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Bangladesh to see effects as global economy heading towards "recession": BIPSS
The global economy is heading towards a "recession" which will affect not only large economies but also small economies, including countries like Bangladesh, said an independent think-tank on Tuesday.
Tensions over the maritime space could be "accelerated" as there is increased Indo-Pacific "competition and uncertainty" over the Pacific island waters, it said.
Sharing its "security insight," Bangladesh Institute of Peace & Security Studies (BIPSS) said there are ten things to worry about in 2023.
Read more: BIPSS roundtable: Bangladesh needs proper strategies to counter terrorsim
The year 2023 is predicted to be subject to "great uncertainty" as the previous year faced unprecedented issues, like the COVID-19 pandemic and the Ukraine war.
The world will face some mentionable challenges from the spectrum of security, climate, technology, economy, and so on, which will be a severe concern for world leaders, according to BIPSS analysis.
Even after 11 months of the deadly war in Ukraine, there is no sign of a solution.
"The symptoms indicate a prolonged war. Russia is heading towards more dangerous and offensive approaches, termed the "Special Military Operation" in Ukraine," said BIPSS.
Great uncertainty and concern hang over the Taipei issue and it will destabilize global peace and harmony if it erupts into a conflict, according to the think tank.
A complex strategic competition is starting, indicating that it could lead to a new cold war, BIPSS said, adding that the Russia-Ukraine war is working as a root factor of it.
Worsened global energy supply is assumed as the oil supply will be reduced by around 1.7 million barrels/day, along with limiting LNG supply, it said.
A black year for food security is expected, as 828 million people are already in food scarcity.
Read more: Bangladesh must ensure strategic balance amid new tensions: BIPSS president
The World Food Program indicates that 28 countries, including Bangladesh, are the most vulnerable to food insecurity.
The possibility of deploying and using tactical nuclear weapons cannot be ruled out with the ongoing conflict in Ukraine, BIPSS said.
The targeted achievement of limiting global warming below 1.5 degrees Celsius seems uncertain. If that happens, then there could be catastrophic consequences.
Disruptive technology will affect state security since states must update their technological tools.
Cyber threat has become a severe concern for state leaders, according to the analysis.
BSEC forms Shariah Advisory Council for stock market
In a move towards developing Shariah-based capital market Bangladesh Securities and Exchange Commission (BSEC) has formed a nine-member council to advise it on this subject.
The decision came recently at the market regulator’s 848th meeting, Rezaul Karim, executive director and spokesperson of BSEC, told UNB.
"Through the formation of Shariah Advisory Council, the opportunity to bring Islamic Shariah-based securities to the capital market of Bangladesh will be strengthened,” he said.
He said domestic and foreign investors interested in Shariah-based securities will be more interested in investing in the capital market.
Read more: BSEC working to enhance financial literacy for capital market investors: Prof Shibli
The advisory council has been set up under rules of 'Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Act-2022.
The council will advise the BSEC on the formation of Islamic Capital Market including different types of Islamic Shariah-based securities issues. For example, formulation of Shariah-related guidelines, formulation of standards for Islamic Shariah-compliant securities, whether any securities are Shariah-compliant or not, this council will give opinions according to the needs of the commission.
There will be 5 Shariah scholars and 4 experts as members of the Commission's Shariah Advisory Council.
In light of this principle, the BSEC decided to make Professor Dr. Mohammad Abdur Rashid the chairman of the council.
The selected 5 members of Sharia scholars are - Professor Dr. Mohammad Abdur Rashid, Mufti Shahid Rahmani, Mufti Yusuf Sultan, Mufti Dr. Waliur Rahman Khan (Representative of Islamic Foundation), and Maulana Shah Wali Ullah.
Read more: Under, over-invoicing to stop if commodity exchange is launched: BSEC Chairman
On the other hand, 4 expert members are - Finance and Banking Expert Prof. Abu Taleb, Legal Expert AKM Nurul Fazal Bulbul, Accounting Expert Prof. Md. Nazim Uddin Bhuiyan, and Capital Market Expert Mejbah Uddin Ahmed.
As per the rules, the BSEC will nominate the members of the Council. And the chairman will be elected by the vote of the council's Shariah betta (Shariah knowledge experts).
The tenure of the members, including the chairman of the council will be 3 years. A member may be nominated for two consecutive terms. However, BSEC can re-nominate any person as a member of the Council after two terms with a gap of one term.
Bangladesh to be first in Asia to receive loan from IMF’s ‘Resilience and Sustainability Fund’
Bangladesh is going to be the first country in Asia to receive loan from International Monetary Fund’s (IMF) ‘Resilience and Sustainability Fund’ (RSF).
