Business
Businesses want full automation of VAT return
Speakers in a discussion on Wednesday emphasized full automation of VAT return and refund process and rational application of VAT to reduce the cost of doing business.
They also urged improving product quality along with improving the certification capacity of BSTI to balance local and international standards and increase expertise to enforce standards.
They said this at a roundtable discussion titled “Strengthening Business-Agency Collaboration” organized by the Dhaka Chamber of Commerce & Industry (DCCI) in its auditorium.
BGMEA, Iraqi Federation of Chambers keen to collaborate in promoting bilateral trade and investment
Mayor of Dhaka North City Corporation (DNCC) Md. Atiqul Islam speaking as the chief guest said that trade licenses in Dhaka North went online and businessmen can avail of this facility from any place.
Tapan Kanti Ghosh, senior secretary, ministry of commerce, and Mahbubul Alam, President of FBCCI, were the special guests in the program. Pradip Ranjan Chakraborty, Chairperson, of Bangladesh Competition Commission, and other business leaders also spoke at the function.
“We want to be cash-less and soon we can make our markets cash-less. Traffic signals will be run by artificial intelligence (AI) in the near future,” Mayor Atiqul said.
DSE and CSE to work against destabilisation of markets
FBCCI President Mahbubul Alam said, “We need to upgrade our sea ports to international standard with full automation and faster implementation of logistic policy.”
To create a smart Bangladesh, initiatives are needed for free trade agreements, international business diversification, and FDI attraction, he added.
DCCI, DSCC sign deal to renew trade licence for maximum 5 years
Tapan Kanti Ghosh, senior secretary, ministry of commerce, and Mahbubul Alam, President of FBCCI, were the special guests at the program.
Pradip Ranjan Chakraborty, Chairperson, Bangladesh Competition Commission, and other business leaders also spoke at the function.
Private sector credit requires a rapid revival: DCCI
BGMEA President visits shrine of Hazrat Sheikh Abdul Qadir Gilani
BGMEA President Faruque Hassan visited the shrine of Hazrat Sheikh Abdul Qadir Gilani in Baghdad, Iraq.
He also met Syed Khaled Abdul Qauder Al-Gilani, Metawally (custodian) of administration of Sheikh Abdul Qadir-Al Gilani Mosque and Al-Awqaff-Alqadirya.
Ambassador of Bangladesh to Iraq Fazlul Bari, Nazrul Islam, former Director, BGMEA; Sharmeen Hassan Tithi, Director, Giant Group; Mohammed Shohel, Managing Director, Bangla Poshak Ltd; Mohd Shawket Hossain, Director, Bangla Poshak; and Nisher Khan, Managing Director, Banika Fashion Ltd were also present on the occasion.
Also read: BGMEA, Iraqi Federation of Chambers keen to collaborate in promoting bilateral trade and investment
During the meeting, Faruque Hassan was apprised of different activities carried out by the Awqaff authority for the welfare of people.
He requested Syed Khaled Abdul Qauder Al-Gilani to employ more Bangladeshis in the welfare activities.
He said the Awqaff authority could import garments from Bangladesh for the people who work there.
Also read: BGMEA President hopeful of expanding Bangladesh-Iraq trade, investment
The BGMEA President along with the visiting team members prayed for the wellbeing and prosperity of Bangladesh and its people and also of BGMEA members.
They visited the library, the museum and the Langar, a place where foods are given to the poor and needy people for free, located at the shrine complex.
Also read: BGMEA delegation meets Iraqi trade chamber to explore business potential
BGMEA, Iraqi Federation of Chambers keen to collaborate in promoting bilateral trade and investment
In efforts to explore trade and investment opportunities in new markets, a delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by President Faruque Hassan is visiting Iraq.
Other members of the delegation are Mohammed Nasir, former vice president (Finance) of BGMEA, Nazrul Islam, former director of BGMEA, Mohammed Shohel, managing director of Bangla Poshak Ltd, Mohd Shawket Hossain, director of Bangla Poshak, and Nisher Khan, managing director at Banika Fashion Ltd.
Also read: BGMEA President hopeful of expanding Bangladesh-Iraq trade, investment
During their 4-day trip, they have meetings with Iraqi government ministers, trade bodies, businessmen and other stakeholders to promote and boost trade relations Bangladesh and Iraq.
On August 22, the BGMEA delegation met with Abdulrazak Al-Zuheere, President of the Federation of Iraqi Chambers of Commerce to discuss potential collaboration to foster mutually beneficial partnerships between Iraq and Bangladesh stakeholders.
Ambassador of Bangladesh to Iraq Fazlul Bari was present at the meeting which was also attended by Adil O. Hussein, President of the Iraqi Federation of Industries and Sabahaldin Al-Salihi, President of Kirkuk Chamber of Commerce.
