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Bangladesh is a
country of 126 million people. It occupies the lower portion
of the Ganges, Brahmputra, Delta and has an area of 143,988
square kilometers. Ethnically and lingually this is a
homogenous country with 99 percent of the people belonging to
the same ethnic group speaking the same language.
Bangladesh is endowed with fertile land of 22 million acres
and a vast reserve of natural gas. There are also substantial
reserves of high quality coal and building materials, need to
be tapped as yet.
The climate is moderate with highest temperature rarely going
above 40°C.
There are two sea ports: Chittagong and Chalna where all the
modern facilities exist for handling cargo. The main centres
of commercial activities are the capital city of Dhaka and the
port city of Chittagong. Bangladesh has also a reasonable
level of road and rail network which connects the two ports
with all the urban centres throughout the length and breadth
of the country. The telecommunication system is also well
developed.
The major items of exports are ready-made garments and
clothing, jute goods, shrimps and frozen foods, raw jute and
jute products, leather, newsprint, fertilizer, etc. The major
items of imports are : Machineries, crude petroleum and
petroleum products, raw cotton yarn, fabrics, cement, edible
oils, foods grains, etc.
Though Bangladesh has a number of natural resources and
educated and motivated work force, the country does not have
enough capital and the right level of technical know-how. The
government is keen on securing participation of foreign
investment for accelerating production and economic growth. To
that end the government has announced a number of incentives
including tax holidays and unhindered repatriation of profits.
Bangladesh also follows a very liberal and open import trade
regimes. The exchange credit is quite stable and the rate of
inflation is also low.
The government encourages both local-resources-based
industries and also export-oriented industries to strengthen
foundation of an export-led growth. The government has
recently undertaken the work of updating the Companies Act,
Patent Laws, Trade Mark Laws and the Customs Act to complement
its new industrial and investment policies.
Bangladesh is a member of the Economic and Social Commission
for Asia and the Pacific. Bangladesh joined Bangkok Agreement
in 1975, and South Asian Association for Regional Cooperation
(SAARC) in 1985. In addition, the country is a regular member
of the Agreement on the Global System of Trade Preferences (GSTP)
among developing countries.
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