business
Fakir Fashions, Omera Petroleum launch largest industrial LPG project in Bangladesh
Omera Petroleum Limited, a pioneer in the energy sector of Bangladesh, recently launched its groundbreaking Industrial LPG supply to Fakir Fashions Limited (FFL), located in Bhulta, Narayanganj.
According to Omera, this collaboration marks a significant milestone in the industrial energy landscape of the country, promising enhanced efficiency and sustainability.
Fakir Fashions Limited, renowned as the leading apparel manufacturer in Bangladesh, stands as a beacon of innovation and excellence in the industry.
Contributing significantly to the economy, FFL brings in millions of dollars through its business dealings in foreign markets, while proudly representing the 'Made in Bangladesh' brand globally.
Omera Petroleum Limited, leveraging its expertise and commitment to excellence, introduces its Industrial LPG solution under the renowned brands Omera Priority and Omera Gas One.
Omera has garnered the trust of industrialists across Bangladesh through its unwavering dedication to LPG supply security, customer-centric approach, and steadfast focus on Health, Safety, and Environmental Quality (HSEQ) standards.
The strategic partnership between Omera Petroleum Limited and Fakir Fashions Limited heralds a new era of efficiency and sustainability in industrial operations.
By utilizing LPG to power their boilers and stenters, FFL anticipates a remarkable 30 percent improvement in efficiency compared to conventional diesel usage.
This transition not only underscores FFL's commitment to environmental stewardship but also positions them as a trailblazer in adopting innovative energy solutions, said the Omera.
The official inauguration of this transformative project was launched at a function attended by Fakir Kamruzzaman Nahid, Managing Director of Fakir Fashions Limited, and Tanzeem Chowdhury, CEO of Omera Petroleum Limited.
Their visionary leadership and commitment to sustainable development have laid the foundation for a brighter, greener future for Bangladesh's industrial landscape.
This landmark initiative exemplifies the power of collaboration and innovation in driving positive change.
As Omera Petroleum Limited continues to spearhead advancements in the energy sector, and Fakir Fashions Limited remains dedicated to excellence in apparel manufacturing, the partnership between
these industry leaders promises to reshape the future of Bangladesh's industrial ecosystem, said a press release.
Exchange rate, higher interest concerning business leaders: DCCI pre-budget discussion
Business leaders in a pre-budget discussion on Sunday warned that entrepreneurs are struggling to compete in the global market with the uncertainty of energy in affordable cost, higher interest, and tax rate.
Some banks have provided loans for a single entrepreneur violating rules, due to a lack of monitoring of regulators (Bangladesh Bank), now those banks want to merge with the big and well-reputed banks, and this creates concerns about good governance and fair competition of business, they pointed out.
The business leaders came with remarks in a pre-budget discussion for the fiscal year 2024-25, organized by the Dhaka Chamber of Commerce and Industry (DCCI), Bangla Daily Samakal, and Channel 24 (Television) held at Hotel Inter-Continental, Dhaka, on Sunday.
Aftab ul Islam, former president of the American Chamber of Commerce in Bangladesh, said in the discussion that there is fear and confusion among people about the merger of banks.
They are concerned about arising new problems, if there is a merger with a weak bank with a good bank.
General Secretary of the Bangladesh Economic Association Dr Aynul Islam also said there has been panic among the people regarding the merger of the banks.
Former FBCCI President & Managing Director of Ha-Meem Group A. K. Azad, MP said, "Why should Sonali Bank and Rupali Bank be subsidized with taxpayers' money?"
He raised the point of difficulties in business and wanted to inform the finance minister: "Banks are saying the dollar is Tk109, but we are buying it at Tk124. The NBR is collecting tax on our imported goods at Tk124."
Finance Minister Abul Hassan Mahmood Ali was also present at the pre-budget discussion meeting as the chief guest.
Among others, National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem, Bangladesh Bank deputy governor Md Habibur Rahman, Member of the Parliamentary Standing Committee on Ministry of Finance Abul Kalam Azad, MP spoke in the program. The DCCI president Ashraf Ahmed chaired the program.
BB introduces counter-trade arrangements for trading without foreign exchange
Bangladesh Bank has announced new policies to conduct settlement of import and export transactions through countertrade arrangements.
Countertrade is a reciprocal form of international trade in which goods or services are exchanged for other goods or services rather than for hard currency.
In this way, goods can be imported and exported in exchange for goods without foreign currency. That is, by importing goods worth USD $100 dollars from a company abroad, they can export another product of the same value to that company without paying money. These transactions will not require foreign exchange or dollars.
