Business
Commonwealth Trade and Investment Forum opens office in Dhaka
Commonwealth Trade and Investment Forum, an initiative of the Commonwealth Enterprise and Investment Council (CWEIC), on Tuesday opened an office in Dhaka to facilitate trade and investment in Bangladesh.
CWEIC Chairman Lord Marland and Prime Minister’s Advisor Salman F Rahman inaugurated the liaison office in Baridhara J Block in the city.
Addressing the function, Lord Marland said, “Bangladesh is well-positioned to tap into the global business network and leverage its economic potential to drive growth and development.”
“The Commonwealth is home to 2.5 billion people and includes both advanced economies and developing countries. Despite the Commonwealth not being a formal trading bloc, the member countries get benefit from a substantial trade advantage,” he said.
Marland mentioned that the office will facilitate local businesses to avail an array of trade and investment opportunities from the Commonwealth.
In his speech, Salman F Rahman recalled the historical legacy of Father of the Nationa Bangabandhu Sheikh Mujibur Rahman to join the Commonwealth with the dream of cooperation immediately after the independence of the country. “Bangladesh has become a development miracle in the world by keeping stable growth over the last decade. The country is graduating from least developed country groups within a couple of years.”
In this context, the Commonwealth office in Dhaka for trade and investment facilitation is crucial for the economy, he said.
State minister for foreign affairs Shahriar Alam and , Foreign Minister of Cameroon Lejeune Mbella Mbella also spoke at the ceremony.
Bangladesh is hosting the Commonwealth Trade and Investment Forum for the first time on Wednesday. Prime Minister Sheikh Hasina is scheduled to open the international conference.
CWEIC’s network includes around 150 businesses and governments including Standard Chartered, Zenith Bank, Trade and Investment Queensland and the government of the Maldives and 35 countries and territories.
Chinese Company signs deal to invest $12.2 million at Adamjee EPZ
Chinese company Cherry Button Limited is going to establish a garment accessories manufacturing factory at Adamjee EPZ with an investment of USD $ 12.2 million.
Bangladesh Export Processing Zones Authority (BEPZA) and Cherry Button Limited signed an agreement to this effect at the BEPZA Complex in Dhaka on Tuesday.
Also read: Chinese Company to invest $ 19.5 million in Mongla EPZ
Member (Investment Promotion) of BEPZA Ali Reza Mazid and Chairman of Cherry Button Limited MA Miaoyan (Jasika) signed the agreement on behalf of their respective sides.
Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, witnessed the agreement signing ceremony.
Also read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
This fully foreign-owned company will produce annually 1650 million pieces of metal button, plastic button, metal zipper, vislon zipper, nylon coil zipper and other accessories. The company will create job opportunities for 1068 Bangladeshi nationals, said a press release.
Also read: Bangladesh, France reiterate interest in expanding bilateral trade and exploring potentials for investment in infrastructure
Daraz “Noy Er Ullash” campaign kicks off
Daraz Bangladesh, the forefront of online marketplaces in the nation, kicked off its anniversary campaign on Tuesday with the resonating slogan “Eita, Oita, Jeita Lage, Shobee Kinun Daraz-e”.
The campaign will continue till September 14, 2023, to increase the level of shoppers’ excitement, said a press release.
Read: Daraz celebrates 9th anniversary
Daraz's extensive selection of categories, encompassing Fashion, Beauty, Mart, Mall, Home and Living, Lifestyle, Everyday Essentials, and more, promises an unmatched shopping experience precisely tailored to each facet of shoppers' lives all within easy reach.
The campaign captures the spirit of embracing convenience, quality, and variety, offering a seamless world of shopping possibilities.
Read: Daraz organizes “Influencer Connect” Season 1 to empower content creators
Shoppers will get up to 70 per cent off, hot deals, free delivery on specific deals, flash sale, numerous new launches, everyday low price, early bird vouchers, mystery box, exclusive amazing vouchers, and much more.
These exciting opportunities are tailored to redefine their shopping experience and excitement, added the release.
Renowned brands such as Unilever, Reckitt, Nestle, Nivea, Bata, Lotto, Furnicom, Infinix BD, ORAIMO, and Sports House join as co-sponsors, to amplify the excitement of the campaign.
Read: Daraz Bangladesh celebrates International Women's Day
Payment partners facilitate the campaign's seamless transactions, including bKash, Nagad, Eastern Bank Limited, EBL ZIP, HSBC, Southeast Bank Ltd., Prime Bank Limited, NCC Bank, City Bank and BRAC Bank.
