business
MATRADE Export Acceleration Mission from Malaysia visits BMCCI secretariat
The Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) has hosted delegates from the MATRADE Export Acceleration Mission on Monday at the BMCCI secretariat.
The 20-member delegation was led by Trade Commissioner of MATRADE CHENNAI Wan Ahmad Tarmizi Wan Idris, according to a press release.
Global energy transition offers opportunity for boosting growth in South Asia: World Bank
BMCCI President Syed Almas Kabir, Senior Vice President Shabbir Ahmed Khan, Vice President Jamilur Rahman, among others, welcomed the delegates upon their arrival, it said.
Malaysian High Commissioner to Bangladesh, Haznah Md Hashim was present as guest of honour on the occasion.
FICCI's 60 Years Celebration & Investment Expo 2023 rescheduled on Nov 19
Almas gave the welcome address, highlighting the trade and investment opportunities that exist in Bangladesh. His presentation shed light on the potential for mutual growth and collaboration between the two nations, said the release.
Huawei announces business results for the first three Quarters of 2023
The visit of the MATRADE Export Acceleration Mission to the BMCCI Secretariat serves as a testament to the commitment of both Malaysia and Bangladesh towards fostering stronger economic ties, it also said.
Global energy transition offers opportunity for boosting growth in South Asia: World Bank
Despite solid growth, South Asia faces a risky outlook, says the World Bank in its latest regional economic update, urging countries to fully capitalize on the global energy transition to help boost growth.
‘Toward Faster, Cleaner Growth’ is the subject of a two-day conference organized by the BRAC Institute of Governance and Development (BIGD) and the World Bank.
Opening on Monday, the conference is a platform for academics, experts, and researchers to discuss the opportunities and challenges the region faces in pursuing green growth.
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Constrained by slowing growth and fiscal challenges, South Asia’s governments have limited room to help their economies make the most of the global energy transition.
The global energy transition presents an opportunity to boost productivity and investment, create jobs, cut air pollution, and reduce reliance on fuel imports.
Even with limited fiscal space, countries can encourage firms to adopt more energy-efficient technologies through market-based regulations, information campaigns, broader access to finance, and the provision of reliable power grids.
“Bangladesh has made some impressive progress in green development. For example, our garments sector ranks among the world’s best on the number of green factories,” said Planning Minister M. A. Mannan.
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“We must continue on the path outlined in Bangladesh’s Energy Efficiency and Conservation Master Plan, which includes a series of programs that aim to help large industrial energy consumers, residential consumers, buildings, private companies, and government agencies move toward energy efficiency”, he added.
Improvements in energy efficiency could accelerate progress towards both economic and environmental goals in South Asia.
The region uses twice as much energy as the global average to produce each unit of output. While South Asian firms are enthusiastic adopters of basic energy-efficient technologies, they lag in the adoption of more advanced technologies.
“Bangladesh is among the countries most vulnerable to climate change,” said Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan.
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“And as the intensity and frequency of natural disasters increase, Bangladesh must do more to tackle the environment and climate risks and sustain its strong growth performance. Green growth can help Bangladesh build long-term resilience against climate risks while help to attain its vision of becoming an upper-middle-income country,” he noted.
The energy transition will reshape South Asia’s labor markets. Almost one-tenth of the region’s workers are employed in pollution-intensive jobs.
These jobs are concentrated among lower-skilled and informal workers who may struggle to adjust to job or income losses.
While the energy transition can help create new jobs, it could also leave some workers stranded in declining industries.
The report recommends a wide range of policies to protect such workers, including providing better access to high-quality education and training, finance, and markets; facilitating worker mobility; and strengthening social safety nets.
“In this conference, we will truly emphasize the agenda of green growth and delve deeply into the choices we can make and how we can deliver on this agenda.” said Imran Matin, BIGD Executive Director.
“In South Asia, given the salience of our population and demographics, green growth agenda is not only a topic of central importance, but also a place to foster central innovation, and that’s what we are looking forward to,” he said.
The green growth agenda cannot be advanced without really thinking about how it delivers on growth and the importance of interdisciplinary approach is key to understanding green growth, he added.
FICCI's 60 Years Celebration & Investment Expo 2023 rescheduled on Nov 19
The Foreign Investors’ Chamber of Commerce and Industry (FICCI) has rescheduled the date of their event “FICCI 60 Years Celebration & Investment Expo 2023.”
