Business
Thailand keen on FTA with Bangladesh as soon as possible
The Thai government has expressed interest in putting in place a free trade agreement with Bangladesh as soon as possible.
High-level Saudi business delegation in Dhaka to explore investment opportunities here
The two countries, during a recent series of meetings, emphasized on FTA for greater business opportunities.
A 50-member delegation from Bangladesh just concluded a bilateral visit to Thailand, organized jointly by Bangladesh Thai Chamber of Commerce and Industry (BTCCI), Ministry of Commerce of Thailand along with the Ministry of Foreign Affairs of Thailand and the Royal Thai Embassy in Bangladesh.
Bangladesh and Thailand are interested to explore new avenues of cooperation in blue economy, electronic vehicle assembly and ecosystem management, technical textiles, data-driven modern agriculture, light engineering, halal industry, value added food processing etc.
Policy support for SME industries in Bangladesh along with ESG compliance were also discussed for collaboration.
During these bilateral discussions between the private sector and government representatives, a host of new avenues for closer cooperation were discussed.
The largest ever business to business matchmaking event took place in Bangkok with more than 100 Thai businesses taking part in the event, said BTCCI on Wednesday.
Over 145 contracts were exchanged during this event between the business delegations.
Shams Mahmud, President of BTCCI, who led the delegation along with the Board of Directors and Makawadee Sumitmor, Ambassador of the Royal Thai Embassy in Bangladesh, called on the Adviser to the Prime Minister of Thailand and Thailand Trade Representative Dr. Nalinee Taveesin, Permanent Secretary of the Ministry of Foreign Affairs Sarun Charoensuwan, Secretary of the Minister of Industry Dr. Pailin Teansuwa and Ekachat Seetavorarat, Deputy Permanent Secretary of the Ministry of Commerce.
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During the visit, the delegates also visited the factories of Econowatt Waste Water Management, Lighting and Equipment Public Company Limited (L&E), Kubota Farm and Penn Asia Co., Ltd. (Dry Dye Technology).
BTCCI has planned a host of events in the coming year to take targeted sector trade delegation visits and explore new ways to enhance future trade and cooperation between the private sectors of both Thailand and Bangladesh.
High-level Saudi business delegation in Dhaka to explore investment opportunities here
A 31-member business delegation from Saudi Arabia is visiting Bangladesh to explore investment opportunities.
Saudi Investment Minister Khalid Abdul Aziz Al Falih and Deputy Minister for Investors Outreach Badr Ibrahim Al Badr came separately to Dhaka.
The high-level business delegation included representatives from Saudi investment entities including Saudi Fund for Development (SFD), Saudi chambers and leading Saudi companies including RSGTi, Acwapower, Saudi Exim Bank, Al-Jomaih Energy and Water, Desert Technology, Data Volt, Rasi Investment, SAL Logistics, Fly Nas, Engineering Dimension contracting, Al-Jamil Industrial, Al-Horaish for Trading etc.
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The business delegation had a networking session on Tuesday night with leading businessmen of Bangladesh.
They will join a business seminar today.
The Saudi investment minister is visiting Bangladesh to witness the signing ceremony of an agreement between Chittagong Port Authority and Saudi Red sea Gateway Terminal international (RSGTi) ltd and to attend other business meetings including a call on Prime Minister Sheikh Hasina.
The Ministry of Foreign Affairs is coordinating this high-level visit together with the Ministry of Shipping and Bangladesh Investment Development Authority.
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BGMEA President calls for collaborative efforts to navigate challenges in RMG industry
Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has sought the support and cooperation of all stakeholders to overcome the challenges being faced by the readymade garment industry.
The garment industry of Bangladesh is passing a trying time and needs close cooperation and concerted efforts of all players from their respective positions to stay on course, he said.
Also read: BGMEA calls for speeding up customs clearance for RMG sector
Collective efforts and shared responsibility are essential to overcome the challenges posed by the current global economic landscape and create a brighter future of the industry, he said.
He made the call while exchanging views with stakeholders of the RMG industry at the BGMEA office in Chattogram on December 5, according to a press release.
