business
Bangladesh exports its “largest ever” container ship to UK
Bangladesh today (September 13, 2022) exported a locally built 6100-ton load capacity high-speed multipurpose container ship to the UK.
This is the largest container ship built in the country that has been exported, according to the ship’s builder.
Ananda Shipyard, a Bangladeshi shipbuilding company, has built the ship as per the requirements of UK-based Enzian Shipping Company Ltd.
Read:Foreign investors urged to expand businesses in Bangladesh
The vessel was officially handed over today through a ceremony held at InterContinental Dhaka. State Minister for Shipping Khalid Mahmud Chowdhury was present as the chief guest at the function.
The National Board of Revenue’s Member (Customs Policy) Hossain Ahmed; Director General of Shipping Directorate, Commodore Nizamul Haque; Islami Bank Managing Director and CEO Monirul Mawla; Chairman of Ananda Shipyard, Dr Abdullahel Bari, and Managing Director Afroza Bari also spoke in the function.
Islami Bank Khulna, Jashore hold Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Khulna and Jashore zones recently organised the webinar "Compliance of Shari'ah in Banking Operations."
Md Quamrul Hasan, director of the bank, spoke at the webinar as chief guest.
Md Omar Faruk Khan, additional managing director, addressed the programme as a special guest.
Mohammad Harunur Rashid, a member of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Nagad offers Tk50 cashback on 'add money' from banks
Mobile financial services (MFS) provider Nagad has brought an instant cashback offer of Tk50 on 'add money' from banks.
The offer will be valid till September 30, according to a media statement.
When customers use the 'Bank to Nagad' option to add money to their 'Nagad' account, they will get the bonus in their Nagad account. However, the offer will not be valid if they dial *167# (USSD).
When adding money to their wallet, Nagad customers will receive instant cashback from the following Trust Bank, Islami Bank Bangladesh, City Bank, Community Bank Bangladesh, First Security Islami Bank, Mutual Trust Bank, Prime Bank, Premier Bank, AB Bank, NRBC Bank, Social Islami Bank, Dhaka Bank, IFIC Bank, National Bank, Exim Bank, Midland Bank, Standard Bank, Union Bank, Shahjalal Islami Bank, NRB Bank, Rajshahi Agricultural Development Bank, Meghna Bank, Bangladesh Development Bank, Bengal Commercial Bank, South Bengal Agriculture and Commerce Bank.
Nagad Chief Business Officer Sheikh Aminur Rahman said: "I believe the instant cashback offer will significantly improve and elevate our customers' bank-to-wallet loading experiences."
Foreign investors urged to expand businesses in Bangladesh
Speakers at a tri-nation international seminar involving Indonesia, Malaysia and Bangladesh have urged foreign entrepreneurs to expand their businesses in Bangladesh by highlighting the investment facilities offered by the government.
Cityscape International Ltd, a Dhaka-based leading construction and real estate Company, organised the event at Cityscape Tower in the city on Sunday night to showcase specific private investment opportunities available in Bangladesh through technical discussions and matchmaking initiatives.
The seminar also highlighted the resilience and competitiveness of the Bangladesh economy as well as the business-friendly environment in the country, according to a press release made available on Monday.
Also read: BGMEA, OCAIB willing to collaborate on supply chain management training
Cityscape International Ltd (CIL) presented its accomplishments and shared conceptual highlights on Cityscape Lifestyle Project to potential investors, which aims to spread happiness and well-being and elevate the standard of living for the communities it serves.
During the seminar, business networking leads amongst key stakeholders from Malaysia and Indonesia have been executed and a Memorandum of Understanding for investment in the Cityscape Lifestyle project was signed, which is the latest venture of this renowned company.
The scopes to initiate trade and investment in various sectors were discussed amongst investors from Indonesia, Malaysia and Bangladesh.
Speaking at the summit, investors from the three countries also discussed the scopes to initiate trade and investment in various sectors.
Indonesian Ambassador in Bangladesh Heru Hartanto Subolo, Former Indonesian Minister Gita Irawan Wirjawan, Executive Chairman and CEO at Labuan IBFC, Indonesia, Iskandar Bin Mohd Nuli, Cityscape Group Managing Director Nahid Sarwar, and its directors Pavel Sarwar and Mustafa Moin Sarwar, among others, spoke at the programme.
