business
Unilever partners with Orange Corners Bangladesh
To support young entrepreneurs in Bangladesh, Unilever Bangladesh Ltd. (UBL) has signed an agreement with Orange Corners, an initiative of the Ministry of Foreign Affairs of the Netherlands.
Implemented by YY Ventures, BYLC Ventures, and SAJIDA Foundation, and supported by the DBL Group and Unilever, the Orange Corners programme in Bangladesh aims to create opportunities for the next generation of Bangladeshi business leaders by providing them with the necessary tools and resources to succeed, said a press release on Thursday.
With a presence in 17 Hubs across Africa and the Middle East, Orange Corners launched its 18th Hub in Bangladesh - its first Asian nation, in early February 2023. The Orange Corners programme in Bangladesh will equip youth, aged between 18 and 35 years, with skills, funding, and resources to build sustainable businesses, particularly those that address the UN's Sustainable Development Goals; all while the program partners combine their strengths to create an inclusive and equitable entrepreneurship ecosystem in Bangladesh.
The programme has a strong focus on inspiring Bangladeshi youth to participate in solving local challenges, and ensuring gender equity across all phases of the programme.
Unilever has a long-standing commitment to supporting sustainable and inclusive growth. This partnership with Orange Corners Bangladesh aligns with Unilever's global mission to help create a more equitable and sustainable future. By supporting young entrepreneurs in Bangladesh, Unilever hopes to drive economic growth and create a positive impact in the community, reads the release.
Zaved Akhtar, CEO and Managing Director of Unilever Bangladesh said, "Bangladesh's journey over the last few decades has been nothing but short of a miracle, and the economy has immense potential with an enormous pool of young talent. If all young people get the opportunity to acquire the right skills and their personal development, our progress should be unlimited. From raising productivity and reducing inequality to creating businesses and improving communities, there is no end to the benefits their talents and ideas could bring. However, young people today face extraordinary economic, social and cultural challenges and need a wide variety of skills to thrive in work and life. As part of Unilever's Compass priorities and commitment to youth skills development, we have committed to helping 10 million young people aged between 15 and 24 years to gain employment skills that will help them find meaningful work opportunities and prepare for the future of work. Since 2020 Unilever has been working with social enterprises in Bangladesh and helping innovative social businesses to solve market-based solutions which can play vital roles in poverty reduction, economic development and pollution reduction. Our collaboration with Orange Corner will allow us to reach a larger group of youth. I believe our combined strengths will create an inclusive and equitable entrepreneurship ecosystem in Bangladesh."
Orange Corners Bangladesh is gearing up for its first hackathon to be held in May 2023. For additional information on the Orange Corners program in Bangladesh, please contact the team through [email protected].
Products and solution-services exhibition begins in city
A three-day exhibition of products and solution-services of domestic and foreign companies related to infrastructure construction, power generation, renewable energy, safe HVACR and water management started on Thursday at the International Convention Center (ICCB) in the capital's Bashundhara.
Savor International Limited organised this international exhibition under the banner of ‘SAFECON 2023’.
Planning Minister M A Mannan inaugurated the exhibition as the chief guest. Md Habibur Rahman, Secretary of the Power Division of the Ministry of Energy, was present at the programme as a special guest.
A total of 120 companies from 16 countries participated in this exhibition. Visitors from different public and private projects are coming to the exhibition.
The exhibition is open for all the visitors from May 11 to May 13 (10.00 am to 7.00 pm) every day.
Mohammad Hossain, Director General of the Power Cell of the Ministry of Power, Al Mamun Mridha, Secretary General of Bangladesh China Chamber of Commerce and Industry (BCCCI), Engineer Md Hasmatuzzaman, President of the ASHRAE, among others, were also present at the inauguration ceremony.
We accept Uniqlo’s decision with a heavy heart: Yunus Centre
Lamiya Morshed, Executive Director at Yunus Centre, has said it is sad to see a decision to close Grameen-Uniqlo’s outlets in Bangladesh soon after a great success.
"We accept Uniqlo’s decision with a heavy heart," she said in a statement, adding that they have been very happy with this example of the success of a global Social Business undertaken by a popular global company.
Lamiya said they are very sorry that Grameen Uniqlo has decided to close down its business.
It has been a well-known popular global brand marketed globally through Uniqlo's stores, particularly through their unique super stores in mega cities all over the world, Lamiya said.
These products attracted global attention along with the message of Social Business, she said.
The global clothing brand will close all 10 of its stores in the country by 18 June this year, said a press release.
