Circular economy presents a clear pathway toward achieving greater environmental sustainability while fostering economic growth, said Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). He said, “The readymade garment industry has historically followed a linear business model. However, it is evident that this trajectory needs to change if we are to ensure sustainability.” “In Bangladesh, we have an opportunity to lead this change, to become not just an industry but a nation committed to circular practices,” he added. Faruque Hassan made the observations while delivering his speech as guest of honour at the SWITCH to Circular Economy Value Chains (SWITCH2CE) Project inception seminar organized by UNIDO and the Ministry of Commerce in Dhaka. Textile and Jute Minister Golam Dastagir Gazi (BirPratik) was present at the event as chief guest.

The Asian Development Bank (ADB) and Deutsche Bank signed a risk participation agreement to enhance access to financing for small and medium-sized enterprises (SMEs) in Asia and the Pacific. The agreement was signed between ADB’s Trade and Supply Chain Finance Program (TSCFP) and Deutsche Bank AG through its Singapore branch, said a release of ADB on Tuesday. The agreement will enhance Deutsche Bank’s ability to support SMEs and other corporate clients by releasing more capital for use in key economic sectors in the region, like pharmaceuticals and agriculture, added the release. Read: Global trade finance gap expands to 2.5 trillion USD in 2022: ADB “Partnering with Deutsche Bank will allow companies, particularly SMEs, to access the global supply chain which can spur economic growth and contribute to job creation,” said ADB’s Director General for Private Sector Operations Suzanne Gaboury. “Partnerships like this one allow ADB to catalyze the private sector and mobilize capital for trade transactions that support development across the region.” Supply chain finance is critical to increasing trade by providing working capital to suppliers by leveraging their relationships with larger corporates. With short-term revolving facilities for supply chain finance transactions, this partnership has the potential to support more than 200 million U.S. dollars in additional trade in Asia and the Pacific each year. Read: BIMSTEC Summit: High-profile Bangladesh business delegation to visit Thailand in November “We are proud to partner with ADB on this important initiative. Together, we will help smaller companies achieve growth through better access to supply chain financing. We believe this is important, as we are seeing increasing demand for this in the trade sector,” said Deutsche Bank Head of Trade Finance and Lending for Asia Pacific Matthew Moodey. TSCFP is helping banks in Asia and the Pacific improve their ability to provide supply chain finance, particularly to SMEs. It is working to make global trade and supply chains green, resilient, inclusive, transparent, and socially responsible.

The global trade finance gap grew to a record 2.5 trillion U.S dollars in 2022 from 1.7 trillion dollars two years earlier, as rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing, according to the 2023 Trade Finance Gaps, Growth and Jobs Survey released by the Asian Development Bank (ADB) on Tuesday. The trade finance gap is the difference between requests and approvals for financing to support imports and exports. Read: Exports robust, August earnings rise to $4.78 billion According to the survey, rebounding strongly after the COVID-19 pandemic, global goods exports grew in 2021 and 2022 at 26.6 percent and 11.5 percent, respectively. Demand for trade finance surged on the back of this sharp recovery, but heightened economic risks made finance more difficult to secure than before, the survey shows. “The global trade finance funding gap has now widened to well over $2 trillion, as the global economy still struggles to rebound from the pandemic,” said ADB's Director General for Private Sector Operations Suzanne Gaboury. “That growing gap strangles the potential of trade to deliver critical human and economic development through jobs and growth," Gaboury added. The survey is the world’s leading barometer of trade finance health. It includes data from 137 banks and 185 companies from around 50 countries. Read: Stakeholders for circular economy in Bangladesh's garment sector Respondents said they faced continued constraints in 2022 due to rising interest rates and financial market uncertainties, set against the backdrop of a global economic slowdown, and geopolitical instability. Around 60 per cent of responding banks reported that the Russian invasion of Ukraine impacted their trade finance portfolios due to growing geopolitical uncertainty and increased commodity prices. For the first time, the 2023 trade gaps survey focuses on environmental, social, and governance (ESG) issues, along with digitalization, in a bid to assess their impact on relevant supply chains and the trade finance gap. Read: Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices Most of the banks and companies that took part in the survey believe that ESG alignment could potentially help reduce the trade financing gap. The top supply chain challenge cited by firms surveyed was insufficient financing. They identified access to adequate financing, reliable logistics, and the use of digital technology as the three most important components of resilient supply chains.

