Business
FBCCI signs deal to establish joint business council with Qatar
The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) and the Qatar Chamber of Commerce and Industry (QCCI) have signed an agreement to establish a joint business council (JBC) to strengthen the economic ties and to enhance closer cooperation between Bangladesh and Qatar.
An agreement was signed in this regard in presence of the Prime Minister Sheikh Hasina and Qatar's Emir Sheikh Tamim bin Hamad Al Thani at the Karabi Hall of the Prime Minister’s Office in the capital on Tuesday (April 23).
FBCCI President Mahbubul Alam and QCCI Chairman Sheikh Khalifa Bin Jassim Al Thani have signed the agreement on behalf of their respective organizations. This initiative aims to facilitate continuous interaction between the business communities of the two countries to boost trade and economic cooperation.
FBCCI President Mahbubul Alam said that the establishment of JBC between Bangladesh and Qatar will open a new window of cooperation between the two nations.
“The business community of both the countries will be benefited under this agreement as they will be able to sit periodically to discuss issues of mutual interest in trade, business, scientific and research cooperation. At the same time, it will help Bangladeshi business community to explore the potential export market at Qatar and vice-versa,” he said.
According to the agreement, the JBC will provide a platform for businessmen and industrialists from Bangladesh and Qatar to engage in discussions and activities related to trade, investment, technology transfer, services, and other industrial sectors.
The JBC meetings will be organized alternately in Bangladesh and Qatar, and each side will have the opportunity to exchange information on trade, economic cooperation and services to augment business between the two countries.
The JBC will engage in activities such as exchanging information, submitting recommendations to respective governments, encouraging participation in exhibitions, and sponsoring missions and expert visits. Both sides will hold joint meetings to discuss issues related to trade promotion and economic cooperation. Sub-committees and task forces may be formed if necessary, according to the agreement, said a press release.
Bajus decreases gold price by Tk 3138 per bhori
The Bangladesh Jeweller’s Association (Bajus) on Tuesday decreased gold price by Tk3138 per bhori, fixing good quality 22-carat gold price at Tk 1,16,290 per bhori.
The apex body of gold traders changed the gold price for 6th time in April so far.
According to Bajus the latest price of gold was effective from 4pm on Tuesday (April 23).
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of BAJUS issued a notification of the price cut on Tuesday.
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk 116290 per bhori as Tk 9970 per gram. Apart from this, the price of 21-gold has been set at Tk110995 per bhori, 18-carat gold at Tk 95143 per bhori, and the traditional method price set at Tk76586.
Though the price of gold has decreased, the price of silver has been kept unchanged. According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of traditional silver in traditional is Tk1283.
Lack of necessary banking channel main impediment to business with CIS countries, says CIS-BCCI president
A delegation of Commonwealth of Independent States-Bangladesh Chamber of Commerce & Industry (CIS-BCCI) led by its president Mohammad Ali Deen along with newly elected board of directors of the organisation met State Minister for Planning Md. Shahiduzzaman Sarker at his office in Sher-E-Bangla Nagar on Tuesday.
The CIS-BCCI president briefed the State Minister about various activities of the CIS-BCCI Chamber for promoting the trade and economic cooperation between Bangladesh and CIS Countries including Russia in a bid to diversify the export market to a third destination.
He, however, pointed out that at present the main impediment to business transaction between the Bangladesh and CIS countries is the lack of necessary banking channel.
He also emphasised that the Ministry of Finance, Ministry of Commerce and Bangladesh Bank can take appropriate steps for streamlining financial and banking cooperation between Russia and other CIS countries and Bangladesh.
He further emphasized on carrying forward objectives of the two protocols that had been signed at IGC (Inter-Governmental Commission) meetings between Bangladesh and Russia.
He especially mentioned Mutual Regulatory Cooperation, Harmonization of Trade Rules and setting up necessary infrastructures including warehouses and distribution networks.
The State Minister appreciated the role of CIS-BCCI and emphasised on exploring huge market of CIS countries including Russia to enhance Bangladesh’s export basket and competitiveness.
He assured of all out support from his ministry in this respect.
He also suggested a detailed action plan, both short term and long term, for augmenting trade links with CIS countries.
President of CIS-BCCI informed that CIS-BCCI delegations, since 2015, are regularly attending St. Petersburg International Economic Forum (SPIEF) being held every year under the leadership of President Vladimir Putin.
CIS-BCCI works as a South Asian Partner of ROSSCONGRESS that organizes this mega economic event every year. This year also CIS-BCCI is hopeful to join SPIEF scheduled to be held during 5-8 June, 2024 and requested him to participate if invitation is received from SPIEF.