"In view of Bangladesh’s significant economic development in recent years, as well as changes to its business environment, we have determined that our company has fulfilled a certain role and has decided to conclude its business activities," it said.
Raid if sugar is not sold at govt-fixed rate: Tipu Munshi
Commerce Minister Tipu Munshi on Thursday said that the market monitoring team will start raids to ensure that sugar is being sold at prices fixed by Bangladesh Trade and Tariff Commission (BTTC).
The minister also said they would consider importing onions if its price continues to rise.
The commerce minister made the statement in response to reporters' questions after a courtesy call by Helena Konig, deputy secretary general for Economic and Global Affairs of the European Union, at the ministry on Thursday afternoon.
The minister said that due to the increase in the price of sugar in the international market the new price has been fixed.
Traders including Bangladesh Sugar Refiners Association have been informed to sell loose sugar at Tk 120 per kg and packaged sugar at Tk 125 per kg as per the recommendation of the BTTC, Munshi said.
“Instructions will be issued to the concerned authorities including the National Consumer Protection Directorate, and District Administration to see whether they are selling sugar in the market at this price or not,” he added.
The price of onions in the market has increased a lot within a short time. When asked about the government's action in this regard, the minister said that if the price continues to rise like this, initiatives would be taken to import onion from India soon.
“Imports have been cut as domestic onion production is adequate. The market is being monitored. If the price of onion continues to rise, imports will be considered,” the minister said.
Nagad mega campaign: Over 5,000 gift items distributed among winners
Nagad, a leading mobile financial services provider in the country, has so far handed over more than 5,000 gift items, including nearly 100 motorbikes and refrigerators, to the winners under an ongoing mega campaign.
The joy of the winners doubled when they received such exciting gifts from their favourite celebrities, such as Bangladesh National Cricket Team’s ODI captain Tamim Iqbal Khan and television stars – Nusrat Faria, Mishu Sabbir, Ziaul Hoque Polash and Parsa Evana.
Nagad continues to give away gifts to everyday winners under the mega payment campaign that began on 23 March. In continuation of it, the MFS operator distributed gifts among the winners at its head office on 10 May, said a press release on Thursday.
On April 14, on behalf of Nagad, star cricketer Tamim Iqbal reached out to Anup Elvin Adhikari, a renter in Dhaka city, and gave him an exciting sedan car that he won through a Nagad payment.
Expressing his happiness after having received the sedan car, Anup said, “Nagad has changed my life. I won a car through Nagad payment and got to meet Tamim bhai…it is a great feeling for me. Most importantly, we got back our father thanks to Nagad that paid his treatment costs.”
On 17 April, Mobasshera Orny received a refrigerator from actress Nusrat Faria.
Nagad has so far distributed 560 bikes, refrigerators, smart televisions, mobile phones and tabs under the ongoing mega campaign. Besides, 3,300 headphones and smartphones were instantly handed over to the winners at shopping malls. Moreover, 1,673 headphones and smartphones were given to winners through couriers. In all, Nagad has handed out more than 5,000 gifts as of now.
Regarding the current mega campaign, Sadat Adnan Ahmad, chief marketing officer of Nagad said, “Nagad’s mega campaign has appeared as a reason for happiness for our customers.”
“We are getting a huge response from people across the country. Every day winners receive their desired gifts. We want people to get used to digital payments and save their hard-earned money,” he also said.
Under the campaign, customers have opportunities to win various exciting gifts only by buying products worth a minimum of Tk 500 from specific merchants using their Nagad wallets.
Besides, every hour 10 customers are getting a cashback up to 100 percent or maximum Tk 2,000 on Nagad payments from 10 am to 11.59 pm during each campaign day. The cashback amount is sent to their Nagad wallets the next working day.
During the mega campaign that will continue till 30 June, a customer will enjoy cashbacks a maximum of three times, while they will be eligible for the mega offer for once.
Tk5000 crore needed for SMEs to break market monopoly: Kamal Mojumder
State Minister for Ministry of Industries Kamal Ahmed Mojumder on Thursday said the small and medium entrepreneurs are missing from markets due to dirty competition imposed by large companies, which are making hefty profits through monopoly and syndication of daily essential goods.
He sought a fund of at least Tk5000 crore in the upcoming budget to assist the small and medium entrepreneurs through subsidies so that a fair completion remains in the market.
As an example, the state minister said the sugar price would not go much higher if the state-owned sugar industries were not shut down.