BGMEA First Vice President Syed Nazrul Islam, Senior Vice President S. M. Mannan (Kochi), Vice President (Finance) Khandoker Rafiqul Islam, Vice President Md. Nasir Uddin, Vice President Rakibul Alam Chowdhury, former First Vice Presidents S. M. Abu Tayeb and Nasir Uddin Chowdhury, Directors of BGMEA were present at the meeting.
Also read: BGMEA supports Simon Project for enhanced workers’ health data collection
President Faruque Hassan highlighted the profound impact of the Russia-Ukraine war on the global economy and, subsequently, the challenges faced by the Bangladeshi garment industry.
"Given the importance of the RMG industry on the socioeconomic development of Bangladesh, all should join hands to drive the industry forward in a sustainable manner," he further remarked.
He expressed optimism that with the support of all, the RMG industry would overcome its current challenges and would emerge stronger, contributing more to the country’s economic prosperity.
Also read: BGMEA President calls upon Gloria Jeans to increase souring garments from Bangaladesh
Omar Hazzaz President, Chittagong Chamber of Commerce & Industry; Syed Mohammad Arif, Chairman of Bangladesh Shipping Agents Association (BSAA); Khairul Alam (Suzan), Vice President of Bangladesh Freight Forwarders Association; A K M Akther Hossain, President of Chittagong Customs Clearing & Forwarding Agents Association; Mostafizur Rahman, Vice President, Bangladesh Inland Container Depots Association (BICDA); Enamul Hoque, representative of Bangladesh Container Shipping Association; Fazle Ekram Chowdhury, President of Berth Operator Owners Association; Lutmila Farid, Vice President of Women Chamber of Commerce and Industry, among others, were present at the view exchange meeting.
BGMEA calls for speeding up customs clearance for RMG sector
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called for speeding up customs-related procedures more, particularly the faster clearance of export-import goods, to enhance the competitiveness of readymade garment industry.
A delegation of BGMEA led by President Faruque Hassan made the call during a meeting with Mohammad Fyzur Rahman, Commissioner of Custom House, Chattogram on December 5, according to a press release.
Also read: BGMEA supports Simon Project for enhanced workers’ health data collection
They had discussions about key concerns related to customs procedures that impact the RMG industry and ways to address them.
Present at the meeting were BGMEA First Vice President Syed Nazrul Islam, Vice President (Finance) Khandoker Rafiqul Islam, Vice President Md. Nasir Uddin, Vice President Rakibul Alam Chowdhury, former Director Anjan Shekhar Das, Chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin, and Chair of BGMEA Standing Committee on UD-Woven & Knit Md. Nurul Islam.
During the meeting, President Faruque Hassan underscored the importance of reducing lead time in the highly competitive global market, highlighting its critical role in maintaining the competitiveness in the fashion industry.
Also read: BGMEA President calls upon Gloria Jeans to increase souring garments from Bangaladesh
He urged Customs House to take immediate measures to ensure smoother and faster services, particularly in the clearance of export-import goods.
President Faruque Hassan also shed light on the challenges currently faced by the RMG industry amid the present global economic situation.
The Customs Commissioner listened to the concerns raised by the BGMEA leaders and assured that the Customs House would provide necessary support.
Also read: BGMEA chief for stepping up economic diplomacy to boost Bangladesh-US trade
NBR selects 525 best taxpayers from districts and city corporations
A total of 525 people in city corporation and district areas have been selected as best taxpayers after the national level to encourage tax payment.
The National Board of Revenue (NBR) published this notification in this regard today (Tuesday).
The NBR has selected 77 people in 11 city corporations and 448 people in the category of highest income taxpayers and longtime income taxpayers in 64 districts for the tax year 2022-2023.
Also read: Revenue collection up by 14.36 percent in July-October, but behind target: NBR
Among these, two people from each City Corporation and district were selected as the longest serving three as the highest taxpayers, and one as the best in the women and youth category.
The Ministry of Finance has published the names of the best taxpayers as per the provisions of the district-wise highest and longest ‘Income Tax Paying’ under Tax Payers Policy-2008.
