Local-Business
Nagad brings cost-free payment option for Palli Bidyut bills
Customers in selected areas of the country can now pay Palli Bidyut prepaid bills through mobile financial service provider Nagad without an additional cost.
Using the Nagad app or dialling *167 #, customers of 12 Palli Bidyut Samiti in Savar, Keraniganj, Narayanganj, Narsingdi, Gazipur, Munshiganj, Manikganj, and Bhaluka will be able to pay their bills.
READ: Nagad offers instant cashback on tuition fees
Also, users can pay their electricity bills for free at their nearest Nagad uddokta (entrepreneur) point anytime.
To pay an electricity bill using the Nagad app, customers will have to select the "Pay Bill" option on the home screen of the Nagad app interface.
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After selecting the "electricity" icon, users will have to click the BREB option. Users will then be required to enter the bill amount as well as the metre number. Finally, after entering the Nagad PIN number, users will have to hold the "Tap" symbol to successfully make the payment.
Once the bill is paid, users will receive an SMS with a token number. To complete the recharge, users will have to manually insert this token number into their digital metre.
Read Nesco bills can be paid through IBBL
Using Nagad, a customer can pay any amount of Palli Bidyut prepaid bill ranging from Tk50 and higher.
Support entrepreneurs to transform agro-food system: Speakers
Speakers in a workshop have stressed encouraging and supporting successful agro-food entrepreneurs with innovative business ideas and food production plans for sustainable initiative to transform the agro-food system in Bangladesh.
Senior officials from different ministries and government agencies working in the food and agriculture sector reaffirmed their commitments and alliances made in the National Pathway Document for the UN food System Summit 2021 for transforming food systems.
Read: More awareness needed to ensure safe food: Minister
The Ministry of Food under its Food Planning and Monitoring Unit (FPMU) organised the workshop on ‘UN Food System Summit 2021’ on Sunday at the BIAM Foundation Auditorium in Dhaka, in collaboration with the UN agencies in Bangladesh including Food and Agriculture Organization of the United Nations (FAO) and Global Alliances for Improved Nutrition (GAIN).
Around 100 participants representing ministries and government agencies and development partners attended the workshop.
The workshop aimed at following up the National Pathway Document for the UNFSS Summit 2021, and taking forward the pathway commitments for collaborative effort from different ministries and stakeholders- for transforming food systems and accelerating progress towards Agenda 2030.
Read Covid-19 pandemic swells number of hungry by more than 50 mn in Asia-Pacific: FAO-UNICEF Report
The workshop also intended to accelerate the process of implementation as well as commit necessary technical assistance and financial resources for implementation of the pathway commitments.
Dr. Ahmed Kaikaus, Principal Secretary, Prime Minister’s Office attended the workshop as the chief guest while Md. Ruhul Amin Talukder, Additional Secretary, Ministry of Agriculture and Dr. Mohammad Yamin Chowdhury, Secretary, Ministry of Fisheries and Livestock attended the program as special guests and spoke on the occasion.
Dr. Mosammat Nazmanara Khanum, Secretary, Ministry of Food chaired the program.
Read FAO launches training for nutrition master trainers
Dr. Ahmed Kaikaus said, “The goal of pathway is to improve nutritional impact across the country. In this relation, rice-centric agriculture and the food system could be a sustainable source of livelihood and nutrition for us.”
“In recent years, rice production has been the focus of our national food and agriculture policies. However, despite the pressure of overpopulation, from the production point of view, we are almost there to meet the demand. Bangladesh has done wonder in increasing its rice production,” he added.
Dr. Kaikaus further stressed on the importance of taking necessary strategies to reduce the food waste.
Read More awareness needed to ensure safe food: Minister
He urged all concerned to encourage and support the young and innovative entrepreneurs to bring sustainable changes in our agri-food system.
Food secretary Dr. Mosammat Nazmanara Khanum said, “In Bangladesh, an estimated 65kg of food is wasted per capita. However, people in Bangladesh are wasting about 5.5 percent of the total procured food. Of the total wastage, 3 percent is being made during procurement and preparation stages, 1.4 percent during serving, and another 1.1 percent from the plates (BIDS, 2016).”
