business
BMCCI concludes 6th Showcase Malaysia 2023 in Dhaka
Bangladesh-Malaysia Chamber of Commerce and Industry’s (BMCCI’s) 6th Showcase Malaysia 2023 was concluded with a series of seminars on contemporary issues.
High Commissioner of Malaysia Haznah Md Hashim expressed her heartiest pleasure to the completion of the whole event. She thanked BMCCI management and other stakeholders for the event, according to a press release.
The 6th Showcase Malaysia emphasized a number of seminars on contemporary issues, the BMCCI Business Excellence Awards, the modest fashion Show, and the Grand Gala Night including showcasing Malaysian products and services, it said.
One of the seminar’s aim was to discover the untapped potential of the economic relationship between Bangladesh and Malaysia at the Plenary Session on the 6th Showcase Malaysia, said the release.
The session also focused on the existing trade patterns, investment flows, and bilateral engagements between Bangladesh and Malaysia. The session waschaired by the Malaysian high commissioner and moderated by Dr M Masrur Reaz, chairman and CEO, Policy Exchange Bangladesh.
Seminars on healthcare and halal industry were also held at the event, where AKM Sayadul Haq Bhuiyan, head of Supply Chain and Export, Bengal Meat Processing Industries Ltd, BMCCI President Syed Almas Kabir and Sami Ahmed, managing director, Startup Bangladesh Limited also spoke.
The programme was supported by the Malaysia External Trade Development Corporation (MATRADE), the Malay Chamber of Commerce Malaysia (DPMM), the Malaysia South-South Association (MASSA), Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zone Authority (BEZA), the Bangladesh High Commission in Malaysia, and the High Commission of Malaysia in Bangladesh, the release said.
Number of BO accounts increased in August
The number of Beneficiary Owners (BO) in the capital market of the country increased by 4596 in the month of August.
Read more: https://www.unb.com.bd/category/Business/stakeholders-collaboration-innovative-business-model-stressed-for-transition-to-circular-economy-in-bangladeshs-textile-and-garment-industry/121415
This information is revealed by the Central Depository of Bangladesh Limited (CDBL), an organization that keeps shares and BO accounts automatically.
According to CDBL data, the current number of women and men investors in the country's capital market is 1747621, which was 1743 25 till last July 31.
Read more: https://www.unb.com.bd/category/Bangladesh/fm-momen-discusses-trade-investment-issues-with-us-bangladesh-business-council-leaders/121299
The number of male investors was 134372 and the number of female investors was 422301 on July 31 of this year in two types of BO accounts.
Read more: https://www.unb.com.bd/category/Business/shiny-object-syndrome-in-business-career-symptoms-effects-prevention/120986
And the number of institutional investors is 16352. In all, the total BO account of the investors was 174325.
Walton awards 144 plazas, managers for contribution to sales revenue
Walton has awarded 144 plazas and managers for outstanding contribution to sales revenue during the “Walton Plaza Uthshob-2023”.
Over 600 managers of Walton Plaza from different regions of the country took part in the celebration event, according to a press release on Tuesday.
Also read: Walton Plaza inaugurated in two new districts
With the slogan of “Joy Plazar Joy, Joy Walton Plazar Joy”, Walton Plaza arranged the day-long uthshob at the Walton Corporate Office in the capital on Monday, it said
Walton Hi-Tech Industries PLC's Vice-Chairman S M Shamsul Alam, Director S M Ashraful Alam, Walton's Director and Plaza's Managing Partner S M Mahbubul Alam, among others attended the event.
Walton Plaza CEO Mohammad Rayhan, Walton Digi-Tech's Additional Managing Director Liakat Ali, Walton Hi-Tech Advisor Major General (Retd) Ibne Fazal Shayekhuzzaman, Deputy Managing Directors Nazrul Islam Sarker, Eva Rizwana Nilu and Yusuf Ali were also present.
Walton's Senior Executive Director Amin Khan moderated the function.
Also read: Walton Walpad 8G Review: Worth buying?
