Abu Sazzad :
The import of capital machineries has increased significantly due to political stability in the country, said a number of businessmen and central bank officials.
The import of capital machinery increased by 24.92 per cent in the first four months (July- October) of the current fiscal 2015-16 compared with the corresponding period of the last fiscal 2014-15.
The import of capital machinery was $ 1145.76 million during the first four months while it was $917.20 million in the same period of the last fiscal, according to the latest data of Bangladesh Bank.
Talking to The New Nation, Nazneen Sultana, Deputy Governor of Bangladesh Bank said, the import of capital machinery is important for country’s industrial growth.
Considering the matter, the central bank is always encouraging banks to provide financial facilities to the business community in importing capital machineries and industrial raw materials, said the Deputy Governor.
Already, the central bank has eased the conditions of sanctioning industrial loan for the sake of the country’s economic development and has asked the commercial banks to sanction SME loan to the small-scale entrepreneurs. The central bank has also asked banks and non-banks financial institutions to provide single digit loan to the women entrepreneurs.
The business people pursued slow policy in expanding their businesses due to political instability of the first half of the ongoing year, but the situation has changed now, said the Federation of Bangladesh Chamber of Commerce and Industry Director Md Helal Uddin.
“We are thinking to expand our business and for that the import of capital machineries is increasing recently”, said the FBCCI Director.
Businessmen are the driving force of the country’s economy. So, the government should create a business friendly atmosphere for the greater interest of economy, said the FBCCI leader. “If we want to achieve our expected level of economic development, political stability is must”, he also said.
Meanwhile, the country’s import payments registered a 5.77 per cent growth in November compared with that of 5.86 per cent rise in the same month of 2014 as the import of food products and industrial raw materials increased significantly in the month.
According to the latest Bangladesh Bank data, the overall LC settlement, generally known as actual imports, stood at $3.20 billion in November from that of $3.02 billion in the same month a year ago. The LC settlement was $2.85 billion in November 2013.
The import of food products and industrial raw materials increased in November as the businesspeople were now interested in importing the products due to a stable situation in the political arena in the month compared with that in the previous months.
In November this year, LC settlements for wheat and sugar were worth $87.89 million and $67.23 million respectively against $67.90 million and $54.52 million in November 2014.
LC settlements for the import of back-to-back RMG sector products including fabrics, accessories and other products increased to $551.90 million in November from $447.46 million during the same month a year ago.
The increased growth of opening of the LCs in November indicated that the country’s imports would maintain an upward trend in the coming months. BB officials, however, said that political uncertainty was still prevailing in the country and that was hurting the confidence of the businesspeople. Imports will face trouble again if the country faces further political unrest, they said.
The import of capital machineries has increased significantly due to political stability in the country, said a number of businessmen and central bank officials.
The import of capital machinery increased by 24.92 per cent in the first four months (July- October) of the current fiscal 2015-16 compared with the corresponding period of the last fiscal 2014-15.
The import of capital machinery was $ 1145.76 million during the first four months while it was $917.20 million in the same period of the last fiscal, according to the latest data of Bangladesh Bank.
Talking to The New Nation, Nazneen Sultana, Deputy Governor of Bangladesh Bank said, the import of capital machinery is important for country’s industrial growth.
Considering the matter, the central bank is always encouraging banks to provide financial facilities to the business community in importing capital machineries and industrial raw materials, said the Deputy Governor.
Already, the central bank has eased the conditions of sanctioning industrial loan for the sake of the country’s economic development and has asked the commercial banks to sanction SME loan to the small-scale entrepreneurs. The central bank has also asked banks and non-banks financial institutions to provide single digit loan to the women entrepreneurs.
The business people pursued slow policy in expanding their businesses due to political instability of the first half of the ongoing year, but the situation has changed now, said the Federation of Bangladesh Chamber of Commerce and Industry Director Md Helal Uddin.
“We are thinking to expand our business and for that the import of capital machineries is increasing recently”, said the FBCCI Director.
Businessmen are the driving force of the country’s economy. So, the government should create a business friendly atmosphere for the greater interest of economy, said the FBCCI leader. “If we want to achieve our expected level of economic development, political stability is must”, he also said.
Meanwhile, the country’s import payments registered a 5.77 per cent growth in November compared with that of 5.86 per cent rise in the same month of 2014 as the import of food products and industrial raw materials increased significantly in the month.
According to the latest Bangladesh Bank data, the overall LC settlement, generally known as actual imports, stood at $3.20 billion in November from that of $3.02 billion in the same month a year ago. The LC settlement was $2.85 billion in November 2013.
The import of food products and industrial raw materials increased in November as the businesspeople were now interested in importing the products due to a stable situation in the political arena in the month compared with that in the previous months.
In November this year, LC settlements for wheat and sugar were worth $87.89 million and $67.23 million respectively against $67.90 million and $54.52 million in November 2014.
LC settlements for the import of back-to-back RMG sector products including fabrics, accessories and other products increased to $551.90 million in November from $447.46 million during the same month a year ago.
The increased growth of opening of the LCs in November indicated that the country’s imports would maintain an upward trend in the coming months. BB officials, however, said that political uncertainty was still prevailing in the country and that was hurting the confidence of the businesspeople. Imports will face trouble again if the country faces further political unrest, they said.
