Local-Business
Saudi company to operate Patenga Container Terminal under deal with CPA
The Red Sea Gateway Terminal International (RSGT), a Saudi company, and Chittagong Port Authority (CPA) on Wednesday signed a concession agreement to manage and operate the Patenga Container Terminal.
Prime Minister Sheikh Hasina and visiting Saudi Investment Minister Khalid A. Al-Falih witnessed the signing ceremony held at the Prime Minister’s Office.
CPA Chairman Rear Admiral Mohammad Sohail and CEO of RSGT Jeans O. Foley signed the agreement.
Before the event, the Saudi minister had a courtesy meeting with the prime minister at her office.
Saudi Minister Khalid A. Al-Falih arrived here on December 5 on a two-day visit.
It will be the first foreign company to receive Bangladesh’s offer to operate its ports.
RSGT is an international terminal operator representing a partnership between the Red Sea Gateway Terminal of Saudi Arabia and the Malaysian Mining Company (MMC).
The combined assets, handling capacity and experience place the terminal operations among the ten largest container terminal operators globally, with a combined annual handling capacity of 20 million TEUs, and equity-weighted throughput of over 10 million TEUS.
RSGTI will operate the Patenga Container Terminal for the next 22 years.
In May this year in Doha, Saudi Arabia offered to make large scale investment in various sectors of Bangladesh as the country has a stable government and good record of economic growth.
Saudi Arabian Minister of Investment Khalid A. Al-Faliah and Minister of Economy and Planning Faisal Alibrahim came up with the offer when they jointly called on Prime Minister Sheikh Hasina at her place of residence in Doha recently.
NBR selects 525 best taxpayers from districts and city corporations
A total of 525 people in city corporation and district areas have been selected as best taxpayers after the national level to encourage tax payment.
The National Board of Revenue (NBR) published this notification in this regard today (Tuesday).
The NBR has selected 77 people in 11 city corporations and 448 people in the category of highest income taxpayers and longtime income taxpayers in 64 districts for the tax year 2022-2023.
Also read: Revenue collection up by 14.36 percent in July-October, but behind target: NBR
Among these, two people from each City Corporation and district were selected as the longest serving three as the highest taxpayers, and one as the best in the women and youth category.
The Ministry of Finance has published the names of the best taxpayers as per the provisions of the district-wise highest and longest ‘Income Tax Paying’ under Tax Payers Policy-2008.
Earlier, 141 individuals, institutions, and organizations were selected as the best taxpayers for the tax year 2022-23. Among them, 76 at the individual level, 53 at the company level, and 12 in other categories.
Also read: Taxpayers’ number should reach one crore considering individual income: NBR Chairman
According to the Ministry of Finance notification, the names of 525 best taxpayers were nominated at the city corporation and district level in the tax year 2022-23.
Among them, 77 taxpayers in 11 city corporation areas will be given tax cards and awards as the best taxpayers. The card will be issued to seven taxpayers in each city corporation area and seven taxpayers in each district as the highest taxpayers.
Also read: NBR extends tax return submission deadline by two months
Income discrimination widened under current social security system: Dr Binayak Sen
Income discrimination widened in the country under the current social security system, which is not suitable to deal with this inequality, said Dr. Binayak Sen, director general of Bangladesh Institute of Development Studies (BIDS).
He said this in a seminar organized on the occasion of 63 years of ICDDRB on Tuesday.
Dr Sen also said that inequality is increasing—generally speaking, the rich are getting richer and the poor are getting poorer. But the nature of inequality in Bangladesh is somewhat different.
Also read: Wealth and consumption inequality widens in Bangladesh: Debapriya
According to him, the condition of both poor and rich people in the country has improved, but the rate of improvement of the rich people is higher.
Referring to the household survey 2022 he said that the Gini coefficient of consumption inequality at the national level in the country was 0.334; It was 0.356 in urban areas and 0.291 in rural areas.
“If the value of the Gini coefficient is zero, it means that there is ultimate equality in the society. 1 means there is ultimate inequality; Crossing 0.50 indicates high inequality in the country. That is, there is high inequality in the country now,” said Dr Sen.
Also read: Steps required to increase incomes, minimize inequality: Dr Farashuddin
BIDS’ DG Dr Sen presented a keynote paper titled 'Poverty Trends and Determinants in Bangladesh: Insights from Recent Evidence' at the seminar.
