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Bangladesh garment industry turning around rapidly: Salman F Rahman
Prime Minister's Private Industry and Investment Adviser Salman F. Rahman on Thursday said that the country's garment industry is turning around rapidly after the Covid pandemic and the Russia-Ukraine war.
The Awami League government under the leadership of Prime Minister Sheikh Hasina also intends to expand business scope in Bangladesh because of the greater stability and continuous development, created in the context of its return to power, he said.
Salman said this during a meeting with Walmart’s executive vice president Andrea Albright held at his office in Gulshan.
Senior officials including Paul Dyke, vice president of Global Affairs and Business Diplomacy of Walmart were present.
Salman called on Walmart to work with Bangladesh in the manufacture of clothes based on man-made fibres in addition to natural fibres.
In response, Walmart’s delegation expressed their interest in working together in this regard.
Salman also said that many of Bangladesh's garment factories have passed the world's highest standards of testing. As a result, the garment industry of the country is rapidly turning around.
Andrea Albright said Bangladeshi clothing has a reputation around the world. Walmart has long been involved in the import of clothing in this country. The purchase order decreased a little during the COVID-19 pandemic, but hopefully, it will increase now.
She said that along with the producer, the buyer organisations should also play a proper role in complying with the compliance.
BB introduces US dollar and currency (Taka) swap for commercial banks
The Bangladesh Bank (BB) has introduced US dollars and currency (taka) swap between the central bank and commercial banks for a minimum of seven days to a maximum of 90 days.
The Foreign Exchange Policy Department (FEPD) of the central bank issued this notification on Thursday. The BB said the new system will be considered effective immediately.
The central bank said that if commercial banks have surplus dollars, they can now borrow the equivalent amount by depositing it in the BB. Both the BB and commercial banks will benefit from this system, stated the central bank notification.
Under this deal, the banks will get instant money against surplus dollars. Again, by returning the money after the specified time, the commercial banks will get an equivalent amount of dollars from Bangladesh Bank.
According to the related sources, currently, commercial banks exchange dollars and money with each other for their own needs. Now the facility of swap with the central bank has started.
The central bank said that a minimum $50 million or its equivalent can be exchanged under this system.
To take advantage of currency exchange, the central bank will have an agreement with the interested banks.
According to that agreement, the day commercial banks deposit dollars in the BB, they will get an equivalent amount of money as the dollar exchange rate of that day. Similarly, after the specified time, banks can deposit the money and withdraw the dollar.
Meeting a 30-40% working capital shortage is a big challenge for industry: DCCI President
The President of Dhaka Chamber of Commerce and Industry (DCCI) Ashraf Ahmed on Tuesday said that there is a 30-40 percent working capital shortfall in the industries due to the rising exchange rate of the US dollar with the local currency.
As a result, the entrepreneurs involved in trade and commerce have to arrange additional money to operate the business, otherwise, the cost of business would have to be reduced.
The DCCI said this at the 'CMJF Talk' programme, organised by Capital Market Journalists Forum (CMJF) in the capital on Tuesday.
He said meeting the demand for additional working capital is a big challenge for business.
“If it is not possible to meet this demand of additional capital, the impact of that will reduce production, shrink employment,” he added.
The DCCI President thinks that the biggest challenge is to maintain the private sector through loan growth this year.
Ashraf said, “We can work with the government to implement various policies. In the present reality, many new types of industries are developing in the country. If the capacity is increased with Smart Bangladesh Vision, it is possible to raise the country's economy to one trillion (one lakh crore) dollars.”
The program was organized by the organization's general secretary Abu Ali at the old Paltan CMJF office in the capital.
CMJF President Golam Samdani Bhuiyan and Secretary Abu Ali also spoke at the function.
The Coca-Cola Foundation, Cordaid launch plastic ‘Buy-Back’ center in N’ganj
Cordaid’s plastic waste management project RESILIENT in Dhaka North City Corporation and Narayanganj City Corporation marks a new milestone with the launch of one of the key components of the initiative, Buy-Back Centre (Plastic Bazar) in Narayanganj, according to a press release.
The project was made possible due to a grant from The Coca-Cola Foundation, it said.
