business
Australian High Commissioner, BGMEA President discusses trade opportunities
Australian High Commissioner to Bangladesh Jeremy Bruerhas on Thursday met President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan and discussed areas of opportunities on trade front.
BGMEA Vice President Shahidullah Azim, Directors Abdullah Hil Rakib, Barrister Vidiya Amrit Khan, Neela Hosna Ara, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on RSC Nafis-Ud-Doula, and Chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin attended the meeting.
Mahbub ur Rahman, CEO of HSBC Bangladesh; Joshua Gacutan, Second Secretary (Economic); and Nitol Dewan, Trade and Economic Development Manager at the Australian High Commission, were also present at the meeting held at BGMEA Complex in Uttara, Dhaka.
Also read: BGMEA urges Kontoor Brands to step up garment sourcing from Bangladesh
The meeting was marked by fruitful discussions on mutual interests and potential collaborations in grasping trade opportunities between Bangladesh and Australia.
Both sides had discussions regarding a range of topics, including avenues for enhancing bilateral trade between the two nations.
They also delved into the means of strengthening partnership and expanding trade and investment in areas of high potential.
One of the key points discussed in the meeting was the continuation of Australia's duty-free market access to Bangladesh in the post-LDC period, for which BGMEA President Faruque Hassan expressed his gratitude.
Bangladesh's keen interest in the Australian market, particularly in exporting high-end fashion items, and the potential to increase its imports of cotton and wool from Australia for its readymade garment sector were also highlighted in their discussion.
Faruque Hassan extended his appreciation to Australia for its ongoing support in Bangladesh's journey towards development, said the BGMEA.
Also read: South Korean Ambassador, BGMEA President discuss ways to boost trade, investment
He highlighted the significance of Australia as a promising market for Bangladesh's apparel exports.
He also underscored the importance of fostering industry connections between Australian suppliers of raw materials, such as cotton and wool, and Bangladesh's RMG sector.
Faruque Hassan thanked the Austrian High Commissioner for extending his cooperation in organizing the first-ever Bangladesh Apparel Summit in Melbourne on July 18 this year.
The summit played an important role in bringing closer a wide range of stakeholders of the RMG industry including buyers, retailers, suppliers, consumers, development partners and others, creating a good opportunity for fruitful discussions.
Also read: Concerted efforts needed for transition to circularity: BGMEA President
Govt fixes prices of potatoes, onions, sugar, soybean and eggs
The Ministry of Commerce on Thursday fixed the price of egg at Tk 12 per piece at the retail level.
The ministry also set prices of onions at Tk 64-65 per kg, potatoes at Tk 35-36 per kg, bottled soybean oil at Tk 169 per liter, open (loose) soybean at Tk 149 per liter, and palm oil at Tk 124 per liter.
The sugar (open) price was fixed at 120 per kg, while the packaged sugar was at Tk 135 per kg.
Read: Timely action keeping prices and supply 'stable': Commerce Minister
The ministry has determined the prices based on the recommendations of the Agriculture Ministry and the Fisheries and Livestock Ministry.
Earlier, the Commerce Ministry sought a recommendations from the ministries based on the production and marketing costs of these goods.
Read: Onion prices cross Tk 100 per kg in Dhaka after India imposes extra duty
The government has decided to operate drives across the country and enhance monitoring to ensure the selling of these goods at the prices fixed by it, the commerce secretary told UNB.
Read more: Onion prices soar in Khulna market after India slaps duty on export
BGMEA urges Kontoor Brands to step up garment sourcing from Bangladesh
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan
has called upon leading clothing company Kontoor Brands to increase sourcing of garments from Bangladesh, especially high-value and non-cotton items.
Citing the vast progress in workplace safety, environmental sustainability, and workers’ wellbeing, he said the industry’s strides had strengthen the position of Bangladesh as a preferred destination for garment sourcing.
We need to go beyond cotton, traditional items: BGMEA chief
He made the call during a meeting with senior management representatives from Kontoor Brands, a prominent global apparel company having long-term business with Bangladeshi suppliers. Two iconic denim labels -- Lee and Wrangler -- are owned by Kontoor Brands.
