Business
Chinese delegation meets BGMEA leaders to discuss trade and investment potential
A delegation from China, comprising representatives from the China Knitting Industrial Association and the China Cotton Textile Association, visited the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Monday.
The visit aimed at exploring potential collaboration, particularly in the textile and apparel sector to derive mutual trade benefits.
The Chinese delegation included Lin Yunfeng, chairman of China Knitting Industrial Association, Jing Shenquan, vice chairman of China Cotton Textile Association, and Wei Wei, vice director of the Department of China Knitting Industrial Association.
FBCCI president meets with finance minister, wants prices to remain stable during Ramadan
Besides, representatives from various Chinese companies specializing in textile machinery, chemicals, and raw materials were also part of the delegation.
During the visit, they met with BGMEA leaders including President Faruque Hassan, Senior Vice President S. M. Mannan (Kochi), Vice President Shahidullah Azim, and Vice President (Finance) Khandoker Rafiqul Islam.
BGMEA Directors Faisal Samad, Haroon Ar Rashid, Barrister Vidiya Amrit Khan, Md. Imranur Rahman, and Neela Hosna Ara were also present in the meeting.
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They discussed trade and investment opportunities, fostering collaboration, and expanding business scope between Bangladesh and China in the textile and apparel sector.
BGMEA President Faruque Hassan gave an overview of Bangladesh’s apparel industry, especially its strong emphasis on shift towards manufacturing high-value products, particularly man-made fiber-based garments.
He sought China’s investment in high-end textile and backward linkage industries in Bangladesh that would bring benefits to both sides.
He also emphasized China’s support in enhancing capabilities through the exchange of knowledge and technical expertise.
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He said the shift to non-cotton apparel would lead to an increase in demand for man-made fiber-based fabrics, chemicals, and other raw materials, and China is well-positioned to meet Bangladesh’s requirements.
President Faruque Hassan also highlighted the high potential for garment exports from Bangladesh to China.
FBCCI president meets with finance minister, wants prices to remain stable during Ramadan
Mahbubul Alam, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), called on Finance Minister Abul Hassan Mahmood Ali and called for measures to keep the prices of daily essentials stable during the upcoming Ramadan.
He also called for the formulation of a business-friendly budget for the next fiscal year, so that the prices of commodities remain normal.
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FBCCI President Mahbubul Alam made this call in a courtesy meeting with the finance minister at the minister's Secretariat office on Monday.
The FBCCI president urged the Ministry of Finance to take necessary initiatives so that there is no disruption in the import and supply chain of daily necessities due to the dollar crisis.
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In addition, Mahbub drew the attention of the finance minister to ensure the necessary arrangements for opening LCs so that small and medium entrepreneurs can open LCs and buy dollars at the rate announced by Bangladesh Bank.
The FBCCI president highlighted the need to further improve cooperation between the private sector and the National Board of Revenue (NBR).
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The FBCCI wants to work closely with various departments and organizations of the government, including the NBR.
He also commented that with the expansion of business, trade and industry in the country, it is possible to increase the revenue collection of the government at a significant rate through the simplification of tax management, establishment of transparency and accountability, and automation.
In response, the finance minister emphasized the private sector's active participation in all his ministry's initiatives, including formulation and implementation of the national budget.
The minister also said that FBCCI's proposal will be seriously considered in the upcoming national budget.
Ali also assured that the Ministry of Finance will stand by with protection and policy support to local businessmen and industrial entrepreneurs to ensure sustainable economic growth.
FBCCI Secretary General Md. Alamgir and the ministry officials were present then.
Islami Bank holds 2-day Business Development Conference
The two-day business development conference of Islami Bank Bangladesh PLC was held at a hotel in Dhaka on Sunday.
Dr Tanveer Ahmad, vice-chairman of the bank addressed the concluding session of the conference as chief guest.
Mohammed Monirul Moula, MD and CEO of the bank presided over the program while Mohammad Solaiman, FCA, audit Committee chairman, Professor Dr Mohammad Saleh Jahur, chairman, risk management committee, Md Joynal Abedin, Syed Abu Asad, Mohammad Quamrul Hasan, Professor Md Fashiul Alam and Borhan Uddin Ahmed, IBBL directors attended the programm as special guests.
