local-business
High-level delegation of ADB meets LGRD minister
A high-level consultation mission of the Asian Development Bank (ADB) met Local Government, Rural Development and Cooperatives Minister Md Tazul Islam on Monday.
South Asia Department (SARD) Director General Takeo Konishi, ADB Bangladesh Resident Mission Country Director Edimon Ginting and other important department Heads were present at the meeting.
During the meeting, issues of mutual interest were discussed between the two parties.
The delegation wants to understand the ministry’s demands, identify the key issues on ADB’s portfolio, and establish a strong pipeline for the next three years, in order to better support the ministry’s development.
In the meeting, the delegation discussed climate resilient projects related to climate change, the possibility of launching municipal bonds for internal resources mobilization, improving the rural sewerage system, river bank erosion projects and investing in primary health care projects. Also, there was a discussion about protecting the navigability of rivers around the capital Dhaka.
The feasibility of a project to protect the pollution, encroachment and navigability of the river circling Dhaka was discussed.
Considering the continual rapid and the associated need for basic urban infrastructure as well as the priorities, ADB's main pillars of support will remain water supply and sanitation (sanitation, waste) were discussed.
ADB will support the city in improving urban planning and providing more resilient urban services. Efforts will be to develop "model" towns that can be replicated, the ADB team told the LGRD Minister.
Nasrul Hamid seeks ADB's help to create regional power market
State Minister for Power, Energy and Minerals Resources Nasrul Hamid has sought the help of Asian Development Bank (ADB) to create a regional power market.
“ADB can help create a marketplace in the region so that countries can trade electricity as per their necessity”, he told Takeo Konishi, the South Asia Director General of the ADB when he called on the state minister at his office in the ministry on Monday.
Under the arrangement, countries can export electricity to Nepal and Bhutan during the winter season, he said.
UCB taking steps to offer easy loans to agricultural entrepreneurs
During the meeting they discussed various issues related to mutual interest.
Welcoming the ADB Director General Nasrul Hamid said that the number of ADB-funded projects should be increased.
He said Bangladesh has a plan to import 9000 MW of power.
“We need a good consultant to advise us to set the actual price of energy in this regard and ADB can help us address this issue”, he said.
Finance Minister affirms Bangladesh's economic resilience amid challenges
The state minister noted that the government is giving importance to the participation of individuals and private organisations in optimising the use of resources beside the participation of the government.
He noted that bonds are being issued to reduce the subsidy in the power sector.
The government has taken initiative to convert
some 13 lakh diesel-run pumps into solar pumps.
He said that it will yield good results if they can work simultaneously for technological development and building a common computer data centre.
ICMAB delegation takes part in pre-budget discussion with NBR
The ADB director general discussed the issue of increasing private sector participation in the energy transition, electric vehicle, energy infrastructure and solar energy roadmaps for financing, regional interconnection and project readiness.
It is notable that ADB has financed $2.57 billion in 7 projects in the power sector.
In 2023, ADB approved two projects worth $360 million while 3 projects are under implementation and 5 remain as request for proposal in the energy sector.
At this time, Asian Development Bank Country Director Ed Ginting (Edemon Ginting) was present.
UCB taking steps to offer easy loans to agricultural entrepreneurs
United Commercial Bank PLC has been implementing an agro-CSR project called ‘Bhoroshar Notun Janala’ as part of its corporate social responsibility (CSR).
In its continuation, a training program for agricultural entrepreneurs hailing from Jhenaidah district was organized on Monday at Green Valley Park Auditorium, Jhenaidah.
Around 185 agricultural entrepreneurs from 6 upazilas of Jhenaidah district took part in this training.
Addressing the function, UCB's Additional Managing Director and Company Secretary, ATM Tahmiduzzaman, said, “The contribution of the agriculture sector to the GDP is about 14.23 percent. 40 percent of the total labor force is still dependent on agriculture”.
Finance Minister affirms Bangladesh's economic resilience amid challenges
Agriculture is also the main source of food, nutrition and industrial raw materials. Agriculture is inextricably linked with poverty alleviation, employment and export, he added.
He said that different businesses, social and economic activities of the country are centered around agriculture.
“We want to play a role in the development of commercial agriculture. For this, we want to stand by the agricultural entrepreneurs. We are trying to help the farmers so that they can produce and sell their crops (as desired by them) by taking loans on easy terms. That’s why we named our project ‘Bhoroshar Notun Janala”, he said.
Through this, he said, the bank actually wants to instill confidence in the minds of marginalized farmers. We are working towards that goal.”
ICMAB delegation takes part in pre-budget discussion with NBR
Rezaul Karim Siddique, popular presenter of BTV’s (Bangladesh Television) agriculture-based show ‘Mati O Manush’ & an agricultural-sector analyst; UCB’s Deputy Managing Director Mohammad Shah Alam Bhuiyan; Deputy Managing Director and Chief Financial Officer Md. Faruk Ahammad, Branch Manager (Jhenaidah district) and Md. Moniruzzaman also delivered speeches at the training program.
