Square Pharmaceuticals PLC reported a slight decline in profit in the January–March quarter of FY26, despite posting steady revenue growth during the period.

According to the company's latest financial disclosure, consolidated revenue rose 8% year-on-year to Tk2,170.37 crore in the third quarter. However, consolidated net profit slipped 1.40% to Tk596.64 crore, indicating mild pressure on earnings. Consequently, earnings per share (EPS) stood at Tk6.73, down from Tk6.83 in the same quarter of the previous year.

Despite the modest quarterly dip, the company delivered strong performance over the nine-month period from July to March of FY2026. Consolidated revenue increased 13% to Tk6,508 crore, while net profit grew 10% to Tk2,064 crore. EPS for the period rose to Tk23.29, compared to Tk21.15 in the corresponding period of the previous fiscal year.

The unaudited financial statements for the third quarter were approved at a board meeting held today (29 April).

The marginal decline in quarterly profit, despite higher revenue, points to possible increases in operational costs or margin pressures, though the company did not provide detailed explanations. Nevertheless, the overall nine-month results highlight resilience in earnings growth, supported by sustained demand and operational efficiency.

Prime Minister Tarique Rahman has said that 25 priority initiatives have been undertaken to expand local business, create employment, and ensure a better environment for investors.

He made the remarks in response to a written question from Cox's Bazar-9 MP Md Abul Kalam in parliament today (29 April).

The MP had asked about the joint action plans of the government's four investment development agencies to improve the country's investment climate and accelerate job creation.

In reply, the prime minister said the Bangladesh Investment Development Authority (Bida), Bangladesh Economic Zones Authority (BEZA), Public Private Partnership (PPP) Authority, and Maheshkhali Integrated Development Authority (Mida) have jointly prepared a 180-day plan.

He said, "This 180-day plan aims to strengthen the foundation for investment growth through short-term administrative, institutional, and infrastructural measures to promote a business-friendly environment."

He added, "At the same time, it is expected to contribute to job creation, industrialisation, simplification of government services, improvement of logistics efficiency, and long-term economic growth acceleration."

According to prime minister, the plan includes 25 priority initiatives under three pillars—50% focused on improved infrastructure, 30% on investment facilitation, and 20% on investment development-related initiatives.

Businesses yesterday called for structural reforms in the tax system to reduce the cost of doing business, ease compliance burdens, and improve investment competitiveness.

In this regard, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) placed a set of proposals for the upcoming national budget before the National Board of Revenue (NBR) at a pre-budget discussion held in Dhaka.

FBCCI Administrator Md Abdur Rahim Khan presented the major proposals at the discussion.

The apex trade body called for reducing the minimum tax from 1 percent to 0.25 percent on annual gross turnover, with a long-term plan to phase it out. It said the current rate forces firms to pay tax even in loss-making periods amid high inflation, elevated interest rates, dollar shortages, and rising input costs.

The FBCCI also proposed zero minimum tax for businesses operating at a loss with zero or negative taxable income based on audited accounts, newly established firms for the first three years, and businesses affected by natural disasters, epidemics, or government-declared economic crises.

The trade body termed the turnover-based minimum tax system unfair, saying it undermines equity in taxation, and urged a more realistic framework reflecting actual business performance.

It also demanded raising the personal tax-free income threshold to Tk 500,000 and reducing corporate tax rates to ease pressure on individuals and firms.

The FBCCI called for a gradual reduction of advance income tax (AIT) at the import stage, saying it raises upfront costs and strains liquidity for import-dependent industries.

It also proposed rationalising withholding tax rates and lowering them on machinery and raw materials to support industrial expansion.

On indirect taxation, it suggested a uniform 2 percent VAT on all locally traded goods to simplify compliance and reduce disputes.

In the customs regime, the FBCCI proposed capping import duty at 1 percent on industrial machinery, spare parts, raw materials, and inputs not produced locally, and 3 percent for locally produced items.

Institutionally, it recommended establishing separate Large Taxpayer Units (LTU) and Medium Taxpayer Units (MTU) in Dhaka and Chattogram to improve tax administration.

Speaking as the chief guest, Finance Minister Amir Khosru Mahmud Chowdhury said the government is committed to ensuring a business-friendly environment and removing barriers to doing business.

Business concerns would be reflected in the upcoming budget, he assured.

Commerce Minister Khandaker Abdul Muktadir said the economy needs revitalisation through new investment and sustaining existing industries, while pointing to challenges in banking and logistics and urging specific private sector proposals.

NBR Chairman Md Abdur Rahman Khan, former FBCCI president Mir Nasir Hossain, and International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman also spoke at the event.

Renata PLC, one of the leading drug-makers, maintained a robust 28% year-on-year increase in consolidated profit, maintaining double-digit growth, while revenue rose 6.46% in the first nine months of the current fiscal year, driven primarily by higher sales volume.

According to its financial statements, during the July to March period, its consolidated profit surged to Tk233.9 crore with an earnings per share (EPS) of Tk20.39, and its revenue surged to Tk3,362 crore at the end March.Its data showed that Renata maintains strong earnings momentum for the third consecutive quarter of double-digit profit growth.
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In the third quarter, Renata saw 33% growth while it already delivered 26% growth in Q2 and 24.6% in Q1.

Despite fewer selling days during the quarter due to the National Election and Eid-ul-Fitr, revenue remained resilient, led by a 10.5% growth in the core domestic pharmaceutical segment, along with steady contributions from exports, Renata PLC said in a press release."Profitability improved on the back of better gross margins, efficient procurement, and tight control over expenses, including stable factory overheads and lower financing expenses through strategic capital restructuring," it said.The company further advanced its long-term growth strategy by investing in capacity expansion, automation, renewable energy, and an expanding pipeline of bio-equivalent products, reinforcing both its domestic leadership and international presence.

While emerging global risks may put pressure on input and logistics costs, Renata remains committed to efficiency and prudent cost management to sustain its growth trajectory and continue delivering value to stakeholders, the press release said.