FBCCI President Mahbubul Alam on Monday said dependence on certain markets will put Bangladesh's export trade and economy at risk. “In such a situation there is no alternative to expanding export trade and diversifying products in the international market. The Ministry of Foreign Affairs and the apex organization of traders FBCCI will work together to search for new markets,” he said. Also read: Mahbubul Alam of Chattogram Chamber new FBCCI president Mahbubul Alam said this while Foreign Secretary Masud Bin Momen paid a courtesy call to the FBCCI President (Mahbubul) at the FBCCI office on Monday. They expressed their interest in working together for trade expansion. The FBCCI president said, "If the commercial counselors in charge of various embassies and missions promote Bangladesh-made garments as well as other products in those countries, the market for our export products will expand further." Also read: FBCCI to host Bangladesh Business Summit 2023 from March 11 to 13 At this time, the FBCCI president emphasized the expansion of regional trade. He said, 'Like other regional alliances, Bangladesh also needs to exploit the opportunities of the regional market. In this case, various fairs, business forums, and BIMSTEC joint chambers can be organized through regional alliances like BIMSTEC. In order to promote the best products of Bangladesh, Mahbubul Alam also informed regarding the plan to organize the Best of Bangladesh Expo in Mumbai, India soon. Foreign Secretary Masud Bin Momen said, "Most of our export earnings come from the ready-made garment sector. Businessmen should come forward in product diversification.” The Ministry of Foreign Affairs will provide necessary support to businessmen in expanding the market of products abroad, he said. Also read: FBCCI election: 15 new directors from Combined, 8 from Oikya panels elected The Foreign Secretary emphasized strengthening the cooperation relationship between the private sector and government officials for export diversification and trade expansion. FBCCI vice-president Khairul Huda Chapal, Mohammad Anwar Sadat Sarkar, Dr. Jashoda Jiban Debnath, Shami Kaiser, Rashedul Hossain Chowdhury Roni, and other directors of FBCCI, were present.

Bangladesh’s export earnings increased by 3.8 percent year-on-year to USD $4.78 billion in August, compared to the previous fiscal year (FY2022-23). The Export Promotion Bureau (EPB) published this information on Monday (September 04, 2023), which shows that the garment sector is the major contributor to the overall export earnings. The sector insider shows it as good news amidst falling inward remittances in August. Also read: RMG exports for July-August this year grow by 12.46% As a percentage, compared to 2022, export income increased by 3.8 percent in August 2023. However, the government's target was not met. The government's export revenue target for that month was over $4.87. According to EPB data, 26 types of products including garments, medicine, and leather were exported to the world market in the month of August of the current financial year 2023-24. From there, $4.78 crore has been earned in August. Also read: RMG exports: Bangladesh earned $3.95 billion in July, says BGMEA During the same period of the financial year 2022-23, the export revenue was $4.6 billion. Accordingly, compared to last year, the income has increased by $17.51 crore, which has increased by 3.8 percent. Also read: Bangladesh's RMG export to USA grows 6.31% in FY 2023-24 