CIS-BCCI Vice President Jadab Debnath, Directors Abdul Latif Sarker, Md. Enamul Haque, Khan Md. Iqbal, Adviser Mr. Mahbub Islam Runu and Secretary of the Chamber Mustafa Mohiuddin were present on the occasion.
Chinese SBS Zipper sign deal to invest US$ 19.97 million in BEPZA Economic zone
Chinese company SBS Zipper Bangladesh Ltd is going to invest US$ 19.97 million to set up a garment accessories manufacturing industry in BEPZA Economic Zone.
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect at BEPZA Complex, Dhaka on Tuesday..
In presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) of BEPZA Ali Reza Mazid and CEO of SBS Zipper Bangladesh Ltd Weifang Shen signed the agreement on behalf of their respective sides.
This Chinese company will produce annually 271 million pcs of Metal Zipper, Nylon/Plastic Zipper, Slider/Chain/Zipper Parts/Tapes, Plastic Button, Button Parts and Mould where 2063 Bangladeshi nationals will get employment opportunities, said a press release.
SBS Zipper Bangladesh is a concern of SBS Zipper, one of the biggest global Zipper manufacturers, ranks first in China and second in the world for Zipper production.
IFC, Bangladesh Bank sign cooperation agreement to boost digital payment adoption
In a landmark development aimed at advancing digital finance in Bangladesh, the International Finance Corporation (IFC) and Bangladesh Bank have formalised a new agreement.
According to IFC, with the sponsorship of the Australian government, this agreement aims to support Bangladesh Bank in creating a conducive environment for the widespread adoption of digital payments within the country.
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Through targeted efforts, the IFC-Bangladesh Bank partnership intends to overcome prevailing challenges and pave the way for a more seamless digital payment landscape in Bangladesh.
The Bangladesh economy has reached an inflection point in digital finance with the adoption of mobile financial services and digitalization of banking facilities in the country.
The adoption and acceptance of digital payments particularly in small businesses is the next critical step for a drive toward a cashless economy.
The project aims to support Bangladesh Bank in issuing new policies to drive digital payment adoption, conduct country-wide outreach programs, and to increase digital payment adoption by 25% by 2027.
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Martin Holtmann, Country Manager for Bangladesh, Nepal and Bhutan at IFC said, “Access to innovative, efficient, affordable, and sustainable financial products is crucial for inclusive growth”.
He said this project will successfully harness the power of digitalization to overcome barriers and unlock the full potential of the payment industry creating a foundation for deepening digital financial products beyond payments such as saving, lending, investment and beyond.
“We are committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh,” he added.
Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank said, “In order to align our national vision Cashless Bangladesh we want to create an ecosystem where every need for a payment can be done digitally without touching cash”.
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“To achieve this goal, we must facilitate digital payments, especially Bangla QR and Taka pay at the doorsteps of every citizen. Bangladesh Bank has a long history of working with IFC, and this project is a continuation of our cooperation,” he added.
Clinton Pobke, Deputy High Commissioner of the Australian High Commission in Dhaka, said, “The IFC-Bangladesh Cashless Digital Bangladesh project is an important step in Bangladesh Bank’s ambitious agenda to roll out faster, more convenient and secure digital payment technologies”.
FBCCI, Australian High Commission in Dhaka to work together to strengthen trade relations
President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), Mahbubul Alam, said there is huge trade potential between Bangladesh and Australia.
He emphasised enhancing communication between the two countries to exploit this trade potential.
The FBCCI president said this while a delegation of the Australian High Commission led by Senior Commissioner for Trade and Investment (South Asia) Catherine Gallagher made a courtesy call on him on Monday.
FBCCI and the Australian High Commission in Bangladesh would work together to strengthen the trade relationship between the businessmen of the two countries, said the FBCCI president.
USTR delegation discusses bilateral trade, labour rights in meeting with BGMEA
Leaders of the Bangladesh Garment Manufacturers & the Exporters Association (BGMEA) in a meeting with a visiting US trade delegation, repeated their commitment and the ongoing efforts of Bangladesh to continue to uplift the industry by making progress on workers' rights and welfare issues.
A meeting between the visiting delegation of the US Trade Representative (USTR), a US federal agency that negotiates directly with foreign governments on behalf of Washington in matters of trade, and BGMEA was held at the BGMEA Complex in Dhaka on Monday (April 22).
This high-level engagement aimed to discuss critical issues surrounding bilateral trade and policies, including workers' rights and well-being, and market access.
