Business
Chinese company signs deal to invest $2.26 million in Uttara EPZ
Chinese company Red Forest Limited is going to set up a wig and carnival costume manufacturing industry in Uttara EPZ with an investment of USD 2.26 million.
The company signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex, Dhaka, today.
Member (Engineering) of BEPZA Mohammad Faruque Alam and Director of Red Forest Limited Li Chao signed the agreement on behalf of their respective sides.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc witnessed the signing ceremony.
Red Forest Limited will produce 4.09 million pieces of wigs and carnival costumes annually. A total of 379 Bangladeshi nationals will get employment opportunities.
Among others, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Executive Director (Public Relations) ASM Anwar Parvez were present during the signing ceremony.
AKASH Digital TV connection now starts at Tk 2,999
AKASH Digital TV, a DTH service provider has launched a special campaign under which consumers can avail an AKASH connection starting at Tk 2,999 with a 12-month Standard Pack recharge.
In addition to this, there are similar offers with Six-, Three-, and One-month Standard Pack recharge when purchasing a new AKASH Digital TV connection, according to a press release.
With the 12-month recharge, customers will save a total of Tk 1,800, while with a 6-month recharge, they will save Tk 1,300. Additionally, AKASH is offering Free Home Delivery and Installation with a One-Year Warranty, it said
This limited-time offer is valid until November 30. Customers can visit nearest AKASH Retail Point or the website at www.akashdth.com, or call 16442.
Walton Digital Campaign Season 19 kicks off
Walton has launched Season 19 of its digital campaign across the country.Customers are offered a maximum 200 percent cash voucher or sure cashback on the purchase of any model of Walton fridge from any Walton Plaza, distributor outlet, or online sales platform, E-plaza, according to a press release.
The benefits were announced at the declaration programme of "Walton Digital Campaign Season-19," held at the Walton Corporate Office in the capital on Tuesday evening.
Season 19 will be held across the country from November 1 to December 31, 2023.
The Digital Campaign Season-19 was inaugurated by Walton Refrigerator’s Chief Business Officer (CBO) Tofail Ahmed.
Among others, Walton Plaza’s CEO Mohammad Rayhan, Walton's Additional Managing Director Amdadul Hoque Sarker, Deputy Managing Director Nazrul Islam Sarker also attended the programme.
The function was moderated by Walton’s Senior Executive Director and popular Film Actor Amin Khan.
Addressing the event, Walton Refrigerator's CBO Tofail Ahmed said, "Walton has secured about 75 percent market share in the domestic fridge market. Walton is not only delivering international-standard advanced features in fridges but also providing maximum customer benefits. Thus, Walton is conducting a digital campaign to accelerate the initiative of building a customer database for delivering online-based swift and best-after-sales service to the users."
In continuation of this, Tofail said, Walton commenced 'Digital Campaign Season-19' centring the imminent winter season. He hoped that this season would also get a massive response at the customer level, like the previous ones, added the release.
Focus on digital education for Smart Bangladesh: Speakers
Huawei and Smart Technologies (BD) Ltd have recently organised an IP Network Education Summit at the Huawei Bangladesh Academy in Gulshan, Dhaka titled “Towards Smart Bangladesh Through Digital Education.”
High officials from Huawei, university faculty members, researchers, young professionals, administrators, Head of IT, educators, customers, system integrator, IEEE Bangladesh Community and students participated in the Summit, according to a press release.
All the speakers highlighted the importance of digital education system to achieve smart Bangladesh goal, it said.
The summit emphasised on importance of transforming the education sector into a smart and intelligent ecosystem to achieve the shared vision of Smart Bangladesh.
The speakers said, smart transformation of the education sector will play a vital role to create smart citizen for smart Bangladesh. But new smart tools of education require policies as well as IT infrastructure, partnership, education ecosystem automation and customer experiences, said the release.
Prof Mohammad Mahfuzul Islam, vice chancellor of Bangabandhu Sheikh Mujibur Rahman Digital University, was present as chief guest while Prof Md Abdul Awal, Director of ICT Cell and Professor of Dept of Farm Power and Machinery Bangladesh Agricultural University were present as special guest at the event.
The event started with a keynote from Mirza Md Anjamul Bashed (Maruf), Head of South Asia Network BU, Enterprise Business Group (EBG) of Huawei South Asia, focusing on Industrial revolution in education digital transformation through Fully Connected, Fully Intelligent O&M and Multi-Purpose Smart Campus Network. Whereas other speakers at the seminar presented smart ecosystem solutions, including smart classroom tools like Huawei IdeaHub Board 2, AirEngine Wifi 6, and other IoT based innovations that are globally changing the way of education works, the release added.