He said the Covid-19 pandemic and the Russia-Ukraine war have adversely affected the country's poverty situation. However, Bangladesh has made significant progress in reducing poverty in the last decade.
Dr Sen highlights the main causes of poverty and makes several policy proposals to overcome it.
Also read: Working to reduce gender inequality in workplace: FBCCI
He recommended the implementation of those policy proposals in the short and medium term considering smart macroeconomic management, sustainable growth, efficient human resource development, and geo-economic conditions.
He displayed in the presentation that the tax-GDP ratio is decreasing despite the increase in government expenditure. In 2000-01, the tax-GDP ratio in the country was 8.5 percent. Then in the fiscal year 2010-11, the tax-GDP ratio was 10.4 percent, while the government expenditure as a proportion of GDP was 14.2 percent that year.
In FY 2020-21, the tax-GDP ratio was 9.96 percent, but the government expenditure-GDP ratio rose to 15.27 percent. Due to this, the spending capacity of the government is decreasing.
Also read: South Asia must continue to reduce inequality to improve access to opportunity: World Bank
Canadian High Commissioner in Bangladesh Lily Nichols was the chief guest at the seminar. ICDDRB officials and researchers among others, present in the seminar.
$1.08 billion could be added to Bangladesh’s dwindling forex reserves
Bangladesh could be getting USD 1.08 billion as loan from the Asian Development Bank (ADB) and the International Monetary Fund (IMF).
A senior official of the Ministry of Finance today told UNB that a loan proposal of $400 million for Bangladesh is expected to be placed at the ADB board meeting on December 12, 2023.
Read: Banks will provide 7% interest on foreign currency deposits: Bangladesh Bank
On the same day, the IMF board meeting will decide on the proposal for a $681 million loan – second tranche of IMF’s $4.7 billion loan – for approval.
If both loan proposals are approved next week, $1.08 billion could be added to Bangladesh’s forex reserves.
Read: World Bank, ADB support to cope with Rohingya crisis must be grant, not loan: TIB
This would bring relief to the foreign exchange shortage which is affecting import bill payments and required dollars to meet Bangladeshi citizens’ overseas education and treatment payments.
CEOs unite to foster inclusive, accessible employment opportunities for persons with disabilities in Bangladesh
To commemorate the International Day for Persons with Disabilities, Bangladesh Business and Disability Network (BBDN) and the CSR Centre, in collaboration with UN-Habitat, organized the CEO Forum titled "Build the Nation through Accessible & Inclusive Employment Opportunities" on December 4, 2023, at the Metropolitan Chamber of Commerce and Industry (MCCI) Office, Police Plaza Concord.
The event aimed to catalyze dialogue among corporate leaders to create an enabling environment for persons with disabilities and drive positive change towards a more inclusive society.
The CEO Forum, a testament to the commitment to the principle of "leave no one behind," focused on making companies welcoming to all through the accessibility of different types of infrastructure within society at large.
Read: Breaking barriers: Nagad empowers, inspires, transforms lives of persons with disabilities
Distinguished attendees included Rupali Chowdhury, Managing Director of Berger Paints; Monsur Ahmed Chowdhury, Trustee of BBDN; Dr. Md. Mafizur Rahman, Managing Director of SME Foundation; Shamarukh Fakhruddin, Director of Urmi Group; Tahsinah Ahmed, Executive Director of Bangladesh Youth Leadership Center (BYLC); Constantinos S. Gavriel, General Manager at Le Meridien Hotels & Resorts - Marriott International; Karin Jongman, Hotel Manager at Le Meridien Dhaka; Samia Chowdhury, Chief Executive Officer of MTB Foundation; Tushar Tripathi, CEO of Envoy Textiles; Sohel Tanvir Khan, Business Director of ACI Logistics Ltd (Shwapno); Akik Ahmed, Manager Green Delta Insurance Limited, according to a media release.
The Forum served as a platform to harness the collective wisdom, expertise and commitment of CEOs and industry leaders towards creating a more inclusive society in Bangladesh. Murteza Khan, CEO of BBDN, welcomed the audience with his remarks and emphasized the objective of the event which was to focus on the relationship between employment and the accessibility of infrastructure. Dr. Priyanka Kochhar presented the keynote on SDGs and the role of the private sector in creating accessible employment opportunities for persons with disabilities, in the context of developing sustainable cities. Shahamin Zaman, CEO of CSR Centre, in her vote of thanks, emphasized that only private and public partnership can achieve the most desirable SDGs.
