Business
Speakers call for fairer labour practices in digital platform-based economy in Asia
Speakers at a seminar emphasized the importance of promoting fair labour practices in the digital platform-based economy across Asia.
As a more equitable economic platform, they noted that digital platforms will enhance connectivity among Asian countries.
The speakers made the remarks at an international seminar titled ‘Digital Platform-based Economy: Policy and Regulatory Landscape in Asia,’ held in a Dhaka hotel on Wednesday.
DataSense at iSocial, a research institution for digital economy, in association with Fairwork Foundation at Oxford Internet Institute, UK, and Berlin Institute for Social Science, Germany, organized the seminar.
The seminar aimed at bringing Bangladeshi stakeholders and researchers from different countries in Asia together to discuss the labour practices in the digital platform-based gig economy in Asia, according to a press release.
The event featured presentations and panel discussions by distinguished speakers, including Dr. Balaji Parthasarathy, Principal Investigator of Fairwork India; Nur Huda, Principal Investigator, Fairwork Indonesia; Margreta Lanzador Medina, Researcher from Fairwork Philippines, who provided insights on the opportunities and challenges presented by the digital platform-based economy in Asia and the policy and regulatory frameworks necessary to support its growth.
Dr. Syed Muntasir Mamun, Director General of International Trade, Investment and Technology at the ICT wing of Ministry of Foreign Affairs also attended the seminar.
Dr. Ananya Raihan, Chief Imaginator, DataSense at iSocial said, "We are proud to have organized this important seminar, which provided a platform for researchers to share their findings and engage in conversations about creating a fairer platform economy in Asia. We believe that such collaborative efforts will help us achieve our aim towards a more equitable and sustainable future for the platform economy."
Bangladesh has seen an exponential growth in gig economy. According to a study by BBF Digital, a 27% increase in its gig workforce was observed in Bangladesh in 2021.
The study estimated that Bangladesh will be the 24th largest economy in the world due to its substantial contribution to the gig economy by 2030.
At the seminar, representatives from Bangladesh, India, Indonesia, and Philippines presented the policy landscape of the digital platform-based economy in these countries. The insights presented by the countries gave a strong basis for the open discussion.
Among the the discussants were Razequzzaman Ratan, member-secretary at the National Coordination Committee for Workers' Education; Fahim Mashroor, CEO at Delivery Tiger; Arfan Ali, Chairperson of Zaytoon Business Solutions; and Mahmudul Hasan Likhon, CEO at HelloTask.
Dr. Murali Shanmugavelan, a researcher at Oxford Internet Institute, also spoke in the seminar -- highlighting the importance of such digital platforms-based economy.
During his speech, Dr. Shanmugavelan also called on all the parties concerned to keep the discussion going.
“It’s solidarity with workers, together we prosper. Let's keep the discussion going!” He said.
Multiple stakeholders, including government officials, social and digital platform workers, researchers, and independent think tanks were present at the seminar.
Working to reduce gender inequality in workplace: FBCCI
The Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) is working to reduce gender inequality in the workplace and supporting the economic empowerment of women, said its acting President Mostofa Azad Chowdhury on Wednesday.
He said this while having a meeting with the IFC delegation at the FBCCI office, said a press release.
Women have come a long way in Bangladesh, but the destination of gender equality and economic empowerment is still far. Under the committed and visionary leadership of our Hon’ble Prime Minister of Bangladesh, I am confident that Bangladeshi women will continue to be successful in every area in the next decade and beyond – and FBCCI on behalf of the private sector is always ready to support this journey, said Mostofa.
Creating an enabling environment for women to get gainful employment will help Bangladesh achieve its growth aspirations. Making public spaces safe for women will be critical to enabling their full participation in the economy, he added.
The government’s successive Five Year Plans emphasized gender equality and sought to promote women’s entrepreneurship and participation in regional and international trade. As a result of this long walk towards equality, many women are benefiting from an environment that enables business startups and greater access to a digital economy, he also said.
IFC Bangladesh is currently designing private sector engagement on advancing women’s employment in Bangladesh including workplace, gender, climate, job, among others, said IFC representative Shabnam Hameed.
FBCCI Director Hafez Harun, Naaz Farhana Ahmed, Priti Chakraborty, Dr Nadia Binte Amin, Abu Hossain Bhuiyan (Ranu), and Program Coordinator of Gender and Economic Inclusion of the IFC Zareen Tasnim were present at the meeting, among others, the release added.
Bangladesh will be more attractive to global apparel buyers: BGMEA President
Bangladesh would be more attractive to international buyers as an apparel-sourcing destination in the coming days due to its ongoing efforts and initiatives to adapt to changing demand patterns in the global fashion market, said Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
He said the readymade garment industry of Bangladesh had been continuously making efforts and investment to build up its capability through product diversification, innovation, efficiency improvement, skill development while strengthening compliance and sustainability.
