Local-Business
Another Bangladeshi factory, Amanat Shah, gets global green recognition
Bangladesh has strengthened its position as the global leader in green apparel factories, as the country now has 184 such factories with Leadership in Energy and Environmental Design (LEED) certification from the United States of Green Building Council (USGBC).
Amanat Shah Fabrics of Narsingdi's Panchdona has received this year's first LEED certification from the USGBC, BGMEA Director Md Mohiuddin Rubel said Wednesday.
The apparel factory got the gold certification with a score of 68 out of 100, he added.
Read more: Bangladesh now has 180 green garment factories
Of the 184 green-certified factories, 60 are platinum-rated, 110 gold-rated, 10 silver-rated, and four are green-certified, according to the USGBC.
The USGBC honours factories based on several criteria – transformation performance, energy, water, and waste management. The best performers are rated with platinum, followed by gold and silver.
Samsung offers 20-year warranty on refrigerators, washing machines
Samsung has offered a 20-year warranty on its refrigerators and washing machines.
The company will provide 20 years of warranty on its digital inverter compressors and digital inverter motors instead of 10 years.
"The primary objective behind this initiative was to strengthen consumers' trust and loyalty to Samsung products," the company said in a media statement.
Read more: Samsung Bangladesh brings new B Series TVs
"Protecting the integrity of a core component of Samsung products with a 20-year warranty will extend the usage of appliances and offer consumers peace of mind during purchases," it added.
Crisis over LC opening will be normal soon, BB Governor tells DCCI
The leaders of Dhaka Chamber of Commerce and Industry (DCCI) urged Bangladesh Bank (BB) to supply adequate foreign currency in the settlement of LCs for an uninterrupted supply of essential commodities during the month of Ramadan.
The demand came from a meeting with Bangladesh Bank Governor Abdur Rouf Talukder while the newly elected Board of Directors of the DCCI made a courtesy call at his office on Wednesday. DCCI President Md Sameer Sattar led the team when they discussed various issues including the dollar crisis and smooth supply of essentials in the market.
The DCCI leaders told the Governor that public-private partnership is very important to tackle economic challenges.
In addition to this, Bangladesh Bank also needs to aim to assist commercial banks in providing sufficient foreign exchange for the settlement of the LCs to keep the uninterrupted supply of essentials during Ramadan.
The DCCI team also suggested ensuring good governance in controlling Non-Performing Loans by taking necessary reforms in the Banking Act, considering strict actions of loan recovery from the willful defaulters.
Read more: LC margin lowered to ensure stable supply of commodities in Ramadan
Governor Abdur Rauf Talukder said that the economy is currently facing three major challenges- the Russia-Ukraine war, an interest rate hike by the Federal Reserve Bank in the United States and the Covid-19 situation worsening in China.
He said that despite these challenges Bangladesh’s economy has remained quite stable.
He also indicated that the current situation of the LC opening will be normal within the next one or two months.
The central bank is working tirelessly to take several policy steps, including minimising the LC margin to ensure an uninterrupted supply of essentials during the upcoming Ramadan, the Governor said.
DCCI Senior Vice President SM Golam Faruk Alamgir Arman, Vice President Md. Junaed Ibna Ali and other members of the Board of Directors were also present at the meeting.
Read more: Rice, wheat import: Bangladesh Bank asks banks to keep minimum LC margin
15th Int'l plastic fair to begin on February 22 at ICCB
The 15th International Plastic Fair (IPF) 2023 is going to begin on February 22 at the International Convention City, Bashundhara (ICCB) in Dhaka.
The 4-day expo will continue till February 25.
Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) and Yorkers Trade & Marketing Co., Ltd., will jointly organise the IPF-2023 to showcase the plastic products and technologies of the local and international producers.
BPGMEA president Shamim Ahmed announced this at a press conference at the organisation's headquarters in the city on Tuesday while other leaders of the organisation were present on the occasion.
Plastic goods manufacturers and technology producers from 21 countries including Bangladesh, China, India, Taiwan, Vietnam, Sri Lanka, Pakistan, Indonesia, South Korea, Belgium, Canada, United States, France, Hong Kong, Italy, Japan, Malaysia, Austria, Singapore, Turkia, and United Arab Emirates (UAE) will join the expo.