Among this, nearly 68 percent of food wastes coming from urban food markets and households and can be easily composted to make humus material to be used as soil conditioner, she said.
Read: Food Safety Day: Checking trans-fat intake demanded
Among others, Md. Shahiduzzaman Faruki, Director General (Additional Secretary), FPMU, Ministry of Food and National Convenor, UNFSS, Dr. Rudaba Khondker, Country Director, Global Alliance for Improved Nutrition (GAIN) and Mr. Robert D. Simpson, FAO Representative in Bangladesh took part and delivered their speech.
The COVID-19 pandemic added considerable pressure on the food system of Bangladesh from production to supplies and to markets - but innovations supported by UN agencies including FAO and international donors have helped address some of those challenges.
In line, FAO implemented the ‘Meeting the Undernutrition Challenge (MUCH)’ project, supported by the USAID and European Union steps forward to respond to those affected by the crisis, with focus on promoting positive nutrition and healthy food in-take practice.
Read Safe food to be ensured for all amid pressure over subsidy
Adnan Fibre to invest $20.66 million for backward linkage industry at Ishwardi EPZ
Adnan Fibre Limited, a Bangladeshi company, will invest $20.66 million to establish a backward linkage industry in Ishwardi Export Processing Zone (IEPZ).
The company would produce 25,000 Metric Tons of Polyester Staple Fibre (PSF) per annum. Some 514 Bangladeshi nationals will get employment opportunities in this factory.
The company will produce PSF from the PET Flex (PET Bottle) which will be collected locally. This will ultimately help to prevent environmental pollution.
Also read: Korean Kido group to invest $ 31.17 mln at Adamjee EPZ
“It will be the first factory of its kind in IEPZ and just the second in all EPZs under BEPZA. BEPZA always encourages to establish backward linkage industries in EPZs that are basiclly import substitute products,” said a BEPZA official.
Bangladesh Export Processing Zones Authority (BEPZA) and Adnan Fibre Limited signed an agreement to this effect Sunday at BEPZA Complex in the capital.
Member (Investment Promotion) of BEPZA Ali Reza Mazid and Managing Director of Adnan Fibre Adnan Mehmood signed the agreement on behalf of their respective organizations.
The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc witnessed the signing ceremony.
Also read: Bangladesh’s single largest rooftop solar power plant inaugurated in Korean EPZ
Edible oil price increased in line with manufacturers' proposal
Finally putting an end to weeks of speculation and uncertainty, the Commerce Ministry has decided to increase the price of bottled soybean oil by Tk 8 per liter.
The price of bottled soybean oil will now be Tk 168 per liter. The price of 5 liters of bottled soybean oil will be Tk795, which was Tk 760 earlier.
In January, The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) proposed to the Commerce Ministry to increase the maximum retail price (MRP) of edible oil by Tk 8 to Tk 168 per litre.
Also readL Edible oil price may go up further: Tipu Munshi
The ministry decided to increase the price on Sunday after a lapse of about a month in the name of verification and reviewing the application.
Commerce Secretary Tapan Kanti Ghosh told UNB that the price of soybean oil has been adjusted considering the international market price.
Meanwhile, the Ministry of Commerce delayed the decision, but soybean oil prices rose sharply in the market. According to the Trading Corporation of Bangladesh (TCB), bottled soybean oil is currently being sold at Tk155 to Tk165 per liter.
Also read: No hike in edible oil prices in 15 days, readjustment after that: Minister
Last October 19, the ministry increased the price of bottled soybean oil by Tk 7 per liter to Tk 160. Before that on May 27, the price of soybean oil was increased by Tk 9 per liter.
Tax corporates at par with region to face challenges of LDC graduation: DCCI
Dhaka Chamber of Commerce & Industry (DCCI) emphasized a smooth LDC graduation process, with the improvement of the country’s competitiveness, rational elimination of non-tariff barriers, and formulating a national way forward with strategies for local and export market competitiveness.
The DCCI said it in a press conference on the contemporary economic situation and to share their plan of action for the year 2022 held on Sunday.
DCCI President Rizwan Rahman presented the keynote paper on the contemporary economy. DCCI Senior Vice President Arman Haque and Vice President Monowar Hossain were also present on the occasion.
