Laws Affecting Business

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  • Topic: Law, Contract, Negotiable instrument
  • Pages : 31 (7684 words )
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  • Published : April 8, 2013
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1.INTRODUCTION
Bangladesh is a combination of competitive market, business -friendly environment and cost structure that can give the best returns. Bangladesh offers a well-educated, highly adaptive and industrious workforce with the lowest wages and salaries in the regio n. 57.30% of the population is under 25, providing a youthful group for recruitment. The country has consistently developed a skilled workforce catering to investors needs. English is widely spoken, making communication easy. Bangladesh is strategically located next to India, China and ASEAN markets. Bangladesh has proved to be an attractive investment location with its 146.6 million population and consistent economic growth leading to strong and growing domestic demand. Energy prices in Bangladesh are the most competitive in the region. Bangladesh offers the most liberal FDI regime in South Asia, allowing 100% foreign equity with

unrestricted exit policy, easy remittance of royalty, and repatriation of profits and incomes. Bangladesh offers export-oriented industrial enclaves with infrastructural facilities and logistical support for foreign investors.

2.THE COUNTRY
2.1. GEOGRAPHY/STATISTICS
Bangladesh is located in the Southern Asia, bordering the Bay of Bengal with the coastline covering 580 k m between Burma & India with the land boundaries 4,246 km where Burma covered 193 km and India covered 4,053 km. The time difference is GMT+6. The Total are a is 147,570sq km and the total population is 164,425,491.The climate of the country is focused as tropical; mild winter (October to March); hot, humid summer (March to June); humid, warm rainy mons oon (June to October). Official 1

language is Bangla (Bengali). English is widely used in Government, Business and Universities. Out of total population, Muslim 89.6 %, Hindu 9.3 %, Buddhist 0.5%, Christian 0.3% and Other 0.3%.

2.2. ECONOMY
The economic position of the country is GDP/PPP (2011 est.): $100 billion; per capita $664, Real growth rate: 6%, Inflation: 11.3%. The Industries are Textiles, Jute, Garments, Tea Processing, Paper Newsprint, Cement, Chemical Fertilizer, Light Engineering, Sugar, Ceramics and Pharmacy. Natural resources are Gas, Timber and Coal. Arable land covered 55.39% and permanent crops covered 3.08% of total land area. Bangladesh exports mainly Ready Made Garments including Knit Wear (75% of exports revenue). Others include: Shrimps, Jute Goods (including Carpet), Leather Goods and Tea. Bangladesh imports mostly Petroleum Product and Oil, Machinery and Parts, Soybean and Palm Oil, Raw Cotton, Iron, Steel and Wheat.

2.3. CURRENCY AND BANKING
Currency of the country is Bangladeshi Taka (Tk). The financial system of Bangladesh consists of Bangladesh Bank (BB) as the central bank, 4 State Owned Commercial Banks (SCB), 5 government owned specialized banks, 30 domestic private banks, 9 foreign banks and 29 non-banking financial institutions.The financial system also embraces insurance companies, stock exchanges and co-operative banks. Bangladesh Bank is both the Government’s banker and the banker’s ba nk, a “Lender of the Last Resort”. Bangladesh Bank, like most of the central banks of different countries, exercises monopoly over the issue of currency and the banknotes.

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2.4. GOVERNMENT/POLITICS
The conventional long form is “People's Republic of Bangladesh” and the conventional short form is “Bangladesh”. The government type is parliamentary democracy. Capital is Dhaka and the administrative 7 divisions are Barisal, Chittagong, Dhaka, Khulna, Raj shahi, Rangpur and Sylhet. 26 March 1971 is the date of independence and 16 December 1971 is known as Victory Day and commemorates the official creation of the state of Bangladesh.

2.5. LEGAL SYSTEM
Bangladesh seceded from Pakistan in December 1971. The British -era legislation applied in Pakistan after 1947 and post-partition legislation enacted in Pakistan continued to form the basis of Bangladeshi personal status laws, but...
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