Since 2014, Daraz empowers more than 550,000 sellers with world-class marketplace technology and its vision is to be a champion of South Asia serving 50 million consumers and businesses by 2030.
BRI fuels rapid growth of Bangladeshi businesses
The total driving distance from Dhaka's commercial Motijheel district to the Bangabandhu Bangladesh-China Friendship Exhibition Center in the Bangladeshi capital's Purbachal new township under construction is approximately 35 km.
The hot weather and such a long distance did little to deter businesses from thronging the "Belt and Road Initiative in Bangladesh Exhibition 2023."
Read: FBCCI president says they are against dishonest businessmen
Some 3,000 people, including top government officials and leading businesses, flocked to the three-day exhibition over the weekend, bringing together companies, especially those from China, under one roof.
Scores of Chinese and Bangladeshi enterprises, banks, and government agencies used more than 120 standard booths to demonstrate the achievements of the Belt and Road Initiative (BRI) in Bangladesh.
"I came to this exhibition center after seeing the circular of the exhibition," said Bangladeshi Himel, who uses a single name.
"I visited the Huawei stall and saw all Huawei technology and career enterprise solutions here," Himel said, adding, "I've also visited many Chinese stalls. It was very nice to visit this exhibition."
Read: Bank loan interest will go up in future: Salman F Rahman
Himel said Bangladeshi people are also very familiar with Chinese technology and can use an array of high-tech products made in China.
In the booth of Akij Jute Mills Limited, Abiruzzaman, the senior manager, was introducing their products to the visitors passionately.
"I am very happy to participate here," Abiruzzaman said, adding that "we export to China. They are very good, and their cooperation mentality impressed us."
Md Mujibur Rahman, managing director of Powervision Group, was thrilled to be the dealer of Sany Heavy Industry India Pvt. Ltd. in Bangladesh.
Till now, the comprehensive market share of the main construction machinery products from Sany exceeds 30 percent, and the market share was No.1 in Bangladesh for eight consecutive years.
Read: Concerted efforts needed for transition to circularity: BGMEA President
"Construction machines are essential for the BRI. According to that requirement, Sany has been in Bangladesh for the past years and will continue to be," he said.
The BRI is doing development work in Bangladesh, Rahman said, adding that Bangladeshi people know what the BRI is because "development is not possible in Bangladesh without the BRI."
Both the countries benefit mutually from the BRI, a bridge and catalyst in paving the way for the transfer of technology and more investment from China's public and private sectors, said Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), one of the largest associations of Bangladesh's top export earning sector, the readymade garment.
He said there are big opportunities for Chinese investors to invest in Bangladesh because "there is a ready market."
"We want to go forward with the BRI. Bangladesh will go forward with the help of China and the BRI."
Read: BGMEA-Circle Economy ink MoU to accelerate garment, textile sector’s transition towards circular economy
Bangladeshi government officials have also called for increased cooperation under the framework of the China-proposed BRI, which they said has brought great changes to the South Asian country.
They made the remarks on Friday when speaking at the opening ceremony of "The Belt and Road Initiative in Bangladesh Exhibition 2023," which marks the 10th anniversary of the initiative.
The BRI has already brought transformative changes to Bangladesh as "it has strengthened our role as a vital connector in the regional trade network," Lokman Hossain Miah, executive chairman of Bangladesh Investment Development Authority (BIDA), said at the ceremony attended by nearly 400 representatives of Chinese and Bangladeshi enterprises.
"Our participation in the BRI is a testament to our shared commitment. So, let us see this moment, harness the opportunities it presents and work together to build a more prosperous and interconnected world," said Miah, a senior secretary of the Bangladeshi government.
Under the BRI, he said Bangladesh has implemented mega projects like the Padma Bridge rail link, the 8th Bangladesh-China Friendship Bridge, and the Bangabandhu Bangladesh China-Friendship Exhibition Center, among others.
Addressing the ceremony, A.H.M. Ahsan, vice chairman and chief executive officer of Bangladesh's Export Promotion Bureau, said the BRI put forward 10 years ago is "a visionary project aimed at revitalizing the connectivity among Asia, Europe and Africa."
"Over the past decade, we have witnessed the transformative impact of the BRI on global trade and investment, with Bangladesh being an enthusiastic participant in this journey," he noted.
