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BGMEA calls for collaboration to create enabling environment for responsible business practices
President of Bangladesh of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan has emphasized the critical importance of addressing human rights and environmental concerns in today's interconnected global economy.
Highlighting Bangladesh's vision for sustainability, President Faruque Hassan outlined BGMEA's Sustainability Vision 2030, which includes ambitious targets for reducing carbon emissions, sustainable raw material usage, groundwater usage, chemical usage, energy consumption, and deforestation.
The vision also emphasizes inclusive work practices, gender equality, and good governance, with an online data platform to monitor progress.
Speaking as the chief guest at a seminar on Thursday, he stressed the need for learning about due diligence protocols, capacity building, and transparency to ensure future business success.
Bangladesh-German Chamber of Commerce and Industry (BGCCI) hosted the seminar on German Due Diligence Supply Chain Act in Dhaka.
The event brought together distinguished industry leaders, policymakers, and stakeholders to discuss the significance of human rights and environmental due diligence in the global business landscape, BGMEA said on Friday.
Dr. Michael Klode, Project Manager, Programme for Sustainability in the Textile and Leather Sector (STILE), GIZ gave a presentation on German Due Diligence Supply Chain Act, focusing on different aspects of the new law.
M. Maksud, President, and Dr. Md. Kamruzzaman, Senior Vice President of BGCCI also spoke at the seminar. BGMEA's commitment to supporting manufacturers in adapting to new regulations was highlighted with the establishment of the 'Responsible Business Hub.'
This dedicated unit, supported by GIZ, serves as an information center, providing training, awareness, and guidance on Human Rights and Environmental Due Diligence.
The President also called upon stakeholders, particularly buyers, to consider the cost of compliance and collaborate to share the burden, ensuring competitiveness and fairness.
He emphasized the need for uniformity among different international legislation to avoid conflicting obligations.President Faruque Hassan stressed the importance of continuous attention and collaboration among supply chain stakeholders to create an enabling environment for responsible business practices.
Biman resumes direct flight to Guangzhou
Biman Bangladesh Airlines resumed its direct flights between Dhaka and China’s Guangzhou on Thursday.
Biman flight BG366 with 146 passengers departed Hazrat Shahjalal International Airport at 10:20 pm and will arrive in Guangzhou at 4:00am (local time) on September 15 (Friday), said Md Siddiqur Rahman, director (admin) of Biman Bangladesh Airlines.
Read: Bangladesh Biman Corporation (repeal) Bill 2023 passed in JS
Following the resumption, there are now six weekly round-trip flights on the route, with a capacity of more than 900 passengers, he added.
Biman flights will depart from Dhaka every Sunday, Tuesday and Thursday at 10:20 pm for Guangzhou and every Monday, Wednesday and Friday from Guangzhou to Dhaka at 05:30 am (local time).
Read: Biman’s Dhaka-Narita direct flights will boost Bangladesh-Japan trade, relations: BCCIJ president
Biman offered a discount on the occasion of the resumption of direct flights on the route. A 15 percent discount on base fare by using promocode HAPPYCAN23 on ticket purchase from Biman's website www.biman-airlines.com and mobile apps.
The passengers can purchase their tickets for this route from Biman's commercial website www.biman-airlines.com, mobile apps, any Biman sales centre, Biman call centre 01990997997 and Biman-authorised travel agencies.
Read: Govt will decide on ground handling at Dhaka airport’s third terminal and Biman is ready: CEO
The direct flight on Dhaka-Guangzhou-Dhaka route was suspended from March 16, 2023.
Steel has huge potentials for exports to Commonwealth countries: RRM Group Chairman
Chairman of RRM Group and Vice President of Bangladesh Steel Manufacturers Association Dr. Suman Chowdhury said on Thursday that the steel industry is already over capacity of 5 to 6 million tonnes of steel, which can be exported to Commonwealth countries.
"It can be a potential item for exporting. Industries have already set up many factories and increased capacity seeing earlier growth," he told a seminar in Dhaka.
The seminar was held during the Commonwealth Trade and Investment Forum that ended on Thursday in Dhaka with the promise of enhancing cross-border investment to flourish respective economies. Bangladesh hosted the conference for the first time in collaboration with the Commonwealth Enterprise and Investment Council (CWEIC). Prime Minister Sheikh Hasina inaugurated the programme on Wednesday.
DSE, BGMEA join forces to support RMG enterprises in capital market
The Dhaka Stock Exchange Ltd. (DSE) and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) have signed a memorandum of understanding (MoU) to foster collaboration and support the country's readymade garment sector in accessing capital market services.