Read more: Monster made of plastic waste at Cox’s Bazar to spread awareness
Commerce Minister Tipu Munshi is expected to inaugurate the expo while Industries Minister Nurul Majid Mahmud Humayun is scheduled to be present at the concluding session of the fair.
Addressing the press conference the BPGMEA president said that the organisaion has been organising the IPF for long which has now become one of the biggest trade events in South-East Asia.
"The event plays a pivotal role in attracting investment in the plastic sector, expanding the plastic goods' market and promoting the business in the local market and also exporting to the global market,"he added.
"We hope the plastic sector will make a significant contribution to the country's GDP through its performance," he said.
The BPGMEA leaders mentioned that the last IPF was held in 2019. But no fair was held in 2020 due to Covid-19 situation, though it was scheduled to take place on February 12-15 in 2020.
The participants in the expo are joining the fair in different categories including plastic household items, crockeries, packaging materials, plastic mould, toys items, pharmaceuticals items, plastic furniture, melamine items, garments accessories items, PP woven bag, automobile, electric and electronic items.
Read more: Give plastic, get rice and other food items: Bidyanondo’s initiative for a waste-free St Martin’s Island
The global market size of plastic goods is $570 billion where Bangladesh's share is 0.1 percent while the local manufacturers have set a target to increase it to 3 percent.
They said the government has been providing a 10 percent cash incentive to the plastic sector to promote the export.
Currently, about 5030 firms are involved in the plastic sector which now produce and market goods worth Tk 40,000 crore annually.
BGMEA eyes expanding RMG exports to Japan
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has said the country's apparel industry has continued its efforts to explore new and promising markets like Japan and seize every available opportunity.
BGMEA President Faruque Hassan said: "We have been carrying out apparel diplomacy and trade missions to find new opportunities for Bangladesh's RMG industry and realise untapped potential."
Faruque made the observations while exchanging views with Hajime Suzuki, chief director of International Sales and Marketing at RX Japan, in Dhaka Monday (January 23, 2023). Kurena Watabe of RX Japan was also present.
Read: RMG manufacturer CKDL partners with Singapore firm to ensure workers' financial wellness
RX Japan is a leading exhibition organiser in Japan.
The two sides discussed possible collaboration between BGMEA and RX Japan to initiate trade communication between businessmen in Bangladesh and Japan, particularly those involved in the fashion industry.
Bangladeshi businessmen would be able to showcase strengths and capabilities by participating in apparel exhibitions in Japan while Japanese buyers and investors would get the opportunity to explore their trade potential in Bangladesh, they said.
Read more: BGMEA, Jetro want to expand Japan-Bangladesh trade
RMG manufacturer CKDL partners with Singapore firm to ensure workers' financial wellness
EZ Wage, a Singapore-based financial wellness platform catering to marginalised people, is partnering with Bangladeshi readymade garments (RMG) manufacturer Croydon Kowloon Designs LTD (CKDL) to ensure financial wellness for the latter's over 4,800 employees.
According to a press release, under the platform, many employees will benefit from the "Earned Wage Access" solution as it will enable them to withdraw their required funds from their paychecks prior to payday.
The withdrawal amount is not a loan, but rather a portion of the earned wages.
This invaluable employee benefit helps build an emergency savings fund, bridges the gap between paychecks, and helps ease financial stress brought by monetary emergencies.
Both the CKDL management and employees are content with the lessened load on HR departments that does away with lengthy loan approvals and makes access to earned wages a matter of minutes.
Kamruzzaman, a sewing operator from CKDL who is an EZ Wage service recipient said that many times, money is needed for family necessities in the middle or at the end of the month, but getting a loan from friends or someone else is tough.
“But now we no longer have to go through these difficulties by using EZ Wage. Such services, in my opinion, should be provided by all organizations,” he said.
Waleed Shafiqullah, an investor in EZ Wage said that the financial crisis has become the biggest problem for lower and middle-income workers in Asia.
Many struggle to meet their fundamental necessities because they have few choices for saving money over the long term, he added.
By giving financial freedom to those EZ Wage aims to build a stress-free workplace for marginal people.
Besides, going forward, by 2023 EZ Wage aims to enable 100,000 nonbank users in EZ Wage to collaborate with MFS, Banks, RMG, and other large manufacturing companies.
