local-business
TCB to start selling 5 products to 1 crore families at subsidized prices
Trading Corporation of Bangladesh (TCB) is going to start selling 5 products including rice at subsidized prices among 1 crore family card holder low-income families across the country tomorrow (Sunday).
In this phase of the month of October, along with rice and other products, each family cardholder can buy two kg of onion at the rate of Tk 35 per kg.
This sales activity will be conducted from dealers' shops and designated permanent establishments with the cooperation of the City Corporation, District-Upazila Administration, and as per their scheduled date and time plan.
Cardholders can purchase rice, edible oil, lentils, sugar, and onions from regular designated dealers.
A cardholder can buy a maximum of five kg of rice at the rate of Tk 30 per kg, two liters of edible oil at the rate of Tk 100 per kg, two kg of lentils at the rate of Tk 60 per kg, and 1.0 kg of sugar at the rate of Tk 70 per kg.
The TCB notification said that sugar will be sold in some places subject to availability and imported onions will be sold only in Dhaka city.
Myanmar ambassador meets with FBCCI, keen to start direct flight
The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) on Saturday emphasized enhancing bilateral business cooperation with Myanmar and Bangladesh.
FBBCI President Mahbubul Alam said Bangladesh and Myanmar have long enjoyed friendly relations. There is a huge trade potential between the two neighboring countries. However, the volume of bilateral trade between the two countries is very low.
He has urged to strengthen commercial relations by quickly solving the existing problems between the two countries.
Mahbubul made this call in a courtesy meeting with Myanmar's ambassador to Dhaka, Aung Kyaw Moe, at the FBCCI office in Gulshan in the capital on Saturday.
Read: EO Bangladesh organises learning session for young entrepreneurs
In response, Myanmar's ambassador said that Bangladesh and Myanmar have historically maintained friendly relations. Myanmar was one of the first 5 countries to recognize Bangladesh in 1971. Myanmar is interested in strengthening the trade relations between the two countries.
The ambassador also expressed Myanmar's interest in starting direct flights between Myanmar and Bangladesh.
He (Moe) also said that the Myanmar government is working with the Bangladesh government to solve the Rohingya crisis.
Read: PGCB, GIZ set up lab to advance country’s clean energy transition
The FBCCI President said trade between Myanmar and Bangladesh has been going on for a long time. Once upon a time trade was done with Yangon by sea from Chittagong. But due to several reasons, the rate of trade between the two countries has decreased slightly.
“Although there are many potential sectors of both countries, we are not able to utilize that opportunity properly. Resolving the existing problems between the two countries, including the Rohingya problem, will benefit both countries commercially,” he added.
The FBCCI president also said that Bangladesh has gained a great reputation globally in various products including ready-made garments, the pharmaceutical industry, ceramics, jute, and leather products.
Read: Three-day Expo on ‘marine and offshore items’ kicks off in Dhaka
Myanmar can import these products from Bangladesh. Besides, Bangladesh can import various products including rice, onions, and spices from Myanmar, Mahbubul said.
He also said that Myanmar can come forward to meet Bangladesh's energy needs and Myanmar businessmen can invest in Bangladesh's Special Economic Zone.
EO Bangladesh organises learning session for young entrepreneurs
A workshop on youth entrepreneurship development in Bangladesh was organised on Saturday in the capital with the participation of more than 200 young entrepreneurs.
Vern Harnish, founder of the Entrepreneurs Organization (EO) and CEO of Scaling Up moderated the session.
Mudit Tandon, learning chair and director of Tex Zippers Limited, and Zia Uddin, pressident of EO Bangladesh and Chairman of AFC Limited also spoke at the function.
In this learning event, the major participants were from Paragon Group, Aristopharma Ltd, Standard Group, Green Delta Insurance Ltd, Gemcon Group, City Bank, Akhter Group, Lecture Publications, and many others. United Group & EBL sponsored the event partially.
EO Bangladesh gifted a cheque to Verne Harnish for sponsoring five kids for a year from the Jaago Foundation.
