Local-Business
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.
FBCCI president says they are against dishonest businessmen
FBCCI president Mahbubul Alam said on Monday the federation will never advocate for dishonest businessmen.
He said action would be taken against those who create artificial crisis in the market, but the allegations against them must be proven first.
The FBCCI leader made the statement on Monday while speaking as the chief guest at a shadow debate competition held at the Bangladesh Film Development Corporation (BFDC) at Tejgaon. The competition was organised by the Directorate of National Consumers Rights Protection (DNCRP) in collaboration with the Debate for Democracy.
Read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
AHM Shafiquazzaman, Director General of DNCRP, was present as the special guest. Chairman of Debate for Democracy Hasan Ahmed Chowdhury Kiron presided over the debate competition.
“We will take a strong stand against the institutions involved in creating product crisis and market volatility, no matter how big and influential they are. It is possible to keep product prices under control if the supply chain is in tune with demand and supply,” he added.
Read more: Dependence on any market will put Bangladesh at risk: FBCCI President
The FBCCI president said, “We are working to ensure consumer rights. Apart from us, other agencies of the government are also working. Our work is significantly supported by other government agencies as well as other private institutions.”
Read more: Businesses should get opportunities to turn around before wholesale declaration of loan defaulters: FBCCI President
Chinese Company to invest $ 19.5 million in Mongla EPZ
Chinese company QSL.S Garments Company is going to set up a RMG factory in Mongla EPZ (MEPZ) with an investment of US$19.5 million.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and QSL.S Garments Company in presence of Executive Chairman, BEPZA Major General Abul Kalam Mohammad Ziaur Rahman.
Also read: Turkey and Bangladesh keen to enhance bilateral trade
Nafisa Banu, Member (Finance) of BEPZA, and Wanle Xuan, Managing Director of QSL.S Garments Company, Ltd. signed the agreement on behalf of their respective sides.
QSL.S Garments Company, Ltd is a fully foreign-owned company that will produce annually 6 million pcs of woven and knit garments products like shirts, T-shirts, jackets, pants, shorts, etc, said a press release .
Also read: Japan wants to increase investment in Bangladesh: Japanese envoy told FBCCI
The RMG factory will create employment opportunities for 2598 Bangladeshi nationals, it said.
Despite move to rein in price hike, food inflation rose to 12.54 percent in August: BBS
Despite the government's drive to rein in the prices of essentials, overall inflation increased by 23 basis points to 9.92 percent, while food inflation rose to 12.54 percent in August.
During the last two months, both food and non-food inflation reached the highest level in August, according to the Bangladesh Bureau of Statistics (BBS) latest inflation data, released on Sunday.
After decreasing inflation slightly in the last two months, food inflation in the country increased in August. In this month, overall food price inflation has been 12.54 percent. In July it was 9.76 percent.
Read: Why inflation persists at a higher level in Bangladesh
However, although the overall non-food price inflation in July was 9.47 percent; it fell to 7.95 percent in August.
In addition, overall inflation in rural areas rose to 9.98 percent in August. Among them, food inflation is 12.71 percent and non-food inflation is 7.38 percent.
August inflation of 9.92 percent means that a person, who used to buy goods and services for 100 taka in August 2022, has spent Tk109.92 to buy the same product in August this year.
That is, the cost has increased by Tk9.92 in the space of one year. Inflation is like a tax that burdens everyone, rich and poor alike, analysts said.
Read: General inflation slides to 9.74 percent in June: BBS
According to the updated data of BBS, food price inflation in rural areas was 12.71 percent in August, and food price inflation in urban areas stood at 12.11 percent. In both cases, food inflation was below 10 percent in July.
Bank loan interest will go up in future: Salman F Rahman
Prime Minister's Private Industry and Investment Adviser Salman F Rahman warned businessmen on Thursday that bank interest rates will increase in the coming days.
He expressed the concern in a meeting with the newly elected committee of FBCCI in the conference hall of Bangladesh Investment Development Authority (BIDA), an entity under the Prime Minister’s Office, on Thursday.
Read: Businesses should get opportunities to turn around before wholesale declaration of loan defaulters: FBCCI President
Salman said that businessmen are not afraid of political unrest due to the upcoming national elections.
He said that as there has been political stability in the country for the last 15 years the businessmen believe that there will be such stability after the next parliamentary election too.