Md Jubayer Alam, company secretary at Renata, said, "During this period, Renata has demonstrated resilient performance driven by sustained revenue growth, operational efficiency, and disciplined financial management.""Despite prevailing economic challenges, we have maintained strong momentum across our core business segments. Our continued focus on cost optimisation, product portfolio expansion, and market development has contributed to improved profitability and value creation for our stakeholders," he said.
"We remain committed to strengthening our market position, enhancing operational excellence, and pursuing sustainable growth in the coming periods," he said.

Asian stocks fluctuated Wednesday while oil prices swung as talks to end the Iran war appeared to be at a standstill and the crucial Strait of Hormuz no nearer being reopened.

While the White House has said Donald Trump and his team were considering Tehran's latest proposal to restore traffic through the waterway, CNN and the Wall Street Journal said the president was sceptical.

The Islamic Republic this week submitted a plan that would reportedly see it ease the chokehold and Washington lift its retaliatory blockade on the country's ports as talks continued, including over its nuclear programme.

While US Secretary of State Marco Rubio said Iran's proposal was "better than what we thought they were going to submit", he insisted any eventual deal had to be "one that definitively prevents them from sprinting towards a nuclear weapon".

Iranian defence ministry spokesman Reza Talaei-Nik said Washington "must abandon its illegal and irrational demands", adding the United States was "no longer in a position to dictate its policy to independent nations".

Qatar warned of the possibility of a "frozen conflict" if a definitive resolution is not found.

Concerns about the stalled peace push have pushed crude prices higher for more than a week, with Trump's decision to cancel his envoys' trip for peace talks in Pakistan last weekend adding to the downbeat mood.

Brent is above the level it hit before the two sides announced a ceasefire at the start of April, sitting around $112, while West Texas Intermediate broke $100 Tuesday for the first time in two weeks.

Both contracts were slightly higher Wednesday.

"Iran wants the blockade lifted and access to its flows restored," wrote Stephen Innes at SPI Asset Management.

"Washington holds that lever and is in no hurry to give it away without extracting value.

"Meanwhile, the longer this drags on, the more second-order effects start to bite. Storage pressure builds, production risks emerge, and the system begins to strain in ways that futures prices cannot ignore."

There was little major reaction to news that key producer United Arab Emirates had decided to withdraw from the OPEC and OPEC+ oil cartels on Friday, calling it a strategic decision.

Still, CNN also cited sources familiar with the mediation as saying the two sides were not as far apart as they seemed.

It added that intense diplomacy continued and talks were focused on a staged process with the first part of a potential deal aimed at returning to the pre-war status and reopening the Strait.

Iran's nuclear programme would be dealt with down the line, it said.

Equity markets were mixed, with Hong Kong, Shanghai, Jakarta and Manila up while Sydney, Singapore, Seoul and Taipei fell.

Traders were given a weak lead from Wall Street, where the Nasdaq-led losses owing to a tech selloff that came on the back of a report in the Wall Street Journal that ChatGPT-maker OpenAI had missed targets on the number of users and revenue.

The news came as markets gear up for the release of earnings from Wall Street titans Amazon, Google, Meta and Microsoft this week.

The Federal Reserve will also conclude a two-day meeting later in the day, with investors keeping tabs on its outlook for inflation and interest rates as energy costs soar.

A proposal seeking an additional three-year transition period for Bangladesh's graduation from the category of Least-Developed Countries (LDCs), following a letter from Prime Minister Tarique Rahman, has been forwarded to the UN Committee for Development Policy (CDP) for consideration.

A letter sent to the government by Rabab Fatima, UN Under-Secretary-General and High Representative of the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS), revealed the development.

Fatima said she remained fully committed to working closely with the government, the UN Country Team, and development partners to ensure a smooth and sustainable graduation process for Bangladesh, according to the letter.

She conveyed the assurance in a communication sent last week to Amir Khosru Mahmud Chowdhury, minister of finance and planning.

Copies of the letter were also sent to Khalilur Rahman, minister of foreign affairs, Khandakar Abdul Muktadir, minister of commerce, Zonayed Abdur Rahim Saki, state minister for planning, and other relevant government offices, according to sources.

"I also wish to inform you that the United Nations Secretary-General has received the letter from the Honourable Prime Minister of Bangladesh requesting a three-year extension of the preparatory period under the crisis response process of the enhanced monitoring mechanism," the letter stated.

"In line with his guidance, I am undertaking the necessary follow-up with the Committee for Development Policy," Rabab Fatima added.

She further apprised the Secretary-General of the key findings of the Graduation Readiness Assessment, as well as the outcomes of consultations held in Dhaka, the letter added. GeographicReference

Expressing appreciation, Rabab Fatima acknowledged the valuable support provided by the Ministry of Foreign Affairs and the United Nations Country Team in Bangladesh in the preparation and successful conduct of the meeting.

Earlier on April 5, Prime Minister Tarique Rahman wrote a letter to UN Secretary-General António Guterres seeking to defer Bangladesh's graduation by at least three years to ensure a sustainable transition amid internal and external shocks.

The request comes as Bangladesh grapples with a "preparatory period" that officials say was effectively derailed by a "polycrisis" of global and domestic shocks.

Tarique noted that while Bangladesh met the three eligibility criteria - per capita income, Human Assets Index and Economic Vulnerability Index - the five-year preparatory window was largely consumed by crisis management.

The letter to the finance minister was sent from the UN headquarters on April 14, while it was transmitted from the Dhaka office on April 22.

Following the Prime Minister's request, the proposal had already been forwarded to the UN Committee for Development Policy (CDP), said officials from the Economic Relations Division (ERD) of the government. Bangladeshmarket analysis

A high-level meeting between the UN-CDP and the Government of Bangladesh was held on Wednesday to further expedite the initiatives under the proposal, sources said.

Khandakar Abdul Muktadir, minister of commerce, Dr Rashed Al Mahmud Titumir, finance and planning adviser to the prime minister, Zonayed Abdur Rahim Saki, state minister for planning, and other relevant officials joined the virtual meeting from the NEC Auditorium in Dhaka.

