Business
Bangladesh RMG industry emphasizes technologies to enhance competitiveness, transparency: BGMEA chief
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan on Sunday said Bangladesh’s RMG industry is increasingly putting emphasis on technological upgradation ranging from the manufacturing process to design development, productivity improvement, environmental sustainability, resource efficiency, quality enhancement to workers’ well-being.
“We are getting prepared to meet the challenges of the fourth industrial revolution, " he said.
The BGMEA chief said, "By embracing technological advances and developing the skills of workers, we aim to turn the challenges into opportunities as technological upgradation will contribute to enhancing our industry’s competitiveness in the coming days.”
Read more: Bangladesh preferred apparel sourcing destination globally for world-class safety: BGMEA
Kris Van Broekhoven, CEO of UK company -- ES3G Limited and Munawar Uddin, Bangladesh Country Manager on Sunday met BGMEA President Faruque Hassan at BGMEA Complex in Dhaka.
They discussed issues related to technological advances that have been shaping the fashion industry globally, especially how technology can help Bangladeshi garment factories to showcase their human rights credentials internationally.
Their discussion also covered ES3G’s technology that is already being deployed across garment factories in Bangladesh, bringing a new level of transparency to the industry.
Chair of BGMEA standing committee on press, publication and publicity Shovon Islam was also present at the meeting.
Kris Van Broekhoven, ES3G CEO said they are delighted that the BGMEA is keen support new technologies that increase transparency in worker rights.
Read more: BGMEA for ensuring workers' health, well-being for improving productivity
"Bangladesh has led the way with the Alliance, Accord and other initiatives, bringing a lot of investment in ESG to Bangladesh, which has the highest number of green garment factories in the world. With BGMEA’s help, our technology can support increased transparency and better communication of worker treatment to retail buyers and brands and their own customers online and in-store.”
Tax lawyers seek 2 months more for filing income tax returns
Sixty-seven tax lawyers' associations in the country have applied for an extension of two months for filing income tax returns due to the delay in receiving circulars of the tax year 2022-2023, Bangladesh Tax Lawyers Association (BTLA) has said.
They also demanded to take into account the unfavorable situation in the economy due to the global economic recession. The central organization of tax lawyers, BTLA, has agreed to the demands of the associations.
Read more: Govt struggles to lift tax-GDP ratio to double digits
BTLA Secretary Advocate Khorshed Alam said that a separate application has been submitted to the NBR chairman in this regard.
The tax lawyers’ organizations say that apart from the economic downturn, there is a huge shortfall in the National Board of Revenue (NBR) campaign this year. Due to this, there are more than 80 lakh e-TIN holders, but the number of return filings is few so far.
Read more: NBR counting losses for rampant tax evasion
Considering the circumstances, an extension of two months has been requested to allow taxpayers an opportunity to file their returns.
Thai AirAsia launches Dhaka-Bangkok flight
Thai AirAsia, a subsidiary of Malaysia-based AirAsia Aviation Group, has launched the Dhaka-Bangkok flight.
The inaugural flight from Bangkok's Don Mueang Airport landed at Dhaka's Hazrat Shahjalal International Airport Friday at midnight.
The airline will operate four weekly flights between Dhaka and Don Mueang.
The incoming flight carried several eminent passengers, including Thai AirAsia officials.
Read: 'Air Incheon-Korean Airlines’ introduces direct cargo flight from Bangladesh to South Korea
Thai Air Asia CEO Santisuk Klongchaiya, Regional Commercial Head Tansita Akrarittipirom and its senior executives of corporate communications were part of the delegation.
Thai AirAsia's inaugural flight launching ceremony was held at a Dhaka hotel Saturday. Md Mahbub Ali, state minister for civil aviation and tourism, was the chief guest at the event.
Civil Aviation Authority of Bangladesh Chairman Air Vice Marshal M Mafidur Rahman, Thai Ambassador to Bangladesh Makawadee Sumitmor, Malaysian High Commissioner to Bangladesh Haznah Md Hashim, and Santisuk were also present.