“Our industry has now greater capacity to produce garments made from manmade fibers and manufacture more complex and high-value products,” he added.
Faruque Hassan made the observations while exchanging views with the members of Buyers Forum, a group of the representatives of major apparel brands, at BGMEA Complex in Uttara, Dhaka on May 10.
He urged the global apparel brands and retailers to partner with their Bangladeshi suppliers and support them in enhancing their capacity in product development and improving efficiency and sustainability.
Bangladesh has made huge strides in the area of environmental sustainability, becoming a global leader with the highest number of green garment factories in the world, said the BGMEA chief.
The meeting was attended by Ziaur Rahman, Country Manager, H&M, and also spokesperson of Buyers Forum; Shantanu Singh, Regional Head, C&A; Mohammad Rukanuzzaman, Compliance Manager, Tom Tailor; Sharif Nehal Rahman, Sustainability Manager, Stanley/Stella; Dishan Karunaratne, Country Manager, BESTSELLER ; Raky Bashey, Country Head, Newtimes; Najeeb Sayed, Country Manager, PVH; Amit Ahuja, Op. Director, Columbia; Brunhilde Descamps, Country Manager, Auchan; Peter Gerard Mckenna, Office Manager, the Warehouse Group.; Lucie Charlotte ABT, General Manager, Celio; Stephanie Wong Tung, Country Manager, Tape à l'oeil; Ghislain Christian Henno, Category Director and Office Manager, GBO; Rezwan Murshed, Country Head, Carrefour; Jessica Nursoo, Regional Director South Asia, VF Corporation; Meral Mirik, Country Manager, Jennyfer; Vivek Kunwar, Country Leader, Decathlon; Cedric Bourlet, Country Director, Groupe Beaumanoir; Gery Emonds, General Manager, Triton Textile Ltd; Steven Kruit, Country Manager, OVS; and Md. Mohammed Shahul Sally, Associate Director, Next Sourcing Services Ltd.
BGMEA First Vice President Syed Nazrul Islalm, Vice President Miran Ali, Vice President Rakibul Alam Chowdhury, Directors Asif Ashraf, Barrister Vidiya Amrit Khan, Inamul Haq Khan (Bablu), Md. Imranur Rahman, and Neela Hosna Ara were present at the meeting.
In the meeting, he updated the Buyers Forum’s members on the current situation of the RMG industry including its prospects and vision to enhance its competitiveness in the global apparel market.
He also briefed them about the initiatives taken by the industry to meet future challenges and enhance capability in line with market demands.
Faruque Hassan said the RMG industry had been making investments in productivity improvement, digitization, automation, and sustainability.
Bangladeshi garment factories operate according to international best practices, he further said.
He also highlighted the initiatives of BGMEA including the Center of Innovation, Efficiency and Occupational Health and Safety (CIEOSH) which aims to support the RMG industry of Bangladesh with knowledge, skills and technological know-how in becoming more advanced and competitive in the global market.
BGMEA was currently working on to develop recycling capacity in Bangladesh and make the country a global hub of recycling with the collaboration and partnership with global initiatives and companies specialized in recycling industry, he informed the representatives of the buyers at the meeting, Faruque Hassan said.
“Besides, Bangladesh has also made significant improvements in strengthening transport, energy, and digitization infrastructure alongside building capacity in port,” he said adding that several major infrastructure projects including the Padma Bridge, the country’s first deep-sea port at Matarbari, airport upgradation would help to meet future demand of trade and contribute to further economic growth in Bangladesh.
Tariff Commission recommends fixing loose sugar price at Tk 120, packaged Tk 125 per kg
Bangladesh Trade and Tariff Commission (BTTC) on Wednesday sent a proposal to the Ministry of Commerce to fix the new price of sugar.
In response to the price hike proposal of the sugar refiners’ association, the BTTC recommended raising loose sugar price by Tk 16 from Tk 104 per kg to Tk 120 and packaged sugar price to Tk 125 per kg from Tk 109, according to the Commerce Secretary Tapan Kanti Ghosh.
The secretary said this while speaking with media personnel after a workshop on informing the stakeholders about the Import Policy Order-2021-2024 to ensure the quality of imported food at the conference room of the ministry.
Tapan Kanti said that Bangladesh Trade and Tariff Commission was asked to take a decision to adjust the sugar price following a letter sent by Bangladesh Sugar Refiners Association a few days ago as the price of sugar and dollar in the international market increased which caused reduction in sugar imports.
