local-business
Regaining customer trust a must to boost insurance sector's growth: FBCCI
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has said regaining customer trust is a must for the insurance sector to boost its growth.
At a meeting of its standing committee on insurance Thursday in the capital, FBCCI President Md Jashim Uddin said: "Insurance is one of the important sectors of the country's economy. However, a big challenge for this sector is a lack of confidence in it."
"We have to find a way out of this situation. All the stakeholders of this sector should play an active role to change customers' negative perceptions of it," he added.
"Also, we have not been able to use the potential of this sector; there is no alternative to developing a skilled workforce for future growth of the sector," the FBCCI president said.
FBCCI Vice-President MA Momen said, "It is very important now to go for the modernisation of the insurance sector as the time has changed."
Mohammad Mahfuzul Hoque, secretary general of FBCCI and former managing director of Life Insurance Corporation, said it is important to have actuaries for the development of the insurance sector. "If the sector comes under automation, many of the existing problems will be solved."
Read more: Experts for inclusive insurance, risk financing for all
BGMEA for Bangladesh mission's support for explore more trade opportunities in Canada
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought the support of the Bangladesh High Commission in Canada to explore more trade opportunities, including apparel exports, in the North American country.
Bangladesh High Commissioner in Canada Dr Khalilur Rahman paid a visit to BGMEA President Faruque Hassan in Dhaka Wednesday.
Read more: BGMEA, GarmentTechBD to collaborate in improving supply chain management skills
BGMEA Vice-President Shahiduallah Azim, Director Abdullah Hil Rakib and BGMEA Standing Committee on UD-Woven and Knit Chair Md Nurul Islam were also present at the meeting.
They talked about the current state of affairs in the readymade garments (RMG) industry, especially how the sector had been navigating through a rough patch in recent times amid a depressed global economy and rising inflation.
Their talks also focused on trade opportunities in Canada and ways to seize them.
Faruque requested the high commissioner to step up diplomatic efforts to boost the ties between the two countries and ensure trade benefits for Bangladesh in the Canadian market after it graduates from the least developed country (LDC) category.
The BGMEA president also sought cooperation from Dr Khalilur Rahman in promoting Bangladesh and its RMG industry in Canada.
Read more: Bangladesh's RMG bracing for next phase of growth: BGMEA
Padma Bank to loan farmers on easy terms for food security
The Padma Bank Limited will provide loans at 4 percent interest rate to farmers to increase production in the agricultural sector in the country.
This loan will be given under a fund titled "5000 crore refinancing scheme for agriculture sector to ensure food security of the country" formed by Bangladesh Bank (BB), said a press release on Wednesday.
It said an agreement was signed between the Bangladesh Bank and the Padma Bank to disburse the loans on easy terms.
Read more: Money transfer from Padma Bank to bKash made easy
In November last year, the central bank formed a refinance scheme of Tk5,000 crore for farmers as part of the government’s efforts to stave off food scarcity amid a looming global crisis in 2023 stemmed from the Russia-Ukraine war.
Abul Kalam Azad, director to Agriculture Credit Division of the central bank and Faisal Ahsan Chowdhury, managing director (Current Charge) of Padma Bank, signed the agreement on behalf of their respective organisations in the presence of BB Governor Abdur Rauf Talukdar at Jahangir Alam Conference Hall of the BB’s head office.
AKM Sajedur Rahman Khan, deputy governor of the central bank, its Executive Director (Agricultural Credit Department) Md Anwarul Islam and senior officials from both organisations were present during the signing ceremony.
Read more: BB releases Tk100 commemorative notes to mark Padma Bridge opening
Farmers will be able to take loans for production of paddy, fisheries, vegetables, fruits, flowers, poultry and dairy items under the livestock sector.
BARVIDA for rationalising `vehicle registration fee’, abolishing ‘dual registration system’
BARVIDA (Bangladesh Reconditioned Vehicles Importers and Dealers Association) urged the Bangladesh Road Transport Authority (BRTA) to rationalize vehicle registration fee increased last week by an order.
BARVIDA also demanded abolishing the ‘dual registration system’ which is currently active in the country for the importers and also for the buyers, according to a press release.
The BARVIDA delegation led by its President Md Habib Ullah Dawn requested the BRTA Chairman to phase out the 15-20 years old vehicles gradually from the capital to make a healthier Dhaka.
Read more: BARVIDA election to be held June 18
The BARVIDA leaders also requested BRTA to include BARVIDA in the vehicle registration process.
The BRTA Chairman accepted the BARVIDA proposals positively and assured them of implementing those after necessary examination.
BARVIDA Secretary General Mohammed Shahidul Islam, Vice President - 1 Md Aslam Serniabath, Vice President - 2 Reaz Rahman, Treasurer Mohammed Anisur Rahman and Executive members Mohd. Saiful Islam (Samrat), Abu Hossain Bhuiyan (Ranu) and Punom Sharmin Jhilmil and general member Akter hossain Mazumdar attended the meeting.
High officials of BRTA also attended the meeting.