Under this MoU, DSE and BGMEA aim to assist RMG enterprises in raising capital from both domestic and international sources by leveraging the various products and features offered by the capital market platform provided by DSE.
Faruque Hassan, President of BGMEA, and M. Shaifur Rahman Mazumdar, Managing Director (Acting), DSE signed the MoU on behalf of their respective organizations at BGMEA Complex in Uttara, Dhaka on September 14.
BGMEA Vice President Shahidullah Azim, Director Mijanur Rahman, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin, Chair of BGMEA Standing Committee on UD-Woven & Knit Md. Nurul Islam were present at the MoU signing ceremony.
Professor Dr. Hafiz Md. Hasan Babu, Chairman, DSE; Md. Shakil Rizvi, Director, DSE; and Sharif Anwar Hossain, Director, DSE were also present.
DSE and BGMEA have agreed to jointly organize training sessions, seminars, and workshops with a particular focus on entrepreneurship for RMG companies.
These programs will address key areas such as corporate governance, capital restructuring, and fundraising, said the BGMEA.
Govt fixes prices of potatoes, onions, sugar, soybean and eggs
The Ministry of Commerce on Thursday fixed the price of egg at Tk 12 per piece at the retail level.
The ministry also set prices of onions at Tk 64-65 per kg, potatoes at Tk 35-36 per kg, bottled soybean oil at Tk 169 per liter, open (loose) soybean at Tk 149 per liter, and palm oil at Tk 124 per liter.
The sugar (open) price was fixed at 120 per kg, while the packaged sugar was at Tk 135 per kg.
Read: Timely action keeping prices and supply 'stable': Commerce Minister
The ministry has determined the prices based on the recommendations of the Agriculture Ministry and the Fisheries and Livestock Ministry.
Earlier, the Commerce Ministry sought a recommendations from the ministries based on the production and marketing costs of these goods.
Read: Onion prices cross Tk 100 per kg in Dhaka after India imposes extra duty
The government has decided to operate drives across the country and enhance monitoring to ensure the selling of these goods at the prices fixed by it, the commerce secretary told UNB.
Read more: Onion prices soar in Khulna market after India slaps duty on export
Salman F Rahman welcomes investment from Commonwealth economies
Salman F Rahman, private industry and investment advisor to Prime Minister Sheikh Hasina, said on Wednesday that Bangladesh is ready to facilitate special policy support for Commonwealth economies to fetch more foreign direct investment (FDI).
“As Bangladesh is a well-positioned country among the Global South economies, and the Bay of Bengal is emerging as a critical region in the competition for control of sea lanes and global trade, economies under the umbrella of Commonwealth can leverage the opportunities for trade or setting up manufacturing units,” he told an international trade conference in Dhaka.
If Bangladesh falls into ‘middle-income trap,’ it won’t achieve goal of becoming a developed nation by 2041: Salman F Rahman
Prime Minister Sheikh Hasina inaugurated the Commonwealth Trade and Investment Forum as the chief guest in Dhaka. Bangladesh is hosting the conference for the first time in association with the Commonwealth Enterprise and Investment Council (CWEIC).
The Bangladesh Investment Development Authority (BIDA), the Ministry of Foreign Affairs and the Zi Foundation are the partners of the conference.
Over 300 international delegates, including 13 ministers from the Commonwealth countries, are participating in the two-day conference.
In his speech, Salman mentioned that Bangladesh's strategic location and its Bay of Bengal have brought significant responsibilities as a facilitator and connector between regions and competing powers.
Bank loan interest will go up in future: Salman F Rahman
“Bangladesh economy is expected to reach over $485 billion by the end of this year. A robust demographic dividend, strong apparel exports, resilient remittance inflows, and stable macroeconomic conditions have supported rapid economic growth over the past one decade,” he told the seminar on “Bangladesh Opportunity – Commonwealth Partnerships.”
An overview of Bangladesh and investment opportunities was presented focusing on the potentials of growth towards the 2041 strategic goal.
In the opening remark, CWEIC Chairman Lord Marland said that Bangladesh can take the opportunity to extend economic cooperation among the Commonwealth nations.
“Bangladesh has proven its excellence in apparel export in the world. Countries under the Commonwealth platform can follow the best practices in the sectors. We want to connect every dots of possibilities through the Commonwealth, home to 2.5 billion people and includes both advanced economies and developing countries,” Marland said.
