local-business
PRAN-RFL bags 5 national export trophies from four sectors
PRAN-RFL Group got two gold and three silver trophies from four sectors for outstanding contribution in the export segment for FY 2020-21.
The country’s leading conglomerate got the trophies from the commerce ministry for exporting agro processing, melamine, plastic goods and light engineering products.
Commerce Minister Tipu Munshi handed over the prizes to PRAN-RFL Group through a program held at Osmani Memorial Auditorium in Dhaka on Wednesday.
PRAN-RFL group awarded the ‘National Export Trophy’ by the government as the highest exporter for the last 20 consecutive years.
In agro processing sector, PRAN Dairy Ltd and Habiganj agro Ltd. obtained gold and silver trophies respectively.
Durable Plastic Ltd received gold trophy for melamine sector while Allplast Bangladesh Ltd. and Rangpur Metal Industries got silver trophies for Plastic goods and light engineering sectors respectively.
Uzma Chowdhry, director (Corporate Finance) of PRAN-RFL group received the gold trophy on behalf of PRAN Dairy while Eleash Mridha, managing director of PRAN Group received the award for Habiganj Agro. R.N Paul, managing director of RFL Group, received the gold trophy for Durable Plastic while Kamruzzaman Kamal, director (Marketing) of PRAN-RFL Group received the trophies on behalf of Rangpur Metal Industries and Allplast Bangladesh.
Uzma Chowdhury delivered her speech at the program on behalf of the winners.
About the trophy, Kamruzzaman Kamal said, “We are very delighted for getting the best exporter award for the last 20 consecutive years. PRAN-RFL group is working for export diversification. This time we obtained a trophy for melamine sector. The awards are giving us motivation to go ahead.”
PRAN-RFL Group started exporting its products to France in 1997.
At present, the group is exporting it wide range of products to 145 countries in the globe including India, Saudi Arabia, UAE, Oman, Australia, Malaysia, USA, Canada, Germany and France.
Islami Bank receives ICMAB Best Corporate Award
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) awarded Islami Bank Bangladesh PLC ‘Best Corporate Award 2022’ in the Private Commercial Bank in the Islamic Operation category.
Commerce Minister Tipu Munshi handed over the award to Mohammed Monirul Moula, Managing Director and CEO of the Bank at the ICMAB corporate excellent awarding ceremony, held at a hotel in Dhaka on Tuesday.
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Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission, Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, Dr Md Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council, Md. Abdur Rahman Khan, FCMA, President of ICMAB, Arif Khan, FCMA, Chairman, Corporate Award Committee of ICMAB, and JQM Habibullah, FCS, Additional Managing Director of Islami Bank along with top executives of different banks, financial institutions, and corporate organizations were present in the program, a press release said.
TCB to import soybean oil, lentil for OMS programme
The Trading Corporation of Bangladesh (TCB) will import a huge quantity of soybean oil and lentil for its open market sale (OMS) programme while the Bangladesh Chemical Industries Corporation (BCIC) will import fertiliser from international market to meet the local demand.
State-owned Petrobangla will import LNG from international spot market.
Read: TCB to start selling 5 products to 1 crore families at subsidized prices
Cabinet Committee on Government Purchase (CCGP) in a meeting, with Finance Minister AHM Mustafa Kamal in the chair on Wednesday, approved a number of proposals in this regard along with some other proposals of different entities under different ministries.
As per the proposals, placed by the Commerce Ministry, the TCB will import 1.10 crore liters of refined soybean oil from Green Nation Builders & Developers, India (Local Agent: N S Construction, Dhaka) under International Direct Purchase Method (DPM) at a cost of Tk 140.99 with per litre of soybean costing Tk 169.
It will import 10,000 metric tons (MTs) of lentils from UMAEXPO Pvt. Ltd, India (Local Agent: Speed Marketing Corporation, Dhaka) at a cost of Tk 96.68 crore while another 15,000 MTs of lentil will be imported from B&C Incorporation and Sena Kalyan Sangstha at a cost of Tk 150 crore with each kg costing at Tk 100.