Peng Xiaolei (Andy), Chief Technology Officer (CTO), Enterprise Business Group (EBG) of Huawei South Asia, said, “ICT is gradually turning education institutions into smart and more impactful learning hubs and thus it is possible to serve more people with new aspects of education. It is important for Bangladesh to focus more on the ICT infrastructure development of the education sector as we are moving towards Smart Bangladesh. The infrastructural development of the education sector in Bangladesh will further enrich this sector.”
BSMMU VC Mahfuzul said, “Globally, the education system has been experiencing massive change in how knowledge and learning is shared. The classroom dynamics involving teacher, student and the administration have rapidly transformed through the grace of technological advancements. Together, by integrating smart, intelligent solutions in the education sector, Bangladesh can reap the benefits of growing need of transforming our education sector.”
Up to now, Huawei has served 2,800+ education departments and institutions in 120+ countries and regions, helping them realize intelligence in education. In the future, Huawei will keep using technologies
to promote innovation and investment in education, facilitate intelligent education development, and cultivate practical forward-thinking talent, the release said.
Quality products to play vital role in technological centres' multifaceted approach: Commerce Minister
Commerce Minister Tipu Munshi has emphasized the significant role that technologically advanced centres dedicated to the production of versatile products will play in enhancing the country's position in the global market.He made these statements during an event held at the Radisson Blu Hotel in Dhaka on Tuesday, where the Ministry of Commerce presented an updated project under the Export Competitiveness for Jobs (EC4J) program, entitled "Bangabandhu Design and Technology Centre for Leather Goods and Footwear" and "Center of Excellence for Engineering and Technology."
TCB smart cards to be distributed by January next year: Commerce MinisterThe event included the signing of agreements for the construction of these centers.Tipu Munshi highlighted the role of diversifying products in the context of export-oriented manufacturing growth and poverty reduction. This vision is underpinned by a focus on the expansion of products and market diversification within the export policy. He emphasized that to strengthen Bangladesh's position in the international export market, these technology centers would be pivotal.
Timely action keeping prices and supply 'stable': Commerce MinisterHe mentioned that by the year 2040, Bangladesh aims to achieve export targets of $300 billion, and by 2030, $100 billion, and these establishments will play a supporting role in achieving these milestones.The minister also underscored the importance of private sector engagement, especially among exporters, as a significant driving force in the country's economic development. He called upon the entrepreneurs in relevant sectors to easily familiarise themselves with modern and global technologies through these technology centers. Through the utilization of advanced technology in production processes and improving product quality, they can enhance Bangladesh's capabilities and competitiveness in the field of export trade.
Efforts on to break syndicates behind essentials’ price hike :Commerce minister Minister Tipu Munshi emphasized that the export market is currently limited in terms of product diversity. Currently, approximately 84% of our export earnings come from the ready-made garment sector. To address these challenges, the Ministry of Commerce is implementing the Export Competitiveness for Jobs (EC4J) project under the directives of Prime Minister Sheikh Hasina.The Export Competitiveness for Jobs (EC4J) project, represented by its project director, Md Monjurul Alam (Additional Secretary), and the Vice Chairman of National Development Engineers LTD, Rayhan Mustafiz, signed the agreements.It is worth noting that two centers, namely the "Bangabandhu Design and Technology Center for Leather Goods and Footwear" on a 5-acre plot in Kashimpur, Gazipur, and the "Center of Excellence for Engineering and Technology" on a 5.2-acre plot in Kaliakair, Gazipur, will be constructed to facilitate the diversification of export products and market expansion.
Business leaders concerned over political unrest as blockade costs Tk6500cr a day
The president of the Federation of Bangladesh Chamber of Commerce Industry (FBCCI) Mahabubul Alam, and other trade body leaders on Tuesday said that they are against such a political program which affects the economy, which causing it to lose around Tk6500 crore a day.
They said after the blow of the COVID-19 pandemic and the Ukraine-Russia war, the economy requires a stable political situation as well as a sustainable government.
The FBCCI president Mahbubul Alam told UNB, “We want any government to come to power through fair elections. A strike or blockade causes a loss of Tk6500 crore a day. So, we want political stability in the country.”
Also read: AL holding marches, sit-ins on streets protesting BNP-Jamaat’s blockade
He said, “We do not want strike or blockade. Strikes or blockades are very harmful to the economy. We are very concerned about this.”
Metropolitan Chamber of Commerce and Industry (MCCI) President Saiful Islam said that the country's economy is now facing a big challenge due to the Russia-Ukraine war after the Covid pandemic.
“In this situation strike blockade will not bring good news for us. We want a stable political environment,” he added.
Also read: Government resorts to ‘targeted killing’ to suppress opposition movement: Rizvi
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hasan said that the image of Bangladesh has worsened due to the strike blockade.
Export orders are decreasing due to various reasons. Now, if the strike continues due to political instability, the country's economy will go into a negative trend, he said.
Executive President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem also echoed the same thing.