Also read: Islami Bank Cumilla, Noakhali hold Shariah compliance webinar
Besides, investors and policymakers from various sectors of Indonesia, Malaysia and Bangladesh along with high officials from the Bangladesh Ministry of Finance, Bangladesh, Investment Development Authority (BIDA), Bangladesh Economic Zone Authority (BEZA), Federation of Bangladesh Chamber of Commerce and Industries (FBCCI) and different Banks and non-banking financial institutions were also present.
BGMEA, OCAIB willing to collaborate on supply chain management training
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Overseas Chinese Association in Bangladesh (OCAIB) are willing to collaborate in providing training to mid-level management in the RMG industry to improve their knowledge and skills in supply chain management.
The interest was expressed when founding President of OCAIB Leo Zhuang met BGMEA President Faruque Hassan at the BGMEA office on Sunday.
BGMEA Vice President Md. Nasir Uddin was also present at the meeting.
Also read: Bangladesh can be front-runner in adopting circularity in RMG: BGMEA
BGMEA President Faruque Hassan said Bangladesh’s RMG industry has been continuously making efforts to enhance its capacities and competitiveness where developing skills of workers and mid-level management is a top priority, according to a media release issued on Monday.
Also read: IFC-led PaCT helped factories cut carbon and water footprints: BGMEA
BGMEA is willing to join hands with OCAIB to further improve the skills of mid-level managers in managing supply chain which is a key factor in determining the success of apparel business in the competitive business landscape, he added.
Islami Bank Cumilla, Noakhali hold Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) Cumilla and Noakhali zones organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday.
Sayed Abu Asad, director of the bank, spoke at the webinar as chief guest.
Mohammed Monirul Moula, managing director and chief executive officer, addressed the programme as a special guest.
Sayeed Ahmed, vice-chair of the Shariah supervisory committee of the bank, was the key speaker at the webinar.
Md Shamsuddoha, executive vice-president of the Shariah secretariat, also spoke.
IBBL is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Bangladesh can be front-runner in adopting circularity in RMG: BGMEA
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has said the country has the potential to be a front-runner in adopting circularity in the ready-made garment (RMG) industry.
President Faruque Hassan underscored the importance of circularity to achieving the BGMEA's strategic vision of increasing sustainable material mix by 50 percent by 2030 as Ian de Cruz, global director of P4G, and Hali McKinley Lester, communications specialist of P4G, met him in Dhaka Saturday.
The objective of the meeting was to understand the status quo of circularity in Bangladesh and explore the readiness of the RMG industry to adopt a circular economy.
Read: IFC-led PaCT helped factories cut carbon and water footprints: BGMEA
The two sides discussed different challenges and opportunities of introducing a circular economy system in Bangladesh's RMG industry, retaining the value of the textile waste, and closing the material loop by supporting the BGMEA and other RMG allied industries by creating a business model for prospective investors, and through impact investing.
Faruque invited Ian and Lester to join the Made in Bangladesh Week to be organised by the BGMEA on 12-18 November this year.
BGMEA directors Asif Ashraf, Barrister Vidiya Amrit Khan, and Founder and CEO of Bangladesh Apparel Exchange Mostafiz Uddin also attended the meeting.
IFC-led PaCT helped factories cut carbon and water footprints: BGMEA
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has said the International Finance Corporation (IFC)-led Advisory Partnership for Cleaner Textile (PaCT) has helped participating factories cut carbon and water footprints.
PaCT is a holistic programme that supports the entire textile value chain – spinning, weaving, wet processing and garment factories in adopting cleaner production practices and engages with brands, technology suppliers, industrial associations, financial institutions, government to bring about systemic and positive environmental change for the Bangladesh textile sector and contribute to the sector's long-term competitiveness and environmental sustainability.
BGMEA President Faruque Hassan thanked the IFC for its continued support for the apparel industry over the past few decades.
Read: Bangladesh, Indonesia need to work together as partners: BGMEA chief
Nishat Chowdhury, programme manager of PaCT, paid a visit to Faruque in Dhaka Sunday.
They had discussions about the progress of the ongoing projects which are being implemented by the BGMEA with the financial support of IFC for the development of the RMG industry.
IFC, a member of the World Bank Group, has already funded several studies for the apparel sector to explore its opportunities and ways to realise them.