Boeing predicts air travel in Bangladesh will double in next 10 years
US aircraft manufacturer giant Boeing has predicted that air travel in Bangladesh will double in the next decade – driven by the country’s growing population, expanding economy and the middleclass.
Boeing provided details about the increasing demand and capacity for air travel in Bangladesh in a briefing today in Dhaka, on its Commercial Market Outlook (CMO), a yearly forecast of global and regional demand for aircraft.
Through 2032, Bangladesh is expected to achieve an annual economic growth rate of more than 5% -- double the global average, supporting air traffic growth at nearly 8.5% annually, according to Boeing.
Read More: NOVOAIR launches direct flight on Jashore-Cox’s Bazar route
“As travel restrictions were relaxed over the past year, capacity growth in Bangladesh has increased by 11% year-over-year,” said Dave Schulte, Boeing Commercial Marketing Managing Director for Asia Pacific and India, on Wednesday (May 10, 2023).
Led by regional traffic to the Middle East and India, Bangladesh’s air travel could double over the next 10 years, he said.
To meet strong demands in passenger travel and air cargo, Boeing anticipates South Asia’s carriers will need more than 2,300 new commercial airplanes over the next 20 years, more than tripling South Asia’s current in-service fleet of 700 airplanes.
Read: US-Bangla Airlines to operate Boeing 737 Max 8
“We see tremendous opportunity in South Asia, with more than 80% of new deliveries supporting air travel growth and 20% replacing older, less fuel-efficient airplanes,” said Schulte.
Single-aisle airplanes like the Boeing 737 family will make up nearly 90% of South Asia’s future fleet, while 10% of the regional fleet will be widebody airplanes like the Boeing 787 Dreamliner. Both airplane models are currently in operation with Biman Bangladesh Airlines and US-Bangla Airlines.
“Boeing airplanes have played a tremendous role in the rapid growth of commercial aviation in Bangladesh. Commonality across the fleet will continue to play a major role in furthering growth, especially as it enables our airline customers to reduce operating costs and expenditures associated with training and maintenance,” added the Boeing Commercial Marketing Managing Director for Asia Pacific and India.
Read More: Target trade-based capital flight, not genuine consumption through imports: Economists
Top 10 Strongest Currencies in the World in 2023
Currencies are the backbone of the global economy, providing a means of exchange and facilitating international trade. Some currencies, however, are considered stronger and more valuable than others, which makes them particularly attractive to investors and traders. These are the top ten most valuable currencies in the world in 2023, based on their exchange rates against the US dollar.
How is foreign currency priced?
Foreign currency is priced based on its exchange rate, which represents the value of one currency in terms of another currency. Exchange rates are determined by the supply and demand of each currency in the foreign exchange market. The value of a currency can fluctuate based on a variety of factors, including economic conditions, political events, and changes in interest rates.
In general, when a currency is in high demand, its value will increase relative to other currencies, and when it is in low demand, its value will decrease. For example, if there is a high demand for U.S. dollars, its exchange rate will likely rise compared to other currencies, and vice versa.
Exchange rates can be quoted in two different ways: as a direct or an indirect quote. In a direct quotation, the foreign currency is the base currency; while in an indirect quote, the domestic currency is the base currency. For example, in Bangladesh, the exchange rate between the U.S. dollar and BDT is 107.52. This means that 1 U.S. dollar can be exchanged for BDT 107.52 (direct quote) or BDT 1 can be exchanged for 0.0093 U.S. dollars (indirect quote).
Foreign currency can be purchased and sold in the foreign exchange market through banks, brokers, or online platforms. The exchange rate at the time of the transaction will determine the cost or value of the currency being exchanged.
Read More: How to Identify Fake Currency Notes in Bangladesh
Which are the Top 10 Strongest Currencies in 2023?
Whether you are a seasoned investor or simply curious about the global financial landscape, the world's 10 strongest currencies will provide you with valuable insight.
Kuwaiti Dinar
The Kuwaiti Dinar (KWD) is considered the strongest currency in the world with a value of 1 KWD equaling 3.26 USD and 347.65 BDT. The KWD is unpegged, allowing it to move freely, and is supported by Kuwait's sizable sovereign wealth fund managed by the Kuwait Investment Authority.
The economy of Kuwait is heavily dependent on oil and gas exports, making it vulnerable to fluctuations in global crude oil prices. However, the KIA has drawn up a plan to counter this and ensure the value of the KWD remains strong and stable.
Read More: How to safely send remittance to Bangladesh?
ICCB-ADB’s workshop for women entrepreneurs held in Dhaka
A workshop on “Women Entrepreneurs How to Best Engage in International Trade” was held in Dhaka on Tuesday.
