local-business
RAJUK’s support sought to enhance road connectivity with BGMEA Complex in Uttara
BGMEA President Faruque Hassan has underscored the significance of the BGMEA Complex as a landmark in Uttara, highlighting the pivotal role played by BGMEA in the development of the readymade garment industry, a crucial pillar of Bangladesh’s economy.
He elaborated on the essential services provided by BGMEA to export-oriented garment factories, including the issuance of Utilisation Declaration (UD), which is vital for the industry.
Md. Anisur Rahman Miah, Chairman of Rajdhani Unnayan Kartripakkha (RAJUK), had a courtesy meeting Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on November 28.
Md. Siddiqur Rahman, former President of BGMEA, and S.M. Mannan (Kochi), Senior Vice President of BGMEA, were present at the meeting.
From RAJUK, Mohammed Nurul Islam, Member (Estate and Land); Major (Engr) Shamsuddin Ahmed Chowdhury (Retd), Member (Development); Md. Nasir Uddin, Member (Planning); ASM Raihanul Ferdous, Chief Engineer; and Tajina Sarowar, Director (Zone 3) were also present.
They had discussions about various issues, with a focus on enhancing road connections to the BGMEA Complex at Uttara in Dhaka, said a media release on Wednesday.
Mentioning the substantial number of officials from different garment factories commuting to the BGMEA Complex daily, President Faruque Hassan expressed thanks to RAJUK for their efforts in constructing and repairing roads, particularly the one connecting Sector 12 of Uttara to the BGMEA Complex.
The improvements in roads have significantly eased communication for daily commuters in the area.
In the meeting, President Faruque Hassan emphasized the need for a road connecting Uttara Jasimuddin with the BGMEA Complex and sought RAJUK’s support in its construction.
He also called for assistance in preserving the lake surrounding the BGMEA Complex.
RAJUK Chairman Anisur Rahman Miah noted the concerns raised by BGMEA President Faruque Hassan and assured him of all necessary support and cooperation in improving road communications in the specified areas.
Bangladesh's useable forex reserves drop to $15.82 billion: Sources
Bangladesh’s foreign exchange reserves continued to fall with the usable reserves standing now at USD $ 15.82 billion as per IMF guideline, according to banking sources familiar with the development on Tuesday (November 28, 2023).
During the period of the COVID-19 pandemic two years ago, the reserves had soared to $48 billion, thanks to greater inflow of remittances amid reduced import demand. The reserves started decreasing since the eased import restrictions and impact of the Russia-Ukraine war.
Also read: Forex reserves below $20 billion after paying ACU
The latest foreign exchange report of Bangladesh Bank (BB) revealed that the country's reserves on 23 November stood at $19.52 billion based on the IMF formula (Balance of Payments and International Investment Position Manual) or BPM6.
As per the formula, the net reserves will be $3.7 billion less than the total reserve amount, the BB sources said.
The BB spokesperson Mezbaul Haque in this regard told UNB that foreign exchange from reserves is spent and deposited every day.
Also read: IMF relaxes forex reserve and revenue targets for $4.70 billion loan
It is a continuous process of a country, he said advising common people not to panic at the news of decreasing foreign exchange.
In July, Bangladesh started calculating its foreign reserves according to a formula suggested by the International Monetary Fund – BPM6.
Following the new calculation, Bangladesh's gross foreign exchange reserves that time dropped by $26.44bn to $23.56bn.
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BGMEA chief for stepping up economic diplomacy to boost Bangladesh-US trade
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan has underscored the need for stepping up economic diplomacy in exploring more trade and investment opportunities between Bangladesh and the United States.
In a meeting with Md. Fazle Rabbi, the newly appointed Economic Minister (Designate) at the Bangladesh Embassy in Washington D.C., Faruque Hassan emphasized the pivotal role of diplomatic efforts in promoting Bangladesh and its readymade garment industry in the U.S.
Also read: LafargeHolcim and BGMEA sign Mou for sustainable waste management
During the discussions held at the BGMEA Complex on November 26, President Faruque Hassan briefed the Economic Minister on the current state of the apparel industry, its growth prospects, and strategies to enhance global competitiveness.
