Business
Collaboration with Bangladeshi startups can be 'powerful tool' to grow economic ties: US Chamber
The US Chamber of Commerce has said collaboration between the US private sector and Bangladeshi startups can be a "powerful tool" in the new generation of growth of Bangladesh-US economic relations.
The US Chamber of Commerce's US-Bangladesh Business Council led an executive delegation to Bangladesh for a four-day visit to discuss strengthening of US-Bangladesh economic relations with Prime Minister Sheikh Hasina and senior members of the Bangladesh government across trade and commerce, foreign affairs, finance, energy, digital economy, water and sustainability.
The delegation ended its visit by meeting with over 30 Bangladeshi startups and partners at the Edward M Kennedy Center to ensure US companies are well connected to the talented youth and entrepreneurs of Bangladesh.
They are building state-of-the-art solutions across fintech, agriculture, water, food security, and professional services that are supporting Bangladesh's transition to a developed economy by 2041, said the US Chamber of Commerce on Friday.
The US delegates shared their experience on access to finance and angel investing, ideas to capture different segments of an emerging economy, providing access to secure platforms to build new products and services, and partnerships with the private sector to co-create products and solutions.
The executive delegation was led by the Council's Board Chair Jay R Pryor, vice-president (business development) at Chevron, as the mission lead, and joined by Visa and Excelerate Energy as corporate partners.
The Council's full board of directors and over 30 US company industry leaders from a diversity of sectors of cooperation also joined the delegation.
"It is our time now! Take your time taking opportunities in our conducive investment environment. Bangladesh has been recommended to graduate from the LDC in 2026. We are aspiring to become a developed and prosperous country by 2041," Prime Minister Hasina told the delegation.
For that purpose, she said, they need enhanced investment from friendly countries, especially from the US.
"With strong prospects, I will now assure you of the best possible policy framework to ease our business and investment climate," she said.
How to Transform Your Freelancing Career into a Scalable Business?
In this day and age, freelancing has become a popular option for many who are looking to earn money on the side. When it comes to freelancing, there's a lot of advice floating around out there. But, how many of these tips are true? Is it possible to turn your freelancing business into a scalable business? The short answer is YES! But that requires a little bit of work. Freelance can be an intense business as it does rely on how you manage your time effectively. If you are wondering how to turn freelancing into a scalable business, then keep reading.
Why is it necessary to transform your freelancing skill into a business?
Starting a freelancing business brings in a lot of benefits over your traditional job. It gives you the flexibility to work whenever and wherever you want. Freelance allows you the freedom to start your own business with very little initial capital required. And, if you are planning on making it into a scalable business, then having full control over your work is one of the biggest advantages that come with it as well.
By transforming your freelancing skills, you can maximize your income potential and diversify the skills you have to offer. You can also gain the benefits of running your own business, including tax advantages and control over the office space, schedule, and overhead costs. It will also give you the opportunity to take advantage of employee benefits such as health insurance and paid time off. Eventually, with the business, you can go for greater client satisfaction through continuity in service.
Read How to Become an Entrepreneur without Money or Skills?
How to turn your freelancing job into a scalable business?
The freelancing industry is a booming one, and that's not even an understatement. According to the latest statistics, it was estimated that there are around 1.1 billion freelance workers in the world. Most freelancers don't want to transform their skills into a business as they think they might have to go through some sort of hassle.
Although any business has hassle, you can transform your freelance work into a business, and you can hire other freelancers to work for you. Here are the ways to start a scalable business with your freelancing skills.
Market yourself well - Build up your own personal brand
When it comes to transitioning your work from a freelancer to a business owner, one of the most important things to think about is your own personal brand. In fact, when hiring people for your business, you should be looking for someone who is willing to build up their own personal brand too.
Read Making Investment Decisions: Factors to consider when investing money
The reason you should focus on building up your personal brand alongside your freelance work is that it will help you differentiate yourself from other freelancers.
Most new freelancers feel that their work is their brand and it is up to them to create value and make contacts, but this isn't the case. In order to create a personal brand, you must first learn how to build good relationships with other people.
The best way to do this is by being active on social media, writing a blog, and working on your online portfolio. You should be looking to get as much experience as possible so that you can showcase it in your portfolio. Try to show off your expertise and work on building your personal profile by making sure you are the one who is networking and meeting new contacts.
Read Entrepreneur Vs Wantrepreneur: 8 Ways to Tell Them Apart
By creating your own personal brand, you can use trustworthy clients who will work with your newly formed business.
Build up a marketing system and stick to it
One of the easiest things you can do as a freelancer is to stick to one marketing system. This allows you to build your client list, market yourself and start generating work. Eventually, you can drive clients to your business.