FBCCI president says they are against dishonest businessmen
FBCCI president Mahbubul Alam said on Monday the federation will never advocate for dishonest businessmen.
He said action would be taken against those who create artificial crisis in the market, but the allegations against them must be proven first.
The FBCCI leader made the statement on Monday while speaking as the chief guest at a shadow debate competition held at the Bangladesh Film Development Corporation (BFDC) at Tejgaon. The competition was organised by the Directorate of National Consumers Rights Protection (DNCRP) in collaboration with the Debate for Democracy.
Read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
AHM Shafiquazzaman, Director General of DNCRP, was present as the special guest. Chairman of Debate for Democracy Hasan Ahmed Chowdhury Kiron presided over the debate competition.
“We will take a strong stand against the institutions involved in creating product crisis and market volatility, no matter how big and influential they are. It is possible to keep product prices under control if the supply chain is in tune with demand and supply,” he added.
Read more: Dependence on any market will put Bangladesh at risk: FBCCI President
The FBCCI president said, “We are working to ensure consumer rights. Apart from us, other agencies of the government are also working. Our work is significantly supported by other government agencies as well as other private institutions.”
Read more: Businesses should get opportunities to turn around before wholesale declaration of loan defaulters: FBCCI President
Chinese Company to invest $ 19.5 million in Mongla EPZ
Chinese company QSL.S Garments Company is going to set up a RMG factory in Mongla EPZ (MEPZ) with an investment of US$19.5 million.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and QSL.S Garments Company in presence of Executive Chairman, BEPZA Major General Abul Kalam Mohammad Ziaur Rahman.
Also read: Turkey and Bangladesh keen to enhance bilateral trade
Nafisa Banu, Member (Finance) of BEPZA, and Wanle Xuan, Managing Director of QSL.S Garments Company, Ltd. signed the agreement on behalf of their respective sides.
QSL.S Garments Company, Ltd is a fully foreign-owned company that will produce annually 6 million pcs of woven and knit garments products like shirts, T-shirts, jackets, pants, shorts, etc, said a press release .
Also read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
The RMG factory will create employment opportunities for 2598 Bangladeshi nationals, it said.
Turkey and Bangladesh keen to enhance bilateral trade
President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubul Alam on Sunday called on the businessmen of Turkey to invest in the potential sectors of Bangladesh.
He made this call in a courtesy meeting with Turkish Ambassador Ramis Sen at the FBCCI office in Dhaka.
FBCCI President and Turkish Ambassador to Dhaka led the discussions, where they emphasized the deep-rooted friendship between the two nations and their shared determination to bolster economic cooperation.
Also read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
During the meeting both Bangladesh and Turkey have reaffirmed their commitment to strengthening bilateral trade ties.
FBCCI President mentioned that Turkish investors could invest in several key sectors within Bangladesh, including oil refining, construction, medicine and industrial chemicals, tourism, agriculture, dairy, shipbuilding, civil aviation, and shipping. Furthermore, FBCCI pledged its full support to Turkish businessmen as they navigate the intricacies of the Bangladeshi market.
FBCCI also called for removing customs barriers to facilitate the export of garment products to Turkey, a move that could significantly boost the textile industry in Bangladesh.
In response Turkish Ambassador Ramis Sen praised Bangladesh's progress and expressed Turkey's keen interest in expanding trade relations.
Also read: Dependence on any market will put Bangladesh at risk: FBCCI President
He extended an invitation to a business delegation led by FBCCI to visit Turkey, strengthening the bridge of collaboration between the two nations.
FBCCI Vice President Khairul Huda Chopol, Mohammad Anwar Sadat Sarker, Rashadul Hossain Chowdhury (Ronni), Md. Munir Hossain, directors, and others were present at the event.
Also read: FBCCI and ICC discuss strengthening trade ties
Despite move to rein in price hike, food inflation rose to 12.54 percent in August: BBS
Despite the government's drive to rein in the prices of essentials, overall inflation increased by 23 basis points to 9.92 percent, while food inflation rose to 12.54 percent in August.
During the last two months, both food and non-food inflation reached the highest level in August, according to the Bangladesh Bureau of Statistics (BBS) latest inflation data, released on Sunday.
After decreasing inflation slightly in the last two months, food inflation in the country increased in August. In this month, overall food price inflation has been 12.54 percent. In July it was 9.76 percent.