Read: TCB to sell onion at Tk35 per kg to cardholders from Monday
As per proposals, placed by Ministry of Industries, the BCIC will import 30,000 MTs of bulk granular urea fertiliser under state level agreement from Fertiglobe Distribution Limited, UAE at a cost of Tk 127.40 crore while 30,000 MTs of bulk granular urea will be imported from Muntajat, Qatar at Tk 127.40 crore another 30,000 MTs of bagged granular urea from Karnaphuli Fertiliser Company (Kafco) at a cost of Tk 123.60 crore.
The Petrobangla will import one cargo of liquified natural gas (LNG) containing 33.60 lakh MMBtu from TotalEnergies Gas & Power Ltd. Switzerland at a cost of Tk 713.74 crore with each MMBtu costing at $16.34.
Read more: TCB to start selling 4 essentials among 1 crore families on Thursday
Tiger New Energy concludes $2.5M seed round for green mobility in Bangladesh
Battery Swapping Network Tiger New Energy, has closed a groundbreaking USD 2.5 million seed funding round, a notable achievement for green mobility in Bangladesh.
Wavemaker Partners, a Southeast Asian venture capital firm with a strong track record of backing sustainable and innovative startups, led the round, and is followed by international and local investors, according to a press release.
“At a time when luxury brands worldwide are just starting to embrace the electric vehicle revolution, Bangladesh has been leading with an innovative approach. Every day, 2.5 million electric vehicles traverse the nation’s streets. But these are not typical sedans. They are three-wheeled electric vehicles, becoming a symbol of urban transportation in Bangladesh. This remarkable transformation has taken place without extensive government subsidies, demonstrating the power of innovation and commitment,” it said.
The release addressed challenges like range anxiety and the transition to more efficient lithium batteries.
“Recognising this, two Harvard alumni, Nicole Mao and Yiwei Zhu, set forth a vision with Tiger New Energy. Their battery-swapping technology is not just a solution to these challenges but a revolution for Bangladesh’s mobility landscape, it said.
“By enabling drivers to quickly swap out depleted batteries for fully charged ones, they eliminate the prevalent range anxiety, allowing drivers to save both time and money. Moreover, with a commitment to sustainability, Tiger New Energy uses renewable energy sources for its battery swaps, aligning with United Nations Sustainable Development Goal 7,” it added.
"Our dedication goes beyond technology. It’s about shaping a sustainable future for Bangladesh and showcasing the potential of emerging markets," said Nicole Mao, CEO of Tiger New Energy.
CCCI holds workshop on digital tax return
The Chittagong Chamber of Commerce and Industry (CCCI) and SMAC Advisory Service Limited jointly organised a workshop on personal tax return submission on Tuesday.
The workshop was held at Bangabandhu Conference Hall at the World Trade Centre in Chattogram on Tuesday, according to a press release.
CCCI President Omar Hazzaz chaired the worsdhop, while Tax Commissioner of Chattogram Tax Zone-3 Dr Ikhtiaruddin Md Mamun, attended as the guest of honour.
SMACIT Limited Snehashish Barua highlighted various aspects related to the payment of personal income tax returns in the programme.
Income tax is one of the main sources of revenue for the government. However, many people are not aware of income tax payments, said the CCCI president.
He said the tax net should be increased without depending on fixed areas of taxpayers.
He pointed out that to encourage the middle-income people of the country to pay tax returns, the tax rate needs to be brought to a tolerable level, the release said.
Tax commissioner Ikhtiaruddin said the government has made it mandatory to file income tax returns for receiving more than 40 services under the new Income Tax Act.
Again, the Act has also made it mandatory for all government employees to submit returns.
Under the new law, taxpayers who fail to file returns by November 30 will be denied tax exemption and tax rebate benefits, he said.
President of Chittagong Taxes Bar Association Nur Hossain, Senior Partner of MM Rahman and Company Siddharth Barua, and Vice President of the Institute of Chartered Accountants Bangladesh Zahirul Islam, among others, were present at the event.
Productivity, resource efficiency improvement vital for sustainable growth of RMG: BGMEA President
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Tuesday stressed the importance of enhancing workers' productivity and resource efficiency to promote sustainable growth in Bangladesh's apparel industry.
Speaking at a workshop in Dhaka he emphasized the industry's need to balance short-term goals with long-term priorities through innovation, technological advancements, and knowledge-based transitions.