Also read: BGMEA delegation meets Iraqi Industry Minister to discuss ways of boosting trade and investment
During the meeting, they discussed the investment climate in two countries, the available opportunities and the possibility of enhancing mutual trade and investment.
They had discussions also on how both sides could work together to facilitate communication and engagement between businessmen of the two countries and enhance cooperation between the private sectors in various fields of trade and investment.
BGMEA President Faruque Hassan highlighted Bangladesh as a promising and attractive destination for investment with developing infrastructure and investment-friendly facilities.
Also read: BGMEA delegation meets Iraqi trade chamber to explore business potential
He urged the President of Iraqi Chambers of Commerce to encourage Iraqi investors to invest in Bangladesh and benefit from the favorable investment climate.
Faruque Hassan also presented an overview of the readymade garment industry of Bangladesh, its strong position in the global market, and prospects of garment exports to the Iraqi market.
President of Iraqi Chambers of Commerce Abdulrazak Al-Zuheere briefed the BGMEA delegation on trade and investment opportunities in Iraq and assured them of cooperation and support to do business in the country.
He also praised the visit by the BGMEA delegation, mentioning that it would pave the way for widening business horizon between Bangladesh and Iraq.
He expressed the interest of the Iraqi Federation of Chamber in having engagement with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to promote bilateral trade and investment.
BGMEA President Faruque Hassan thanked the Iraqi Chambers of Commerce for providing its space to the visiting BGMEA team to display Bangladeshi garments to Iraqi buyers and hold B2B meetings.
BGMEA President hopeful of expanding Bangladesh-Iraq trade, investment
A delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) headed by President Faruque Hassan met Atheer Daoud Salman Al-Ghariri, Minister of Trade, the government of Iraq at the latter’s office on August 21.
Ambassador of Bangladesh to Iraq Fazlul Bari was also present at the meeting.
Also read: BGMEA delegation meets Iraqi Industry Minister to discuss ways of boosting trade and investment
During the meeting, they had discussions about possible ways of boosting bilateral trade and investment between Bangladesh and Iraq.
They also discussed how business interactions could be stepped up to enable businessmen and investors of both countries to identify potential sectors and make investment for mutual benefits.
BGMEA President Faruque Hassan apprised the Trade Minister of Bangladesh’s increasing focus on infrastructure development, especially mega projects to upgrade road and rail connectivity alongside capacity enhancement of airports to meet the growing demand of the expanding trade and industrial sectors.
He also highlighted Bangladesh’s steps in attracting foreign investment like special economic zones, investment-friendly policies, improved doing business environment.
Also read: BGMEA delegation meets Iraqi trade chamber to explore business potential
The BGMEA President invited Iraqi businessmen to invest in Bangladesh taking the advantages of policies and business environment.
He pointed to the prospect of direct shipment from Bangladesh to Iraq, saying it would reduce time and freight cost for export-import cargo transportation between the two countries.
He underscored the need for initiating Dhaka-Baghdad direct flight to facilitate trade, and called on the Iraqi Minister of Trade to take necessary steps in this regard.
He maintained that both countries have potential of boosting bilateral trade and investment, stressing the need for more cooperation.
Faruque Hassan thanked Iraq for being one of those countries which recognized Bangladesh as a sovereign and independent state early after its independence.
Also read: ABF, Primark CEOs meet BGMEA President
The Iraqi Minister of Trade assured the BGMEA delegation of the government’s cooperation to Bangladesh’s businessmen who want to do business in Iraq
BGMEA delegation meets Iraqi Industry Minister to discuss ways of boosting trade and investment
Bangladesh and Iraq are keen to achieve trade and investment potential through deepening collaboration to bring benefits to both sides.
The interest was expressed when a delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) headed by President Faruque Hassan met Khaled Battal Najm Abdullah al-Jughifi, Minister of Industry and Minerals, the government of Iraq on August 21.
Other members of the delegation were Mohammed Nasir, former vice president (Finance), BGMEA, Nazrul Islam, former director of BGMEA, Sharmeen Hassan Tithi, director of Giant Group, Mohammed Shohel, managing director at Bangla Poshak Ltd, and Mohd Shawket Hossain, director of Bangla, and Nisher Khan, managing director of Banika Fashion Ltd.
Also read: BGMEA delegation meets Iraqi trade chamber to explore business potential
The meeting was also attended by Ambassador of Bangladesh to Iraq Fazlul Bari, and Ahmed Abdul-Jabbar Ali Al-Karim, Undersecretary of the Ministry of Industry and Minerals for Planning Affairs.
They discussed issues of mutual interests including possible areas of cooperation, environment of doing business, trade and investment opportunities between Bangladesh and Iraq.