The foreign exchange policy department of BB issued a circular in this regard on Sunday and sent it to the top management of all the scheduled banks for immediate execution.
According to the new policy, the price of goods imported into Bangladesh can be adjusted with the price of goods exported from Bangladesh through the countertrade system.
In this case, exporters, importers, or traders of this country can enter into an agreement with foreign organizations to conduct import-export activities in countertrade mode.
The local bank will manage the escrow account in the country in the name of the foreign institution or jointly with the Bangladeshi party, in which the import price received from the local importer will be deposited.
The value of the goods exported from this country will be paid to the local exporter against the status of deposit, the circular stated.
The status of the escrow account will be regularly communicated with foreign institutions to coordinate with them at specific times. It is stated in the policy that if the Bangladeshi party wants to operate an escrow account in a foreign bank like a foreign party, permission from Bangladesh Bank should be obtained.
IFC, Global Partners ring the bell at Dhaka Stock Exchange to advance gender equality
To mark International Women’s Day, IFC partnered with the Dhaka Stock Exchange (DSE), UN Women, United Nations Global Compact and the Swiss State Secretariat for Economic Affairs (SECO, Swiss acronym) to Ring the Bell for Gender Equality, highlighting the private sector’s key role in boosting the economic participation of women.
The event in Dhaka took note of recent data indicating a decline in the number of women serving as independent directors on the boards of listed companies on the Dhaka Stock Exchange.
The percentage decreased from 6 percent in 2023 to 5 percent in 2024, emphasizing the continued relevance of an event like this.
State Minister for Finance Waseqa Ayesha Khan said that the government is committed to ensuring women are given equal opportunities.
“I would strongly encourage the regulators and private sector companies to ensure there is representation of at least one female independent director on the board of listed companies”, she said.
The Ring the Bell initiative is emblematic of IFC’s commitment to gender equality, along with key development partners.
Through its Environmental, Social, and Governance (ESG) project in Bangladesh supported by the Swiss State Secretariat for Economic Affairs (SECO) through the Embassy of Switzerland in Bangladesh, IFC aims to boost the representation of women in leadership positions beyond the current percentage of 15 percent.
Additionally, IFC leverages its relationships with clients to broaden financial access for female entrepreneurs.
“IFC strongly supports women as economic actors through projects focused on capital market development,” said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal.
“We believe that having more women in leadership positions makes economic sense for companies and is also linked to better environmental, social, and corporate governance standards and practices. This is why IFC, as part of the World Bank Group, is partnering with the Dhaka Stock Exchange to help improve disclosure practices and support key stakeholders through this program”.
This year’s International Women’s Day theme of Investing in Women, Accelerating Progress is a clear call to action. Stock exchanges can help improve transparency and disclosure of gender-related data, promote access to finance, and encourage women to invest in public markets.
Exchanges can also help develop new products, such as sustainability-linked bonds with gender criteria, and adopt gender equality listing criteria.
Corinne Henchoz Pignani, Deputy Head of Cooperation, Embassy of Switzerland in Bangladesh, said, “Investing in women is not just the right thing to do but it is the smart thing to do since it facilitates an increased representation of women in leadership roles, greater gender diversity and equity within the workforce, more products and services that cater to the distinct needs of women, which will eventually result in improving the lives of women and girls.”
The Ring the Bell for Gender Equality Initiative – a global partnership that includes IFC, United Nations Global Compact, UN SSE, UN Women, and The World Federation of Exchanges – advocates for the full and equal participation of all people to achieve the Sustainable Development Goals and create a world free of poverty on a livable planet.
FBCCI demands end to extortion on streets to control price, supply during Ramadan
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) on Sunday demanded an end to extortion on the streets to control the supply and price of products during Ramadan.
This demand came from the 1st meeting of the FBCCI Standing Committee on Raw Material, Wholesalers, and Suppliers, held at the FBCCI Building in Motijheel.
The federation leaders said the retailers and wholesalers (Arothder) of this sector should be proactive in ensuring that the prices of essential kachamal/ Kacha vegetables including pepper, potato, cucumber, and brinjal remain normal during Ramadan and no dishonest person can create an artificial crisis.
At the same time, the businessmen have demanded to stop extortion on the roads to control the supply and price of products.
FBCCI President Mahbubul Alam attended the meeting virtually. He urged the businessmen of this sector to play a more active role so that no one could create an artificial crisis by jeopardising the common people.
The FBCCI president called upon the business leaders of this sector to maintain the smooth supply of products.
Senior Vice President of FBCCI Md Amin Helali said, about 2.20 lakh metric tons of vegetables are produced in the country every year. About 50 percent of which is wasted due to lack of proper storage systems.