Delegates from Bangladesh presented the latest status of key LDC graduation indicators, along with justifications for deferring graduation, to the CDP, according to sources.

Walton Hi-Tech Industries PLC reported a notable decline in both revenue and profit in the January–March quarter of FY26, reflecting mounting cost pressures and intense market competition.

According to the company's latest financial disclosure, revenue dropped by 13% year-on-year to Tk1,786 crore in the third quarter, while net profit plunged by 29% to Tk279.60 crore.

Earnings per share (EPS) also fell to Tk8.39 from Tk11.76 in the same period a year earlier, indicating a significant contraction in profitability.

The downturn extended to the nine-month period from July to March of FY26, during which Walton's revenue edged down to Tk4,548 crore.

Net profit for the period declined by 8% to Tk642.94 crore, compared to the corresponding period of the previous fiscal year. EPS stood at Tk19.29, down from Tk20.90 a year earlier.

The company attributed the weaker financial performance primarily to a sharp increase in output value-added tax (VAT) on key products. The VAT rate doubled from 7.5% to 15%, significantly raising costs. However, due to stiff competition in the consumer electronics market, Walton was unable to pass on the additional tax burden to customers through higher prices.

To remain competitive and protect its market share, the company increased rebate offerings, which further squeezed profit margins. This combination of rising tax expenses and pricing constraints weighed heavily on the company's bottom line during the period, the company added.

Despite the decline, Walton remains one of the country's leading electronics manufacturers. Industry analysts say its long-term performance will depend on how effectively it manages tax pressures and competes in the domestic market.

Walton share price fell by 1.19% on Wednesday to close at Tk364.30 at the Dhaka Stock Exchange.

Lending growth to euro zone ​businesses picked up in ‌March, European Central Bank data showed on Wednesday, ​even as the ​Iran war depressed economic ⁠sentiment and pushed ​up energy costs.

Bank credit ​to businesses rose by 3.2% last month, a slight ​acceleration from the ​3.0% in February, while loan growth ‌to ⁠households was steady at 3.0%.

The M3 measure of money circulating ​in the ​euro ⁠zone, often an indicator of ​future activity, accelerated ​to ⁠3.2% from 3.0%, above expectations for 3.1% ⁠growth ​in a Reuters ​poll of analysts.

Indian consumer goods maker AWL Agri Business is grappling with a roughly 20% surge in some crude-linked input costs as the Middle East conflict drives up prices for fuel, chemicals and packaging materials, its CEO said.

The pressures reflect a broader industry trend, with peers such as bottled water maker Bisleri and Dove soapmaker Hindustan Unilever raising prices to counter higher conflict-linked input costs.

"Costs have gone up for us in terms of chemicals, packing material and coal, so that is something which remains a cause of concern even today," Shrikant Kanhere, AWL's managing director and CEO, told Reuters in an interview.

AWL, home of brands including Fortune cooking oil and Kohinoor rice, is adjusting prices in line with market movements, absorbing part of the increase while passing the rest on to consumers, Kanhere said, without giving details.

Input costs for some crude-linked materials have risen by about 20% since the conflict began, translating into a cost impact of roughly 25 to 50 basis points, he added.

Global oil prices have surged amid fears of supply disruptions. Brent crude has climbed from the low $70s a barrel before the Middle East conflict to above $110, market data show.

The company, which is cutting packaging and fuel use at its plants to limit the hit to profits, expects per-tonne margins to be broadly stable in fiscal 2027.

AWL is also expanding distribution and investing heavily in online channels and large-format grocers, which together posted nearly 50% growth last year, in a push to scale up volumes.

Kanhere forecast sales volume growth of 8% to 9% in fiscal 2027, nearly double last year's pace, with edible oils growing at a mid-single-digit rate and foods posting double-digit growth.

Visa shares jumped 5% in premarket trading on Wednesday after the payments-processing company beat estimates for second-quarter profit and lifted expectations for full-year earnings, as consumer spending remained strong.

Payments volume showed continued growth as consumers remained resilient in the quarter, even as escalations in the Middle East worsened economic uncertainty.

CEO Ryan McInerney said in a post-earnings call that Visa was closely monitoring the situation in the region. The company said several factors would offset weakness in cross-border travel, such as stronger US-bound demand linked to the FIFA World Cup and higher commercial travel volumes.

Cross-border payments, viewed as a real-time gauge of global trade and travel because of Visa's scale, are closely monitored by analysts and economists. The company's cross-border volume in the second quarter rose 12% on a constant-dollar basis, compared with 13% a year earlier.

"There's a lot to be impressed by in Visa's print, particularly in the context of investor concerns going in that cross-border growth would dramatically slow in April," J.P. Morgan analysts said in a note.

Shares of the company have lost about 12% so far in 2026, lagging behind the broader S&P 500 index, but still outperforming American Express.

"Visa posted its strongest growth profile in years supported by multiple self-reinforcing levers while doing well to articulate upside potential from agentic commerce and stablecoins," TD Cowen analysts said in a note.

The company's board also authorised a new $20 billion multi-year share repurchase programme.

Visa is investing in organic growth and acquisitions, and the share repurchase shows the company's "ability to have a balanced capital allocation strategy where we return excess free cash flow to clients," finance chief Chris Suh said in an interview with Reuters.

Commerce Minister Khandakar Abdul Muktadir yesterday (29 April) called for bringing the gold trade under the formal economy, asserting that the jewellery sector holds untapped export potential worth billions of dollars for Bangladesh.

"People think the gold business is part of a black economy. I will not get into the black-and-white debate; what we want is the entire sector to become part of the visible economy," he said while speaking at a consultative committee meeting of the National Board of Revenue (NBR) held at a city hotel.

Pointing to India's $52 billion annual earnings from gold jewellery exports, Muktadir said Bangladesh possesses craftsmen of comparable skills, yet the country has little to show for it. "Bangladesh should be earning at least $12-14 billion from this sector, but that is simply not happening."

To unlock the sector's potential and generate export revenue, he stressed the need to upgrade laboratory facilities, modernise jewellery designs, and overhaul government policies to align with contemporary market demands.

