Local-Business
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.
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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.
BFIU summons bank accounts update of 30 e-commerce companies
The Bangladesh Financial Intelligence Unit (BFIU), a wing of the central bank, has summoned the bank accounts of 30 e-commerce companies including Daraj, Alesha Mart, Evaly and e-Orange.
The BFIU has recently asked banks for detailed bank information of accounts including their transactions.
A form has also been provided to send the information along with the BFIU letter.
Also read: BFIU seeks Dr. Yunus’ bank account details
The companies have been asked to provide the bank branch name, account name, number, type and date of opening, total deposit and withdrawal and current status of the bank where the transaction before this.
Earlier bank accounts of these e-commerce companies were summoned and frozen at different times.
Banks asked to report whether the account is active or closed.
Also read: BFIU seeks bank account details of 23 e-commerce platforms
Also on the bank account summons list are: Q Coom, Aladdin's Lamp, Boom Boom, Priyoshop, Dhamaka Shopping, Sirajganj Shop, Adian Mart, Walmart, Needs, Dalal Plus, 24 Ticketi, Thole, We Com, Infinity Marketing, Anand Bazar, Akash Nil. Bright Hash, Annex World Wide, Amar Bazzar, Astar Protik, Bangladesh Deal, Bari Dukan.com, Sreshdo.com, Ames BD, Nirapad and Alif World.
Many of these companies’ bank accounts have already been frozen. Earlier, Bangladesh Bank and intelligence agencies have taken information of transactions of e-commerce companies at different times.
Read BB asks banks to cut tax on service value of non-resident nationals
Automobile industry lacks policy to grow in Bangladesh: FBCCI
Bangladesh has failed to exploit its immense potential in the automobile sector due to absence of policy, design and drawings of two, three and four wheelers, according to the FBCCI.
As a result, almost 99 per cent of automobiles are manufactured by foreign vendors. Entrepreneurs in this sector urged the government to shield the sector with proper policy.
Read: Skilled manpower shortage holds back development: FBCCI
They made this call at the first meeting of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Standing Committee on Automobile Manufacturers and Assemblers held at FBCCI Icon on Wednesday.
Speaking as the chief guest, FBCCI president Md. Jashim Uddin said Bangladesh is now gradually lessening its dependence on import, while strengthening the local manufacturing capacity, which enables the country to expand its export base in addition to meeting domestic demand.
Proper branding of this capacity would have led to more investment and employment as well, he said.
Md. Habib Ullah Dawn, director in charge of the Standing Committee called for ensuring a competitive market of quality products besides solving the problems related to policies regarding automobile industries.
In future, FBCCI would organize seminars inviting the representatives from concerned ministries, he added.
Read:FBCCI calls for extension of loan moratorium till June
Chairing the meeting, the Chairman of the Standing Committee and the Chairman of Runner Group, Hafizur Rahman Khan urged the businessmen to work on sector wise development and to prepare a draft on various issues to be submitted to the government through FBCCI.
The FBCCI already started working with the government regarding vendor policy, Hafizur Rahman informed the meeting.
Nagad offers instant cashback on tuition fees
Mobile Financial Service ‘Nagad’ has come up with an exciting cashback offer to reduce hassles to pay students tuition fees at their respective institutions.
The campaign started on Tuesday and it will last till April 30, said a release from Nagad on Wednesday.
During the campaign, a student can avail this 5 percent or up to Tk 50 in the first transaction of fees of schools, colleges, and universities in a month through Nagad wallet.
Read: Retired postmen to become Nagad entrepreneurs
That means, from February to April, students will be able to receive up to Tk 150 cashback in three months in a row.
To pay tuition fees, students can choose the Nagad app, USSD (*167#) or the merchant QR code of their institutions. Besides, students also can pay fees through browsing institutions' websites by choosing Nagad. However, to avail this offer, students' Nagad account has to be open and active.
Some notable institutions are mentioned in the list who are collecting their academic fees from students through Nagad; Bangladesh University of Engineering and Technology, BKSP Public School, Academia, Daffodil International School, Tejgaon Govt’ High School, Armed Police Battalion School and College, Ramu Cantonment English School, Dhaka Polytechnic Institute, Chattagram College, Government Mujib College, Ideal College, Dhaka Commerce College, Brahmanbaria Government College, Tejgaon College, Ishwardi Mohila College, Saidpur Govt’ College, Dhaka University of Engineering Technology (DUET), Dhaka International University, Bangladesh Army University of Science and Technology, Eastern University, Daffodil International University, Stamford University, City University, Leading University, Bangladesh Open University. Students of one hundred such educational institutions will receive this 5 percent or up to BDT 50 instant cashback.
