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PM to inaugurate factories, commercial operations in economic zones this week
Prime Minister Sheikh Hasina will inaugurate the commercial operations of 14 industrial units and lay the foundation stones for the infrastructures development of 29 more factories inside the economic zones on Wednesday.
Executive Chairman of the Bangladesh Economic Zones Authority (BEZA) Shaikh Yusuf Harun informed this while addressing a view-exchange meeting organized jointly by the BEZA and the Economic Reporters Forum (ERF) on Sunday.
Among them, commercial operations of four industries at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) will open for commercial operation. These are Asian Paints of India, Nippon of Japan, McDonald of Bangladesh, and TK Group’s associate Samuda Construction Limited.
The BSMSN was constructed over an area of 30,000 acres of land in Mirsarai and Sitakunda Upazilas of Chattogram and Sonagazi upazila of Feni.
The factory of Double Glazing would also be inaugurated at Srihotto Economic Zone on the day.
Besides, the commercial operation of some nine industrial units in the private Economic Zones would also be inaugurated. Among them the country’s biggest PVC factory.
Read: EPZs saw all-time high export, investment, job growth in FY22: Bepza
In order to go into commercial operation, some $967.73 million has already been invested in some 14 factories while the concerned industry owners informed that they have plans to invest $331.27 million more in those factories.
Harun informed that the Prime Minister will lay the foundation stones of some 29 factories which have already attracted an investment of $610 million, while $1.9 billion more would be invested in those factories.
These industries have already created employment opportunities for some 6,407 people, while another 38,658 jobs would be created in those factories.
The Project Director of the BSMSN Abdullah Al Mahmud Faruk made a Powerpoint presentation on the overall operations and progress of its activities in the function.
Presided over by ERF President Sharmeen Rinvy, BEZA General Manager (Administration) Hasan Arif, and other high officials were present among others. ERF general secretary SM Rashidul Islam moderated the view-exchange meeting.
Evaly back in business: ‘Thank You’ campaign from Oct 28
Evaly is set to resume operation with a ‘Dhonnobad Utshob’ (‘Thank You Festival’) to express gratitude to millions of customers and merchants across Bangladesh.
The platform will start the campaign from October 28 at 10 pm, said a press release from the company.
Popular brands like Walton, Jamuna, Artisan, O'code, Viomi, Samsung, iPhone, One Plus, and Vivo will participate in the Evaly campaign.
Read: Evaly may start sales campaign from Oct 15, Shamima hints
For purchases from the secured platform, customers will have three options: pick and pay, cash on delivery and cash before delivery. Customers will also get a ‘star’ for each shipment from Evaly under the customer loyalty program. The loyalty points can be used for future shopping with the platform.
Regarding the campaign, Evaly co-founder Shamima Nasrin said the company strongly believes that it will be able to repay past debts through resuming operations.
“Evaly is now a brand infused with this nation’s passion. We now have two independent directors from e-CAB and commerce ministry. So now, there’s more responsibility and accountability than before,” she said.
Read Evaly files application to restart business
Shamima mentioned that Evaly will offer products at an attractive price, without counting losses. “Utilising the infrastructure of digital Bangladesh and selling products profitably using e-commerce, we can give customers the ‘best price’ compared to the traditional market. We will give utmost importance to quick delivery and customer service,” she added.
The entrepreneur has pledged to deliver all previous orders. “We are looking forward to the early release of our former CEO Mohammad Rassel to accelerate our momentum and strengthen Evaly,” Shamima said.
On September 16, last year, Evaly CEO Mohammad Rassel and his wife Shamima were arrested during a raid on their house in capital’s Mohammadpur area.
Read Evaly CEO, chairman sued again in Chattogram
The owners of Evaly were allegedly involved in embezzlement of several hundred crores of taka. They were arrested after a victim filed a case against them.
On April 6 this year, Shamima, co-founder of Evaly, was out on bail.