The Entrepreneurs’ Organization (EO) is a global business network founded in 1987 by Scaling Up coach Verne Harnish. EO facilitates small and large business owners to learn from each other, leading to greater business success and an enriched personal life through bonding and social networking.
The organization’s vision is to build the world’s most influential community of entrepreneurs, which aligns with its mission of supporting entrepreneurial education and engaging entrepreneurs to learn and grow.
PGCB, GIZ set up lab to advance country’s clean energy transition
Power Grid Company of Bangladesh Limited (PGCB) has launched a Grid Studies and Innovation Facility (GSIF) study lab in collaboration with German-based organisation GIZ Bangladesh.
Habibur Rahman, Senior Secretary of the Power Division, inaugurated the facility on Saturday at PGCB headquarters in the city.
He reiterated the hope that GSIF will become a catalyst for innovation, collaboration, and advancement in Bangladesh's power sector.
Read: Export-import through Benapole suspended over trucker’s death in India
According to PGCB and GIZ, Bangladesh takes a significant step towards a sustainable energy future with the inauguration of the GSIF.
Bangladesh's unwavering commitment to providing high-quality electricity across the nation has paved the way for this visionary initiative.
With the aim of increasing the share of clean energy sources to up to 40% of the national energy mix by 2041, the government is moving in a steadfast manner in promoting renewable energy across the nation.
The significance of GSIF lies in its ability to address critical challenges posed by variable renewable energy (VRE) sources such as solar and wind.
Read: IMF satisfied with BBS for efforts to meet conditions: Official
Unlike conventional energy sources, renewable energy is inherently variable and may create various technical challenges when connected with the grid impacting its stability and reliability.
Energy Efficiency and Grid Integration of Renewable Energy (EEGIRE II) – a German Development Cooperation project implemented by GIZ Bangladesh, has been instrumental in overcoming such challenges.
A core objective of the EEGIRE II project is to empower the Power Grid Company of Bangladesh (PGCB), the national grid operator of the country, with advanced knowledge and tools to conduct comprehensive technical studies and power system analyses.
The GSIF represents the practical manifestation of this vision.
Located at the PGCB head office, GSIF empowers PGCB to conduct a wide range of power system studies, including power flow analysis, short circuit assessments, dynamic stability analysis, power quality evaluations, and grid integration strategies for VRE power plants.
It also enables them to predict transmission line parameters, plan for contingencies, and diagnose harmonic distortions within the system.
These studies are instrumental in understanding the behaviour of the grid as renewable energy penetration increases, thereby enabling the development of plans for a more reliable and stable grid operation.
Read: Businesses to be challenged by interest rate hikes in future: Salman F Rahman
Furthermore, GSIF will serve as a hub for capacity development activities, nurturing a pool of experts and professionals with the technical skills required to lead power system development efforts for the nation.
Head of German Development Cooperation, Florian Hollen was present as special guest in the inauguration ceremony while BPDB Chairman Md. Mahbubur Rahman, DG Power Cell Mohammad Hossain, Managing Director of PGCB A.K.M Gause Mohiuddin Ahmed, Project Director & Joint Secretary of Power Division Nirod Chandra Mondal, giz Manager Frank Fecher and Deputy Manager Jan E Alam were also present with among others.
Export-import through Benapole suspended over trucker’s death in India
Exports and imports between Bangladesh and India through Jashore’s Benapole landport have remained suspended since Thursday morning due to a barrier by India’s Border Security Force (BSF) to return the body of a Bangladeshi truck driver who died there on Wednesday.
Leaders and workers of truck, lorry, motor workers’ associations enforced the strike since 11 am and the activities will remain suspended until the body is sent back.
Md Shahin Hossain, general secretary of Benapole Truck Workers’ Union, said a truck carrying jute products from Faridpur’s Golden Jute Industries went to India's Petrapol landport on Wednesday.
Read: Export-import through Benapole land port suspended
As products from the truck were not fully unloaded, trucker Nazmus Shahadat Babul stayed at the port on Wednesday night and suffered a stroke, he said, adding that the driver died there.