Muhammad Qaisar Ali, AMD, Professor Dr Mohammad Abdus Samad, member secretary of Shariah Supervisory Committee, JQM Habibullah, FCS and Md Altaf Hossain, AMDs, attended the conference, among others.
Titu affirms commitment to export diversification; calls on EU, UK to invest in jute, leather sectors
The State Minister for Commerce Ahsanul Islam Titu said Bangladesh is committed to export diversification, particularly in sectors such as jute, jute goods, leather, and leather products and the government has called on the EU and the UK to invest in these sectors.
“Prime Minister Sheikh Hasina has given directives to take forward the jute and jute goods and leather and leather products sectors. The Prime Minister also declared handicrafts as the product of the year 2024. We have called on the EU and the UK to invest in these sectors,” he said.
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He said this regarding the courtesy calls from European Union Ambassador to Bangladesh Charles Whiteley and UK High Commissioner Sarah Cooke at his office in the capital on Monday. They held separate meetings in the ministry's office.
He stressed the need for collaborative efforts for skill development, capacity building, and quality enhancement in various industries, including pharmaceuticals (especially the API sector), agro-processing, seafood, light engineering, health, bicycles, frozen food, agricultural products, as well as jute and leather goods.
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"The import and export policy is being updated by removing trade and regulatory barriers to expand trade and commerce and increase foreign investment in the country," he said. Besides, Bangladesh Development Authority (BIDA) is creating a favorable environment for investment in different sectors of the country and providing one-stop service to the investors,” he said.
Regarding the Dhaka International Trade Fair, Ahsanul Islam Titu said, “This year, there is a plan to visit the fair with the heads of all the missions and trade/commercial councilors located in Bangladesh.”
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Mentioning that this fair is the biggest event to display the products produced in the country, he said there are many foreign pavilions here. He also said that branding of Bangladeshi products will be possible by visiting the fair of the mission officials.
Calling upon Bangladesh to produce the products that Bangladesh imports from the EU and the UK through contract manufacturing, the State Minister said, “Bangladesh is now known as a good place for investment in the world. Many countries are investing in 100 economic zones designated by the government.”
Apart from the economic zones, the government will provide all kinds of facilities for setting up industries and factories, he said.
During the meeting, the State Minister sought cooperation from the European Union and the UK for necessary support for the position of LDCs including Bangladesh in the ministerial conference to be organized by the World Trade Organization in Abu Dhabi on February 26-29.
High Commissioner Sarah Cooke also emphasized partnership in economic and trade cooperation alongside development cooperation. The High Commissioner vowed to work jointly to equip certification and accreditation in higher education, health sector, especially in the professional sector, including doctors, nurses and engineers, to create skilled manpower.
“The UK is a long-tested friend of Bangladesh. Today, the two countries have excellent relations,” she said.
In addition, Sarah Cook emphasized the removal of regulatory barriers to doing business in Bangladesh, simplification of service process, enforcement and protection of intellectual property and liberalization of competition.
EU Ambassador Charles Whiteley expressed a keen interest in investing in various sectors, including pharmaceuticals and IT, given the ample opportunities provided by the Bangladesh government for foreign investment.
Stocks regain on day 2 after lifting floor price, turnover crosses Tk1000 crore
The capital market of the country turned around on Monday, and turnover exceeded Tk1000 crore for the first time in 6 months, on day 2 of lifting the floor price (minimum selling rate).
The Dhaka Stock Exchange (DSE) index fell sharply on Sunday, the first working day after the floor price was lifted. Turnover too was subdued.
However, after a day on Monday, the index closed higher on the second working day. Also, after six months, the turnover in the market exceeded Tk1000 crore.
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Shares and units of 207 companies increased in DSE on this day. On the contrary, the price of 145 decreased. And the price of 40 remains unchanged. The main price index of DSE DSEX increased by 14 points to 6254 points.
Among the other two indices, DSE Shariah increased by 6 points to 1,380 points compared to the previous day. The DSE-30 index has increased by 10 points compared to the previous day and stands at 2147 points.
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At the end of the day, Tk1042.22 crore was traded in DSE, which was Tk588.87 crore on the previous working day (Sunday).
