Business
Strategy for next decade should be investment in backward linkages, tech and complex skills development : BGMEA Director
BGMEA Director Mohiuddin Rubel has said in a highly volatile world market economic slowdown, geo-political crisis, global trade policy shifts, climate action and ESG priorities, disruptive technologies and supply chain or inventory management may continue to be the major issues in the coming year. "For us the strategy for the next decade should be investment in backward linkages, technology, complex skills development, and continuing the sustainability momentum," said Rubel, also Additional Managing Director, Denim Expert Ltd.
He said initiatives towards green transformation must be accelerated and supported.
Read: Walton's 3 entrepreneur directors, Walton Plaza awarded with tax card
"Going global is our next agenda, where virtual marketplace can serve as a strategic avenue, particularly for the SMEs," Rubel wrote in an article titled "Beyond Challenges: Comprehensive recap of Bangladesh ready-made garment industry in 2023."
"As we are ready to set our foot in 2024, poised to embark on a new chapter; we can confidently say that 2023 was a pivotal year for us. Despite wresting with twofold challenges, domestic and international, we have successfully overcome them and emerged stronger," he said. Rubel said, "Going forward, not only in 2024 but also in next decade, we have to continue the momentum of our achievements"
Achieving excellence in products, fiber, and markets diversification and value addition are the key opportunities for this sector.
"We need to develop our capacity in backward and forward linkage industries. At the same time, we need to focus on innovation, technological up-gradation, design and skill development, and overall business capabilities," Rubel said.
However, the RMG industry leader said the uncertainty persists as the advanced economies are struggling with inflation and recession as well as the crisis of pandemic is still haunting our economy.
Geopolitical issues like Russia-Ukraine, Israel-Hamas conflict has created an additional layer of adversity.
Read: Bangladesh's credit rating to be stable: Moody's forecast
The escalation of inflation has hit pinnacle of record with 8.8% in 2022 which was 4.7% in 2021.
The impact of this inflation continued into 2023 with 6.8%, affecting consumer demand for apparel in the United States and Europe. In the first 9 months of 2023, the overall import of the European countries declined by 12.08%, which has been recorded as 22.71% for the United States in January-October 2023.
Consequently, Bangladesh faced a 15.87% decrease in EU’s import and 24.75% decrease in the US market.
"This pressure exerted a significant impact in the pricing dynamics of major clothing items, resulting in a notable 7%-9% decrease in our average unit prices," he said. Nevertheless, the picture is not entirely bleak.
The ready-made garment industry of Bangladesh has started producing value-added garments, a strategic move that allowed us to maintain our average unit prices.
In parallel, amid the adversities, a number of accomplishments have been added to our success list.
Significant strides in circular fashion has been established, the number of LEED certified green garment factories by USGBC reached 206 including 76 platinum rated ones. Despite the economic headwinds, as per the “World Trade Statistical Review” by WTO in 2022, Bangladesh has regained its ranking as the 2nd largest apparel exporter in the world with a 7.87% share of the global market.
Bangladesh has already become the top denim-sourcing country for the U.S.A. & EU. Now we are in close competition with the largest apparel exporter in China in the EU market, Rubel said. The RMG sector continues to thrive, reaching USD 47 billion in the last fiscal year 2022-23.
This is a new landmark in our history of RMG manufacturing, as we have exceeded the 40 billion dollar mark in 40 years of journey.
Apart from the major markets EU & USA, our export share in non-traditional markets has also doubled from 6.87% in FY2008-09 to 17.82% in FY2022-23. On the domestic front, there has been substantial infrastructure development, including the completion of the Padma Bridge and Railway Bridge, Metro Rail, Dhaka Elevated Expressway, Chattogram Elevated Expressway, Bangabandhu Tunnel (Karnaphuli), Dhaka-Cox's Bazar Train, Payra Sea Port, Terminal-3 at Hazrat Shahjalal International Airport, Matarbari Thermal Power Plant, and Rampal Coal Power Plant, he mentioned.
Read: Environment-friendly factories, circular economy key to sustainable growth in RMG sector: Speakers "Challenges persisted throughout the year, as we encountered increased electricity and gas prices, a decrease in foreign currency reserve, and issues related to minimum wage review," Rubel mentioned.
The global attention on U.S. disclosures and European labor regulation has created additional pressure.
"However, we want to emphasise that even in the face of such challenges, we are taking all-out steps to make the industry sustainable and to take better care of our workers and community," he said. "Looming LDC graduation poses another layer of challenge in our itinerary towards future growth, and we are committed to take astute measures," he added.
Walton's 3 entrepreneur directors, Walton Plaza awarded with tax card
The National Board of Revenue (NBR) has honoured three entrepreneur directors of the country's electronics giant Walton with tax cards and crests for their highest tax payment in the fiscal year 2022-23.