Accurate statistics and conservation measures are essential for the development of this situation, he said.
Besides, he demanded the authorities to take necessary measures to stop extortion on the roads to control the supply and price of products.
FBCCI’s directors, and business leaders of different sectors participated in the meeting.
Standard Chartered unveils special deals, offers Ramadan-Eid to promote cashless experience
Standard Chartered Bangladesh has unveiled special offers for customers on the occasion of the holy month of Ramadan and Eid-ul-Fitr.
The multinational bank has set partnerships with vendors of different sectors to provide exclusive offers to clients and customers across the country.
This initiative has been taken to add a different dimension to the festival of the customers in view of Ramadan and Eid and to give an experience of cashless purchase, according to a press release.
All debit and credit card users of the bank can enjoy this service. Under this offer, customers will get special discounts on Iftar, dinner, and Sehri through card and online payment. Customers of Standard Chartered Bang will get this offer at domestic and foreign hotels and restaurants.
This special discount offer will run throughout the month of Ramadan.
Customers will also be able to get up to 50 percent off when shopping for lifestyle goods and up to 30 percent off when making beauty and personal care purchases.
These fantastic discounts on clothing, accessories, jewellery, and self-care products will enable customers to get ready for celebrations with family and friends. Offers on gadgets, home appliances, furniture, and other electronics will equip individuals to indulge in home improvements and upgrades.
Offers are also available with online/e-commerce partners to make shopping from the comfort of home.
‘Harassment in the name of crackdown’: Restaurant owners allege disarray in fire incident response
Following the devastating fire incident at the Green Cozy Cottage building on Bailey Road that killed 46 people and injured several others, authorities in Dhaka have launched a crackdown on restaurants lacking proper fire safety measures. Restaurant owners, however, are critical of the approach.
The Restaurant Owners Association has labelled these operations as “harassment” and “for show”, lacking in coordination.
The operations, according to the association, seem to target the restaurant industry unfairly, calling for a more integrated approach to address safety violations.
Professor Dr. Adil Muhammad Khan, President of the Bangladesh Institute of Planners, criticized the sporadic nature of these operations, arguing for regular and coordinated efforts. He highlighted the injustice in arresting restaurant workers for building faults, suggesting that the responsibility lies with RAJUK (the development authority) officials and building owners before considering the tenants such as restaurant operators.
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Imran Hasan, General Secretary of the Restaurant Owners Association, expressed the sector's frustrations over the lack of support from any ministry despite repeated pleas. He called for a meeting with the Prime Minister, signaling their readiness to shut down operations if found culpable.
However, he questioned the logic behind blanket closures, arguing for a constructive resolution. Around 200 restaurants in Dhaka have been closed, he said, raising concerns about the crackdown.
Currently, Bangladesh houses approximately 481,000 restaurants, providing employment for 30 lakh people, the general secretary of Restaurant Owners Association said.
He also underlined the struggles with bureaucratic red tape and the desperation for constructive dialogue and solutions. Hasan called for the Prime Minister's intervention, reflecting the dire situation of entrepreneurs and workers within the industry, whose livelihoods are at stake.
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The opposition's Chief Whip, Mujibul Haque Chunnu, has also alleged lack of coordination in the drives against risky and unauthorized buildings operating amid fire risk.
“A magistrate went and destroyed a shop. Another goes and says stop. The authorities need to take a concerted, slow and steady approach in conducting fire safety drives,” he said while participating in an unscheduled discussion in the Parliament last Tuesday.
RAJUK's Chairman, Anisur Rahman Mia, meanwhile has announced plans to list at-risk buildings, intending to mark them clearly and disconnect utilities in coordination with service providers, emphasizing the need for collaboration among various agencies for effective regulation.
This situation sheds light on the complexities of urban safety, regulatory enforcement, and the livelihoods dependent on sectors like dining, calling for balanced, fair, and coordinated efforts to ensure public safety without unjustly jeopardizing businesses and jobs.
Read more: Why Fire Safety Audit is Essential for Commercial Buildings
Workshop on cross-border e-commerce unveils global export opportunities for local entrepreneurs through Alibaba platform
A workshop titled ‘Trading Beyond Border’ was held at Krishibid Institution Bangladesh (KIB) in Dhaka on Sunday, aiming to foster global outreach for local manufacturers and entrepreneurs through the Alibaba platform. The event, orchestrated by Alibaba’s Bangladesh channel partner SkyTech Solutions in collaboration with the e-Commerce Association of Bangladesh (e-CAB), drew participation from approximately 250 e-commerce manufacturers and entrepreneurs.