He urged the Economic Minister to effectively communicate the compelling narratives and strengths of Bangladesh’s apparel sector to key stakeholders in the U.S.
President Faruque Hassan underscored the important role of the embassy in the U.S. in promoting the interests of Bangladesh’s garment industry and elevating its brand image on the international stage, according to BGMEA.
Also read: Peaceful working environment is prevailing in factories: BGMEA
He called upon Minister Fazle Rabbi to showcase Bangladesh as an attractive investment destination for U.S. investors, stressing the significance of collaboration between the two countries for mutual economic benefit.
BGMEA looks forward to working collaboratively with the Bangladesh Embassy in Washington D.C. to strengthen economic relations between Bangladesh and the United States, he added.
Feni woman receives 200pc cash voucher buying Walton fridge
Esmoth Ara Yesmin, a housewife and a resident of Feni’s Chhagalnaiya Upazila, has been awarded 200 per cent cash voucher after she had bought a Walton brand refrigerator as the customer's benefit declared in the company’s ongoing Digital Campaign Season 19.
With that cash voucher, Yesmin took various electronics products including TV, washing machine, microwave oven, fan, blender etc., said a press release.
Islami Bank holds Shari’ah Compliance discussion in Banking Operations
Earlier, two customers, one was newly-wed woman Bithy Saha from Dhaka and another was Ahsanullah from Brahmanbaria, were awarded 200 percent cash voucher on the purchase of Walton brand refrigerators.
On Saturday (Nov 25, 2023), country's renowned film actor Amin Khan officially handed over the 200 percent to Esmoth Ara Yesmin at a programme held at Chhagalnaiya Walton Plaza.
Matlub Ahmad elected president of IBCCI
The function was also attended, among others, by the Feni Chamber of Commerce Director Mushfiqur Rahman Pipul, Walton’s Chief Divisional Officer Shafikul Azad and Walton Fridge Product Manager Shahidul Islam Reza.
In the nationwide ongoing Walton Digital Campaign Season-19, customers are offered maximum 200 per cent cash voucher or sure cashback on the purchase of any model of Walton fridge from any Walton Plaza, distributor outlet or online sales platform E-plaza. This offer will be available until 31st December, 2023.
Blockades are bad for economy, scare foreign investors: FBCCI President
Yesmin bought a Walton refrigerator from the Walton Plaza on November 21. After completing the digital registration with her name, mobile number and product's bar code, she received an SMS of getting 200% cash voucher from Walton.
Islami Bank holds Shari’ah Compliance discussion in Banking Operations
Islami Bank Bangladesh PLC organized a discussion meeting on “Compliance of Shari’ah in Banking Operations” for its clients of Rajshahi Zone at Rajshahi Branch premises recently.
Dr. Monzur-E-Elahi, Member of Shariah Supervisory Committee addressed the program as chief guest.
Muhammad Qaisar Ali, Additional Managing Director, and Kazi Md. Rezaul Karim, Deputy Managing Director of the bank addressed the program as a special guest. Md. Shamsuddoha, Executive Vice President of Shari’ah Secretariat addressed the focal point.
Mizanur Rahman Mizi, head of Rajshahi Zone Presided over the program while Munsi Rezaur Rashid, head of Rajshahi Branch addressed the welcome speech. Executives, officials, and clients of Rajshahi Zone attended the program, a press release said.
Matlub Ahmad elected president of IBCCI
Chairman of Nitol Motors Ltd. and former president of FBCCI Abdul Matlub Ahmad has been elected President of India-Bangladesh Chamber of Commerce and Industry (IBCCI) for the term 2023 – 2025.
Chairman of HSTC Limited and Vice-President, Consul Core M. Shoeb Chowdhury and Country Head of SUN Pharmaceuticals (Bangladesh) Ltd Sanjay Basu have been elected Vice-Presidents of the 24-member Board of Directors of the IBCCI.
The election process was completed on November 27, said the IBCCI on Monday.
It was conducted by the IBCCI Election Board comprising of Md. Shamsul Alam, Chairman; and members Bijoy Kumar Kejriwal, and Md. Kohinoor Islam.