The top 10 companies traded on DSE were BD Thai Aluminum, Associated Oxygen, Orion Infusion, LafargeHolcim Bangladesh, Karnaphuli Insurance, Deshbandhu Polymer, Sea Pearl Beach Resort, Beach Hatchery, Santhani Life Insurance, and Bangladesh Shipping Corporation.
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However, the overall price index of Chittagong Stock Exchange (CSE) CASPI decreased by 93 points. Out of 267 firms participating in the market, 123 rose in price. In contrast, the prices of 118 decreased and 26 remained unchanged.
Tk21.81 Crore traded on Monday at the CSE, which was Tk12.74 Crore traded on the previous working day (Sunday).
S Alam Group to import 12 lakh MT of daily essentials for Ramadan
S Alam Group will import 12 lakh metric tonnes of daily essentials to ensure uninterrupted supply of essential consumer goods and to keep prices affordable for the month of Ramadan.
With an investment of more than hundreds of millions of dollars, the effort accounts for approximately 50 percent of the nation's total food demand for Ramadan. sugar, edible oil, wheat, lentils, and chickpeas are among the imported products, according to a press release.
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S. Alam Group fulfills 30, 20 and 35 percent of the current domestic market demand of oil, wheat and sugar respectively. The company is working diligently to increase the supply to 50 percent this year. Like previous years, S Alam Group has taken initiatives to import huge volume of daily necessities during Ramadan to benefit the mass people, it said.
The country's annual sugar demand is 24 lakh MT, with the month of Ramadan alone accounting for 2.72 lakh MT. S Alam Group is importing 641,300 MT of sugar, which is more than twice the demand during Ramadan, the release also said.
The yearly demand for edible oil in Bangladesh is about 22 lakh metric tons. Out of which, three lakh metric ton is demanded during Ramadan. S. Alam Group is importing 2 lakh 58 thousand metric tons of edible oil, 86 percent of the demand during Ramadan, to ensure market stability, it also said.
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The annual demand of wheat in the country's market is about 63 lakh metric tons (excluding domestic production). Consumers require about five lakh 28 thousand metric tons of wheat every month. S Alam Group is importing One lakh 78 thousand metric tons of wheat, 34 percent of the demand during Ramadan, to ensure market stability.
Bangladesh’s demand for lentils stands at six lakh tons annually, with a monthly requirement of 50 thousand tons. The demand for lentils surge during Ramadan, reaching one lakh tons. S. Alam Group is importing 50 thousand metric tons of lentils, meeting 50 percent of the demand during Ramadan.
Similarly, annual chickpea demand is one lakh 36 thousand metric tons, with demand during Ramadan standing at 91 thousand metric tons. S. Alam Group is importing 50 thousand metric tons of chickpeas during Ramadan, covering 55 percent of the demand during Ramadan.
The company is optimistic that these proactive measures will contribute to maintaining affordable prices in the country's market during the Ramadan season, ensuring accessibility for the general populace.
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“We have once again undertaken the proactive step of importing essential products in large quantity to meet the overall demand during Ramadan. Some of these imported items are in stock, while several shipments are awaiting clearance. Our commitment aligns with the government's objective of ensuring affordability for the people during Ramadan. In the event of any shortages during the Holy month, we remain prepared to take further measures to import additional products.”
Imad N. Fakhoury appointed as IFC Regional Director for South Asia
Newly appointed Regional Director for South Asia of the International Finance Corporation (IFC) Imad N. Fakhoury has said private sector investment is key to achieving South Asia’s development goals amid persisting global crises.
“By offering innovative and scalable solutions, IFC will help accelerate the region’s transition to a greener, more inclusive and resilient development model,” said Fakhoury.
IFC’s focus is on creating opportunities where they are needed most, sustaining jobs, supporting climate goals, improving inclusion for all by improving services for people, and strengthening digital and financial access across the region.
Based in New Delhi, Fakhoury will spearhead IFC's strategy and operations, while reinforcing relationships with the private sector, governments, and regional partners to boost impactful development outcomes in the region.
“IFC will also support the region to mainstream gender considerations and help remove obstacles to gender equity in South Asia,” he said.
Fueling economic growth and job creation in South Asia is imperative to unlocking the region’s potential and paving the path towards prosperity, said Riccardo Puliti, IFC’s Regional Vice President for Asia and the Pacific.
