Business
BGMEA chief emphasizes innovation, tech upgrade, skills training to retain global competitiveness
BGMEA President Faruque Hassan has stressed the imperative for innovation, technological upgradation, design and skill development to ensure the continued competitiveness of Bangladesh’s apparel industry in the global market.
He also emphasized the pivotal role of diversification in product, fiber, and market as key priorities for the industry.
He came up with the observations while addressing a seminar organized by the Bangladesh Institute of International and Strategic Studies (BIISS) in Dhaka on Sunday (December 31).
Dr. Mashiur Rahman, former Economic Affairs Adviser to the Honorable Prime Minister, attended the seminar as chief guest.
Faruque Hassan highlighted the strategic vision of BGMEA to transform the industry from labor-intensive manufacturing to a paradigm of innovation, high-value production, and modern manufacturing processes.
“We have taken a vision to remodel our industry - from labor-intensive manufacturing to innovation, high-value and modern manufacturing processes to make it competitive in the longer run,” he added.
Looking ahead to 2024 and the next decade, the BGMEA chief underscored the need for planned and concerted efforts to address challenges associated with Least Developed Country (LDC) graduation and changing market demands, prioritizing non-cotton and high-value-added markets.
He expressed optimism that Bangladesh’s RMG industry would be able to navigate the upcoming challenges and continue its growth momentum with the support of all stakeholders including the government, buyers and development partners.
Among others, Foreign Secretary Masud Bin Momen, Md Ehsan-E-Elahi, secretary, Ministry of Labour and Employment, Tapan Kanti Ghosh, senior secretary, Ministry of Commerce, Kamran T. Rahman, senior vice president, Metropolitan Chamber of Commerce and Industry (MCCI), and Md. Akhter Hossain Apurbo, Vice President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), were also present.
Suhail Rana selected as CIP for fifth time
Remittance warrior-turned-entrepreneur Mohamed Suhail Rana has been selected as a Commercially Important Person (CIP) for the fifth time.
He is the proprietor of Global Rich Maldives Private Limited, a Bangladeshi-owned company in Maldives. This is the fifth time in a row Sohel Rana was elected CIP.
In a notification issued by the Ministry of Expatriate Welfare and Foreign Employment on November 27, a total of 85 people were selected as Commercially Important Persons (CIPs) where he was selected in three different categories for the year 2021.
Aiham Suhail, son of the expatriate, received the award and CIP card at the National Expatriate Day 2023 celebration on Saturday (December 30). The selected ones received the award and crest from the hands of Minister of Expatriate Welfare and Foreign Employment Imran Ahmed.
National Expatriate Day was held for the first time at Bangabandhu International Conference Center in the capital on Saturday with the theme 'Welfare, dignity of expatriates - our commitment, they are also equal partners in building smart Bangladesh'
Expatriate Welfare and Foreign Employment Minister Imran Ahmed presided over the event while foreign minister AK Abdul Momen was present as the chief guest.
Suhail Rana received this status in the category of non-resident Bangladeshi importer of Bangladeshi goods abroad. He has helped the needy people at various times, including Corona, and he has received a lot of appreciation.
Bangladesh High Commission in Maldives congratulated and extended best wishes to Mohammad Sohail Rana for being nominated as CIP on their verified facebook page.
They said the Ministry of Expatriates' Welfare and Overseas Employment, Bangladesh has declared Mohamed Suhail Rana as the Commercially Important Person (CIP) for the year 2022 in the category of Bangladeshi product importer abroad.
He was also declared as the CIP in 2018, 2019, 2020 and 2021 in the same category consecutively for his great contribution to the economy of Bangladesh.
CIP Suhail Rana said, he always wants to work tirelessly for the welfare of helpless people based on social values.
"I have acceptance of the low income people who live abroad, I want to increase it more," he also said.
Empower Your Tech Career in 2024: Master These In-Demand Skills for Success
The rapid evolution of the technology industry has made tech skills increasingly vital in the current job market. As we approach 2024, staying abreast of the most in-demand tech skills is essential for anyone looking to secure a thriving career in this dynamic field. This comprehensive guide delves into the top tech skills that are poised to shape the industry in 2024, offering insights into how you can stay competitive and forward-thinking in your tech career.
Most In-Demand Tech Skills to Advance Your Career in 2024
Cybersecurity
In the realm of technology, cybersecurity remains a critical and rapidly growing field. As of 2023, there is a demand for almost a million cybersecurity professionals globally, but there are about 400,000 professionals across the world. The cybersecurity landscape is vast, presenting numerous opportunities in various sectors.
