About LightCastle Partners
At LightCastle Partners, we aspire to work towards creating a data- and knowledge-driven economy. Our unique approach to combining data, analytics and technology allows us to design and implement research and interventions quickly, efficiently and objectively. Till date, we have collaborated with 100+ local and international clients in 150+ projects spanning 40+ industries to help deliver lasting impact in Bangladesh and beyond.
Acknowledgments
We would like to thank the 102 CxO members across a range of private industries in Bangladesh for partaking in our study by giving their valuable time and responding to our data requests. This piece of research could not have been possible without them graciously sharing their views with us. For that and more, we are deeply humbled and grateful.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 1
LightCastleBusinessConfidenceIndex
2017-18
Strategic Partner
BCI Business Confidence Index
BB Bangladesh Bank
BRTC Bangladesh Road Transport Corporation
BDT Bangladeshi Taka
Bn Billion
BCG Boston Consulting Group
BMI Business Monitor International
CPO Chief Procurement Officer
EBLSL EBL Securities Ltd.
E Estimate
EU European Union
ACRONYMS
EPB Export Promotion Bureau
FMCG Fast Moving Consumer Goods
F Forecast
FDI Foreign Direct Investment
FOREX Foreign Exchange
GSP Generalized System of Preferences
GDP Gross Domestic Product
HEI Harmonized Expectation Indicator
ICT Information and Communications
Technology
IT Information Technology
ITES Information Technology Enabled Services
LDC Least Developed Country
LCP LightCastle Partners
LNG Liquefied Natural Gas
LPG Liquefied Petroleum Gas
MW Megawatt
MT Metric Tons
MAC Middle and Affluent Class
Mn Million
MMSCFD Million Standard Cubic Feet Per Day
NBFI Non-Banking Financial Institution
PWC PricewaterhouseCoopers
PPP Public Private Partnership
RMG Ready Made Garments
sft Square Feet
3G Third Generation
TRIPS Trade-Related Aspects of
Intellectual Property Rights
UN United Nations
UNCTAD United Nations Conference on
Trade and Development
USD United States Dollar
WB World Bank
WTO World Trade Organization
Business Confidence Index 2017-18 2 © LightCastle Partners. All Rights Reserved.
WELCOME
Dear all:
I am excited to present to you the LightCastle Business Confidence Index 2017-18. This is a follow up to our
previous installment, which we did back in 2016-17. We are excited by the Bangladesh opportunity. With a
consistent GDP growth rate of 5 to 7% over a decade, current GDP value in excess of USD 245 billion+ and per
capita income hovering on the ~ USD 1,500, Bangladesh is on its way to becoming a middle income nation by
2021. Moreover, having 1,250+ people per sq. km gives us the unique opportunity to enjoy a density dividend.
Our MAC consumers currently estimated ~7% is projected to triple within a decade. And finally, “technology
leapfrog” will allow us to skip development cycles and propel towards becoming an advanced economy by 2041.
At the risk of sounding too optimistic, we wanted a deeper understanding of prevailing business sentiments in
the immediate future. What would get us through 2018? Amid our transition into economic diversity what are
the industries business leaders are looking at? How do they feel about their own enterprises? Where do they
see the greatest opportunities and what pressing challenges are they facing? To find out, we surveyed the
leadership team of 102 organizations, spanning all three sectors. The results revealed a bitter-sweet sentiment.
While the confidence for the current period has increased from +39 to +43 (on a scale of -100 to +100, using
harmonized confidence calculation), the increase is marginal – categorically speaking, “Cautiously Optimistic.”
However, this sentiment is an average across the sectors. A deeper look suggested business leaders are
confident on verticals like Power & Energy, ICT, Agriculture while cautious on sectors like Banking & Finance,
Real Estate and Logistics. The study goes deeper into each sector and sheds light for this reasoning.
I would like to take this opportunity to thank all the respondents who have contributed. We are positive that you
will find the insights useful and act on the insights to keep contributing to Bangladesh’s growth story.
Sincerely,
Bijon Islam
Chief Executive Officer
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 3
SNAPSHOT: BANGLADESH BY THE NUMBERS
GDP
248.8Bn USD
(FY 16-17)
© LightCastle Partners. All Rights Reserved.
GDP PER CAPITA
1480USD
(FY 16-17)
GDP GROWTH RATE
7.3%
(E, FY 16-17)
POPULATION
164.8 Mn
(2017)
POPULATION DENSITY
1252people per sq. km of land area
(FY 15-16)
MAC POPULATION
15 Mn
(F, 2017)
FOREX RESERVE
33.5Bn USD
(2017)
TOTAL EXPORTS FY
34.8Bn USD
(FY 2016-2017)
RMG EXPORTS
28.2Bn USD
(FY 16-17)
IT EXPORTS
800Mn USD
(FY 16-17)
FDI
2.5 Bn USD
(F, 2017)
MOBILE SUBSCRIBERS
145.1 Mn
(Dec 2017)
INTERNET SUBSCRIBERS
80.2 Mn
(Dec 2017)
MOBILE INTERNET SUBSCRIBERS
75Mn
(Dec 2017)
MP GROWTH RATE
7.3%
(F, 2017)
Business Confidence Index 2017-18 4
Sources: World Bank, United Nations, BCG, LightCastle Partners, EPB, ICT Ministry, BTRC
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 METHODOLOGY
3 THE MACROECONOMY: THE EMERGENCE
4 INDUSTRY SPECIFIC INSIGHTS: VOICES OF THE LEADERS
5 PROBLEM AREAS: BOTTLENECKS TO OVERCOME
6 FUTURE PROSPECTS: THE ROYAL BENGAL TIGERS OF THE NEXT DECADE
7 CONCLUDING REMARKS: THE WAY FORWARD
8 CONTRIBUTORS
6
9
11
19
35
39
42
45
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 5
EXECUTIVE SUMMARY
Business Operational Challenges: Raw material import dependency, especially
in the cement and pharmaceutical industries, per unit fall in value in RMG prices
and working capital management in ICT.
Business leaders cited five key factors that contributed to the rise in confidence.