Read: Nagad receives Global Economics' Best Innovative DFS Award
Commenting on the fees collection of educational institutions, Nagad’s Chief Marketing Officer (CMO) Sheikh Aminur Rahman said, “We always try to provide easy and affordable services for people through Nagad.
For people of all classes and ages, Nagad is constantly coming up with new services.This time, collecting the fees of the educational institutions and giving instant cashback to the students is an example of that, he added.
Mamunur Rashid elected ICMAB president
Md. Mamunur Rashid FCMA has been elected president of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for the term 2022 in its council meeting held on Tuesday.
The council also elected Md. Munirul Islam FCMA and Imtiaz Alam FCA, FCMA as Vice-Presidents, A.K.M. Kamruzzaman FCMA as Secretary and Md. Ali Haider Chowdhury FCMA as Treasurer of the institute.
Prior to his new role, Mamunur Rashid was its Vice-President for the last two years.
READ: Robi wins silver at ICMAB Best Corporate Award
Currently Rashid is serving as Deputy Managing Director and Member of the Board of Directors of several sister concerns of X-Index Companies.
He is also serving as the Independent Director and Audit Committee Chairman at West Zone Power Distribution Co. Ltd, an enterprise of Bangladesh Power Development Board; Vice President of Bangladesh Ceramics Manufacturers and Exporters Association (BCMEA) and the GB member of Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).
He also served in Bangladesh Steel & Engineering Corporation (BSEC), Bangladesh Parjatan Corporation, Bangladesh Power Development Board, BRAC-Aaarong, Rahimafrooz, Summit Power Ltd, Sheba Phone, Kazi Farms Group in different capacities.
Read ICMAB delegation meets CAG
Rashid earned B.Com & M.Com degrees in 1987 & 1989 respectively.
Md. Munirul Islam is currently working as Executive Director of Human Resources (HR and Admin) at Aristopharma Ltd.
He served the institute as secretary for 2020 and Vice President for 2021.
Read ICMAB wants VAT system reform to make it business friendly
Imtiaz Alam is currently working as Chairman of Infinity Group of Companies & Corporate Support Limited. He served the Chattogram Branch Council of ICMAB as its Chairman.
A.K.M. Kamruzzaman is serving as Senior Executive Vice President & Head of Operations at LankaBangla Finance Ltd. He was also the Chairman of Dhaka Branch Council of ICMAB and served ICMAB as its Treasurer for the year 2021.
Md. Ali Haider Chowdhury is serving as Managing Director of Aloha Bangladesh and Director & CEO- Unicom Group. He was also the Chairman of Dhaka Branch Council of ICMAB and served ICMAB as its Treasurer for the year 2020.
Read ICMAB delegate meets Commerce Secretary
BSCIC stall wins Gold Trophy at 26th Dhaka International Trade Fair
Bangladesh Small and Cottage Industries Corporation (BSCIC), an organization of the Ministry of Industries, has won the Gold Trophy as Best Reserved Stall in the reserved stall category in the 26th Dhaka International Trade Fair.
The trophy was awarded at the fair in recognition of BSCIC's eye-catching and attractive stall fair as well as the quality of products and services displayed in the stall, said Md. Mahbubor Rahman, Chairman of BSCIC.
The BSCIC stall has been used to promote BSIC activities and services including branding activities of Geographical Indication (GI) products and some traditional products of Bangladesh and to provide industrial registration (spot registration) to the entrepreneurs, he said.
There were arrangements to sell and display the honey produced by the Beekeeping Center at BSCIC stalls at a fixed price under the BSCIC beekeeping program.
READ: BSCIC to introduce one-stop services
Winning this trophy will further accelerate BSCIC's activities in the development of cottage, micro, small and medium (CMSME) industries in the country, said the chairman.
In the next session of the fair, BSCIC will take initiatives to provide a wider range of facilities to the CMSME entrepreneurs for the promotion, dissemination and marketing of their products, he said.