Cylinder gas for industries: CNG filling station owners to seek Petrobangla directives
CNG filling station owners will seek directives from Petrobangla to deal with the export-oriented apparel and ceramic manufacturers’ request to supply them natural gas through cylinders for their industries amid energy crisis.
“We’ll seek directives from Petrobangla to decide on the request of the export-oriented industries,” Farhan Noor, general secretary of the Bangladesh CNG Filling Station & Conversion Workshop Owners Association (briefly known as CNG Station owners association), told UNB.
Recently, three export-oriented business bodies—Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Ceramic Manufacturers & Exporters Association (BCMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) — requested the Bangladesh CNG Filling Station & Conversion Workshop Owners Association to supply natural gas to their member industries through cylinders.
The presidents of BGMEA and BCMEA in two separate letters, and the BKMEA chief verbally requested the CNG station owners association to help the export-oriented industries to supply gas through cylinders.
The mentioned in the letter that their industries have been experiencing a severe gas crisis as the pressure in gas supply drops to a zero PSI level at 8 am and it slightly improves at 11 pm.
“As a result, the operation of the factories is seriously hampered. The workers and employees of the factories pass their times sitting idle that ultimately makes the industries unable to supply the readymade garments as per lead-time of the export order,” said BGMEA president Faruk Hasan in his letter.
“Despite repeated discussions with the authorities concerned and sending of letters repeatedly no effective solution is being received from them in this regard,” it added.
The BCMEA and the BKMEA narrated the similar sufferings of their industries and made the similar request to the CNG station owners association.
They also referred to their meeting with Prime Minister’s Advisor Dr Tawfiq-e-Elahi Chowdhury on September 12 where they sought uninterrupted gas supply to their industries.
About the request of the three business bodies, CNG Station Owners Association general secretary Farhan Noor said that entertaining such requests of the three organisations is not possible as the existing law does not permit them to supply CNG through cylinders.
“Safety and security issues are involved in the matter,” he said, adding that 4 people were killed on October 13 in Gazipur during such illegal supply of CNG from a filling station to a cylinder of an export-oriented industry.
“So, we’re going to seek directives from Petrobangla on the issue," he added.
ATPF delegation visits Walton headquarters
A delegation of the chief executive officers (CEOs) from the Asian Trade Promotion Forum (ATPF) – a gathering of Trade Promotion Organizations (TPOs) – member countries has visited Walton headquarters in Gazipur.
The delegation was impressed with the research and innovation centre, manufacturing plants, the advanced production process, progress of the domestic high-tech industry as well as the potential of Bangladesh in export-oriented industries, said a media statement Saturday.
Set up in 1987, the ATPF now has 23 members with the objective of enhancing trade in Asia through information sharing, implementation of cooperative projects and strengthening networks among member TPOs.
CEO meetings and working-level meetings are held once a year. From October 18 to 20, the 35th ATPF CEO meetings were held in Dhaka where representatives from 23 countries including host Bangladesh joined.
As a part of the industrial visit programme of the 35th CEO meetings, organised by the Bangladesh Export Promotion Bureau, the ATPF delegation visited Walton headquarters Thursday.
The delegation members included Japan External Trade Organization (JETRO) and ATPF Secretariat Industry and Business Development Support Division's Deputy Director Yuta Ichinose, JETRO and ATPF Secretariat's Representatives Ryo Takahama and Yu Kaneko, JETRO Dhaka Office's Assistant Manager Yuya Usuki, India Trade Promotion Organization's Senior Manager Krishan Kumar and Manager Praful Nair, Enterprise Singapore's Regional Director Eileen Lee.
Cambodia General Directorate of Trade Promotion's Director General Kosal Kao, Cambodia Trade Policy Department's Director Seychanly Tith, Malaysia's External Trade Development Corporation's Deputy Chief Executive Officer Sharimahton Mat Saleh, and Pakistan's Trade Development Authority's Secretary Ahsan Ali Mangi were also part of the ATPF delegation.