These are: increased investment in power generation, green revolution &
mechanization in the agriculture sector, higher disposable income and
consumer spending, growing health awareness, and the government’s increased
focus on ICT.
However, some concerns still remain in regards to creation of fault lines by the
classified loans condition, bureaucratic red tapes in opening and conducting
businesses, recent slump in RMG prices, transportation & logistical hassles and
infrastructure bottlenecks such as port congestions.
From low to moderate
confidence of +39 in 2016,
the score in 17-18 signifies
a cautiously optimistic
confidence of +43
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 7
The findings further suggest that Bangladesh’s top business professionals agree
on the following issues, which impede progress:
As rapid technological advancements and the threat of looming uncertainty –
with the upcoming election in 2019 – shape the business landscape,
Bangladesh’s top executives continue to have a moderately high level of
confidence in their outlook to the economy. However, they also voice specific
concerns, which if addressed, can help them play an even greater role in
effective economic contribution.
LightCastle Business Confidence Index 2017-18 analyzed survey findings of 102
CXO members across a myriad of industries and found the overall business
sentiment in the country to be +43. This marks a 4 points increase from last
year’s score of +39. In other words, the score sends out a cautiously optimistic
vibe among the business community.
+430-100 +100
Overwhelmingly pessimistic Overwhelmingly optimistic
Regulatory Challenges: Government bureaucracy and lack of unity among
public entities.
Infrastructure/Logistics: Port congestion is a major barrier to shortening lead
times. Moreover, power outages have increased production costs and final
prices as manufacturers have to rely on backup captive power generation.
Industry experts opine the following set of actions will help improve the current
drawbacks – along with investor confidence:
Diversifying export basket and reducing dependence on RMG
Facilitating the ease of starting and conducting business
Improving infrastructure and logistics
Enhancing the skill of human resources
Streamlining the financial sector and scaling up the use of alternative
capital avenues
When asked to rank the top sectors in the coming decade, business leaders – by
and large – again painted an unanimous picture. According to them, the
following industries will have the highest possibility to drive larger impacts in
Bangladesh:
• ICT & ITES
• Pharmaceuticals
• Agro-Processing
• Power & Energy
• Footwear
• Ready Made Garments (RMG)
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.8
Business Confidence =
√[(Situation+200) × (Expectations+200)] - 200
METHODOLOGY
Harmonized Business Confidence Index: The indicator was later examined for
differences between the percentages of favorable and unfavorable responses
with respect to business confidence. The subsequent score can fluctuate
between -100 (all respondents carrying negative expectations for the coming
year) and +100 (all respondents carrying positive expectations for the coming
year). Built using a conveniently standardized geometric average between
Situation and Expectations, the BCI score induced from the HEI method supplied
an accurate scenario of the prevailing business confidence. It is defined as the
average between Situation and Expectations.
Sampling: The BCI was calculated by surveying 102 C-Suite level executives –
CEOs, CFOs, COOs and MDs including immediate pipeline – spanning a wide
range of industries. Interviews have been carried out between September 26
and November 12, 2017. Nearly 90% of the interviews were conducted in person
while the remaining 10% were collected online.
For this research, we took an approach to select only those industries that have
the highest level of contribution to the country’s GDP. The industries have been
further segregated into three categories – namely Primary, Secondary and
Tertiary. Primary sector incorporates agriculture and commodities. Secondary
includes manufacturing and processing while Tertiary encompasses services.
The index was constructed from the Harmonized Expectation Indicator (HEI)
methodology. This approach evaluates business performance reviews for the
foregone year in combination with both the present and expectations for the
upcoming year.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 9
53%42%5%
Primary( agriculture/commodities )
Secondary( manufacturing/processing )
Tertiary( services )
Exhibit 1: Sector-wise Representation of Sampling
© LightCastle Partners. All Rights Reserved. Business Confidence Index 2017-18 10
* Grouped into three categories – Foreign banks, local banks and non-bank financial institutions.
Primary: Agro Inputs, Agro Commodities, Fisheries, Tea and Oil
Secondary: RMG & Textiles, Pharmaceuticals, Power, Cement, Steel,
Electronics, Agro-Processing, Footwear, Ship Building, Ceramic,
Plastic and FMCG
Tertiary: Financial Institutions*, Information Technology, Logistics,
Real Estate, Business Services/Consulting, Advertising, Automobile,
Hotels, Telecom, Architecture, Print & Digital Media, Retailer Chain,
Healthcare, Insurance and Money Transfer Networks
Finally, firm representation was carefully calculated to be reflective
of their respective industries. Overall, we hoped to capture the
entire spectrum of enterprises by covering small, medium and
large-sized firms, considering a blend of both local and foreign
entities.
THE MACROECONOMY: THE EMERGENCE
Bangladesh economy is poised to be the next Asian Tiger. Over the last
ten years, the economy has continued to impress by keeping an annual average
growth rate of more than 6%. According to Business Monitor International (BMI)
Research, Bangladesh is set to experience strong economic performance in the
coming years.
© LightCastle Partners. All Rights Reserved. Business Confidence Index 2017-18 12
Exhibit 2: GDP Growth Rate of Bangladesh over the Last Decade
GDP GROWTH% GDP PER CAPITA
6.01
5.05
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17, E
5.57
6.46 6.526.01 6.06
6.557.11 7.28
1480
616681 758
836 856952
10851210
1359
Source: World Bank
In the past five years, Moody’s and SNP ratings have remained constant with a
steady inflation rate (5-6%) and record high FX reserve. On the contrary,
stagnation of the RMG sector, lower oil prices adversely impacting remittances,
and current account deficit have all proved vital as impediments to growth.
Additionally, inadequate infrastructure has been a major growth dampener –
one of the major reasons behind Bangladesh’s embarrassing 177th ranking in
the World Bank’s recent list of “Doing Business Report 2018.” Another critical
issue, power and energy crisis, however, is being partially resolved.
Can Bangladesh capitalize on its demographic dividend of 2.1 Mn people
entering the workforce each year? How long will it take for it to become the
next Asian Tiger? Well, industry leaders have voiced their opinions through a
cautiously optimistic confidence level of +43, higher than that of last year.