“Walton has been able to overcome the challenges of global economic turmoil. Walton Plaza has made a special contribution behind this,” said Shamsul Alam. He hoped that this success of Walton Plaza would be continued.
“Walton Plaza became strong sales platform of Walton products. They are contributing significantly to the sales growth and also to raise the market share of Walton products,” said Walton Hi-Tech Director SM Ashraful Alam.
Also read: Walton's business thrives in Q3 of FY 22-23
WaltonDirector and also Plaza's Managing Partner SM Mahbubul Alam handed over awards, promotion, and certificates to 144 managers and plazas in recognition of their special contribution in increasing the sales of Walton Plaza.
“We have trust and faith in Walton Plaza. Walton Plaza is moving the entire Walton Group ahead with the combination of sales, collection and benefit,” said Walton Digi-Tech Chairman SM Rezaul Alam.
“We have been able to conquer the country by becoming the number 1 sales network in the country. The dream now is to conquer the world. We have big dreams for Walton Plaza. We will be able to fulfill that dream,” said Walton Plaza's CEO Mohammad Rayhan.
Islami Bank holds discussion on Shari’ah Compliance in banking operations
Dhaka East, South, and North Zones of Islami Bank Bangladesh PLC organized a discussion on “Compliance of Shari’ah in Banking Operations” for its clients at Islami Bank Tower on Tuesday.
Also read: IBBL gets new chairman
Dr Muhammad Saifullah, a member of Shariah supervisory committee, addressed the programme as chief guest. Muhammad Qaisar Ali, additional managing director and Md Nayer Azam, deputy managing director of the bank addressed the programme as special guests, according to a press release.
Also read: Islami Bank launches universal banking campaign
Md Aminur Rahman, head of Dhaka East Zone, presided over the programme while Sikder Md Shehabuddin, head of Dhaka South Zone, M. Shamsuddoha, executive vice president of Shari’ah Secretariat, and Bashir Ahamed, head of Dhaka North Zone, among others, spoke at the programme.
Also read: IBBL launches new website, two new investment schemes
BB alerts banks not to make transactions with US-sanctioned banks in Myanmar
The Bangladesh Bank (BB) has instructed commercial banks not to make financial transactions with Myanmar’s two banks, which are facing US sanctions.
A central bank official on Tuesday told UNB that a letter was sent to banks in Bangladesh to be caraeful about these two banks.
The two banks are the Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank.
Also read: Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices
On June 21, the United States Ministry of Finance (Office of Foreign Assets Control-OFAC) announced the sanction on these two banks in Myanmar in a circular. Myanmar's ruling military government uses these banks to buy arms and other goods from abroad, the US said.
The state-owned Sonali Bank of Bangladesh has business accounts with these two banks.
On August 3, the Ministry of Foreign Affairs of Bangladesh sent a letter to the Financial Institutions Division, a wing of the Ministry of Finance, regarding the business accounts of two Myanmar banks in Sonali Bank.
The letter quoted the US Embassy in Dhaka as reminding that the two Myanmar banks are currently under US government sanctions. The letter requested to take necessary measures in this regard. Then Sonali Bank suspended the accounts.
Also read: US to pursue justice for Rohingyas and all people of Myanmar: Blinken
Later, the BB sent a letter to all banks on August 20, citing the risks of OFAC imposing sanctions on the Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank. The letter advised banks to refrain from financial transactions with these banks and collect updated information about the sanctions to take precautions.
Officials said that it is a regular process to warn banks regarding the ban on transactions so that any bank does not fall under the ban by dealing with these banks of Myanmar.
Also read: US 'maintaining pressure' on Myanmar’s military regime to end Rohingya crisis
Tamim Iqbal signs lifetime contract with Nagad
Bangladesh National Cricket Team’s star cricketer Tamim Iqbal has signed a lifetime deal with Nagad, the world’s fastest-growing mobile financial company.
He formally entered into the agreement on Monday. Tanvir A Mishuk, founder and managing director of Nagad Limited, signed the agreement on behalf of his company, according to a press release on Tuesday.
