Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called on H&M, a global fashion retailer, to increase its sourcing of garments, especially high-value products and those made from man-made fibers, from Bangladesh. Highlighting Bangladesh's focus on innovation, technological advancements, environmental sustainability, and skill development within the apparel industry, he also urged the global fashion retailer to strengthen its partnership with Bangladeshi suppliers for further business expansion, according to a press release. Also read: No legitimate grounds to warrant economic sanctions against Bangladesh: BGMEA The BGMEA president held a meeting with Karin Lind, global head of sourcing, and Fredrik Kragh Myllenberg, head of Controlling Global Production, from H&M Group, a leading global fashion retailer. The meeting, held in Hong Kong on December 11, focused on fostering a long-term partnership, expanding H&M's business in Bangladesh, and jointly driving sustainability initiatives within the garment industry. The meeting was also attended by Azfar Hassan, director of Giant Group. Also read: Strengthened Bangladesh-US collaboration holds promising trade opportunities: BGMEA President Both sides highlighted the ongoing collaboration between H&M Group and BGMEA to achieve shared sustainability goals in the garment sector, particularly the transition towards a circular and climate-neutral garment industry in Bangladesh. Faruque Hassan extended gratitude to H&M Group for their support to Bangladeshi suppliers in implementing the recently announced minimum wage by adjusting prices on their orders. He also thanked H&M Group for its pledge to invest in renewable energy in Bangladesh, aligning with global efforts to reduce emissions. In a announcement at COP28, global fashion retailers H&M Group and Bestseller pledged to invest in a 500MW offshore wind power project in Bangladesh. Developed by Copenhagen Infrastructure Partners (CIP), the project is expected to reduce emissions by approximately 725,000 tonnes annually. As Bangladesh aims to move up the value chain by diversifying into high-value products and upgrading technologies, he requested H&M Group to collaborate with their suppliers on developing high-end apparels. Also read: BGMEA says it doesn’t support clause only applicable to Bangladesh in LC from buyers
BKMEA Executive President Mohammad Hatim on Monday said there is no opportunity for the United States to impose trade sanctions on Bangladesh regarding labour rights issues. “The US cannot impose sanctions over the labour rights issue as it has already been settled. So, if the sanction comes, it would be for political reasons,” said the BKMEA official. Also read: No legitimate grounds to warrant economic sanctions against Bangladesh: BGMEA He also urged the government to diplomatically prevent any economic sanctions. He was speaking at a seminar on ‘Labour Rights and International Trade’ organised by the Economic Reporters’ Forum (ERF) at its auditorium in Paltan on Monday. Mohammad Hatim said, “Owners and workers have nothing to do in this regard. It is the government's responsibility to deal with it.” Dr. Mustafa Abid Khan, former member of the Bangladesh Tariff Commission, spoke at the seminar as the chief guest. Also read: Awami League not worried about any sanctions: Quader Dr. Mustafa Abid Khan said the message from the United States regarding trade, which is available from various sources, is about trade penalties or fines. “Tariffs can be as high as 10 percent in this sector. Sanctions will not be imposed immediately. If it comes, it will come gradually. However, it is not yet clear how America will do it,” he added. The seminar was addressed by, among others, BKMEA Vice President Fazle Shamim Ehsan, ILO Standing Committee President ANM Saifuddin, Industry All Bangladesh Council (IBC) President Amirul Haque Amin and labour leader Tawhidur Rahman. Also read: Momen hardly bothered by talk of new sanctions Presided over by ERF President Mohammad Refayet Ullah Mirdha, the session was moderated by the organisation’s General Secretary Abul Kashem.