The minister said this while speaking as the chief guest at a workshop titled 'Role of media in the development of SME sector in the post-Covid-19 situation' held at the conference hall of the Economic Reporters’ Forum (ERF) in the capital on Thursday.
ERF and SME Foundation jointly organised the workshop. Chairman of SME Foundation Professor Dr. Md Masudur Rahman, ERF President Mohammad Refayet Ullah Mirdha, and General Secretary Abul Kashem also spoke at the function.
The Managing Director of SME Foundation Md. Mofizur Rahman gave a presentation on SME Foundation's activities along with the organisation's future plan.
He highlighted the role of the SME Foundation in creating small and medium entrepreneurship.
BGMEA reiterates demand to keep source tax at 0.5pc for next 5 years
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Thursday urged the government to reduce the tax at source on export of RMG items to 0.5 percent from existing 1 percent.
The apex body of the country’s apparel industry urged to keep the source tax at 0.5 percent for the next five years.
“It will allow entrepreneurs to confidently adopt medium-term business and investment plans,” BGMEA President Faruque Hassan said at a press conference on the overall situation of the garment industry on Thursday.
At the press conference, the country’s top apparel export body called on the government to provide policy support amid the ongoing economic downturn.
“During the assessment of the RMG industry, other income such as gain on assets disposal, sub-contract income, and miscellaneous expenses should be treated as disallowable, and a corporate tax rate of 12 percent should be imposed instead of the normal rate (30 percent),” the BGMEA President said.
At the beginning of the press conference, Faruque Hassan highlighted the current scenario of apparel export.
“In the last six months, we have seen some growth in exports. However, the export has declined mainly due to the increase in the cost of production, which is clearly seen in our export statistics.”
“And in the last two months of this year, March and April, our garment exports have also gone negative in terms of price. Our exports declined by 1.04% in March, and by 15.48% in April,” he said.
According to the Export Promotion Bureau (EPB), RMG exports reached $38.57 billion during the July-April of 2022-23 fiscal year, reflecting a 9.09% increase compared to the same period in the previous fiscal year.
Regardless of the overall positive trend, a more detailed inspection of single month statistics reveals a recent decline in apparel export growth.
In April, the country's RMG exports witnesses a significant decline by 15.48%, amounting to $3.32 billion compared to April 2022.
“Yesterday, we met with the international buyers' representative of Bangladesh, namely Buyers Forum, for the first time at the BGMEA office. We asked them about the 2023 projection. But they didn't give us a very promising projection. Instead, they see the slowdown in retail sales, access inventory and supply chain crises as major problems across Europe and the United States.” BGMEA president said.
During the press conference, he called on the authorities to reduce the income tax deduction rate at source from 20 percent to 10 percent on fees paid by RMG exporters for promotion and development from the Exporter Retention Quota Fund.
The BGMEA president also highlighted the lack of diversification in products in the country’s RMG export.
“According to exports in 2021-22, about 73% of our total garment exports were made of cotton, compared to 69% in 2008-09, which means that the cotton dependence of our industry has increased in the last 10 years.”
While non-cotton accounts for about 75% of the world's total garment use, only 26% of our exported garments are made of non-cotton material, he added.
The BGMEA chief demanded a 10 percent special incentive on non-cotton garments export in FY2023-24 in an effort to encourage more export through investment in the non-cotton sector.
The BGMEA chief demanded the withdrawal of the 10 per cent tax on cash assistance saying that it’s logical to keep the cash incentives out of the tax net as it is not an income through business.
Referring to the rising demand in circular fashion and recycled products, the RMG export body urged the government to waive 7.5% and 15% VAT, respectively, on the collection of raw materials used by the recycle fiber mills established at the local level and the supply of those recycled fiber to local spinning mills.
They urged the government to provide proper classification and duty-free facilities for import of raw materials of all types of garment waste or recycle fiber producing mills, including cotton waste, keeping in mind the interest of local industry.
BGMEA chief urges EU to support Bangladesh in smoother LDC graduation with extended transition period
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has urged the European Union to extend the transition period of GSP from the current three years to six years.
He said the extension would help Bangladesh to prepare well for smooth graduation from the LDC category and continue the growth momentum even in the post-LDC era.
The BGMEA chief made the request during a meeting with Helena König, Deputy Secretary General for Economic and Global Issues, European External Action Service (EEAS) in Dhaka on May 10.
