Economy
BEPZA Signs Deal with Dongfang Knitting for Sock Factory Investment
Chinese firm Dongfang Knitting (BD) Co. Ltd. is set to invest US$27.8 million to establish a sock manufacturing industry in the BEPZA Economic Zone (BEPZA EZ) situated at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), Mirsharai, Chattogram.
The Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company in the presence of Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, as stated in a press release.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA, and Fang Zhendong, Managing Director of Dongfang Knitting (BD) Co. Ltd., signed the agreement on behalf of their respective organizations at the BEPZA Complex in the city.
This foreign-owned company aims to produce 216 million pairs of socks annually for men, women, and kids, creating employment opportunities for 5,192 Bangladeshi nationals.
BEPZA Executive Chairman welcomed Dongfang Knitting (BD) Co. Ltd. as the newest member of BEPZA and expressed gratitude for selecting BEPZA EZ as their investment destination. He expressed hope that the company would initiate construction of the factory promptly and commence commercial production. He assured to provide full support to the company from BEPZA.
Other attendees at the signing ceremony included Member (Engineering) Mohammad Faruque Alam, Member (Finance) Md. Ashraful Kabir, Executive Director (Admin) A N M Foyzul Haque, Executive Director (Investment Promotion) Md. Tanvir Hossain, Project Director of BEPZA EZ Mohammad Anamul Haque, and Executive Director (Public Relations) A.S.M Anwar Parvez, along with representatives of the enterprise.
Economy
Remittances Top $2bn in First 28 Days of September
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Economy
Yunus Pledges Swift Reforms and Election in Bangladesh’s Interim Govt
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Economy
Polythene Bags to Be Phased Out, Says Environment Adviser Rizwana Hasan
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.