He said, “We are going through a crisis. We do not want any new political instability.”
President of Bangladesh Textile Mills Association (BTMEA) Mohammad Ali Khokon said that the garment sector is going through an extreme crisis due to various reasons. In this situation, businessmen want peaceful and fair elections for political stability.
Also read: Opposition parties’ 3-day countrywide blockade to begin Tuesday
BGMEA ready to implement new pay structure govt announces by Dec: BGMEA President
President of The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Tuesday warned that a group of outsiders is instigating the innocent garments workers to create unrest in the industry before announcement of a new pay structure for the sector.
He said the government may announce the new minimum wage for garment workers by November and the BGMEA member factories would implement it by December. So there is no logic to workers' unrest and movement before announcement of the wage.
Faruque said this at a press conference on the recent worker unrest centering and minimum wage in the garment sector held at the BGMEA Building at Uttara in Dhaka on Tuesday.
“We hope that the Minimum Wage Board will announce the new pay structure by November and whatever the government announces as the new salary structure, all the entrepreneurs in the garment industry will accept it, no matter how many challenges there are in the industry. The new wage structure will be effective from next December,” said BGMEA president.
He said, “We are fully aware, of how much our workers brothers, and sisters are suffering due to the increase in the cost of goods as well as living costs at the local for recent international. We sympathize with every entrepreneur in their suffering.”
“One of the main responsibilities of our entrepreneurs is to keep every worker brothers and sisters as well as possible. Workers are the lifeblood of our garment industry. If they are good, the industry will be good,” he added.
Farooq said, "We are deeply concerned, for the past few days, due to the instigation of outsiders, workers in some garment factories are leaving the factory without working, vandalizing the factory, as a result, many entrepreneurs are forced to close the factory.”
More worrying is that due to the incitement of outsiders, various institutions including garment factories, leather factories, chemical go-downs, fabric go-downs, and shops have also been damaged, he said.
PM Hasina to launch 'Taka Pay' card Tuesday: BB
Bangladesh Bank will launch local currency card ‘Taka Pay’, first of its kind in the country, to reduce dependence on international cards and save much-needed US dollars.
Prime Minister Sheikh Hasina will inaugurate the card on tomorrow (Wednesday). Then 'Taka Pay' will be functional.
Also read: Will have dialogue with opposition if Biden does same with Trump: PM on US Ambassador’s call for dialogue
The card will be issued by state-owned Sonali Bank and private sector BRAC Bank in collaboration with the central bank.
'Taka Pay' will provide the same service nationally through the use of 'The National Payment Switch of Bangladesh', an electronic payment platform operated by the BB.
Initially, it will be launched by the central bank for internal use and later Taka-Rupee cards will be launched. Through the card customers can transact in India.
Also read: PM Hasina describes as successful her visit to Belgium for Global Gateway Forum
Electronic transfer of taka is done through Visa and MasterCard payment networks of business institutions including banks and other financial institutions. These entities offer branded payment processing services for credit, debit, and prepaid cards. Domestic card 'Taka Pay' will provide the same service, the BB sources said.
Bangladesh’s neighboring countries also have their currency cards. India has card 'Rupee', Pakistan 'Pakpay', Sri Lanka 'Lonkapay'. Saudi Arabia has 'Mada'.
Earlier, central bank governor Abdur Rauf Talukder announced that Bangladesh Bank will issue a National Debit Card.
Taxpayers want to file returns online without facing harassment from tax officials: Speakers
Speakers at a discussion on Monday claimed that while the National Board of Revenue (NBR) has implemented automation to boost revenue collection and minimise taxpayer harassment, the harassment of individual taxpayers and traders has not been reduced.
They emphasised sustainable automation with concerned departments and organisations within and outside of the revenue board.
The speakers said this at a discussion meeting titled "Transitioning Tax Compliance to Digital Platform" organised by SMACIT Limited at a hotel in Dhaka's Gulshan on Monday.
Also read: Govt aims to collect 11.2% of GDP in taxes by FY 2025-26
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam, citing the issue of harassment by tax officials, said traders want to pay tax without any harassment, and for this, there is no alternative to automation.
He also focused on widening the tax net instead of putting more tax on those who are paying taxes and increasing it every year.
"After submitting the tax file, a tax commissioner approved it. After the arrival of the new commissioner, it was reopened on the basis of dual selection. But whose failure is it?” Asked the FBCCI president.
Also read: No tax fair, NBR will organise tax support service to smooth returns submission
“We want to pay income tax and VAT. But there is no automation of various departments within NBR's own office,” he also pointed out.
There have also been complaints from traders that the NBR is not refunding or adjusting the advance income tax after deducting it from the taxpayer, Alam said.
Sharing his experience, Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the VAT return has to be submitted online. Arrangements have been made to go to the office again.
“In other words, although it is digital, the system remains virtually manual. It does not reduce the harassment of traders,” he said.