According to the new schedule, the event will be held from 19 to 20 November 2023 to commemorate its six-decade anniversary, said a press release issued on Sunday.
Read: Huawei announces business results for the first three Quarters of 2023
FICCI President Naser Ezaz Bijoy said, "The Prime Minister of the People's Republic of Bangladesh, Sheikh Hasina, has agreed to inaugurate this event as the chief guest as per the pre-scheduled date. However, now the Prime Minister is likely to visit Jeddah, the Kingdom of Saudi Arabia, to attend the International Conference on Women in Islam which will be held on 6-8 November. For this reason, she has given her consent to inaugurate this programme on 19 November at the same venue Radisson Blu Dhaka Water Garden in the capital."
Naser also said that all preparations for the event with the theme 'Forever Futures Forward' are at the final stage. Only the date has been changed as per the instruction of the prime minister.
Read: BMCCI President Syed Almas Kabir inducted as FBCCI adviser
“Our entire program will remain the same as previously announced at the press meet,” he added.
Bangladesh Investment Development Authority (BIDA) is the strategic partner of the initiative. During the inauguration, the prime minister is scheduled to unveil FICCI's research report 'Catalyzing Greater FDI for Vision 2041: Priorities for Building Conducive Tax System in Bangladesh' and ESG publication 'ESG Excellence: A Chronicle of FICCI Members'.
Apart from the investment fair, two plenary sessions on “Green Value Chain” and “Investment Climate: Current Landscape and Mission 2041” will be held.
The organiser hopes the expo will be visited by different government stakeholders, policymakers, diplomats, development partners, think tanks, business leaders, and other stakeholders including the mass people.
Huawei announces business results for the first three Quarters of 2023
Huawei announced its business results for the first three quarters of 2023 today.
During this period, Huawei generated CNY456.6 billion in revenue, with a year-on-year increase of 2.4% and a net profit margin of 16.0%, said a press release.
‘In 2022, Huawei generated USD 93.5 billion in revenue and USD 5.2 billion (approx.) in net profits.
Huawei continued to strengthen its investment in R&D, with an annual expenditure of USD 23.5 billion in 2022, representing 25.1% of the company's annual revenue and bringing its total R&D expenditure over the past ten years to more than USD 142.3 billion.’
"The company's performance is in line with forecast," said Ken Hu, Huawei's Rotating Chairman. "I'd like to thank our customers and partners for their ongoing trust and support. Moving forward, we will continue to increase our investment in R&D to make the most of our business portfolio and take the competitiveness of our products and services to new heights. As always, our goal is to create greater value for our customers, partners, and society.
BMCCI President Syed Almas Kabir inducted as FBCCI adviser
The Board of Directors of Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) has congratulated their President Syed Almas Kabir for being inducted as the esteemed adviser of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI).
BMCCI Senior VP Shabbir Ahmed Khan, Secretary General Motaher Hoshan Khan, and Director Mahbubul Alam Shah congratulated Almas for this achievement and recognised his exemplary leadership and expertise, according to ac press release.
This appointment not only highlights Almas’ exceptional capabilities but also underscores the profound trust and respect he commands within the business community, it said.
Syed Almas Kabir has 39 years of experience in the IT industry making him a seasoned professional and a distinguished individual who has demonstrated exceptional capabilities and leadership throughout his career.
Additionally, he has an extensive experience as a business leader having worked across various sectors, said the release.
Almas’ accomplishments include being elected twice as BASIS president, serving as the VP of the ISP Association of Bangladesh, holding the position of Director of FBCCI for two terms, and serving in BMCCI for four terms. His contributions and leadership roles in these organizations highlight his dedication and expertise in the industry, added the release.
His induction as adviser of FBCCI is a testament to his expertise and professionalism. With a wealth of experience and a deep understanding of the intricacies of the business landscape, Almas is a trusted professional to guide and make significant contributions to the growth and prosperity of FBCCI, it also said.
The Board of Directors of BMCCI hopes that his invaluable insights and guidance will undoubtedly shape the future trajectory of the organization and positively impact the broader business landscape as well.
Big jump in NBR's revenue collection in Q1 of current fiscal
The government's revenue collection increased at a rapid clip of 14.34 percent year-on-year to Tk76751 crore in the first quarter of the current fiscal year 2023-24.
Despite the high growth of 14.34 percent, the NBR could not meet its targets in any sector of income tax, VAT, or customs. The revenue collection is Tk8195 crore behind the set target. Earlier, the revenue deficit in the first two months (July and August) of the current fiscal year was Tk 4,870 crore.