The minister also identified the energy crisis and high interest rates on bank loans as major impediments to doing business, cautioning that failure to improve the tax-to-GDP ratio will significantly constrain the country's economic momentum.

He called on the business community to shift their mindset towards tax compliance and contribute meaningfully to national development.

Earlier in the meeting, the Federation of Bangladesh Chambers of Commerce and Industry proposed raising the tax-free income ceiling to Tk5 lakh for general taxpayers and Tk5.5 lakh for women in the upcoming budget, while also recommending capping the highest tax rate at 25 percent.

The apex trade body further demanded an increase in the Export Development Fund beyond its current $7 billion limit and sought budgetary support for the implementation of the 'One District, One Product (ODOP)' programme.

On 6 April, India's indigenously developed 500 MWe nuclear Prototype Fast Breeder Reactor (PFBR) at a power plant in Kalpakkam in Tamil Nadu successfully attained first criticality.

What it means in simple terms is that the nuclear reaction in the reactor has become safely self-sustaining and is on its way to generating electricity.

There are two key takeaways from the feat: one, it puts India in the second stage of its three-stage nuclear power programme conceived in the 1950s by Homi Jehangir Bhabha, the father of the country's nuclear programme.

Second, once fully operational, India will become only the second country after Russia to operate a commercial fast breeder reactor.

The Kalpakkam power project was formally approved in 2003 and it took 23 years to reach the second stage.

While several countries have developed or operated experimental fast reactors, specifically the USA, the UK, France, Japan, Germany and China, most of these programmes are currently shut down.

Fast breeder technology forms the vital link between India's current fleet of pressurised heavy water reactors, heavily dependent on imported enriched uranium, and the future deployment of thorium-based reactors, leveraging the country's abundant thorium resources for long-term clean energy generation. Nuclear power contributes about % of India's electricity from 8.78 gigawatts of installed capacity.

It will take some months before the PFBR at Kalpakkam produces electricity and reaches full capacity for commercial use. A number of experiments need to be conducted at low power, which have to be evaluated by the Atomic Energy Regulatory Board (AERB) for its go-ahead for commercial power operation.

India's three-stage atomic power programme envisages becoming independent of imports and achieving energy security through the use of thorium, of which the country has vast reserves. This is where the PFBR technology plays the role of a bridge between the current fleet of pressurised heavy water reactors using enriched uranium and the future deployment of thorium-based reactors for long-term clean energy generation targets.

India has a fleet of 18–20 pressurised heavy water reactors that use natural uranium as fuel and produce plutonium-239 (Pu-239) as a by-product in spent fuel, which has civilian as well as defence applications.

India's present installed nuclear power capacity is 8780 MW and the nuclear electricity generated during 2024–25 is 56681 million units, according to data from the Atomic Energy Department. In 2024–25, the share of nuclear power was about 3.1% in India's total electricity generation.

Bangladesh’s business climate is constrained by regulatory bottlenecks, policy inconsistency, weak trust, and institutional inefficiencies, undermining both investment potential and long-term investor confidence, analysts and top business leaders said today.

They made the remark at a dialogue on the investment climate and the upcoming national budget, organised by the Metropolitan Chamber of Commerce & Industry, Dhaka (MCCI), at its auditorium at Police Plaza in the capital.

At the event, M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh, said private investment has fallen, while foreign direct investment remains below 1 percent of GDP, far behind regional competitors.

“This slowdown comes at a critical juncture. With ambitions of reaching a $1 trillion economy and creating millions of jobs, the government’s targets hinge almost entirely on increased investment,” he said.

“The real challenge is not competition but market entry itself, as firms must be prepared for a decades-long commitment given operational hurdles—from licensing delays to compliance burdens—that can deter even established players,” said Zinnia Huq, chief financial officer of Unilever Bangladesh.

Bangladesh’s struggle to attract foreign direct investment (FDI) stems largely from a lack of trust and policy predictability, said Nuria Lopez, chairperson of the European Union Chamber of Commerce in Bangladesh.

She noted that despite the country’s strong potential, foreign investors remain hesitant due to an unfavourable business environment and the absence of a clear, consistent government vision.

“The root problem is that Bangladesh does not have the trust of investors,” she said, adding that policy inconsistency and regulatory uncertainty continue to undermine confidence.

Lopez pointed to growing concerns over Bangladesh’s future market access, particularly in the European Union, as the country approaches graduation from least developed country (LDC) status.

Unlike regional competitors such as Vietnam and India, Bangladesh has yet to secure effective free trade agreements, leaving investors unsure about long-term export prospects, she said.

Taxation is another major concern, she said, noting that compliant firms—especially multinationals—often bear a disproportionate burden, while others remain outside the tax net.

“This creates an uneven playing field and discourages new investment,” she added.

Barrister Margub Kabir of Margub Kabir and Associates emphasised that trust—central to any investment decision—rests heavily on how disputes are resolved.

“Bangladesh’s persistent weakness in contract enforcement, once ranked among the lowest globally, reflects a slow and overburdened judicial system,” he said.

Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said efforts to improve the business environment must begin with fixing core infrastructure.

Farooq Ahmed, secretary general of the MCCI; Sumitra Kumar Mutsuddi, head of corporate at BSRM; and Sumaiya T Ahmed, head of sustainability at Pran-RFL Group, also addressed the event, among others.

Bangladesh's investment climate is being vitiated by a mix of bureaucratic delays, policy uncertainty and rising business costs, making it harder for both local and foreign investors to expand operations and create jobs.

Experts say unless these longstanding barriers are addressed quickly, the country risks losing competitiveness and missing major investment opportunities.

Policy Exchange Bangladesh has identified eight major obstacles, with bureaucratic complexity and a restrictive regulatory framework topping the list.

Energy shortages, infrastructure bottlenecks, high tax pressure, weak institutional coordination and the absence of a clear investment strategy were also cited as major concerns at a policy dialogue in the capital on Wednesday.

The Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Exchange Bangladesh jointly organised the meeting.