Read More: 'Air Incheon-Korean Airlines’ introduces direct cargo flight from Bangladesh to South Korea
Thai Air Asia GSA, TAS Aviation Chairman KM Mozibul Hoque, Vice-Chairman and CEO Sheikh Mamunul Hoque, Managing Director Morsedul Alam Chaklader; directors Kazi Shah Muzakker Ahmadul Hoque, Md Atiqur Rahman Masud, Anwar Abedin Manik and other members of the company also joined the event.
AirAsia, voted the world's best low-cost airline for 13 years in a row in Skytrax awards, has been operating 14 weekly flights between Dhaka and Kuala Lumpur since 2015.
Binimoy says it can put an end to illegal digital transactions
Equipped with cutting edge technology, the newly launched platform for digital financial transactions, Binimoy, can put an end to any illegal transaction, currently used frequently to rob people who rely on mobile financial services (MFS), a spokesperson of the platform has said.
In reference to the recent arrest of three fraudsters by law enforcers in Bogura, the official, on condition of anonymity, said Binimoy authority was the first to identify the location and tipped off law enforcers to track these swindlers.
Such malpractices are common in Bangladesh and some fraud groups are doing their transactions using MFS gateways, he said, requesting Binimoy users to get in contact with prior monetary service providing organizations in case they encounter any kind of issue during registration or transaction.
Binimoy ensures clarity by providing uninterrupted and secure transactions between different payment system providers, at a cost-effective rate, added the official.
Read: Interoperable digital transaction platform Binimoy to be inaugurated Sunday
Days back, a team of Criminal Investigation Department (CID) arrested three people from Bogura while stealing money of general MFS users, and several media outlets reported the incident.
According to CID, the frauds used the Islami Bank CellFin app to infiltrate Binimoy and managed to steal Tk96.74 lakh from bKash.
However, the prompt action by Binimoy has not been taken positively by a group who charges a pretty high amount against providing certain services. Other competitors present in the market cannot tolerate a safety insured cost-effective rate and dynamic service's arrival, the official added.
Attacking each other is common among the MFS providers in Bangladesh, both in real life and social media platforms, alleged the official.
Launched weeks back, Binimoy, the first such platform, is a bridge among customers, businessmen, payment service providers, e-wallets, banks, monetary organizations, payment system operators, government and private institutions.
Read: Binimoy: Interoperable Digital Transaction Platform could open a new horizon in money transfer
People will be able to do all kinds of financial transactions securely, such as giving salary to workers, VAT / Tax, e-commerce transactions with clarity, by using Binimoy and this app is highly secured, because two factor authentication is mandatory to do each single transaction, according to a statement from Binimoy.
BIBC-WICCI Awards 2022 Event: Graduation of SME Session Overview
Bangladesh India Business Council (BIBC), Women's Indian Chamber of Commerce & Industry (WICCI), and Bangladesh Investment Development Authority (BIDA) organized the International Women Entrepreneur’s Summit 2022 on the 23rd and 24th of November. The annual summit aims to champion women's entrepreneurship and focus on the bilateral commercial ties between Bangladesh and India. As part of recognizing female excellence in business and industry, BIBC-WICCI recently held its excellence awards for 2022 at Hotel Radisson.
The award was given to exceptional women and organizations in championing female contribution and growth in several streams. This year’s theme focused on education and skill development, young innovators, fashion and arts, business and SMEs, health, and public service.
Read More: Find foreign partners for technology transfer, PM tells businessmen
BIBC – WICCI honored 7 international female entrepreneurs along with 14 Bangladeshi companies and female leaders in their respective streams.
Uzma Chowdhury, Managing Director of RFL, Rupali Chowdhury, CEO of Berger Paints, and Shopna Bhowmik, Regional head of Marks and Spencers India and Bangladesh, were awarded as the Outstanding Women in Business.
One of the main sessions of the summit focused on the graduation of SMEs. Farzanah Chowdhury, Managing Director of Green Delta Insurance Ltd, moderated the session. The keynote speaker for the session was Barrister Nihad Kabir, Chairperson of BUILD. The guest speakers for the session were Syed Nasim Manzur, MD, and Co-founder of Apex Footwear Ltd; Tamara Hasan Abed, Managing Director, Aarong; Dr. Mafizur Rahman, managing Director SME Foundation and finally, Dato Tom Abang Saufi, Chairman of the National Art Gallery, Malaysia.