BREAKING DOWN THE CONFIDENCE
+43 - The overall confidence level is an accumulation of confidence levels of various industries:
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 13
+43+39
Power and Energy :
Agriculture and Agro-Processing :
FMCG :
Pharmaceuticals :
ICT and ITES :
Banking and Finance :
RMG and Textiles :
Logistics :
Real Estate :
Cement :
Exhibit 3: Vertical Wise Business Confidence Index
Source : LCP Survey of 102 CXOs of Bangladesh based companies
Overall Confidence (2017-18)2017-18 Overall Confidence 2016-17
( Values are on a scale of -100 to +100 )
+83.28
+69.92+60.87
+56.44
+46.22
+37.52 +37.06+32.74
+28.83+23.61
LOWER ENERGY; DIFFICULT DUE TO INCREASED INVESTMENT ON POWER GENERATION
GREEN REVOLUTION IN THE AGRICULTURE SECTOR
HIGHER DISPOSABLE INCOME & CONSUMER SPENDING ON FMCG
GROWING HEALTH AWARENESS
ICT BEING THE THURST SECTOR THROUGH MAJOR POLICY DISCOURSE
CLASSIFIED LOANS CONDITION
SLUMP IN RMG PRICE
INFRASTRUCTURE ISSUES SUCH AS PORT CONGESTIONS & PROBLEM RELATED TO TRANSPORTATION
OVERSUPPLY OF APARTMENTS & STRICTER BANK LOAN REGULATIONS
OVER CAPACITY IN CEMENT SECTOR
LOOKING INTO 2018: A YEAR FULL OFPROSPECTS
Despite facing monumental crises such as the record breaking floods and the
border immigration from Myanmar, the country’s business leaders project an
optimistic outlook. Going forward, views may be perceived to be more
conservative in 2018, largely because of the looming uncertainty over the
impending elections. However, overall prospects for investments, sales, prices,
profits, exports and employment paint a rosy picture for 2018.
Same/ No Change 21.6%
Much Higher 23.5%
Higher 51%
Lower 3.9%
Exhibit 4: Investments
Exhibit 5: Hot Sectors
More than 70% of the respondents expect investments to be higher in the
upcoming year. Sectors looking to attract investments include Agriculture
(rising consumer spending and higher Government budget allocations), Power
(additional Government investments and PPP initiatives), ICT (strong
Government vision and Pharmaceuticals courtesy of burgeoning domestic and
international markets).
PowerAgriculture &Agro-Processing
Pharmaceuticals
100%
ICT & ITES
85% 66%73%
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.14
Over 63% of respondents anticipate sales to be higher in the coming year –
which is conducive to Bangladesh’s growth potential. Among the industries,
100% from the Pharmaceutical and Agro industry expect to generate higher
sales. Surprisingly enough, respondents from the Real Estate also exhibited
upbeat vibes.
Exhibit 6: Sales
Exhibit 7: Hot Sectors
Same/ No Change 15.7%
Much Higher 17.6%
Higher 63.7%
Lower 2.9%
Agriculture &Agro-Processing
Pharmaceuticals
100%
ICT & ITES
100% 93%
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 15
15.7%
24.5%
Exhibit 8: Selling Prices
Same/ No Change 58.8%
Much Higher 1%
Higher
Lower
FMCG ICT & ITES
66%
Pharmaceuticals
71% 53%
Half of the respondents predict selling prices will remain unchanged. Power
sector leaders maintain that prices will go up due to a pass-through effect
from natural gas and oil prices globally. On the flip side, majority of the RMG
industrialists posit that prices will drop in the coming year amid increasing
competition in the international apparel market.
100% 54%
Power RMG
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.16
Nearly half of the respondents claim profits will soar in 2018. ICT & ITES,
FMCG and Pharmaceutical industries are expected to be the most profitable,
chiefly due to increasing consumer spending on FMCG, and higher projected
export in Pharmaceuticals.
29.4%
8.8%
16.7%
45.1%
Exhibit 10: Pro�ts
Same/ No Change
Much Higher
Higher
Lower
Exhibit 13: Hot Sectors
Agriculture &Agro-Processing
Pharmaceuticals
66%80%
ICT & ITES
83%
Export expectations in the Agriculture, ICT & ITES and Pharmaceutical
industries are substantially higher compared to the rest. Leaders in
Agriculture believe exporting is the way forward while the ICT & ITES industry
anticipates larger outsourcing tasks. Moreover, Pharmaceutical leaders expect
new export frontiers to emerge very soon.
Exhibit 12: Exports
Same/ No Change
Much Higher
Higher
Lower
23.1%
7.7%
5.1%
64.1%
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 17
Exhibit 14: Employment
Same/ No Change
Much Higher
Higher
Lower
34.3%
8.8%
3.9%
52.9%
Exhibit 15: Hot Sectors
Power & Energy sector is on the rise with the establishment of multiple power
plants. Therefore, higher employment generation is predicted. The ICT & ITES
industry is poised to generate significantly higher employment owing to
growing investor optimism and favorable government policies. RMG sector
participants, however, fear that employment will maintain status quo in the
near future.
Power Pharmaceuticals
100%
ICT & ITES
86% 71%
© LightCastle Partners. All Rights Reserved. Business Confidence Index 2017-18 18
INDUSTRY SPECIFIC INSIGHTS:VOICES OF THE LEADERS
Below are industry specific insights with a quote from industry leaders in different
sectors. The traffic lights signify the overall outlook of the industry: Green
implying a positive outlook, yellow indicating a stable outlook, and red
suggesting a negative outlook.
“Without electricity, you cannot do anything – Agriculture, ICT and all other sectors depend
on the power industry. It is the thrust sector of the government and thus requires more
government support and concentration.” – Chairman of a Power Generation Company
THE MIGHTY POWER:
Power & Energy
+83.28
BIGGEST OPPORTUNITES
PPP Initiatives
Massive investments
CHALLENGES TO LOOK OUT FOR
Increase in retail tariff
Demand-supply gap
Existing skill gap of government entities
Exhibit 16: Investment Expectations
33.3% 33.3% 33.3%
Much
HigherHigher
Same/
No Change
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.20
Sector representatives beamed high confidence. Two-third respondents expect
the industry to receive significant amount of investment in 2018. Presently,
a number of PPP and G2G based investments are running for mitigating the
current demand-supply deficit.