Earlier, 141 individuals, institutions, and organizations were selected as the best taxpayers for the tax year 2022-23. Among them, 76 at the individual level, 53 at the company level, and 12 in other categories.
Also read: Taxpayers’ number should reach one crore considering individual income: NBR Chairman
According to the Ministry of Finance notification, the names of 525 best taxpayers were nominated at the city corporation and district level in the tax year 2022-23.
Among them, 77 taxpayers in 11 city corporation areas will be given tax cards and awards as the best taxpayers. The card will be issued to seven taxpayers in each city corporation area and seven taxpayers in each district as the highest taxpayers.
Also read: NBR extends tax return submission deadline by two months
Income discrimination widened under current social security system: Dr Binayak Sen
Income discrimination widened in the country under the current social security system, which is not suitable to deal with this inequality, said Dr. Binayak Sen, director general of Bangladesh Institute of Development Studies (BIDS).
He said this in a seminar organized on the occasion of 63 years of ICDDRB on Tuesday.
Dr Sen also said that inequality is increasing—generally speaking, the rich are getting richer and the poor are getting poorer. But the nature of inequality in Bangladesh is somewhat different.
Also read: Wealth and consumption inequality widens in Bangladesh: Debapriya
According to him, the condition of both poor and rich people in the country has improved, but the rate of improvement of the rich people is higher.
Referring to the household survey 2022 he said that the Gini coefficient of consumption inequality at the national level in the country was 0.334; It was 0.356 in urban areas and 0.291 in rural areas.
“If the value of the Gini coefficient is zero, it means that there is ultimate equality in the society. 1 means there is ultimate inequality; Crossing 0.50 indicates high inequality in the country. That is, there is high inequality in the country now,” said Dr Sen.
Also read: Steps required to increase incomes, minimize inequality: Dr Farashuddin
BIDS’ DG Dr Sen presented a keynote paper titled 'Poverty Trends and Determinants in Bangladesh: Insights from Recent Evidence' at the seminar.
He said the Covid-19 pandemic and the Russia-Ukraine war have adversely affected the country's poverty situation. However, Bangladesh has made significant progress in reducing poverty in the last decade.
Dr Sen highlights the main causes of poverty and makes several policy proposals to overcome it.
Also read: Working to reduce gender inequality in workplace: FBCCI
He recommended the implementation of those policy proposals in the short and medium term considering smart macroeconomic management, sustainable growth, efficient human resource development, and geo-economic conditions.
He displayed in the presentation that the tax-GDP ratio is decreasing despite the increase in government expenditure. In 2000-01, the tax-GDP ratio in the country was 8.5 percent. Then in the fiscal year 2010-11, the tax-GDP ratio was 10.4 percent, while the government expenditure as a proportion of GDP was 14.2 percent that year.
In FY 2020-21, the tax-GDP ratio was 9.96 percent, but the government expenditure-GDP ratio rose to 15.27 percent. Due to this, the spending capacity of the government is decreasing.
Also read: South Asia must continue to reduce inequality to improve access to opportunity: World Bank
Canadian High Commissioner in Bangladesh Lily Nichols was the chief guest at the seminar. ICDDRB officials and researchers among others, present in the seminar.
Brac Bank organises comprehensive annual risk conference
Brac Bank has organised its Annual Risk Conference 2023 to create awareness among its co-workers about risks in day-to-day banking operations and to find ways to overcome them effectively.
The conference was organized in line with Bangladesh Bank Risk Management Guidelines for Banks 2018 to teach co-workers about risk management framework and help them tackle operational and other risks facing the bank.
More than 700 co-workers, including branch managers, branch operations managers and other senior officials, participated in the daylong conference in person and on a virtual platform.
Zabdul Islam, Director, Department of Off-site Supervision, Bangladesh Bank, attended the inaugural ceremony as the chief guest at Dhaka’s head office on Saturday.
Read: Brac Bank’s TARA launches savings campaign with special offer for women
Salek Ahmed Abul Masrur, Independent Director and Chairperson of the Board Risk Management Committee, Brac Bank, delivered closing remarks.