Aspiring cybersecurity professionals should begin with foundational knowledge in network security and protocols, progressing to more complex topics such as virtual machines, remote access, intrusion detection systems, cybersecurity frameworks, and risk management strategies.
Read more: Cyber Security Career Guide: How to Become a Cybersecurity Expert?
Data Analytics
Data Science and Analytics have become central to tech trends, with a considerable expansion in scope and application. Data analytics involves processing and interpreting large data sets to provide actionable insights for businesses and decision-makers.
The US Bureau of Labor Statistics anticipates a 23% growth in demand for data analysts over the next decade. Key skills in this field include proficiency in tools like Microsoft Excel, Power BI, Python, and Tableau. Additionally, obtaining a degree or certification in data analytics significantly enhances one's career prospects.
Cloud Computing
Cloud computing has transformed the way we access and interact with technology, offering scalable computational resources over the Internet. The field has witnessed widespread integration across various industries such as tech, finance, automotive, and healthcare.
Read more: Best Free Data Science, Machine Learning Courses Online
For beginners, the journey into cloud computing starts with learning the basics of cloud infrastructure, management tools, deployment strategies, directory services, and architecture principles. Combining cloud computing knowledge with cybersecurity skills opens doors to specialized roles in cloud security.
Robotic Process Automation (RPA)
RPA is revolutionizing organizational workflows by automating repetitive and mundane tasks. This not only streamlines processes but also enhances efficiency and accuracy. Breaking into the RPA sector requires a solid technical background complemented by professional certifications and practical training. These qualifications pave the way for internships and permanent positions in the field.
Refrain from programmes which hamper country, economy: BGMEA President
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan on Friday requested the concerned parties to refrain from such programmes which will hit the country and its economy.
He said they came to know that some organisations announced to observe a labour strike in the apparel sector from January 1 which is unexpected, the BGMEA in a statement said on Friday.
“Such a programme is never favourable, rather we think it is an attempt to destabilise the industry. When we are going through a difficult situation in the national and international arena,” he said.
The BGMEA president said if any programme is observed in the name of strike it will hamper the country’s economy and give a negative message about the industry in the world and create confusion among the buyers, which is not desirable at all.
Addressing the current export picture of the country, Faruque said garment exports from Bangladesh to major markets declined in the first 10 months of this year.
In the first 10 months of the year, US’s apparel imports from all over the world fell by 22.71 percent in dollar value and 23.80 percent in volume, he said, adding that the import from Bangladesh to the US also decreased by 24.75 percent in dollar value and 29.51 percent in volume.
At the same time, the import from Bangladesh to the European Union in terms of dollar value decreased by 17.32 percent and by 17.13 percent in volume, he said.
So the pace of global apparel imports has slowed down and the unit price of apparel has also decreased in 2023 compared to 2022, the BGMEA president said.
In this context, there is an apprehension that the global apparel trade in 2023 will be less than in 2022, he added.
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Kurdistan-Bangladesh Business Council chief meets BGMEA President to discuss business potential
Having secured a solid standing in the world, Bangladesh considers diversifying markets as a key strategy for its apparel industry to pursue sustainable growth.
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has actively been engaged in exploring new yet promising markets under its apparel diplomacy initiative.
Under this initiative, the BGMEA delegations have paid visits to potential apparel export destinations, including Australia, South Korea, India, China, and most recently, Iraq.
Rising loan dependency and shrinking savings due to income disparity: Insights from BBS survey
The goal is to foster trade relations, explore new markets, and propel the sustainable growth of Bangladesh’s apparel industry.
The BGMEA delegation’s recent visit to Iraq aimed at strengthening trade ties between Bangladesh and Iraq.
Rising loan dependency and shrinking savings due to income disparity: Insights from BBS survey
The 2022 Household, Income and Expenditure Survey (HIES) has uncovered that approximately 37% of households resorted to borrowing from financial entities, NGOs, or acquaintances during January-December 2022 to meet their expenses.
This figure marks a notable increase from 29.70% in 2016 and 32.03% in 2010. Rural areas showed a higher tendency towards loan dependence (39.35%) compared to urban areas (32.11%).
Also read: Local govts spend 8% of total expenditure on waste management: BBS Survey
The survey indicates a growing reliance on loans and the depletion of savings among a significant portion of the population. This trend is attributed to escalating inflation and income shortages.
Eminent economist Dr. Ahsan H Mansur told UNB that the surge in loan dependency is due to the high inflation and job losses during the Covid-19 pandemic, with many still struggling to find suitable employment. He criticized the financial policies for exacerbating inflation, contrasting this with the successful inflation management in other South Asian countries.
Mansur expressed concern about the future, predicting a worsening of the income and expenditure situation due to rising prices of commodities and utilities.