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Circle Economy have entered into a partnership to accelerate the transition of Bangladesh’s garment and textile industry towards the circular economy. Faruque Hassan, president of BGMEA and Hilde van Duijn, head of Global Value Chains in Circle Economy, signed a Memorandum of Understanding (MoU) on behalf of their respective organizations at the Amari Hotel in Dhaka on Monday.   The collaboration between the parties aims to enable greater coordination in regard to sharing expertise, raising awareness and disseminating knowledge to enable BGMEA members to adopt and implement circular strategies. Read: Helen Keller International and BGMEA join forces to enhance eye care for garment workers and boost productivity The parties aim to collaborate within the context of the SWITCH2CE project, specifically on the creation and dissemination of the capacity building programme. Areas of cooperation identified in the capacity building programme include exchanging knowledge, sources and insights on the value chain for (post-industrial) textiles in Bangladesh and disseminating the Circularity Game as the tool to assess current awareness and knowledge on circularity amongst BCMEA members. Read more: South Korean Ambassador, BGMEA President discuss ways to boost trade, investment

A diverse group of stakeholders from the garment and textile industry gathered at BGMEA Complex in Dhaka on Monday to discuss the prospects of circular economy in the country. Industry leaders, policymakers, brands, development partners, suppliers, recyclers and banker attended at a roundtable to discuss the issues. They discussed the challenges and opportunities of transitioning to a circular economy in Bangladesh, as well as the way forward to build a circular industrial ecosystem in the country. The roundtable was as a part of a dialogue titled “Switch to Upstream Circularity: Pre-consumer Textile Waste in Bangladesh.” This event was organised under the Switch to Circular Economy Value Chains project (SWITCH2CE), co-funded by the European Union and the Government of Finland. SWITCH2CE is led by United Nations Industrial Development Organization (UNIDO), in collaboration with Chatham House, Circle Economy, and European Investment Bank, and supports the switch to circularity in selected global value chains. Thanking all the participants, BGMEA President Faruque Hassan said the event would pave the way for bringing thoughts, ideas and experiences together in order to pursue a common goal – to transform the industry into a circular manufacturing hub. Read: Helen Keller International and BGMEA join forces to enhance eye care for garment workers and boost productivity Jeremy Bruer, Australian High Commissioner to Bangladesh, Mark Draeck, Chief Technical Advisor on SWITCH2Circular of UNIDO; Holly Syrett, Director of Impact Programmes and Sustainability at Global Fashion Agenda; Nin Castle, Chief Program Officer- Co-Founder, Reverse Resources, Abdur Rahim Khan, Additional Secretary to Commerce Ministry, Mahbub ur Rahman, CEO of HSBC Bangladesh, Enamul Huque, Managing Director and Country Head of Corporate of Commercial and Institutional Banking at Standard Chartered Bank, Humaira Azam, Managing Director and Chief Executive Officer of Trust Bank, joined the roundtable. Moderated by Barrister Vidiya Amrit Khan, Director of BGMEA, the discussion was also attended by representatives from brands including H&M, BESTSELLER, KIABI, Kmart Australia, Primark, Decathlon, GIZ and other stakeholders. They discussed how Bangladesh could embrace circular practices, reduce the environmental footprint of the textile sector, create new job opportunities and bolster their international reputation as a hub for sustainable manufacturing. Read more: South Korean Ambassador, BGMEA President discuss ways to boost trade, investment

Renata Pharmaceutical Ltd has signed a memorandum of understanding to use bKash's B2B “Cash Pickup” service at 19 distribution centres across the country. Ali Ahmed, chief commercial officer of bKash, and Mustafa Aleem Awlad, chief financial officer of Renata Limited, signed the MoU on behalf of their respective organizations, according to a press release. Also read: bKash brings exciting offers at Trade Fair This initiative will save time and money in the organization's supply chain at the depot and field level financial management, which will also contribute to business expansion, it said. This type of B2B solution will make the transaction from manufacturer to seller easier, transparent, and secure, it also said. Also read: bKash becomes 1st regional sponsor for Argentine national teamAt present, customers are buying medicines from most of the country's pharmacies and paying through bKash. On the other hand, drug sellers can also pay the price of products purchased from Renata directly through their bKash merchant account, said the release.In this way, the service will enhance the financial management of the supply chain of pharmaceutical and other industries and contribute to strengthening the country's digital payment ecosystem, it said. Also read: bKash offers 1 pc cash bonus on receiving remittance bKash CEO Kamal Kadir, Renata Limited MD and CEO Syed S Qaiser Kabir, EVP and Head of government partnership and business sales of bKash Mashroor Chowdhury, among other were present at the signing.