Key executives from Kontoor Brands, including Ezio Garciamendez, Vice President, Chief Supply Chain Officer; Wesley Gibson, Vice President, Managing Director Sourcing; Heena Agrawal, Vice President Finance; and Gihan Palihena, Director Asia Product Supply – South Asia were present at the meeting held in Dhaka on September 13.
They discussed issues of mutual interests, especially the prospects of strengthening the relationship between Kontoor Brands and the Bangladeshi garment industry.
Concerted efforts needed for transition to circularity: BGMEA President
During the meeting, Faruque Hassan presented an overview of the numerous initiatives undertaken by the Bangladesh’s garment industry to enhance its manufacturing capabilities, particularly in the production of high-end products, including manmade fiber and technical textile-based garments.
He highlighted the industry's continuous efforts to promote sustainable fashion practices and encourage the adoption of a circular economy model.
One of the key points raised by BGMEA President Faruque Hassan was the importance of ethical pricing to foster sustainability within the RMG sector while ensuring the well-being of the workers.
The RMG industry of Bangladesh has made significant strides in ensuring the workplace safety, and sustainable manufacturing, said Faruque Hassan.
BGMEA-Circle Economy ink MoU to accelerate garment, textile sector’s transition towards circular economy
"We invite international buyers, such as Kontoor Brands, to collaborate with us in this journey towards a more sustainable and responsible fashion industry."
We need to go beyond cotton, traditional items: BGMEA chief
BGMEA President Faruque Hassan has underscored the need for diversification of products alongside technology upgradation, embracing sustainable manufacturing practices, innovation, and skill development to retain Bangladesh’s competitive edge in the global apparel market.
“When we talk about enhancing our industry capability, we need to go beyond the cotton and traditional items, we need to increase our capacity in product development and innovation, enhance our efficiency and professional skills,” he said.
He made the remarks while addressing as the guest of honor the inauguration ceremony of Textech series of exhibitions organized by CEMS Global USA in association with CEMS Bangladesh in Dhaka on September 13.
BGMEA urges Kontoor Brands to step up garment sourcing from Bangladesh
Textiles and Jute Minister Golam Dastagir Gazi (Birpatik) MP attended the ceremony as the chief guest.
Vice Chairman of the Export Promotion Bureau (EPB) A. H. M. Ahsan also spoke at the event as special guest while President and Group Managing Director of CEMS Global USA and Asia Pacific Meherun N. Islam chaired the ceremony.
Concerted efforts needed for transition to circularity: BGMEA President
Faruque Hassan said, “In this era of fast fashion, brands are continuously striving to make the production process faster and simpler. So in the coming days, the manufacturing landscape will be influenced by the 3Cs - Cost, Competitiveness, and Closeness.”
“4th Industrial Revolution will be the key to achieving manufacturing and supply chain excellence. At the same time, fashion consumption will continue to evolve driven by technology and innovation,” he added.
BGMEA-Circle Economy ink MoU to accelerate garment, textile sector’s transition towards circular economy
Salman F Rahman welcomes investment from Commonwealth economies
Salman F Rahman, private industry and investment advisor to Prime Minister Sheikh Hasina, said on Wednesday that Bangladesh is ready to facilitate special policy support for Commonwealth economies to fetch more foreign direct investment (FDI).
“As Bangladesh is a well-positioned country among the Global South economies, and the Bay of Bengal is emerging as a critical region in the competition for control of sea lanes and global trade, economies under the umbrella of Commonwealth can leverage the opportunities for trade or setting up manufacturing units,” he told an international trade conference in Dhaka.
If Bangladesh falls into ‘middle-income trap,’ it won’t achieve goal of becoming a developed nation by 2041: Salman F Rahman
Prime Minister Sheikh Hasina inaugurated the Commonwealth Trade and Investment Forum as the chief guest in Dhaka. Bangladesh is hosting the conference for the first time in association with the Commonwealth Enterprise and Investment Council (CWEIC).
