Local-Business
Young will drive economic growth of Bangladesh: BGMEA President
BGMEA President Faruque Hassan has laid emphasis on providing young people with the skills, knowledge, and resources they need to succeed in the business world as they achievements would contribute to building a more prosperous and better Bangladesh.
“We have a young and vibrant population that has the potential to drive economic growth and lead Bangladesh to the position we aspire to reach,” he said.
He called on students to gather knowledge and master skills to build themselves keeping pace with the changing trends in the world so that they could unleash their potential and create a better future for themselves and the country as a whole.
Faruque Hassan made the observations while addressing the opening ceremony of the “1ST DRMC National Business Carnival 2023” as chief guest in Dhaka on March 10.
Principal of DRMC Brigadier General Kazi Shameem Farhad, ndc, ps chaired the opening ceremony.
The business carnival organized by Dhaka Residential Model College’s Business and Career Club is being held from 10 to 12 March at the college campus with 23 amazing segments to participate in.
The carnival is supported by BGMEA.
In the carnival, there will be different types of Olympiads, including accounting, finance, marketing, management, economics, analytical ability, and general knowledge.
Praising the DRMC Business and Career Club for their the initiative of organizing the business carnival, the BGMEA President said such kind of event was a very useful platform for students to interact with industry professionals and learn about the latest happenings in the business world.
The carnival would enrich the experience of the students and inspire them to venture into the business world, he said.
“We have to equip our students with entrepreneurial skills such as business planning, marketing, and financial management along with fostering a mindset of innovation and resilience,” he further commented.
He expressed hope that DRMC would continue the initiative for the students in the coming days.
He invited all, including BGMEA members, to visit the carnival and inspire students who are displaying their ideas there.
'Hazaribagh leather cluster an example of products diversification for SMEs'
The speakers at a seminar Thursday said cluster-based specialised product development will accelerate the pace of product diversification and enhance the capacity of small entrepreneurs.
A cluster of luxury and quality leather products has been developed in Hazaribagh of the capital after the relocation of the heavy leather industry to Savar, they added. "The annual turnover in this cluster is about Tk60 crore."
They were speaking at a seminar on the potential and future of leather products in the Hazaribagh cluster in the capital's Agargaon.
Abdul Hamid, director general of the Department of Environment, and SME Foundation Chair Md Masudur Rahman spoke at the event.
The SME Foundation is supporting product upgrades, diversification, and skill development in the cluster.
According to the SME Foundation's cluster mapping study, various products, including leather shoes, belts, wallets, jackets, and official bags are produced in the leather cluster, developed in the old tannery village in Hazaribagh of the capital.
There are around 350-400 shops, showrooms, and small factories of leather goods in the area, from Hazaribagh Tannery Lane to Leather Technology College, Hazaribagh Bazar, and Dhanmondi 15 Bus Stand Lane.
Daraz Bangladesh celebrates International Women's Day
E-commerce platform Daraz Bangladesh celebrated International Women's Day 2023 at its office in the capital Thursday.
The uniqueness of this year's celebration was that Daraz brought in six female entrepreneurs who got the opportunity to come to its office premises to sell their products.
Also, Sutapa Bhattacharjee, professor of the Institute of Business Administration of the University of Dhaka, Shyamal Kishore, director of HR at Marico Bangladesh, and Fahmida, executive vice-president of Dhaka Bank, joined the event.
'Business Summit to help brand Bangladesh's identity, manufacturing prowess to foreign investors'
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) has said the Bangladesh Business Summit 2023 will help brand the country's identity and manufacturing prowess to foreign investors.
All preparations to organise the summit have been made, the FBCCI said at a press conference in Dhaka Thursday.
More than 200 foreign investors and business delegates from over 17 countries, including ministers of the UK, Saudi Arabia, China, Bhutan, and the UAE and CEOs of 12 multinational companies, will join the event.
The summit will be held at the Bangabandhu International Conference Center from March 11 to 13. Prime Minister Sheikh Hasina will inaugurate it.