“Fakhoury’s deep experience in enabling and scaling up private capital mobilization for sustainable infrastructure and climate transitions will be a huge asset for IFC,” said Puliti.
IFC’s focus in South Asia centers on providing strategic investments and advisory interventions across Bangladesh, Bhutan, India, the Maldives, Nepal, Sri Lanka to promote inclusive sustainable growth and encourage global and regional integration, among others. Strengthening capital markets, increasing competitiveness, and closing the gender gap are also among IFC’s priorities in the region.
In FY23, IFC provided nearly $3.45 billion in long-term investments in South Asia, including $1.3 billion mobilized from other investors.
Fakhoury said, “With the recently concluded COP28, IFC is prioritizing both climate investments and delivering impactful outcomes to help countries achieve their climate targets. I look forward to engaging with all stakeholders to ramp up our support for sustainable infrastructure—encompassing mitigation and adaptation as well as digital connectivity—while empowering small businesses and facilitating public-private partnerships (PPPs) to increase the region’s resilience.”
Fakhoury joined the World Bank Group in 2019 as a Senior Adviser at IFC and moved into his previous role as Global Director for Infrastructure Finance, PPPs & Guarantees at the end of 2019.
From 2010-2018, he held several ministerial positions in successive Jordanian governments as Minister of Planning and International Cooperation, Minister of Mega Projects, Minister of Public Sector Development, and Chief of Staff to the King of Jordan.
One of the key architects of flagship PPP transactions in Jordan, he also served as a co-founder and chair/board member in several national strategic infrastructure PPP companies, public organizations, and councils.
Fakhoury has a BSc in Biomedical Engineering and an MSc in Engineering Management from Case Western Reserve University. He also holds a Master’s in Public Policy from the Harvard Kennedy School of Government, and an MBA from the Kellogg Business School at Northwestern University.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets.
Coca-Cola appoints Nahar Choudhury as first Bangladeshi managing director
Coca-Cola, one of the country's leading beverage companies, has announced Ju-un Nahar Choudhury as the new Managing Director of Coca-Cola Bangladesh Limited. She is the first Bangladeshi woman to take on the role of Managing Director for Coca-Cola Bangladesh Ltd.
In this role, Choudhury will work closely with bottling and business partners, customers and other external stakeholders in the country.
She started her career with Unilever as a management trainee in marketing, and left her mark in various roles including leading the team who won a Guinness world record for the nationwide ‘Lifebuoy handwashing washing campaign’ covering 86,000 youth simultaneously in over 60 locations, said the comps on Monday.
She moved to Indonesia in 2014 with Reckitt Benckiser looking after the Dettol business. She also worked with Danone Indonesia as Head of Innovation and then joined aCommerce, an end-to-end ecommerce enabler present across seven ASEAN countries, as the FMCG director.
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After spending eight years in Indonesia, Choudhury moved back to Bangladesh and joined Apex as marketing director in 2023.
Speaking on her appointment, Ju-un Nahar Choudhury, Managing Director, Coca-Cola Bangladesh said, “I am delighted to join the Coca-Cola system and partner with our bottling partners, Coca-Cola Bangladesh Beverages (CCBB) & Abdul Monem Limited (AML), and other stakeholders to refresh our consumers in Bangladesh."
She also said, "I am humbled to lead Bangladesh on this Coca-Cola journey and I am committed to steer our brands and franchise operations to new heights.”
Choudhury is the first woman to be appointed to this position in Bangladesh and will be replacing former Managing Director, Ta Duy Tung, who was appointed back in 2021.
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Ajay Vijay Bathija, Vice President of Franchise Operations for Southwest Asia (SWA), said, “We welcome Ju-un to Coca-Cola. The Coca-Cola Company reiterates its focus on building a sustainable business in an important market like Bangladesh. Ju-un joins at an exciting time of the company’s journey in the country and our partners will gain a great deal from her wide experience in FMCG and e-commerce.”
Coca-Cola is the first company in Bangladesh to launch 100% recycled PET bottles in Bangladesh. Coke Studio Bangla, as a digital music platform, boasts a YouTube channel with 2.86 million+ subscribers, surpassing the combined subscriber count of some of Bangladesh's biggest brands.