The Bangladesh Investment Development Authority (BIDA), the Ministry of Foreign Affairs and the Zi Foundation are the partners of the conference.
Over 300 international delegates, including 13 ministers from the Commonwealth countries, are participating in the two-day conference.
In his speech, Salman mentioned that Bangladesh's strategic location and its Bay of Bengal have brought significant responsibilities as a facilitator and connector between regions and competing powers.
Bank loan interest will go up in future: Salman F Rahman
“Bangladesh economy is expected to reach over $485 billion by the end of this year. A robust demographic dividend, strong apparel exports, resilient remittance inflows, and stable macroeconomic conditions have supported rapid economic growth over the past one decade,” he told the seminar on “Bangladesh Opportunity – Commonwealth Partnerships.”
An overview of Bangladesh and investment opportunities was presented focusing on the potentials of growth towards the 2041 strategic goal.
In the opening remark, CWEIC Chairman Lord Marland said that Bangladesh can take the opportunity to extend economic cooperation among the Commonwealth nations.
“Bangladesh has proven its excellence in apparel export in the world. Countries under the Commonwealth platform can follow the best practices in the sectors. We want to connect every dots of possibilities through the Commonwealth, home to 2.5 billion people and includes both advanced economies and developing countries,” Marland said.
No concern among US businessmen about upcoming elections: Salman F Rahman
Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubayat-Ul-Islam, FBCCI President Mahbubul Alam, Unilever Bangladesh President Zaved Akhtar and British International Investment managing director Srini Nagarajan were in the panel discussion. BBC Broadcaster Tanya Beckett moderated the session.
Commerce Minister Tipu Munshi was the chief guest at another panel discussion titled 'Global Economy: Breaking Down Barriers to Trade’ at the same venue.
Dominican Foreign Minister Dr Vince Henderson. Sri Lanka’s Minister of State for Investment Promotion Dilum S Amunugama, Cameroon’s Finance Minister Louis Paul Motazé were guests of honour on the occasion.
Another session titled ‘Mental Health in the Workplace: Creating a Positive Working Environment’ was also held.
British MP Paul Bristow and the head of strategic engagement of the Institute of Occupational Safety and Health, Alan Stevens, and councillor Wayne Fitzgerald took part in the session.
Commonwealth nations, often simply referred to as the Commonwealth, is an international association of 56 member states, the vast majority of which are former territories of the British empire.
Syed M Tanvir resigns as director of CCCI
Syed M Tanvir, managing director of Pacific Jeans, has resigned from the director’s post of the Chittagong Chamber of Commerce and Industry (CCCI) due to unavoidable circumstances.
He submitted the resignation letter to the CCCI president Omar Hazzaz on Tuesday.
Also read: Japan Desk in CCCI to help solve investment issues; promote Ctg: Japan
Tanvir said in the letter: “I am grateful to the CCCI members for re-electing me as a director for the current tenure of 2023-2025. However, due to present unavoidable circumstances, I feel that I will not be able to perform the responsibilities as director of the CCCI for this tenure with dignity.”
Also read: CCCI welcomes the proposed budget
Contacted by UNB, Tanvir confirmed that he has resigned, but he would not specify the reason behind his decision.
UNB learned that his resignation involves the presidential election of the CCCI.
Commonwealth Trade and Investment Forum opens office in Dhaka
Commonwealth Trade and Investment Forum, an initiative of the Commonwealth Enterprise and Investment Council (CWEIC), on Tuesday opened an office in Dhaka to facilitate trade and investment in Bangladesh.
CWEIC Chairman Lord Marland and Prime Minister’s Advisor Salman F Rahman inaugurated the liaison office in Baridhara J Block in the city.
Addressing the function, Lord Marland said, “Bangladesh is well-positioned to tap into the global business network and leverage its economic potential to drive growth and development.”
“The Commonwealth is home to 2.5 billion people and includes both advanced economies and developing countries. Despite the Commonwealth not being a formal trading bloc, the member countries get benefit from a substantial trade advantage,” he said.