The workshop commenced with a welcome address by Saidur Rahman, Director of the e-Commerce Association of Bangladesh (e-CAB), highlighting the potential for domestic e-commerce entrepreneurs to earn remittances by exporting products internationally. Rahman also touched upon the importance of cross-border e-commerce policy.
Kamrul Hasan, Head of Digital Marketing at SkyTech, delved into strategies for transitioning from local to global business, contrasting the local and international markets, outlining export procedures, and emphasizing the necessity for marketing, logistics, and company registration.
Hasan also shared inspirational success stories of entrepreneurs who have ventured into global markets through platforms like Alibaba, eBay, and Amazon, followed by a Q&A session addressing the entrepreneurs' queries.
Faisal Dolan's session illuminated the process of launching a business on Alibaba, covering membership benefits, account and store setup, storefront creation, product uploads, store management, buyer acquisition, and order fulfillment.
Nasri Ma, Alibaba’s Business Manager for Bangladesh, presented the keynote speech, shedding light on the expansive business opportunities available through Alibaba's Business-to-Business (B2B) platform and its sister concerns, including Taobao and Alipay.
Concluding the workshop, Musnad Ahmed, CEO of SkyTech Solutions, assured comprehensive support for businesses aspiring to leverage Alibaba, including account opening, company registration, and store management. He announced forthcoming workshops and personalized sessions for participants eager to navigate Alibaba's export opportunities.
Demand for Walton TVs constantly going up in European market
Demands for 'Made in Bangladesh' tagged televisions, manufactured by the country's super television brand 'Walton', is constantly going up in the European market. Thus, the exports of Walton made TVs has been increasing in more than 14 European countries.
In continuation of this, Walton has exported TV to the market of Ireland, a country in the northwest of Europe, for the seventh time, according to a media statement.
Saeed Al Imran, vice-president of Walton's global business unit and also in-charge of the European market, said that Walton started TV export operations in Ireland in 2019 under the OEM (Original Equipment Manufacturer) method.
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Walton made TV's European standards and design, high picture quality, advanced features, durability and timely marketing strategy drew the attention of the Irish people in a very short time, noting it he added, thus the demands for Walton TVs is increasing in the Ireland market day by day.
As a result, he said, this month Walton has completed the shipment of TV exports to Ireland for the seventh time through a repeat order.
Engineer Mostafa Nahid Hossain, chief business officer of Walton TV, said, "We started TV exports to the European market in 2019. Walton TV is winning the hearts of buyers in the European market in a very short time. At present, about 95 percent of Walton TV's export revenue comes from the European market."
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Despite the adverse global trade condition following the effects of Corona epidemic, instability in the European market centering the Russia-Ukraine war, Walton has exported more than 100,000 units of TVs to the European market, he noted adding that about US$10 million came to the reserve of Bangladesh.
He said, "Walton is now the country's top TV exporter. Our goal is to make Bangladesh's image brighter in the global arena by exporting 'Made in Bangladesh' tag television in every corner of the world. To achieve that goal, we are moving forward with the mission of reaching the list of the top 5 television manufacturers in the world.
According to the Walton Global Business Unit, Walton is exporting 'Made in Bangladesh' tag TVs to more than 35 countries through hundreds of business partners.
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Out of the total export earnings of Walton TVs, 34 percent came from Denmark, 18 percent from Germany, 22 percent from Greece, 15 percent from Croatia and Ireland, six percent from Poland and five percent came from Africa and other countries.
89 percent turnout at BGMEA election, counting in progress
The vote counting is underway after 89 percent of the electorate cast their votes in the election of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) for the term of 2024-26.
Earlier, the polling took place at the BGMEA Building in Uttara peacefully from 10 am to 5 pm on Saturday.
After ending the polling, Election Management Board’s Chairman Jahangir Alamin told reporters that 89 percent of votes were cast in this year's election, which was held in a free and fair environment. There were no major complaints.
Around 2226 out of a total of 2496 voters voted in this election, which is more than 89 percent.
Among them, 1839 people or above 90 percent (90.50 percent) voted out of 2032 voters in Dhaka. In Chattogram, out of 464 voters, 387 voted, which is about 83.40 percent.
In this election, 70 candidates are fighting against 35 director posts in Dhaka and Chattagram. Two panels the Forum and the Combined Council (Sammilito Parishad) are contesting the election of the BGMEA Board of Directors.
SM Mannan Kochi, of Seha Designs chairman, led the Sammilito Parishad, who is the current senior vice-president of BGMEA. Another panel forum is led by Faisal Samad, director of Surma Garments. He is also the current director of the committee; besides he has once served as vice-president.