One of the studies aims to identify the potential scope of non-cotton textile and apparel for Bangladesh in the global apparel market and formulate a strategy to develop the country's overall competitiveness and strength in the area.
Another study is being conducted on the readymade garment (RMG) sector's recovery roadmap.
Uniform rate: Tk 108/dollar max for remittance, Tk 99/dollar for export income from tomorrow
Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) have announced a uniform rate for buying and selling US dollars from foreign exchange houses, following Bangladesh Bank’s decision to keep the currency market stable.
The exchange rate of dollar for inward remittance will be maximum Tk 108 from tomorrow (September 12, 2022). Traders will get a maximum Tk 99 per dollar in terms of export income. And in case of opening import LC, the exchange rate will be determined by averaging the exchange rate of remittance and export.
Md. Afzal Karim, chairman of BAFEDA and managing director of Sonali Bank, announced the exchange rate after a meeting with ABB leaders today.
Also read: ABB, BAFEDA will meet tomorrow to set uniform dollar rate for banks
The dollar kerb market has become unstable again after an interval of around 20- 25 days.
Today, the US dollar was selling at Tk 114 to 114.5 in the kerb market while banks sold dollars for LC at Tk 101 to 106. Bangladesh Bank sold dollar at Tk 95 today.
A syndicate is trying to create instability in the foreign exchange market again – to gain profits from illegal dollar stock, economic intelligence reported to the central bank, a director of the latter told UNB.
Read How to safely send remittance to Bangladesh?
The report stated, “Banks’ rate of dollar increased while kerb (open) market became unstable. Taking advantage, cash dollar traders are making a profit.”
Talking to various commercial banks and exchange houses, the UNB correspondent learnt that a dollar is being sold at Tk 114 in Motijheel, Dilkusha and Gulshan areas of the capital.
The commercial banks are taking Tk 101 to 106 per dollar at the import level. And cash dollar is selling at Tk 106 to 108.
Read Bangladesh performing well in 3 major economic indicators, data shows
Earlier, the dollar rate rose to Tk 120 in the kerb market on August 10 and 11 this year.
President of Money Exchangers’ Association of Bangladesh, AKM Ismail Haque, told UNB, “The price has not increased much. Today, we are buying dollars at Tk 106 and selling at Tk 107.5.”
When asked about selling at Tk 113 to Tk 114, he said that legitimate people do not sell dollars at a higher prices.
Also read: Illegal dollar trade: BB summons account details of 28 exchanges
According to earlier decision, the banks will determine price of the dollar. The price of dollar will be different in every transaction, including remittance, export earnings, and import bill settlement. But the banks will buy and sell dollar at the same price in different segments. And the maximum profit in trading per dollar will be Tk 1.
Bangladesh, Indonesia need to work together as partners: BGMEA chief
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said Bangladesh and Indonesia need to view each other as comprehensive friends and partners and expand collaboration to prosper together.
During his meeting with Indonesian Ambassador to Bangladesh Heru Hartanto Subolo on Sunday, the BGMEA chief said collaborative engagement is needed to identify the opportunities and ways to realise them.
BGMEA Vice President Shahidullah Azim, Director Barrister Vidiya Amrit Khan and Chair of BGMEA Standing Committee on Foreign Affairs Shams Mahmud were also present at the courtesy meeting held at the embassy.
They discussed various trade-related issues with special emphasis on possible avenues of collaboration between Bangladesh and Indonesia to unlock mutual trade potential.
They also talked about how both countries can complement each other for the development of the RMG and textile industry.
Bangladesh’s RMG sector has attached due importance to diversification of products, especially high-value non-cotton apparels and technical textiles, according to the BGMEA.
Read: BGMEA chief appraises US govt officials about the significant strides made by RMG industry
While the Indonesian textile sector can meet the demand of Bangladesh’s RMG sector for man-made fibre, Indonesia can import ready-made garments from Bangladesh, said the BGMEA chief.
It would create a win-win situation for both countries, he added.
The BGMEA President invited the Ambassador to the “Made in Bangladesh Week” and also Indonesian RMG and textile businessmen to participate in the weeklong event.
BGMEA in partnership with Bangladesh Apparel Exchange will organise the mega event in Dhaka on November 12-18 this year to promote the apparel industry of Bangladesh globally and showcase its strengths.