The country’s overall imports grew by 16.67 per cent during the first five months of the current fiscal over the same period of the previous fiscal, thanks to a jump by 160.13 per cent in import of food grains.

The revenue board Tuesday raised its annual tax collection target for the first time in its history as it hopes the caretaker government’s on-going crackdown on tax evasion will result in higher windfall, officials said.

Inspired by the Japanese ‘one village one product’ movement, the government has started implementing a ‘one district one product’ (ODOP) scheme to decentralise and diversify export production. Officials hope the move will lower costs and ease environmental and social problems such as uncontrolled migration from rural areas to the country’s main cities.

Bangladesh Bank (BB) yesterday said GDP growth in the current fiscal year would range between 6 and 6.2 percent. At the beginning of 2007-08, the growth target was set at 7 percent.

The export of processed foods has risen sharply in recent years as Bangladeshis abroad try to satisfy their craving for a taste of their homeland by stocking up on pickles, spices and snacks imported from Bangladesh.

“The ready made garment industry can double in size if hi-tech machines are used” said Anwar-ul Alam Chowdhury Parvez, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), yesterday.

Chief Adviser Fakhruddin Ahmed yesterday said the government is considering lifting restrictions on indoor politics countrywide and gradually relaxing the state of emergency depending on ‘needs and circumstances’.

The state-owned banks and financial institutions have been facing tough competition from both the local private and foreign commercial banks as their market shares have been falling.

A five-day single-country Bangladesh trade fair will start March 12 next in Riyadh for promotion of local export products to the Kingdom of Saudi Arabia (KSA).

Leading industrialist Latifur Rahman has been re-elected president of Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka for 2008. He is also the vice-president of International Chamber of Commerce (ICC) – Bangladesh.

Knitwear makers reiterated their demand for procedural simplification in import of yarn from India through Benapole land port in the face of rising prices of the item in the local market, while local spinners strongly discourage such import on the plea that the industry will be at stake.

Heavy inflow of liquidity and entry of fresh investors pulled the stock market to its historic height in 2007, but the bull run did not truly reflect the country’s overall economic performance and corporate earnings, said analysts.

ICC BANGLADESH WISHES ALL ITS MEMBERS AND WELL-WISHERS A VERY HAPPY AND PEACEFUL NEW YEAR 2008.

Russia will take initiatives to launch transaction through banking channel shortly for expansion of bilateral trade with Bangladesh. Ambassador of Russian Federation GP Trotsenko said this while he paid a courtesy call on President (In-charge) of Chittagong Chamber of Commerce and Industry (CCCI) MA Latif at the Chamber’s auditorium today.

The Bangladesh Bank (BB) plans to complete the sale process of nearly 60 per cent shares of troubled Oriental Bank Limited by the end of February next, official sources said.

The Bangladeshi products such as readymade garments, foods, spices, frozen shrimp and medicines have a good market possibility in Bahrain.A high-level Bangladeshi business team found this during a recent visit to Bahrain.

The government has started offloading its stake in International Finance and Investment Corporation (IFIC) Bank as part of its earlier move to offload its stakes in different companies, including the bank. A total of 1,686 shares of the bank were sold on the Dhaka Stock Exchange (DSE) yesterday, DSE sources said.

The Bangladesh Bank (BB) governor is optimistic about achieving a moderate growth this fiscal rate in the current fiscal.

The government on Tuesday made an announcement for sale of its 119,857 shares of IFIC Bank at the stock markets within 30 days, said officials.

Two state-owned oil companies — Jamuna Oil Company Limited and Meghna Petroleum Limited — will make debut on the stock exchanges by January 10 under the direct listing regulations, a market source said.