The tax card awardees are: Walton Hi-Tech Industries PLC's Chairman S M Shamsul Alam, Vice-Chairman S M Ashraful Alam and Managing Director S M Mahbubul Alam, said a press release.
Bangladesh Bank dissolves National Bank’s board
Apart from them, Walton Plaza also awarded the tax card.
They were awarded at a programme titled "National Tax Card and Best Taxpayer Award-2023" held at Bangabandhu International Conference Centre in the capital on Wednesday (December 20, 2023).
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Finance Division's Secretary Dr. Md. Khairuzzaman Mozumder attended the function as special guest while Finance Ministry's Senior Secretary and NBR Chairman Abu Hena Md. Rahmatul Muneem was in the chair.
Walton Hi-Tech's Additional Managing Director S M Shoyeb Hossain Nobel, Remark HB Ltd's Director Abul Bashar Hawlader and Walton Plaza's Managing Director Mohammad Rayhan received the tax card and best taxpayer award from the guests on behalf of the awardees.
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On behalf of Walton Plaza, Managing Director Mohammad Rayhan received the tax card and best taxpayer award.
Pro-Palestine Boycott: CEO defends Starbucks amid record losses
In the face of mounting criticism and protests linked to its stance on Israel's war in Gaza, Starbucks CEO Laxman Narasimhan has pushed back, asserting that the company has been “unfairly targeted due to misrepresentations on social media.”
The controversy began when Starbucks sued its Workers United union in October over a pro-Palestine social media post, reports The New Arab.
Narasimhan, in a letter to employees, expressed concern over the global situation, condemning violence and hate. He emphasized Starbucks' commitment to humanity but acknowledged incidents of vandalism at some stores, it said.
“While I am grateful for so much, I am concerned about the state of the world we live in. There are conflicts in many parts. It has unleashed violence against the innocent, hate and weaponized speech and lies — all of which we condemn,” he wrote. “Our stance is clear. We stand for humanity.”
The backlash against Starbucks has translated into pro-Palestine boycotts.
While Starbucks refrains from disclosing the impact on sales until the next quarterly report in February, there are indications of a sales hit. Analysts suggest slower holiday sales, leading to a drop in Starbucks' share price, the report said.
Videos circulating on social media show protests and empty Starbucks stores in various locations, including in London and Dubai. In response to the crisis, Starbucks has increased promotions, offering deals like half-price drinks on Thursdays, it added.
Protesters continue to boycott Starbucks, urging the company to support Gaza through actions like calling for a ceasefire and dropping the lawsuit against Workers United union, added the report.
NBR setting up 20 new tax zones, 8 units to increase tax collection
The National Board of Revenue (NBR) is extending its network by setting up 28 new tax zones and units to increase revenue collection.
Under the plan, the revenue agency will set up 20 new tax zones, four specialised units and four appellate wings. The government approved this recently after shelving the proposal for expansion for 11 years.
Read: Bangladesh Bank dissolves National Bank’s board
“The new tax zones are being set up as part of the initiative to modernise the income tax administration in line with modern, contemporary, IT-based, and international best practices,” said NBR Chairman Abu Hena Md Rahmatul Muneem.
“The government has emphasised revenue collection from domestic sources. Income tax is one of the internal revenue sources. Tax collection will increase if new tax zones are established,” said the NBR chief.
Officials said out of 13 --10 tax zones and three specialised units—will be set up in Dhaka in the first phase.
Read: BATB awarded as one of top taxpayers for 10th consecutive year
Another nine tax zones will be set up in the second phase in Cox's Bazar, Jashore, Kushtia, Noakhali, Dinajpur, Faridpur, Narsingdi, and another two specialised units in Chattogram.
In the third phase, four appellate units --two in Dhaka, one in Chattogram and another in Rangpur while a tax zone will be set up in Pabna.
A specialised international tax unit will also be established in Dhaka.
Bangladesh Bank dissolves National Bank’s board
Bangladesh Bank has dissolved the board of directors of National Bank over allegation of lack of governance and poor financial health.
A new board of directors has been formed, Md Mezbaul Haque, the executive director and spokesperson of the central bank, confirmed on Thursday.
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Syed Farhat Anwar will serve as the chairman of the new board of directors. He is currently serving as Independent Director of Meghna Bank.
Besides, the former executive director of BB Serajul Islam, Southeast Bank's former managing director Md Kamal Hossain, Khalilur Rahman, Parveen Haque Sikder, Shafiqur Rahman, and Moazzem Hossain are on the new board.
Read: BB bans transactions with Onpassive MLM company
Three directors of the previous board have got into the new board.
Mezbaul also said that the total number of directors in the previous board was eight.