Read More: Despite Tk 2000cr credit guarantee, only Tk 192cr loan disbursed to CMSMEs
The overarching theme of the session was the overall condition of SMEs and the role of Women in it. The guest speakers also shared their ideas about the challenges faced by women in their respective industries.
The session started with the keynote speech from Barrister Nihad Kabir. She presented the overall scenario where the cottage, micro, and small CMSMEs contribute over 25% of the GDP, 45% of the manufacturing GDP, 75% of export earnings, and over 87% of industrial employment.
Yet there seems to be a disproportion of incentives and loans provided to the CMSMEs compared to the medium and large enterprises. What was even more surprising is that out of the 8 million CMSMEs in Bangladesh, only 8% are owned by women, which is the lowest in South Asia.
Read More: 'ONDC to play key role in business development of online SMEs'
Barrister Nihad Kabir identified two main constraints for such a disproportion of initiatives and ownership -the documentation and ownership procedure and the financing opportunities.
By definition, the ownership of a CMSME doesn’t have to be the same as the one holding the trade license for the business. But the tendency of financial organizations to treat the trade license as proof of ownership and a general archaic tendency to divert female loans has only made the situation grave.
Then the discussion brought the second issue to light: access to financing opportunities. Very recently, there has been a policy initiative by Bangladesh Bank to segregate the medium industry from the CMSMEs. This move has allowed CMSMEs to access better loan disbursement. Currently, only about 7 to 8% loans are disbursed to female-owned SMEs.
Read More: MSMEs: Experts want realistic steps taken to enhance service quality, business development
Ms. Kabir also pointed out that because of the documentation-related hassle, 63% of the female entrepreneurs solely rely on their personal savings to start a business with the MFI, and the banks make up only 24%. She also identified that banks and NBFIs should be more inclined to disburse female entrepreneurial loans. Specialized financial institutions should also be set up along with direct lending and PPP to enhance the existing structure better.
Syed Nasim Manzur, while sharing insight into the footwear and leather industries, pointed out that women are interested in starting ventures in the leather industries. However, the hassles of documentation and an archaic male-dominated mindset in the industry are strong barriers along with the financial aspect.
He also emphasized the need to develop technical know-how about the leather and footwear industry before diving into it. Mr. Manzur also pointed out several regulatory shortcomings where an export contractor like Apex cannot utilize the small up-and-coming SME ventures because of outdated customs, VAT, and financing rules. He pointed out these are creating a barrier to the growth and scalability of female-led ventures in the footwear industries.
Read More: '91% SMEs don't get bank loans'
Tamara Hasan Abed focused more on the financing aspect through BRAC. BRAC bank has been a pioneer in providing loans to CMSMEs, especially the ones led by Aarong. Aarong, through its several sub-brands, has enabled and empowered rural CMSMEs and is continuing its stride in ethical growth.
Dr. Rahman and Ms. Saufi also chimed in on the need for financial restructuring and a change of mindset in enabling women in CMSMEs. The need for documentation reform and better access to equitable funding like impact funds and venture capitalization should also be streamlined to finance the female-led CMSMEs.
BIBC-WICCI Awards 2022 Event's Graduation of SME Session concluded with the interaction between the guest speakers and the participants. The speakers explored several of the established constraints and how they affect individual industries and even on the micro initiative level.
Read More: BCI, SME Foundation tie up for capacity building of small, medium industries
Islami Bank opens Islampur branch in Jamalpur
Islami Bank Bangladesh inaugurated its Islampur branch in Jamalpur Thursday.
Md Faridul Haque Khan, state minister for religious affairs, inaugurated the 394th branch of the bank as chief guest, according to a media statement.
Mohammed Monirul Moula, managing director and chief executive officer of the bank, was also present.
Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in Southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
Read more: Islami Bank opens Bonpara branch in Natore
Bangladesh preferred apparel sourcing destination globally for world-class safety: BGMEA
Bangladesh is a preferred destination of apparel sourcing among global buyers for its world-class workplace safety and environmental sustainability, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has said.
The exemplary strides made by the RMG industry of Bangladesh in workplace safety, sustainability and ensuring workers' well-being have boosted the confidence of brands and buyers, BGMEA President Faruque Hassan said.