Also read: Tamim Iqbal to hand over Nagad’s BMW car to the winner on Tuesday
Tamim has been a brand ambassador for Nagad since 2021, it said.
“Nagad has always been very close to my heart. I’m very glad that in recent times, the company has expanded its services significantly. This is helping us to serve people in an even better way,” said Tamim.
Also read: Nagad mega campaign: Over 5,000 gift items distributed among winners
“I have been using Nagad wallet since before I was associated with it. Its contribution to popularising cashless transactions is accelerating the process of building Smart Bangladesh. Moreover, Nagad has played an important role in advancing the financial sector’s digital transformation over the last four years,” he added.
The MFS operator has emerged as a troubleshooter, having brought many services at people’s fingertips. For example, it simplified the account opening process that no longer requires any cumbersome paperwork. As a result, life is now more comfortable than before, he noted.
Also read: Nagad now has 8 crore customers
“It is a matter of great joy that a world-class cricketer like Tamim has signed a lifetime contract with Nagad after two years of his involvement with our journey of changing people’s lives through mobile financial services. These two years we have worked together to improve people’s living standards,” said the Nagad MD.
“We hope Tamim inspires more people in the days to come and encourages Nagad to take its services to greater heights,” he added.
Concerted efforts needed for transition to circularity: BGMEA President
Circular economy presents a clear pathway toward achieving greater environmental sustainability while fostering economic growth, said Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
He said, “The readymade garment industry has historically followed a linear business model. However, it is evident that this trajectory needs to change if we are to ensure sustainability.”
“In Bangladesh, we have an opportunity to lead this change, to become not just an industry but a nation committed to circular practices,” he added.
Faruque Hassan made the observations while delivering his speech as guest of honour at the SWITCH to Circular Economy Value Chains (SWITCH2CE) Project inception seminar organized by UNIDO and the Ministry of Commerce in Dhaka.
Textile and Jute Minister Golam Dastagir Gazi (BirPratik) was present at the event as chief guest.
ADB, Deutsche Bank ink risk sharing agreement to boost supply chain financing in Asia
The Asian Development Bank (ADB) and Deutsche Bank signed a risk participation agreement to enhance access to financing for small and medium-sized enterprises (SMEs) in Asia and the Pacific.
The agreement was signed between ADB’s Trade and Supply Chain Finance Program (TSCFP) and Deutsche Bank AG through its Singapore branch, said a release of ADB on Tuesday.
The agreement will enhance Deutsche Bank’s ability to support SMEs and other corporate clients by releasing more capital for use in key economic sectors in the region, like pharmaceuticals and agriculture, added the release.
Read: Global trade finance gap expands to 2.5 trillion USD in 2022: ADB
“Partnering with Deutsche Bank will allow companies, particularly SMEs, to access the global supply chain which can spur economic growth and contribute to job creation,” said ADB’s Director General for Private Sector Operations Suzanne Gaboury. “Partnerships like this one allow ADB to catalyze the private sector and mobilize capital for trade transactions that support development across the region.”
Supply chain finance is critical to increasing trade by providing working capital to suppliers by leveraging their relationships with larger corporates. With short-term revolving facilities for supply chain finance transactions, this partnership has the potential to support more than 200 million U.S. dollars in additional trade in Asia and the Pacific each year.
Read: BIMSTEC Summit: High-profile Bangladesh business delegation to visit Thailand in November
“We are proud to partner with ADB on this important initiative. Together, we will help smaller companies achieve growth through better access to supply chain financing. We believe this is important, as we are seeing increasing demand for this in the trade sector,” said Deutsche Bank Head of Trade Finance and Lending for Asia Pacific Matthew Moodey.
TSCFP is helping banks in Asia and the Pacific improve their ability to provide supply chain finance, particularly to SMEs. It is working to make global trade and supply chains green, resilient, inclusive, transparent, and socially responsible.