The leaders of the FBCCI highlighted the challenges of the country's trade and various harassment by the revenue officials. In response, Salman advised the FBCCI to work closely with the National Revenue Board to resolve the crisis.
Read: Large defaulted loans have distressed domestic economy: Experts
“The government's job is to ensure the business environment. It is not the government's responsibility to ensure profit of the traders,” he said.
Salman said that the government had kept the bank's interest rate under control for a long time because of various complaints of businessmen. But now due to increase in the interest rate on deposits, it will not be possible to keep it under control in the future.
He urged the businessmen to get ready to face the challenge of the increased interest rates.
Salman said the government has challenges in collecting revenue at the desired level and despite demands of the businessmen the tax was reduced, but the revenue did not increase proportionately as per desires.
He also urged the businessmen to pay taxes regularly to maintain the continuity of the country’s development.
Nagad partners with TerraPay for faster remittance inflows
Mobile financial service provider Nagad Limited has partnered with TerraPay, a global payments network, to provide seamless cross-border money transfer solutions.
Expatriate Bangladeshis around the world can now send remittances to Nagad accounts in a faster and easier way through TerraPay, which has a network spanning 200 countries, according to a press release on Thursday.
Trust Bank Limited facilitated the partnership between TerraPay and Nagad, it said.
Read: Over 200 Nagad distributors to be sent to KSA for performing Umrah
"We are thrilled to have this significant partnership with Nagad to enable faster and more secure remittance inflow for expatriate Bangladeshis. Wallets are the key enablers for sending money back home, and TerraPay’s aim is to ensure a seamless and instant process for the end consumer, i.e., the families in most cases," said Ambar Sur, founder and CEO of TerraPay.
"Nagad propels our brand to fulfil its goal, and we are excited to leverage our interoperability platform and help simplify lives," he said.
Read: Nagad offers ‘Jawan’ movie tickets on ‘Add-Money’ transactions
"From the get-go, we have been trying to make people’s lives easier. Now, Bangladeshi expatriates living in different countries can send home their hard-earned money through Nagad using the TerraPay network. We are delighted to have forged this partnership, and it is like a gift to expatriates and their families," said Tanvir A. Mishuk, founder and managing director of Nagad.
TerraPay, renowned for its global presence, is registered and regulated across 29 international markets. Serving as a pivotal partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions worldwide, TerraPay contributes to the creation of a more extensive and inclusive international financial ecosystem, said the release.
Furthermore, Visa’s strategic equity investment in TerraPay enhances the digital cross-border commerce experience for consumers and small- to medium-sized businesses, it said.
Read: Students of XI can pay college admission fees thru’ Nagad
The strategic alliance will enable Nagad to connect with the TerraPay network that exists across the globe, ensuring 24/7 availability of services throughout the year, the release also said.
BB alerts banks not to make transactions with US-sanctioned banks in Myanmar
The Bangladesh Bank (BB) has instructed commercial banks not to make financial transactions with Myanmar’s two banks, which are facing US sanctions.
A central bank official on Tuesday told UNB that a letter was sent to banks in Bangladesh to be caraeful about these two banks.
The two banks are the Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank.
Also read: Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices
On June 21, the United States Ministry of Finance (Office of Foreign Assets Control-OFAC) announced the sanction on these two banks in Myanmar in a circular. Myanmar's ruling military government uses these banks to buy arms and other goods from abroad, the US said.
The state-owned Sonali Bank of Bangladesh has business accounts with these two banks.
On August 3, the Ministry of Foreign Affairs of Bangladesh sent a letter to the Financial Institutions Division, a wing of the Ministry of Finance, regarding the business accounts of two Myanmar banks in Sonali Bank.
The letter quoted the US Embassy in Dhaka as reminding that the two Myanmar banks are currently under US government sanctions. The letter requested to take necessary measures in this regard. Then Sonali Bank suspended the accounts.
Also read: US to pursue justice for Rohingyas and all people of Myanmar: Blinken
Later, the BB sent a letter to all banks on August 20, citing the risks of OFAC imposing sanctions on the Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank. The letter advised banks to refrain from financial transactions with these banks and collect updated information about the sanctions to take precautions.
Officials said that it is a regular process to warn banks regarding the ban on transactions so that any bank does not fall under the ban by dealing with these banks of Myanmar.
Also read: US 'maintaining pressure' on Myanmar’s military regime to end Rohingya crisis