business
DCCI business delegation leaves Dhaka to join BIMSTEC Business Conclave’ in Kolkata
A 12-member business delegation from Dhaka Chamber of Commerce and Industry (DCCI) led by the Chamber’s President Barrister Md. Sameer Sattar left Dhaka on Sunday to join the BIMSTEC Business Conclave in Kolkata.
The Conclave will be held on June 13-15 in Kolkata, India.
Also Read: BIMSTEC chief urges member states to boost trade within the region
Indian Chamber of Commerce and Industry (ICC) in collaboration with the Ministry of External Affairs, Government of India, is organizing this mega conclave with the theme “Quantum leap in business cooperation for shared prosperity and growth”.
The BIMSTEC region brings together 1.67 billion people and a combined GDP of around USD 2.88 trillion which offers a huge market to the investors and traders.
In spite of close proximity and historical linkages, the region has not witnessed major flow of FDI among BIMSTEC countries.
The conclave aims to chart out an actionable agenda to augment intra-regional trade and investment in this region as well as strengthen the value chains for mutual benefits through deeper economic engagement of the BIMSTEC countries, according to DCCI.
Also Read: Dhaka seeks Member States' greater commitments to implement BIMSTEC FTA soon
The inaugural session of the 3-day conclave will highlight the ‘25th glorious anniversary of BIMSTEC- towards a peaceful, prosperous and sustainable Bay of Bengal region’.
In addition, to steer the objective of the event, various interactive and high-level topical plenary sessions will be held focusing on trade and investment opportunities, agriculture, food security, infrastructure, logistics and connectivity, advancement of healthcare, sustainable tourism, women entrepreneurship, demographic dividend, textile, finance, digital connectivity, climate change and regional business cooperation. DCCI delegation will join some discussion sessions.
Also Read: Bangladesh for speedy implementation of BIMSTEC Free Trade Area
The DCCI delegation during their visit will also attend the B2B meetings and exhibition to explore wide-ranging cross-border trade and investment opportunities to make this trip successful.
IDRA appoints observers for Sun-Life, Progressive Life Insurance
The Insurance Development and Regulatory Authority (IDRA) on Sunday appointed observers for Sun-life Insurance and Progressive Life Insurance companies.
The IDRA took the decision after complaints of not payment of insurance money to the clients even after the maturity, stated the IDRA letter to Dhaka Stock Exchange (DSE).
REad: Ensure insurance claims are paid after proper investigation: PM Hasina
The insurance regulator sent a letter to inform the companies and the DSE on Sunday (June 11).
IDRA director Abdul Mazid has been appointed observer at Progressive Life Insurance company.
REad: 30 percent life insurance clients not getting their claims
IDRA director Shah Alam has been appointed as the observer of Sun-life Insurance company. Both are directors of IDRA and Deputy Secretary to the government.
The two companies have been accused of various irregularities, including non-payment of insurance claims.
REad: Meghna Life Insurance premium now through Nagad
Commonwealth Trade and Investment Forum in Dhaka to explore avenues for inclusive economic dev for Bangladesh
The 1st ‘Commonwealth Trade and Investment Forum’ will be held in Dhaka on September 13-14 to foster partnerships, promote innovation, and explore avenues for sustainable and inclusive economic development for Bangladesh.
Prime Minister Sheikh Hasina is scheduled to inaugurate the Forum which will see participants from Commonwealth nations.
The Commonwealth Enterprise and Investment Council (CWEIC) briefed the media on Sunday in this regard at a Dhaka hotel.
Also read: Bangladesh shows interest in hosting proposed Commonwealth Climate Conference
Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister; Lord Swire KCMG, Member of the House of Lords of the United Kingdom and Deputy Chairman of the CWEIC; Md. Shahriar Alam, State Minister for Foreign Affairs; Zillur Hussain MBE, Strategic Advisor, Bangladesh, CWEIC, among others, were present at the press conference.
This is the first Commonwealth Trade and Investment Forum to be organized in Bangladesh.