The authorities concerned didn’t send the body back despite repeated requests, he said.
Benapole C&F Staff Association’s General Secretary Sajedur Rahman said they came to know about the death of the trucker Babul from Petrapol C&F Welfare Association’s General Secretary Kartick Chakraborty.
Read: 173 tonnes of Hilsa exported to India in 3 days through Benapole port
Quoting Kartick, Sajedur said the BSF is barring from sending back the body due to unknown grounds.
Local transport workers threatened that they wouldn’t do any work until the body is back.
Rezaul Karim, officer-in-charge of Benapole port, confirmed the death of the driver saying that the body will be sent back to Bangladesh upon conducting autopsy and completing legal procedures.
Read more: 3 ‘smugglers’ arrested with 2.9 kg gold from Benapole border
Walton to unveil advanced features fridges at China's Canton Fair
Bangladesh's electronics giant Walton will showcase world's most advanced technologies refrigerators at the 134th Chaina 'China Import and Export Fair,' popularly known as 'Canton Fair' around the world, to begin from 15th October this year at Canton Fair Complex in the Guangzhou of China.
Bangladesh’s electronics giant Walton is going to participate in the world’s largest trade show for the third time to showcase the ‘Made in Bangladesh’ labelled world-class advanced technologies’ consumer electronics products including the AIoT-based smart refrigerators, said a press release.
Walton Refrigerator’s Chief Business Officer (CBO) Tofail Ahmed said, “A total of 11 models of huge energy saving fridges of European ACC brand and Bangladesh's Walton brands will be displayed. Among these models, there are included South Asia's first manufacturing four-door smart refrigerators and the world's first 8in1 convertible side by side door smart fridge. Along with these models, some others models of fridges, including Combi model, multicolor model, beverage coolers and ice-cream freezers, will also be displayed in the fair. Optimized cooling circuit and worldwide recognised environment-friendly R600a refrigerant have been used in those models to ensure more energy efficiency.”
He also said, the world through this fair will know the abilities of Bangladesh in manufacturing high-tech products. Walton fridge is the No-1 brand in Bangladesh.
Now, our target is to become one of the best global brands soon. Canton fair will play a significant role to fulfill Walton’s dream of becoming the global brand, he added.
At 'Canton Fair', Walton will exhibit the models of convertible mood refrigerators; including AIoT based 9in1 convertible mood four-door GT Pro Max model, 8in1 convertible mood side by side door GT Pro model and Combi model. The customer can set the cooling performance of the fridge and freezer compartment with the world's highest convertible mood. Thus, each model will consume less electricity.
For having smart control feature, customer can control the cooling settings with a touch of the upper door without opening the fridge door. And thus, the result is huge power saving with maximum cooling performance, added the release.
The GT Pro Max model has a 21.5-inch multimedia LCD display for YouTube browsing, online grocery shopping, offline video and audio, countdown clock, online recipes, clock, calendar, internet browsing, selfie camera, weather update etc.
GT series fridges have trio and duo cooling setting. For using AI based MSO (Matrix Speed Optimization) inverter technology in GT series fridges, customers no need to worry about cooling performance, power consumption and settings. The AI system gets 3D data from environment temperature, difference of set and exact temperature of the compartments as well as door-open duration.
Special features of Walton’s four-door GT Pro Max and side-by-side door GT Pro models include a water dispenser. Walton’s beverage cooler designed with latest technologies and features has attractive multimedia display so that users can watch and telecast videos and commercials ads easily through pen drive.
BGMEA seeks NBR support to sustain RMG industry's global competitiveness amidst ongoing challenges
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) underscores the crucial role of the National Board of Revenue (NBR) in achieving the Sustainability Strategic Vision 2030 for the country's ready-made garment (RMG) industry.
This vision focuses on bolstering the RMG sector's competitiveness while concurrently fostering sustainable growth.