Marland mentioned that the office will facilitate local businesses to avail an array of trade and investment opportunities from the Commonwealth.
In his speech, Salman F Rahman recalled the historical legacy of Father of the Nationa Bangabandhu Sheikh Mujibur Rahman to join the Commonwealth with the dream of cooperation immediately after the independence of the country. “Bangladesh has become a development miracle in the world by keeping stable growth over the last decade. The country is graduating from least developed country groups within a couple of years.”
In this context, the Commonwealth office in Dhaka for trade and investment facilitation is crucial for the economy, he said.
State minister for foreign affairs Shahriar Alam and , Foreign Minister of Cameroon Lejeune Mbella Mbella also spoke at the ceremony.
Bangladesh is hosting the Commonwealth Trade and Investment Forum for the first time on Wednesday. Prime Minister Sheikh Hasina is scheduled to open the international conference.
CWEIC’s network includes around 150 businesses and governments including Standard Chartered, Zenith Bank, Trade and Investment Queensland and the government of the Maldives and 35 countries and territories.
Chinese Company signs deal to invest $12.2 million at Adamjee EPZ
Chinese company Cherry Button Limited is going to establish a garment accessories manufacturing factory at Adamjee EPZ with an investment of USD $ 12.2 million.
Bangladesh Export Processing Zones Authority (BEPZA) and Cherry Button Limited signed an agreement to this effect at the BEPZA Complex in Dhaka on Tuesday.
Also read: Chinese Company to invest $ 19.5 million in Mongla EPZ
Member (Investment Promotion) of BEPZA Ali Reza Mazid and Chairman of Cherry Button Limited MA Miaoyan (Jasika) signed the agreement on behalf of their respective sides.
Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, witnessed the agreement signing ceremony.
Also read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
This fully foreign-owned company will produce annually 1650 million pieces of metal button, plastic button, metal zipper, vislon zipper, nylon coil zipper and other accessories. The company will create job opportunities for 1068 Bangladeshi nationals, said a press release.
Also read: Bangladesh, France reiterate interest in expanding bilateral trade and exploring potentials for investment in infrastructure
Daraz “Noy Er Ullash” campaign kicks off
Daraz Bangladesh, the forefront of online marketplaces in the nation, kicked off its anniversary campaign on Tuesday with the resonating slogan “Eita, Oita, Jeita Lage, Shobee Kinun Daraz-e”.
The campaign will continue till September 14, 2023, to increase the level of shoppers’ excitement, said a press release.
Read: Daraz celebrates 9th anniversary
Daraz's extensive selection of categories, encompassing Fashion, Beauty, Mart, Mall, Home and Living, Lifestyle, Everyday Essentials, and more, promises an unmatched shopping experience precisely tailored to each facet of shoppers' lives all within easy reach.
The campaign captures the spirit of embracing convenience, quality, and variety, offering a seamless world of shopping possibilities.
Read: Daraz organizes “Influencer Connect” Season 1 to empower content creators
Shoppers will get up to 70 per cent off, hot deals, free delivery on specific deals, flash sale, numerous new launches, everyday low price, early bird vouchers, mystery box, exclusive amazing vouchers, and much more.
These exciting opportunities are tailored to redefine their shopping experience and excitement, added the release.
Renowned brands such as Unilever, Reckitt, Nestle, Nivea, Bata, Lotto, Furnicom, Infinix BD, ORAIMO, and Sports House join as co-sponsors, to amplify the excitement of the campaign.
Read: Daraz Bangladesh celebrates International Women's Day
Payment partners facilitate the campaign's seamless transactions, including bKash, Nagad, Eastern Bank Limited, EBL ZIP, HSBC, Southeast Bank Ltd., Prime Bank Limited, NCC Bank, City Bank and BRAC Bank.
Since 2014, Daraz empowers more than 550,000 sellers with world-class marketplace technology and its vision is to be a champion of South Asia serving 50 million consumers and businesses by 2030.