Read more: Habib becomes Barvida president, Shahidul secretary-general
NOVOAIR celebrates its 10th Anniversary
NOVOAIR, country’s leading private airline has successfully completed its 10 years of operation and is celebrating 10th anniversary through various programs.
NOVOAIR started the 1st flight on January 9, 2013, from Dhaka to Chattogram route, said a press release issued on Monday.
On the occasion of the 10th anniversary, Mr. Mofizur Rahman, Managing Director of NOVOAIR, acknowledged the concerned authorities, business associates, and esteemed passengers for being with NOVOAIR for 10 years journey.
"Our journey began with the promise of providing world-class service. Ensuring on-time flight operations and safe travel is the highest prerogative of our business philosophy. We give equal importance to these two main mantras, safety, and service,” he said.
“NOVOAIR has served more than 5.5 million passengers by operating more than 1 lakh flights in 10 years by overcoming various challenges and adversities and has been established as a trustworthy, reliable, and trusted airline. Entering the New Year, we commit to ensuring enhanced passenger service through the expansion of domestic and international destinations in line with the needs of our esteemed passengers, and the addition of more aircraft to the fleet”, he added.
NOVOAIR is currently operating flights from Dhaka on domestic routes to Chattogram, Cox's Bazar, Sylhet, Jashore, Saidpur, Rajshahi, and international routes to Kolkata.
Besides, it is transporting passengers directly from Jashore to Cox's Bazar route and from Rajshahi to Cox's Bazar route.
NOVOAIR always strives to improve the quality of passenger service by adding new services.
To that end, as the country's first airline to offer special services to passengers, frequent flyer program Smiles, NOVOAIR-EBL co-branded prepaid MasterCard, a mobile app for easy ticket purchase and web check-in to make the check-in process hassle-free, NOVOAIR-MTB co-branded credit Activates the card service.
NOVOAIR was awarded Best Domestic Airlines in 2014, Best Domestic Airlines in 2019, and Best Ontime Performance Airlines in 2021 by the fortnightly travel magazine The Bangladesh Monitor.
Govt formulating policy to appoint MDs, senior posts at SCBs
The financial institution division (FID), a wing of the Ministry of Finance is formulating 'The Employment, Promotion and Posting Policy-2023' for the appointment and promotion of senior officers of state-owned commercial banks of Bangladesh.
A committee led by the finance minister will appoint and promote people to these posts based on the basis of 100 marks in 8 categories, a source of the ministry told UNB on Sunday.
Apart from this, the candidates will be scrutinized before the appointment. A committee of 6 members will be formed, led by the finance minister.
Read: Investors’ financial literacy must to boost capital market: Commerce Minister
According to the sources, contractual recruitment and posting for a maximum of three years will be made for the posts of Managing Director (MD) and Chief Executive Officer (CEO) through selection from among the Managing Directors working in state-owned commercial banks, specialized banks, and financial institutions or through promotion from Deputy Managing Directors (DMDs).
Sources of FID said recommendations will be made by the selection committee following the seniority, experience, report of the NSI and Anti-Corruption Commission, and the circular issued by Bangladesh Bank from time to time.
Contractual appointments will be made to the posts of Managing Director and CEO with the recommendation of the committee with the approval of the Prime Minister.
Read: Bangladesh earned $27.22b from exports in July-Dec amid new records
A senior official of FID said apart from this, promotion, appointment, posting and inter-bank transfers to the post of Deputy Managing Director in specialized banks and financial institutions will be restricted to specialized banks and financial institutions.
However, in the interest of the state, posting and inter-bank transfer can be made from among the deputy managing directors of state-owned commercial banks to the post of deputy managing directors in specialized banks and financial institutions.
As per the policy, in the case of promotion, the candidates eligible for promotion-educational qualification mark 15, length of service in a bank or financial institution -5, banking diploma-5, professional degree-5, professional publications -5, employment record 5, annual confidential application -40 and interview -15), etc will be selected by the committee on the basis of their mark out of a total 100 marks.
Read More: Govt to save Tk10,000 cr annually from importing edible oil: Agri Minister.
Continuous progress at KEPZ, says South Korean envoy; German company STRAUSS in full operation
South Korean Ambassador to Bangladesh, Lee Jang-keun, has said Korean Export Processing Zone (KEPZ) in Chattogram is showing continuous progress in developing the area through a series of efforts.
KEPZ is developing the area by adding more factories, establishing ICT zones, opening design and development centers, inaugurating the country’s largest rooftop solar panel electricity generation, and inviting foreign companies, he said.
The South Korean envoy, together with German Ambassador to Bangladesh Achim Troester, visited KEPZ on January 7 and looked around the factories and other facilities at the compound, including the newly opened unit of German company STRAUSS.
Also Read: KEPZ Hi-Tech park will attract huge FDI, hopes Palak
A renowned German outdoor and sportswear company, Strauss, officially opened its design and development center, Struass CI Factory Chattogram, at KEPZ on October 24 last year.
Around 200 people are currently employed in Chattogram -- from product development to sales and marketing.
KEPZ has successfully installed and is operating the country’s largest single rooftop solar power plant with a capacity of 22MW, which not only suffices the electricity needs of the zone but is also incorporated with Bangladesh’s national electricity grid, said the South Korean Embassy in Dhaka on Sunday.