Just like basically anything else, if you want to get the most out of your marketing system, you need to be consistent and make sure that you are sticking with it.
Read Neuromarketing: How brands psychologically manipulate the consumers
A marketing system should consist of a minimum of three core components. It should include setting up social media accounts and spending time on them. You must also choose an email marketing platform. Lastly, there must be a proper use of an effective blog and a strong work email list.
Networking
One of the most important things you will ever do as a freelancer is to build your own network. This not only helps you get new clients, but it also helps you grow your business and provide value to existing clients.
When building up your network, the best way to do this is by going out of your way to meet new people and build up relationships. Social events are a great way to network. You can meet new people and introduce yourself to others who are at the event. You can also make valuable connections with people who work in your industry.
Read How to Choose the Right Business Idea?
Save up enough money
When building up your business with your freelancing skills, the biggest thing you need to do is save up enough money so that it is sustainable. This will allow you to expand with ease rather than having to worry about paying bills every month.
So, before freelancers get started on their business, they should build up a large enough savings account. This way, they can ensure that their business is sustainable in the long run. If you don't have saved up enough money, then you might not be able to scale.
Conclusion
Building your own business is one of the most common dreams that many people have. But it's important to note that it isn't easy, and there will be times when it doesn't work out. So, you will need to set up a proper system for managing your tasks. This will not only help you manage your time well but also keep your work organized. Setting up a task management system will also help you keep your business running.
Read How Does Inflation Affect Business, Professionals, Mass People in Bangladesh?
ICMAB delegation meets CAG
A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), headed by its President Md. Mamunur Rashid FCMA, called on Comptroller and Auditor General (CAG) of Bangladesh Mohammad Muslim Chowdhury at his office on Sunday.
The ICMAB President apprised the CAG of the role of cost and management accountants on the matters of public interest, financial management, accounting and auditing, said a press release.
Also read: ICMAB wants VAT system reform to make it business friendly
He also sought cooperation of the CAG for further development of the ICMAB and CMA profession.
The CAG of Bangladesh assured them of providing all out support and assistance to the ICMAB.
Among others, ICMAB Secretary AKM Kamruzzaman, past president Abu Sayed Md. Shaykhul Islam and Past SAFA and ICMAB president AKM Delwer Hussain were present on the occasion.
Also read: ICMAB delegate meets Commerce Secretary
Hans Martin new Grameenphone chief corporate affairs officer
Telecom operator Grameenphone (GP) has appointed Hans Martin Henrichsen of Norway as the company's new chief corporate affairs officer (CCAO).
He will replace Ole Bjorn Sjulstad on May 15. Hossain Sadat has been playing the role of an acting CCAO before this announcement.
Earlier, Hans served as CCAO of Telenor Myanmar and played a "critical role in running its operation during the most challenging times."
Also read: Grameenphone reports 4.4% revenue growth in Q1 2022
He comes with extensive experience in building and maintaining Telenor's international business portfolio, and business case modelling for mobile licence acquisition.
Hans has been involved in almost all of Telenor's operations in Asia over the last 20 years.
Previously he played the role of the chief country officer in Bangladesh from 2014 to 2018, which gives him a great deal of understanding of the local context and business environment.
Read: Internet connectivity on the go: Grameenphone brings new 4G modems, routers
GP CEO Yasir Azman said, "Hans Martin's deep understanding of the business environment and regulatory dynamics will help us set the right strategic direction for the best interest of our customers, shareholders and stakeholders."
Hans said, "Bangladesh and Grameenphone are very close to my heart. I am excited to be back in one of the most thrilling and dynamic telecom markets and look forward to joining the winning team again to unfold the next chapter of digitalisation in Bangladesh."
Read Grameenphone observes Green Week 2022
Increased business can open up trade opportunities for Bangladesh, India: BGMEA
Increased business interactions and collaboration between apparel and textile exporters of Bangladesh and India can open up new trade opportunities.
It is important to provide more avenues and platforms to bring manufacturers and exporters of both countries closer so that they can reap mutual trade benefits.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan came up with the observations while exchanging views with Renu Mohindra, managing director of Apparel Resources, in Dhaka Sunday.
Issues of mutual interests were discussed during the meeting, especially possible collaboration between the BGMEA and Apparel Resources in promoting Bangladesh's garment industry globally through its trade exhibitions and online news portal.
They also talked about the participation of Bangladeshi garment manufacturers in the upcoming Apparel Sourcing Week scheduled to be held in Bengaluru, India on 1-2 July.