The Bangladesh Bank (BB) has sought an explanation from 13 banks for selling US dollars at high prices. The summoned banks belong to the private sector, including a Shariah-based Islami Bank. The central bank confirmed the information on Monday (September 04, 2023). The letter was sent to different banks on Sunday (September 3) and the banks have been asked to provide an explanation in this regard within the next five working days. Also read: Dollar goes off kerb market after central bank-led raids of money exchanges The bank’s Executive Director and Spokesperson Md. Mesbaul Hoque told UNB that the trading licences of seven money changers have been suspended for selling dollars at higher prices. An explanation has been sought from 10 more money changers following similar complaints. In addition, banks are also being monitored. Punitive action will be taken if concrete evidence is found, he said. In August, the maximum import price of Tk109.5 was set, but some banks sold dollars up to Tk117, and bought it at Tk116. Also read: Bangladesh Bank working to normalise inflation and dollar crisis despite geopolitical challenges Dollar transactions are inspected by Bangladesh Bank's Financial Integrity and Customer Service and Foreign Exchange Inspection Departments. Recently, the central bank sent for inspection due to the increase in the price of the dollar. After collecting the information, the issues of dollar sales are being verified. In 2021, the central bank ordered to spend Tk 500 crore on the CSR sector from the profits of 12 banks due to excess profit. There were two foreign-owned banks and 10 private sector banks on that list. The dollar crisis in the country has become evident since March last year after the start of the Russia-Ukraine war. To deal with this crisis, the central bank fixed the dollar price at the beginning, but the crisis continued. Also read: Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap

State Minister for Civil Aviation and Tourism Md Mahbub Ali on Monday said direct air connectivity between Bangladesh and Japan will play an important role in making the existing bilateral relations more effective and wider. He said this while addressing an event organised by Biman Bangladesh Airlines on the grand opening of the Narita (Japan)-Dhaka Flight at a hotel in Japan’s Narita on Monday night (local time). This flight is a gift from the prime minister to Bangladeshi expatriates brothers and sisters, he said, hoping that it will help expatriates keep a close relation with the country and make their journey to the country hassle free and more comfortable. the Bangladeshis will avail themselves to visit Japan easier, he said.Simultaneously, Japanese people can visit and enjoy Bangladeshi beautiful nature, rivers, mountain, the world's longest sea beach at Cox’s Bazar, greenery of tea gardens in Sylhet, traditional food and warm hospitality, colourful festivals, archaeological sites, many ancient mosques and temples, UNESCO declared world heritage and the world's largest mangrove forest Sundarbans, sixty dome mosque of Bagerhat and Paharpur Buddhist Vihara etc. Actually, the aviation and tourism industry will take the relationship of the two countries further forward by creating people-to-people relations, he hoped. Read: Biman’s Dhaka-Narita direct flights will boost Bangladesh-Japan trade, relations: BCCIJ president He said opportunities for economic and technological cooperation, trade and investment, education, tourism, culture and sports activities will increase between the countries in the days to come. Bangladesh offers an unparalleled investment climate compared to the other South Asian economies. Bangladesh is a largely homogeneous society with no major internal or external tensions and a population with great resilience in the face of adversity, the state minister said. Mahbub Ali said the confidence of foreign investors in Bangladesh has increased, as the country has taken a series of measures to build up investment-friendly infrastructure; develop the energy sector; provide necessary facilities and support to set up industries and simplify rules and regulations. Read more: Dhaka-Narita Tokyo direct flights launched