business
BGMEA President emphasizes investment in youth development for turning Bangladesh into knowledge-based economy
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said youth is the most valuable asset as they would be the main driver of economic growth of Bangladesh in the coming years.
Bangladesh would require a transition from a labour-based economy to a knowledge-based one to become a developed country where the role of young people would be instrumental, he said.
“We have to invest in our young people to develop them as human resources with up-to-date knowledge and skills so that they can take the lead in turning Bangladesh into a knowledge-based economy,” he added.
He made the remarks while addressing the grand finale and prize giving ceremony of the 5th BUFT Intra Batch Football Tournament-2023 held on the playground of BGMEA University of Fashion and Technology (BUFT) on Tuesday, said a BGMEA media release.
Chairman of the Board of Trustees of BUFT Md Shafiul Islam Mohiuddin, also a lawmaker and BUFT Pro-Vice Chancellor Prof Dr Engr Ayub Nabi Khan, among others also spoke at the function.
BGMEA Vice President (Finance) and also BUFT Trustee Board member Khandoker Rafiqul Islam, former Vice President and BUFT Trustee Board member Md Moshiul Azam (Shajal) and BGMEA Director and BUFT Trustee Board member Md Sajjadur Rahman Mridha (Shipon) were also present at the prize giving ceremony.
In his speech as the chief guest, BGMEA President Faruque Hassan said artificial intelligence (AI), information technology (IT), robotics were the sectors having massive impacts on how the world now lived and operated.
“Our students must be trained and upskilled appropriately to enable them to perform in this era of technological evaluation,” he said.
Stressing on the importance of sports in youth development, he said sports not only develops leadership skills among students but also strengthens bonding among them.
Batch 201 of BUFT became champion beating Batch 222 of the university by 3-0 in the final match of the tournament.
Nagad founder wins Kotler Iconic Achiever of the Year Award-2023
Tanvir A Mishuk, founder and managing director of Nagad Limited, has been conferred the Kotler Iconic Achiever of the Year-2023 Award in recognition of his innovation approaches in business management and exceptional performance in marketing systems.
Kotler Awards, which are named after Dr Philip Kotler, a celebrated marketing and management guru, have formally been introduced in Bangladesh from this year to recognise outstanding marketing campaigns, initiatives, and professionals who have contributed excellently to advance the marketing landscape in the country.
Planning Minister M A Mannan on Monday handed over the prestigious Kotler Award to Tanvir A Mishuk at a gala night held at a five-star hotel in Dhaka during the Modern Marketing Summit 2023, says a press release.
The event was jointly organised by Northern Education Group and Kotler Impact Inc., a leading marketing consultancy firm.
In his speech, Planning Minister M A Mannan said, "The world is moving forward. That is why it is important to follow new techniques and methods in marketing. It is time to spread around the world who we are, what we are doing, and what we are aiming for. Our Prime Minister and we also present our own achievements to the IMF, the World Bank, through which we are trying to brand Bangladesh."
After receiving the prestigious award, Founder and Managing Director of Nagad Tanvir A Mishuk said, "In the last four years, not 16 crore people of Bangladesh alone, there is no expatriate Bangladeshi anywhere in the world who does not know the name of Nagad."
"From the beginning, I have done only one thing: I have spoken the language that people can pick up easily. I spoke and worked in such a way that a farmer, a laborer could easily understand. In that case, I did not follow brand guidelines, colors or any such old rules," he added.
Prime Minister's economic adviser Dr. Mashiur Rahman was present as a distinguished guest at the programme.
Dr Fahim Kibria, chief marketing officer of Kotlar Impact, and Prof Dr Anwar Hossain, vice-chancellor of Northern University of Bangladesh, were also present at the event.
Earlier, the cover of the Bangladesh edition of the book titled "Essentials of Modern Marketing", written by Professor Philip Kotler, popularly known as the "father of modern marketing" around the world, was unveiled at the programme.
Nagad, because of its ground-ground-breaking innovations, has been featured as a case study in the book, while Tanvir A Mishuk, has worked as a case co-author for this book.
Tanvir has established himself as an icon among the young entrepreneurs of the country by establishing several other digital companies including Nagad.
He previously received numerous international accolades, including the "Fintech Personality of the Year 2022" award by the UK-based Global Brands Magazine.
Banking sector getting stabilised, but still needs time to be on track: ABB
The leaders of the banking sector -Association of Bankers, Bangladesh (ABB) on Monday said banks were still facing the foreign exchange crisis to open LCs, and its ratio is 4 out of required 10 LCs.