The International Chamber of Commerce Bangladesh jointly organized the workshop with Asian Development Bank (ADB) at a hotel in Dhaka, according to a press release.
Around 100 women entrepreneurs attended the programme.
ICCB Vice President AK Azad; Former Chairman and Director of MIDAS Parveen Mahmud FCA ; ADB Advisor and Head of Trade and Supply Chain Finance Steven Beck and ICCB Secretary General Ataur Rahman and ICC UAE Director Vincent O’Brien, were present at the workshop, among others, said the release.
Display BB hotline number—16236–in a visible place for banking related complaints
If you are not satisfied with services from any banks or financial institutions you have a remedy from now on: 16236.
The Bangladesh Bank has asked all the banks and other financial institutions to display its hotline number (16236) in a visible place along with the bank's own hotline number for providing banking services and resolving complaints quickly.
The Banking Regulations and Policy Department of the central bank had issued the instructions in this regard.
It is said that telephonic communication is playing an important role in accelerating digital banking activities in the formation of 'Smart Bangladesh'.
Telephonic communication is an efficient and time-friendly medium in addition to the written medium to provide better banking services and resolve complaints.
For this purpose, each bank has its own 'hotline' number. Also, the Bangladesh Bank has a hotline number (16236) for getting remedies for harassment in accessing banking and financial services or filing complaints against banks or financial institutions.
20% tax to be deducted on FB, Google ad revenues
Bangladesh Bank (BB) has instructed banks to deduct a maximum of 20 percent tax on revenues from digital marketing for social media platforms including Facebook and television radio.
The Foreign Exchange Policy Department of the Central Bank issued a circular in this regard on Monday.
Bangladesh Bank has asked Authorized Dealer (AD) banks engaged in foreign exchange transactions to follow the instructions of the Income Tax Ordinance 1984 in sending remittances (payment) in favor of non-resident institutions.
According to the guidelines, the foreign company will have to pay tax at the rate of 15 percent, while repatriating the income from the advertisement spread through the use of the country's internet.
In other words, social media companies like Facebook and YouTube have to pay this tax. The BB instructed 20 percent tax has to be paid while taking the income from 'Television-Radio'.
According to the circular, any advertisement, promotion or marketing of content on social media or website will be considered as digital marketing.
In this case, the applicable tax rate is 15 percent till June 30, 2023. But any content or advertisement broadcast on television or radio shall not be considered as digital marketing.
The broadcast of any advertisement on television or radio will only be considered as advertisement broadcasting. In this case, the tax rate is 20 percent.
Marcel opens exclusive showroom in Ashulia
Electronics brand Marcel has opened its exclusive showroom named 'Tamim Electronics' at Kathgara Bazar in Savar’s Ashulia.
“Now, local consumers will get 'Made in Bangladesh' tagged Marcel brand's world-class advanced technologies frost, non-frost refrigerators, freezers, LED and smart televisions, air conditioners, washing machines, generators, fans and various electrical, electronics, home and kitchen appliances at affordable prices,” a press release sent by the popular electronics brand, reads.
Deputy Managing Director of the company Md. Humayun Kabir, Marcel's Brand Ambassador, popular film actor Amin Khan and renowned comedian Abu Hena Rony inaugurated the showroom on Saturday (May 6, 2023).
Md. Humayun Kabir said: “Marcel is one of the top and most popular brands in Bangladesh. Our aim is to deliver international quality products at affordable prices. With the opening of this new showroom, customers in this area can now easily buy Marcel's products.”
He also said: “Marcel is engaged in conducting social activities, along with providing the best products and services. To ensure safe food, Marcel is creating awareness across the country through the organization titled 'We want adulterated free food'. We strongly believe that our activities play an important role in preventing food adulteration.”
After the showroom opening, 'Amra Vejal Mukto Khaddo Chai' (We want adulterated free food) organization in the financial support of Marcel arranged an awareness program at Tamiz Uddin Sarker Public High School's playground. With the participation of many people in the program, speakers delivered inspirational messages to create awareness on prevention of food adulteration under the slogan 'Our Bangladesh will be a country of unadulterated food'.
At the program, the winners in an essay writing competition on 'Harmful aspects of food adulteration' were awarded.
Among others, Marcel Distributor Network's North Zone In-charge Md. Shakhawat Hossen, Ashulia Union Chairman Shahabuddin Madbar, Social Activist Abul Kalam Azad, Tamiz Uddin Sarker Public School's Founder and Headmaster Tamiz Uddin Sarker, Marcel's Divisional Sales Manager Shafiullah Liton, Tamim Electronics Proprietor Abu Rayhan and other local dignitaries were present.