Onion prices dropped by Tk 40 per kg on Monday, thanks to the arrival of newly harvested Murikata and summer varieties in the markets, market sources said. On Monday, Murikata onion was retailing at Tk 100 per kg, imported onion at Tk 180, and local variety at Tk 200 per kg. A day before, Murikata onions were selling at Tk140, imported ones at Tk210, and local varieties at Tk 240 per kg. Also read: Onion hoarders will be identified and punished: DG Consumers Rights Ministry of Agriculture sources said around 5.71 lakh tons of onion have been produced from July to December of the current fiscal year 2023–24. This is 1.55 lakh tons more than produced during the same period of the previous fiscal. Agriculture Minister Mohammad Abdur Razzaque told UNB on Monday that there is enough supply of onion in the market, and so there is no reason for the abnormal price hike. He said around 50,000 tons of onion is on the way to Bangladesh from India, as per earlier LCs. Also, the supply of newly harvested onions increased in the market. So, the price of onions will come down to a normal level within a week, said the minister. Also read: Onion prices cooling down in Faridpur markets However, Bashir Uddin, an onion wholesaler at Karwan Bazar, told this correspondent that the supply of onions increased Monday in the market, and prices also decreased compared to the previous two days. He said the the volume of new arrivals is increasing every day. speedily as the farmers are getting a good price now. Bashir also said the raid by law enforcers against illegal hoarding of onions has helped bolster the supply of old onions in the market. Badal Chandra Biswas, Director General of the Department of Agriculture Extension (DAE), said that each year, Murikata onion is cultivated on about 50 thousand hectares of land, producing about 8 lakh tons. This year, summer onions have been planted on about 500 hectares of land, with a harvest expected at about 50 thousand tons. Also read: TCB fails to unload 90 tonnes of imported onions at Benapole He also mentioned that these Murikata and summer varieties of onion have started coming into the market, and it will be available for 3 to 3 months and a half. After that, the main variety of onion will start coming into the market, and the production may be around 26 to 28 lakh tons this year, he said. Biswas said that a high-yielding variety of onion was cultivated on vast tracts of land this year, with prospects of higher production.
In Faridpur, one of the highest onion-producing districts, markets are witnessing a drop in onion prices with the arrival of the new harvest. Upon visiting various markets in Faridpur town and surrounding areas, the UNB correspondent reported that the new onion crop is priced between Tk 120 and 130 per kg, compared to Tk 160 to 170 for the older stock. Retailers noted a drop of Tk 30 to 40 per kg for new onions and Tk 20 to 30 for old ones. Just days earlier, new onions were selling at Tk 145 to 150 per kg, while the older stock fetched around Tk 200 per kg. Read: TCB fails to unload 90 tonnes of imported onions at Benapole Anowar Hossain, an official from the Department of Agricultural Extension (DAE) in Sadar upazila, explained that onion harvesting was initially delayed due to waterlogging caused by cyclone Michaung. However, farmers have now partially resumed harvesting as the water recedes. Hossain also accused unscrupulous businessmen of manipulating onion prices following the export ban from neighboring India. Read: Newly harvested onion likely to tame volatile market: Agriculture Ministry Rafiqul Islam, Deputy Director of the district’s DAE, informed that Faridpur primarily produces three onion varieties: winter Murikta, and summer Hali and Dana, with Murikta being the most widely cultivated. This season, Murikta onions were planted on approximately 5,500 hectares, aiming for a production of one lakh metric tonnes. Read more: DB chief warns of strict action against hoarding of onions
A seminar on “Legal and Regulatory Compliance for Companies” was held at the secretariat of Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) on Sunday. The BMCCI organised its 9th LegalTalk seminar where Barrister Syed Afzal Hassan Uddin, Managing Partner, and Barrister Nazia Kabir, Partner, Syed Ishtiaq Ahmed & Associates elaborated on the topics, said a press release. 7th Digital Marketing Award honours 139 outstanding digital campaigns BMCCI’s Senior Vice President Shabbir Ahmed Khan said the seminar was organised to provide valuable insights and information on all kinds of company compliances that may affect your business, as well as strategies to optimise your business planning. Barrister Syed Afzal Hassan Uddin, Managing Partner, Syed Ishtiaq Ahmed & Associates, clearly mentioned how the business environment came over so well despite the bitter past in policy and overall business situation. At the same time, other companies that have invested in Bangladesh are dissuaded by their past bitter experiences. BERC chief visits Omera’s LPG terminal, ship in Mongla He also discussed various guidelines on legal and regulatory compliance for companies—a crucial aspect of business operations. The participants got to know about compliance with corporate laws, employment laws, tax regulations, data protection laws, and more. Non-compliance can result in legal penalties, reputational damage, and financial losses. The participants marked this enterprise as an eye-opening and far-reaching initiative. Evolving global order brings risks and opportunities for Bangladesh, economist Wahiduddin tells BIDS Conference Senior Vice President Shabbir Ahmed Khan and the guest speaker distributed the certificates among the participants for their active participation in the seminar.