By establishing Buy-Back Centers, the project aims to elevate two waste collectors to the level of aggregators, creating green entrepreneurs and enhancing plastic waste collection methods to eliminate plastic waste from ecosystems.
High-level delegation of ADB meets LGRD minister
These centre act as community recycling facilities, where recyclables like plastics, paper, cans, glass, and PET bottles are purchased, sorted, and resold to aggregators and recyclers. This system allows 400 local waste collectors and approximately 11,000 community members to earn an income by selling their recyclables.
Mohammad Zakir Hossain, Chief Executive Officer of Narayanganj City Corporation inaugurated the centre.
In addition, Abul Kalam Azad, Program Director, Cordaid and Md Firoz Alam, Project Manager – RESILIENT, Cordaid Bangladesh were present at the time, among others.
Nasrul Hamid seeks ADB's help to create regional power market
One of the key contributors behind the thought process of the Buy-Back center, Narayanganj Mayor Dr Salina Hayat Ivy said that, “The City Corporation has been working tirelessly to make Narayanganj city green, clean, vibrant, and pollution-free. Creating green Narayanganj has always been our dream. In line with this, innovative approaches like Plastic Buy-Back Centers will further accelerate our work. This is a commendable initiative and it will financially enable the waste workers, especially female waste workers. I appreciate everyone associated with this initiative, including the residents of the city, and urge everyone to work together to tackle the issue of plastic pollution more effectively.”
While Buy-Back Centres offer transformative benefits for all waste collectors, women are more encouraged to participate and benefit from this initiative as they are less privileged in this sector. These centres provide a more formalized and stable platform for selling recyclable materials, potentially leading to consistent and higher incomes, added the release.
UCB taking steps to offer easy loans to agricultural entrepreneurs
Cordaid, with support from The Coca-Cola Foundation, is implementing the RESILIENT project (Recycling for the Environment by Strengthening Income and Livelihood of the Entrepreneurs) in Dhaka North City Corporation and Narayanganj City Corporation.
This project aims to enhance plastic waste management through capacitating both formal and informal plastic waste actors and collaborating with local service providers, city corporations, civil society organizations, and the private sector. The project focuses on at-source segregation of plastic waste in targeted clusters, ensuring the recovery of unsoiled plastic for increased income and livelihood opportunities.
The Coca-Cola system in Bangladesh and The Coca-Cola Foundation are playing a significant role in supporting Bangladesh to achieve Sustainable Development Goals (SDGs) set by the United Nations. Local initiatives of the company’s global initiatives such as Plastic collection, Water Stewardship and Women Business Centre actively contribute to community development.
High-level delegation of ADB meets LGRD minister
A high-level consultation mission of the Asian Development Bank (ADB) met Local Government, Rural Development and Cooperatives Minister Md Tazul Islam on Monday.
South Asia Department (SARD) Director General Takeo Konishi, ADB Bangladesh Resident Mission Country Director Edimon Ginting and other important department Heads were present at the meeting.
During the meeting, issues of mutual interest were discussed between the two parties.
The delegation wants to understand the ministry’s demands, identify the key issues on ADB’s portfolio, and establish a strong pipeline for the next three years, in order to better support the ministry’s development.
In the meeting, the delegation discussed climate resilient projects related to climate change, the possibility of launching municipal bonds for internal resources mobilization, improving the rural sewerage system, river bank erosion projects and investing in primary health care projects. Also, there was a discussion about protecting the navigability of rivers around the capital Dhaka.
The feasibility of a project to protect the pollution, encroachment and navigability of the river circling Dhaka was discussed.
Considering the continual rapid and the associated need for basic urban infrastructure as well as the priorities, ADB's main pillars of support will remain water supply and sanitation (sanitation, waste) were discussed.
ADB will support the city in improving urban planning and providing more resilient urban services. Efforts will be to develop "model" towns that can be replicated, the ADB team told the LGRD Minister.
Nasrul Hamid seeks ADB's help to create regional power market
State Minister for Power, Energy and Minerals Resources Nasrul Hamid has sought the help of Asian Development Bank (ADB) to create a regional power market.
“ADB can help create a marketplace in the region so that countries can trade electricity as per their necessity”, he told Takeo Konishi, the South Asia Director General of the ADB when he called on the state minister at his office in the ministry on Monday.