Bangladesh's credit rating to be stable: Moody's forecast
Moody's Investors Service has forecast Bangladesh's credit rating and the country's long-term outlook to be stable.
The rating indicates that the global rating agency does not anticipate any significant changes in the economy's creditworthiness or its ability to meet its financial obligations.
Moody's downgrades Bangladesh's sovereign credit rating one notch; outlook 'stable'
It also maintains its downgraded credit rating at B1 (non-investment grade) for the country.
Moody's disclosed the ratings in a statement recently following a review.
BGMEA president briefs Moody's team on sector's outlook
Earlier in May this year, Moody's downgraded Bangladesh's rating for the first time, placing it at B1 from the Ba3 category.
Moody's downgrades Bangladesh's sovereign credit rating one notch; outlook 'stable'
Runner Automobiles holds its 23rd AGM
Runner Automobiles held its 23rd Annual General Meeting (AGM) virtually on Thursday.
The shareholders approved other agenda items, including the 0 percent cash dividend at the AGM, recommended by the board of directors for the fiscal year ended June 30, 2023, according to a press release.
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Subir Chowdhury, managing director and CEO of the company, delivered the welcome address and held a Q&A session on the financial condition of the last year and the questions of the shareholders.
The meeting was chaired by Company Secretary Mizanur Rahman and attended by CFO Shanat Datta and other members of the board of directors, as well as senior officials and shareholders, it said.
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Runner Automobiles Limited Chairman Hafizur Rahman Khan announced the end of the meeting through a directional speech.
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How to Become a Virtual Assistant: Ultimate Career Guide
Though the concept of a virtual assistant is relatively new, it is one of the most demanding jobs in 2024. Imagine what an assistant does. From administrative services to client support, an assistant usually covers work that falls under the spectrum of office management and may even branch into other delegations. A virtual assistant does all of that, except in a remote capacity. Here’s all there is to being a virtual assistant and what it takes to become one.
What is a Virtual Assistant?
It has been a common practice for offices and working professionals to employ a full-time assistant to take over administrative tasks. However as the concept of a hybrid work environment grew mostly due to the pandemic, the idea of a virtual assistant also became a reality.
A virtual assistant is essentially an independent contractor for the company who works in a remote and partially limited capacity. This allows businesses and companies to bypass certain benefits and gratuities that are otherwise compulsory for full-time employees. It’s a concept similar to gig workers or platform-based workers where the service is offered on a contractual or project basis.
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What Does a Virtual Assistant Do?
There is no fixed JD for a virtual assistant. What a virtual assistant does depends mainly on two key factors. First, what are the assistant’s areas of expertise; second, what are the requirements of the company or individual?
Depending on the area, the work of a virtual assistant can range from finances to emails to even routine office management. But the typical virtual assistant jobs include:
- General administrative work like sorting and drafting emails, calendar management, answering phone calls, and making appointments along with similar on-site tasks- Project management tasks like budget and life cycle monitoring - Bookkeeping tasks like finance and payroll management, and creating budget statements- Research work like due diligence and coming up with new ideas that align with the company or brand image - Customer support - Data entry tasks - Identification of target audience and running customer research - Email marketing, website, and social media management - Transcription-related tasks.
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How to Become a Virtual Assistant
If you have expertise in any of the above tasks, you can build a career as a virtual assistant. The process begins by signing up at any of the leading freelancing platforms like Fiverr or Upwork.
Here’s how you can become a virtual assistant in a few easy steps.
Skill Identification
It is important to play on the strength when it comes to virtual assistant gigs. Identify the skills that are your strengths and look for gigs in that exact niche. Some essential skills include computer literacy, communication, organization management, editorial skills, etc.
Outline the Service
The key to success as a virtual assistant is to sell the skill. The next step after skill identification is to clearly outline in detail what will be offered and what will be the charge. A proper presentation of the service can be a make-or-break aspect in this regard.
Get the Equipment
There might be a requirement for additional equipment depending on the nature of the assistant gig. A laptop is a great option alongside a PC for working on the go. There might even be a need for a separate phone for cold-calling gigs. Then there are printers and scanners as well. So it is important to prepare beforehand based on the service offered.
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Searching for Jobs
It is unlikely that the first day will bring tons of virtual assistant gigs. Rather than aiming high from the get-go, try and take up smaller low-paying gigs to get started and build connections in the platform.
Create a Portfolio
The smaller jobs of the early days will help to build a solid portfolio for a virtual assistant. A person can show their project details, deliverables covered as well as the reviews left by the hiring personnel to attract new and better opportunities.
Specialize and Market the Specialization
Instead of trying several areas at a time, it is better to focus on a single niche and build expertise in it. The skill level or expertise will determine the pay level as it will compound exponentially.