All the respondents predicted a price increase in the coming year. The
Bangladesh Energy Regulatory Commission (BERC) has already raised the retail
tariff of electricity by 5.3%. Moreover, due to LNG import, experts estimate a
three times increase in the domestic natural gas prices in the next decade.
Respondents complained in regards to regulatory challenges, citing existing
skill gap of public entities in dealing with PPP ventures as the biggest obstacle.
Others have cited absence of regulations in the LPG market as a major hurdle.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 21
Combined Cycle Gas Based Power Plant, Meghnaghat
LNG Power Plant, Payra
LNG Terminal, Kutubdia Island
Bangladesh’s first LNGImport Terminal, Moheshkhali
Nuclear Power Plant, Rooppur
Bandarban
Cox’sBazar
Khagrachari
Rangamati
Chittagang
Feni
Noakhali
Laxmipur
Chandpur
Comilla
B.Baria
Habiganj
Moulvibazar
SylhetSunamganj
Bhola
Barisal
BagerhatJhalokhati
Perojpur
Khulna
NarailJessore
MaguraJhenaidah
Chuadanga
KushtiaMeherpur
Patuakhali
Barguna
Satkhira
Sherpur
Jamalpur
Tangail
Pabna
NatoreSirajganj
Rajshahi
Naogaon
Bawabgani
Bogra
Joypurhat
Gaibandha
Rangpur
LalmonirhatNilphamari
Thakurgaon
Panchagarh
KurigramDinajpur
Kishoreganj
Gazipur
Narshingdi
Manikganj
Rajbari
FaridpurMunshiganj
ShariatpurMadaripur
Gopalganj
Dhaka N.Ganj
Netrokona
Mymenshingh
Current Generation Capacity
Access to Electricity
2021 requirement
2030 requirement
16,046 MW
83%
24,000 MW
39,000 MW
Ministry of Power,
Energy & Mineral Resources
Ministry of Power,
Energy & Mineral Resources
Ricardo Energy & Environment, UK
Ricardo Energy & Environment, UK
THE FOUNDATION:
Agriculture and
Agro-Processing
+69.98“There is immense growth potential in the agriculture sector in the next decade. The sector’s
growth will be augmented by advanced technology and digitalization, lending power and
influence to the farmers.”– General Manager of an Agro Inputs Company
BIGGEST OPPORTUNITES
Substantial budget allocation
Government subsidies
Mechanization
CHALLENGES TO LOOK OUT FOR
Severe floods
Record level food prices
Exhibit 17: Investment Expectations
40%60%
HigherMuch
Higher
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.22
According to UNCTAD’s, “The Least Developed Countries Report 2017” report,
nearly 40% of the country’s population did not have access to electricity in 2014.
However, other sources say the current percentage is smaller (around 20%).
Bangladesh is highly susceptible to power outages, which is why companies
generally have to rely on their own back-up power generators to prevent
production halts, thereby surging costs, eventually passing up as higher selling
prices. Demand is growing rapidly and the installed power generation capacities
need to be increased to 24,000 MW (2021) and 39,000 MW (2030). A significant
amount of investment across the entire sector is required to meet this demand.
Exhibit 18: Sales Expectations
20%
80%
HigherMuch
Higher
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 23
In spite of remaining extremely vulnerable to climate changes, Agriculture has
largely contributed to poverty alleviation in Bangladesh. Industry leaders
voiced satisfaction towards government support with respect to budget
allocation (BDT 244.3 Bn in FY 2017-18), subsidies and measures to promote
mechanization of agriculture such as soilless agriculture and drip water
irrigation. All the respondents expect investments and sales to soar in the
coming year.
This year, floods caused severe damages, triggering prices of food
commodities to reach record levels in September. As a result, the government
reduced the import duty of rice to 5% and was compelled to import 3.5 lac
tonnes of rice. Furthermore, classified loans rose by more than 14% (BDT 6.08
Bn) in 2017. Finally, participants also mentioned stringent regulations,
government bureaucracy and power crisis as leading obstacles to growth.
THE CONVENIENCE STORE:
FMCG
+60.87
BIGGEST OPPORTUNITES
Density dividend
Increasing consumer spending
Changing consumer lifestyle
CHALLENGES TO LOOK OUT FOR
Threat of imports
Compliance issues
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.24
“We have a huge market and growing spending power. Consumer income and
spending are both ever-increasing and consumers are now more conscious of
quality than ever.”– Executive Director of an FMCG Company
100
150
7.9% 10.5% 11.8% 6.4% 4.9% 7.8%
0
MAC Populationin millions
5.8 8.511.7
19.3 18.7
33.245.4
38.9
49.4
96.7
140.9
32.7
Mac % of populations
Myanmar Bangladesh Vietnam Philippines Thailand Indonesia
11% 15% 7% 12% 21% 34% 33% 42% 69% 72% 38% 53%
2020 2015
CAGR 2015 - 2020
Exhibit 18: MAC Population
Source: BCG Analysis
Sector leaders assert the industry is growing on the backdrop of new,
innovative product categories (e.g., yogurt drinks) gaining traction among
consumers. Due to changing lifestyle, taste and fashion, consumers are
becoming more quality conscious. The Bangladesh market has the advantage
of a huge population remaining concentrated in small geographic locations.
Looked another way, the country is enjoying a “density dividend.” The total
MAC population is expanding rapidly at 10.5% annually and at this pace, the
population segment is expected to triple to 34 million by 2025. Furthermore,
the figure is estimated to expand across different territories. Millions of
households are approaching an income level at which they can afford to
move beyond basic necessities – lending higher affordability leading to better
convenience, comfort, and luxury.
Major challenges include threat of imports (for local firms), rising raw material
costs, and lack of human talent in the middle and top management.
Inadequate government support, compliance related issues and open-ended
regulations in marketing certain products cause additional barriers to growth.