Nitish Varshney, assistant editor of Apparel Online, was also present at the meeting.
FBCCI to boost business with Mexico
A Virtual Business Platform of Mexico – Bangladesh has been launched to create better opportunities and bring the business community of Bangladesh and Mexico on a single platform.
It was launched on Monday night through a webinar organised by Mexican Business Council for Foreign Trade, Investment and Technology (COMCE).
Also read: FBCCI hails Hasina for lighting up Bangladesh
FBCCI President Md. Jashim Uddin said that the relations between the two countries have grown over the years, but have not yet reached its fullest potential.
Highlighting the rapid development and favorable investment policy in Bangladesh, the apex trade body chief urged Mexico to invest in R&D in the thriving sectors with new innovation like agro-based products, frozen fish, FMCG, diversified jute and leather goods, automobile pharmaceuticals, plastic goods, home furnishings and home textiles, light engineering, ceramics, home appliances furniture and information technology.
FBCCI Director Abul Kasem Khan presented a power point presentation on trade and investment opportunities and potentials in Bangladesh and Mexico.
Also read: FBCCI to set up trade centre in Dubai
Mexican non-resident ambassador to Bangladesh Federico Salas Lotfe, Ambassador of Bangladesh to Mexico Abida Islam, Vice Chairman and Chairman of the Asia Pacific Business Section, COMCE Amb. Sergio Ley, Vice-chairman of the Asia Pacific Business Section, COMCE Agustin Garcia Rechy, FBCCI Director Prity Chakraborty and Secretary General Mohammad Mahfuzul Hoque were present at the webinar where it was moderated by Manager of the Asia Pacific Business Section, COMCE Jessica Ortiz.
World Bank projects developing East Asia Pacific to grow 5 pct in 2022
The developing East Asia and Pacific countries is projected to grow by 5 percent in 2022 amid the resurgence of COVID-19 pandemic, tighter financial conditions and the Russia-Ukraine war, the World Bank said Monday.
"Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress, and dampening global growth," said the World Bank's newly released East Asia and Pacific Economic Update.
Also Read: World Bank Recruitment 2022: Job opportunities at the World Bank, workplace Dhaka
"Just as the economies of East Asia and the Pacific were recovering from the pandemic-induced shock, the war in Ukraine is weighing on growth momentum," said World Bank Vice President for East Asia and Pacific Manuela V. Ferro. "The region's largely strong fundamentals and sound policies should help it weather these storms."
Surging U.S. inflation could provoke faster-than-anticipated financial tightening, perhaps timely in the United States but "too early" in many East Asia and Pacific countries where recovery is "incomplete," according to the report. The risk of capital outflows, which could put pressure on some countries' currencies, could induce "premature" financial tightening.
Overall economic growth in developing East Asia and Pacific countries is projected to slow to 5 percent in 2022, 0.4 of a percentage point less than expected in October, the World Bank noted, adding that if global conditions worsen and national policy responses are weak, growth in the region could slow to 4 percent.
Also Read: World Bank okays $358 million fund to improve road safety in Bangladesh
To mitigate the risks and grasp the opportunities, the World Bank urged governments to enhance efficiency of fiscal policy for recovery and growth, and strengthen macroprudential policies to mitigate risks from global financial tightening.
It also called on policymakers to reform trade-related policies in goods and, especially, in still-protected services sectors to take advantage of shifts in the global trade landscape, and encourage diffusion of technology.
Webinar underlines digital innovation to boost agro production
Speakers at a webinar has underlined digital innovation and adaptation to aware farmers about agriculture, crops varieties, seed and fertilizer to boost agro production.
The webinar titled ‘needs of digital innovation and leadership to raise technical literacy growing agriculture- food production’ was organized by Entrepreneurial Economists club (EEC), an organization of Dhaka School of Economics on Wednesday.
The speakers said the development of digital platforms with service and consultation on different varieties of crops and the yield can be reached in rural and remote areas through digital innovation.
Read: Apparel industry committed to sustaining momentum of workplace safety: BGMEA
Multi-use of digital innovation is needed for agro-products marketing as well as connecting businesses and farmers, they said.
According to them, the digital economy is well suited to the Bangladesh economy.
They said cyber security and leadership are needed to get maximum benefits. Digital literacy has also been stressed in the webinar. Leadership is needed to cope up with the challenges for which digital literacy is needed,”
Read: Reduce import duty on main raw materials, plastic goods manufacturers urge govt
Prof Mahesh Gandhi, academic administrator, Strategist-Students Recruitment & Expert- Regulatory Processes, India was the chief guest at the webinar.