Regarding corporate tax rate he said that DCCI still advocates for reducing Corporate Tax rate to 5 percent and 7.5 percent respectively in 2022-23 and 2023-24 and it should be at par with the regional average tax rate.
Also read: DCCI urges NBR to simplify tax policy for business growth
DCCI President said that this year the Chamber will prioritize the CMSME sector, including export diversification, blue economy, economic diplomacy, infrastructure, private investment & FDI, export diversification, skills development, digital engagement, taxation, and LDC graduation.
He said the world is still suffering from the Covid outbreak, therefore strengthening CMSME sector should get priority, especially get priority, especially in terms of easy access to finance. To cope with the growing demand for a future skilled workforce, he urged for investing more in research and development, re-Skilling, and upskilling.
Terming blue economy as an emerging sector for Bangladesh he said Bangladesh’s ocean economy stands for 3.1 percent of the country’s overall GDP. Shipbuilding, tourism, sustainable fishing, gas, and mineral explorations are largely unutilized.
He, however urged creating a national blue economy development and implementation roadmap. To have a strong position in the economic diplomacy he suggested to develop negotiation skills on international trade, WTO matters and relevant International laws for win-win FTAs and PTAs.
“Our major export destinations are Europe and America covering almost 67 percent of our total export whereas Africa and Middle East are untapped. But after the LDC graduation export will face a challenge and for that, we have to formulate an export diversification strategy engaging all stakeholders,” he added.
Also read: Bangladesh economy suffered due to Covid pandemic: DCCI Webinar
Tariff rationalization, reduction of non-tariff barriers in cross-border trade, and minimizing anti-export bias is also important in this regard, he said. In 2020-21 private investment came down to 21.25 percent of GDP, but in 2021 FDI was USD 2.51 billion.
In order to revive private investment and FDI, he suggested for rationalizing the corporate tax structure, equipping economic zones and readiness, a national roadmap. He also stressed for automation of overall taxation, VAT, audit, arrears management, investigation and inquiry, appeal, revenue account management, taxpayer account management, and revenue information management.
He said a predictable and compliant tax culture would increase tax net and foreign investment and underscored the importance of a simplified VAT refund process.
Commerce Ministry launches digital business ID for e-commerce sector
The businessmen of e-commerce platforms have to take digital business identification number (DBID) for doing business from now on.
The Ministry of Commerce on Sunday formally launched the DBID App at its conference room in the secretariat in order to bring discipline in the e-commerce sector in Bangladesh.
After revealing different scams of e-commerce companies in recent months, the ministry has taken a move to bring all the e-commerce companies and individuals under a single umbrella.
Also read: FBCCI to work for restoring confidence in e-commerce sector
As a result, those who will do business online through Facebook will have to come under registration.
Commerce Minister Tipu Munshi inaugurated the app as the chief guest. Adviser to the Prime Minister’s on Private Industry and Investment Salman F Rahman, State Minister for Information and Communication Technology Junaid Ahmed and Commerce Secretary Tapan Kanti Ghosh were present on the occasion.
Launching the app, registrations were provided to Chaldal.com, Rokmari.com, Ajkerdeal, Sajgoj, Akhi’s Collection on the day.
Read Ecommerce, pharma to see higher salaries in India, but less so for hospitality: Aon survey
Commerce Minister Tipu Munshi said, "We started with DBID, and more systems will be introduced for the e-commerce sector in phases.”
Replying to a query the commerce minister said, “We are discussing who are in jail for e-commerce related cases, to find a solution.”
State Minister Junaid Ahmed said the e-commerce sector could provide employment to 5 lakh people by 2025.
Also read: BFIU summons bank accounts update of 30 e-commerce companies
“Two new approaches will be introduced in the next six months to make the e-commerce sector more reliable for the future. With a tracking system can be found out where the product is going. Another can be easily transacted,” he added.
Exports surging to record levels as strong recovery takes hold in West
Bangladesh's export earnings reached an impressive $29.55 billion in the first 7 months of the current fiscal (2021-22), reflecting the strong economic recovery underway in its main destinations in the West, and putting it on course for a record-breaking year.
Out of total export income, 81.17 percent or $ 24 billion comes from the garments and textile sector.