At the press conference, FBCCI President Md Jasim Uddin said the three-day summit will attract the attention of business leaders and investors from Bangladesh and around the world and will serve as a platform for creating new business opportunities.
Business leaders, policymakers, and heads of business groups, including representatives of international organisations, will be present at the Bangladesh Business Summit, he added. "They will also discuss Bangladesh and the global economy."
The foreign and commerce ministries and the Bangladesh Investment Development Authority have partnered with the FBCCI for the summit.
Bangladesh for speedy implementation of BIMSTEC Free Trade Area
Bangladesh has expressed its "strong commitment" to the BIMSTEC process and urged the members to work closely for finalising all the relevant agreements at the earliest so that BIMSTEC Free Trade Area could be implemented without further delay.
The 23rd BIMSTEC Senior Officials' Meeting (SOM) was held online in Thailand's Bangkok Wednesday.
The foreign secretaries of the BIMSTEC members attended the meeting. Bangladesh Foreign Secretary Masud Bin Momen led the country's delegation to the meeting.
Masud informed the meeting about the progress made in the trade, investment and development sector for which Bangladesh is the lead country.
The meeting took stock of the progress made so far since the 22nd SOM held in March 2022, including the implementation of various decisions taken during the 5th Summit.
Also, it endorsed the "Rules of Procedure" for all the BIMSTEC mechanisms, including several administrative and financial matters of the BIMSTEC Secretariat to be approved by the BIMSTEC Ministerial Meeting Thursday.
The SOM also finalised the draft text of the Agreement on Maritime Transport Cooperation, which is expected to be approved by the ministerial meeting.
Moreover, the meeting finalised the BIMSTEC Bangkok Vision 2030 and recommended it for approval at the ministerial meeting. The SOM also endorsed the blue economy as a sub-sector under the trade, investment and development sector.
The 19th BIMSTEC Ministerial Meeting will be held in Bangkok online.
AOAB new committee takes charge
Newly elected committee of Aviation Operators Association of Bangladesh (AOAB) has taken over the charges for 2023-2025.
Anjan Chowdhury, managing director of Square Air Ltd, and Mofizur Rahman, managing director of NOVOAIR, have been elected president and secretary general, respectively.
On Tuesday, the new executive committee formally took charge at the AOAB office.
The other office bearers are Mostafa Kamal of Meghna Aviation Ltd, Z Mahmud Mamun of Impress Aviation Ltd, Khandakar A F M Mohibullah of South Asian Airlines Ltd, Raquibul Kabir of Bangla International Airlines Ltd, Safwan Sobhan of Bashundhara Airways Ltd, Abdullah Al Zahir Shapan of Blue Flying Academy, Md. Arifur Rahman of Sky Capital Airlines Ltd, Parvez Rahman of BRB Air Ltd, and Mohammed Younus of Galaxy Flying Academy Ltd.
Over 200 foreign delegates to join Bangladesh Business Summit 2023: Jasim
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jasim Uddin has said more than 200 foreign delegates, including 13 ministers and seven CEOs of multinational companies, will join the Bangladesh Business Summit 2023.
The summit, which will be held in Dhaka during March 11-13, will highlight Bangladesh's journey towards a trillion-dollar economy, the FBCCI president told UNB Sunday.
Bangladesh's economic strength and capacity, market potential, and emerging sectors will be highlighted on the international stage through the summit, he added.
The aim and objective of the summit are to expand the country's trade and investment. The FBCCI wants foreign investors, entrepreneurs, and innovators to explore the potential industries of Bangladesh.
Prime Minister Sheikh Hasina will inaugurate the three-day summit.
The foreign and commerce ministries and the Bangladesh Investment Development Authority have partnered with the FBCCI for the summit.
There will be three plenary sessions on strategic issues, 13 parallel sessions, B2B meets, networking sessions, an open house reception and guided tours for international delegates.
Jasim said Bangladesh has extraordinary achievements in the apparel, textile and plastic sectors. "Through the summit, Bangladesh's success and achievement will be showcased on the international stage."
"The FBCCI will organise such a summit every two-year to encourage the investors to invest here," he added.