The first country in the world to receive this IMF loan was Barbados, followed by Costa Rica and Rwanda. After that, there are five more countries on the list to receive loans from the RSF. Bangladesh is at the top of the list.
Read more: IMF Board could consider approving $4.5bn loan for Bangladesh on Jan 30
The IMF board approved the fund on April 13, 2022, and it became effective on May 1, 2022. The fund was created for low and middle-income countries that are at risk due to climate change.
According to the IMF, this fund is for countries with low incomes, high debt burdens, high costs to deal with climate change risks, and deficits in development spending.
Read more: IMF to support Bangladesh’s aspirations of becoming a higher-income country by 2041: DMD
The global lender says borrowing has increased in many low- and middle-income countries in the post Covid-19 period.
Calls for promoting light engineering sector with targeted action plans
Secretary to Industries Ministry Zakia Sultana has called for promoting the light engineering sector with targeted action plans.
She made the call at the 8th meeting of the SME Development Working Committee organised by Business Initiative Leading Development (BUILD) in the capital on Monday.
Ferdaus Ara Begum, CEO of BUILD, presented an analysis ‘Light Engineering Industry Development Policy 2022” at the meeting where Chattogram Chamber of Commerce and Industry President Mahbub Alam also attended.
Secretary Zakia said, “We would extensively support the light engineering sector while exploring ways to set up a separate industrial park in BSCIC for the sector and giving special incentives to the sector that shares the domestic market worth $12 billion”.
Addressing the need for promoting grassroots entrepreneurs of the sector and getting them on board, she said they would set out specific priorities in line with the Light Engineering Policy, which can be achieved at the earliest.
Echoing the policy's objectives put up in the BUILD keynote and focusing on 4IR and ICT, the secretary informed that the ministry concerned has already been working to promote the sector following the agenda of SMART Bangladesh as per the vision of the premier.
“While we have policies in place, without aligned action plans, we go nowhere. So, we will be setting out targeted actions that truly facilitate small entrepreneurs and hugely contribute to the employment generation and eventually export, and greening the sector is our top priority,” she said.
Read more: PM Hasina announces ‘Light Engineering’ as product of the year
CEO Ferdaus said, “Only five countries namely China, USA, India, Singapore and Japan import about $ 2.51 trillion, and Bangladesh enjoys market access in all these destinations, and if we export at least 1percent to these places, we can export about $ 25 billion from the sector”.
She urged the ministry to consider a dedicated industrial park and industrial cluster, an e-commerce platform for LE entrepreneurs, re-skilling and up-skilling to form a technologically skilled workforce, enforcement of AI, rationalisation of raw material import duty and encourage TT export, strategy to attract domestic and foreign investment to organise the sector.
The CEO recommended setting a year-wise GDP and export target along with a well-defined action plan to implement development strategies for this sector while appreciating the ministry for inclusion of the logistics sector as the high-priority sector and 4IR and ICT in the recent Industrial Policy formulated by MOI.
Referring to different policies where the importance of LE has been highlighted, she informed about the LE Road Map prepared by BUILD for MoC, where the export projection for the sector in 2030 is $ 12.56 billion, with specific action plans that need supportive financing for implementation.
Dr Md Mafizur Rahman, managing director of SME Foundation, Mohammad Monjurul Islam, additional director of Bangladesh Bank, Dr Nadia Binte Amin, president of WEND, Manzur Ahmed, adviser of FBCCI and Abdul Amin, director of Bangladesh Engineering Industry Owners Association (BEIOA among others spoke at the meeting.
Read more: Light engineering products to boost Bangladesh export basket
GP Star customers to get several benefits at Mitsubishi showroom, Rangs workshop
Grameenphone has signed a memorandum of understanding (MoU) with Rangs and Rangs Workshop to offer a wide range of benefits at the Mitsubishi Motor showroom and Rangs workshop to GP Star Customers.
An agreement signing ceremony was held in the capital Saturday.
As per the agreement, Platinum Plus and Platinum GPStar customers will enjoy a special price while buying Mitsubishi brand new cars from Mitsubishi showroom. Also, they can avail of a 15 percent discount on all after-sales service facilities at Rangs workshop and 5 perent on genuine Mitsubishi spare parts.
Read more: GP gets permission to sell 78,000 more SIMs
Mohammad Sajjad Hasib, chief marketing officer of Grameenphone, said: "This partnership is about co-creating with Mitsubishi to uplift the experience of the customers who have loved us over the last 25 years, making us who we are today and we are happy to have Mitsubishi on board with us."
Mohammod Hamdur Rahman Simon, CEO of Rangs and Rangs Workshop, said: "Mitsubishi Motors Bangladesh is leading the way in Bangladesh's brand-new car segment. As a Japanese brand, customers are always at the forefront of our business, and we are continuously trying to provide the best value to them."