Also Read: Workers clash with cops at KEPZ; 6 hurt
Ambassador Lee, together with State Minister for Power, Energy and Mineral Resources Nasrul Hamid, inaugurated KEPZ’s rooftop solar panel plant on June 20, 2021.
Ambassador Lee also said that KEPZ’s ICT zone is well underway as planned. Construction of the ICT zone started from April last year through a groundbreaking ceremony with the presence of ICT State Minister Zunaid Ahmed Palak and it is at the last stage of completing two factory buildings.
According to the KEPZ, currently 43 operating factories are employing over 22,000 workers. Eight other factories are under construction.
Read More: KEPZ textile zone can transform Bangladesh’s textile business: Youngone Chairman
KEPZ is the sole private-owned EPZ in the country, operated by the Korean Youngone Corporation which is the first and the largest foreign investor in the RMG sector in Bangladesh.
Fair Electronics scoops up president's award for industrial development
Fair Electronics has won the President's Industrial Development Award.
Fair Group Director Mutassim Daiaan received the award from Industries Minister Nurul Majid Mahmud Humayun at a ceremony in Dhaka Thursday.
Twenty industrial companies received the award in six categories for their contribution to the economy, including setting up of industries in the private sector, production of goods, and employment generation.
The industries minister distributed the awards on behalf of President Abdul Hamid.
Fair Electronics secured the first position in the hi-tech industry category.
Read more: Pran-RFL scoops up Bangladesh Business Awards 2021
State Minister for Industries Kamal Ahmed Majumder and Federation of Bangladesh Chambers of Commerce and Industry President Md Jasim Uddin were present at the event.
Fair Electronics has established its industrial factory at Shibpur, Narsingdi. They are producing smartphones and consumer electronics products for Samsung.
Investors’ financial literacy must to boost capital market: Commerce Minister
Commerce Minister Tipu Munshi today said that both financial literacy and good business organizations are must to boost investment in the capital market.
The stock market is a crucial sector for the country’s economy, so knowledgeable investors can drive the capital market to be sustainable, he said.
The minister said this while speaking as the chief guest at the inaugural session of the Arthosuchak Capital Market Expo-2023, held at Institute of Diploma Engineers’ Bangladesh (IDEB) in Dhaka.
Tipu Munshi said that more than 50 percent of money is taken from the capital market in developed economies.
“We don’t have that situation in our country. Loans are taken from banks, which is creating several problems in the banking sector. If even 50 percent of the money came from the capital market, business and trade in our country are bound to improve,” the minister said.
A group with vest interest is cleverly defining the country’s political and economic development – spreading rumours and lies and trying to mislead people, the minister said.
Read more: BSEC working to enhance financial literacy for capital market investors: Prof Shibli
“The country has progressed so much, and they say, it is not right. But they can no longer deny the visible improvement. Those who are doing this, they do not want development of this country,” Munshi said.
Professor Shibli Rubayat-Ul-Islam, chairman of BSEC, attend the function as special guest, while Ziaur Rahman, editor of Arthya Suchak presided over the program.
Chairman of Dhaka Stock Exchange (DSE) Md Eunusur Rahman, Chittagong Stock Exchange (CSE) Chairman Asif Ibrahim, Bangladesh Publicly Listed Companies Association (BAPLC) President Anis Ud Dowla, Bangladesh Merchant Bankers Association (BMBA) President Sayedur Rahman and Dhaka Brokers Association (DBA) President Richard De Rosario, among other, spoke in the function.
Read more: IMF for capacity building of capital market in Bangladesh
Nagad to feature in Philip Kotler's book 'Essentials of Modern Marketing'
Mobile financial service provider Nagad will feature as a case study in the Bangladesh edition of world-leading marketing guru Philip Kotler's upcoming book "Essentials of Modern Marketing."
Tanvir A Mishuk, founder and managing director of Nagad, has worked as a case co-author for this book.
Northern Education Group, a strategic partner (Bangladesh) of Kotler's organisation Kotler Impact and World Marketing Summit Group, recently made the revelation.
Read more: FY23: DPE to sign new deal with Nagad for stipend disbursement
Professor Kotler along with his associates will give a new dimension to Essentials of Modern Marketing by incorporating academic case studies of different independent organisations worldwide.
Nagad, the ICT Division, the Ministry of Land, Grameenphone and other organisations from Bangladesh have had the opportunity to add their cases to this book.
Kotler's "Marketing Management" is a widely used book in today's world.
Essentials of Modern Marketing covers up-to-date and insightful marketing issues. Apart from this, the book focuses on how to use different tools or techniques, rather than on product marketing.
Read more: Nagad wins UK-based Global Brand Award 2022
Nagad secured its place in the Bangladesh edition of Essentials of Modern Marketing for its "timely innovations and smart marketing," the MFS said in a statement.
About Nagad's inclusion in Kotler's upcoming book, Mishuk said: "Such an achievement is a source of inspiration for us. Securing a position in Philip Kotler's book is a recognition of what Nagad has done in just three and half years in taking the country's digital financial services to a new height."