Though the banking sector has slightly been stable this year, it will take time to get back to the situation of 2018 or early 2019. A few banks have to make deferred payments so far, the ABB leaders said.
The ABB leaders made such comments at a news conference at the BRAC Bank head office complex in Tejgaon on Monday, to brief on updates on the banking sector.
ABB Chairman Selim RF Hussain, also managing director and chief executive officer (CEO) of BRAC Bank Limited, while Mashrur Arefin, vice-chairman and managing director and CEO of City Bank, also spoke, among others, at the press conference.
Selim RF Hussain said that the country's banking sector has not seen an economic recession in 2022 due to the external effect, the pressure of macroeconomics, and the crisis of reserves was not seen in the last 35 years.
The country went into a severe recession in June-July last year. In this year, the value of domestic currency has fallen by 25 percent, which is unimaginable, he said.
The ABB Chairman said whether the interest rate should be based on the market or existing way is better should be looked into. The interest rates pegged at 6 and 9 percent helped the economic recovery, he said.
ABB Vice-Chairman Mashrur Arefin said that the banking sector is starting to overcome the economic recession caused by the Russia-Ukraine war and the COVID-19 pandemic.
As a result, deposits are increasing but loan disbursements are decreasing. Due to this, there is excess liquidity of Tk1.35 lakh crore than required by banks, he said.
He said that the people of the country still have trust in the banking sector. Because of this, now deposits are increasing, and remittances are also increasing.
Arefin said that the rate of dollars in remittance has increased from Tk 87 to Tk108.
Md Jashim Uddin to be the new SAARC Chamber president
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin is going to be the new president of the South Asian Association for Regional Cooperation -SAARC Chamber of Commerce and Industry (SCCI), the apex trade body of the South Asian Region.
He will serve as the president of SCCI for the period of 2023-2024, according to an FBCCI press release.
Md. Jashim Uddin will succeed Pakistan’s Iftikhar Ali Malik, who served as the president from June 2020 to May 2023.
Generally, the president is elected from eight SAARC countries — Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka — every two years. Earlier, two presidents elected from Bangladesh were Salman F Rahman (1996 to 1997) and Annisul Huq (2010 to 2011).
Md. Jashim Uddin was born to a well-reputed business family on January 1, 1965, in Sonaimury, Noakhali, Bangladesh. He is the son of the late Al-Hajj Idris Miah and the late Tahera Begum. He completed his graduation with a Bachelor of Commerce from the University of Dhaka in 1986.
During his graduation from university, Jashim Uddin joined the Board of Bengal Group of Industries as Director in 1983, the press release reads.
Bengal Group is a diversified conglomerate with interests in a variety of sectors, including plastics, pharmaceuticals, and renewable energy.
He is the Chairman of Bengal Commercial Bank Limited. He is the Vice-Chairman of the Board of Directors of the Bengal Group of Industries & Bengal Media Corporation (RTV).
Jashim Uddin is a prominent leader in the business community of Bangladesh. He is the current president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body of Bangladesh. He is also the president of the Bangladesh Plastic Goods Manufacturers and Exporters Association.
Jashim Uddin has received numerous awards and recognition for his contributions to the business community and the economy of Bangladesh. He was awarded the Commercially Important Person (CIP), the Best Enterprise Award, "Prime Minister's National Export Trophy-Gold" several times due to his contributions to the country's economy.
He has also achieved the "President Industrial Development Award -2009" & "Best Enterprise Award-2007"
Walton exports air conditioners to Yemen, Mali
Walton is exporting “Made in Bangladesh” labeled air conditioners to Yemen and the West African nation Mali.
Walton is now exporting and marketing ACs to the markets of these countries with its own brand name along with exporting its ACs to Asia, Middle East, Africa and Europe, said a press release.
Walton AC’s Chief Business Officer Md Tanvir Rahman said they are moving forward to the international market with strategic roadmaps to become one of the top global consumer electronics brands.
He also said Walton has shipped ACs for a local electronics brand in Yemen back in 2019.
Walton exported different series of ACs to those countries, said the release.
Walton on the other hand is also exporting and selling ACs to Mali with its own brand logo.
Walton AC’s Head of Sales Muhaiminul Bari said the AC market is expanding across the globe as Walton is manufacturing and marketing environment-friendly international standard energy efficient ACs.
Walton ACs are being manufactured at its international standard production plant at Chandra of Gazipur which is equipped with state-of-the-art technologies, it also said.
Walton is also producing and marketing 1.5 tons to 5 tons of cassette and ceiling type ACs. Every AC of Walton is being marketed after getting a quality-control certificate from the international standard testing lab Nadsat-UTS.