Policy Exchange Bangladesh Chairman and CEO Dr M Masrur Reaz presented the keynote paper titled "Improving the Investment Climate: Why It's Critical for New Government Priorities and the Upcoming National Budget."

In his presentation, Masrur Reaz said the country also faces the absence of a coordinated domestic and foreign investment strategy, which continues to weaken investor confidence. Newspapersubscriptions

He identified additional barriers including the lack of structured investment promotion, a gap between political commitments and implementation, and weak coordination between the public and private sectors.

He also pointed to limited coordination between the Prime Minister's Office and various ministries, the absence of diversified competitive sectors, leaving the economy heavily dependent on only five key sectors, and inadequate post-investment support or aftercare services.

Against this backdrop, Policy Exchange proposed a set of immediate reforms to strengthen investor confidence.

Masrur Reaz said the government can pursue seven priority reforms. Countrypolitics overview

These include formulating a comprehensive national investment policy, simplifying business registration procedures, addressing infrastructure and energy constraints, ensuring efficient use of economic zones, developing skilled human resources, promoting green investment, and establishing a modern legal framework for contract enforcement and dispute resolution.

BGMEA President Md Mahmud Hasan Khan attended the event as special guest, while EuroCham Chairperson Nuria López, corporate lawyer Barrister Margub Kabir, and Zinnia Huq, Chief Financial Officer (CFO) of Unilever Bangladesh, participated as panel speakers.

EuroCham Chairperson Nuria López said the absence of a free trade agreement (FTA) with the European Union, Bangladesh's largest export destination, is already affecting investor confidence.

"Do we have a free trade agreement with our major customer at this moment-the European Union? No," she said, noting that countries such as Vietnam and India have already secured similar agreements.

She warned that without preferential access to the EU market, Bangladesh risks losing competitiveness to regional peers offering more predictable trade frameworks.

"We need to have, we must have, we must start right now an FTA," López said. "If we don't have free trade access to our largest market, we don't have a horizon to invest." Economicanalysis reports

She also said uncertainty over future market access is influencing investment decisions.

"I have recently started a new business in the agro-processing sector, but I am uncertain about the future. I do not know whether I will be able to export to Europe on equal terms with competitors from countries that already enjoy free market access," she said.

López stressed that predictability is essential for attracting long-term investment, adding that Bangladesh currently lacks it.

"We don't have predictability. We don't know what's going to happen in the future," she said, questioning whether there is a clear and investor-friendly policy direction.

She linked the urgency of an EU FTA to Bangladesh's broader challenge in attracting foreign direct investment (FDI), saying policy uncertainty continues to undermine investor trust.

Addressing the event as special guest, BGMEA President Md Mahmud Hasan Khan said Bangladesh should expand export markets through bilateral agreements with countries such as South Africa, Brazil and Turkey.

He noted that around US$8 billion in new opportunities have emerged in the ready-made garment sector, with further potential for expansion. Bangladeshmarket analysis

However, he stressed that high tariffs in these markets make such agreements necessary.

"We are discussing this matter with the government," he said.

He also identified energy shortages as the most critical challenge for businesses.

"For entrepreneurs, energy is a greater concern than financial constraints," he said, adding that without resolving energy and infrastructure bottlenecks, financial support would have limited impact.

Unilever Bangladesh CFO Zinnia Huq said business registration and documentation processes in Bangladesh are extremely slow and time-consuming.

She pointed to weak coordination among government agencies, which reduces efficiency and delays business operations.

Despite a double taxation avoidance treaty, she said prior approval from the National Board of Revenue (NBR) is still required for dividend remittance, making the process unnecessarily complex. She also highlighted a lack of transparency in audit procedures.

Barrister Margub Kabir said dispute resolution is central to investor confidence, but Bangladesh continues to struggle with a slow judicial system.

He cited the example of a Japanese company operating in Bangladesh for 25 years, while a contractual dispute dating back to 2018 remains unresolved.

"There is no lack of laws in Bangladesh; the issue is making them simpler and the process faster," he said.

Kabir added that foreign investors generally prefer arbitration to avoid lengthy court proceedings. However, even after arbitration awards, enforcement through courts faces similar delays.

He called for specialised commercial courts, faster enforcement mechanisms, and judges with commercial expertise to ensure timely resolution of disputes.

MCCI Secretary General Farooq Ahmed delivered the welcome address.

Private investors aiming to launch Bangladesh's first privately funded submarine cable face mounting delays from inter-ministerial red tape, despite sinking $53 million (equivalent to Tk650 crore) into preparatory work.

The Bangladesh Private Cable System consortium – Summit Communications, CdNet Communications, and Metacore Subcom Ltd – awaits critical no-objection clearances from the foreign affairs and home affairs ministries, and the National Security Intelligence.

This bottleneck halts cable-laying vessels from entering Bangladesh's territorial waters.

The project links to the UMO Cable System's 2,227-km main route from Singapore to Myanmar, plus a 1,300-km branch to Cox's Bazar.

Without April approvals, investors risk missing the 31 August 2026 rollout deadline, pushing implementation back a full year due to the Bay of Bengal's narrow November-to-mid-May laying window.

In a letter sent on 31 March to the foreign affairs ministry, the consortium sought no-objection clearance for Panama- and Indonesia-flagged vessels to enter Bangladesh's territorial waters to lay the cable.

However, officials say procedural gaps between ministries have stalled progress.

A foreign ministry official, speaking on condition of anonymity, told The Business Standard that the consortium had been asked to obtain authorisation from the posts, telecommunications and information technology ministry, adding that no such communication had yet been received.

"According to protocol, one ministry cannot act on a letter issued by an agency under another ministry," the official said.

Posts, Telecommunications and Information Technology Secretary Bilquis Jahan Rimi said the ministry has not received any letter on this matter. "A decision will be announced once the letter is received."

However, official documents show that the consortium had written to the ministry in September last year seeking inter-ministerial support.

Project status

The consortium has already reached all critical technical milestones.