Previously the Forum was organized in other member states of the Commonwealth such as United Kingdom, Singapore, Kenya, Rwanda, Malta etc.
Commonwealth is a voluntary association of 56 countries united by common values and is a home to one-third of the world's population. Bangladesh joined the Commonwealth as its 34th Member in 1972.
Also read: Bangladesh elected member of Commonwealth's EC, Accreditation Committee
Speaking at the event, Salman F Rahman said, “Bangabandhu Sheikh Mujibur Rahman, right after the independence of the country, joined the Commonwealth with the vision of gaining mutual cooperation from the member states."
When Bangladesh joined the Commonwealth, he said, the country was in its infant stage – struggling with a war-torn economy and a ravaged infrastructure in the aftermath of the Liberation War.
Over time, Bangladesh attained tremendous development on its economic fronts, Rahman said.
Under the able leadership of Prime Minister Sheikh Hasina Bangladesh is graduating into a middle-income country in 2026.
“This achievement became possible with the immense hard work of the nation, along with support from its development partners like the Commonwealth members. Some of the largest trade partners of Bangladesh are Commonwealth members,” he said.
Also read: PM Hasina wants diversified Commonwealth observers for next election in Bangladesh
Lord Swire KCMG, Member of the House of Lords of the United Kingdom and Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), said, “The Commonwealth is an amazing opportunity for Bangladeshi companies to explore – 56 countries of untapped potential and limitless possibilities.”
He said there will be plenary and roundtable discussions focusing on key economic issues. “We hope it will be an exciting and fruitful event,” Lord Swire KCMG said, adding that they are expecting 400-500 delegates at the Forum.
Nagad became a billion-dollar company in just 3 years, 5 more Bangladeshi unicorns by 2025: Palak
State minister for ICT Division Zunaid Ahmed Palak has said Nagad, a leading mobile financial service provider in Bangladesh, has grown into a billion-dollar company within the first three years of its journey.
The state minister made the remark during his inaugural speech as a special guest at the two-day ‘Smart Bangladesh Summit and Expo’ that began at the International Convention City Bashundhara on Friday. Junior Chamber International (JCI) Bangladesh organised the event.
Also read: Establishing Digital Bank paramount to build smart Bangladesh: Nagad MD
“At least five more unicorns [billion dollar start-ups] will emerge in Bangladesh by 2025. Honorable Prime Minister Sheikh Hasina has given us a solid foundation where talented, courageous and problem-solving entrepreneurs can lead the world from Bangladesh in doing business,” Palak also said, adding that Nagad leads by example.
Nagad, an MFS of Bangladesh Postal Department, embarked on its journey on March 26 in 2019. At the outset, it shook the entire financial industry by innovating electronic know-your-customer (e-KYC). In the e-KYC system, customers can open an MFS account using their smartphone in less than a minute just by taking a photo of their national identity card and a selfie.
Later, the state-owned MFS operator came up with an even easier way to open an MFS account just by dialing *167# on a feature phone. The ground-breaking innovations have brought an end to cumbersome paperwork.
Also read: Nagad MD proposes cashless transactions to save billions and build a smart Bangladesh
Other MFS operators and financial institutions have also adopted the Nagad-innovated e-KYC system and thus reduced their operational costs to a great extent.
Nagad’s success reflects its use of state-of-the-art technologies that allow the delivery of various services at minimal charges. In some cases, Nagad provides its customers with free of cost services.
Nagad now has several plans lined up with a view to speeding up Bangladesh’s transition to a cashless society.
Also read: Nagad welcomes govt’s move to increase safety net allocation
In four years of its journey, Nagad’s registered customers now stand at 7.5 crore, with its daily transactions hitting more than Tk 1,200 crore on average.
In 2020, the state-owned mobile money carrier scooped the ‘WITSA Global ICT Excellence Award-2019’ for its innovation of account opening just by dialing *167# on a feature phone.