He said that every country should move to digital transformation so that everything can function smoothly.
There is no alternative to the digital revolution for inclusive economic growth, he said.
Read BB relaxes agro credit payment schedule to boost food production
KSM Mustafizur Rahman, Chairman, Veterinarian National Agricare Import & Export Ltd joined the function as the special guest.
Dr Muhammad Mahboob Ali, professor, and coordinator, the department of entrepreneurship, Dhaka School of Economics (DScE) chaired the programme.
Among others, Rehana Parvin and Sara Tasneem Assistant Professors of DScE discussed the topics. Mohammad Aman Ullah Aman, adjunct faculty also spoke on this occasion.
Read Prolonged Russia-Ukraine war to affect country’s transportation, agro production cost: FM
Mustafizur Rahman was awarded honorary life membership of the entrepreneurial economists’ club of DScE for his contribution to entrepreneurship development.
Mongla Port buzzes with business amid development work
Once a sleepy seaport Mongla has turned into a busy hub of export and import business over the past 13 years thanks to a number of development projects taken by the government.
According to the port authorities, 15 projects have been implemented for the development of Mongla port from 2009 to 2020 at a cost of Tk1372.8 crore.
Nine more development projects are underway ahead of Vision-2041, sources added.
Among these projects, The Vessel Traffic Management and Information System (VTMIS) was inaugurated on March 16 to monitor the movement and safety of domestic and foreign ships arriving at the port and to improve the quality of service provided by ship handling.
READ: More Dhaka Metro coaches arrive at Mongla port
Khalid Mahmud Chowdhury, state minister for shipping, inaugurated the project.
Besides, work on construction of surface water treatment plants to meet the demand for safe potable water in ocean-going vessels, port offices and residential areas, is in the final phase, port officials said.
Arrangements are being made to bring ships of 9 and a half meters in the 130 km naval channel from Bay of Bengal to Mongla port. Tk 6,000 crore project has already been taken for the upgrading the port.
With the opening of the Padma Bridge and the railway line, the activities of the port will be further increased.
Zahirul Haque, head of planning at Mongla Port, said the port would have a direct link with capital Dhaka after the launch of the Padma Bridge along with other port-centric infrastructure. As a result, the activities of the port will increase manifold, he added.
“The government is doing everything possible to make Mongla Port more dynamic to meet future challenges,” he said.
READ: Mongla Port Authority Bill proposes tougher punishment for polluting environment
The construction and modernization work is underway for increasing the capacity and efficiency of handling capacity of 3,000 ships, 30,000 vehicles, 8 lakh TUZ containers and 40 million MT cargo at Mongla port by 2025-30.
Because of these initiatives the port, the country’s largest after Chittagong Port, is on way to make profit in its operation, said the officials wishing anonymity.
Uzbekistan keen to invest in Bangladesh’s oil, gas exploration sector
Uzbekistan has expressed its interest to invest in oil and gas exploration sector of Bangladesh.
Uzbek energy minister’s advisor Jumaev Jasur Khudaykulovich expressed his country’s interest when he met State Minister for Power, Energy and Mineral Resources Nasrul Hamid at his office in the Power and Energy Ministry on Thursday.
Read: Hong Kong based company Campvalley to invest $ 54 million in BEPZA Economic Zone
Jumaev Jasur Khudaykulovich was leading an 8-member delegation of Uzbekistan when he met Nasrul Hamid.
The Uzbek energy minister’s advisor said that his country has vast experience in working in the petrochemical and hydrocarbon sector. It has experience to drill wells to the depth of 700 metres in the underground.
He also informed that Uzbekistan has 75 drilling rigs now working across the world of which one is now engaged in Bangladesh as well.
The advisor showed interest to work in construction of gas pipelines and in the renewable energy sector and also work with Bangladesh Petroleum Exploration and Production Company (Bapex).
Uzbekistan’s energy minister A. Sultanov has sent a letter to Nasrul Hamid expressing increased cooperation between the two countries in the energy sector and invited him to visit the Central Asian country.
Read: Contactless payment service to be available for debit, prepaid card users: BB
Appreciating the interest of Uzbekistan in energy sector cooperation Nasrul said Bangladesh can utilise the experience of the Central Asian nation in the hydrocarbon sector and Uzbekistan can provide training to Bangladeshi engineers in this regard.
Akhmedjanov Otabek Ulugbekovich, Gabov Evgeniy Hyich, Parkahoenko Alexander Nikolaevich, Minajitdinov Kuat Maratovich, Dusmukhamedov Erzhigit Daniyalovich, and Baisov Alisher Karabekovich were, among others, present in the meeting.