Daily Entrepreneurship- Bangladesh (10 April 2019)

Pahela Baishakh: online shops log brisk sales

Online shops are now even selling hilsa fish ahead of the Pahela Baishakh, an annual festival that is typically celebrated with a meal centred on the delicacy.

One such e-shop is Othoba.com, which has sold about 2,000 pieces of hilsa fish of more than one kilogram each so far, according to its brand manager Nirjhar Kundu.

Not just hilsa fish, the sister concern of Pran-RFL Group is also selling products that are related to the festivities surrounding the first day of the Bengali calendar such as sweetmeat, sarees, lungis and so on.

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Bangladesh 3rd in South Asia, 11th globally: WB

Bangladesh received $15.5 billion in remittance last year, up more than 15 percent year-on-year, according to the World Bank.

“In Bangladesh, remittances showed a brisk uptick in 2018,” says the World Bank’s latest Migration and Development Brief.

The annual receipt for Bangladesh is up from the $13.5 billion which migrant workers sent in 2017.

Bangladesh was the third highest recipient of remittance in South Asia in 2018, after India and Pakistan and 11th highest recipient globally.  

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Bangladesh to become ‘preferred destination’ for Swiss businesses

Switzerland has said Bangladesh will become a “more preferred destination” for Swiss businesses in the future with further improved infrastructures and energy supply, regulatory predictability, legal security and the rule of law.

“Potential investors sometimes find it challenging to venture into Bangladeshi market in terms of ease of doing business,” Assistant State Secretary for Asia- Pacific of the Federal Department of Foreign Affairs of Switzerland Ambassador Raphael Nageli told the news in an interview.

He, however, said Bangladesh has taken up several initiatives in recent years to draw foreign investments.

During their recent visit to Bangladesh, Ambassador Nageli and his delegation members have had “fruitful discussions” with various government agencies regarding these issues.

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USDA: Rice output continues to see growth

Bangladesh’s rice production is expected to increase for the second straight year in a row, thanks to good weather and increased yield due to continuing cultivation of hybrid and high-yielding varieties (HYV).

However, as far as overall cereal production is concerned, the country’s import dependency on wheat and corn continues to rise.

A recent report of the United States Department of Agriculture (USDA) revealed Bangladesh’s   total rice area and production levels in 2019-20 (May-April) are projected to increase slightly to 11.8 million hectares and 35.3 million metric tons, respectively, assuming good weather and increased yield in 2019-20 market year.[More Info…]