Also read: Indian delegation meets BGMEA president to discuss trade,investment potential
Faruque Hassan, president of BGMEA, emphasized this during a recent meeting with NBR Chairman Abu Hena Md Rahmatul Muneem at the NBR office in Dhaka on Wednesday.
The meeting aimed to discuss the current state of the RMG industry, global trade trends, and their impact on Bangladesh's economy.
Hassan stressed the significance of NBR's support and cooperation in realizing this vision. He highlighted that streamlined and expedited business procedures and services are essential to maintain the RMG industry's global competitiveness.
Also read: BGMEA urges NBR to speed up customs, bond services for RMG sector
The fashion industry's evolving dynamics, including the demand for shorter lead times in high-end garments, necessitate the need for prompt and hassle-free services to sustain the RMG industry's global position.
President Faruque Hassan further emphasized that NBR's vital support is required to retain the RMG sector's export competitiveness and growth momentum, particularly in the post-Least Developed Country (LDC) era.
The LDC graduation introduces new opportunities and challenges, including changes in the tariff regime, requiring strategic measures to preserve the industry's competitiveness in the post-LDC period.
Also read: BGMEA calls for government support to safeguard RMG sector in testing times
In parallel, BGMEA President Faruque Hassan held discussions with Md. Masud Sadiq, member (Customs: Policy and ICT), NBR, to address the challenges faced by RMG exporters, particularly those related to customs, bonds, and taxes. BGMEA seeks cooperation from NBR to resolve these issues.
In a separate meeting on the same day, a delegation led by Vice President Shahidullah Azim from BGMEA met with Hossain Ahmed, member (Customs: Export, Bond, and IT) at NBR.
The discussions centered on the current state of the RMG industry, its export targets, and the need for policy support to align with the evolving business landscape.
The delegation urged NBR to streamline customs, bond, and tax procedures to enhance the industry's competitiveness.
Import controls fail to arrest decline in forex reserves
The country’s foreign exchange reserves are in rapid decline, with growing import payments being one of the main drivers behind this declining trend.
Bangladesh Bank sold $3.75 billion from reserves in the first quarter (July-September) of the 2023-24 fiscal, mostly for the purpose of meeting the country’s import liabilities.
Also read: Global lenders can’t help if reserves reach $10 billion or below, Rehman Sobhan says in ERF talk
At the end of September, the country’s forex reserves stood at $21.05 billion. According to Bangladesh Bank’s own data, at the end of the financial year 2020-21, the reserves stood at $46.39 billion. It means the amount has more than halved in the space of 27 months (July 2021 to September 2023).
Central bank data shows it sold close to $25 billion from reserves in these 27 months. Apart from the $3.75 billion sold in the first quarter of the current fiscal, $13.58 billion was sold in the last fiscal (2022-23), and $7.62 billion in 2021-22.
The central bank sold these dollars mainly for the import of fuel, fertiliser, and food. The government has been providing assistance in the form of selling dollars from its forex reserves for importing some items. This has exacerbated the dollar crisis in the country.
Also read: Net reserves of foreign exchange as per BPM-6 below $18 billion: Economist Zahid Hussain
Bangladesh reportedly missed its June 30 target for net foreign exchange reserves set with the IMF, as part of the conditions for the country’s $4.7 billion loan program with the Washington-based lender.
Economists also point out that the dues to the Asian Clearing Union (ACU) for the months of September and October have to be paid in early November. After that the reserves could fall further to around $18 billion, ex-lead economist of the World Bank office in Dhaka, Zahid Hussain, warned recently.
Economist and former IMF official Ahsan H Mansur told UNB that the dollar crisis has been going on in the country for one-and-a-half years. Despite various measures taken by the government to try and end it, the crisis persists.
Also read: IMF reviewing reserves, macroeconomic condition ahead of next fund release
One of the measures was to impose restrictions on the import of various items considered non-essential or luxury items, through increased duties and tariffs. However it has clearly not worked in terms of trying to stem the tide of dwindling reserves.
The dollar crisis has put a range of macroeconomic indicators in a bad state and affected various sectors, Mansur, executive director of leading think tank the Policy Research Institute, pointed out.