DOCTOR TO THE
ECONOMY:
Pharmaceuticals
+56.44
“With an increasing life expectancy, 5,000 new local doctors and Pharma patent waiver
period extended till 2032, we can be certain of massive opportunities in the
Pharmaceutical sector.”– General Manager, Marketing of a Pharmaceutical Company
BIGGEST OPPORTUNITES
Increasing ageing population
FDA approvals
TRIPS extension to 2032
CHALLENGES TO LOOK OUT FOR
Raw material import dependency
Lack of skilled human resources
The industry is currently catering to 98% of local market demand and exporting
to over 125 countries. All the industry leaders surveyed expect an upsurge in
sales in the coming year. 71% and 80% are hopeful about increase in profits
and exports respectively. Respondents attribute such short (and long-term)
aspirations to:
Rising income levels among the poorest socio-economic groups
Change in the country’s disease profile in terms of the rise of
non-communicable diseases and a gradual move from acute to chronic
diseases
Increasing ageing population (25% will be above 50 by 2036)
FY10FY11FY12FY13FY14FY15FY16
FY17, E
36.24144.3
48.359.8
72.681.2
89
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 25
Exhibit 19: Pharma Exports, USD Mn (EPB)
Source: Export Promotion Bureau of Bangladesh
FDA approvals for Beximco Group and Square Pharma, opening up to the
world's largest pharmaceuticals market
Growing endorsement of generic drugs in international markets;
Valuation of global generic drugs is estimated at USD 380 Bn by 2021
Emerging markets’ spending on pharmaceutical products, expected to reach
USD 345-375 Bn by 2020.
THE CROSS-CUTTING
AGENT OF CHANGE:
ICT & ITES
+46.42
“Bangladesh’s domestic market is growing and local companies are going digital. Even
mid-tier organizations are going for technology transformations as it is now deemed to be
an investment instead of expense. To leverage proper opportunities, we need greater
customer education and professionalism from IT firms.”– CEO of a Software Firm
BIGGEST OPPORTUNITES
Government support
Establishment of IT parks
CHALLENGES TO LOOK OUT FOR
Difficulty in collection of payments
Logistical challenges (e.g., internet services in rural areas)
Exhibit 20: Employment Expectations (Upcoming 6 months)
66.7%
6.7%20%
LowerHigherMuch
Higher
6.7%
Same/
No Change
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.26
Respondents have also credited policies – Drug Control Ordinance, 1982, which
prohibits foreign pharmaceuticals from selling imported drugs and the WTO’s
agreement on TRIPS, which permits Bangladesh to reverse engineer patented
generic drugs – for contributing to the sector’s success.
Rising raw material costs, power crises and lack of skilled human resources
surface as primary challenges. The standard of Pharma education system is
relatively poor while “brain drain” is also quite prevalent. However, the
government is taking initiatives such as the Active Pharmaceutical Ingredients
(API) industrial park to reduce raw material import dependency. With 41 plots
allotted to 27 pharmaceutical firms and expected to be operational by 2018, the
park will allow companies to source at least half of their raw materials locally.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 27
ICT & ITES industry is getting maximum exposure through the lens of policy
favors. In fact, it is being touted as the “next RMG sector” of Bangladesh. Roughly
40% of the industry leaders said investments will rise substantially in 2018 and
more than 85% expect greater ICT based jobs. Respondents showed optimism
towards the emergence of special ICT focused zones such as establishment of 25
IT and Hi-tech parks in regions including Khulna, Barisal, Rangpur, Natore,
Chittagong, Comilla, Cox's Bazar, Mymensingh, Jamalpur, Gopalganj, Dhaka and
Sylhet from where the government hopes to export software and IT services
worth USD 10 Bn by 2030. Additionally, to encourage entrepreneurship in this
sector, 100% corporate tax exemption has been accorded and various startup
projects, such as “Innovation Design and Entrepreneurship Academy,” have been
established. The government aims to transform Bangladesh into a middle
income nation through the success of ICT & ITES industry. Finally, industry
leaders have also expressed satisfaction with the rise in Venture Capital (VC)
firms’ growing interest in tech startups.
The difficulty in payment collections or yields is a challenge particular to the ICT &
ITES industry. Other confronted challenges are financing difficulties due to high
cost of credit and the need for physical assets as collateral, regulatory challenges
such as corruption, open ended regulations, government bureaucracy, and
human capital challenges in terms of employee incompetency and attrition.
However, the government’s efforts in solving such problems can be seen through
collaborations with international consulting firms such as BCG, where BCG will
work for international B2B development. Initiatives such as the CEO Outreach
Programme will help boost investment and create more job opportunities.
THE CAPITAL ENGINE:
Banking & Finance
+37.52
BIGGEST OPPORTUNITES
High competition
Banks are more confident than NBFIs
FinTech, Mobile Financial Services
CHALLENGES TO LOOK OUT FOR
Upsurge in classified loans
Inadequate credit analysis
The overall confidence level of leaders from the banking industry (52.76) was
almost double compared to the confidence level of NBFIs (27.17). Although
respondents exhibit bullish sentiments, a number of challenges persist.
Bangladesh Bank has reported classified loans to be BDT 803.07 Bn at the end
of September, 2017 – a staggering 22.15% increase from last year. Major
reasons for such defaulted loans are lack of corporate governance and excess
competition, both of which led to handing out loans without (proper) credit
analysis. Additionally, three new banks recently obtained permission to begin
operations, which will further exacerbate the already saturated market.
All financial institutions are going through capital restructuring due to Basel III
requirements. According to the Basel III framework, banks have to keep at least
10% capital against their risk-weighted assets. However, 9 (out of 57) banks
failed to meet minimum capital needs. Due to capital inadequacy, these
institutions are raising funds in the form of subordinate debt issue and rights
Sept ‘16 Dec ‘16 Mar ‘17 Jun ‘17 Sept ‘17
7.95 7.528.88 8.97
9.71
657.31 621.72 734.09 741.48 803.07
BDT BnUSD Bn
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.28
“Previously business was interest rate driven. But now financial institutions have
understood the correct model. Centralization is key and as a result banks are reducing
the number of branches while giving more value to efficiency and
technology.” – Head of Sales of a Multinational Bank
Exhibit 21: Total Classi�ed Loans in Banks (BB)
Source: Bangladesh Bank
Exhibit Source: World Bank
share issue. The surge in risky financing raised these banks’ risk-weighted assets
and dipped capital base.