While the country Head of the State Bank of India, Amit Kumar; Managing Director of Quality Enterprise, Md. Abdul Wahed; Chairman & Managing Director of Bangladesh System Technology Ltd., Dewan Sultan Ahmed were elected as Honorary Secretary General, Honorary Joint Secretary General and Honorary Treasurer respectively.
Other members of the newly elected board of Directors are – Mohammad Ali of Fatullah Steel Re-Rolling Mills; Al-Haj Md. Bazlur Rahman of B. R. Spinning Mills Ltd.; Farkhunda Jabeen Khan of Divine Beauty Lounge; Motiar Rahman of M/S Sharothi Enterprise; Liakat Ali Bhuiyan of Brick Works Development Ltd.; Budhaditya Mukherjee - Asian Paints Ltd.; Md. Julfikar Sheikh of Ion Exchange Environment Management (BD) Ltd.; Ajit Kumar of Agion Laboratories Pvt. Ltd.; SK Mahfuz Hamid of Gulf Orient Seaways.; Anil Kumar of Arvind Limited; Sumit Goswami of Axis Bank Limited; Biswajit Kumar Das of Dabur Bangladesh Private Limited; Pinku Roy of Agro Tech Foods (Bangladesh) Pvt. Ltd.; Subrata Dutta Gupta of Larsen & Toubro Limited; Mohammad Ali Deen of Runner Automobiles PLC; Rabiul Alam of MKK Logistics; Amit Kumar Tiwari of Torrecid Bangladesh Limited and Mule Venkataratna Reddy of Venkris Energy Limited.
Blockades are bad for economy, scare foreign investors: FBCCI President
President of President Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Mahbubul Alam has called for shunning the politics of blockades and hartals saying that a day of such protests cost the economy up to Tk6500 crore.
Talking to UNB this week Alam said, “We want change in government through fair elections. A strike or blockade causes a loss of Tk6500 crore a day. So we want political stability in the country.”
“We do not want a strike or blockade. Strikes or blockades are very harmful to the economy. We are very concerned about this,” he pointed out.
Also read: FBCCI urges NBR to extend tax return submission deadline till Dec 31
The FBCCI chief said these types of political activities are also causing violence on the highways, which is giving the wrong message to foreign buyers and investors.
He said people are buying goods at higher prices as the supply line is disrupted and transport fares hiked due to the political unrest.
The traders are not getting their pre-booked product in time as the vehicle movements on the highways are affected by political programmes. There is a panic among the suppliers and goods producers, he said.
The industrial sector is facing disruption in production as the supply of raw materials is being hampered for hartal (general strike) and blockade. If such a situation continues, many factories will shut down, he feared.
Also read: FBCCI urges political parties to avoid violence for economy's sake
Alam said that Bangladesh Bank has to make dollar supply available for LC opening to import enough consumer items to keep the market stable during the upcoming Ramadan.
He said the businesses are facing difficulty in LC opening for the dollar shortage. To overcome the situation he suggested the central bank stops import of luxury and unnecessary goods, and give priority in importing industrial raw materials and consumer goods up to Ramadan.
After Covid-19 pandemic and the effect of rising fuel prices due to the Russia-Ukraine war, the entrepreneurs are not able to bear the losses caused by political violence, he said.
The political parties must accept that without stability economic growth is impossible and the welfare of people will not come with lower economic growth, he said.
Bangladesh is an emerging economy, and private sector entrepreneurs have set up several industrial units here with big efforts, he said.
The destructive activities in the domestic arena will provide a negative signal to the foreign buyers, said the FBCCI chief.
Also read: Thrust on good governance in banking sector discussed at FSDWC meeting
In that case the export earnings might be affected, which is essential for the survival of the industrial sector as well as employment of youth, he said.
So both the government and opposition parties should discuss political issues and set alternative programmes instead of hartal and blockade, he opined.
Walton Washing Machine and Orix Fabric Care ink strategic business deal
Orix, a US-based homecare brand, has joined hands with the leading electronics brand Walton to enhance their brand promotional activities and introduce consumers to an innovative laundry cleaning experience.
Walton Home Appliance and Orix Fabrick Care signed a strategic business partnership at the Corporate Office of Remark HB Limited at Gulshan in the capital on Thursday, said a press release.