The Digital Marketing Award, now in its 7th year, honoured 139 outstanding digital campaigns across 24 diverse categories. The grand award gala was hosted at Pan Pacific Sonargaon Dhaka on Saturday. Organized by Bangladesh Brand Forum, the event, presented by Meghna Group of Industries in association with The Daily Star, brought together more than 600 digital marketing and business professionals. Evolving global order brings risks and opportunities for Bangladesh, economist Wahiduddin tells BIDS Conference This year's edition received an impressive 1037 nominations across 24 categories, highlighting the growing significance of digital marketing in Bangladesh. Following a meticulous two-level jury process, where 10 jury panels consisting of 136 jurors shortlisted 453 campaigns and 115 category experts evaluated them in grand jury sessions, a total of 139 campaigns emerged victorious in Bronze, Silver, and Gold categories. In her welcome speech, Nazia Andaleeb Preema, Director & Creative Editor of Bangladesh Brand Forum, remarked on the evolving landscape of digital marketing, incorporating data, AI, and innovation. The awards ceremony, she noted, not only serves as recognition for outstanding efforts but also as a motivating call to push boundaries and excel in the dynamic digital marketing arena. No legitimate grounds to warrant economic sanctions against Bangladesh: BGMEA This year's awards included 71 Bronze, 49 Silver, and 19 Gold awards, with no Grand Prix recipients. Despite the absence of the top honor, the event celebrated the diverse and innovative campaigns that have shaped the digital marketing landscape in Bangladesh. Themed "Innovation and Disruption: Guiding Through the Digital Terrain," the summit explored the intricate dynamics of the digital marketing landscape, emphasizing the role of innovation in navigating disruptions. The summit featured four exclusive keynote sessions by globally renowned speakers, including Shihab Ahmad of Robi Axiata Ltd., Prasun Basu of Inteliphyle Ltd., Tara Yoon of Google APAC, and Bharat Avalani of Connecting the Dots, Malaysia. Panel discussions delved into crucial topics such as "Creating Engaging and Impactful Marketing Narratives in the Digital Era," "AI's Transformative Role in Media and Marketing," and "Unlocking Creative Potential - Guiding Through the Digital Terrain." Commerce Secretary slams onion price hike as irresponsible act of businesses The event's partners included Bangladesh Creative Forum, Inteliphyle, Marketing Society of Bangladesh (MSB), aamra Networks Limited, and Backpage PR. The summit and awards ceremony collectively served as a testament to the digital marketing industry's resilience, innovation, and commitment to navigating the challenges of a digitally transformed future.
Chairman of the Bangladesh Energy Regulatory Commission (BERC) Md Nurul Amin visited the Omera Petroleum Limited LPG Terminal and Omera LPG Ship located in Mongla, Bagerhat on Saturday. According to Omera, senior officials of BERC were present on the occasion. It said the visit was a testament to BERC's commitment to overseeing and ensuring the highest standards within the energy sector. Read: 7th Digital Marketing Award honours 139 outstanding digital campaigns During the visit, the chIrman and officials were provided with an insightful tour of the state-of-the-art facilities at Omera Petroleum Limited, a market leader in the country’s LPG sector. They were introduced to cutting-edge technology, stringent safety protocols, and the company's unwavering commitment to environmental sustainability. The chairman expressed profound appreciation for the exceptional standards of safety, operational efficiency, and adherence to regulatory guidelines followed at the Omera LPG Terminal. Read: Commerce Secretary slams onion price hike as irresponsible act of businesses The visit to the Omera LPG Ship further emphasised the company's dedication to maintaining international standards in the handling and transportation of liquefied petroleum gas. Omera Petroleum Limited remains committed to upholding the highest standards in the industry and extends its sincere gratitude to the Chairman of BERC and the senior officials for their visit, their valuable insights, and their commendation of the company's efforts.
The jump in the prices of onion by Tk 70-80 per kg overnight can’t be the work of any responsible businesspeople, said Tapan Kanti Ghosh, senior secretary of the Ministry of Commerce on Sunday. He was speaking as a special guest at a programme organized to celebrate ‘National VAT Day’ at Agargaon's NBR Building. The invitation card had the name of Finance Minister AHM Mustafa Kamal as the chief guest of the programme. But he was conspicuously absent. The chair of the chief remained empty during the entire event with organisers announcing the finance minister could not attend due to unavoidable reason.. Commerce secretary Ghosh described the onion price hike as irresponsible behaviour of a section of businesspeople. Businessmen should understand that business is for the people of the country. We don’t want them to do business without profit. But how can a product that costs Tk 120 a kg a day before sells at Tk200 overnight,” he wondered.