According to NBR, the revenue collection target for the current fiscal year 2023-2024 has been set at Tk 4.30 lakh crore. Among this, the target of revenue collection in the first quarter was Tk84946.93 crore. Against the target, the NBR collected Tk 76751.30 crore.
Among the revenue collected in the first quarter, the highest Tk28,982 crore came from the value-added tax (VAT) at the local level, up from Tk24,547 crore in the same period of last financial year. Accordingly, the growth in this sub-sector is slightly more than 18 percent.
At the import-export level, the revenue of Tk 24128 crore was collected, up from Tk22455 crore in the same period of the last fiscal. The growth in this sector is 7.45 percent.
Apart from this, the revenue from income tax and tourist tax sector in the first quarter was collected at Tk 23 641 crore. The growth stood at 17.47 percent.
Those concerned said that along with several mega projects including the Bangabandhu Tunnel, and Matarbari Thermal Power Station, VAT collection from tobacco products sales have increased slightly. Rising inflation is also a major reason for the high growth in VAT collection, they said.
The International Monetary Fund (IMF) is set to raise the revenue target to 0.5 percent of GDP in the current fiscal, as a condition of a USD $4.70 billion loan.
EDOTCO Bangladesh celebrates its 10th anniversary
EDOTCO Bangladesh has celebrated its 10th anniversary recently.
Over the past decade, the company has played a pivotal role in transforming Bangladesh's telecommunications, especially enhancing connectivity for underserved regions across the nation, according to a press release on Saturday.
EDOTCO Bangladesh, a subsidiary of Malaysia's EDOTCO Group, initially made Tk 21.17 billion in foreign direct investment (FDI) and a total Capex investment of around TK 61 billion over the last 10 years, it said.
EDOTCO Bangladesh stands as the leading tower company, providing digital and innovative network infrastructure and streamlining connecting millions of people nationwide with its over 18,000 towers (owned and managed) from 35 regional offices.
EDOTCO Bangladesh has also been honoured at the Global Best Employer Awards 2022 and holds ISO 9001:2015 accreditation with 25,000 tenancies over 18,000 towers, the release also said.
Posts, Telecommunications and Information Technology Minister Mustafa Jabbar; High Commissioner of Malaysia to Bangladesh Haznah Md. Hashim; Vice-chairman of Bangladesh Telecommunication Regulatory Commission (BTRC) Engineer Md Mohiuddin Ahmed; Chairman of EDOTCO Bangladesh and GCEO EDOTCO Group Adlan Tajudin; and Country Managing Director EDOTCO Bangladesh Sunil Isaac were present at the anniversary celebration.
"I heartily congratulate EDOTCO Bangladesh on their remarkable 10-year journey of industry-leading innovations and impressive milestones in connecting the nation. Our honourable Prime Minister Sheikh Hasina strongly believes that connectivity is going to be the backbone of smart Bangladesh,” said Mustafa Jabbar.
“By 2024, our main target will be to implement 5G, as it will be a major catalyst for overall growth. The world is rapidly transitioning towards technological advancement, and we can't stay behind. With EDOTCO Bangladesh's contribution, we aim to provide connectivity solutions long before they are needed. I also want to thank the talented Bangladeshis working at EDOTCO, both in Bangladesh and abroad, for running the tower infrastructure through thick and thin,” he added.
"With 5G on the horizon, we anticipate a transformative phase in Bangladesh’s connectivity. Bangladesh remains a key market for us, and EDOTCO Bangladesh stands ready to lead this evolution, emphasising community connectivity and groundbreaking innovations,” said the chairman of EDOTCO Bangladesh.
"Our accomplishments have been possible due to unwavering dedication from all employees in Bangladesh and support from other teams in the region. Our journey, fueled by governmental support, stakeholders, and the nation’s trust, has been phenomenal. With our focus on sustainability and innovation, we are geared for the 5G era, and our vision remains clear: a connected, smarter, greener Bangladesh," said the Country MD of EDOTCO Bangladesh.
FBCCI seeks stable and peaceful political gatherings to promote business
President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubul Alam sought a stable and conducive political environment to promote business and commerce.
Talking with UNB on Friday on political parties’ gathering in Dhaka on Saturday, the FBCCI President said that the political parties have commitments to the welfare of the people of this country, so without political stability, the political parties cannot reach their destination.
