thefinancialexpress-bd.com/2017/08/23/80546/Muhith-hopeful-of-recovering-stolen-BB-

money

GP shuts e-commerce platform Ki Dorkar

Over 100 e-commerce platforms were connected with Ki Dorkar after GP launched the service in 2016

The leading mobile phone operator, Grameenphone, has shut its e-commerce platform – Ki Dorkar.

Over 100 e-commerce platforms were connected with Ki Dorkar after GP launched the service in 2016.

Once introduced, the telecom operator said Ki Dorkar would be a key platform for buyers and vendors to get on the

same board for an effective communication with each other.

Ki Dorkar used to provide eight kinds of services including booking hotel, restaurant and tickets, laundry services and

also repair services.

Initially, Ajkerdeal.com was involved with Ki Dorkar, but it left the platform by the end of 2016.

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Grameenphone also launched the e-commerce sight, GP Shop, in August last year following Ki Dorkar. The GP Shop

aimed at providing all services in one click.

Sources said Grameenphone shut Ki Dorkar in a bid to promote its GP Shop platform.

In a statement yesterday, GP said it did not have much control over quality services provided by Ki Dorkar.

“As we do not have much control over quality with such partner-dependent platforms like Ki Dorkar, promotion and

operations of the platform have therefore been discontinued,” said Talat Kamal, head of external communications,

Grameenphone.

Kamal, however, said GP is working with e-cab to provide its valued customers with such services more efficiently.

Source: http://www.dhakatribune.com/business/2017/08/24/gp-shuts-e-commerce-platform-ki-dorkar/

Move to ascertain reasons for hiring foreigners in RMG sector

A coordinated move is ripe to ascertain reasons for hiring foreigners and their areas of work in Bangladesh's apparel sector and prepare their local replacements to plug foreign-exchange outflows. Sources said the foreign-aided agenda for manpower transformation in the country's main export industry follows reports that minimum US$5.0 billion in total flows out of the country annually in addition to job losses for the locals. The Centre of Excellence for Bangladesh Apparel Industry (CEBAI) is conducting a research titled 'Employment of Expatriates and its Alternatives in the RMG Sector of Bangladesh' under this move, they added. The study will also focus on requisite measures to minimize the number of foreign expatriates and areas of training and courses to generate skilled manpower to fill the gap, they said. "In July, we signed an agreement with the Faculty of Business Studies of Dhaka University to conduct the study which is expected to be done by next month," Md Atiqul Islam, president of the CEBAI, told The Financial Express. CEBAI is a joint initiative of the International Labour Organization (ILO), the Government of Sweden, Swedish fashion retailer H&M and Bangladesh Garment Manufacturers and Exporters Association (BGMEA). "We only know some $5.0 billion has been annually spent for foreign employees but no details how many expatriates in which positions are currently working in the sector," he said, adding that there is no study on the foreigners working in this sector. Considering the impact of the outward remittance by these employees on the economy and loss of employment, a series of researches are needed. This will help in identifying the areas expatriates are working and analysing the reasons for hiring them by the employers, he said. The study findings would help in formulating policy and strategic interventions regarding minimising the number of alien employees in the country's readymade garment (RMG) sector, Mr Islam viewed. It would also suggest policy recommendations on the areas of training needs which could be filled up through offering courses at the country's educational institutions, CEBAI chief executive officer Aftab Uddin Ahmad said. The other recommendations would also include two short courses with duration of four months each on design, contents and the marketing of those courses, he added. Though some 10,000 foreigners are registered with the Board of Investment (BOI), Bangladesh Export Processing

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Zones Authority (BEPZA) and Non-Government Organisation (NGO) Affairs Bureau, some 500,000 are working in Bangladesh, according to the study proposition.

In 2015, these foreign employees took home nearly $5 billion in salaries and allowances. Many of them work in the

RMG sector, it added.

The foreign remittances sent by Bangladeshi expatriates had been hovering over $14 billion annually since the fiscal

year 2012-2013, which crossed $15-billion mark in 2014-2015, according to official data.

Industry-insiders said foreign nationals, mostly from India, Pakistan, Sri Lanka, China, Taiwan, South Korea and some

European and African countries, are working in Bangladesh. Most of them are engaged in RMG, IT and other

manufacturing industries.

Three government agencies - the Board of Investment (BoI), currently Bangladesh Investment Development

Authority (BIDA), NGO Affairs Bureau and Bangladesh Export Processing Zones Authority (BEPZA) - issue work

permits for the foreigners.

However, there is no integrated list of foreigners working in Bangladesh for a lack of coordination among the

government agencies concerned.

According to the industry people, foreign employees are holding plum posts like merchandiser, quality controller,

designer, marketing officer and technician at washing and dyeing units mostly in buying houses and liaison offices.

If the country could employ its own skilled employees in the occupations foreigners currently working in, a huge

amount of foreign currencies could be saved while employment for local people could be created, they added.

Another study namely 'Alternatives to Gas Shortage: A Competitive Strategic Option for Bangladesh Apparel Sector'

is also being conducted by the CEBAI, said Mr Islam.

Explaining the objective of this survey Mr Ahmad said it would assess the present consumption of gas by various

industrial sectors, future demand for gas, estimation of supply status, pricing strategy for next five years.

It would also help in understanding the contribution of gas while determining costs in the apparel sector.

Overall, it is focused on chalking out strategy to help the apparel sector to be competitive on the world market, he

added.

Source: http://www.thefinancialexpress-bd.com/2017/08/24/80585/Move-to-ascertain-reasons-for-hiring-

foreigners-in-RMG-sector

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Source: http://bonikbarta.net/bangla/news/2017-08-24/128910

International News Singapore firm inks deal to run Cambodia's first oil field

Cambodia on Wednesday signed a deal with a Singaporean energy company to develop its first-ever oilfield, the latest

move in the impoverished country's much-delayed plan to become an oil-producing nation.

KrisEnergy signed the agreement with the government in the capital Phnom Penh to develop an offshore field in the

Gulf of Thailand which they hope will produce 8,000 barrels a day by 2020.

Energy Minister Suy Sem hailed the signing as a "historic event" and said the nation would become an oil producer

country in the future.

The Gulf of Thailand boasts significant oil deposits that have been exploited by Thai and Malaysian companies since

the 1980s. But Cambodia, one of Asia's poorest nations, has been slow to get in on the act.

Chevron first found proven reserves in Cambodian waters in 2005.

The kingdom was soon feted as the region's next potential petro-state. Its government estimates there are hundreds

of millions of barrels of crude and vast reserves of natural gas in six blocks off the coast.

But production stalled as the government and Chevron failed to agree over revenue sharing, leading the US oil giant

to abandon the project and sell its stake to KrisEnergy in 2014. Under the deal KrisEnergy will start extraction on one

section of a 3,000 square kilometre (1,158 sq mile) block known as the Apsara field to the southwest of Cambodia's

coast.

A single platform will be built, with plans for further platforms and the exploration of two more fields if the first

becomes lucrative.

Source: http://www.thedailystar.net/business/global-business/singapore-firm-inks-deal-run-cambodias-first-oil-

field-1453198