Read more: GP brings Asia Cup cricket matches live on MyGP
"As a part of that continuous effort, we are excited to collaborate with Grameenphone to offer exclusive discounts on our cars and after-sales services."
Nigerian delegation discusses Dhaka-Abuja trade potential with BGMEA
A delegation comprising high officials of different ministries of the Nigerian government paid a visit to Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan in Dhaka Monday (January 16, 2023).
The delegation included Abubakar Aliyu Aziz, director general of the National Identity Management Commission, MaskaUbale Ahmed Shehi, executive commissioner of the Communications Commission, Alhassan Haru, director of Communications Commission, and Roberts Moses Achanya, president of the Nigeria-Bangladesh Trade and Technology Forum.
BGMEA Director Barrister Vidiya Amrit Khan, Bangladesh Knitwear Manufacturers and Exporters Association Vice-President Fazlee Shamim Ehsan and Fakir Fashion Managing Director Fakir Kamruzzaman Nahid were also present.
Read more: Bangladesh, Nigeria to explore possibility of signing framework agreement on FTA or PTA
They had discussions about possible areas of collaboration between Bangladesh and Nigeria for bilateral trade benefits, particularly in the apparel and textile industry.
Faruque said there is potential to import more cotton from Nigeria which is a cotton-producing nation. "Nigeria is also a potential market for Bangladesh's apparel export."
He called upon the Nigerian government to reduce import duty on readymade garments (RMG) from Bangladesh and requested cooperation from the delegation in this regard.
Read More: Bangladesh, Nigeria to explore possibility of signing framework agreement on FTA or PTA
German engineering delegation visits Pran-RFL Industrial Park
A 22-member delegation of the German Engineering Federation (VDMA) and Deputy Head of Mission of the German mission in Dhaka Jan-Rolf Janowski visited the Pran-RFL Industrial Park in Narsingdi's Palash Sunday.
The delegation also included Rajesh Nath, managing director at VDMA India. Kamruzzaman Kamal, director (marketing) at Pran-RFL, informed it about different aspects of the production process.
Earlier, a meeting was held at the factory's conference room on business potential, including the use of technology, between the two sides.
Read: Pran joins DITF 2023 with 800 products
Jan-Rolf Janowski said: "The steps taken by the group for manufacturing products using modern technologies are praiseworthy. The German engineering sector is working relentlessly to develop new machinery to make the production process easier."
Kamruzzaman said, "We are using the latest manufacturing machine in our factories. The information from the VDMA members about new technologies will help us."
DITF: Up to 22% discount on Nagad payments
Mobile financial services provider Nagad has come up with a cashback or discount of up 22 percent on the purchase of goods from specific merchants at the Dhaka International Trade Fair (DITF) 2023.
Customers can enjoy the offer while making payments through Nagad app or USSD *167# on the purchase of lifestyle products, home appliances, food items, and others.The offer will remain valid till January 31.
Nagad users will get up to 22 percent discount more than once on the purchase of products bought from the stall of Vista Electronics using Nagad.
Customers will get 12 percent cashback while making payments for products purchased from Providence, a lifestyle brand, using Nagad. There is a 10 percent cashback offer at the stalls of Vision, Walker, Best Buy and Regal.
There is also a cashback of up to Tk150 on making payments using Nagad on the purchase of products worth at least Tk2,000 from Gazi Home Appliance.
Besides, customers will get a cashback of up to Tk50 on Nagad payments for a minimum purchase of goods worth Tk1,000 from Daily Shopping.
Moreover, there is a cashback of 12 percent for making payments for food items bought from Coopers and Tasty Treat using Nagad.
The month-long DITF began on January 1 at the Bangabandhu Bangladesh-China Friendship Exhibition Centre in the capital's Purbachal.
Annual business conference of National Bank held
The annual business conference of National Bank Limited concluded on Sunday, held at Le Meridien in Dhaka.
The Managing Director & CEO of NBL, Md. Mehmood Husain chaired the event. The managers of 221 branches of the bank, regional managers and divisional heads joined the function. Lieutenant General (Retd) Md. Shafiqur Rahman, director of NBL spoke in the conference giving direction to achieve customer satisfaction through providing good services in the New Year.
The action plan for this year was discussed in detail. On this occasion, awards were given to the branch managers who achieved the target of 2022. Deputy Managing Directors of NBL Syed Rois Uddin and Hossain Akhtar Chowdhury were also present at the conference.
Pran joins DITF 2023 with 800 products
Pran has joined the Dhaka International Trade Fair (DITF) 2023 with 800 products at eight pavilions and stalls.
This year, the group has brought around 200 new products to the fair. It is also offering discounts on all products.
Pran is displaying more than 500 products at its three-storey pavilion.