Also read: Nagad founder wins Kotler Iconic Achiever of the Year Award-2023
Jobs in Biman Bangladesh Airlines, Post 40
Biman Bangladesh Airlines Limited has published a job circular for the recruitment of manpower. 40 people will be recruited for the post of Aircraft Mechanic (Maintenance) in this airline. Interested candidates should apply online.
Vacancies in Biman Bangladesh Airlines Limited in 2023
Post Name: Aircraft Mechanic (Maintenance)
No. of Posts: 40
Eligibility:
Must have completed CAATI/EASS Part 147 approved BI.I (Aircraft Turbine) or B2 (Avionics) course. Preference will be given to candidates with minimum one year related work experience in aircraft maintenance organization. First Division with Science in both SSC and HSC examination or minimum GPA-3.5 on a scale of 5. A minimum of 'D' in any five subjects in 'O' Level and minimum 'D' in any two subjects in 'A' Level.
Read more: Job Circular in Rampal power plant 2023: 12 people will be appointed in five category posts
Minimum 60 percent marks in both Physics and Mathematics or GPA-5 scale 3.5 in HSC examination. A minimum of 'C' in both Physics and Mathematics at 'A' level.
Age:
Below 30 years as on 25 March 2020. 32 years in case of children of brave freedom fighters.
Pay Scale:
12,500-30,230 Tk
Type of job
The selected candidates for this post will initially be appointed on contractual basis for a period of three years. Assimilation will be permanent from the date of joining after satisfactory completion of three years contractual service.
Read more: Here's how you can apply for a Canadian work visa from Bangladesh
How to apply
Interested candidates should apply by filling the form on this website. Detailed information regarding recruitment can be known in this link. If there is any problem in applying online, call 121 from Teletalk number or email at [email protected].
Application fee
Application fee of Tk 334 should be deposited through SMS from Teletalk prepaid mobile number within 72 hours of online form filling.
Last date of application:
27 June 2023, up to 5 PM.
Read more: 7 Ways to Earn Money with ChatGpt
Focus more on technology and talent to build smart Bangladesh: Shahidullah Azim
Shahidullah Azim, acting president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), stressed the importance of harnessing the power of technology and innovation to propel the sustainable development of Bangladesh.
“As we enter the next decade of technological transformation, we have to focus more on embracing technological advances to reap the full benefits of this era. We have to embrace more technology and innovation to build a ‘Smart Bangladesh’,” he opined.
Also read: BGMEA, GarmentTechBD to collaborate in improving supply chain management skills
He made the observations while addressing the inaugural ceremony of “JCI Smart Bangladesh Summit, Expo & CYE Award 2023". JCI Bangladesh, a leading youth leadership development organization, organised the two-day event at the International Convention City (ICCB) in Dhaka on Friday.
Salman Fazlur Rahman, private industry and investment adviser to the prime minister, Zunaid Ahmed Palak, state minister for the ICT Division, Md Jashim Uddin, president of FBCCI and Russell T. Ahmed, president of Bangladesh Association of Software and Information Services (BASIS) also spoke at the inaugural ceremony.
Also read: Bangladesh will be more attractive to global apparel buyers: BGMEA President
Shahidullah Azim emphasized the need for skill-based education to prepare smart citizens for building a smart Bangladesh.
He also called for aligning all with the goal of building smart Bangladesh.
Youth should be equipped with knowledge and skills necessary to adapt to evolving technologies and drive development of Bangladesh in the coming days, he observed.
Also read: BGMEA opens library to meet industry's need for knowledge
He emphasized on digiltalizing the traffic system to reduce congestion on roads, saying many valuable working hours are wasted due to traffic jam.
ICCB calls for good governance to ensure international compliance
International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman has said graduation to middle-income country will require Bangladesh to fulfill a number of international compliances.
"Therefore, good governance must also be addressed in both the public and the private sector, which is still far below the global indexes," he said while presenting the Executive Board Report at it’s 28th Annual Council held in Dhaka on Saturday.
Rahman said Bangladesh is now on track for graduating from the least developed country status in 2026.