Monika Bylaite, Deputy Head of Delegation, South Asia, EEAS; Charles Whiteley, Ambassador and Head of the Delegation of the European Union to Bangladesh; Dr. Bernd Spanier, Deputy Head of EU Delegation in Bangladesh; Maurizio Cian, Minister Counsellor and Head of Cooperation; and Jurate Smalskyte Merville, Counsellor and Team Leader- Education, Human Development and PFM at the Delegation of the European Union to Bangladesh; and Sameer Sattar, President of Dhaka Chamber of Commerce and Industry (DCCI) were also present at the meeting.
During the meeting, they discussed various issues including trade and investment, Everything But Arms (EBA), Bangladesh relations with the EU in the post-LDC era, and other issues of bilateral importance.
BGMEA President Faruque Hassan apprised Helena König of the major developments of Bangladesh’s apparel industry, particularly in terms of workplace safety, environmental sustainability and workers’ rights and welfare.
He also gave an overview of how the RMG industry had been making vital contributions to the socioeconomic development of Bangladesh, especially in terms of poverty alleviation employment generation for millions of people in the country, women empowerment, increasing girls schooling enrolment, and reducing early marriages, according to BGMEA.
Faruque Hassan highlighted the importance of continued growth of the industry to sustain the achievements made so far in these areas.
Terming the EU as the very important market for Bangladesh’s RMG exports, he highlighted the importance of extension of the specific trade preferences under EU’s GSP scheme to sustain the growth of the industry, thus contributing to the socioeconomic development of Bangladesh.
The BGMEA President also urged the EU to consider waiving the EU's safeguard textile threshold criteria or redesigning the mechanism for Bangladesh in the proposed GSP scheme for 2024-2034 so that Bangladesh could benefit from GSP Plus after the LDC graduation.
Grameen UNIQLO set to close its all stores by June 18
Announcing closure of its operations in Bangladesh by June 18, Grameen UNIQLO has said they have determined that their company has fulfilled a certain role.
"In view of Bangladesh’s significant economic development in recent years, as well as changes to its business environment, we have determined that our company has fulfilled a certain role and has decided to conclude its business activities," said the company in an announcement shared on its website.
The clothing brand regretted that they will close all ten Grameen UNIQLO stores by 18 June in 2023, and the business will be closed down.
“We sincerely thank our customers in Bangladesh for their ongoing support to Grameen UNIQLO over its period of operation,” reads the notice.
In 2010, Fast Retailing Co. Ltd, parent company of Grameen UNIQLO, started the social business together with the Grameen Bank Group with the aim of responding to social issues such as poverty, health and education in Bangladesh through a clothing business.
Since 2013, Grameen UNIQLO has opened stores mainly in the capital of Dhaka and conducted business with the aim of improving the lives of the people of Bangladesh by providing clothing to meet the needs of local daily lives and by creating opportunities for employment in safe environments.
Unilever partners with Orange Corners to support young entrepreneurs
Unilever Bangladesh Ltd. (UBL), the country’s largest fast moving consumer goods companies, has signed an agreement with Orange Corners, an initiative of the Ministry of Foreign Affairs of the Netherlands, to support young entrepreneurs in Bangladesh.
Implemented by YY Ventures, BYLC Ventures, and SAJIDA Foundation, and supported by the DBL Group and Unilever, the Orange Corners program in Bangladesh aims to create opportunities for the next generation of Bangladeshi business leaders by providing them with the necessary tools and resources to succeed, said a press relesae.
With a strong presence in 17 Hubs across Africa and the Middle East, Orange Corners launched its 18th Hub in Bangladesh - its first Asian nation, in early February 2023.
The Orange Corners program in Bangladesh will equip youth, aged between 18 and 35 years, with skills, funding, and resources to build sustainable businesses, particularly those that address the UN’s Sustainable Development Goals; all while the program partners combine their strengths to create an inclusive and equitable entrepreneurship ecosystem in Bangladesh.
The program has a strong focus on inspiring Bangladeshi youth to participate in solving local challenges, and ensuring gender equity across all phases of the program.
Speaking on the partnership, Unilever Bangladesh’s CEO and Managing Director, Zaved Akhtar, said, “ As part of Unilever’s Compass priorities and commitment to youth skills development, we have committed to helping 10 million young people aged between 15 and 24 years to gain employment skills that will help them find meaningful work opportunities and prepare for the future of work. Our collaboration with Orange Corner will allow us to reach a larger group of youth. I believe our combined strengths will create an inclusive and equitable entrepreneurship ecosystem in Bangladesh."
Orange Corners Bangladesh is gearing up for its first hackathon to be held in May 2023. For additional information on the Orange Corners program in Bangladesh, please contact the team through [email protected].