Fatima Batool, the founder of EZ Wage, said that real change must begin by truly empowering those that need financial freedom the most.
This includes women and more importantly, the masses, who often have difficulty surviving paycheck to paycheck.
EZ Wage was conceptualized to bring financial independence that would truly be reflected in the motivation and productivity of the blue-collar.
The workers have seen to be stress-free in terms of monetary emergencies.
Singapore-based EZ Wage globally offers immediate yet affordable access to income that has already been earned.
Instead of having to wait a whole till payday for their own money, employees can withdraw the required amount in four simple swipes on the EZ Wage App.
It does away with the need to borrow from loan sharks, saving many from the clutches of the debt spiral.
EZ Wage’s main aim is to empower the marginalized sections of society, especially women, by working hand in hand with social impact charities.
Selling alcohol, Carew and Company earned a record Tk232.96 crore in 6 months
State-owned Carew and Company (Bangladesh) Ltd earned a record Tk232.96 crore in 6 months (July-December) of the fiscal year 2022-23 from selling alcohol in the country.
The profit earned has increased by 21 percent compared to the previous year (2021). This is the highest growth record for liquor sales ever for Carew and Company, according to the company’s estimate.
This has happened as a result of the undeclared ban on importing foreign liquor; both the production and sales of domestic establishments have increased, officials said.
They say the National Board of Revenue (NBR) increased vigilance on liquor imports in 2021 to prevent duty evasion.
As a result, the import of alcohol through legal channels has decreased.
“There has been a shortage of foreign liquor in authorised bars. They are forced to buy liquor from domestic companies to deal with this crisis. Because of this, both the sale of alcohol and the income have increased,” said Syed Masudul Haque, a senior official of Carew and Company.
According to the company sources, in the first six months of the fiscal year 2022-23 (July to December) the income from the sale of alcohol was Tk 232.96 crore. The income from July to December of the 2021-22 fiscal year was Tk192.38 crore. That is Tk40.58 crore or 21 percent more income than the previous year.
Earlier, the record of the highest liquor sales was in the 2021-22 fiscal year. In that fiscal year, Carew and Company earned Tk 429.35 crore from the sale of liquor in Bangladesh.
In that year, excluding all expenses including revenue collection and company management, the actual profit of the company was Tk 49.17 crore.
Also Read: Carew’s vinegar hits market
General Manager of Finance (Carew and Company) Saiful Islam told UNB that the production and demand for liquor increased in the last two years.
Earlier Carew used to collect raw materials from its own and neighboring sugar mills during the off-season. But currently, the company is procuring raw materials from all the sugar mills under BSFIC to meet the liquor demand, he said.
“If the demand increases like this, more raw materials will be needed for liquor. For this, farmers are being encouraged to cultivate high-productivity sugarcane,” Saiful said.
Carew and Company (Bangladesh) Limited is one of the 16 companies under the Bangladesh Sugar and Food Industry Corporation (BSFIC). It is the only licensed producer of alcohol made from sugar molasses in the country.
The company is located in Darshana of Chuadanga District. At present, the company has three sales centres in Dhaka, Chattogram and Chuadanga.
26th AGM of AmCham Bangladesh held
The 26th Annual General Meeting (AGM) of the American Chamber of Commerce in Bangladesh (AmCham) was held on Sunday.
AmCham Bangladesh President Syed Ershad Ahmed chaired the meeting held in a Dhaka hotel, said a media release.
Syed Mohammad Kamal, Vice President, Tapas Kumar Mondal, Treasurer, Eric M. Walker, Abu Muhammad Rashed Mujib Noman, Ala Uddin Ahmad, Mirza Shajib Raihan, Executive Committee Members, AmCham Bangladesh, Md. Shahadat Hossen, Executive Director, AmCham Bangladesh and members of the AmCham were also present at the meeting.
BGMEA, AUW join hands to create higher education opportunities for female garment workers
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Asian University for Women (AUW) have entered into a new partnership to pave the way for female garment workers in Bangladesh to fulfill their dreams of higher studies.
BGMEA and AWU will collaborate to expand, enhance and promote the education, leadership and empowerment of female garment workers in Bangladesh.