The workshop, titled "Sustainable Business Growth of the Apparel Sector of Bangladesh: Improving Workers Productivity and Resource Efficiency," was organized by Solidaridad Network Asia in collaboration with BGMEA.
BGMEA President clarifies media report on ‘apparel ban’
Faruque mentioned the substantial progress in Bangladesh made in improving the well-being of workers, society, and the environment over the past decades.
However, he noted that there is still room for improvement in terms of efficiency and competitiveness. He also pointed out the challenges the industry faces as the cost of manufacturing continues to rise each year.
"In recent years, the costs of fuel, electricity, and gas have significantly increased, leading to higher transport and utility costs, as well as increased manufacturing expenses," the BGMEA president said.
"Ensuring workers' well-being also means enhancing their efficiency through skills training and opportunities, ultimately enabling them to earn a better living," he added.
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He stressed that increased productivity benefits both factories and workers and has a direct impact on the country's GDP growth.
The workshop was also addressed by Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, Thijs Woudstra, Deputy Head of Mission, Embassy of the Kingdom of The Netherlands; and Selim Reza Hasan, Country Manager, Solidaridad Network Asia.
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A presentation on the Reclaiming Sustainability program was shared by Isaac Gyamfi, Chair of the Partnership Steering Committee, Reclaiming Sustainability.
The workshop featured two-panel discussions with industry leaders, experts, and academia. The first panel discussed reskilling and upskilling workers for productivity enhancement, while the second panel explored the need for and the way forward in achieving resource efficiency.
Inflation ticks up again as food prices remain sticky upwards
The general rate of inflation ticked up again in October, rising 30 basis points to 9.93 percent, from the 9.63 percent recorded in September. Although the rise wasn't astronomical, it showed the continued futility of the government's efforts to rein in prices, with food inflation, relating to the prices of just food items, far outpacing the general rate to hit a 10-year high of 12.56 percent in October.
The Bangladesh Bureau of Statistics (BBS) released the updated Consumer Price Index (CPI) data for October on Monday.
The food inflation rate has risen above the 12.37 percent in September. It crossed the 12 percent mark in August as well. For more than a decade, food inflation had remained in single digits. We need to look back to January 2012, for the last time food inflation was recorded at a comparable level of 12.73 percent.
The prices of daily commodities are increasing in the market. Although various initiatives have been taken to reduce inflation, it's not reflected in the market. Many common people are now under pressure to afford food. Wage earners' incomes are not increasing in line with inflation.
In October, the price of potato, fish, rice, pulses, oil, salt, fish, meat, vegetables, spices, and tobacco products increased and the rate of food inflation increased, BBS said.
According to BBS data, food inflation stood at 8.50 percent in October last year.
In the current fiscal year 2023-24, the government has set a target of keeping inflation within 6 percent. But the first four months have not seen any progress towards that. The average inflation in the first three months of the current fiscal was 9.74 percent, but instead of being clawed back in October, it actually rose again, towards the psychological double-digit barrier.,
Finally imported eggs arrive, costing just over Tk7 per piece
The first shipment of eggs from India has arrived in Bangladesh.
The price of an egg including duty is to Tk7.23. This egg imported from India entered Bangladesh through Benapole land port, Jessore in a truck on Monday (November 06, 2023).
The government issued import permits for 1.0 crore pieces. In the first shipment, one private trader imported 61,950. After being processed at the land port, the truck left the Benapole land port around 10 pm last night (Sunday).
Also read: Govt-fixed prices of onions, potatoes and eggs not executed yet
According to Benapole Land Port Authority and Clearing and Forwarding (C&F) agent sources, Dhaka's BDS Corporation imported 61950 eggs in an Indian cargo truck as its first shipment after the Ministry of Commerce gave permission to import eggs.
The import price of an egg is estimated at Tk 5.43, on which duty is charged at Tk1.8 per egg.
Also read: Imported eggs to be available in market this week: Tipu Munshi
Director (Traffic) of Benapole land port Rezaul Karim said that the first consignment of eggs arrived from India in a truck yesterday (Sunday) evening. The eggs left the port around 10 pm when they were transferred from the Indian truck to the Bangladeshi truck.