Read: International Day of Persons with Disabilities on Sunday
In a noteworthy development, the discussants stressed the importance of government support and legislative enforcement in creating more accessible housing, WASH facilities and transportation systems to support persons with disabilities,thereby enabling increased access to meaningful opportunities and greater social participation. In addition, development partners that are funding large infrastructure projects can leverage their influence to compel the government to ensure the projects undertaken include universal design principles that address the accessibility requirements for persons with disabilities — best exemplified by the Dhaka Metro Rail, which has been established as an accessible mode of transportation. In addition, while employers shared their good practices in different sectors related to disability inclusion in the workplace, from a sustainability and scalability perspective, it was emphasized that the infrastructural enablers are necessary to maintain and drive the required changes in the long run.
Read: Empower youth with disabilities to foster inclusiveness: Youth Day speakers
The collaborative efforts of BBDN, CSR Centre and UN-Habitat underscore a commitment to building a more inclusive and equitable future for all citizens of Bangladesh. As these initiatives gain momentum, it is expected that they will serve as a catalyst for positive change, inspiring other sectors and public departments to embrace inclusivity as a core tenet of their development agendas.
November exports down 6 percent year-on-year
Bangladesh’s export earnings in November 2023 decreased by 6.05 percent to USD $4.78 billion compared to the same month of 2022, but increased in comparison to the previous month (October), said the latest statistics of Export Promotion Bureau (EPB) released on Monday.
According to EPB, exports earned $3.76 billion in October 2023.
Also read: RMG exports to EU up 11.47% in July-September of FY 2023-24
The export decrease was driven by a significant drop in shipments of ready-made garments (RMG). The RMG sector fell to $4.05 billion in November, down by 7.45 percent from the same month of last year.
Apparel shipments were particularly weak in the knitwear subsector, which generated $2.31 billion, down by 3.18 percent. Earnings from woven garments also fell by 12.59 percent to $1.73 billion.
However, the overall export earnings in 5 months (July – November) of the current fiscal year 2023-24 marked a slow growth of 1.30 percent to $22.23 billion, compared to $21.94 billion during the same period of fiscal 2022-23.
Also read: Bangladesh’s apparel exports to US saw 21.77% decline in Jan-Aug: OTEXA
Analyzing EPB data found that the export of all sectors except ready-made garments among the major sectors has decreased. These include frozen foods; Leather and leather products; Jute and jute products; Agricultural processed products, home textiles, etc.
Banks will provide 7% interest on foreign currency deposits: Bangladesh Bank
Banks will pay more than 7 percent interest on resident foreign currency deposits (RFCD), Bangladesh Bank has said.
Apart from this, various benefits including sending money outside the country, and issuing multiple cards will be available from such accounts.
Read: Revenue collection up by 14.36 percent in July-October, but behind target: NBR
The central bank has taken the decision to address the ongoing dollar crisis in the country. Bangladesh Bank issued a notification in this regard to all commercial banks.
The notification said that one can deposit $10,000 as RFCD. From now on, banks will pay at least one and a half (1.5) percent interest on these deposits along with the benchmark rate.
Read: No dollar trading at official exchange rate as Tk 15 spread opens up with kerb market
As such, two supplementary cards can be issued against the deposit. Dependents including children or siblings can use the card. Education expenses abroad can be remitted from this account. Again, the medical expenses of spouses, children, siblings, and parents who are dependent can also be borne from here.
US will be notified about labour law amendment: Commerce Secretary
The United States will be notified about the recent amendments to the labour law and Bangladesh Export Processing Zones Authority (BEPZA) Act, Commerce Ministry’s Senior Secretary Tapan Kanti Ghosh said today.
He made the remark during a press conference at his office in Secretariat.
“We held a meeting today to discuss the implementation of labor rights as outlined in our national action plan. We assessed our progress to date and identified areas for further improvement. As Bangladesh transitions from a least developed country (LDC) to a developing country in 2026, the European Union and other nations are seeking our commitment to uphold labour standards. We discussed strategies to fulfill these commitments,” the senior commerce secretary said.