As per a socio-economic impact study, the Coca-Cola system in Bangladesh contributes to the continuous economic growth of the country and also supports nearly 22,100 jobs which consist of 833 direct jobs and 21,300 indirect jobs.
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FBCCI President invites Sri Lankan investors to invest in Bangladesh's SEZ
The President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam invited Sri Lankan businessmen and investors to invest in the Special Economic Zones (SEZ).
The FBCCI President made this call during a courtesy meeting with the high commissioner of Sri Lanka in Bangladesh Dharmapala Weerakkody at FBCCI’s Gulshan office on Sunday afternoon.
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Mahbubul said the government has been establishing 100 special economic zones in Bangladesh with All kinds of facilities including oil, gas, and electricity for the investors.
Besides, one-stop service, e-platform, and many other attractive incentives are on offer to facilitate business and investment in Bangladesh. Sri Lankan businessmen can be benefitted by setting up industry here on their own or in joint ventures, he said.
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He said garments, pharmaceuticals, eco-tourism, hospitality, etc. are some of the potential sectors in Bangladesh. If Sri Lankan investors want to invest in Bangladesh, FBCCI will provide all-out support.
Speaking at the meeting, the Sri Lankan High Commissioner Dharmapala Weerakkody said that Sri Lanka has many business entrepreneurs who are interested in doing business in Bangladesh.
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Besides many potential sectors, Sri Lanka receives a large number of tourists from Bangladesh every year. He said it is time to increase bilateral trade between the two countries.
FBCCI president praised the Sri Lankan Central Bank's role in overcoming the economic challenges.
Commercial Counselor of the Sri Lankan High Commission Srimali Jayarathna, FBCCI Vice-President Shomi Kaiser, Rashadul Hossain Chowdhury (Ronni), Secretary General Md. Alamgir, among others, were present at the meeting.
Daraz launches Bangladesh’s first-ever free delivery festival
Daraz, South Asia’s leading online e-commerce platform, is bringing the first-ever Daraz Free Delivery Festival.
Shoppers can enjoy free delivery nationwide from January 25- 31 on millions of items including fashion, beauty, electronics, home and decor, and much more, according to a press release.
This reinforces Daraz’s commitment to South Asian communities, showcasing the development and optimization of infrastructure and advanced tools to ensure seamless nationwide Free Delivery.
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With a focus on all categories, Daraz’s first sales campaign of the year encourages shoppers to unlock the best Free Delivery promotions during the Daraz Free Delivery Festival.
Customers can enjoy up to 70% discount on any 3 bundles from Tk 499, up to 70% discount on Hot Deals, up to 60% discount on Mega Deals, brand warranty, and up to Tk 10,000 voucher. To top it all, shoppers will also enjoy free delivery along with all the offers maximizing their savings.
The primary goal of the Daraz Free Delivery Festival is to provide opportunities for everyone to fulfil their everyday needs at the best value, regardless of one’s location without any added delivery cost.
In 2023, inflation nearly reached double digits, hitting a 12-year high at 9.93% in October.
Daraz Free Delivery Festival helps maximise the savings for the shoppers as they can now obtain their everyday needs from the comfort of their homes without the hassle of transportation or delivery costs.
Daraz also aims at using this platform to extend its reach to underserved communities by offering Free Delivery nationwide, making it possible for consumers outside Dhaka (Chittagong, Khulna, Rajshahi, Sylhet etc.) to conveniently get their everyday needs, at the best price. In December 2023 alone, more than half of Daraz shoppers already enjoyed free delivery, representing a 500% increase compared to January 2023.
It provides Small and Medium Enterprises (SMEs) with the opportunity to expand their businesses into unexplored territories and broaden their footprints, witnessing a substantial increase in their reach and revenue. With a growing objective for SMEs to expand their country coverage, Daraz sees more sellers embracing free delivery as a tool to grow their business, with 70% growth in sellers participating in free delivery in the past year.
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Khondoker Tasfin Alam, chief operating officer of Daraz Bangladesh, said "Our commitment has always been to create access to the largest selection of products at the best prices delivered directly to the doorstep of our customers, and the Daraz Free Delivery Festival is proof to this dedication. We have developed a fleet of hundreds of vehicles that connect strategically placed fulfilment and sorting centres across every region of the country."