Apparel Online Bangladesh Magazine April Issue 2019 | Page 41

BANGLADESH CANVAS
Ananta Group eyes Ethiopia for duty
benefits, skilled labour
Ananta Apparels Limited, a
subsidiary of Ananta Group,
Bangladesh, has expressed its intent
to invest US $ 8 million in setting up
an apparel factory in Ethiopia.
The firm recently submitted its
proposal with the central bank
seeking latter’s approval to initiate
its plan of investing in the African
country.
It also said that while the company
would invest US $ 8 million from
its own fund, any additional fund
would be taken from multinational
financial institutions like
International Finance Corporation.
Meanwhile, the central bank has
forwarded Ananta’s proposal
to the Ministry of Finance as
the Government of Bangladesh
preserves the right to give
permission for such proposals.
Ananta Apparels is the latest
among the several companies from
Bangladesh to show keen interest in
Ethiopia. Of the seven Bangladeshi
companies to have been granted
approval to invest abroad, Akij Jute
Mills got the approval to invest US
$ 20 million to procure two
Malaysian firms.
According to the Group, availing
duty benefits was the main
objective behind its decision
to invest in Ethiopia. Besides,
skilled labour force has been
another major attraction for the
Group to invest in the country.
A company official said
Bangladesh would face high
taxation when the country
graduates to the status of a
developing nation and therefore
it was all the more relevant
to move to a growing hub like
Ethiopia.
AB Mirza Azizul Islam, Former
Caretaker Government Adviser,
said that the Government
must investigate whether the
investment would be profitable
under the tax benefits.
Master plan consultant for Payra Sea Port finalised
Bangladesh has taken a step
towards building the largest
port of the country following
finalisation of the master plan
consultant for the Payra deep sea
port.
As per media reports, European
engineering consultants Royal
HaskoningDHV, in partnership
with the Bangladesh University of
Engineering Technology (BUET),
have been selected as master plan
consultants for the Payra Deep
Sea Port Development Project.
This has come as a positive
development for the export-
oriented industries of the country
especially the readymade garment
sector, which more often than not,
have to face in-ordinate shipment
delays due to burgeoning
traffic load on Chittagong Port.
At present, Chittagong Port
handles the bulk of Bangladesh’s
export-import activities. “This
port will be an essential link in
the Bangladesh-China-India-
Myanmar Economic Corridor and
as such will have a great impact
on the economic development of
Bangladesh,” maintained
M. Jahangir Alam, Chairman,
Payra Sea Port Commodore.
As per reports, once built, Payra
Port will be the country’s third
and largest sea port, which is
designed especially to add the
much needed port capacity as
well as allow larger vessels to
call at the facility, which would
reportedly negate the need for
transhipment to other ports
such as Singapore and Colombo.
“It’s rare to see greenfield
port developments of this
scale, and the new port will
help the country achieve
its growth ambitions and
create greater economic
growth, more jobs and new
opportunities,” underlined Eric
Smit, Business Development
Director, Maritime, Royal
HaskoningDHV.
www.apparelresources.com | APRIL 2019 | Apparel Online Bangladesh
41