JULYASIA BUSINESS OUTLOOK9NEWSROOMBANGLADESH & INDIA TO TRADE IN RUPEESJAPAN'S UNIQLO TO EXPAND TO INDIA BY OPENING RETAIL STORESBangladesh and India will begin trading in rupees this month, with their central banks making all necessary preparations. Beginning July 11, exporters in Bangladesh will receive export revenues in rupees, with the equal amount used to satisfy import bills.Trading in taka will begin later.The move follows the Reserve Bank of India's decision last year to allow overseas trade to be settled in Indian currency.Sonali Bank and Eastern Bank of Bangladesh have received permission from the Reserve Bank of India to open special accounts for rupee transactions.The Bangladesh Bank has also decided to launch a taka-rupee-based debit card in September, aimed at saving US dollars. The card will allow users to make payments using taka and spend Indian rupees while travelling to India.At present, Bangladesh exports are worth some $2 billion to India and imports are worth nearly $14 billion, official data show. Japanese global apparel retailer, Uniqlo will open its first store in Mumbai in October this year, a senior executive said. The brand will launch in Phoenix Marketcity, Kurla, and Uniqlo, with plans to expand outside North India. Its ten stores are all in North India, and the company is trying to establish a large manufacturing presence in India through approximately 20 'production partners."October will also mark the four-year anniversary of our journey in India, and this new milestone underscores our strong ongoing commitment to India." "Until now, our customers in Mumbai have shopped for their LifeWear essentials through our e-commerce channel, and we now look forward to welcoming them in person to our first Mumbai store," said Tomohiko Sei, Chief Executive Officer, Uniqlo India.Uniqlo, Phoenix Marketcity Kurla, will be the 11th brick-and-mortar Uniqlo store in India. Uniqlo has more than 2,400 stores across the world.Uniqlo, which is Asia's biggest clothing brand, had said India is one of the top priority markets for them where consumers are increasingly shifting from 'fast-fashion' to long-lasting essentials and functional wear.The company's ambitions for India are considerable with the CEO of the apparel giant Tadashi Yanai indicating that he wants the Japanese apparel giant to become the "best-selling retailer in India." JULYASIA BUSINESS OUTLOOK9
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