He was speaking at the inaugural ceremony of the 8th International Fire, Safety and Security Expo 2022 organised by the Electronics Safety and Security Association of Bangladesh (ESSAB) at Bashundhara International Convention Center in Dhaka Thursday.
Read: BGMEA for ensuring workers' health, well-being for improving productivity
Planning Minister MA Mannan attended the inaugural ceremony as chief guest.
Faruque said: "To create awareness and culture of safety among the workers and employees, several training programmes on occupational safety and health and social dialogue and industrial relations were taken by the government of Bangladesh, the International Labour Organization, associations, brands and factories."
Read: BGMEA chief stresses nutritious diet for workers’ health, productivity
"As a result of all these initiatives and efforts, Bangladesh is today globally recognised as one of the safest apparel manufacturing countries. Also, to carry forward the progress made by the unilateral safety regimes and to establish national self-monitoring, the RMG Sustainability Council has been established."
Md Jasim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industries, Brigadier General Md Main Uddin, director general of Fire Service and Civil Defence, and Zahir Uddin Babar, president of ESSAB, also spoke at the event.
Job Circular in Bangladesh Police: will recruit manpower for the post of Sergeant
Bangladesh Police Recruitment Notification for the post of Sergeant has been published. Interested candidates should apply online. Applications can be made till 22 December.
Job Circular details for the Sergeant Post in Bangladesh Police
Candidates age should be between 19 to 27 years as on 22 December 2022 to apply. The maximum age for children of freedom fighters is 32 years. Those who have not completed 27 years of age as on March 25, 2020 can also apply.
Height of male candidate is minimum 5 feet 8 inches. Chest size is 32 inches in normal condition, 34 inches in expanded condition. Female candidates should be at least 5 feet 4 inches in height.
Educational Qualification: Interested candidates should have at least graduation pass to apply. Must be proficient in motorcycle driving. Must have computer skills. Candidate must be single. Divorced cannot apply for this post.
Application Procedure for the post of Sergeant
Interested candidates have to apply online through this website (police.teletalk.com.bd) . Then the candidates will be selected in several stages. Application will start from November 25. Applications can be made till 22 December.
According to the notification, any financial transaction in the recruitment of sergeant post will result in arrest and cancellation of recruitment.
Application Rules: Interested candidates can apply through police.teletalk.com.bd.
Application Fee: Test fee of Tk 550 has to be sent through Teletalk SIM.
Application Deadline: 22 December 2022 upto 11:59 AM.
Govt extends validity of IRC, ERC to 5 years
The Ministry of Commerce has extended the validity of both the Import Registration Certificate (IRC) and Export Registration Certificate (ERC) to five years from one year.
The ministry in a notification said that as part of the ease of doing business and following the demand from businesses in the country, the government has decided to extend the registration validity for IRC and ERC.
Read more: BGMEA for ensuring workers' health, well-being for improving productivity
The traders can get IRC or ERC as per the requirement of 1 to 5 years by paying the necessary fees. The tenure will be counted from the issuing date of the certificate. The IRC and ERC are renewable.
The trade bodies and businesses have been demanding extension of the tenure and a hassle-free renewal system for a long time.
Read more: Initiatives taken to establish fair price shops for RMG workers
Air Astra takes off with Dhaka-Cox’s Bazar maiden trip
Bangladesh’s newest private airline, Air Astra, started its journey this morning with hundred percent passengers on flight 2A 441, from Dhaka to Cox’s Bazar.
Air Astra will operate three flights on Dhaka-Cox's Bazar-Dhaka route and two flights on Dhaka-Chattogram-Dhaka route from today (Thursday), said a press release signed by Sakib Hasan Shuvo, deputy manager (Public Relations) of the organisation.
Read more: 'Air Incheon-Korean Airlines’ introduces direct cargo flight from Bangladesh to South Korea
The airline will launch flights on all domestic routes in the country in phases, it read.
The minimum one-way fare, from Dhaka to Cox’s Bazar, was set at Tk 4,800 and Dhaka-Chattogram Tk 3,695.
Read more: Newest private airline ‘Air Astra’ set to start journey
Air Astra has already taken delivery of two ATR 72-600 aircraft in Dhaka and two more aircraft are scheduled to be delivered within 2022. By 2023, Air Astra’s fleet will grow to 10 aircraft.