These include a comprehensive feasibility study, a detailed subsea route survey, the demarcation of the route from Myanmar's Exclusive Economic Zone to Cox's Bazar, and the activation of the Singapore-Myanmar segment.

The project is currently in the "shovel-ready" phase, with construction of the landing station and beach manhole progressing at full pace.

Furthermore, specialised cable-laying vessels and a team of international experts have been contracted and are awaiting final approval to proceed.

Looming deadlines

The project faces a critical "roll-out obligation" to be completed by 31 August 2026. However, technical experts note that seabed installations in the Bay of Bengal are only feasible between November and mid-May.

If the April window is missed due to the upcoming monsoon and lack of approvals, the project is feared to be delayed by at least another year, leading to massive financial demurrages.

"We have already invested nearly 50% of the total project cost," said Md Arif Al Islam, managing director of Summit Communications.

"We are stuck in a complex situation. If the government did not want private submarine cables, why were we encouraged to spend millions on infrastructure and licences?"

The consortium has already spent $53 million on licensing, VAT and other expenses. Of the amount, it has paid $43.76 million to the cable owner, Compana Pvt Ltd, for the UMO trunk cable, which includes $36 million in IRU fees and $7.96 million in maintenance charges.

Market monopoly vs competition

Currently, the state-owned Bangladesh Submarine Cables PLC controls the majority of the market through two cables, SE-ME-WE-4 and SE-ME-WE-5, with a combined capacity of 7,220 Gbps. A third state-owned cable, SE-ME-WE-6, is expected to launch next year with a massive capacity of over 40,000 Gbps at a cost of Tk1,000 crore.

Bangladesh Submarine Cables has expressed concerns that private entry will create "extreme instability" and reduce the revenue of the state-owned listed company. In a recent internal report, the company suggested that the government should set a minimum threshold to ensure state-owned cable usage does not fall below 50%.

An official from Bangladesh Submarine Cables noted that as a listed company, the government must consider the interests of its shareholders when making strategic decisions.

Entrepreneurs in the IT sector have pointed out that the provision of internet services via submarine cables is currently a monopoly held by the state-owned company. In this context, the approval of private submarine cables was a significant milestone towards increasing private sector participation, they say.

Industry stakeholders maintain a consensus that increasing private sector participation will foster a more competitive market, ultimately driving down internet costs for the public.

They argue that making connectivity more affordable will enable the inclusion of a larger segment of the population, thereby significantly boosting the country's per-capita internet consumption.

Internet penetration scenario

According to a report by the Asian Development Bank published in December last year, Bangladesh's current internet penetration stands at 53%, remaining behind regional countries like Bhutan at 88% and 85% in the Maldives; both countries show high access.

The report said Bangladesh's digital infrastructure is expanding but faces connectivity, capacity, and rural access gaps. International connectivity relies on two undersea cables, both following similar routes, creating risks, it pointed out.

The government has approved five proposals for $1.9 billion in loans from development partners of which $1.6 billion is non-concessional.

Of the amount, $1.3 billion will be set aside as budget support to help tackle urgent financial pressures, according to finance ministry officials.

The approval for loans under relatively tough terms were granted yesterday (28 April) at a meeting of the Standing Committee on Non-concessional Loan chaired by Finance and Planning Minister Amir Khosru Mahmud Chowdhury at the Planning Ministry in Sher-e-Bangla Nagar.

Sources present at the meeting said the budget support package includes $450 million from the Asian Development Bank (ADB), $500 million from Japan International Cooperation Agency (Jica), $250 million from the Asian Infrastructure Investment Bank (AIIB), and $100 million from the OPEC Fund for International Development (OFID).

Officials said these loans come with higher interest rates, shorter grace periods and faster repayment schedules than concessional financing.

Under the programme titled Strengthening Economic Management and Governance, Subprogram 2, ADB will provide a total of $750 million, consisting of $300 million in concessional financing and $450 million through its regular Ordinary Capital Resources (OCR) window.

The concessional portion carries a 2% interest rate, a repayment period of 25 years, and a five-year grace period.

The $450 million OCR loan is classified as non-concessional and carries an interest rate of SOFR plus 0.50%, which based on the 20 April 2026 SOFR rate of 3.63%, brings the effective rate to 4.13%.

It also includes a 0.15% commitment charge on undrawn balances.

This ADB OCR loan has a 15-year tenure, including a three-year grace period. According to ERD analysis, the loan's grant element is 6.61%, making it highly non-concessional.

Negotiations with ADB were completed on 15 April 2026, and the package is now awaiting board approval.

The government is also seeking $500 million from JICA to help manage immediate fiscal challenges. The proposed loan carries an indicative interest rate of 3.05%, a 30-year repayment period, and a 10-year grace period.

Officials said the Japanese financing would be used in line with IMF recommendations, including expanding social protection spending, strengthening revenue administration, and improving macroeconomic stability.

AIIB is set to provide $250 million as co-financing alongside ADB. The proposed loan carries an interest rate of SOFR plus 1.45%, which based on the same benchmark rate would bring the effective cost to around 5.08%.

It has a 35-year maturity, a five-year grace period, and a 0.25% front-end fee. ERD analysis found the grant element to be negative 0.68%, meaning it is considered extremely hard borrowing.

The government is also pursuing $100 million equivalent from OPEC Fund for International Development, denominated at approximately €85.3 million. Indicative terms include an interest rate of six-month EURIBOR plus 1.20%, giving an effective rate of about 3.616%.

The loan has an 18-year maturity, a three-year grace period, and a 0.25% commitment fee. Its grant element is estimated at 11.38%, also placing it in the non-concessional category.

Beyond budget support, the committee also approved a separate $300 million ADB loan for the SASEC Dhaka-Sylhet Corridor Road Investment (Tranche-2) project.

The project will upgrade around 210 kilometres of highway from Dhaka (Kanchpur) to Sylhet into a four-lane corridor, with separate service lanes for slow-moving vehicles.

The goal is to better connect the Dhaka-Sylhet route with regional transport networks including the Asian Highway, SASEC (South Asia Subregional Economic Cooperation) and BIMSTEC corridors.