They stressed on exchanging more visits by trade delegations of both countries to identify promising trade and investment sectors. Such business interactions would pave the way for enhancing trade between Bangladesh and Iraq, they opined.
Also read: BGMEA remembers Bangabandhu with deep love and respect
BGMEA President Faruque Hassan briefed the Iraqi Minister on the investment opportunities being offered by Bangladesh alongside improved infrastructure to support expanding trade and investment.
He invited Iraqi businessmen to visit Bangladesh to get a better understanding of the country, its business environment and export products.
He mentioned the developments of Bangladesh’s readymade garment sector with special focus on enhanced capabilities to offer diversified apparel items including high value ones.
Highlight the prospect of Bangladesh’s RMG exports to Iraq, he sought the cooperation of the Minister in increasing market share in Iraq.
Also read: Bangladesh 3rd largest apparel source for the USA in 2022: BGMEA
The BGMEA President called on the Iraq government through the Minister of Industry and Minerals to make visa and consular services easier and faster for Bangladeshi businessmen to facilitate their travel to Iraq.
BGMEA President Faruque Hassan expressed special thanks to the Minister for showing warm hospitality and providing VIP protocol to him along with the delegation.
Minister Khaled Battal assured the BGMEA delegation of the support and cooperation in exploring business opportunities in Iraq.
DSE and CSE to work against destabilisation of markets
The Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Monday discussed the ongoing problems of the stock markets and decided to work together against rumors and misleading shareholders through social media.
The capital market is currently going through a critical period, both stock exchanges need to work together to overcome this crisis.
“We have to keep watching so that no one can destabilize the market ahead of elections of in Bangladesh. Classes of unscrupulous individuals are spreading various rumors about the capital market through various groups or Facebook pages on social media. These groups or pages are trying to destabilize the capital market by spreading baseless information on various issues,” said Professor Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE.
Read: DSE resolves technical glitch allowing stock brokers to trade on Monday
He also said that the current crisis of confidence among the investors should be removed from the situation, for which DSE and CSE need to work together with an action plan.
At any cost, investors and all parties involved in the capital market should make the capital market a top priority as the driving force of the country's economic development, said Asif Ibrahim, Chairman of CSE.
Major Md (retired) Imdadul Islam, and other senior officials of both the stock markets were present in the meeting.
Read more: NBL Securities Limited gets DSE FIX certification
Onion import through Dinajpur’s Hili port falls after India imposes 40pc export duty
The import of spice item onion from Indian to Bangladesh through Hili Land Port in Dinajpur fell drastically as the neighbouring country imposed a 40 percent duty on onion export with effect from Sunday (August 21, 2023).
No trucks carrying onion entered Bangladesh territory through the land port till 2:30 pm on Monday due to the execution of the duty. Later 17 trucks loaded with onions entered the port after the importers paid the duty.
The price of onion is soaring with the passage of time in local markets and one kg of onion is being sold for Tk 54 to 56 at the local storages (Hili).
Local importers said the onion price increased by Tk 8 to 10 per kg on Saturday following the decision to impose the duty from the Indian side.
Shahidul Islam, an importer of Hili Land Port, said an extra amount of Tk 10 will have to be counted to import per kg onion now and it will stand at Tk 50 to 56 against each kg which will ultimately impact on local markets.
Read: India imposes 40% duty on onion exports effective today
“Today we allowed a few Indian trucks-loaded with onions to enter Bangladesh as Letter of Credit (LC) was opened for those earlier,” he said, adding that otherwise the imported onions stranded on the India side would get rotten once not brought by paying the export duty.
Harununr Rashid, president of Hili Land Port Import-Export Group, said, “India always breaches the trade rules with us. They take decisions suddenly on all issues; we want India to withdraw the duty to keep onion exports normal.”
Read: Onion prices soar in Khulna market after India slaps duty on export
FBCCI and IOFS working together to expand Halal market opportunities
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Islamic Organization for Food Security (IOFS), a concern of the OIC, have set their will on expanding business in the global ‘Halal’ market together.
Both the FBCCI and IOFS have outlined their plans to enhance Halal product availability and market penetration in a discussion meeting held at the FBCCI Icon in Dhaka on Monday.
FBCCI President Mahbubul Alam said that the halal market is growing in both Muslim and Non-Muslim nations.
He said a significant share of the halal industry came from The Organisation of Islamic Cooperation (OIC) member nations, which was worth USD $3.7 trillion in 2020.
Read: FBCCI and ICC discuss strengthening trade ties
In the fiscal year 2022-2023, $843.03 million worth of halal products were exported from Bangladesh, with 70 percent of those exports going to Muslim nations, he said.