Walton Home Appliance Chief Business Officer Mostafa Kalam and Remark HB Ltd's Home and Personal Care Business Head Khondoker Md. Mominul Huq inked the deal on behalf of their respective organisations, reads the release.
Supply of dollars in banks is more than required: BB
Among others, Walton Home Appliance Brand Manager Fazle Rabbi, Remark Brand Manager Fahim Haque and other senior officials of the two organizations were also attended the programme.
According to the agreement, Orix will supply liquid detergent to Walton Home Appliances, and Walton will provide it for free to consumers upon the purchase of Walton washing machines. Orix will leverage these washing machines for promotional activities, having the liberty to use Walton's branding elements in various promotional channels, including packaging, leaflets, campaigns, and advertisements.
BMCCI prioritises promotion of Malaysian timber and furniture in Bangladesh
Orix will furthermore have the opportunity to set up promotional booths at Walton's Plazas and outlets across the country.
Walton Home Appliance CBO Mostafa Kamal said, Walton's washing is now in the market leader in terms of sales. Walton is strongly committed to provide the customers world-class washing machine at affordable rates with highest customers' benefits. Thus, we joined hands with Orix. As per the today's agreement between Walton and Orix, customers of Walton washing machine will get free liquid detergent of the Orix brand to get an new experience in laundry cleaning."
Remark HB Ltd's Home and Personal Care Business Head Khondoker Md. Mominul Huq said that the partnership with Walton would yield fruitful results due to the active participation of Bangladesh's leading electronics brand. He emphasized Orix's commitment to providing surprises in fabric care for Bangladeshi consumers, anticipating an enhanced laundry cleaning experience through the collaboration with Walton washing machines.
Walton, with almost four decades of presence in the country's electronics market, has not only provided world-class services but has also significantly contributed to earning foreign exchange through product exports.
Three-day trade expo on construction, wood and electrical kicks off at ICCB
Remark HB Limited, an affiliate of Remark LLC, USA, has introduced the international detergent brand, Orix, to the Bangladeshi market, aiming to simplify consumers' lives. Notably, the brand Orix boasts cutting-edge technology, offering variants like Crystal Wash, Fabric Shampoo, Winter Wash, and Perfect Plus Detergent.
The brand is set to launch a new liquid detergent, "Orix Pure Clean," anticipated to revolutionize fabric care in Bangladesh.
Supply of dollars in banks is more than required: BB
The Bangladesh Bank (BB) said that the supply of US dollars in banks is more than their requirement, so reducing the exchange rate is logical.
Bangladesh Bank spokesperson and Executive Director Mazbaul Haque said this at a press conference at the BB headquarters in Motijheel on Thursday.
He said that last year short-term foreign debt liability was $16 billion, now it is reduced to $6.9 billion.
Also read: No dollar trading at official exchange rate as Tk 15 spread opens up with kerb market
Besides, there is a surplus of $1.0 billion in the current account. Now the LCs are opened with immediate dollar payment. In addition, the supply of dollars in banks is now more than the demand. As a result, the decision of the Bangladesh Foreign Exchange Dealers' Association (BAFEDA) is correct, the BB spokesperson said.
He said that the US dollar price is determined depending on demand and supply. Dollars are used to purchase services and goods and to clear service debts and foreign liabilities. Now the import price is being monitored.
As a result, the demand for dollars has reduced, he said.
On Wednesday, for the first time in more than a year, banks decided to lower the exchange rate of US dollar. The decision to reduce the price of the dollar by Tk0.50 has come into effect from Thursday.
Also read: US dollar is costlier as local currency depreciated by Tk0.5
Besides, the price of the dollar has decreased by Tk 0.50 for sale to importers.
The BAFEDA and the Association of Bankers Bangladesh (ABB) decided to reduce the dollar price in a meeting held in the evening on Wednesday. According to the decision, the price of the dollar to buy expatriate and export earnings will be Tk110, which was earlier Tk110.50.
To meet the import liability, the dollar price can be taken as Tk110.50, which was Tk111 earlier.
However, in addition to the government's 2.5 percent incentive on expatriate income, banks can also give the same amount of incentive. As a result, the beneficiaries will receive a maximum of Tk115.50 per dollar for inward expatriate income.