The total project cost is estimated at Tk16918.58 crore, of which the government will provide Tk3,674 crore, while ADB will finance Tk13,244.68 crore.

The road loan will come from ADB's OCR window at an effective rate of around 4.23%, with a 25-year repayment period and a five-year grace period.

Officials said the Standing Committee on Non-concessional Loan also adopted several policy measures to improve management of costly foreign borrowing.

Non-concessional loans will be approved only where concessional financing is unavailable or impractical. Borrowers receiving government or central bank guarantees must demonstrate repayment capacity from their own income.

Loans with excessive conditions or mandatory down payments will be discouraged.

The committee also decided that annual debt servicing on non-concessional external loans must remain below the lower of 10% of export earnings or 15% of government revenue, while total non-concessional external debt stock must remain below 10% of GDP.

ERD officials said these measures are expected to improve transparency, reduce risks and strengthen long-term sustainability in Bangladesh's external debt management.

Bangladesh’s exports are order-based and free of overcapacity, Commerce Minister Khandakar Abdul Muktadir said yesterday amid an ongoing US investigation into forced labour and surplus production across 60 countries, including Bangladesh.

Speaking at a luncheon meeting on US-Bangladesh partnership hosted by the American Chamber of Commerce (AmCham) at the Sheraton in Dhaka, he also said Bangladesh has made substantial progress regarding labour rights.

The minister said Bangladesh’s exports are driven by demand. Particularly, the garment industry produces strictly against international orders. “This is indicative of global demand, rather than excess capacity.”

He pointed out that many factories are currently running below capacity due to energy and infrastructure constraints.

On forced labour, the minister mentioned that Bangladesh has enacted reforms in workplace safety and labour rights in partnership with the International Labour Organization (ILO) and other partners, establishing one of the most rigorously regulated and secure garment sectors in the world.

Stating that Bangladesh is committed to maintaining international labour standards, he said the government believes that the most constructive course of action to that end is continuing engagement and collaboration.

On partnership with the US, the minister said the government is confident that the bilateral relationship will continue to grow through trade, increased investment, technology collaboration, and continued dialogue.

He said the government is diversifying its export base by incorporating sectors such as pharmaceuticals, leather, agro-products, and light engineering, in addition to a booming ICT sector.

The minister stated that improving market access is imperative as the country is set to graduate from the least developed country status. “We look forward to continued US assistance to guarantee a seamless transition and maintain our global competitiveness.”

He noted that although Bangladesh has established robust manufacturing capabilities and exports pharmaceuticals to more than 150 countries, the entry into the US market is still restricted by the intricate, expensive, and time-consuming regulatory processes.

“We are of the opinion that there is potential to improve the coordination between pertinent authorities, expedite the approval process, and simplify procedures,” he said.

Also speaking at the event, AmCham President Syed Ershad Ahmed said in today’s shifting global economic environment, the Bangladesh–US partnership remains vital for both growth and resilience.

The partnership plays a strategic role in sustaining export competitiveness, ensuring essential imports, and strengthening broader economic and industrial development, he added.

Bangladesh exported roughly $9.5 billion in goods to the US in 2025, with the garment sector alone accounting for $8.2 billion, capturing over 10 percent of the US apparel market, he said.

During the same period, the country imported about $2.3 billion from the US, primarily cotton and agricultural products.

Muktadir, meanwhile, stated that US foreign direct investment in Bangladesh rose from $193 million in fiscal year 2019-20 (FY20) to $426 million in FY22, before falling sharply to $89 million in FY24 and partially recovering to $132 million in FY25.

On a separate matter, he informed that the government may recruit foreign companies for loading and unloading at the Chattogram port to increase efficiency.

The minister also said for easing the business, the government will launch provisional permission for launching a business. Currently, it takes many months and more than 25 signatures to obtain the permission for the business entrepreneurs to start a business in Bangladesh.

Once an entrepreneur starts with the provisional permission, he can manage the original permission gradually in one to two months, he added.

Chattogram Port has recorded robust growth in cargo and container handling in the first nine months of the fiscal 2025-26, but operational bottlenecks, labour unrest and a decline in global ranking are raising concerns over its long-term competitiveness.

A comparative performance report for the first nine months of FY26 shows the port handled 104.29 million tonnes of cargo, marking a 7.39% year-on-year growth.

Container throughput also rose, reaching 2.57 million TEUs, up 4.75% from the same period a year earlier.

A report for the first nine months of the 2026-2027 fiscal year shows that the country's premier seaport handled 104.29 million tonnes of cargo, a 7.39% increase from the previous year. Container handling also grew to 2.57 million TEUs [Twenty-foot Equivalent Unit], up 4.75% from the same period.

Efficiency gains drive performance

Average vessel turnaround time has improved significantly, dropping from about eight days to 2.53 days, which allows the port to handle more ships.

In October 2025 alone, the port handled a record 391 vessels, a 16.02% increase year-on-year. Overall, vessel handling in the first nine months stood at 3,230 ships, up 5.62%.

CPA Secretary Refayet Hamim said, "Automation and digitalisation have been key. Systems like e-gate passes, terminal operations, digital billing, and the "CPA Sky" platform have reduced paperwork, yard congestion, and clearance time—sometimes to just 30 minutes."

"The implementation of pre-arrival processing has further streamlined customs clearance, enabling faster unloading and delivery of goods", he said.

He also said, "Another notable achievement has been the return to zero waiting time at the outer anchorage, allowing vessels to berth without delay – a development that significantly cuts logistics costs."

Khairul Alam Sujan, former vice president of the Bangladesh Freight Forwarders Association and a former director of the Bangladesh Shipping Agents Association, said there remains room for improvement.

He noted that narrowing the gap between the CPA and the Customs Authority would speed up services for users and improve overall port efficiency.

He also called for the swift, full rollout of automation and digitalisation systems.

Growth backed by economic recovery

The increase in cargo handling is mainly due to higher imports of fuel, wheat, and industrial raw materials. This has been supported by a more stable economy and fewer US dollar shortages than before.