Along with one year replacement, Walton is offering up to 10 years warranty on inverter AC compressors.
Walton provides after-sales services from 79 service centers across the country along with more than 400 service partners.
Meanwhile, Walton’s highly experienced as well as skilled engineers and technicians are providing free service to AC buyers every 100 days.
HBL executives in Dhaka to bolster business ties between Bangladesh-China
Regional executives of Habib Bank Limited (HBL), a Pakistani bank, arrived in Dhaka on Monday to explore new opportunities to bolster business ties between Bangladesh and China.Farhan Talib, regional general manager – Singapore and China for HBL, and Cheng Wei (Amanda), country manager (China), branch manager of HBL Beijing, and head of Financial Institutions (FIs) - China, are in the delegation, said a press release.HBL has been serving clients in Bangladesh for more than 45 years, it said.Farhan Talib works with the HBL team in Bangladesh to support local corporates in their business endeavors across China, Singapore, and other international markets. Amanda, on the other hand, has been actively formulating and implementing the bank’s strategy in the Chinese market, the release also said.During their visit to Dhaka, the HBL executives will meet with key stakeholders, clients, and partners to discuss banking solutions and opportunities for Chinese companies operating in Bangladesh.They will explore how Bangladesh businesses can enhance their international business network in China and beyond with the support of HBL.These meetings aim to further strengthen and expand HBL’s presence in Bangladesh and China while continuing to support the growth of local businesses in these regions, added the release.HBL is headquartered out of Pakistan. The Aga Khan Fund for Economic Development (AKFED) owns 51% shareholding and the management control of HBL while the remaining shareholding is held by individuals, local and foreign institutions and funds including CDC Group Plc and the International Finance Corporation, it also said.
US cotton can now arrive in Bangladesh without fumigation at port of entry
US cotton can now arrive here in Bangladesh without fumigation at the port of entry, saving Bangladeshi importers millions of dollars and five days of waiting.
This action, effective from May 16, follows a successful November 2022 visit to the United States by a technical delegation from Bangladesh’s Ministry of Agriculture, said the US Embassy in Dhaka on Monday.
The delegation verified that U.S. cotton production and pest management strategies, followed by cotton processing techniques—ginning, lint cleaning, and bale compression—that remove any risk of boll weevil in U.S. cotton.
Bangladesh is the second largest global importer of cotton, the seventh largest export market for U.S. cotton, exceeding $475 million in export value in 2022, and has one of the largest ready-made garment (RMG) export industries in the world.
Previously, the fumigation requirement effectively imposed a delay in the delivery of U.S. cotton, and Bangladeshi importers paid over a million dollars annually in fumigation costs on U.S. cotton.
Allowing high-quality and sustainable U.S. cotton to move smoothly through the supply chain will save the Bangladeshi RMG sector significant time and money.
“Working together with Bangladesh to solve this issue is a great example of how our two countries can collaborate to increase prosperity and remove trade barriers,” said US Ambassador to Bangladesh Peter Haas. “Bangladesh needs high-quality U.S. cotton to fuel its growth and increase its foreign exchange earnings, while American consumers rely on sustainable, high-quality garments produced in Bangladesh," he said.
Bangladesh Agriculture Minister Muhammad Abdur Razzaque also welcomed the move.
“The Bangladesh Ministry of Agriculture looks forward to continuing to collaborate closely with the United States Department of Agriculture on combatting the climate crisis, developing innovative technologies, and ensuring food security, both in Bangladesh and around the world.”
Over the last 22 years, the U.S. government, in cooperation with the U.S. cotton industry, has continually negotiated with the Government of Bangladesh to remove this fumigation requirement.