Also read: Despite move to rein in price hike, food inflation rose to 12.54 percent in August: BBS
Dr. Debapriya Bhattacharya, a noted macro-economist and public policy analyst, observed that alongside increasing debts, there was a noticeable rise in the rate of dissolving deposits among households.
He pointed out that post-COVID, people's incomes have not risen adequately, especially when considering inflation and the diminishing purchasing power of the local currency.
The Bangladesh Bureau of Statistics (BBS) released the final HIES 2022 report on Wednesday (December 27), revealing that the average loan amount per household was Tk 70,506 over 12 months, a significant increase from Tk 37,743 in 2016 and Tk 28,062 in 2010. The average loan per capita was Tk 17,366.
Also read: Bank MDs working under increased stress due to default loans, board interference: Experts
Urban households showed a higher average loan amount compared to their rural counterparts. In HIES 2022, the average urban household loan was Tk 1,31,395, against Tk 41,921 in rural areas. In contrast, the 2016 figures were Tk 59,728 (urban) and Tk 31,332 (rural), and in 2010, Tk 54,122 (urban) and Tk 21,804 (rural).
The BBS report also highlighted that 21.11% of the national population faced moderate to severe food insecurity in 2022. Additionally, the income Gini coefficient, a measure of income inequality, stood at 0.499 in 2022, up from 0.458 in 2010, indicating a growth in income disparity.
OPPO announces ‘year-end surprise’ for OPPO A77 enthusiasts
Consumer electronics company OPPO has announced a “year-end surprise” campaign for OPPO A77 smartphone buyers.
Until December 31, every purchase of the OPPO A77 will come with a complimentary special edition backpack, according to a press release.
“The OPPO A77 has been a popular choice among consumers for its powerful features, premium design, and impressive charging capabilities. As a token of appreciation for the continued support from OPPO enthusiasts, the inclusion of a specially designed backpack aims to enhance the overall user experience and make the holiday season even more memorable,” it said.
Read: Bangladesh Institute of Capital Market holds its 16th AGM in Dhaka
Measuring 7.99 millimetres in an ultra-slim body, the Oppo A77 features an exclusive smooth premium Oppo glow flat-edge design. This device encompasses every class and design, offering side fingerprint unlock features, making it easy and convenient for one-handed use.
The design exhibits a captivating colorway and premium textures that uniquely present themselves even amidst the crowd.
“Charge the phone worry-free with the 33-watt SUPERVOOC, as its advanced charging technology has the phone ready without any delays for your day. Constant texting or watching dramas will be more exciting with the confidence of charging protection and safety features,” it said.
Read: 4 Bangladeshi businesses participate in Mandalay International Trade Fair
The ultra-linear stereo speakers of the phone enable experiencing surrounding sound up to 200%.
The limited-edition backpack features a modern and trendy design, providing users with a stylish and functional accessory for their everyday needs.
Whether heading to work, school, or a weekend getaway, OPPO A77 users can now carry the essentials in a backpack that complements their lifestyle, the release said.
Sustainable fashion: Bangladesh's RMG sector leads with 24 new LEED green factories in 2023
In 2023, Bangladesh's readymade garment (RMG) industry marked a significant stride in sustainable fashion, with 24 of its factories achieving LEED certification.
LEED (Leadership in Energy and Environmental Design), the globally recognized green building rating system, underscores a commitment to environmental responsibility and energy efficiency.
This recent certification brings Bangladesh's total to 206 LEED-certified green factories, a testament to the country's dedication to green initiatives within the garments sector, according to BGMEA Director Mohiuddin Rubel.
The BGMEA (Bangladesh Garment Manufacturers and Exporters Association) reports a breakdown of these certifications, with 76 achieving the highest, platinum rating, and 116 receiving a gold rating.
This progress is particularly notable in the context of the global apparel industry's increasing focus on sustainable practices.
Also read: Bangladesh now boasts 206 LEED-certified green factories: BGMEA
Of the 24 newly LEED-certified factories, a majority, 16, were awarded the prestigious platinum rating, while the remaining 8 achieved a gold rating.
Standout performers in 2023 included S. M. Sourcing with 106 points and Green Textiles Limited Unit 4 scoring 104 points. Also noteworthy are Integra Dresses and Knit Asia Limited, both achieving 99 points, Lida Textile & Dying Limited with 97 points, and Liz Fashion Industry Limited scoring 96 points, as detailed by BGMEA.
This achievement positions Bangladesh as a leader in the global sustainable fashion movement, with 54 out of the 100 LEED-certified green factories worldwide located in the country.
This includes 9 of the top 10, and 18 of the top 20 LEED-certified factories globally, according to BGMEA data.