Global trade finance gap expands to 2.5 trillion USD in 2022: ADB
The global trade finance gap grew to a record 2.5 trillion U.S dollars in 2022 from 1.7 trillion dollars two years earlier, as rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing, according to the 2023 Trade Finance Gaps, Growth and Jobs Survey released by the Asian Development Bank (ADB) on Tuesday.
The trade finance gap is the difference between requests and approvals for financing to support imports and exports.
Read: Exports robust, August earnings rise to $4.78 billion
According to the survey, rebounding strongly after the COVID-19 pandemic, global goods exports grew in 2021 and 2022 at 26.6 percent and 11.5 percent, respectively. Demand for trade finance surged on the back of this sharp recovery, but heightened economic risks made finance more difficult to secure than before, the survey shows.
“The global trade finance funding gap has now widened to well over $2 trillion, as the global economy still struggles to rebound from the pandemic,” said ADB's Director General for Private Sector Operations Suzanne Gaboury. “That growing gap strangles the potential of trade to deliver critical human and economic development through jobs and growth," Gaboury added.
The survey is the world’s leading barometer of trade finance health. It includes data from 137 banks and 185 companies from around 50 countries.
Read: Stakeholders for circular economy in Bangladesh's garment sector
Respondents said they faced continued constraints in 2022 due to rising interest rates and financial market uncertainties, set against the backdrop of a global economic slowdown, and geopolitical instability.
Around 60 per cent of responding banks reported that the Russian invasion of Ukraine impacted their trade finance portfolios due to growing geopolitical uncertainty and increased commodity prices.
For the first time, the 2023 trade gaps survey focuses on environmental, social, and governance (ESG) issues, along with digitalization, in a bid to assess their impact on relevant supply chains and the trade finance gap.
Read: Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices
Most of the banks and companies that took part in the survey believe that ESG alignment could potentially help reduce the trade financing gap.
The top supply chain challenge cited by firms surveyed was insufficient financing. They identified access to adequate financing, reliable logistics, and the use of digital technology as the three most important components of resilient supply chains.
Dependence on any market will put Bangladesh at risk: FBCCI President
FBCCI President Mahbubul Alam on Monday said dependence on certain markets will put Bangladesh's export trade and economy at risk.
“In such a situation there is no alternative to expanding export trade and diversifying products in the international market. The Ministry of Foreign Affairs and the apex organization of traders FBCCI will work together to search for new markets,” he said.
Also read: Mahbubul Alam of Chattogram Chamber new FBCCI president
Mahbubul Alam said this while Foreign Secretary Masud Bin Momen paid a courtesy call to the FBCCI President (Mahbubul) at the FBCCI office on Monday.
They expressed their interest in working together for trade expansion.
The FBCCI president said, "If the commercial counselors in charge of various embassies and missions promote Bangladesh-made garments as well as other products in those countries, the market for our export products will expand further."
Also read: FBCCI to host Bangladesh Business Summit 2023 from March 11 to 13
At this time, the FBCCI president emphasized the expansion of regional trade. He said, 'Like other regional alliances, Bangladesh also needs to exploit the opportunities of the regional market. In this case, various fairs, business forums, and BIMSTEC joint chambers can be organized through regional alliances like BIMSTEC.
In order to promote the best products of Bangladesh, Mahbubul Alam also informed regarding the plan to organize the Best of Bangladesh Expo in Mumbai, India soon.
Foreign Secretary Masud Bin Momen said, "Most of our export earnings come from the ready-made garment sector. Businessmen should come forward in product diversification.”
The Ministry of Foreign Affairs will provide necessary support to businessmen in expanding the market of products abroad, he said.
Also read: FBCCI election: 15 new directors from Combined, 8 from Oikya panels elected
The Foreign Secretary emphasized strengthening the cooperation relationship between the private sector and government officials for export diversification and trade expansion.
FBCCI vice-president Khairul Huda Chapal, Mohammad Anwar Sadat Sarkar, Dr. Jashoda Jiban Debnath, Shami Kaiser, Rashedul Hossain Chowdhury Roni, and other directors of FBCCI, were present.