According to the Export Promotion Bureau (EPB), despite the slowdown in the economic activities at the beginning of the FY 2021-22 due to the surge of Covid-19 infection rate, the entrepreneurs have been able to earn a record volume of foreign currency in the last 7 months by exporting goods.
Export earnings have increased in January this year after November-December last year. This growth has been based on the garment industry, the main export sector of the country.
Read: Focus on developing renewables to reduce dependence on costly fossil fuel imports: Speakers
Among the two sub-sectors of the garment industry- woven and knit have contributed more. A few years ago, foreign exchange earnings were more from the export of woven garments than from knit. However, since the beginning of the Coronavirus pandemic, the knit has risen, leaving behind woven.
In the first 7 months of FY 22, knit garment exports amounted to $ 13.27 billion which is 32.89 percent compared with the same period of last year. On the other hand, the export of woven garments was $10.71 billion, which is 27.23 percent growth compared with the previous year.
At the same time, home textile exports stood at $830 million, up 30 percent from the same period last year. During July-January, 55.34 percent of the income from garment exports came from knit garments.
For the current fiscal, the government has set a target of earning $51 billion export from goods and services, including $35.14 billion from garment exports.
20% instant cashback on Nagad payment in Nagad-Rokomari Online Book Fair 2022
Mobile Financial Service ‘Nagad’ has offered upto 20% instant cashback upon ordering books online through making payment via Nagad gateway in Nagad-Rokomari Online Book Fair 2022.
Nagad came up with this unique offer to allow all book lovers to buy the book of their choice at an affordable and profitable price.
The Nagad-Rokomari Online Book Fair 2022 was inaugurated on Thursday through a virtual event. The Book Fair will continue till February 28.
Read 75% of social safety net allowances to be disbursed through Nagad
Book buyers will be able to enjoy the offer more than once by fulfilling all the terms & conditions of the 20% cashback offer.
Under this offer, customers can enjoy instant cashback of up to 20% or a total of Tk150 only if they purchase books from Rokomari websites and make payment through 'Nagad' gateway. The cashback offers, however, will not be valid if the payment is done via the 'Nagad' app or USSD (* 167 #). Customers must have an active Nagad account to enjoy the offer.
State Minister for Information and Technology Junaid Ahmed Palak said, "Nagad was inaugurated by Hon’ble Prime Minister three years ago on March 26. In digital Bangladesh within a very short period of time Nagad is playing an important role to set up a knowledge based and cashless society."
Read: FBCCI to work for restoring confidence in e-commerce sector
He said, "I am inviting you all to attend the Nagad-Rokomari book fair. Buy books and send books as gifts. Because a book is the best gift in the world. Till now if we give books to our friends and neighbors as gifts they get excited. "
Palak said, "Yesterday I cashed in money in my Nagad wallet to get special discounts in the Nagad-Rokomari book fair."
Tanvir A. Mishuk, Managing Director of Nagad, said, "We did not want to miss the opportunity to be with Rokomari.com's online book fair."
Read Nagad offers 10% instant cashback at 13 superstores
In order to avoid the risk of human health due to the Corona Pandemic, organizations like Rokomari.com help people to get their desired books easily through 'Nagad' payment. As a result, people can participate in the fair without risking their health, he added.
Chairman of OnnoRokom Group Mahmudul Hasan Sohag said, at present above 79 thousand books are available in Rokomari. Above eight thousand publishers are enlisted with us. We are doing this event to connect the readers, who are far away from Dhaka. In this tough time of COVID our book fair can also ensure the health safety of the readers.
The event was attended by Junaid Ahmed Palak, Hon'ble State Minister for Information and Communication Technology, Tanvir A Mishuk, Managing Director of 'Nagad,' Farid Ahmed, President of Bangladesh Knowledge and Creative Publishers Association, and Mahmudul Hasan Sohag, Chairman of the 'Onnorokom' group.
Read Nagad, Dana enable access to finance for unserved
FBCCI to work for restoring confidence in e-commerce sector
The country’s apex business body, FBCCI has said it will work for regaining the consumers’ confidence in e-Commerce as this sectors hold huge potentials for growth.
