Electro Mart Group Receives Outstanding Distributor Award

Singer Bangladesh has opened a new home appliances plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, as part of its expansion strategy to boost local manufacturing. The project, approved by the board on March 30, 2022, involved an investment of Tk 603.89 crore, with Tk 580.33 crore allocated for machinery and plant construction.

Bangladesh's electronics sector faces challenges due to inflation, currency devaluation, and reduced consumer spending. An 11% taka devaluation increased import costs, impacting prices. Consumer uncertainty, political unrest, and LC issues disrupted supply chains.

Singer Bangladesh has begun commercial production at its new plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, following a $78 million investment from Arcelik. The facility, covering 35 acres, will locally manufacture over 90% of components, reducing import dependence.

The National Board of Revenue (NBR) has doubled the corporate income tax rate to 20 percent for manufacturers of freezers, refrigerators, motorcycles, air conditioners, and compressors, starting from the fiscal year 2025-26. According to a notification issued today, these revised tax rates will be in effect until June 30, 2032.

BRAC Bank has been awarded the Remittance Award 2024 by the Ministry of Expatriates' Welfare and Overseas Employment for achieving the 4th position in remittance volume among all banks during the fiscal year 2023-24.

Organic Nutrition Limited (ONL), a Bangladeshi company, has entered the U.S. market with its functional food products after receiving approval from the United States Food and Drug Administration (USFDA). These products are now available in U.S. supermarkets and on Amazon USA.