Syed Mahidul Haque, representative of C&F agent ME Enterprises of the egg importer, said transport costs will be added to this, he said.
Also read: Govt to import 5 crore more eggs
BGMEA President clarifies media report on ‘apparel ban’
Clarifying a media report, BGMEA President Faruque Hassan on Sunday (November 05, 2023) said any attempt to generalize incident on the industry and the country at large is unacceptable.
The news mentions about technical glitches such as choking and ingestion hazard found it specific product item for babies sourced and retailed by specific brand in specific country.
"As the news report mentions about 12 countries withdrawing or recalling apparel made in Bangladesh, there is no reference to such claim, and we could not trace any evidence in support of this claim," he said.
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"We feel the urge to share this clarification so that misrepresentation of the fact is not repeated,' said the BGMEA chief.
He also clarified the reference to OECD which was mentioned in the news report.
OECD maintains a “Global portal on product recalls” and the OECD members’ product recall notices are listed in this portal.
IMF delegation meets BGMEA President to discuss challenges and prospects of RMG sector
Product recall for any valid reason is a standard practice and there are hundreds of such recalls listed in the OECD website as of today, said the BGMEA President.
Furthermore, the OECD website mentions “Health Canada recalled more than 200,000 George Brand Sleepers on Wednesday for posing a risk of choking and ingestion.
The recall of the product, sold at Wal-Mart, is for sizes 0-5T and affects two styles for boys and two for girls.
Zipper pulls and foot grips of the sleepers may eventually separate after frequent washing, leading to choking and ingestion hazards, the agency said, adding it has not received any reports of injury in Canada.”
"Therefore, the products were recalled due to certain risk of hazard, which is not the mistake of Bangladeshi manufacturer. Every product made in Bangladesh must pass through a stringent quality control process and laboratory tests including those of consumer health and safety," he said.
All exportable products must meet the standards of the buyers and relevant legal requirement of the export markets.
BGMEA seeks NBR support to sustain RMG industry's global competitiveness amidst ongoing challenges
Any product failing to comply these health and safety requirement are usually rejected by buyers or denied entrance at the destination port.
"So any misinterpretation like ‘apparel made in Bangladesh is banned in the mentioned countries’ is false," Hassan said.
The alleged products were shipped from Bangladesh in early 2022 and were retailed in Canada from November 2022 to June 2023.
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The product recall notice of Health Canada also mentions that “As of September 21, 2023, the company has not received any reports of incidents or injuries in Canada”.
"I hope this statement of clarification will help all to clear any confusion on this matter and not to be misguided," said the BGMEA Chief.
FBCCI urges Saudi’s entrepreneurs to increase investment in Bangladesh
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) has called upon the businessmen and entrepreneurs of Saudi Arabia to invest in Bangladesh.
A visiting business delegation of the FBCCI made a courtesy call on the Governor of Foreign Trade Affairs of Saudi Arabia in Riyadh on Wednesday. The call was made during the meeting.
FBCCI President Mahbubul Alam, Vice President Khairul Huda Chapal, Md Munir Hossain, and others were present in the meeting.
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The FBCCI president said that Bangladesh is currently considered as a suitable place for setting up business and industry in the South Asian region.
“Bangladesh's advanced infrastructure with modern and advanced multi-modal connectivity is being developed across the country. The government is working with the private sector to ensure a business-friendly environment through one-stop service. Emphasis has been given on the development of energy sector and logistics services,” the FBCCI president said.
He expressed optimism that Saudi Arabia’s businessmen and entrepreneurs will be encouraged to increase their investment in Bangladesh.
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In response, Abdul Rahman Al-Harbi, governor of foreign trade affairs of Saudi Arabia, said, “If Bangladesh extends policy support to the private sector, I believe that the businessmen of Saudi Arabia will be interested in investing there.”
He assured that the Saudi government will be sincere in strengthening bilateral trade relations between the two countries.
The meeting was also attended by General Manager of the Saudi government's private sector division Kohtan F. Al-Dagaithar, Deputy Chief of Mission of Bangladesh Embassy in Saudi Arabia Md. Abul Hasan Mridha and Economic Minister Murtuza Zulkar Nain.
A 35-member business delegation of the FBCCI is now visiting Saudi Arabia.