Despite such a statement from the BB, the banks still bought expatriate income at the rate of Tk121 and more per dollar.
Also read: 1 USD at Tk 120: Individual traders selling dollars through networks, money changers say they’re empty-handed
Three-day trade expo on construction, wood and electrical kicks off at ICCB
A three-day trade expo on building-construction, wood-woodworking and electrical production-technology began on Thursday at International Convention City Bashundhara (ICCB) in Dhaka.
Three-in-One Sourcing shows under-One-Roof related to ‘Building & Construction, Wood & Woodworking and Electrical Products & Technology’ was organised by ASK Trade & Exhibitions Pvt Ltd jointly with Futurex Trade Fair & Events Pvt Ltd.
These tradeshows in participation with more than 150 exhibitors are offering exciting sourcing options with a wide variety on display for the Building and Construction Sector, Furniture Sector and Electric Products related industry, said a media release on Thursday.
Md Shamsudduha, Additional Chief Engineer of Housing and Public Works Department, Tarun Upadhaya, Manager of Confederation of Indian Industry, Namit Gupta, Managing Director of Futurex, Tipu Sultan Bhuiyan, Managing Director of Ask Trade & Exhibitions Private Limited, Nanda Gopal Kadambi, Director of ASK Exhibitions, Prince Mohammad, Proprietor of Ali Trade International and Shamara W, Country Head of JAT Holdings Bangladesh Pvt Limited, among others were present at the event, it reads.
“Over the years the stakeholders have been using our shows to source from International Suppliers who are present in large numbers. After a gap of a few years due to pandemic, Chinese Exhibitors are back in the current edition thus providing an interesting product line to source from. We hope the combination of three shows under one umbrella provides good sourcing options for the visitors” said Tipu Sultan Bhuiyan, Managing Director of ASK Trade & Exhibitions Pvt Ltd, also an organiser of the shows.
The seventh edition of International Trade Show for the Building and Construction Industry Bangladesh BUILDCON 2023, showcasing latest innovations from overseas suppliers along with Bangladeshi companies, showcasing Architectural and Building Hardware, Locks, Fittings and Tools, Kitchen, Bathroom, Sanitary Ware, Ceramic Tiles Tapes and Sealants, EPDM Rubber and Profiles, Earthing, UPVC and Wood Doors and Windows, Geo Textiles, Batching Plant Civil & Road Concrete mixers, Construction Equipment and Machinery, is going on from Thursday, according to the release.
Bangladesh WOOD is the only focused technology and materials related trade show for the WOOD and WOODWORKING Industry in Bangladesh.
The latest edition of Bangladesh WOOD 2023 has participation from International Bangladesh suppliers showcasing Machinery, Materials, Tools, Furnishings, Mattresses and more, it said.
The participants included Particle Board Production Line, Plywood Machineries, and Bamboo Processing Machineries & Coir Board Machineries, Wooden Flooring, Laminate, Plywood, Veneer MDF and Lumber, Abrasive- Sand Paper Sheet, Wide Belt, Narrow Belt. Material Handling equipment, Hydraulic Hot Press Machine Lumber, Timber, Round Logs, Plywood, Wood Panels, Veneer Cutting Chopping Machine , Wood Coating and paints Commercial, Marine, Decorative, Blockboard BWR, BWP Plywood, Manufacture knives and Knife Edge Grinding machines, PVC/WPC Foams Boards, Doors and Frames, Products sawn timber.
The second edition of Bangladesh ELPROTECH will showcase International suppliers of Machinery, Accessories, Spares related to Electrical Products.
Visit to source from International suppliers showcasing their new innovations showcasing Fasteners ,Pumps, Cable and Conductor, Capacitors, Clips and Clamps, Electrical Insulating Products in Composites like SMC/DMC/FRP/EPOXY , & POLYAMIDE for LV/MV & HV applications, Cable Trays, Ladder Type , Cable Trays, Perforated Type Cable Tray PVC INSULATION TAPES, chemical earthing electrodes, gi earthing electrodes, copper earthing electrode, injection moulded plastic components, Cable Tie Manufacturer, Clips and Clamps, added the release.