Read more: AI Robot Chefs: Automated Cooking Could Redefine Food Industry
BATB awarded as one of top taxpayers for 10th consecutive year
British American Tobacco Bangladesh (BATB) has been awarded as one of the top taxpayers in the country for the fiscal year 2022–23.
The company contributed Tk 1,352 crore as corporate tax to the national exchequer in the fiscal year.
The National Board of Revenue (NBR) presented BAT with recognition in the "others" category at an event at the Bangabandhu International Conference Centre in Dhaka on Wednesday.
The company has obtained the top taxpayer title for the 10th consecutive year, starting in 2014. In the 2022–23 fiscal year, the company paid Tk 31,507 crore as value-added tax, supplementary duty, corporate tax, import duty, and others—the highest among the companies operating in Bangladesh.
BATB Chairman Golam Mainuddin, Managing Director Shehzad Munim, and Senior Manager Arafat Jaigirdar were present during the award handover ceremony.
Shehzad expressed his gratitude upon receiving the award, stating, “BAT Bangladesh fully adheres to the laws of the land, upholding a culture of transparency and timely tax payments. We take pride in contributing significantly to national development and envision BAT Bangladesh as a steadfast growth partner in the country’s journey towards becoming a developed nation.”
The event, chaired by NBR Chairman and Senior Secretary, Internal Resources Division, Abu Hena Md. Rahmatul Muneem, featured the presentation of tax cards and crests to the top taxpayers.
Khairuzzaman Mozumder, secretary of the Finance Division, attended the event as a special guest.
Environment-friendly factories, circular economy key to sustainable growth in RMG sector: Speakers
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Vidiya Amrit Khan has said recycling has always been a part of Bangladesh in a non-systematic and informal way as hand-me-downs or passed on to plastic handlers and fabric segregators.
“We need detailed waste management policy at local, national and international level,” Vidiya Amrit said while speaking at a dialogue titled ‘Circularity, de-carbonization, and competitiveness in Bangladesh’s apparel sector’ held at a hotel in Dhaka on Tuesday night.
Dr. M Masrur Reaz, Chairman and Chief Executive Officer of Policy Exchange Bangladesh, moderated the dialogue.
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LightCastle Partners, a prominent management consulting firm, and Policy Exchange Bangladesh, jointly organized the dialogue that highlighted a number of challenges such as the banks and financial institutions’ lack of meeting 5% ‘green loan’ target.
Other challenges in the sector include attracting the right investments, financial problems for establishing solar factories, the inability of most organizations regarding repayment of loans, and not easy access to loans for small and medium-level organizations.
About 84% of Bangladesh’s export earnings come from this sector. If a circular economy is adopted, Bangladesh may benefit economically, the speakers observed.
While presenting for a deep dive workshop, Mrinmoy Sobhan, Business Consultant at LightCastle Partners, said that the use of garment products is expected to reach 102 billion items across the world by 2030. “It may increase the emission of greenhouse gases by up to 50%. Bangladesh’s apparel sector produces about 5.77 lakh tonnes of textile waste in a year. “
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Md. Ariful Hoque, Director General of Bangladesh Investment Development Authority (BIDA), said recycled products also need to have enough competitive edge, otherwise consumers will not accept them, according to a media release.
According to the latest report of BGMEA, there are over 200 industry-friendly apparel factories in the country. It is imperative to give attention to the issue of reuse of textile wastage for reducing carbon footprint.
Fazlee Shamim Ehsan, Vice President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Abdullah Hil Rakib, Managing Director of Team Group, Dr. Zaki Uz Zaman, Bangladesh Country Representative of the United Nations Development Organization (UNIDO), Kazi Faisal Bin Seraj, Country Representative of the Asia Foundation, among others, spoke.
On behalf of LightCastle Partners, its Co-founder and Director Zahedul Amin, Business Consultant Samiha Anwar, and other officials spoke.
BGMEA, H&M Group discuss collaboration to further strengthen partnership with Bangladesh
According to a report by Denmark-based Fashion Partnership Organization, 2019, Bangladesh exports 60% of its textile wastage annually. But Bangladesh can reduce its 15% demand of total cotton import by reusing its wastage cotton, said a media release.
At the same time, the demand for water in its textile industry will increase threefold compared to its internal demand by 2030. Under the circumstances, it is imperative to ensure the growth of the circular economy for sustainable development in the apparel sector.
While presenting the keynote paper at the dialogue, Faisal Rabbi, Stakeholder Engagement & Public Affairs Manager, H&M, said 60% of our GHG emission is coming from production countries, to achieve our net zero target by 2040 the GHG reduction must happen in production countries like Bangladesh.
The Bangladesh government and the industry here need to align with the goals of fashion brands as they are not just goals set by the brands but a legal requirement for market access going forward.