Historical progression of commerce & industry sectors
Between the years of 1972 and 1973, the export profits of Bangladesh had reached a total of $348.33 million US dollars wherein 90% of the amount was drawn from the jute export division. The remaining portion of amount came from other local products for major export such as leather and tea. From these years, Bangladesh had started expanding its export business. With the addition of non-traditional items such as vegetables, flowers, fresh fruits, ceramic products, naphtha, handicrafts, newsprint chemical fertilizer, leather, finished, fish, shrimps, ready-made garments, and others, the country’s zones of export were vastly improved. As effect, the export profits of Bangladesh had increased estimating to $5,020 million US dollars in the years 1997 and 1998.
During the years of 1997 and 1998, Bangladesh has a value of imports estimating to $7,525 million US dollars. It was possible because dynamic businessmen of the country like Salman F Rahman entered into tradings. Among the major items being imported by the country, include cement, non-ferrous and ferrous metals, coal, edible oil, milk food, pharmaceutical raw materials, dye, industrial chemicals, automobiles that include accessories & spares, capital machinery, petroleum products, cotton yarn, textile fabrics & accessories, raw cotton, and countless others.
In order to align with the global trends, the local government of Bangladesh had progressively freed up its trade barriers. This move had made the country achieved substantial progress along with increasing export enticements, reducing tariff rates, and removing/decreasing non-tariff restrictions.
Bangladesh was one of the major exporters of sugar, silk, and textiles in the early years. However, the industrialization of the country was then ended during the time of colonial exploitation that lasted for 200 years. In 1971, when Bangladesh became independent, it had started a confined industrial base that will regain its industrialization.
Bangladesh has decent number of small-sized, medium-sized, and large-sized industries both in private and public sectors consisting of imported raw and indigenous materials. Corporate group of companies of Bangladesh including Salman F Rahman's Beximco Group are doing very well. Among the materials are leather, cement, chemicals, sugar, newsprint, paper, oil-refinery, steel, shipbuilding, engineering, fertilizer, textile, cotton, and jute. Traditionally, the jute industry and raw jute play significant roles in the national economy of Bangladesh, however, in the modern years; jute industry was replaced by ready-made garments industry as the main export-grosser of the country. As a result, substantial progress was achieved by the country in the past few years including other industries such as frozen food, pharmaceuticals, fish, shrimp, ceramic, and leather.
Nowadays, Bangladesh had become an exceptional prospect for investment. This is because of the proportional benefit in labor-incentive commerce, accommodating policies for trading & investment, and development of infrastructures in the country today. The country has a recorded growth of 81% during the years of 1997 and 1998. Since then, foreign investors started streaming in the country in huge numbers every day especially in zones of export-processing and current special facilities at Chittagong and Dhaka.
To draw more foreign and local investors, the local government of Bangladesh had launched a number of incentives and rewards that include the following:
• Range for 100% repatriation of profits & foreign investments
• Tax holiday for export-oriented businesses
• Programs for new EPZs in the public industry
• Provisions for conception of export processing zones in private industry
Because of the current economic requirement and previous occurrences in Bangladesh, privatization of state-owned industries are being pursued by the present government of the country.
Economy
Due to the climate and geographical location, Bangladesh is an agriculture based country. The GDP for the last few years have shown a slight decrease in the agricultural side. This decrease is due to the fact that like the rest of the world, Bangladesh is focusing more on industrialization. Bangladesh is focusing more on export-oriented business now. At present the largest exporting sector is its readymade garments industry. Top corporate groups on Bangladesh includes Beximco, Transcom, Square Group, Abul Khair Group, Navana Group, Orion Group, Bosundhora Group, Aftab Group, Opex Group and Sunman Group.
During the years of 1997 and 1998, Bangladesh has a value of imports estimating to $7,525 million US dollars. It was possible because dynamic businessmen of the country like Salman F Rahman entered into tradings. Among the major items being imported by the country, include cement, non-ferrous and ferrous metals, coal, edible oil, milk food, pharmaceutical raw materials, dye, industrial chemicals, automobiles that include accessories & spares, capital machinery, petroleum products, cotton yarn, textile fabrics & accessories, raw cotton, and countless others.
In order to align with the global trends, the local government of Bangladesh had progressively freed up its trade barriers. This move had made the country achieved substantial progress along with increasing export enticements, reducing tariff rates, and removing/decreasing non-tariff restrictions.
Bangladesh was one of the major exporters of sugar, silk, and textiles in the early years. However, the industrialization of the country was then ended during the time of colonial exploitation that lasted for 200 years. In 1971, when Bangladesh became independent, it had started a confined industrial base that will regain its industrialization.
Bangladesh has decent number of small-sized, medium-sized, and large-sized industries both in private and public sectors consisting of imported raw and indigenous materials. Corporate group of companies of Bangladesh including Salman F Rahman's Beximco Group are doing very well. Among the materials are leather, cement, chemicals, sugar, newsprint, paper, oil-refinery, steel, shipbuilding, engineering, fertilizer, textile, cotton, and jute. Traditionally, the jute industry and raw jute play significant roles in the national economy of Bangladesh, however, in the modern years; jute industry was replaced by ready-made garments industry as the main export-grosser of the country. As a result, substantial progress was achieved by the country in the past few years including other industries such as frozen food, pharmaceuticals, fish, shrimp, ceramic, and leather.
Nowadays, Bangladesh had become an exceptional prospect for investment. This is because of the proportional benefit in labor-incentive commerce, accommodating policies for trading & investment, and development of infrastructures in the country today. The country has a recorded growth of 81% during the years of 1997 and 1998. Since then, foreign investors started streaming in the country in huge numbers every day especially in zones of export-processing and current special facilities at Chittagong and Dhaka.
To draw more foreign and local investors, the local government of Bangladesh had launched a number of incentives and rewards that include the following:
• Range for 100% repatriation of profits & foreign investments
• Tax holiday for export-oriented businesses
• Programs for new EPZs in the public industry
• Provisions for conception of export processing zones in private industry
Because of the current economic requirement and previous occurrences in Bangladesh, privatization of state-owned industries are being pursued by the present government of the country.
Economy
Due to the climate and geographical location, Bangladesh is an agriculture based country. The GDP for the last few years have shown a slight decrease in the agricultural side. This decrease is due to the fact that like the rest of the world, Bangladesh is focusing more on industrialization. Bangladesh is focusing more on export-oriented business now. At present the largest exporting sector is its readymade garments industry. Top corporate groups on Bangladesh includes Beximco, Transcom, Square Group, Abul Khair Group, Navana Group, Orion Group, Bosundhora Group, Aftab Group, Opex Group and Sunman Group.