Faruq Mayeenuddin Ahmed, Vice Chairperson; and Salek Ahmed Abul Masrur, Independent Director and Chairman of the Board Risk Management Committee, Brac Bank PLC, took part in a panel discussion on “Macroeconomic Volatility and its Impact on Credit & Market Risk” moderated by Ahmed Rashid Joy, Deputy Managing Director & Head of Credit Risk Management, Brac Bank.
Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, Brac Bank, and senior management committee members attended the daylong conference.
Read: Brac Bank clinches five prestigious awards from Mastercard
Dr. Kazi Arif Uz Zaman, Additional Director; S.M. Khaled Abdullah, Joint Director, Department of Off-site Supervision, Bangladesh Bank, and Khandhaker Tanveer Shamsul Islam, Independent Director, Midland Bank and Former Head of Facilities Restructuring and Recovery, Commercial Bank of Dubai, conducted separate sessions covering various aspects of risk management in the bank.
Addressing at the conference, Faruq Mayeenuddin Ahmed, Vice Chairperson, Brac Bank, said: “Banks often come across many risks in day-to-day banking operations.
“We must upskill our people in risk management to handle them effectively and efficiently. We think capacity building through such a knowledge-sharing conference is essential to face the risks. We have organized this conference, particularly for the frontline co-workers who directly come across the risks”, he said.
Salek Ahmed Abul Masrur, Independent Director and Chairman of the Board Risk Management Committee, said: “As a values-based organization, Brac Bank inculcates in its co-workers the knowledge of risk management to ensure good governance.
Read: Brac Bank’s Reading Cafes arranges discussion on works of Jibananda, Rabindranath
He thanked Bangladesh Bank for continuous policy support and guidance regarding risk management. We will continue to organize the knowledge-sharing session to augment the co-workers' risk management capability under Bangladesh Bank's guidance.
Nagad becomes top VAT depositor for consecutive years
Mobile financial provider Nagad has become a top VAT depositor in only four years of its inception.
The National Board of Revenue (NBR) has declared Nagad Limited as one of the top VAT-paying companies in the country for the fiscal year 2021-2022 in the service category, according to a press release.
In acknowledgment of Nagad’s financial contribution to the national exchequer, the “Highest VAT Payers Award” will be handed over by Finance Minister A H M Mustafa Kamal to the MFS operator at a ceremony organised by the NBR on December 10, marking the National VAT Day.
Like in previous years, the revenue board will honour top nine VAT-paying companies at the national level for the last fiscal year in three categories – production, service, and business, said the release.
Since its launch by Prime Minister Sheikh Hasina, Nagad has garnered over 8.5 crore customers and revolutionised the disbursements of social safety net allowances, education stipends, and even distributed cash aid to underprivileged families during the pandemic times, added the release.From its inception, Nagad has spearheaded digitalisation in the country’s financial sector, introducing groundbreaking initiatives, such as the digital Know Your Customer (KYC) process – a first in the country, eliminating paperwork for MFS account openings. Besides, the company’s innovation in opening accounts via feature phones has also disrupted the digital financial services landscape, the release also said.
Mohammad Aminul Haque, executive director of Nagad Ltd., emphasised how simplified account opening has not only driven financial inclusion but also propelled the nation towards a cashless society.
“The more customers use digital services, the easier their lives will be, with benefits of Digital Bangladesh reaching every home. The government’s revenue generation will get a boost too,” he also said.
Aminul Haque reiterated Nagad’s commitment to enhancing customer experience with products and services tailored to their changing needs.
The MFS provider is now actively working towards launching the country’s first digital bank, aiming to elevate cashless transactions to the next level, he added
$1.08 billion could be added to Bangladesh’s dwindling forex reserves
Bangladesh could be getting USD 1.08 billion as loan from the Asian Development Bank (ADB) and the International Monetary Fund (IMF).
A senior official of the Ministry of Finance today told UNB that a loan proposal of $400 million for Bangladesh is expected to be placed at the ADB board meeting on December 12, 2023.