The US team was led by Brendan Lynch, Assistant USTR for South and Central Asia. The delegation also included Emily Ashby, USTR Director for South and Central Asia, and Jennifer Oetken, USTR Director for Labor Affairs.
Besides, the US Embassy in Dhaka's Joseph Giblin, the mission's Economic Unit Chief, and Leena Khan, Labour Attaché, were also present in the meeting.
The BGMEA side was headed by its President SM Mannan Kochi and included Senior Vice President Khandoker Rafiqul Islam, Vice President (Finance) Md. Nasir Uddin, and Vice President Abdullah Hil Rakib.
Directors of BGMEA Asif Ashraf, Shovon Islam, Mohammad Sohel Sadat, Md. Ashikur Rahman (Tuhin), Shams Mahmud, Nusrat Bari Asha, and Chair of BGMEA Standing Committee on ILO and Labour Affairs ANM Saifuddin were also present.
During the discussions, BGMEA President Mannan shared updates on the significant progress made by the ready-made garment industry regarding workplace safety, workers' rights, and ongoing labour law reforms in Bangladesh.
He reiterated the commitment and the ongoing efforts of the government of Bangladesh and of the industry to make further progress in workers' rights and welfare issues.
BGMEA sought the support and collaboration of the US government to ensure a fair minimum price of apparel and a unified code of conduct for social audits. BGMEA also demanded the US government reinstate GSP in favour of Bangladesh and include garment items in its GSP program.
While the USTR delegates appreciated the progress Bangladesh made in the past few areas in the labour sector, they briefed the meeting about the U.S. government’s labour action plan and areas where further improvements are required, including amendments in the BLA.
The meeting highlighted the importance of collaboration and engagement toward making the RMG industry more sustainable.
USTR lauds progress; shares where further improvements are required
Delegation of the US Trade Representative (USTR) on Monday appreciated the progresses Bangladesh made in past few areas in the labor sector and briefed about the US government’s labor action plan, and areas where further improvements are required, including amendments in the BLA (Bangladesh Labour Act).
During a meeting between the visiting USTR delegation, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President SM Mannan (Kochi) shared updates on the significant progress made by the ready-made garment industry regarding workplace safety, workers’ rights, and ongoing labor law reforms in Bangladesh.
He reiterated the commitment and the ongoing efforts of the government of Bangladesh and of the industry to make further progress in workers’ rights and welfare issues.
BGMEA sought support and collaboration of the US government to ensure fair minimum price of apparel, and a unified code of conduct for social audits. BGMEA also demanded the US government to reinstate GSP in favor of Bangladesh and include garment items in its GSP program.
The meeting highlighted the importance of collaboration and engagement towards making the RMG industry more sustainable.
The engagement aimed to discuss critical issues surrounding bilateral trade and policies including workers’ rights, wellbeing, and market access matters.
Led by Brendan Lynch, Assistant U.S. Trade Representative for South and Central Asia, the USTR delegation also comprised Emily Ashby, USTR Director for South and Central Asia, and Jennifer Oetken, USTR Director for Labor Affairs.
Joseph Giblin, Economic Unit Chief, and Leena Khan, Labor Attache at the U.S. Embassy in Dhaka were also present in the meeting, according to BGMEA.
BGMEA Senior Vice President Khandoker Rafiqul Islam, Vice President (Finance) Md. Nasir Uddin, and Vice President Abdullah Hil Rakib, Directors of BGMEA Asif Ashraf, Shovon Islam, Mohammad Sohel Sadat, Md. Ashikur Rahman (Tuhin), Shams Mahmud, Nusrat Bari Asha, and Chair of BGMEA Standing Committee on ILO and Labour Affairs ANM Saifuddin were also present.
Nagad hands over promised Tk 20 lakh to BPL champions Barishal
Nagad Limited, a leading mobile financial service provider in Bangladesh, presented a cheque of Tk 20 lakh to the players and staff of Fortune Barishal, the reigning champions of the Bangladesh Premier League.
Tanvir A Mishuk, founder and CEO of Nagad Ltd., handed over the cheque to team owner Mizanur Rahman and captain Tamim Iqbal at a ceremony recently held at a five-star hotel in the capital, said a press release on Monday.
Mizanur Rahman’s family members were also present there.
Besides, Mushfiqur Rahim, Mahmudullah Riyadh, Mehedi Hasan Miraz, Soumya Sarkar, Taijul Islam, Kamrul Islam Rabbi, Saifuddin, Shamim, and other players, along with team officials graced the event with their presence.
The team Fortune Barishal does not have a direct association with Nagad, but its captain Tamim Iqbal is Nagad’s brand ambassador for several years.