Mahmudul Hasan Khosru, former president of the Institute of Chartered Accountants of Bangladesh, said, "The purpose of digitization should be so that taxpayers do not have to go to the tax office."
He said to the revenue board that technology should be brought, but it should not be complicated. It should be implemented step by step.
Also read: Public pension is considered tax-free, notification soon: Finance Ministry
Shawkat Hossen Masum, head of Online at the daily Prothom Alo, said, "The purpose of NBR will not be fulfilled with half-hearted or meagre digitization. It has to be implemented so that tax officials and taxpayers don't have to face each other."
SMACIT Limited Director Snehashish Barua gave details about the new software "Taxdu" the company developed to fill out income tax returns in the digital system.
He said in this system, a taxpayer can fill out income tax returns in just a few minutes and pay the tax amount through mobile financial services like bKash, Nagad, and others.
NBR member Iqbal Hossain referred to the SMACIT Limited initiative as positive and assured that it will be considered whether any kind of assistance can be provided by NBR in this regard.
Director of SMACIT Limited Zareen Mahmud Hosain FCA gave welcome speech in the beginning of the event.
Pathao Chief Executive Officer Fahim Ahmed, Action Aid Bangladesh Country Director Farah Kabir, President of Bangladesh Income Tax Lawyers Association Sohrab Uddin, President of Dhaka Income Tax Lawyers Association BN Dulal, CFO of bikash Moinuddin Mohammed Rahgir, CFO of BRAC Bank Masud Rana, Head of Corporate Affairs of Robi Shahed Alam, CFO of Renetta Limited Mustafa Alim Awlad, among others spoke in the event.
Record jump in prices of onion, potatoes, and vegetables: CAB blames syndicated business
The price of onion, potatoes, and vegetables is going beyond the control of the government and syndicates are making hefty profit through price hiking of the essential goods, said SM Nazer Hossain, Vice-President of Consumers Association of Bangladesh (CAB).
Though the government said there is enough stock of onion and potatoes a group of dishonest traders is hiking the price of those essential goods now blaming the price hike in India, he said.
Talking with the UNB, Nazer Hossain said that India raised the price of onion for exporting, which will require around two weeks to arrive at the shipment, but the traders are hiking price hearing the news even.
He terms it as a competition of dishonest business communities to make hefty profit, while the government agencies, responsible for market monitoring, are in deep sleep.
Read: Govt-fixed prices of onions, potatoes and eggs not executed yet
However, on Monday local varieties of onion were selling at Tk130 to 140 per kg, imported onion at Tk110 to 120 per kg, and potato was selling at Tk 60 to 70 per kg based on quality in the capital.
The prices of different vegetables have jumped by Tk 10 to 40 per kg in contrast to the last 3 days in the capital.
Visiting different kitchen markets UNB correspondent observed that the eggplant was selling at Tk100 per kg, brinjal (long) at Tk 80 to 100 per kg, green chili at Tk240 to 250 per kg based on quality, beans at Tk140 to 160 per kg, tomato at Tk 100 to 120 per kg, carrot at Tk 100 to 120 kg, bitter gourd at Tk 90 to 100 kg, balsam apple at Tk 120 kg, okra at Tk 80 kg, cucumber at Tk 60 to 70 kg, sponge gourd at Tk 80 kg, arum at Tk 80 to 90 kg, radish at Tk 70 to 80 kg, green papaya at Tk 30 kg, French bean at Tk 100 to 120 kg, snake gourd at Tk 80 to 90 kg, pumpkin (medium size) at Tk 100 to 150 per piece, cauliflower at Tk 50 to 55 piece, bottle gourd at Tk 80 to 120 per piece, ash gourd at Tk 60 to 70 per piece, coriander leaves at Tk 500 kg.
Beef is selling for Tk 780 to 800 per kg the mutton at Tk 1150 to 1180. A medium size local cock was selling at Tk 500 to 600 per piece and hen at Tk 400 to 450. The broiler chickens' price stands at Tk 180 to 200 per kg.
Read: Cabinet Committee ‘concerned’ over commodity prices
The egg (farm) was selling at Tk 160 to 165 per dozen, egg (local) at Tk 80 per hali (four pieces), and egg (duck) at Tk 75 to Tk 80 per hali.
Asking regarding the price hike, the Director General of the Directorate of National Consumers Rights Protection (DNCRP) AHM Shafiquzzama told UNB that his office will drive against the unusual price hike of these essentials.
He also said that around 5 months ago he warned different ministries and directorates to take steps to increase the supply of essentials including onions and potatoes to control prices.
Shafiquzzama said during a visit to different cold storage in different districts he found enough stock of potatoes, despite the price increase. The government is now allowing potato imports to curb the price.
Though the government earlier allowed egg importing, none of the single egg imported so far due to different bureaucratic complexity.