Read: Banks will provide 7% interest on foreign currency deposits: Bangladesh Bank
On the same day, the IMF board meeting will decide on the proposal for a $681 million loan – second tranche of IMF’s $4.7 billion loan – for approval.
If both loan proposals are approved next week, $1.08 billion could be added to Bangladesh’s forex reserves.
Read: World Bank, ADB support to cope with Rohingya crisis must be grant, not loan: TIB
This would bring relief to the foreign exchange shortage which is affecting import bill payments and required dollars to meet Bangladeshi citizens’ overseas education and treatment payments.
CEOs unite to foster inclusive, accessible employment opportunities for persons with disabilities in Bangladesh
To commemorate the International Day for Persons with Disabilities, Bangladesh Business and Disability Network (BBDN) and the CSR Centre, in collaboration with UN-Habitat, organized the CEO Forum titled "Build the Nation through Accessible & Inclusive Employment Opportunities" on December 4, 2023, at the Metropolitan Chamber of Commerce and Industry (MCCI) Office, Police Plaza Concord.
The event aimed to catalyze dialogue among corporate leaders to create an enabling environment for persons with disabilities and drive positive change towards a more inclusive society.
The CEO Forum, a testament to the commitment to the principle of "leave no one behind," focused on making companies welcoming to all through the accessibility of different types of infrastructure within society at large.
Read: Breaking barriers: Nagad empowers, inspires, transforms lives of persons with disabilities
Distinguished attendees included Rupali Chowdhury, Managing Director of Berger Paints; Monsur Ahmed Chowdhury, Trustee of BBDN; Dr. Md. Mafizur Rahman, Managing Director of SME Foundation; Shamarukh Fakhruddin, Director of Urmi Group; Tahsinah Ahmed, Executive Director of Bangladesh Youth Leadership Center (BYLC); Constantinos S. Gavriel, General Manager at Le Meridien Hotels & Resorts - Marriott International; Karin Jongman, Hotel Manager at Le Meridien Dhaka; Samia Chowdhury, Chief Executive Officer of MTB Foundation; Tushar Tripathi, CEO of Envoy Textiles; Sohel Tanvir Khan, Business Director of ACI Logistics Ltd (Shwapno); Akik Ahmed, Manager Green Delta Insurance Limited, according to a media release.
The Forum served as a platform to harness the collective wisdom, expertise and commitment of CEOs and industry leaders towards creating a more inclusive society in Bangladesh. Murteza Khan, CEO of BBDN, welcomed the audience with his remarks and emphasized the objective of the event which was to focus on the relationship between employment and the accessibility of infrastructure. Dr. Priyanka Kochhar presented the keynote on SDGs and the role of the private sector in creating accessible employment opportunities for persons with disabilities, in the context of developing sustainable cities. Shahamin Zaman, CEO of CSR Centre, in her vote of thanks, emphasized that only private and public partnership can achieve the most desirable SDGs.
Read: International Day of Persons with Disabilities on Sunday
In a noteworthy development, the discussants stressed the importance of government support and legislative enforcement in creating more accessible housing, WASH facilities and transportation systems to support persons with disabilities,thereby enabling increased access to meaningful opportunities and greater social participation. In addition, development partners that are funding large infrastructure projects can leverage their influence to compel the government to ensure the projects undertaken include universal design principles that address the accessibility requirements for persons with disabilities — best exemplified by the Dhaka Metro Rail, which has been established as an accessible mode of transportation. In addition, while employers shared their good practices in different sectors related to disability inclusion in the workplace, from a sustainability and scalability perspective, it was emphasized that the infrastructural enablers are necessary to maintain and drive the required changes in the long run.
Read: Empower youth with disabilities to foster inclusiveness: Youth Day speakers
The collaborative efforts of BBDN, CSR Centre and UN-Habitat underscore a commitment to building a more inclusive and equitable future for all citizens of Bangladesh. As these initiatives gain momentum, it is expected that they will serve as a catalyst for positive change, inspiring other sectors and public departments to embrace inclusivity as a core tenet of their development agendas.