BGMEA President Faruque Hassan and Vice Chancellor of AUW Dr Rubana Huq inked the memorandum of understanding (MoU) on behalf of their respective sides at a hotel in Chattogram on Sunday (January 22, 2023).
Also Read: 2022 was a year of turning around: BGMEA
From BGMEA, first Vice President Syed Nazrul Islam, Vice President Shahidullah Azim, Directors Asif Ashraf, Md. Mohiuddin Rubel and M Ahsanul Hoq, Chair of BGMEA Standing Committee on UD-Woven & Knit Md Nurul Islam while from AUW its Founder Kamal Ahmad, Dean of Arts and Sciences Dr Beena Khurana, Board of Trustee Member Catherine Watters-Sasanuma, Board Member of AUW Support Foundation Kathy Matsui, and acting Dean of Students Suman Chatterjee were present at the MoU signing ceremony.
The collaboration aims to create an opportunity for more female workers from Bangladesh’s garment factories to study higher education at AUW free of cost with support from their respective employers.
Under the new partnership, BGMEA will cooperate with AUW to facilitate enrolment of 500 qualified females working in RMG factories in Bangladesh in AUW’s five-year university education “Pathways for Promise” program.
Read More: Chattogram BGMEA University of Fashion and Technology starts journey
Pathways for Promise, an initiative within the AUW and BGMEA, provides free education to talented women from among Bangladeshi garment factory workers.
Already over 90 girls, who are RMG workers, are studying at AUW. During the years of studying, the factory authorities pay regular monthly salary to the workers enrolled in AUW so that their families do not face any hardship, according to BGMEA.
AUW provides each Pathways scholar a financial aid package that fully covers all costs of room, board, tuition, books and supplies, primary health care and other basic needs throughout the entire duration of her participation in the Pathways for Promise Program.
Read More: Safe Digital Space: AUW, UNDP to promote intercommunal, religious harmony
BGMEA President Faruque Hassan said the RMG industry is not only the biggest of export earnings but also a means for millions of people to fulfill their dreams.
“The Pathways for Promise is a glowing example of how the RMG industry contributes to women realizing their dreams, earning dignity in family and society with education and employment,” he said.
“I believe, through today’s MoU signing ceremony, we will take the partnership between AUW and BGMEA to another level and we will be able to contribute more,” he added.
Read More: HSBC, AUW launch one-year master of science in apparel, retail management programme
Only women who have completed high school are eligible to apply and have to take selection exams. Those who passed are interviewed and successful get admission to the university for higher studies.
DCCI to focus on CMSME, skills development in 2023
Dhaka Chamber of Commerce and Industry (DCCI) will emphasize its policy advocacy role on CMSME, skills development, export diversification, private investment and FDI, Tax management, LDC graduation, economic diplomacy, infrastructure, and smart Bangladesh in 2023.
DCCI President Barrister Md. Sameer Sattar in a press conference on Saturday disclosed its year 2023 planning for business development.
He acknowledged that the prices of energy is increasing due to the global economic crisis and energy shortage.
Read: FBCCI to host Bangladesh Business Summit 2023 from March 11 to 13
“But we urge the government that it should not be a ‘one-way street’ and when the prices of energy come down in the international market, then it should be adjusted in our country as well without any delay,” he said.
The DCCI president said Bangladesh is also part of the global economy so volatility in the international arena will also affecte the country’s economy.
But, for the year 2023, both the employers and employees should be happy if they can keep the business afloat by retaining the existing manpower. Two million graduates are added to the job market every year, but it is difficult to accommodate them all with suitable jobs, Barrister Sattar said.
Many will get jobs, but a big portion of the rest may be more inclined towards becoming entrepreneurs, he said.
Read: Bangladesh to see effects as global economy heading towards "recession": BIPSS
He also urged the Bangladesh Bank to consider LC margins, especially during the upcoming Ramadan for essential commodities so that importers can import the same and keep supply stable.
There is no `overnight’ solution to foreign exchange reserve, he added.
“We have to incentivize more remittance inflow from abroad and enhance export earnings to expedite reserve,” he said.
DCCI Senior Vice President S M Golam Faruk Alamgir and Vice President Md. Junaid Ibna Ali and members of the Board of Directors were also present at the function.