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Additionally, Mushfiqur Rahim is associated with Nagad Islamic. Mahmudullah Riyad and Mehedi Hasan Miraz have also worked for prompting Nagad in different ways. The power of customer-centric innovations and easy and affordable services, have drawn best stars of the country to Nagad’s terrain. It is to be mentioned that Nagad was associated with this BPL season in the “powered by” category, the release said.
Nagad CEO Tanvir went to the stadium and watched this year’s BPL final at the invitation of Tamim Iqbal and the team Barishal.
In the BPL final, Cumilla posted 154 runs, and in response, Barishal reached the target losing only four wickets. Tamim Iqbal played a crucial innings, scoring 39 runs off 26 balls. Tamim emerged as the tournament’s highest run-scorer.
Barishal, often referred to as the team of oldies and unlucky too, previously reached BPL finals several times but suffered defeats. This time, they showed remarkable resilience.
The entire Barisal team was rejoicing after becoming the champion. At that time, team captain Tamim Iqbal connected Tanvir A Mishuk through a video call. Tanvir congratulated Tamim and his team and announced a cash prize of Tk 20 lakh. As soon as the announcement was made, there was a wave of excitement among the champion team.
In an event held before Eid, the promised funds were handed over to the players and officials of Fortune Barishal.
At that time, Barishal’s captain and the country’s top batsman Tamim Iqbal said, “Tanvir bhai is a great cricket enthusiast. He has been with our Barishal team from the beginning and has always kept track of us. He has been with Barishal not because we [ including Mushfiqur, Mahmudullah, Miraz] played here, rather owing to his love for cricket. We are very happy to receive this gift from him, which will boost the morale of the whole team.”
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Furthermore, Mizanur Rahman, the owner of Fortune Barishal, said at the event, “Even though we had reached the BPL final many times, we couldn’t win the trophy before. So, the joy this time is really special. I express my gratitude to Tanvir A Mishuk bhai for adding to our joy.”
Tanvir A Mishuk, after handing over the cheque, said, “As a sponsor of BPL, we have been associated with the entire tournament. I have always felt Barishal team as my own. Some of my favorite players and representatives of Nagad have played in this team. Therefore, we consider it our own team.
Mentionable, iftar and dinner were arranged for cleaning staff of Bangladesh Cricket Board at a five-star hotel at the initiative of Tamim Iqbal and Tanvir A Mishuk. At the event, Tanvir A Mishuk, the founder of Nagad Ltd., gave them an Eid gift of Tk 50,000 each.
Walton's profits reach unprecedented heights in running fiscal
Walton Hi-Tech Industries PLC has demonstrated remarkable resilience and growth under strong leadership, achieving a significant increase in sales and profit.
In the first 9 months of the current financial year (2023-2024), the company's profit surged by Tk 512.42 crore, marking a 205 percent growth compared to the previous year.
This growth was reflected across major financial indicators, including Operating Profit Margin, Earnings Per Share (EPS), and Net Asset Value Per Share (NAVPS), according to a media statement.
The company's Third Quarter (Q3) Un-audited Financial Statements for the period ended March 31, 2024, showcased a profit of Tk 762.34 crore, a substantial increase from Tk 249.91 crore in the same period of the previous year.
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The report was published after review and approved by the Company's Board of Directors in its 38th meeting held on Sunday.
According to the report, EPS for the period ended March 31, 2024, reached Tk 25.17 compared to Tk 8.25 for the same period of the previous year. NAVPS stood at Tk 258.22 without revaluation and Tk 359.68 with revaluation as of March 31, 2024. Notably, Net Operating Cash Flows Per Share (NOCFPS) stood at Tk 22.88 during this period.
In the period (July’23-March’24), the finance cost percentage on sales decreased to 6.14 percent from 14.79 percent in the same period of the previous year, with total finance costs at Tk 263.07 crore at the end of Q3 of 2023-24, compared to Tk 604.79 crore in the previous year.
The amount and percentage of finance costs during the period July-2023 to March 2024 are significantly lower than the comparative period because of less impact of the devaluation of taka against foreign currencies like the Euro and USD. However, the company suffered foreign currency losses from July 2023 to March 2024 amounting to Tk 41.60 crore, which was Tk 392.73 crore in the corresponding period of the previous year.
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From the period of January to March, 2024, the profit of the Company increased to Tk 421.98 crore as against the profit of Tk 235.55 crore of the corresponding period of the previous financial year.
Anticipating healthier profits in the last quarter of the current financial year (April to June, 2024), the management remains optimistic about Walton Hi-Tech's continued growth and performance.
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