Read: Why inflation persists at a higher level in Bangladesh
However, although the overall non-food price inflation in July was 9.47 percent; it fell to 7.95 percent in August.
In addition, overall inflation in rural areas rose to 9.98 percent in August. Among them, food inflation is 12.71 percent and non-food inflation is 7.38 percent.
August inflation of 9.92 percent means that a person, who used to buy goods and services for 100 taka in August 2022, has spent Tk109.92 to buy the same product in August this year.
That is, the cost has increased by Tk9.92 in the space of one year. Inflation is like a tax that burdens everyone, rich and poor alike, analysts said.
Read: General inflation slides to 9.74 percent in June: BBS
According to the updated data of BBS, food price inflation in rural areas was 12.71 percent in August, and food price inflation in urban areas stood at 12.11 percent. In both cases, food inflation was below 10 percent in July.
Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
Japanese Ambassador to Dhaka Iwama Kiminori said his country would like to increase investment in Bangladesh’s Economic Zones.
The ambassador said this in a discussion meeting held at the FBCCI's Icon Bhana at Motijheel on Saturday.
The Japanese envoy in response to the speech of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) said there are more opportunities to discuss the joint projects of the two countries.
Regarding the export of manpower to Japan, Ambassador Kiminori said, "We are trying to improve the commercial relationship and communication between the two countries.”
However, there are several barriers. The Japanese government follows international standards, especially in terms of importing manpower. In addition, language skills also play a big role in terms of employment there, the envoy said.
The ambassador assured that Japan will work jointly with Bangladesh to expand employment opportunities in Japan and travel for Bangladeshi to Japan.
FBCCI President Mahbubul Alam said that Japan is one of the most reliable partners for the development of Bangladesh.
“Over the past 50 years, the relationship between Japan and Bangladesh has been steadily strengthening. Japan's contribution to various large-scale projects and infrastructure development in Bangladesh including Metrorail, the third terminal of the airport, Matarbari deep sea port are also implemented by the collaboration of Japan,” he added.
The FBCCI president sought the Japanese’s cooperation in facilitating visa acquisition and acquiring technical skills to facilitate higher education for Bangladeshi students in Japan.
He urged the development organizations, including JICA, and Japan External Trade Organization (JETRO) to come forward to provide necessary training to acquire technical skills and provide logistics support to skilled development in Bangladesh.
Meanwhile, Vietnamese Ambassador to Dhaka Nguyen Manh Cuong paid a courtesy call to the FBCCI President on Saturday. The FBCCI President Mahbubul Alam urged Vietnamese entrepreneurs to invest in Bangladesh.
In the courtesy meeting, it was said that Vietnam has trade potential in several sectors including agricultural products and food processing, electrical machinery and components, marine resources, ICT and telecommunications, light engineering, tourism, leather, jute, and textiles in Bangladesh.
Bank loan interest will go up in future: Salman F Rahman
Prime Minister's Private Industry and Investment Adviser Salman F Rahman warned businessmen on Thursday that bank interest rates will increase in the coming days.
He expressed the concern in a meeting with the newly elected committee of FBCCI in the conference hall of Bangladesh Investment Development Authority (BIDA), an entity under the Prime Minister’s Office, on Thursday.
Read: Businesses should get opportunities to turn around before wholesale declaration of loan defaulters: FBCCI President
Salman said that businessmen are not afraid of political unrest due to the upcoming national elections.
He said that as there has been political stability in the country for the last 15 years the businessmen believe that there will be such stability after the next parliamentary election too.
The leaders of the FBCCI highlighted the challenges of the country's trade and various harassment by the revenue officials. In response, Salman advised the FBCCI to work closely with the National Revenue Board to resolve the crisis.
Read: Large defaulted loans have distressed domestic economy: Experts
“The government's job is to ensure the business environment. It is not the government's responsibility to ensure profit of the traders,” he said.
Salman said that the government had kept the bank's interest rate under control for a long time because of various complaints of businessmen. But now due to increase in the interest rate on deposits, it will not be possible to keep it under control in the future.
He urged the businessmen to get ready to face the challenge of the increased interest rates.
Salman said the government has challenges in collecting revenue at the desired level and despite demands of the businessmen the tax was reduced, but the revenue did not increase proportionately as per desires.
He also urged the businessmen to pay taxes regularly to maintain the continuity of the country’s development.