Mohiuddin Rubel, director at BGMEA, highlights this as a potential catalyst for increased investment and partnership opportunities in the Bangladesh RMG industry.
Also read: Milestone for RMG as Bangladesh becomes top source of Knitwear into EU market
The geographic spread of these certifications within Bangladesh further illustrates the RMG industry's widespread commitment to sustainability.
The majority of the 2023 certifications were in Gazipur (15 factories), followed by Dhaka (4), Chattogram (3), and Mymensingh (2). This regional distribution indicates a nationwide embrace of LEED principles in the Bangladesh garments sector.
Currently, over 500 Bangladeshi factories are in the process of obtaining their LEED certification, signaling a robust and ongoing commitment to green practices in the Bangladesh RMG industry.
This move towards sustainable fashion not only aligns with global environmental goals but also positions Bangladesh as a forward-thinking leader in the green manufacturing space.
The significant increase in LEED-certified green factories within Bangladesh's RMG sector in 2023 is a clear indicator of the industry's commitment to sustainable fashion.
With the Bangladesh garments industry taking proactive steps to achieve LEED ratings, it sets a benchmark for environmental stewardship and positions the country as a key player in the global push for more sustainable manufacturing practices.
Also read: Environment-friendly factories, circular economy key to sustainable growth in RMG sector: Speakers
Skill development a must to face global challenges: BGMEA President
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan said on Wednesday that the highest priority should be given to skill development considering the next global context.
He said this while speaking at an event on the "Skills for Employment Investment Programme (SEIP)" organised by the Ministry of Finance at a hotel in Dhaka on Wednesday.
Students need equip themselves with knowledge, skills: BGMEA chief
The BGMEA President stressed the need for continuously adapting to the upcoming global trends, especially because of the changes in global trade due to automation, climate action, and digitisation.
He also highlighted the importance of aligning workforce skills with the rapidly changing demands of local and international markets.
BGMEA’s maiden Career Summit & Fest 2023 begins
Since the inception of the SEIP in 2014, around 8 lakh skilled manpower has been built under this programme.
Finance Secretary Dr Md Khairuzzaman Mozumder presided over the event. Bangladesh Bank (BB) Governor Abdur Raouf Talukder was present as the chief guest.
Strategy for next decade should be investment in backward linkages, tech and complex skills development : BGMEA Director
Additional Secretary and Executive Project Director of SEIP, Fatema Rahim Veena, gave the welcome remarks, highlighting the success and achievements of the SEIP project.
The programme was also addressed by Jiangbo Ning, Deputy Country Director, ADB-BRM; Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division; Satyajit Karmaker, Secretary, Planning Division; and Dr Ahmed Munirus Saleheen, Senior Secretary, Ministry of Expatriates' Welfare and Overseas Employment.
UDDIPAN joins hands with UK to enrich lives for brighter future
United Development Initiatives for Programmed Actions (UDDIPAN) has recently entered into a strategic partnership with the UK, fostering initiatives that promise mutual benefits for both nations.
The recent visit of British Shadow Minister Sam Tarry MP to Bangladesh marked a crucial step in this collaborative effort, according to a press release.
UDDIPAN Chairman Md Nazrul Islam Khan highlighted Bangladesh's rapid economic growth, affirming the country's potential to become a developed nation and how UDDIPAN, a non-governmental development agency, plays a crucial role in supporting this journey, it said.
Sam Tarry visited UDDIPAN's dairy project and a proposed university campus in Vakurta, Savar. Accompanied by Nazir Alam, a board member of UDDIPAN.
During the visit, the shadow minister also took a keen interest in the potential of fast-moving consumer goods (FMCG), food and beverage, and the country's development strides.
Nazir Alam emphasised Sam Tarry's role in fostering economic cooperation, considering his representation of a constituency hosting the largest South Asian communities in the UK. The British MP's visit aimed to explore the potential of Bangladeshi services, goods, and products in the UK and European markets, said the release.
The British MP also inaugurated UDDIPAN's Simulation and Hitech Lab in Dhaka, designed to upskill workers for entry into UK, European, and Commonwealth skills leading to employment markets.
Speaking on the occasion, Sam Tarry said, “It’s a huge honour to launch this groundbreaking facility; the potential to sensibly meet demand for staff in the NHS with highly trained and committed staff in the post-Brexit era is huge. The reciprocal benefits of these staff also working in Bangladesh mean we are contributing to raising standards in healthcare services here too. Working jointly with a country we have so much shared history, language, and culture with—let alone the huge diaspora community already in the UK—means we can turbocharge this opportunity to make a lasting, sustainable difference.”