In October 2025, cargo handling recorded a 21.11% increase, while container growth surged in August and September with gains of 20.10% and 10.22% respectively.

Even during the Eid-ul-Fitr vacation, the port continued its operations. In just one week in March this year, it handled 2.5 million tonnes of cargo and 55,000 TEUs, ensuring supply chains remained intact.

Structural limits still a concern

Despite the growth, port users say ageing infrastructure and equipment shortages are limiting its full potential.

The New Mooring Container Terminal, the port's busiest facility, saw a 12-14% increase in efficiency after being handed over to Chittagong Dry Dock Limited in July 2025.

However, disputes over leasing out the terminal to a foreign operator triggered labour unrest, disrupting operations and raising concerns among stakeholders.

Bangladesh Garment Manufacturers and Exporters Association Director SM Abu Tayub said consistent service is essential for any port, warning that even minor disruptions create difficulties for users.

He added that the CPA must ensure uninterrupted, reliable services at all times.

Ranking slip rings alarm bells

The port dropped one position to 68th in the global Lloyd's List ranking, which analysts see as a warning sign.

A recent decision to raise tariffs has raised concerns, with questions about whether higher costs could hurt the port's competitiveness.

Rakibul Alam Chowdhury, a former vice president of BGMEA, said the tariff hike has raised the cost of doing business and eroded competitiveness, warning that it could affect future business volumes and reduce the port's cargo handling.

Investment key to future growth

Port users say sustained foreign investment, modern technology adoption and a stable labour environment will be critical for regaining global standing.

They also stress that modernising the port is essential not just for attracting foreign investors, but also for encouraging domestic investment in trade and industry.

Amirul Houque, a former director of the Chittagong Chamber of Commerce and Industry and managing director of Seacom Group, said investment is crucial for port development, but it must be rational and well justified.

He also stressed the need to improve the skills of port workers to boost efficiency.

Bangladesh Bank has eased rules for banks to award incentive bonuses to staff, provided that a few criteria are met.

According to a central bank circular issued yesterday, a bank’s boards of directors may approve up to one month’s basic salary as a bonus in recognition of “special achievements” during the year, even if the usual eligibility criteria are not met.

However, this discretionary payment will only be permitted if the institution records an operating profit. In addition, the bank must ensure that regulatory capital is maintained at least at the previous year’s level (excluding adjustments for deferred provisions approved by Bangladesh Bank) and that no fresh applications are made for deferred provisioning facilities.

Banks may approve up to one month’s basic salary as a bonus in recognition of “special achievements” during the year, even if the usual eligibility criteria are not met
Officials said the move aims to boost morale among officers and employees while preserving competitiveness in the banking sector. Meanwhile, Bangladesh Bank stressed that compliance with the outlined conditions is essential to ensure financial discipline and safeguard stability.

Cement manufacturers in the country are under growing pressure as the US-Israel war on Iran disrupts Middle Eastern supply routes, forcing them to import key raw materials -- especially clinker -- from Asian countries at higher prices.

The conflict has also increased freight costs, further raising overall import expenses. At the same time, weak domestic demand is preventing producers from passing on higher costs to consumers, leaving manufacturers squeezed between rising input costs and a fragile market.

The situation also highlights the sector’s heavy dependence on imported raw materials. Key inputs such as clinker, limestone, granulated slag, fly ash and gypsum are largely imported. Nearly 90 percent of clinker is brought from abroad.

“Bangladesh’s cement sector is under new cost pressure as clinker imports shift away from the Middle East,” said Mohammad Iqbal Chowdhury, chief executive officer of LafargeHolcim Bangladesh PLC.

“Earlier, imports were largely sourced from Gulf countries at competitive prices, but that advantage has now disappeared. The country is now increasingly relying on China, Vietnam and Thailand, where clinker is being imported at higher prices,” he added.

Chowdhury said the shift is linked to a widening geopolitical crisis following joint US–Israel strikes on Iran and Iran’s closure of the Strait of Hormuz, a key global trade route.

“This has cut shipping traffic, pushed up freight and insurance costs, increased logistics risks and war-risk premiums, and forced rerouting of shipments,” he said.

“The impact on Bangladesh’s cement industry has been immediate, as it depends heavily on imported clinker and stone aggregates.”

He added that clinker import costs have risen from about $42 to $43 per tonne to nearly $53 due to tighter supply and higher freight charges.

“With demand already weak, companies are struggling to pass on these costs, putting pressure on profit margins and forcing them to cut spending,” he said.

Md Abul Mansur, general manager of Royal Cement Ltd, echoed these concerns. “Sourcing raw materials has become increasingly difficult due to global disruptions. Clinker is no longer coming from the Middle East, while gypsum and limestone from Oman now face sharply higher freight costs,” he said.

He added, “Clinker prices have risen from around $43 per tonne to about $57 to $58 per tonne, while slag prices have increased from $16 to around $23 to $24 per tonne, driven by war-related disruptions in global shipping.”

Mansur linked the surge in freight costs to higher oil prices, increased insurance premiums and greater risks on maritime routes, saying shipping costs have effectively doubled.

He said the impact is already visible in the domestic market. Cement prices have increased by Tk 30 to Tk 50 per bag, even though actual costs have gone up by Tk 70 to Tk 80. Weak demand has prevented companies from passing on the full increase.

“Costs are rising, but the market is unable to absorb the full impact,” he added.

He also noted that construction activity has slowed as developers delay projects in hopes of greater stability, further affecting the industry.

The country’s broader construction sector is also under strain due to weak public spending, subdued private investment, policy uncertainty and rising costs. These factors have already dampened project approvals, demand and growth across real estate and related industries, including cement.

Mohammed Amirul Haque, president of the Bangladesh Cement Manufacturers Association and managing director of Premier Cement Mills PLC, said the sector has faced multiple shocks over the past five years, making business difficult.

He added that many companies are still operating despite losses in the hope of recovery, but warned that this situation is not sustainable.

He stressed the need for a profit margin and cautioned that sharp price increases could harm the market.

“A quick recovery is unlikely,” he added.