Asian Development Bank (ADB) has projected Bangladesh’s gross domestic product (GDP) growth to be 6.5 percent in the fiscal year 2024, compared to an estimated growth of 6 percent in fiscal 2023. The projection was made in the latest ADB report, ‘Asian Development Outlook (ADO) September 2023,’ released today. The ADB in a press release said that the growth forecast reflects an improvement in domestic demand and better export growth due to economic recovery in the Eurozone. ADB, Deutsche Bank ink risk sharing agreement to boost supply chain financing in Asia The ADB also mentioned that inflation in Bangladesh is projected to ease from 9 percent in FY2023 to 6.6 percent in FY2024. The current account deficit is expected to slightly narrow from 0.7 percent of GDP in FY2023 to 0.5 percent of GDP in FY2024 as remittance growth improves. The main risk to this growth projection is a further deterioration in export growth if global demand is weaker than expected, the press release said. Global trade finance gap expands to 2.5 trillion USD in 2022: ADB ADB Country Director Edimon Ginting said that the government is managing relatively well against the external economic uncertainties, while advancing infrastructure development and critical reforms to improve the investment climate. “These key structural reforms include to strengthen public financial management, enhance domestic resource mobilisation, improve logistics, and deepen financial sector, which are critical for private sector development, export diversification and productive job creation in the medium term,” he said. ADB to provide Bangladesh $300 million loan to boost skills of labour force He mentioned that continued high oil prices also provide a good incentive to accelerate reforms to expand domestic renewable energy supply and achieve the country’s climate change goals. The ADO September 2023 states that moderate inflation and an increase in remittances will contribute to reviving private consumption, while the completion of a number of major government infrastructure projects will boost investment. Private investment, however, may be dampened by the initial higher interest rates following the enhancement in the country’s monetary policy framework. Inflation is expected to ease in FY2024 with some fall in global non-fuel commodity prices, expected higher agricultural production, and the initial tightening of monetary policy under the new framework.

Foreign Minister AK Abdul Momen has highlighted the imperative of tapping into unexplored trade opportunities between Bangladesh and African countries. He attended at an interaction session held on Thursday at the Commonwealth Trade and Investment Forum Bangladesh 2023 in Dhaka. Bangladesh sends humanitarian aid to flood-affected Libya Momen underscored the critical need to establish robust trade and investment relations with African countries, particularly in key sectors such as pharmaceuticals, textiles, energy, blue economy and information and communication technology (ICT). The session also shed light on Bangladesh's visionary 'Look Africa' policy, which represents a strategic commitment to bolster relations with African nations. This outlines various areas of cooperation, including trade and the economy, education, IT and ICT, air and maritime connectivity, healthcare, contract farming, people-to-people contact and visa waivers for diplomatic and official passport holders. This multifaceted approach demonstrates Bangladesh's dedication to fostering deeper connections with the African continent. CWEIC chairman applauds Bangladesh’s “incredible” economic success story The foreign minister also stated that Bangladesh is one of the world's fastest-growing economies. The country's focus on enhancing engagement with African nations aligns with its ambitious economic and social development trajectory, aimed at achieving Vision 2041 and creating a Smart Bangladesh. He also highlighted that new African markets have opened doors for Bangladeshi enterprises, leading to diversification in export destinations. Despite challenges, the potential for economic cooperation between Bangladesh and African nations remains promising, Momen said. Devastation in Libya: Bangladesh PM expresses deep shock He also stated that Bangladesh will welcome any election observers from African countries in our upcoming National Parliament Election scheduled to be held in early January 2024. Ministers from several African countries, High level government delegates and business entities attended this event.