Industry leaders, from both bank and NBFIs, quoted regulatory challenges such as
government bureaucracy, open ended regulations and unfavorable taxation
regime to be the primary hurdles. The next big difficulty is employee
incompetency due to lack of specialized training and brain drain from the country.
Respondents opine better corporate governance as a necessity to solving the
problem of classified loans.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 29
STANDING IN MOTION:
RMG & Textiles
+37.06
“Globally, after China, Bangladesh is the second largest garments exporter. China is getting
more expensive, which opens many doors for us. We need to go after product and market
diversification. Locally, RMG sector is the highest contributor to the economy and the
no. 1 employment generator.”– Director of a Premium Denim Jeans Manufacturer
BIGGEST OPPORTUNITES
Over 80% of total exports
‘China plus one’ policy
Heavy investment in high class facilities
CHALLENGES TO LOOK OUT FOR
Fall in benchmark prices
Port congestions & power crisis
RMG & Textiles, the most sought after industry in the country, has been
consistently covering over 80% of Bangladesh’s export for the last 4 years.
Considering the EU (28 countries), Bangladesh is the third largest exporter of
clothing globally. Bangladesh is also the leading exporter in South Asia with 6.4%
share of the global market, followed by India (3.5%), Sri Lanka (1.2%) and Pakistan
(1.2%). Industry leaders have cited that China’s working population is ageing and
hence is demanding higher wages. This puts cost pressures on the Chinese
manufacturers. Moreover, China is showing an inclination towards moving up the
value chain into higher value-added industries like electronics. Global CPOs are
Exhibit 22: Apparel Export to Total Export
81.13%
2013-14
81.68%
2014-15
82.01%
2015-16
81.23%
2016-17
China EU (28 Vietnam India Hongkong Turkey Indonesia Cambodia USAcountries)
25 18 16 15 7 6 6
Exhibit 23: Top 10 Exporters of Clothing161
117
Bangladesh
28
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.30
Source: WTO 2016
adopting a ‘China plus one’ policy in order to diversify away from China and
looking for cheaper alternatives such as Bangladesh.
Bangladesh has captured almost two thirds of China’s low-end manufacturing
market share in Europe. In addition, Bangladesh is now the top denim exporter
to EU with a market share of 21.18%. This has come about as a result of heavy
investment in high quality facilities, leading to products with better quality,
competitive prices and shorter lead times. As an LDC, Bangladesh enjoys duty
and quota free access to the EU market under provision of GSP. However,
as soon as Bangladesh becomes a middle-income country (potentially by 2024)
it will lose this provision. Over 50% of the respondents claimed poor
infrastructure as a major challenge. One participant from a woven factory
also mentioned that due to a dip in demand, many players are taking orders
below costs to run their lines, which are lowering the benchmark price. Nearly
55% of the industry leaders anticipate prices to reduce further in 2018.
China
41% 1.2%
Sri Lanka
6.4%
Bangladesh
3.5%
India
1.2%
Pakistan
46%
Others
Source: World Bank
Exhibit 24: Market Share among Key RMG Exporters
COMPLETING THE
LAST MILE:
Logistics
+32.74
“The RMG sector, in particular, has recovered from shocks such as the Rana Plaza
catastrophe. Additionally, we have several green factories currently operating. The world
does not see us as non-compliant anymore. This implies RMG business is back on track,
which in turn, benefits the Logistics industry.”– Head of Ocean Freight at Multinational
Logistics Firm
BIGGEST OPPORTUNITES
Government initiatives (Payra port)
CHALLENGES TO LOOK OUT FOR
Port congestions
Lack of operation space
“Long lead time” is a phrase prevalent in the trade sector of Bangladesh. The
logistics industry, a support system for all other industries, plays a vital role in
shortening such lead times. Majority of the leaders in the other industries have
complained about the infrastructure and logistics of the country. Leaders of the
logistics industry do not disagree either. They complain port congestion to be the
biggest challenge of 2017, when vessels in Chittagong port had to wait up to even
10 days at the outer anchorage due to an accident. They even said the existing
ports have run out of sufficient operations space.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 31
On the positive side, the government is taking initiatives to tackle this problem.
They are investing time and resources on the development of Payra port, which
will have direct rail, road, and waterway linkages with Dhaka. The government is
also taking several internal city development initiatives such as the construction
of flyovers, the metro rail in Dhaka, and the improvement of the
Chittagong-Cox's Bazar highway. Furthermore, a program of Authorized
Economic Operators (AEO) is being introduced within the next year to cut down
on congestion in ports and highways. In order to hasten the release of goods
from the ports, the program will involve almost no physical check of import and
export containers, nominal bank guarantee submission, deferred payment, etc.
Firms will have to invest in supply chain security and comply with specific
customs requirements in return for the benefits from this fast-track program.
HEART IS WHERE
THE HOME IS:
Real Estate
+28.83
The real estate bubble in Bangladesh has burst and now the competition is very high.
Customers are more informed. Profit margin is low. There is a need for decentralization
from Dhaka.”– CEO of a Real Estate Company
BIGGEST OPPORTUNITES
Decentralization from Dhaka
CHALLENGES TO LOOK OUT FOR
Oversupply of apartments
Stricter home loan regulations
15,000 15,500
12,50014,000 15,000
11,00012,000
25,000
18,000 18,000
12,000
9,50010,000
7,5005,500 5,000
8,000
6,0007,000 7,000
5,500 6,000
12,000 12,000
Dhanmondi Gulshan Banani Baridhara Lalmatia Mirpur Uttara Shaymoli
201220152017
© LightCastle Partners. All Rights Reserved. Business Confidence Index 2017-18 32
Exhibit 25: Average Apartment Price (per sft in BDT)
Source: LightCastle Primary Research
The once glorious real estate sector has been facing a slump for quite some
time. The government has promised to ensure home for all by 2021, but it has
adopted budgetary measures to discourage housing. High construction costs
(steel rods, bricks, etc.), an oversupply of apartments and stricter housing loan
regulations have slowed down this sector. While interest rates may have come
down, the burdensome process of taking a home loan, unavailability of loans
and reluctance of banks to provide home loans have discouraged demand
causing a dip in prices (compared to 2012).