US may take any measure with the excuse of labor issues, politics: Bangladesh Embassy letter
When asked whether the United States would be formally notified of these decisions, he said that the requests from the US, including labour law reform and amendments to the BEPZA act, have been fulfilled.
“We will inform the United States of this progress within the next few days,” he said.
US Secretary of State outlined how they engage with govts, workers to protect labor rights: State Dept Spokesperson
“We have ratified the International Labour Organization (ILO) conventions, ensuring that our labour laws adhere to certain standards. We have complied with their request to lower the unionization threshold — from 20% to 15% of the total workforce in a factory,” he added.
US to implement key actions from Presidential memorandum on advancing worker empowerment, rights, high labor standards globally
Revenue collection up by 14.36 percent in July-October, but behind target: NBR
The revenue collection has increased by 14.36 percent to Tk 1,03,976 crore in the first 4 months of the current FY2023-24 compared to the same period during the previous FY 2022-23, according to National Board of Revenue (NBR) available on Sunday.
According to the provisional data of the NBR, three wings of the revenue board have collected Tk 1,03,976 as income tax, Value Added Tax (VAT), and Customs Duty during the first quarter of FY2023-24. This marks a revenue collection rise by 14.36 percent during the first quarter of the current fiscal.
Read: Taxpayers’ number should reach one crore considering individual income: NBR Chairman
During the same period of FY2022-23 the revenue board had collected Tk90,913 crore.
The sector-wise revenue income has been – Tk32668 crore from the customs duty, Tk40048.62 crore from VAT, and Tk31259 crore from the income tax and travel tax sector.
However, the revenue is slightly behind the target for the period. The revenue target for four months was Tk 1.23 lakh crore.
Read: Bangladesh's useable forex reserves drop to $15.82 billion: Sources
In the current fiscal year, the revenue target for NBR is set at Tk 4.30 lakh crore.
Fakir Apparels wins ISPO Award in Sportswear for its Calor Jacket
Fakir Apparels, a prominent player in the apparel industry, won the ISPO Award 2023 for the Calor Jacket, an innovative women's piece.
Through this, the apparel manufacturer from Bangladesh has been recognized as the first Bangladeshi manufacturer to be honoured with the International Society for Professional Apparel and Textile Industry (ISPO) Award.
The ISPO bestowed this prestigious award upon Fakir Apparels, recognizing their commitment to performance, sustainability, and innovation in outdoor apparel, said a press release.
This accolade marks Fakir Apparels as the first Bangladeshi manufacturer to receive the esteemed ISPO Award Winner title.
Read: Expatriate Awards launched at Bangladesh High Commission in Australia
In dispelling the notion that high-end technical wear manufacturing is exclusive to the Far East, Fakir Apparels reflects the broader trend in Bangladesh.
The country's manufacturers are making significant strides in this market, tapping into a wealth of young talent, seasoned expertise, and entrepreneurial spirit.
Fakir Apparels, traditionally known for cotton-based garments, shifted a substantial portion of its products to synthetic and synthetic blends while maintaining its client base.
In 2018, they launched a specialized technical wear manufacturing facility, marking five years of success in the sportswear industry.
Read: Islami Bank bags Mastercard Excellence Award 2023
Fakir Nafizuzzaman, Deputy Managing Director of Fakir Apparels Ltd., emphasizes the company's commitment to sustainability through bold actions like the Calor Jacket.
This revolutionary piece not only integrates cutting-edge technology and a circular philosophy but also reduces garment waste by an impressive 97 percent.
Acknowledging the broader industry shift, he said the myth that high-end technical wear manufacturing capabilities are exclusive to Far East manufacturers no longer exists.
Local manufacturers, including Fakir Apparels, are steering this shift from traditional cotton-based garments to synthetic fiber-made high-end technical wear, marking a game-changing moment for Bangladesh's RMG industry.
Read: Prof M Harunur Rashid receives Abu Rushd Literary Award
Fakir Apparels' journey signifies a pivotal moment in the industry, showcasing Bangladesh's prowess in technical wear manufacturing and its commitment to a sustainable future.
He also said its innovative design and R&D wing has been actively engaged in introducing sustainable changes to the fashion and sportswear industry.