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Business Updates from Bangladesh

Updated on August 25, 2016
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Japan will invest more as government ensures security

After a successful meeting with Japanese Ambassador in Dhaka, Masato Watanabe, Finance Minister AMA Muhith said to the journalists that the government will immediately take necessary security measures around people working at Japan-funded projects. Finance Minister also said security will be arranged for people working at the Padma Bridge project site as well.

This statement came after Japanese authorities demanded proper security following death of nine of its officials in a terror attack in July. Japan however did not withdraw any funds or suspended any projects since then.

Japan generally spends around US$500 million per year on aid projects in Bangladesh. To ensure more security for its nationals working in Bangladesh, Japanese government might ask for government's permission to allow them in hiring private security guards equipped with weapons.

It is expected that Japan will continue its investments and contribution to aid agencies in the coming years.

Source: Security situation improved

Beximco Group to set up several power plants

Country's largest company, Beximco Group, is developing several energy projects in a joint venture with China Energy Engineering Corporation. These energy projects, once completed, will have immense contribution to the country's economy. This is certainly a strong move by Beximco Group and another feather to its list of contribution to Bangladesh's economic advancement.

Under this agreement, Beximco Group and China Energy Engineering Corporation will develop three power plants in different parts of Bangladesh and set up a nationwide distribution system. Beximco Group will use state of the art technology in implementing the projects.

Vice chairman of Beximco Group, Salman F Rahman, expressed his satisfaction after the agreement was signed China Energy Engineering Corporation. Salman F Rahman told journalists that these projects would significantly contribute in Bangladesh's energy sector. Salman F Rahman is currently one of the top businessmen in Bangladesh. He is known for taking up challenging ventures.

Beximco Pharmaceuticals becomes first Bangladeshi company to export in U.S. market

Beximco Pharmaceuticals Limited will soon start to export hypertensive drug, Carvedilol, to the U.S. market. It is the first Bangladeshi company to enter pharmaceuticals sector in the U.S.

Beximco Pharmaceuticals is Bangladesh's leading pharmaceuticals company. The company meets local demands and exports to a number of countries. The list now includes the U.S. The process of getting the US FDA approval is quite a rigorous one. The company successfully achieved that. In the launching program, Bangladesh’s Finance Minister Abul Maal Abdul Muhith congratulated Beximco Pharmaceuticals for its achievement. He said to the audience which included U.S. ambassador Marcia Bernicat, Health Minister Mohammed Nasim and journalists that "Beximco Pharmaceuticals achieved glory for us."

Beximco Pharmaceuticals is a concern of country's largest company Beximco Group. It is currently the largest exporter of pharmaceuticals and won National Export Trophy five times. Beximco Group's Vice Chairman Salman F Rahman was happy with this achievement. He termed the export to the U.S. by Beximco Pharmaceuticals as a significant milestone for the company. Then he said it was start of a new era for Bangladesh's pharmaceutical industry.


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Summit Group will raise funds from Singapore stock exchange

Summit Group started the process of getting listed in Singapore stock exchange. The company plans to raise capital for its future energy projects. Initially it plans to finance the Bibiayana II power plant with the capital raised from Singapore stock exchange.

The U.S. based General Electric is Summit Group's partner in this project. Once completed, Bibiyana II plant would produce 341 megawatts of electricity. The company said ‘Bangladesh Environment Conservation Rule’ will be maintained throughout.

Country’s first mobile phone operator Citycell will be closed down

The government initiated the process of closing down mobile phone operator Citycell. The government already asked the company to prepare an alternative plan to serve its 150,000 subscribers. Citycell was country’s first private mobile phone operator. The government was forced to take the decision as Citycell failed to pay its regulatory fees and fines which was close to US$57 million.

The government issues letters to Citycell number of times but current management did not respond. In it unlikely that Citycell will take partners and revive the company.

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