On the previous day (11 February), skill development training was held for about 135 agricultural entrepreneurs from 4 upazilas of the district at Magura Royal Community Center.
UCB Khulna region head Molla Masud Parvez; Arpara branch manager AKM Wahidul Islam and Magura branch manager Md. Arifuzzaman also spoke in the training session.
The process of disbursing agricultural loans and providing incentive-based agricultural assistance on easy terms was discussed in the training session.
It is mentionable that training is being organized for about 16,000 agricultural entrepreneurs selected from 64 districts of the country under the initiative ‘Bhoroshar Notun Janala’. Already around 10,000 agricultural entrepreneurs have been trained in 41 districts.
Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO
In the training, speakers shed light on the process of disbursing agricultural loans with easy terms and providing incentive-based agricultural assistance.
Apart from this, the way forward for expanding the scope of financing (humane) under easy terms and conditions for the development of an advanced and prosperous agriculture sector were being discussed.
Finance Minister affirms Bangladesh's economic resilience amid challenges
Finance Minister Abul Hassan Mahmood Ali, in discussions on Monday, affirmed Bangladesh's improving economic performance and resilience in navigating through financial challenges. With a focus on sustainable growth, the nation is witnessing an upward economic trend, bolstered by significant opportunities, according to the minister.
The remarks came during a press briefing following a series of high-level meetings with international delegates, including the Asian Development Bank (ADB) representative, the French Government's Special Envoy for Climate Affairs Stephan Crouzat, and the International Fund for Agricultural Development (IFAD) Country Director Arnaud Hemlier, at the Secretariat.
BCI demands immediate injection of dollars to facilitate import of industrial raw materials
Highlighting the ongoing projects under IFAD's guidance, Minister Ali pointed out the infusion of fresh ideas and collaborative discussions aimed at fostering agricultural development in Bangladesh.
Bangladesh maintains an open stance, collaborating and exchanging ideas with various international partners without relying on any single country, thereby enhancing economic prospects through diverse financial support, he stated.
When questioned about the specifics of discussions with the ADB and French delegation, Ali emphasized Bangladesh's current positive trajectory while acknowledging the ongoing challenges. Regarding new commitments from the ADB, he confirmed continued support for Bangladesh, dispelling rumors of financial instability.
Bangladesh seeks extended credit terms from Saudi Arabia amid dollar crisis: Salman F. Rahman
Contrary to claims of bankruptcy, Bangladesh is far from it, the finance minister said. “Our improving reserves are a testament to our economic stability,” Ali said.
ICMAB delegation takes part in pre-budget discussion with NBR
A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) headed by its President Professor Dr. Md Salim Uddin FCMA took part in a pre-budget discussion for the fiscal year 2024-25.
Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO
The programme was held at the conference hall of National Board of Revenue (NBR), Agargaon, Sher-e-Bangla Nagar, Dhaka on Sunday.
The NBR Chairman and Senior Secretary Abu Hena Md. Rahmatul Muneem listened to the budget proposal of INMAB and exchanged views with the ICMAB delegation.
Opportunities galore beckon for young entrepreneurs at Shark Tank Bangladesh
Prof Salim presented an overview of suggestions that have an intense probability of increasing revenue income by imposing taxes on untouched fields on the revenue collection side. Whereas, Past President and Council Member of ICMAB Md. Abdur Rahman Khan FCMA presented it in detail.
Among others, Treasurer Abdul Matin Patwary FCMA, Council Member Dr. Syed Abdulla Al Mamun FCMA, and Fellow Member HM Mainuddin Ahammed FCMA were present in the meeting from ICMAB.
Make more information on banks, banking sector publicly available: Prof. Wahiduddin Mahmud
Academicians and researchers from different institutions like ICAB, ICSB, and Bangladesh VAT Forum were present there, said a press release.
Tk 14,305 crore deposited by agent bank outlets: Islami Bank CEO
Islami Bank Bangladesh PLC organised Agent Banking Business Conference-2024 and a workshop on the prevention of money laundering and terrorist financing at a hotel in Chattogram on Saturday.
Mohammed Monirul Moula, Managing Director and CEO of the bank, addressed the conference as the chief guest.
JQM Habibullah, FCS, Additional Managing Director and Miftah Uddin, Deputy Managing Director were present as the special guests. Md. Maksudur Rahman, Senior Executive Vice President and Head of the Development Wing presided over the conference.
Monirul Moula said in the conference that Islami Bank currently operates 2,771 agent outlets nationwide having deposited an amount of Tk 14,305 crore.