Opposing road blockade and hartal, he said Bangladesh made progress in the economic sector in recent years despite the global economy going through recession, which become possible due to a stable political environment here.
Alam said the economy is struggling with the COVID-19 pandemic, then the Russia-Ukraine war, and now a new war has begun between Palestine and Israel, political stability is a must for sustaining supply chain and industrial production.
The FBCCI always sought a stable and peaceful political environment, participatory acceptable national election for the sake of the economy of the country, he said.
“The political parties have the right of political gathering, but their programs should not include vandalism and road blockade, which will give a wrong message to our foreign business partners as well foreign buyers of Bangladeshi products,” the FBCCI president added.
15th Bangladesh Denim Expo To showcase diversity of Denim Innovations
The 15th edition of Bangladesh Denim Expo will be held at the international Convention City, Bashundhara (ICCB), on 8th and 9th November, 2023.
In this edition, more than 80 Exhibitors from 12 countries are participating including Bangladesh, China, Pakistan, Turkey, Italy, Spain, Germany, Vietnam, Japan, India, Singapore & Switzerland. Exhibitors will showcase their innovative products on fabrics, garments, threads, machinery, finishing equipment and accessories etc.
OPPO offers exciting prizes for A Series smartphones
Through a series of Panel discussions & Trend seminars are scheduled in two days event , according to an official press release.
Panel Discussion-1 Titled: Bangladesh Apparel Industry in 2030: The Road Ahead, Panel Discussion-2 Titled: Sustainable Transition of Denim Industry, Panel Discussion-3 Titled: Unlocking the Untapped Potentials and Panel Discussion-4 Titled: Transforming Human Capital for USD 100 Billion Industry will be discussed by the international Experts.
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At the expo,there will be a special “Trend Zone” area, where latest denim trends and innovative products will be hand-on by the Exhibitors & visitors can get the opportunity to gain knowledge about upcoming trends on denim fabrics, styling and finishing available in Bangladesh.
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Founder and CEO of Bangladesh Denim Expo Mostafiz Uddin said , “Why Bangladesh Denim Expo? It’s simple- People can discover, connect & create new business and also grip the chances to learn more about the industry insights.”
OPPO offers exciting prizes for A Series smartphones
OPPO, the global pioneer in smartphone technology, is setting the stage for the ICC Men’s Cricket World Cup 2023 with thrilling offers designed to elevate the cricketing spirit among fans.
In celebration of the tournament's excitement, OPPO enthusiasts now have the opportunity to bag exclusive prizes through an online lucky lottery upon purchasing any A Series smartphone, said a press release.
Introducing the All Rounder A Series offer, OPPO invites you to revel in the World Cup fervor like never before. From October 21st to October 31st, 2023, customers purchasing the A78, A58, and A38 models from the OPPO A Series stand a chance to win exciting rewards, including a magnificent 55” LED Smart TV, a Shakib Al Hasan T-shirt, and free internet. This limited-time offer promises an immersive experience for cricket enthusiasts and tech aficionados alike.
Read: OPPO A58 Review: Is this budget-friendly phone good for photos?
For those seeking top-tier performance, the OPPO A78, priced at Tk 27,990, delivers lightning-fast charging with its 67W SUPERVOOC Flash Charge, allowing a full charge from 0% to 100% in just 45 minutes and 37 seconds. With 8 GB RAM (expandable by an additional 8 GB) and a spacious 256 GB ROM, the A78 ensures seamless performance and ample storage. Its 6.4-inch FHD+ AMOLED display transforms entertainment into a 'private theater' experience held right in your hand.
OPPO offers two variants of the A58: one with 6 GB RAM and 128 GB ROM for Tk 20,990, and another with 8 GB RAM and 128 GB ROM for Tk 23,990. Featuring a 6.72-inch FHD+ Sunlight Display and powerful Dual Stereo Speakers, the A58 provides an immersive multimedia experience. Its 50 MP AI Camera captures high-resolution images and videos, complemented by rapid 33W SUPERVOOC charging technology, granting 3.39 hours of calls with just five minutes of charging.
Read: OPPO A78 Review: Is it a balanced mid-range phone?
Enthusiasts can seize the opportunity to win these prizes through the All Rounder A Series offer, available at all authorized OPPO stores across Bangladesh.
For more details about the All Rounder A Series offer, please visit OPPO Bangladesh's official Facebook page and authorized outlets, added the release.