In order to achieve this, he said, the country needs to maintain a GDP growth rate of over 8% and increase its per capita income to around $13,000 from $2,824 now in less than two decades to reach the milestones.
Rahman mentioned while chasing big dreams, there are also mega challenges.
Bangladesh made a rapid recovery from the COVID-19 pandemic supported by prudent macroeconomic policies. But, the economy now faces considerable challenges with global economic uncertainty, he noted.
The Executive Board suggested to addresses some key issues for overcoming the challenges.
In order to contain the inflationary pressure there should be appropriate monetary and fiscal policies, Rahman said.
Increasing dependence on imported fossil fuels, LNG and coal for power generation has intensified risks, negatively affecting foreign currency reserves and swelling subsidy burdens, he said.
"So, Bangladesh should move faster with its exploration activities both on-shore and off-shore to replace expensive LNG with its own natural gas reserve as well as establish nuclear/renewable energies to avoid adverse affect of climate change," he said.
Rahman said rising commodity prices and a surge in imports resulted in a Balance of Payments (BoP) deficit.
Read: ICCB workshop focuses on innovations in trade finance
There is an urgent need for Bangladesh to diversify its export market and products, sign FTAs with major Asian countries; Infrastructure : as Bangladesh strives forward, infrastructure will play a crucial role in stimulating and crowding-in private sector investment, he said.
By some estimate, the ICCB President said, Bangladesh will require to make investments of well over $100 billion in the course of the next decade to build ports and roads, set up rail lines for management of goods, establish power-generation & distribution capabilities, provide utilities and services to meet the ever-increasing demands of the economy.
According to BIDS one month extension raises project cost by 0.95 percentage, therefore, it is an urgent need to ensure timely project implementation to save cost as well as time.
The total volume of non-performing loans (NPLs) has increased by more than three times in the last 10 years.
The banking sector needs more stringent lending policies and their enforcement, in order to tackle the problem of NPLs.
The farming sector has individually employed more than 40.6 percent people, either directly or indirectly.
"Climate change is a big challenge, which we are facing and will have to face with the use of new agricultural technologies and adaptability. We must closely follow global adaptation technologies and concentrate more on new examples of climate adaptability which is best suited for us," he said.
Technology is currently used in every facet of life to benefit Bangladesh's digital economy.
Read: 4-day international plastic fair to begin at ICCB Wednesday
"Our nation will become Smart Bangladesh by 2041. Although the human resources in the IT sector are increasing in the country, they need to be developed to be suitable for the industry," he said.
Several studies conducted by the Bangladesh Institute of Development Studies (BIDS) have revealed a substantial gap in the skill sets of workers in labour-incentive industries such as readymade garments (RMG), light engineering and electronics, leather and footwear, and agro-food processing.
"Enterprises have emphasized the need for demand based educational system and increasing appropriate training activities to minimize these gaps," he said.
The Council approved the Auditor’s Report of 2022 and appointed Auditor for the year 2023.
The Council Meeting was attended, among others, by ICCB Vice President A. K. Azad; Executive Board Members: Kutubuddin Ahmed, Anwar-ul-Alam Chowdhury (Parvez); Aftab Ul Islam, FCA; Md. Fazlul Hoque & Tapan Chowdhury; Md. Sameer Sattar, President, DCCI; Naser Ezaz Bijoy, President, FICCI; Muhammad A. (Rumee) Ali, Chairman, ICCB Banking Commission & Vice Chairman, BIAC; ICCB Secretary General Ataur Rahman; Syed Ali Jowher Rizvi, Managing Director, Summit Alliance Port Limited and Bibhabasu Sengupta, Managing Director, Linde Bangladesh Limited.
Read more: ROSA Kitchen, Bath & Living Expo 2023 inaugurated at ICCB Dhaka
Ford to bring Mustang back to Le Mans under company rebranding
Ford has planned a return to the 24 Hours of Le Mans with its iconic Mustang muscle car next year under a massive rebranding of Ford Performance aimed at bringing the automotive manufacturer “into the racing business.”