In 2023, Agent Outlets earned a new deposited amount of Tk 3,255 crore. Agent Banking extends to fostering economic development, generating employment, alleviating poverty, and promoting overall economic growth by ensuring financial inclusion in remote areas.
He further said these Agent Outlets play a vital role in enhancing services for expatriates, particularly in channeling foreign remittances to the banking system.
As a testament to their impact, Islami Bank's Agent Outlets have significantly contributed, boosting 52 percent of all agents in the country involved in remittance collection last year, according to a press release.
Opportunities galore beckon for young entrepreneurs at Shark Tank Bangladesh
A new window has been opened for young entrepreneurs as the global phenomenon show “Shark Tank” is finally coming to Bangladesh as Shark Tank Bangladesh.
Organisers informed this in a programme to announce the name of the Sharks ( Business leaders) at a city hotel on Saturday.
Shooting for the much-anticipated show is scheduled to kick off on February 12th, after having screened more than 2,000 companies to select the best businesses. Producers from Sony, Arch Dyson, and Kevin Hyland, who have helped supervise and produce versions of the show around the world, will be present in Dhaka to unveil the Sharks and oversee the first few days of the shoot.
Bangladesh's top OTT platform, Bongo, signed a deal with Sony Pictures Entertainment to bring the world’s number-one business show to Bangladesh.
“Shark Tank” allows entrepreneurs to pitch their business idea to a panel of investors, known as “Sharks”, who can offer the entrepreneurs cash for a deal if they like the opportunity. Whether it is a prototype of a new product, an existing product or service, or a company looking for a financial injection to grow, the entrepreneurs have to convince the five "Sharks" to invest in their idea and help turn their life's work into a household name.
Since launching in 2001 as “Money Tigers” on Nippon TV in Japan, the format has become a phenomenal worldwide success. It is produced in territories on every continent under a variety of names including “Dragon’s Den”, “Lion’s Den,” and of course “Shark Tank.”
Organisers said the format has seen Dragons, Lions, and Sharks, all hugely successful entrepreneurs themselves, invest nearly $1 billion through all versions of the franchise across the globe, enabling dozens of companies to grow significantly.
Entrepreneurs who have been onboarded into the “Shark” ecosystem have seen massive growth and generated billions of dollars in sales after receiving deals and being featured on the show, they also said.
After a long wait, the panel of Bangladeshi Sharks is ready to be unveiled. The investors, aka Sharks, are all business leaders in their own right and are excited to hear the pitches from the innovative Bengali entrepreneurs.
The announced sharks are- Sami Ahmed, Managing Director and CEO of Startup Bangladesh Limited (SBL), the Managing Director of Adcomm Holding Group which has investments in Advertising, IT, Hospitality, and Media, Golam Murshed, the Managing Director of Majesto Limited,
Kazi M. Hassan, CEO of Robi's digital ventures arm R Ventures PLC, Samanzar Khan is the Managing Director of A K S Khan Holdings Ltd, Fahim Mashroor, Managing Director of Bdjobs.com, the most popular online job searching platform in the country, Ahmed R. Ali, Founder and Chairman of TISTA Science and Technology Corporation.
Deepto TV will broadcast the inaugural season of the show while it will be streamed on Bongo.
Make more information on banks, banking sector publicly available: Prof. Wahiduddin Mahmud
Professor Wahiduddin Mahmud, one of the country's leading thinkers on the economy, has said that the banking sector is the heart of a country’s economy.
"When banks have done well, other sectors also perform well," he pointed out.
Given the vital functions they perform to keep the economy chugging along, he said people have the right to know the performance of a bank where he or she is depositing their hard-earned money, and so information on the financial performance of a bank should be made publicly available for clients.
He made these remarks while speaking as the chief guest at the 'cover unveiling' ceremony of the 5th edition of 'Banking Almanac', an information-based research book on banks and financial institutions of Bangladesh, was held at Jahur Hossain Chowdhury Hall of the Jatiya Press Club, on Saturday.
Wahiduddin said that the publication of the Banking Almanac book is a good initiative for the financial sector of the country.
“For the last few years, the book has been published regularly by inserting information on the banking and financial sector,” he said, before adding that this momentum needs to be maintained. "Publications need to be maintained and widely disseminated. If widely disseminated, the book will play a helpful role for all those who are bankers, those who work with banks, researchers, investors, and depositors."
The program was presided over by the former governor of Bangladesh Bank and chairman of the editorial board of Banking Almanac, Dr Salehuddin Ahmed.
He said that the Banking Almanac is the country's first such publication initiative.
“We try to add new and public interest information in every edition. We also have some limitations. Funding required for such publication is not available. Still, we try to maintain the continuity of the publication with the latest information,” he added.
“We are inserting the information that the banks are giving us. At least it is possible to present a comparative picture of the banking and financial sectors of the country. In the future there will be efforts to make it a richer data repository,” said Salehuddin.