DCCI for 2.5% corporate tax cut for non-listed companies in the next budget
Dhaka Chamber of Commerce & Industry (DCCI) on Sunday placed a set of budget recommendations to the National Board of Revenue (NBR) focusing on easy and business-friendly taxation system, widening income tax and VAT net, full automation of taxation system, encouraging local industrialization and ensuring investment-friendly ecosystem to boost economic growth.
Barrister Md Sameer Sattar, president of DCCI, handed over the budget recommendations to the Chairman of NBR Abu Hena Md Rahmatul Muneem at the NBR during the pre-budget discussion meeting.
DCCI President proposed for 2.5% corporate tax cut for the non-listed companies in the next budget of FY2023-24.
He also proposed to increase the tax-free income limit for individuals to Tk. 5 Lakh (which is currently Tk. 3 Lakh) considering high inflation and increased cost of living.
"At present, only 3 million TIN holders submit their returns and, for that reason, our tax-GDP ratio is very low. The tax net should be widened to include persons residing outside Dhaka and Chattogram as most tax collection comes from these areas," he added.
Read: Speakers press for timely implementation of tannery sector compliance work plan
He also proposed an “Integrated Tax Administration System” and “Integrated VAT Administration System” in order to ensure full automation of taxation and VAT ecosystem in the country. He recommended increasing the maximum limit of annual turnover to Taka 4 crore from Taka 3 crore for cottage and small businesses who are out of VAT purview.
He also said that since the banks charge 10% to 15% source tax on deposits, in addition, imposing excise duty on deposit and savings will discourage deposits in banks. Therefore, he recommended withdrawing excise duty on bank deposit. He suggested implementing Bangladesh Single Window as soon as possible to ease the customs related processes. It will create a paperless trading system that will reduce the time and cost in foreign trade, DCCI president added.
NBR regularly arranges training for C&F officials in order to reduce mistakes in using HS code, NBR Chairman Abu Hena Md Rahmatul Muneem said.
He said that NBR has taken various initiatives to simplify the business environment in the country but regarding compliance issues, NBR’s position will be strict. The chairman sought cooperation from the business community to ease the business climate more in the country.
Bangladesh Single Window will be effectively implemented by the end of 2025, he added.
Marcel Digital Campaign Season 17 begins
Electronics brand Marcel has launched its Digital Campaign Season 17.
Under the "Grand Houseful Offer," customers can get cash vouchers of up to Tk1 lakh and products on the purchase of refrigerators, televisions, air conditioners (ACs), and washing machines, Marcel said in a media statement Sunday.
The announcement of Digital Campaign Season 17 was made at a programme in Dhaka recently.
The offers of the campaign will be available till April 30, 2023, Marcel said.
Read more: Marcel 2nd Division Chess League prizes distributed
End/UNB/M/MA
Speakers press for timely implementation of tannery sector compliance work plan
Speakers at a view exchange meeting on Saturday urged timely implementation of the work plan prepared by the government to improve the leather sector.
They said ensuring social compliance in the leather industry will create scope of product diversification and attract buyers from developed countries like the US and EU.
The speakers said this in a view exchange meeting jointly organized by Bangladesh Labour Foundation (BLF) and Bangladesh Labour Rights Journalist Forum (BLRJF) in the capital.
They said the timely implementation of the work plan would open the door to achieve the certificates of Leather Working Group (LWG), a global multi-stakeholder community.
Without getting its certificates from LWG, no country can export leather to Europe, the US and some other countries, they said.
Read: Anti-plastic laws not being implemented: Speakers
"Once we get the certificates, the leather from our country would start to be exported to Europe and other countries that would improve the tannery sector and boost the economy," the speakers said.
The Ministry of Labour and Employment approved the two-year work plan on April 21, 2022 and directed the Department of Inspection for Factories and Establishments to execute it.
President of BLF Abdus Salam Khan, Secretary General of the organisation ZM Kamrul Anam, President of BLRJF Kazi Abdul Hannan and General Secretary Ataur Rahman spoke, among others, on the occasion.