The Friday unveil of the new Mustang Dark Horse-based race car follows Ford's announcement in February that it will return to Formula One in 2026 in partnership with reigning world champion Red Bull.
The Mustang will enter the GT3 category next year with at least two cars in both IMSA and the World Endurance Championship, and is hopeful to earn an invitation to next year's 24 Hours of Le Mans. The IMSA entries will be a factory Ford Performance program run by Multimatic, and a customer program in WEC with Proton Competition.
Ford CEO Jim Farley told The Associated Press the Mustang will be available to compete in various GT3 series across the globe to customer teams. But more important, Farley said, is the overall rebranding of Ford Performance — done by renowned motorsports designer Troy Lee — that is aimed at making Ford a lifestyle brand with a sporting mindset.
Read: Tesla cars performing ‘dance of lights’ to 'Naatu Naatu' goes viral
“It's kind of like the company finding its own, and rediscovering its icons, and doubling down on them,” Farley told the AP. “And then this motorsports activity is getting serious about connecting enthusiast customers with those rediscovered icons. It's a big switch for the company — this is really about building strong, iconic vehicles with enthusiasts at the center of our marketing."
Ford last competed in sports car racing in 2019 as part of a three-year program with Chip Ganassi Racing. The team scored the class win at Le Mans in 2016 in a targeted performance aimed to celebrate the 50th anniversary of Ford snapping Ferrari’s six-year winning streak.
Ford on Friday displayed a Mustang with a Lee-designed livery that showcased the cleaner, simplified look that will soon be featured on all its racing vehicles. The traditional blue oval with Ford Performance in white lettering underneath will now be branded simply FP.
The new mark will be used across car liveries, merchandise and apparel, display assets, parts and accessories and in advertising.
Read: Tesla says it sold a record 1.3 million vehicles last year
Farley cited Porsche as an automaker that has successfully figured out how to sell cars to consumers and race cars in various series around the world while creating a culture of brand enthusiasts. He believes Ford's new direction will help the company sell street cars, race cars, boost interest in driving schools, and create a merchandise line that convinces consumers that a stalwart of American automakers is a hip, cool brand.
“We're going to build a global motorsports business off road and on road,” Farley told the AP, adding that the design of the Mustang is “unapologetically American.”
Read: Ford to cut 1,100 jobs in Spain after other European layoffs
He lauded the work of Lee, who is considered the top helmet designer among race car drivers.
“We're in the first inning of a nine inning game, and going to Le Mans is really important,” Farley said. “But for customer cars, getting the graphics right, designing race cars that win at all different levels, and then designing a racing brand for Ford Performance that gets rebranded and elevated is super important.”
He said he's kept a close eye on how Porsche and Aston Martin have built their motorsports businesses and said Ford will be better.
“We're going in the exact same direction. We just want to be better than them, that's all,” Farley said. “Second is the first loser.”
Read: 1,265 vehicles imported from Japan and Singapore arrive at Ctg port
Farley, an avid amateur racer himself, did not travel to Le Mans for the announcement. The race that begins Saturday features an entry from NASCAR and Ford is the reigning Cup Series champion with Joey Logano and Team Penske.
The NASCAR “Garage 56” entry is a collaboration between Hendrick Motorsports, Chevrolet and Goodyear, and is being widely celebrated throughout the industry. Farley did not feel left out of the party in France — a sentiment NASCAR tried to avoid by inviting many of its partners to attend the race so that it wouldn't seem like a Chevrolet-only celebration.
“They're going right and I'm going left — that NASCAR thing is a one-year deal, right? It's Garage 56 and they can have their NASCAR party, but that's a one-year party,” Farley said. "We won Le Mans outright four times, we won in the GT class, and we're coming back with Mustang and it's not a one-year deal.
“So they can get all excited about Garage 56. I almost see that as a marketing exercise for NASCAR, but for me, that's a science project,” Farley continued. “I don't live in a world of science projects. I live in the world of building a vital company that everyone is excited about. To do that, we're not going to do a Garage 56 — I've got to beat Porsche and Aston Martin and Ferrari year after year after year.”