He believes that the decline in inward remittances and a rise in trade-based money laundering, in the face of political uncertainty, are the two major factors behind the declining reserves.
The country recorded its lowest inflow of inward remittances in almost 3-and-a-half years in September. The dollar crisis in fact contributes to the lower remittances, since there is a wide gap that has opened up between the dollar price offered by banks and other formal channels, and the price on the open or kerb market.
Also read: Why Bangladesh’s forex reserves dipped to $21.15 billion? Economists cite reasons
Banks currently offer Tk 110 for each dollar remitted, but on the open market they are likely to get upwards of Tk 122 for each dollar. So the decline in remittances despite increased export of manpower is thought to be due to expatriate workers switching to the informal hundi channel as their preferred way to send money home.
Ahsan Mansur said the situation would not improve before the election, as the uncertainty in the political arena would continue to be a factor.
Once it passes, if a stable government is formed through a credible election, then the economy could recover on the strength of improving confidence levels, he added.
In September, Customs authorities reported trade-based money laundering worth Tk 3.0 billion, or $30 million, by ten ghost companies. But this is thought to be just the tip of the iceberg.
IMF satisfied with BBS for efforts to meet conditions: Official
The International Monetary Fund (IMF) on Monday expressed satisfaction with the progress of implementing some conditions of the global lender by the Bangladesh Bureau of Statistics (BBS).
The IMF expressed this satisfaction during a meeting with the BBS as part of justifying the IMF’s condition for Bangladesh to get a second installment of $4.70 billion in loans, a senior BBS official told UNB.
Also read: IMF reviewing reserves, macroeconomic condition ahead of next fund release
The IMF has already held official meetings with the Bangladesh Bank, the Ministry of Finance, the National Board of Revenue, the Energy and Power Division, and other several departments and organisations of the government.
Also read: IMF team holds meeting with Energy Division
Earlier, the IMF had given three conditions. They are to make some changes in the method of determining inflation or Consumer Price Index (CPI), the second condition of the IMF was to publish a marginal report of gross domestic product (GDP) and to publish consistent data on Bangladesh's growth in the last 50 years since independence.
Also read: Bangladesh expected to receive IMF loan’s 2nd instalment in Nov
Businesses to be challenged by interest rate hikes in future: Salman F Rahman
Prime Minister's Private Industry and Investment Adviser Salman F Rahman has said that businesses have to face the challenge of higher interest rates in future.
He said this while speaking as the chief guest at the inauguration ceremony of the FBCCI's extended office in Gulshan, at Aakash Tower in Gulshan Avenue on Monday evening.
Also read: BNP spreading lies about US visa policy: Salman F Rahman
Salman F Rahman said the economy is under pressure due to different external effects and the interest rate is soaring, and these external issues would not be solved immediately.
He urged businessmen to raise production and use the latest technology to face the challenges.
He highlighted the significance of this extended office in Gulshan and lauded the efforts of the current and previous Board of FBCCI whose efforts set up this office.
Also read: BNP will miss election bus if they stick to one-point demand: Salman F Rahman
This initiative will play a vital role in supporting entrepreneurs and fostering business growth, he added.
“The government always gives special priority to FBCCI's recommendations or proposals. As we're passing through a difficult time, I urged all the entrepreneurs to think out of the box in order to maintain economic growth,” Salman added.
FBCCI President Mahbubul Alam said that the newly established FBCCI extended office is set to facilitate and expedite crucial business interactions for local entrepreneurs, foreign investors, ambassadors of different countries, and other dignitaries.
This strategic move aims to streamline FBCCI's activities and foster stronger ties between the business community and international stakeholders, he said.
Also read: Trade ties with US won't be disrupted by visa policy: Salman F Rahman
FBCCI former president Mahbubur Rahman, Abdul Awal Mintoo, Mir Nasir Hossain, Kazi Akram Uddin Ahmed, Md. Jashim Uddin and other distinguished guests attended the inauguration ceremony.