Additional Director of Exim Bank Shah Abdul Bari, former Chairman of the Association of Bankers Bangladesh (ABB) and Chairman of First Finance and Investment Muhammad Nurul Amin, and the project director of Banking Almanac Abdar Rahman, were also in attendance.
'Health and Wellbeing Marketing Fest' held in city
Brand Practitioners Bangladesh on Friday organized “ACI Nutrilife Presents Health and Wellbeing Marketing Fest Powered by United Hospital and Fresh Happy Nappy”.
This program was held at the Westin Hotel in Dhaka. At the event, 32 eminent speakers from various disciplines involved in business and marketing of the healthcare sector provided valuable feedback in 10 essential sessions.
The 3rd issue of Brand Practitioners Bangladesh's own magazine Business Brillianz was launched on the occasion. This issue covers the life and work of late Fazlur Rahman, the founder of City Group. Apart from this, Rupali Choudhury, MD of Berger Paints, Nurul Afsar, DMD of Electromart and Sakif Shamim, MD of LabAid Cancer Hospital have been featured. Citigroup MD Muhammad Hassan was present at the unveiling of the publication.
Faria Yasmin, Business Director of ACI Food and Commodity Brands, the company of ACI Nutrilife, which is the main sponsor of this event for the first time under the initiative of Brand Practitioners Bangladesh, said, “We are happy to be the main partner of this fest organized on the important issues for health marketing and business expansion of the present time. ACI Group has been with the countrymen since its inception by providing safe and nutritious food and useful medicines. She spoke about safe food at the Insight session titled “Beacon of Health & Wellness: Bangladesh's Commodity Landscape.
Public Health and Communications Specialist, International Sports Development and Founder of Sports Vision Limited and Let's Walk Foundation Professor Dr. Anupam Hossain presented the keynote titled A Strategic Perspective of Health Economics while professor Khondaker A. Mamun, Founder of SIMED Health, IRIIC and Director of UUI presented a Keynote Session titled Thriving Together: Fostering a Resilient Health and Well-being Ecosystem.
The panel discussion titled A Roadmap for Bangladesh Health & Well-Being Business was addressed by Azgar Ali Hospital Head of Operations Morshed Ahmed Chowdhury.
Speaking at the panel discussion of health and wellness market stakeholders, Bangladesh Association of Pharmaceutical Industries (BAPI) General Secretary S M Shafiuzzaman, DGHS Director, AMIS and Line Director, HIS and e-Health Professor Dr Md Shahadat Hossain.
About this event, Brand Practitioners Bangladesh founder and chief executive Mirza Muhammad Ileush said, "Since the beginning of the journey, Brand Practitioners Bangladesh has been organizing marketing fests on useful and effective topics. This marketing fest is about how health sector initiatives and businesses can provide more efficient services, serve more people and establish themselves as sustainable ventures”.
Brand Practitioners Bangladesh Admin Sohrab Hossain Guddu thanked everyone in the closing speech.
US-Bangla Airlines welcomes first Airbus, another Boeing to expanding fleet
US-Bangla Airlines on Friday welcomed an Airbus A330-300, with 436-seat capacity, to its fleet.
The wide body Airbus landed at Hazrat Shahjalal International Airport (HSIA), where it was greeted by a water cannon salute.
US-Bangla Airlines Chief Executive Officer Captain Lutfor Rahman officially accepted the newly-added aircraft to his fleet, said a media release signed by Md. Kamrul Islam, general manager (Public Relations) of US-Bangla Airlines Ltd.
US Bangla Group launches new venture ‘Take Trip’ travel agency
The airline plans to use the new Airbus to operate its planned London and Rome routes, as well as Jeddah, Riyadh, and Dammam in Saudi Arabia, also part of its future plans as it expands its international network.
At present it would operate the Dubai, Sharjah, Muscat, Doha, and Kuala Lumpur routes.
An expanding network goes hand-in-hand with an expanding fleet, and the Airbus was not the only aircraft that US-Bangla added to its fleet on Friday.
US Bangla offers special Bangkok package
Barely 12 hours earlier at 4:10am, a Boeing 737-800 landed at HSIA via Georgia-Serbia. Before Friday, US-Bangla Airlines boasted a fleet of 21 aircraft.
Following today's additions, the airline's fleet consists of an Airbus A330-300, nine Boeing 737-800s, ten ATR 72-600s and three Dash 8-Q400 aircraft. There are plans to add another Airbus A330-300 soon.
US Bangla to operate Dhaka-Male flights 6 days a week from Oct 31
US-Bangla Airlines currently operates regular flights on all domestic routes, as well as international ones to Kolkata, Chennai, Male, Muscat, Doha, Dubai, Sharjah, Bangkok, Kuala Lumpur, Singapore and Guangzhou.
The two new aircraft were officially received by senior officials of the airlines at HSIA.