Central bank to announce new monetary policy soon with focus on macroeconomic stability
Bangladesh Bank will announce a new monetary policy this month, where measures for the single exchange rate of US dollar and market-based interest rate are getting priority.
The monetary policy will also focus on the government’s medium-term reform policy to bring stability to the macroeconomic sector, said a senior official of the central bank who is involved in its formulation wishing anonymity.
The finance division, a wing of the finance ministry, has set a 5-point reform target to get benefits in the medium term in the macroeconomic sector by overcoming the dollar crisis and strengthening the forex reserves of the country.
Read more: Bangladesh Bank set to approve digital bank policy on June 14
The outline of these reforms has been finalized. These included introducing market-based interest rates on bank loans and the single currency exchange rate as per market demand rather than the current multiple rate system.
Besides, the amount of subsidy will be reduced gradually, and the cost of government borrowing reduced in phases, along with cutting the volume of loans from savings bonds.
The government policymakers identify ensuring good governance in the financial sector by amending the Bank Company Act and Financial Act for the stability of the macroeconomic situation.
The policymakers have determined these reforms in consultation with the International Monetary Fund (IMF), whose implementation will be started through the monetary policy.
Read more: Market-based interest rate, unified exchange rate from July: Bangladesh Bank
Former governor of BB Dr Salehuddin Ahmed told UNB in this regard that the central bank has to go through the market-based interest rate policy to curb domestic consumption.
“These policies will also work to reduce huge import pressure by decreasing domestic consumption,” he said.
Former finance secretary Mahbub Ahmed said saving bonds work as a social safety programme for retired people.
If the government borrowing from saving tools is decreased, people of limited income groups cannot invest in this sector, resulting in growth instability among them, he pointed out.
A senior official of the central bank said that the interest rate corridor is a mechanism through which interest rate limits will be removed gradually. He spoke on condition of anonymity.
Read more: Bangladesh Bank has revolutionised digitalisation of financial sector: Dr Atiur
However, what will be the maximum interest rate of bank loans, the central bank will determine it every month through an announcement. The BB will follow its prescribed formula in fixing this interest rate.
The new system is likely to come into effect from next July. The central bank will decide in this regard after examining it.
The central bank will also determine the maximum interest rate on consumer loans, which are usually taken by service holders on household appliances.
Read more: Bangladesh Bank unveils cautionary monetary policy to curb inflation and exchange rate
Bangladesh Bank set to approve digital bank policy on June 14
Bangladesh Bank (BB) completed the preparations of the ‘Digital Bank’ policy for approval at its board meeting on June 14 to provide banking facilities to people of all levels.
The work of formulating the outline and policies of the digital bank operation in the country has been completed. The digital bank will be approved at the next board meeting of the central bank set on June 14.
This bank will operate without branches across the country. A minimum capital of Tk 150 crore is required to get a license for this technology-based modern bank, the BB sources said.
Read: MoU signed to promote Bangladesh's cross-border trade capacity in agro-processed food products
Finance Minister AHM Mustafa Kamal has mentioned setting up a digital bank to expand and accelerate the country's economic inclusion efforts in the proposed budget for the fiscal year 2023–24.
Bangladesh Bank is working towards this goal. The work of formulating the policy of the digital bank has been completed. Digital Bank will be operated according to these policies and the Bank Company Act.
Only if the digital bank is approved will the bank's journey toward Smart Bangladesh take another step forward.
At present, the minimum capital required to obtain a conventional bank license is Tk 500 crore. Digital Bank's deposit collection, loan application, and loan approval will be online based and it will be easy to identify fake borrowers and genuine borrowers.
Read: Bangladesh and Uzbekistan have much to offer to each other: FBCCI President
Wishing to be anonymous, an official of Bangladesh Bank, told UNB that the outline and policies of the digital bank have been prepared. It will be sent to the board meeting on June 14.
After approval at the board meeting, further activities will start.