No concern among US businessmen about upcoming elections: Salman F Rahman
Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof Shibli Rubayat-Ul-Islam, FBCCI President Mahbubul Alam, Unilever Bangladesh President Zaved Akhtar and British International Investment managing director Srini Nagarajan were in the panel discussion. BBC Broadcaster Tanya Beckett moderated the session.
Commerce Minister Tipu Munshi was the chief guest at another panel discussion titled 'Global Economy: Breaking Down Barriers to Trade’ at the same venue.
Dominican Foreign Minister Dr Vince Henderson. Sri Lanka’s Minister of State for Investment Promotion Dilum S Amunugama, Cameroon’s Finance Minister Louis Paul Motazé were guests of honour on the occasion.
Another session titled ‘Mental Health in the Workplace: Creating a Positive Working Environment’ was also held.
British MP Paul Bristow and the head of strategic engagement of the Institute of Occupational Safety and Health, Alan Stevens, and councillor Wayne Fitzgerald took part in the session.
Commonwealth nations, often simply referred to as the Commonwealth, is an international association of 56 member states, the vast majority of which are former territories of the British empire.
Syed M Tanvir resigns as director of CCCI
Syed M Tanvir, managing director of Pacific Jeans, has resigned from the director’s post of the Chittagong Chamber of Commerce and Industry (CCCI) due to unavoidable circumstances.
He submitted the resignation letter to the CCCI president Omar Hazzaz on Tuesday.
Also read: Japan Desk in CCCI to help solve investment issues; promote Ctg: Japan
Tanvir said in the letter: “I am grateful to the CCCI members for re-electing me as a director for the current tenure of 2023-2025. However, due to present unavoidable circumstances, I feel that I will not be able to perform the responsibilities as director of the CCCI for this tenure with dignity.”
Also read: CCCI welcomes the proposed budget
Contacted by UNB, Tanvir confirmed that he has resigned, but he would not specify the reason behind his decision.
UNB learned that his resignation involves the presidential election of the CCCI.
Chinese Company signs deal to invest $12.2 million at Adamjee EPZ
Chinese company Cherry Button Limited is going to establish a garment accessories manufacturing factory at Adamjee EPZ with an investment of USD $ 12.2 million.
Bangladesh Export Processing Zones Authority (BEPZA) and Cherry Button Limited signed an agreement to this effect at the BEPZA Complex in Dhaka on Tuesday.
Also read: Chinese Company to invest $ 19.5 million in Mongla EPZ
Member (Investment Promotion) of BEPZA Ali Reza Mazid and Chairman of Cherry Button Limited MA Miaoyan (Jasika) signed the agreement on behalf of their respective sides.
Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, witnessed the agreement signing ceremony.
Also read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
This fully foreign-owned company will produce annually 1650 million pieces of metal button, plastic button, metal zipper, vislon zipper, nylon coil zipper and other accessories. The company will create job opportunities for 1068 Bangladeshi nationals, said a press release.
Also read: Bangladesh, France reiterate interest in expanding bilateral trade and exploring potentials for investment in infrastructure
Daraz “Noy Er Ullash” campaign kicks off
Daraz Bangladesh, the forefront of online marketplaces in the nation, kicked off its anniversary campaign on Tuesday with the resonating slogan “Eita, Oita, Jeita Lage, Shobee Kinun Daraz-e”.
The campaign will continue till September 14, 2023, to increase the level of shoppers’ excitement, said a press release.
Read: Daraz celebrates 9th anniversary
Daraz's extensive selection of categories, encompassing Fashion, Beauty, Mart, Mall, Home and Living, Lifestyle, Everyday Essentials, and more, promises an unmatched shopping experience precisely tailored to each facet of shoppers' lives all within easy reach.
The campaign captures the spirit of embracing convenience, quality, and variety, offering a seamless world of shopping possibilities.
Read: Daraz organizes “Influencer Connect” Season 1 to empower content creators
Shoppers will get up to 70 per cent off, hot deals, free delivery on specific deals, flash sale, numerous new launches, everyday low price, early bird vouchers, mystery box, exclusive amazing vouchers, and much more.
These exciting opportunities are tailored to redefine their shopping experience and excitement, added the release.
Renowned brands such as Unilever, Reckitt, Nestle, Nivea, Bata, Lotto, Furnicom, Infinix BD, ORAIMO, and Sports House join as co-sponsors, to amplify the excitement of the campaign.