Angel investors are those who invest seed money into a business to kick start its operation. This investment usually comes in exchange for convertible debt or equity in the ownership of the company. From a startup perspective, angel investments are a great way to secure funds as well as mentorship from the investors working in the relevant industry. Here is how a business can raise angel investment, especially if they are from Bangladesh.  The Angel Investment Landscape of Bangladesh  Bangladesh is still in the early stages of angel investment. There were not many investors a few years back in the startup ecosystem. However, the pace is picking up. Bangladesh Startup Investment Report of 2022 shows that Bangladeshi startups were able to raise $112 million in 2022. A total of 47 startups were able to secure funds, among whom 39 brought unique service propositions. The largest funding was received by ShopUp who were able to raise $65 million from Valar Ventures and Flourish Ventures. About 8% of the total funding came from local investors. On average, the angel investment size for early-stage startups was around $588K. Bangladesh is in the lower tier when it comes to securing venture funds. Read more: How to Gain Funding for Startup: Best Practices to Attract Investors How to Get Angel Investment in Bangladesh  Getting an angel investor to invest is neither straightforward nor easy. A startup will need to put in the work, especially in Bangladesh where the investment ratio is low. There are several key things to consider when it comes to securing angel investment. Here are some of them.  Clear Business Idea and Plan  A startup should have a clear business idea backed up by a strong and detailed plan to secure angel investment. The plan should outline the startup's mission, market opportunity, revenue model, target audience, competition analysis, marketing strategy, and financial projections. A solid business plan is crucial for gaining investor confidence.  Market Validation  Investors look for product or service confidence while investing. As a result, it is important to create a market validation of the startup product or service before making the initial approach for funds.  Market validation can be done by developing a market-viable product. This product or service can be channeled to early adopters and customers. Based on their experience, a positive narrative for the product can be developed. This will play a crucial role in securing early-stage angel investment.  Read more: How to Build Social Capital to Grow Your Business

Are you considering investing in precious materials but unsure whether to choose gold or diamonds? Understanding their key differences is crucial when making investment decisions. In this article, we will weigh in on the benefits and shortcomings of both gold and diamonds. By the end, you'll have the insights you need to determine which investment aligns best with your financial goals and risk appetite. Advantages of Investing in Gold Safe-Haven Asset:  Gold is often considered a safe-haven asset during economic uncertainties and market volatility. It tends to retain its value and can act as a hedge against inflation and currency fluctuations. Diversification Benefits:  Adding gold to an investment portfolio can provide diversification benefits, as it typically has a low correlation with other assets like stocks and bonds. This can help reduce overall portfolio risk. Read more: Gold Buyer's Guide: Know the types, colors, karats of the precious metal Tangible Asset:  Gold is a physical asset that you can hold in the form of coins, bars, or jewellery. This tangibility can provide a sense of security and ownership compared to other investments like stocks or bonds.

The Good Fashion Fund (GFF), a Netherlands-based investment fund promoting sustainable practices in the fashion industry, has made its first investment in Bangladesh. The $1 million funding will support Progress Apparel Ltd.’s investment in a modern in-house washing plant located at the Adamjee EPZ's factory in Narayanganj, Dhaka. The washing plant will be equipped with state-of-the-art washing, drying and hydro machinery selected for its efficient use of water and chemicals, said a media release on Monday (July 03, 2023). Also read: Netherlands lauds Bangladesh’s continued progress despite global uncertainties GFF’s investment - which is structured through Progress Apparels’ holding company in Hong Kong, PDS Ltd. - is enabling the company as a new player in the textile sector, to access international funding whilst promoting sustainable investments. GFF’s investment in the in-house washing plant not only generates savings in water and chemical usage compared to conventional machinery, but also promotes supply chain traceability and transparency as washing is no longer outsourced, and the factory is now well capable of monitoring water, energy and chemical usage and the social well-being of its employees. Limiting transport to and from the outsourced facility will further reduce emissions. Progress Apparels Limited is a ready-made garment producer established in 2017 in Bangladesh. Also read: Bangladesh Film Archive signs MoU with RedOrange of Netherlands to collect 1971 war footage The company is part of PDS Limited. The facility produces woven bottoms for popular international brands and retailers. They have a production capacity in excess of 1,000,000 pieces per annum which is set to increase due to operational efficiencies brought about by the GFF investment. Speaking on the conclusion of the investment, Pallak Seth, Executive Vice Chairman, PDS Limited said, “PDS has more than two decades of expertise in the apparel value chain and established itself as a favoured collaborator for over 200 prominent global retail brands." "As a socially responsible corporate entity and a trusted partner of retailers, we are dedicated to upholding our obligations to both our customers and the environment. Our association with the Good Fashion Fund serves as a testament to PDS's commitment to collaborating with esteemed institutions that prioritize environmental sustainability and circularity.” Also read: BEMEA seeks more collaboration with Netherlands to enhance RMG industry’s competitiveness Sanjay Jain, Group CEO, PDS Limited, “Over the past year, our manufacturing business has achieved a full year of profitability. This investment in the wash plant has not only empowered Progress Apparels to enhance their manufacturing capabilities but also gained the advantage of Good Fashion Fund's knowledge in sustainable practices and cutting-edge technology implementation. This investment allows us to leverage their expertise for the betterment of our operations and overall sustainability goals.” The GFF is initiated by the Laudes Foundation for financing is to be used to invest in impact equipment that deliver both economic growth and good fashion practice. Bob Assenberg, Fund Director of the Good Fashion Fund, spoke on this investment. “We are excited to announce our first investment in Bangladesh and to be associated with a sustainability- oriented manufacturer such as Progress Apparels. This partnership demonstrates that sustainability can go hand-in-hand with economic savings and that it is essential towards transforming the apparel supply chain. We hope industry stakeholders will make concerted efforts in making such investments more accessible in Bangladesh.” Also read: Netherlands, IOM join hands to improve environment, strengthen resilience of Rohingyas, host communities in Cox’s Bazar Anita Chester, Managing Director of Laudes India, commented that “Sustainable manufacturing practices and processes are the need of the hour. They are especially critical in key manufacturing regions like Bangladesh where support to producers is critical to showcase the immense opportunity to decarbonise while ensuring a socially responsible transformation.” The total investment made at the manufacturing facility has been seen as a testimony to PDS’s pledge to make the apparel manufacturing value chain sustainable and environmentally ethical for all stakeholders, the press release said.