Under the arrangement, countries can export electricity to Nepal and Bhutan during the winter season, he said.
UCB taking steps to offer easy loans to agricultural entrepreneurs
During the meeting they discussed various issues related to mutual interest.
Welcoming the ADB Director General Nasrul Hamid said that the number of ADB-funded projects should be increased.
He said Bangladesh has a plan to import 9000 MW of power.
“We need a good consultant to advise us to set the actual price of energy in this regard and ADB can help us address this issue”, he said.
Finance Minister affirms Bangladesh's economic resilience amid challenges
The state minister noted that the government is giving importance to the participation of individuals and private organisations in optimising the use of resources beside the participation of the government.
He noted that bonds are being issued to reduce the subsidy in the power sector.
The government has taken initiative to convert
some 13 lakh diesel-run pumps into solar pumps.
He said that it will yield good results if they can work simultaneously for technological development and building a common computer data centre.
ICMAB delegation takes part in pre-budget discussion with NBR
The ADB director general discussed the issue of increasing private sector participation in the energy transition, electric vehicle, energy infrastructure and solar energy roadmaps for financing, regional interconnection and project readiness.
It is notable that ADB has financed $2.57 billion in 7 projects in the power sector.
In 2023, ADB approved two projects worth $360 million while 3 projects are under implementation and 5 remain as request for proposal in the energy sector.
At this time, Asian Development Bank Country Director Ed Ginting (Edemon Ginting) was present.
UCB taking steps to offer easy loans to agricultural entrepreneurs
United Commercial Bank PLC has been implementing an agro-CSR project called ‘Bhoroshar Notun Janala’ as part of its corporate social responsibility (CSR).
In its continuation, a training program for agricultural entrepreneurs hailing from Jhenaidah district was organized on Monday at Green Valley Park Auditorium, Jhenaidah.
Around 185 agricultural entrepreneurs from 6 upazilas of Jhenaidah district took part in this training.
Addressing the function, UCB's Additional Managing Director and Company Secretary, ATM Tahmiduzzaman, said, “The contribution of the agriculture sector to the GDP is about 14.23 percent. 40 percent of the total labor force is still dependent on agriculture”.
Finance Minister affirms Bangladesh's economic resilience amid challenges
Agriculture is also the main source of food, nutrition and industrial raw materials. Agriculture is inextricably linked with poverty alleviation, employment and export, he added.
He said that different businesses, social and economic activities of the country are centered around agriculture.
“We want to play a role in the development of commercial agriculture. For this, we want to stand by the agricultural entrepreneurs. We are trying to help the farmers so that they can produce and sell their crops (as desired by them) by taking loans on easy terms. That’s why we named our project ‘Bhoroshar Notun Janala”, he said.
Through this, he said, the bank actually wants to instill confidence in the minds of marginalized farmers. We are working towards that goal.”
ICMAB delegation takes part in pre-budget discussion with NBR
Rezaul Karim Siddique, popular presenter of BTV’s (Bangladesh Television) agriculture-based show ‘Mati O Manush’ & an agricultural-sector analyst; UCB’s Deputy Managing Director Mohammad Shah Alam Bhuiyan; Deputy Managing Director and Chief Financial Officer Md. Faruk Ahammad, Branch Manager (Jhenaidah district) and Md. Moniruzzaman also delivered speeches at the training program.
On the previous day (11 February), skill development training was held for about 135 agricultural entrepreneurs from 4 upazilas of the district at Magura Royal Community Center.
UCB Khulna region head Molla Masud Parvez; Arpara branch manager AKM Wahidul Islam and Magura branch manager Md. Arifuzzaman also spoke in the training session.
The process of disbursing agricultural loans and providing incentive-based agricultural assistance on easy terms was discussed in the training session.
It is mentionable that training is being organized for about 16,000 agricultural entrepreneurs selected from 64 districts of the country under the initiative ‘Bhoroshar Notun Janala’. Already around 10,000 agricultural entrepreneurs have been trained in 41 districts.
Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO
In the training, speakers shed light on the process of disbursing agricultural loans with easy terms and providing incentive-based agricultural assistance.
