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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.
Al-Arafah Islami Bank holds discussion on hajj with HAAB
Al-Arafah Islami Bank Limited (AIBL) organised a discussion on hajj with the members of the Hajj Agencies Association of Bangladesh (HAAB) Thursday in the capital.
Al-Arafah Managing Director and CEO Farman R Chowdhury was present at the program as chief guest. Md Shafiqur Rahman, deputy managing director of the bank, presided over the discussion.
Read: Islami Bank remittance clients to get motorcycles
Al-Arafah deputy managing directors Shabbir Ahmed, Md Mahmudur Rahman, Abed Ahmed Khan, Abdullah Al Mamun and Md Fazlur Rahman Chowdhury and HAAB officials were also present.
Al-Arafah Islami Bank was set up as a private limited company on June 18, 1995.
Islami Bank Noakhali holds agent banking conference
Noakhali Zone of Islami Bank Bangladesh Thursday organised the "Agent Banking Business Development Conference" and "Workshop on Prevention of Money Laundering and Terrorist Financing."
Mohammed Monirul Moula, managing director and chief executive officer of the bank, addressed the conference as the chief guest in Noakhali.
Read: Islami Bank remittance clients to get motorcycles
Md Omar Faruk Khan, additional managing director, and Mohammed Shabbir, deputy managing director, also spoke at the programme.
Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic Shariah. It is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
BB lifts general credit limit for companies generating electricity
Bangladesh Bank (BB) has lifted the general credit limit for power generating companies.
As a result, banks will be able to give loans to individuals, organisations and groups involved in electricity generation companies as much as they like.
The central bank issued a circular on Thursday relaxing this limit till December 31 this year.
The Banking Regulations and Policy Department of the Central Bank issued the circular and sent it to the Managing Directors and Chief Executive Officers of all banks.
In order to maintain the uninterrupted supply of money required for power generation, to import fuel oil and other raw materials in the power sector, any person, organisation or group generating power, can borrow any amount from banks, the circular stated.
On November 8 last year, the central bank provided facilities to coal-based power generation companies by lifting the lending restrictions.
Nisho, Mehazabien made Daraz brand ambassadors
Daraz Bangladesh has signed an agreement with actors Afran Nisho and Mehazabien Chowdhury as its brand ambassadors. This collaboration for the next two years will increase customer engagement and raise brand awareness, said a Daraz press release today. Nisho and Mehazabein are known for their talent and charming personalities. They have a massive fans following as individuals and as an on-screen couple and have been associated with numerous successful campaigns, making them the perfect choice to represent Daraz, said the release.
Read more: Daraz Bangladesh celebrates its 8th anniversary “We are thrilled to have Nisho and Mehazabein representing our brand. They are incredibly talented and have a massive fan base, which will improve how we interact with our consumers. We are optimistic that their association with Daraz will increase our brand presence and help us reach new heights,” said Daraz Chief Marketing Officer Talat Rahim.
Bangladesh RMG moving towards circularity to stay competitive
The ready-made garment industry of Bangladesh is strongly focusing on transition towards a circular economy to pursue growth in a more sustainable and stay competitive in the long run, said Faruque Hassan, President of BGMEA.
Switching to circular economy practices is a huge task that requires collective efforts from all stakeholders including the government, policy makers, development partners, brands, and suppliers, he said.
“The circular economy can build a pathway for greater environmental sustainability coupled with economic growth,” he observed.
Faruque Hassan made the remarks when speaking at a stakeholders’ roundtable on a topic titled “SWITCH to circular economy for textile value chain, Bangladesh” held in Dhaka on February 28.
SWITCH to Circular Economy Value Chains (SWITCH2CE) is an international development project co-funded by the European Union and the Government of Finland, which aims to support enterprises in the textiles and garments, plastic packaging, and ICT value chains to adopt the circular economy practices.
Ambassador and Head of Delegation of the European Union to Bangladesh Charles Whiteley attended the event as chief guest.
BGMEA Vice President Miran Ali, Director Barrister Vidiya Amrit Khan, President of Nordic Chamber of Commerce and Industry in Bangladesh (NCCI) Tahrin Aman, UNIDO Representative Zaki Uz Zaman, Head of Material Innovation and Strategy at H&M Gagan Bansal, Chatham House representative Patrick Schroeder, and DG-WTO cell and Additional Secretary at the Ministry of Commerce Hafizur Rahman also spoke at the roundtable which was moderated by Mark Draeck, CTA, UNIDO.
In his speech as special guest, BGMEA President Faruque Hassan said the textile industry is considered one of the very polluting and resource-heavy industries and therefore it is imperative to reduce the negative environmental impacts of the industry.
He said, “While we move towards a circular economy, the skills and efficiencies of our industries have to continue to improve, to be competitive in the global marketplace.”
“The RMG industry of Bangladesh has been proactively addressing the global demand for sustainable and emission-free products. So far Bangladesh has the highest number of USGBC Certified LEED green garment factories in the world, with 192 LEED Green Factories of which 67 are platinum rated, and with 550+ factories in the process of being certified. This number is increasing,” he said.
BGMEA, Global Fashion Agenda (GFA), Reverse Resources, and P4G have already partnered in an initiative "Circular Fashion Partnership" that aims to achieve a long-term, scalable transition to a circular fashion system, he said.
Over 30 renowned fashion brands, manufacturers and recyclers are collaborating in the new initiative to capture and reuse textile waste in Bangladesh.