Evolving global order brings risks and opportunities for Bangladesh, economist Wahiduddin tells BIDS Conference
The evolving global order and changing geo-economic landscape present both challenges and opportunities for developing countries, as highlighted by renowned economist Wahiduddin Mahmud. He shared his insights during a public lecture titled “Evolving Global Order and Geo-economics: Implications for Less Developed Countries” at the annual BIDS (Bangladesh Institute of Development Studies) conference in Dhaka. Thailand keen on FTA with Bangladesh as soon as possible The session, moderated by Policy Research Institute Chairman Zaidi Sattar, featured discussions with key figures including Selim Raihan, Executive Director of SANEM (South Asian Network on Economic Modelling), and Dr. Binayak Sen, Director General of BIDS. Mahmud emphasized the significance of strong public support for governments to align political and foreign economic interests effectively. He pointed out that this support is crucial in tackling the exploitation of developing countries by multinational companies. He also noted the distinct nature of the current geopolitical tensions between superpowers, particularly the US and China, compared to the Cold War era. High-level Saudi business delegation in Dhaka to explore investment opportunities here Discussing the economic strategies of Vietnam and China, Mahmud illustrated how government involvement in privatized sectors can yield benefits. Zaidi Sattar reflected on the shift from globalization to economic nationalism, observing that even advocates of globalization are adopting protectionist policies. This, he suggested, requires deep consideration by developing countries in crafting their economic strategies. Selim Raihan commented on Bangladesh's historical non-involvement in geopolitics and its emerging role as a significant player amidst global power conflicts. FBCCI will support steel industry to increase exports to Commonwealth nations Overall, the discussions at the BIDS conference underscored the need for developing countries like Bangladesh to carefully navigate the new global order, balancing internal economic policies with external geopolitical pressures.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan on Friday said they "do not believe that there is any legitimate ground" for imposing economic sanctions against Bangladesh. "As far as garment manufacturing is concerned, Bangladesh has made its position to be a responsible manufacturing hub ensuring workplace safety, workers wellbeing, and championing green industrialisation," he said. The BGMEA chief urged all print, electronic and online media to highlight this clarification through their platforms in the interest of our industry and economy. In the past two days an additional LC clause regarding sanction has caught significant media attention, Hassan observed. BGMEA investigated the matter and issued clarification statements. "We still notice that the issue is being discussed and given attention in the media causing confusion and panic," he said. BGMEA received official comments from the original buyer and their agent in Bangladesh. Read: Awami League not worried about any sanctions: Quader The latest statement from BGMEA aims to further clear this issue, Hassan said, hoping the unnecessary attention, confusion and panic be avoided. The original buyer, which is a French entity, did not insert this additional clause in its master LC to the Bangladesh agent, he said. Secondly - the agent transferred its LC to a Bangladeshi garment factory, which was issued by the Standard Chartered Bank Dubai, and the Standard Chartered Bank inserted this additional clause in the LC on their own. "So no buyer inserted the LC, a private commercial bank did it without being directed by its client," said the BGMEA chief. Thirdly, he said, the agent confirmed that the SCB Dubai has already removed the alleged clause from the LC and transferred it to the Bangladeshi factory. So the additional clause doesn’t exist anymore. Read: Russia against illegal actions like sanctions from US, other western countries: Ambassador The agent also assured the BGMEA that they will make sure not to insert such clauses in any LC transferred to Bangladeshi suppliers. "This should end the debate and discussion on the misinterpretation of this additional LC clause," said the BGMEA President. He appreciated the concerned buyer and the agent for taking prompt action to revise the LC in less than 24 hours. "We want to make it clear to all the global buyers not to insert such clauses in their LC, and also to advise their banks not to make such unacceptable insertions," Hassan said. Aso read: Momen hardly bothered by talk of new sanctions He said they continue to urge the Bangladeshi factories to communicate with their buyers so that such additional clauses are not repeated in any LC. "We also request our member factories not to accept LCs with such clauses."