Apart from this, the way forward for expanding the scope of financing (humane) under easy terms and conditions for the development of an advanced and prosperous agriculture sector were being discussed.
Finance Minister affirms Bangladesh's economic resilience amid challenges
Finance Minister Abul Hassan Mahmood Ali, in discussions on Monday, affirmed Bangladesh's improving economic performance and resilience in navigating through financial challenges. With a focus on sustainable growth, the nation is witnessing an upward economic trend, bolstered by significant opportunities, according to the minister.
The remarks came during a press briefing following a series of high-level meetings with international delegates, including the Asian Development Bank (ADB) representative, the French Government's Special Envoy for Climate Affairs Stephan Crouzat, and the International Fund for Agricultural Development (IFAD) Country Director Arnaud Hemlier, at the Secretariat.
BCI demands immediate injection of dollars to facilitate import of industrial raw materials
Highlighting the ongoing projects under IFAD's guidance, Minister Ali pointed out the infusion of fresh ideas and collaborative discussions aimed at fostering agricultural development in Bangladesh.
Bangladesh maintains an open stance, collaborating and exchanging ideas with various international partners without relying on any single country, thereby enhancing economic prospects through diverse financial support, he stated.
When questioned about the specifics of discussions with the ADB and French delegation, Ali emphasized Bangladesh's current positive trajectory while acknowledging the ongoing challenges. Regarding new commitments from the ADB, he confirmed continued support for Bangladesh, dispelling rumors of financial instability.
Bangladesh seeks extended credit terms from Saudi Arabia amid dollar crisis: Salman F. Rahman
Contrary to claims of bankruptcy, Bangladesh is far from it, the finance minister said. “Our improving reserves are a testament to our economic stability,” Ali said.
ICMAB delegation takes part in pre-budget discussion with NBR
A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) headed by its President Professor Dr. Md Salim Uddin FCMA took part in a pre-budget discussion for the fiscal year 2024-25.
Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO
The programme was held at the conference hall of National Board of Revenue (NBR), Agargaon, Sher-e-Bangla Nagar, Dhaka on Sunday.
The NBR Chairman and Senior Secretary Abu Hena Md. Rahmatul Muneem listened to the budget proposal of INMAB and exchanged views with the ICMAB delegation.
Opportunities galore beckon for young entrepreneurs at Shark Tank Bangladesh
Prof Salim presented an overview of suggestions that have an intense probability of increasing revenue income by imposing taxes on untouched fields on the revenue collection side. Whereas, Past President and Council Member of ICMAB Md. Abdur Rahman Khan FCMA presented it in detail.
Among others, Treasurer Abdul Matin Patwary FCMA, Council Member Dr. Syed Abdulla Al Mamun FCMA, and Fellow Member HM Mainuddin Ahammed FCMA were present in the meeting from ICMAB.
Make more information on banks, banking sector publicly available: Prof. Wahiduddin Mahmud
Academicians and researchers from different institutions like ICAB, ICSB, and Bangladesh VAT Forum were present there, said a press release.
Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO
Islami Bank Bangladesh PLC organised Agent Banking Business Conference-2024 and a workshop on the prevention of money laundering and terrorist financing at a hotel in Chattogram on Saturday.
Mohammed Monirul Moula, Managing Director and CEO of the bank, addressed the conference as the chief guest.
JQM Habibullah, FCS, Additional Managing Director and Miftah Uddin, Deputy Managing Director were present as the special guests. Md. Maksudur Rahman, Senior Executive Vice President and Head of the Development Wing presided over the conference.
Monirul Moula said in the conference that Islami Bank currently operates 2,771 agent outlets nationwide having deposited an amount of Tk 14,305 crore.
In 2023, Agent Outlets earned a new deposited amount of Tk 3,255 crore. Agent Banking extends to fostering economic development, generating employment, alleviating poverty, and promoting overall economic growth by ensuring financial inclusion in remote areas.
He further said these Agent Outlets play a vital role in enhancing services for expatriates, particularly in channeling foreign remittances to the banking system.
As a testament to their impact, Islami Bank's Agent Outlets have significantly contributed, boosting 52 percent of all agents in the country involved in remittance collection last year, according to a press release.