However, while half of the business leaders interviewed predict prices to go up,
the rest expect no changes in prices in the upcoming year, which goes hand in
hand with current market data. Government bureaucracy is a major challenge,
with one participant mentioning he needed approval from 11 committees for
the construction of a high rise building while another stating the government
bodies must work more like a private organization to reach a clear consensus
on every decision.
Exhibit 26: Selling Price Expectations
50%50%
HigherSame/
No Change
Industry experts further recommended a low-cost credit support to middle
income people (to purchase flats) and decentralization away from Dhaka
are necessary factors to pull the industry out of its current sorry state.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 33
“Cement use is multi-dimensional. Currently the profit margin is low but the business is
based on volume. Economies of scale is the only way to sustain and in the long run big
players will survive.”– CFO of a Local Cement Company
BIGGEST OPPORTUNITES
Rise in construction projects
Recent fall in clinker prices
CHALLENGES TO LOOK OUT FOR
Slump in the real estate sector
Seasonal demand
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
20.021.0
22.025.0
28.0
38.040.0
69.5% 69.0% 68.2%
64.0% 62.5%
73.7%
80.0%
Exhibit 27: Production Capacity and Utilization
Production , Mn MTProduction Capacity, Mn MT Utilization
Source: Industry Players' Estimate and EBLSL Research and The Daily Star
A STICKY SITUATION:
Cement
+23.61
Source: Industry Players' Estimate and EBLSL Research and The Daily Star
At present, there is over capacity prevailing in the cement industry. Production
is mostly demand driven (production occurs when there is demand). 2016-17
production capacity was 40 Mn MT while the actual production was 32 Mn MT
showing an over capacity of 20%. The demand is highly seasonal, making it
quite challenging for industry players. Demand increases in winter and falls in
monsoon (due to slowdown in construction activities), which creates an
asymmetry in the market. Construction and real estate activities are the major
drivers of cement consumption. As complementary industries, while the slump
in the real estate sector has adversely affected the demand for cement, higher
investments in infrastructure has alternately created new opportunities.
© LightCastle Partners. All Rights Reserved. Business Confidence Index 2017-18 34
The cement industry is an import substitution industry. 100% raw materials
(clinkers) are imported. 80% of the total costs attribute to raw material costs,
lowering margins. To that end, all respondents maintained that rising raw
materials expenditure is the prime challenge of the sector. However, a recent
downward trend in global clinker price has somewhat helped the industry gain
back foothold.
2012 2013 2014 2015 2016
Clinker Price/MT YOY Growth
5,383 5,204 5,260 4,945 4,249
12.2%
-14.1%
-3.3%-6.0%
1.1%
Exhibit 28: Production Capacity and Utilization
PROBLEM AREAS: BOTTLENECKS TO OVERCOME
As every economy, Bangladesh economy also has its own share of problems, which creates
hindrances for businesses across sectors. This, in turn, challenges the confidence level of
industry leaders. Even though business leaders claimed that 2017 was a relatively more fruitful
year than 2016, they did not fall short in voicing some pertinent frustrations and despair.
27%
19%18%
12%
9%
9%
6%Regulatory Challenges
Business Operational Challenges
Infrastructure/Logistics
Human Capital
Access to Finance
External Shocks
Others
© LightCastle Partners. All Rights Reserved. Business Confidence Index 2017-18 36
Regulatory Challenges (27%)
The biggest problem cited by the respondents was regulatory challenges. Industry
professionals opine that government bureaucracy and a lack of coordination between
government bodies have caused retardation in operations. Open ended regulations,
an unfavorable taxation, existence of grey markets and unethical practices have created
difficulties for businesses. One Managing Partner of a consulting firm expressed how the
prohibition of using a translation of the law (in any other language) has raised barriers for
foreign investors to start operations in Bangladesh.
Exhibit 29: Problem Areas
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 37
Business Operational Challenges (19%)
Business operational challenges adversely affect profits in the form of rising raw
material costs especially in the cement and pharmaceutical industries. The per unit
fall in value and increase in volume in the RMG sector is another difficulty. Other
problems include the struggles in handling working capital especially in the ICT & ITES
sector.
Infrastructure/Logistics (18%)
Port congestions, mainly in the export-import oriented industries, and power &
energy crisis, especially in the manufacturing industries, have snatched away the
price competitiveness of Bangladeshi companies. Customs inefficiency and
transportation problems also add to the woes relating to infrastructure and logistics.
Human Capital (12%)
Although 2.1 million young people enter the job market each year, respondents
complain a stark gap between employees’ level of competence and professional
requirements. Dearth of competent middle management and persistent “brain drain”
surface as poignant challenges.
Access to Finance (9%)
While many industry leaders were satisfied by lower interest rates, mostly ICT & ITES
sector respondents complained about the high cost of credit and difficulties faced in
availing finance, especially the need for physical assets as collateral for loans.
External Shocks (9%)
Threat of imports in the FMCG industry and threat of foreign players in the ICT & ITES
sector are external shocks that industry leaders want to mitigate.
Others (6%)
Respondents have cited some other challenges which cannot be clubbed into any of
the aforementioned problems. These include a lack of collaboration among industry
peers and inadequate support system for startups.
Problem-Industry matrixBelow is a summary of the major problems cited by industry leaders in their
respective industries.