The Dhaka Stock Exchange (DSE) on Tuesday urged the government to consider its 6-point proposal on the budget for the fiscal year 2023-24, to encourage investment. DSE Board of Directors Chairman, Professor Hafiz Hasan Babu made the call from a 'post-budget press conference' at a hotel in the capital on Tuesday. The proposals are tax-exemption for earned interest on bonds, to reduce the tax gap between listed and non-listed companies to 10 percent, reduce VAT from 15 percent to 10 percent for companies in the capital market, reduce the tax gap to 10 percent for stock exchange SME companies, and reduce tax at source on broker houses’ transactions. Also Read: DSE seeks inclusion of four points to facilitate investors  In a written speech at the press conference, DSE Chairman said that currently, the size of the corporate bond market is very small which creates limitations in the capital market as well as in the financial market. Also Read: DSE market capitalisation increased by Tk4.5 lakh crore in 2022 “A well-functioning bond market can help the economy in several ways. Exemption of tax on interest in all types of bonds would encourage creating a strong bond market," he said.    

Japanese Ambassador to Bangladesh Iwama Kiminori met BNP’s Secretary General Mirza Fakhrul Islam Alamgir today (June 4, 2023) and discussed Bangladesh’s next general election and the overall political situation. Talking to reporters after the meeting at the BNP Chairperson’s Gulshan office, the party’s standing committee member Amir Khasru Mahmud Chowdhury said that Japan, like other democratic countries, wants to see a free, fair, and acceptable election in Bangladesh. Read more: Govt to blame for US’s disrespectful visa policy: Fakhrul “Bangladesh’s relations with Japan expanded significantly since we started the free market economy during the BNP government. That is why they (Japan) want that relation to continue even if the government changes,” he said. Chowdhury, along with the party’s Organising Secretary Shama Obaid, was present at the meeting. They discussed the overall electoral system of Bangladesh and the current human rights situation, he said. Like other countries, Japan might have concerns about Bangladesh’s next election, human rights situation, rule of law, press freedom, and people’s security, the BNP leader said. “So, they want to understand what is happening in Bangladesh, what is going to happen in the future, and where is Bangladesh headed?” – he said. Read more: Movement to restore democracy going towards final stage rapidly: Fakhrul Chowdhury, also the foreign affairs committee chairman of BNP, said the Japanese envoy talked about his country’s investment in Bangladesh – both in the private and public sectors. He said they informed Iwama Kiminori about the country’s overall situation, but he declined to elaborate on it. The BNP leader said many countries are concerned about the investment atmosphere and the future of Bangladesh. “The situation we’re going through now has created apprehension among countries. So, they’re trying to understand how Bangladesh will be in the future and how the election will be.” Read more: ‘We’re taking plan according to road map prepared for national election,’ CEC tells Japanese Envoy Asked whether Japan will play any role in ensuring a peaceful and fair election in Bangladesh, Chowdhury said the democratic countries have already expressed their goodwill regarding the elections in Bangladesh. “Japan is no different. Everyone wants a free, fair, and acceptable election in Bangladesh.” He said the new Japanese ambassador has paid a courtesy call on the BNP secretary general. Stating that Bangladesh-Japan friendship is time-tested, the BNP leader said bilaterally, friendly relationship with Japan is above all. Read more: Japan eyes broader ties with Bangladesh under strategic partnership: Ambassador Kiminori