They visited Walton's product display centre as well as manufacturing plants of several products, including refrigerators, air conditioners, and solar power plants.
After that, Yuya Usuki said: "This is the first time I am seeing this kind of factory in Bangladesh. Manufacturing companies like Walton are very important to diversify the country's industrial sector."
Krishan Kumar said: "At Walton headquarters, I saw amazing facilities, technology advancement, vertical and backward integration. Walton is producing a wide range of products which are being exported to other countries. It's remarkable progress in terms of the advancements made by Walton."
Ahsan Ali said: "Walton is a big success story for not only Bangladesh but also other countries. Walton's initiative for making compressors is a very unique and important step in the basic engineering sector."
Eileen Lee said, "The scale, size and sophistication of Walton are very impressive. We saw that they have a strong product research and innovation team, all experts, continuously innovating."
HSBC inaugurates newly relocated branch for Chattogram customers
Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh recently inaugurated its newly relocated Sky Branch at Sanmar Tower One in Chattogram.
The branch overlooks the port city's magnificent skyline and provides state-of-the-art amenities, a media statement said Saturday.
Such initiatives are part of HSBC's continuous innovation and unwavering focus on elevating the banking experience of the customers in today's changing environment, the financial services organisation that serves more than 40 million customers said.
Mohibul Hassan Chowdhury, deputy minister for education, Md Mahbub ur Rahman, chief executive officer of HSBC Bangladesh, Tanmi Haque, country head of wealth and personal banking of HSBC Bangladesh, other senior officials and customers were present at the ceremony.
BYLC Ventures announces Cohort 5 winners
The winners of BYLC Ventures Cohort 5 were announced on Thursday, October 20.
The five winning teams this year will receive a seed funding of Tk 800,000 with the opportunity of an additional Tk 1,500,000 scale-up funding.
The five winning startups are: DSWIFT Logistics Limited, Insure Cow,School360, Shafa Care Ltd., and SquareFeet Platform Limited.
Along with funding, the winning teams will gain access to a top-notch business accelerator program, in-house mentoring and networking support, legal and virtual CFO support, rigorous leadership training, as well as a co-working space in BYLC’s Mohakhali office.
BYLC Ventures launched the application process for Cohort 5, supported by IKEA Foundation and the Embassy of the Kingdom of the Netherlands, on May 19 this year and received more than 200 applications from diverse sectors across the country.
The five winning startups will be joining BYLC Ventures’ existing portfolio of 19 companies from the previous four cohorts.
DSWIFT Logistics Limited is an intra-district logistics delivery company based in Cumilla.
InsureCow is a 360° technology-powered cattle insurance and wellbeing monitoring platform.
School360 is a complete school, college, madrasah, and coaching centre managementsystem.
Shafa Care Ltd. is an AI-based cloud clinic management platform for online doctor consultation booking and e-health record management.
SquareFeet Platform Limited is a community-based digital property management platform.
Q3 2022: Grameenphone reports 6% revenue growth despite ban on SIM sales
Telecom operator Grameenphone has reported revenues of Tk11,286.75 crore for the first nine months of 2022, logging a growth of 5.7 percent from the same period last year, despite a regulatory ban on SIM sales amid complaints about the quality of services.
In the third quarter, the company lost 2.9 million subscribers, taking the subscriber base down to 81.8 million at the end of the quarter.
"Grameenphone's growth momentum continued in the third quarter driven by strong market execution aided by higher revenue and usage amid several external challenges. It was adversely affected by a regulatory ban on SIM sales from the end of June, resulting in a 3.4 percent quarter-on-quarter decline in subscriber base," Grameenphone CEO Yasir Azman said.
"As we continue to engage with our regulator to overcome this restriction, we received a partial withdrawal of the embargo from mid-September, allowing us to resume SIM sales immediately. We are also facing a tense macroeconomic climate in Bangladesh driven by higher inflation, rising energy prices and austerity measures by the government to curb energy usage."