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.38
Industries
Regulatory Challenges
Business Operational Challenges
Infrastructure/Logistics
Human Capital
Access to Finance
External Shocks
Prob
lem
s
Power and Energy
Agriculture and Agro-Processing
FMCG
Pharmaceuticals
ICT and ITES
Banking and Finance
RMG and Textiles
Logistics
Real Estate
Cement
FUTURE PROSPECTS : THE ROYAL BENGALTIGERS OF THE NEXT DECADE Industry leaders were asked to select top 2 sectors that they think have the
highest growth opportunities in the next decade. The top 6 chosen industries are:
1. ICT & ITES (Up by 1 rank from 2016):
• Priority sector for the government – aim to make Bangladesh a middle-
income country through the success of this sector
• Growing domestic demand and adoption of technology especially across
manufacturing, banking and telecom industries
• Large scale government digitization projects such as smart grid project
(USD 2-3 Bn), smart city project (USD 0.5 Bn) and airport digitization project
(USD 0.5 Bn)
• Government initiatives such as IT parks and highly lucrative incentives
(100% corporate tax exemption)
• Industry at a nascent stage suggesting ample space to grow
• Rise in technology oriented consumption due to increase in disposable incomes
2. Agro-Processing (Up by 4 ranks from 2016):
· As an agrarian economy, the way forward is Agro-processing
· Ongoing auto rice mill boom and consolidation in the frozen food, fish,
poultry, beef, mutton industries
· Bangladesh Bank and largest private investors are investing in this sector
· Policy makers are focusing on it while non-politicians are also becoming
more engaged
· Intensive R&D is giving rise to a variety of innovative practices
· Disposable income is on the rise
· Food export market has high potential augmented by increase in technology
usage, higher farmer education and increased foreign expertise
3. Pharmaceuticals (Up by 1 rank from 2016):
· Expansion of the domestic market due to an increasing ageing population
(25% will be above 50 by 2036)
· Greater scope in the domestic market as diseases gradually move from acute
to chronic diseases
. Extension of the TRIPS Agreement till 2032
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.40
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 41
· Capitalize on the global market as the size of global generic drugs is
estimated at USD 380 Bn by 2021
· Expand the international markets as emerging markets’ spending on
pharmaceutical products is expected to reach USD 345-375 Bn by 2020
4. Power & Energy (Down by 4 ranks from 2016):
· Significant mismatch in demand and supply
· Numerous LNG and LPG players will enter the market
· Private sector players are heavily investing in this sector
· Government is heavily involved in the establishment of power plants in
Mongla, Rooppur, Meghnaghat, etc.
· LNG will be sourced globally by mid-2018
5. Footwear (Same as 2016):
· Local consumer base is on the rise
· 35% of tanneries have been shifted from Hazaribagh to Savar Tannery
Estate
· Government is incentivizing production of synthetic footwear
· China (57% of global market share) is shifting focus towards technology
oriented industries – opening new windows
· Piqued interest in the sector – Increase in foreign investor inquiries
6. RMG & Textiles (Down by 3 ranks from 2016):
· ‘China plus one’ policy: Bangladesh can capture China’s loss in market
share with almost two-thirds of low-end manufacturing market share in
Europe
· Government offers packages for exploring new destinations such as Japan,
China and India
· Emergence of high value items such as intimate wears and jackets (product
diversification)
· Top denim exporter to EU with a market share of 21.18%
· Players heavily investing in high quality facilities, leading to products with
better quality, competitive prices and shorter lead times
· Leading exporter in South Asia
· Delivering better standard levels than other South Asian countries
CONCLUDING REMARKS:THE WAY FORWARDBangladesh has shown an immense potential to recover from the biggest crises. Business representatives
believe the public and private sectors can work in coordination with each other for the economy to achieve
higher growth in the near future. Key agreed upon recommendations are presented below:
Shifting export dependency from the RMG sector
When it comes to exports, it is high time the government shifts its focus from the RMG sector to other industries
such as Footwear and ICT. Other industries need to be incentivized to level the playing field. Formulating and
adopting strategies for trade in services will help uplift the ICT sector. The World Bank has recently approved
USD 100 Mn to support the country in diversifying exports in labor and skill intensive industries beyond the
RMG sector. In order to increase competitiveness, the government should come forward to increase non-RMG
firms’ access to international markets, and enhance their ability to conform to global standards.
Facilitating the ease of starting and conducting business
Private sector leaders claim government entities require capacity building to reduce sluggishness in operations.
Leaders have suggested such government entities must work like private sector organizations and with greater
unity to improve efficiency. Red-tapes need to be removed to speed up the process of starting a business.
Construction permits need to be issued faster while the time taken for a company to be connected to the
national grid needs to be lessened. Simplifying property registration process and fully digitizing tax submission
will further ease the way of doing business in Bangladesh.
Improving infrastructure and logistics
Port congestions must be addressed by increasing the number of ports and modernizing the existing ones in
order to shorten lead times. Additionally, customs efficiency must be enhanced. National highways need to be
upgraded to 4 or more lanes and road safety must be improved. New bridges to ensure undisturbed traffic flow
have to be constructed and old ones replaced or repaired.
Business Confidence Index 2017-18© LightCastle Partners. All Rights Reserved. 43
Enhancing the skill of human resources
To develop capacity of human resources, skill development has become a necessity. This will not only enhance
the quality of final goods but also reduce waste and increase labor income. A comprehensive strategy for talent
development needs to be formulated. This involves formal and informal training along with improvements in
the quality standards of basic education.
Streamlining the Financial Sector and scaling up the use of alternative capital avenues
The financial sector must be regulated and supervised properly by an independent body such as the central
bank to reduce the struggle with loan defaults. Government must strengthen corporate governance which
would help strengthen the lending processes in different commercial banks. Additionally, the government
should promote opportunities that can be availed from venture capital, impact investments, private equity and
accelerator programs.
The good news is that the overall optimism in the country’s business world is higher than last year. The
cautiousness reflected in the score can be overcome by mitigating the challenges mentioned. With an average
annual economic growth of 6% over the last decade, Bangladesh has the potential to be the 28th largest econo-
my by 2030 as projected by PwC. By integrating information technology in every industry, lowering power
deficit, enabling infrastructural improvements and lessening regulatory challenges to facilitate more commerce,
the country can generate higher employment – giving rise to one of the most important economies of the world.
Business Confidence Index 2017-18 © LightCastle Partners. All Rights Reserved.44
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All information contained herein is obtained by LightCastle from sources believed by it to be accurate and reliable.
Because of the possibility of human or mechanical error as well as other factors, however, all information contained
herein “As IS” without warranty of any kind. LightCastle adopts all necessary measures so that the information it uses
is of sufficient quality and from sources LightCastle considers to be reliable including, when appropriate, independent
third-party sources. However, LightCastle is not an auditor and cannot in every instance independently verify or
validate information received in preparing publications.
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