The sector suffers a crisis of consumer confidence, the FBCCI's Standing Committee on E-Commerce said at its first meeting on Thursday promising to work to overcome this situation and create new entrepreneurs.
Shomi Kaiser, director in charge of the committee and president of E-Cab said e-commerce businesses have bloomed during the Covid pandemic and generated thousands of employment.
Read Incentivise fire safety for all, not just RMG sector: FBCCI
In some isolated cases, the image of e-commerce has been tarnished. In order to overcome this crisis, the Ministry of Commerce will provide unique identification numbers for e-commerce companies, she informed.
A Complaints Management Cell will also be formed soon under the supervision of the directorate of national consumer Rights Protection.
All These initiatives will soon regain the consumers' trust on e-commerce, Shomi added.
Read Automobile industry lacks policy to grow in Bangladesh: FBCCI
She mentioned that a year-long roadmap would be drawn up by the standing committee for the development of the overall e-commerce ecosystem.
Speaking as the chief guest at the meeting, FBCCI President Md. Jashim Uddin said to create sustainable e-commerce, entrepreneurs in this sector must ensure institutional transparency and accountability and compliance.
FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said that in order to restore confidence in e-commerce, it is necessary to formulate specific policies in this sector.
Read: Govt preparing roadmap to increase rice production to control price
Presiding over the meeting, the Chairman of the Standing Committee TIM Nurul Kabir said that, lack of bank loans, poor penetration of cards, over-reliance on cash on delivery and absence of cross-border e-commerce policies are some of the major challenges facing the business.
In the open discussion, the co-chairmen and members of the committee complained that the commerce ministry has not yet made the digital commerce cell fully functional and also it is yet to fix who will monitor the SOP in E-commerce.
The speakers demanded tax relaxation till 2030 and to include e-commerce in government procurement till 2030.
Read Skilled manpower shortage holds back development: FBCCI
Also present at the meeting were FBCCI Director Amzad Hussain, Secretary General Mohammad Mahfuzul Hoque, Standing Committee Co-Chairmen Mohammad Abdul Haque, Mohammad Sahab Uddin, Mostafizur Rahman Sohel, Zia Ashraf, M Rashidul Hasan and others members.
Govt. permits four companies to invest $ 13.5 million abroad
The government has granted permission to four local companies to invest USD $13.5 million in five foreign countries.
The committee of Bangladesh Bank for allowing investment abroad in its last sitting on Wednesday approved the investment.
The four companies are BSRM, Square Pharmaceuticals, Renata Limited and Columbia Garments.
The companies have received new permission to invest USD $13.5 million overseas. At the current exchange rate (Tk 86 per dollar), this amount in Bangladeshi currency is around Tk 116 crore.
Md. Serajul Islam, Bangladesh Bank (BB) spokesperson, on Thursday said the permission was given at a meeting of the review committee on investment of Bangladeshi companies abroad.
BD Venture's application was rejected at the meeting.
The application of Sonargaon Seed Crushing of Meghna Group will undergo a further review.
Although many Bangladeshi companies are interested in investing abroad, there has been no policy so far.
Read: Business in Bangladesh regaining confidence, says SANEM survey
The government last week issued new rules on foreign investment. However, Bangladesh Bank has been giving permission to a few exporting companies on a case-by-case basis for a long time.
A committee comprising of various government agencies headed by Bangladesh Bank has so far allowed a total of 17 companies to invest abroad.
Mobile Jamuna returned the investment of Myanmar in 2019.
Wednesday's meeting was the last meeting of that committee. Now anyone who wants to invest abroad has to apply under the light of the new rules.
Sources said that Square Pharmaceuticals has received permission to invest $ 1 million in the Philippines. Columbia Garments has been allowed to invest $ 1.5 million in Hong Kong.
Steel company BSRM has been allowed to invest $ 5 million in Hong Kong. Renata has been allowed to invest $ 5 million in the UK and $ 1 million in Ireland.
Renata currently has an investment of 7,100 euro in Ireland and UK.
BSRM and Square Pharmaceuticals also have investments in Kenya. BSRM was allowed to invest over $4.6 million in Kenya in 2016. In the same year, Square Pharma was allowed to invest $12 million in Kenya.