ERF- BCCCI to hold ‘Journalism Competition’ focusing on Sino-Bangla bilateral ties
The Economic Reporters’ Forum (ERF) and Bangladesh China Chamber of Commerce & Industry (BCCCI) have decided to jointly hold a journalism competition focusing on the bilateral cooperation, and development of trade and investment between Bangladesh and China.An agreement on the BCCCI-ERF Journalism Award was signed on Saturday at the BCCCI office in the capital. Al Mamun Mridha, BCCCI secretary general and Abul Kashem, ERF general secretary, signed the deal on behalf of their respective organizations, , according to a press release.The competition will cover five areas which are Trade and Investment relationship between Bangladesh and China; How the high-quality development concept/policy of China helped Bangladesh; Science and technology (Opportunities of technology transfer between Bangladesh and China, AI, Fourth Industrial Revolution etc.); Belt and Road Initiative (BRI); Others (such as Blue-economy, tourism, culture, education, and hospitality industry, it said.The date for submission of reports and other terms and conditions will be announced soon.The ERF and the BCCCI jointly agreed that top three reports from each of the five categories will be awarded prize money amounting: Tk1 lakh for first place, Tk 75,000 for second and Tk 50,000 for third position.The BCCCI secretary general reiterated the professional significance of such initiatives which, he hoped, would further encourage the economic journalists in evaluating the issues of bilateral relations between Bangladesh and China.The ERF general secretary appreciated BCCCI for holding such reporting competition and expressed his commitment to work further closely with BCCCI in promoting trade, commerce and exploring Chinese investment opportunities.BCCCI Vice President Brig Gen (retd) Shah Md Sultan Uddin Iqbal, BP delivered his concluding remarks at the ceremony.
DCCI urges industrialists to setup factories in EZs for uninterrupted power supply
Dhaka Chamber of Commerce & Industry (DCCI) has urged industrialists to set up factories in designated economic zones to get uninterrupted power and energy supply.
“Taking into account the importance of smooth graduation led transition of Bangladesh amidst the volatile geo-economic climate, we need to prioritize energy security strategy as energy is imperative to sustain the growth momentum, “said DCCI President Barrister Md Sameer Sattar on Saturday, according to a press release.
He was speaking at the Stakeholders’ Dialogue titled “Energy Strategy: Towards a Predictable Future” organized by DCCI at its auditorium.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid, was present as chief guest while MD Shafiul Islam, MP, ex-FBCCI was present as special guest.
Sameer suggested investment in primary energy sourcing to enhance gas supply for stable energy supply. He also said fuel and production efficiency in state-owned power plants need to be ensured, the release said.
He urged for a predictable pricing policy so that the private sector can make necessary business planning ahead. Later he suggested a revision of the Power Sector Master Plan (PSMP) based on the future demand and energy supply sourcing mapping.
Government is planning to ensure uninterrupted gas for all industries as the country is going ahead to be a trillion dollar economy by the year 2040, said Nasrul.
Due to unplanned industrialization it becomes difficult for the government to provide gas to all industries, he said.
He requested the industry owners to shift their industries in the economic zones to avail quality uninterrupted gas supply. Regarding pricing of power and energy, he informed that gas price will be adjusted depending on international market price since the government is planning to reduce its subsidy especially in this sector.
A Pricing Policy is being prepared, he also informed.
Shafiul suggested the businessmen to be resilient. The private sector is one of the integral part of the stakeholder of this sector, that is why the policy has to be coordinated and consistent, he said.
“We need employment and for employment generation we need industrialization and for industrialization we need uninterrupted power and energy supply. One is dependent on others,” he said.
Regarding inflation he said the whole world is suffering from inflation and “we are not an exception”. He later urged good governance and efficient use of energy for sustainability. He later requested the government to disconnect all unlawful connections immediately. Faisal Karim Khan, director of Summit Power; Chairman and CEO of PRAN RFL Group Ahsan Khan, spoke at the dialogue, among others.
44 business leaders selected to get CIP cards
The government of Bangladesh will honour 44 business leaders with Commercially Important Person (CIP) cards this year for their outstanding contributions to the economy of the country in 2021.
Of them, six will get the award in the National Council for Industrial Development (NCID) category, 20 in large industry (production) category, 5 in large industry (services) category, 10 in medium industry (production) category, 2 in small industry (production) category and 1 in micro industry category, according to a media release signed by Mohammad Mahmudul Hasan, senior information officer of the Industries ministry.
Read more: CIP cards awarding: Businesses should prepare to compete in post-graduation period-Tipu Munshi
Agriculture Minister Dr Abdur Razzaque will hand over the CIP cards to the businesspersons for their respective companies at a ceremony scheduled to be held on May 22 at Hotel InterContinental Dhaka, as the chief guest.
Moreover, State Minister for Industries Kamal Ahmed Majumdar, Cabinet Secretary Md Mahbubur Rahman and FBCCI President Md Jashim Uddin will attend as special guests at the event with Industries Secretary Zakia Sultana in the chair.
The CIPs will be able to use VIP lounges at all the airports in the country, receive visa assistance from embassies as well as their family members will also be given priority in booking cabins at public hospitals.
Read more: Govt honours 178 businesspersons with CIP status
They will also get passes to enter the Bangladesh Secretariat without hindrance, participate in different national programmes and will be given priority in booking tickets for air, railway, and waterways on business trips.