Prime Minister Sheikh Hasina on Tuesday (May 30, 2023) called for more Swedish investment in various sectors of Bangladesh, particularly in ICT and Economic Zones, and reap the benefits. The Prime Minister made the call when a Swedish Delegation led by CEO and President of world-renowned clothing company H&M, Helena Helmersson, called on her at her official residence Ganabhaban. Swedish Ambassador to Bangladesh Alexandra Berg Von Linde and Chief Financial Officer of H&M Adam Karlsson were also in the delegation. Prime Minister's Press Secretary Ihsanul Karim briefed the reporters. Read more: Saudi Arabia wants to make large-scale investment in Bangladesh: Saudi ministers tell PM Hasina Sheikh Hasina said that Bangladesh has its own economic policy and targeted plan on poverty reduction, food security, healthcare and on creating employment opportunities. She mentioned that the government wants to expand the export basket to further strengthen the economy of the country. During the meeting, Helena Helmersson mentioned that Sweden has had special relations with Bangladesh for the last three decades and said, they want to carry forward the business with Bangladesh. The CEO and President of H&M highly appreciated the socio-economic development of Bangladesh and lauded the government of Prime Minister Sheikh Hasina for successfully tackling the Covid-19 pandemic in the country. Read more: More cooperation may attract more US investment in diversified segments, hopes AmCham President In response, the Prime Minister also appreciated the Swedish Company as they did not cancel their orders during the pandemic. As Helena Helmersson pointed out the climate change issue describing it as very important, Sheikh Hasina said, her government is carrying out mitigation programmes on its own fund. In this regard, the Prime Minister noted that her government is aware about climate change and is working on this issue. Sheikh Hasina also highlighted her government’s achievements in women empowerment and gender equality in the country. Read more: Bangladesh has an amazing growth trajectory amid investment opportunities: German Diplomat Prime Minister’s Adviser on Private Industry and Investment Salman F Rahman and Prime Minister’s Principal Secretary Tofazzel Hossain Miah were present.

A new journalism competition will be held in Bangladesh's capital Dhaka to encourage more and better-quality investigative reporting to bolster Bangladesh-China ties in trade, commerce and investment. An agreement on the Bangladesh China Chamber of Commerce and Industry (BCCCI) - the Economic Reporters' Forum (ERF) Journalism Award was signed here Saturday. Both sides have decided to jointly hold the journalism award event. The "BCCCI-ERF Journalism Award" will cover five areas, including the trade and investment ties between Bangladesh and China, how the high-quality development of China has helped Bangladesh, science and technology, the Belt and Road Initiative and others. Noting the professional significance of such an event, Al Mamun Mridha, secretary general of BCCCI, hoped that it would further encourage the economic journalists to analyze the topics of bilateral relations between Bangladesh and China.

Foreign Minister Dr AK Abdul Momen today (May 20, 2023) urged countries, who are heavily investing in Myanmar, to come forward for a sustainable solution to the Rohingya crisis for their own interests and to protect their investment. "If this problem is not resolved, you have seen many countries in the Asia Pacific and the Bay of Bengal -- their attractions have increased and made investments, enhancing trade. This investment will be hurt if there are terrorist activities," Momen told reporters after a seminar. Diplomats World, a publication that deals with cultural, legal, regional, global security, politics, and various other issues, hosted the seminar titled "Rohingya Repatriation: A Pathway to Peace, Stability and Harmony in the Bay of Bengal Region" at a Dhaka hotel. Momen said if the Rohingyas who are frustrated succumb to terrorism, major investments by some countries in the whole region would be at risk. Read more: Dhaka seeks global support in pilot Rohingya repatriation project He said peace is required in the region so that investment can sustain. "If there is a commitment, if there is a will, they can do it. It is the commitment that is lacking on the part of our global leadership. There is lip service, unfortunately," said the Foreign Minister. He, however, said he always remains hopeful and mentioned that both the US and China have engaged in senior-level focal point for resolving the Rohingya issue.