Read: Daraz Bangladesh celebrates International Women's Day
Payment partners facilitate the campaign's seamless transactions, including bKash, Nagad, Eastern Bank Limited, EBL ZIP, HSBC, Southeast Bank Ltd., Prime Bank Limited, NCC Bank, City Bank and BRAC Bank.
Since 2014, Daraz empowers more than 550,000 sellers with world-class marketplace technology and its vision is to be a champion of South Asia serving 50 million consumers and businesses by 2030.
BRI fuels rapid growth of Bangladeshi businesses
The total driving distance from Dhaka's commercial Motijheel district to the Bangabandhu Bangladesh-China Friendship Exhibition Center in the Bangladeshi capital's Purbachal new township under construction is approximately 35 km.
The hot weather and such a long distance did little to deter businesses from thronging the "Belt and Road Initiative in Bangladesh Exhibition 2023."
Read: FBCCI president says they are against dishonest businessmen
Some 3,000 people, including top government officials and leading businesses, flocked to the three-day exhibition over the weekend, bringing together companies, especially those from China, under one roof.
Scores of Chinese and Bangladeshi enterprises, banks, and government agencies used more than 120 standard booths to demonstrate the achievements of the Belt and Road Initiative (BRI) in Bangladesh.
"I came to this exhibition center after seeing the circular of the exhibition," said Bangladeshi Himel, who uses a single name.
"I visited the Huawei stall and saw all Huawei technology and career enterprise solutions here," Himel said, adding, "I've also visited many Chinese stalls. It was very nice to visit this exhibition."
Read: Bank loan interest will go up in future: Salman F Rahman
Himel said Bangladeshi people are also very familiar with Chinese technology and can use an array of high-tech products made in China.
In the booth of Akij Jute Mills Limited, Abiruzzaman, the senior manager, was introducing their products to the visitors passionately.
"I am very happy to participate here," Abiruzzaman said, adding that "we export to China. They are very good, and their cooperation mentality impressed us."
Md Mujibur Rahman, managing director of Powervision Group, was thrilled to be the dealer of Sany Heavy Industry India Pvt. Ltd. in Bangladesh.
Till now, the comprehensive market share of the main construction machinery products from Sany exceeds 30 percent, and the market share was No.1 in Bangladesh for eight consecutive years.
Read: Concerted efforts needed for transition to circularity: BGMEA President
"Construction machines are essential for the BRI. According to that requirement, Sany has been in Bangladesh for the past years and will continue to be," he said.
The BRI is doing development work in Bangladesh, Rahman said, adding that Bangladeshi people know what the BRI is because "development is not possible in Bangladesh without the BRI."
Both the countries benefit mutually from the BRI, a bridge and catalyst in paving the way for the transfer of technology and more investment from China's public and private sectors, said Mohammad Hatem, executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), one of the largest associations of Bangladesh's top export earning sector, the readymade garment.
He said there are big opportunities for Chinese investors to invest in Bangladesh because "there is a ready market."
"We want to go forward with the BRI. Bangladesh will go forward with the help of China and the BRI."
Read: BGMEA-Circle Economy ink MoU to accelerate garment, textile sector’s transition towards circular economy
Bangladeshi government officials have also called for increased cooperation under the framework of the China-proposed BRI, which they said has brought great changes to the South Asian country.
They made the remarks on Friday when speaking at the opening ceremony of "The Belt and Road Initiative in Bangladesh Exhibition 2023," which marks the 10th anniversary of the initiative.
The BRI has already brought transformative changes to Bangladesh as "it has strengthened our role as a vital connector in the regional trade network," Lokman Hossain Miah, executive chairman of Bangladesh Investment Development Authority (BIDA), said at the ceremony attended by nearly 400 representatives of Chinese and Bangladeshi enterprises.
"Our participation in the BRI is a testament to our shared commitment. So, let us see this moment, harness the opportunities it presents and work together to build a more prosperous and interconnected world," said Miah, a senior secretary of the Bangladeshi government.
Under the BRI, he said Bangladesh has implemented mega projects like the Padma Bridge rail link, the 8th Bangladesh-China Friendship Bridge, and the Bangabandhu Bangladesh China-Friendship Exhibition Center, among others.
Addressing the ceremony, A.H.M. Ahsan, vice chairman and chief executive officer of Bangladesh's Export Promotion Bureau, said the BRI put forward 10 years ago is "a visionary project aimed at revitalizing the connectivity among Asia, Europe and Africa."
"Over the past decade, we have witnessed the transformative impact of the BRI on global trade and investment, with Bangladesh being an enthusiastic participant in this journey," he noted.