FBCCI President said, “To provide local manufacturers and commercial companies with Halal certificates and emblems, the government formed a Department of Halal Certification (DHC) under the Islamic Foundation in 2007. But Halal certification in Bangladesh still faces significant obstacles.”
“Bangladesh must make effective efforts to establish a notable presence in the domestic and global halal markets. We need to find ways to work together and coordinate with the different OIC bodies to make it easier to certify things as halal,” he added.
Mahbubul Alam said, although Bangladesh has a large and well-built agricultural sector, inadequate supply chain infrastructure often results in significant post-harvest losses, reducing the overall productivity and profitability of the sector.
He urges cooperation and investment from OIC member countries to improve the existing agriculture infrastructure and cold chain in Bangladesh.
Read: FBCCI election: 15 new directors from Combined, 8 from Oikya panels elected
Speaking in the meeting Director General of IOFS Professor Yerlan Baidaulet praised Bangladesh for the revolutionary improvement in agro production.
He said, “We are very proud to have such a member country like Bangladesh. We would like to have strong support and partnership with the private sector in the field of agriculture and food processing.”
There is huge potential in the Halal market globally and it’s growing tremendously. But this market is dominated by Non-Muslim Countries. It is the big time to grab the halal market, he said.
A Memorandum of Understanding (MoU) was signed between the International Islamic Food Processing Association (IFPA) and FBCCI. FBCCI President Mahbubul Alam and Director General of IOFS Prof Yealan Baidaulet signed the agreement on behalf of their respective organization.
Under the agreement FBCCI will get membership services from IFPA which include access to IFPA Publications; Invitations to various IFPA events; Establishing B2B agri-food cooperation among the private sector of the OIC countries.
Read more: FBCCI to vote to elect new directors on Monday
Universal Pension Scheme- a timely move to inclusive economic change: DCCI President
Barrister Md. Sameer Sattar, President of Dhaka Chamber of Commerce & Industry (DCCI) on Sunday in a statement said Universal Pension Scheme (UPS) is a timely move for inclusive and sustainable social safety net for the greater socio-economic development.
He said, “This move will create a new era in the economic history of Bangladesh. UPS offers four types of people-friendly packages including ‘Pragati’, ‘Surokkha’, ‘Samata’ and ‘Prabashi’ targeting different communities, especially private sector employees, NRBs, informal sector, and low-income groups of individuals.”
Read: EgyptAir Cargo service to play vital role in connecting global market: State Minister
This scheme can also bring in an almost large number of people the society under its net. The option of a 50 percent contribution by the government to the insolvent depositors under the “Samata” scheme is also a remarkable move, he said.
Many developed and developing economies like the Netherlands, Denmark, Germany, Australia, India, Canada, Iceland, and Switzerland have meanwhile successfully implemented this sort of scheme to safeguard the welfare of their mass people, the DCCI president said.
Read: ABF, Primark CEOs meet BGMEA President
“Replication of operational and safety learning from these countries may help the new scheme to perform as the game-changer of our much-needed economic transformation,” he added.
Bangladesh Bank gets huge response for Digital Bank, 52 applications in hand: Spokesperson
A total of 52 domestic and foreign institutions have submitted applications to get licenses to open digital banks, a spokesperson of Bangladesh Bank said on Sunday.
Among the applicants are state-owned and private commercial banks, mobile financial services (MFS), ridesharing and food delivery companies, and domestic and multinational companies. Some of the institutions have applied individually and some jointly to get the license, said Mazbaul Haque, the executive director of the central bank and its spokesman.
Read: EgyptAir Cargo service to play vital role in connecting global market: State Minister
“These applications will be scrutinized. The Central Bank Board will issue LOI (Letter of Intent) for the license to those who have applied and are eligible as per the policy,” Haque said.
'Digital Bank' will be completely technology dependent without having physical branches, sub-branches, and ATM booths. There will be no physical transaction. Bank services will be provided to customers using mobile and digital devices as per policy, he said.
Meanwhile, the BB opened a web portal for the application of Digital Bank, and all processes of this bank would be made through digital method instead of submitting paper documents in the traditional method, the central bank sources said.
Read: Universal Pension Scheme- a timely move to inclusive economic change: DCCI President
That means all the necessary documents must be submitted digitally. The application fee will be Tk 5 lakh, which is non-refundable.
An initial capital of Tk 125 crore will be required for the license of banks, and at least Tk 50 lakh will be required to become a director. Those interested in starting this new bank should apply through the new web portal.
Earlier on June 14, the Board of Directors of Bangladesh Bank approved the launch of 'Digital Bank'.
Read: Pathao hopeful its proposed digital bank can offer one-stop banking solution for digital natives
On June 15 it issued a policy in this regard. In continuation of this, the Central Bank launched a web portal on June 21 to submit online applications.