BRI fuels rapid growth of Bangladeshi businesses
The total driving distance from Dhaka's commercial Motijheel district to the Bangabandhu Bangladesh-China Friendship Exhibition Center in the Bangladeshi capital's Purbachal new township under construction is approximately 35 km.
The hot weather and such a long distance did little to deter businesses from thronging the "Belt and Road Initiative in Bangladesh Exhibition 2023."
Read: FBCCI president says they are against dishonest businessmen
Some 3,000 people, including top government officials and leading businesses, flocked to the three-day exhibition over the weekend, bringing together companies, especially those from China, under one roof.
Scores of Chinese and Bangladeshi enterprises, banks, and government agencies used more than 120 standard booths to demonstrate the achievements of the Belt and Road Initiative (BRI) in Bangladesh.
"I came to this exhibition center after seeing the circular of the exhibition," said Bangladeshi Himel, who uses a single name.
"I visited the Huawei stall and saw all Huawei technology and career enterprise solutions here," Himel said, adding, "I've also visited many Chinese stalls. It was very nice to visit this exhibition."
Read: Bank loan interest will go up in future: Salman F Rahman
Himel said Bangladeshi people are also very familiar with Chinese technology and can use an array of high-tech products made in China.
In the booth of Akij Jute Mills Limited, Abiruzzaman, the senior manager, was introducing their products to the visitors passionately.
"I am very happy to participate here," Abiruzzaman said, adding that "we export to China. They are very good, and their cooperation mentality impressed us."
Md Mujibur Rahman, managing director of Powervision Group, was thrilled to be the dealer of Sany Heavy Industry India Pvt. Ltd. in Bangladesh.
Till now, the comprehensive market share of the main construction machinery products from Sany exceeds 30 percent, and the market share was No.1 in Bangladesh for eight consecutive years.
Read: Concerted efforts needed for transition to circularity: BGMEA President
"Construction machines are essential for the BRI. According to that requirement, Sany has been in Bangladesh for the past years and will continue to be," he said.
The BRI is doing development work in Bangladesh, Rahman said, adding that Bangladeshi people know what the BRI is because "development is not possible in Bangladesh without the BRI."
Both the countries benefit mutually from the BRI, a bridge and catalyst in paving the way for the transfer of technology and more investment from China's public and private sectors, said Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), one of the largest associations of Bangladesh's top export earning sector, the readymade garment.
He said there are big opportunities for Chinese investors to invest in Bangladesh because "there is a ready market."
"We want to go forward with the BRI. Bangladesh will go forward with the help of China and the BRI."
Read: BGMEA-Circle Economy ink MoU to accelerate garment, textile sector’s transition towards circular economy
Bangladeshi government officials have also called for increased cooperation under the framework of the China-proposed BRI, which they said has brought great changes to the South Asian country.
They made the remarks on Friday when speaking at the opening ceremony of "The Belt and Road Initiative in Bangladesh Exhibition 2023," which marks the 10th anniversary of the initiative.
The BRI has already brought transformative changes to Bangladesh as "it has strengthened our role as a vital connector in the regional trade network," Lokman Hossain Miah, executive chairman of Bangladesh Investment Development Authority (BIDA), said at the ceremony attended by nearly 400 representatives of Chinese and Bangladeshi enterprises.
"Our participation in the BRI is a testament to our shared commitment. So, let us see this moment, harness the opportunities it presents and work together to build a more prosperous and interconnected world," said Miah, a senior secretary of the Bangladeshi government.
Under the BRI, he said Bangladesh has implemented mega projects like the Padma Bridge rail link, the 8th Bangladesh-China Friendship Bridge, and the Bangabandhu Bangladesh China-Friendship Exhibition Center, among others.
Addressing the ceremony, A.H.M. Ahsan, vice chairman and chief executive officer of Bangladesh's Export Promotion Bureau, said the BRI put forward 10 years ago is "a visionary project aimed at revitalizing the connectivity among Asia, Europe and Africa."
"Over the past decade, we have witnessed the transformative impact of the BRI on global trade and investment, with Bangladesh being an enthusiastic participant in this journey," he noted.