Read: Grameenphone turns to work from home for Thursdays
Grameenphone's total revenue for the third quarter saw a growth of 6.7 percent, reaching Tk33,864.93 crore, while subscription and traffic revenue grew by 6.9 percent from last year.
"Our investment in network rollout and spectrum deployment resulted in higher data usage of 52.1 percent year-on-year supported by a higher 4G active user base," Jens Becker, CFO of Grameenphone, said.
"Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter grew by 5 percent year-on-year driven by top-line growth, while EBITDA margin was 62.2 percent. Net profit after tax for the third quarter stood at Tk907.66 crore, with a margin of 23.5 percent."
During the third quarter of 2022, Grameenphone invested Tk278.15 crore in network coverage and expansion.
At the end of the quarter, Grameenphone's total number of sites stood at 19,719.
The company paid Tk7,850 crore equaling 69.5 percent of its total revenues, to the national exchequer in the form of taxes, VAT, duties, fees, 4G licence and spectrum assignment during the first nine months of 2022, according to a media statement.
Bangladesh is one of the key Asian markets: edotco Group CEO
Edotco Group Director and Group Chief Executive Officer (CEO) Mohamed Adlan Ahmad Tajudin has said Bangladesh is one of the key markets for the regional and integrated telecommunications infrastructure services company.
"We also recognise our talent in Bangladesh and have established a Centre for Design Excellence here, serving as an innovation research centre for our clients in the country and the rest of our footprint markets across the Group," Adlan said during a discussion with the Telecom and Technology Reporters' Network Bangladesh Thursday.
The edotco Group CEO arrived in Dhaka from Kuala Lumpur for his first official visit to Bangladesh earlier this week.
Read: edotco wins multiple awards at the Global Best Employer Awards 2022
The core agenda of Adlan's visit was to get a first-hand perspective of the fastest-growing markets in Asia and to gain insight into how Bangladesh contributes to Asia's resilience, dynamism, and growth.
As part of his work visit to Dhaka, Adlan had meetings with the Bangladesh Telecommunication Regulatory Commission officials, telecom operators, edotco's clients, and other industry stakeholders.
Adlan was appointed as Group CEO of edotco Group in November 2020, with over 17 years of experience in the telecommunications field. Before his current role, he served as the chief financial officer and director of PT XL Axiata Tbk (Indonesia).
Over the years, edotco brought many unique and environment-friendly designs such as bamboo towers, carbon towers, low-cost structures, SPC towers, and hybrid solar wind towers to fulfil connectivity demands in Bangladesh. It has employed more than 400 people nationwide.
Stick to global lending sources for long-term, low-interest loan, CPD tells govt
Think tank Centre for Policy Dialogue (CPD) on Thursday advised the government to prefer loan from global lending agencies that offer long-term and low-interest funding to keep the country’s economy afloat amid a global economic slowdown that has a rippling effect in Bangladesh.
The Dhaka-based think tank said in the wake of a looming food crisis and higher prices of fuel and high inflation Bangladesh needs to be extra cautious in seeking foreign funding. For such funding for the country’s infrastructure development or budgetary support it said that the government should prefer agencies like the World Bank, the International Monetary Fund (IMF), the Islamic Development Bank (IDB) and the Japan International Cooperation Agency (Jica).
The suggestions came at a press conference organised by the CPD where the independent thinktank highlighted its observations on ‘Slowdown in Global Economy and Challenges for Bangladesh--How to Tackle’ in the city.
Read: No need to hike fuel price if BPC’s corruption and mismanagement end: CPD
The CPD says it sees seven obstacles for Bangladesh considering the economic challenges the country has been dealing with amid falling foreign reserves and a serious energy crisis.
It says dollar shortage, energy supply crisis, higher inflation, food deficit, supply chain disruption stemmed from the Russia- Ukraine war, adverse impact of Covid-19 pandemic and climate change have posed real challenges before the country.
It said the government should form a committee with representatives of the Prime Minister's Office, Ministry of Finance, Ministry of Planning, Ministry of Commerce, Ministry of Power, Energy and Mineral Resources, Ministry of Food, Ministry of Agriculture, the Bangladesh Bank and National Board of Revenue to tackle the growing economic crisis.
CPD’s Executive Director Dr. Fahmida Khatun told journalists that the government should focus on energy supply from domestic sources by strengthening production capacity of the gas fields and enhancing renewable energy supply to reduce the burden on foreign reserves.
She said the NBR should immediately consider removing the advance income tax (AIT), advance tax (AT) and regulatory duty (RD) on all imported essential food items to give some relief to the people amid higher inflation.
She suggested that, at the same time the Bangladesh Competition Commission should take a strong stand against any business cartels by showing zero tolerance toward manipulative practices.
The inflationary pressure will hamper a sustainable and inclusive pandemic recovery since the real purchasing power of many people has declined, causing further inequality, she observed.
To keep the domestic economy vibrant, the CPD suggested following ‘a new consumption basket. for calculating inflation based on research on consumers’ behavior and purchasing pattern.
The minimum wages should be enhanced in all industries so that workers can afford basic food, it said.
Private sector companies should also consider at least 5 percent increment this year to help them cope with higher inflation.
Read: Experts at CPD dialogue want long-term measures to avoid macroeconomic crisis
The distribution of essential commodities must be managed effectively and without any corruption so that the eligible people have access to these items at low price, it said.
Dr. Fahmida also emphasised action against money laundering and following a national strategy for prevention of money laundering and combating financing to terrorism.
Import-related recent restrictive measures should be continued to reduce pressure on forex and put focus on implementation of foreign aid projects, she said.
Bangladesh urges ATPF to launch joint projects for mutual development
Commerce Minister Tipu Munshi on Wednesday urged the Asian Trade Promotion Forum (ATPF) to jointly take up projects and implements them for the benefits of the member countries.
The ATPF comprises 23 countries in Asia whose goal is to enhance trade through the exchange of information, implementation of projects, and the strengthening of trade networks within member countries.
Tipu Munshi was speaking as the chief guest at the opening ceremony of the two-day 35th CEO meeting of ATPF at a hotel in Dhaka.
He said the Asia Pacific region is home to around 400 crore people with potential markets to promote businesses among the member countries.
The commerce minister said that this forum can play an important role in the region's economic development.
Bangladesh’s economy, he said, is progressing fast and this is visible now in every sector.
Bangladesh has sufficient skilled manpower and a big market of about 17 crore people, he said adding it has also the advantage of having India and China as neighbours.
There is an opportunity to produce and export products in Bangladesh at a low cost. Bangladesh’s government is providing sufficient facilities in terms of investment here, which is very attractive for investors.
Read: “Bangladesh can be the right place for investment from Brunei”
Vice Chairman of Export Development Bureau AHM Ahsan chaired the opening ceremony.
Among others, Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, Chairman of Japan External Trade Organization (JETRO) Sasaki Nobuhiko, and President of FBCCI Jasim Uddin, spoke at the event.
The member countries of the forum are - Australia, China, Bangladesh, Philippines, Indonesia, Thailand, Singapore, Nepal, Cambodia, Hong Kong, Macau- China, India, Japan, Republic of Korea, Malaysia, Mongolia, Brunei Darussalam, Myanmar, Sri Lanka, Pakistan, Chinese Taipei, and Vietnam.
The JETRO serves as the forum's secretariat. The 34th meeting of this forum was held on the Zoom platform on October 26-27, 2021.
Joint projects and implementation, trade expansion by strengthening networks, identifying problems in regional trade through direct communication, and solving them are on the agenda of the meeting.