Business
RMG exports: Bangladesh earned $3.95 billion in July, says BGMEA
The total RMG export during July in FY 2023-24 stood at USD 3.95 billion, up from USD 3.37 billion dollars in the same period in FY 2022-23, indicating 17.43% year-on-year growth.
RMG export earnings from woven garments in July FY 2023-24 grew by 11.54% and reached USD 1.68 billion from USD 1.51 billion in July FY 2022-23. At the same time, knitwear export grew by 22.24% year-on-year and reached USD 2.27 billion during the mentioned period, BGMEA President Faruque Hassan wrote in a letter on Sunday.
Read: Bangladesh RMG sector committed to sustaining safety accomplishments: BGMEA President
“The growth is certainly impressive, though the global economic scenario is portraying a contrasting outlook. Though inflation has started to ease off in our major export markets and the economic indicators started stabilizing, yet import of apparel by USA and EU is showing a major downtrend. Therefore, it’s quite challenging to forecast the market and I personally think that we need to follow a cautiously optimistic approach for the rest of 2023, as apparel and overall global trade may see some dip compared to last year,” the letter reads.
HSBC named international retail bank of the year in Bangladesh
HSBC Bangladesh has been awarded as the “International Retail Bank of the Year” for the third time in a row alongside the “Best Marketing and Brand Initiative” of the year 2023.
The awards ceremony held recently at Marina Bay Sands in Singapore recognised the strengths of the Bank’s personal banking capabilities and its commitment to opening up a world of opportunity for its customers through its international connectivity.
Read: Banks on alert to prevent cyberattacks
Since 2006, the awards programme has recognised outstanding banks that have brought customer-focused innovation and value, said a media release on Sunday.
Tanmi Haque, Head of Wealth and Personal Banking, HSBC Bangladesh, said customers are always at the centre of everything that they do at HSBC.
“We not only focus on innovation in our services but also on how we uplift the brand to our customers through marketing initiatives. This prestigious award is a testament to all our efforts, and it will keep inspiring us to go the extra mile for our customers.”
Read: Walton is industrial icon of Bangladesh: Tipu Munshi
Md. Mahbub ur Rahman, Chief Executive Officer, HSBC Bangladesh said being recognised as the International Retail Bank of the year in the country for the third year in a row and as the best marketing and brand initiative of the year reiterate our strength and ability to serve our customers with excellence.
“This recognition will propel us to support our customers with their evolving international banking needs. I would like to thank our customers, regulators and industry stakeholders for their continuous support in this journey.”
HSBC was born in 1865 from one simple idea – a local bank serving international needs. HSBC Bangladesh was established in 1996.
Banks on alert to prevent cyberattacks
All commercial banks are on a state of high alert after Bangladesh Bank (BB) issued 11 instructions to all banks and financial institutions to fight cyberattacks.
The central bank on Thursday wrote to the institutions telling them what they should do to prevent cyberattacks.
Chief Executive Officer of Mutual Trust Bank Syed Mahbubur Rahman told UNB that officials of the bank are working round the clock to keep all the activities of the bank secure.
Read: BB reduces interest rate on export credit to 9 percent
He said after getting the central bank's instructions, MTB has taken enough measures to check the threat.
“All the deposits and other transactions are safe and secured,” said Syed Mahbub.
Selim RF Hussain, CEO of BRAC Bank, also gave a similar opinion regarding measures to prevent cyber-attacks.
An expert team is working with coordination of the government entities to avert any disaster, he said.
The BB letter stated that a group of hackers have threatened a cyber-attack in Bangladesh, with August 15 as the date of a possible attack.
Read: Only 3 from a single family could be bank directors, not 4: BB
In response to the threat, the government's 'Computer Incident Response Team' (CIRT) issued a cyber-security alert.
A CIRT press release on August 7 said that cyber-attacks could disrupt operations of State Critical Information Infrastructure (CII), banks, financial institutions, healthcare, and government and private institutions. All concerned organizations are asked to take pre-preparedness to prevent small or medium cyber-attacks.
The BB has issued 11 instructions to banks and financial institutions to prevent cyber-attacks. Notable among these are 24-hour, especially outside office hours, network infrastructure should be monitored to ensure that no one is removing data. Access to various websites should be controlled to minimize cyber-attacks.
In addition, the Open Web Application Security Project (OWASP) latest guidelines should be followed to strengthen the security system in addition to taking various measures to detect insecure activities on the network.
CIRT offers some suggestions to ensure the infrastructure security of the concerned organizations to avoid cyber-attacks.
They are deploying firewalls to analyze incoming HTTP/HTTPS traffic and filter malicious requests and traffic patterns. Securing critical services such as DNS, NTP, and network middleboxes; validating user input.
It also asked for keeping backups of the Website; Implementing HTTPS on websites with SSL and TLS encryption. CERT is asked to report anything suspicious, including using updated technology.
Walton is industrial icon of Bangladesh: Tipu Munshi
Terming Walton an icon of the industrial sector in Bangladesh, Commerce Minister Tipu Munshi said, Walton is incredibly a lighthouse in the country.
“Walton is manufacturing every product needed in the electronics sector, reducing billion-dollar import expenses, contributing to employment creation and export earnings,” he made the remarks at the inaugural ceremony of the country’s first-ever industrial expo titled ‘International Advanced Components and Technology (ATS) Expo-2023’, managed by Walton, at Hall-1 of the International Convention City Bashundhara (ICCB) in the capital on Thursday morning.
Attending as the chief guest, the minister inaugurated the ATS Expo. Among others, Walton High-Tech Industries PLC.’s Directors S M Mahbubul Alam and Nishat Tasnim Shuchi, Managing Director and CEO Golam Murshed, BSEC Chairman Professor Shibli Robayet-Ul Islam, Export Promotion Bureau (EPB) Vice Chairman AHM Ahsan, the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President Mahbubul Alam, Dhaka Chamber of Commerce & Industry (DCCI) President Sameer Sattar, Philippines Ambassador to Dhaka Leo Tito L. Ausan, Jr and Policy Research Institute of Bangladesh Executive Director Ahsan H. Mansur attended the event.
Read: Walton to host int’l industrial fair 'ATS Expo' on August 10
Walton High-Tech’s Director S M Mahbubul Alam presided over the opening ceremony and popular film actor and Walton’s Senior Executive Director Amin Khan moderated the program.
Walton is showcasing more than 50,000 industrial materials, components, testing labs and other services in the expo. The three-day long ATS expo will continue until August 12.
Tipu Munshi said, if Walton had not started producing electronics products, Bangladesh would have had to pay billions of dollars in import bills. Thanks to Walton’s visionary entrepreneur. People of the country can now buy essential electronics products at affordable prices. Walton has created employment opportunities for thousands of people. Employment creation is very important for the country’s economic prosperity.
The minister also said, Walton is not only saving billions of dollars import costs but also contributing to the country's export income. They set a target of bagging $10 billion export earnings by 2030. Walton will be successful in the way it is moving forward, improving and building a strong position in the global market, he hoped.
Read: Skoot-Walton to work on production of high-tech e-bikes
Walton Hi-Tech Industries Director SM Mahbubul Alam said, Walton's highly trained skilled engineers are manufacturing more than 50,000 industrial materials and components through state-of-the-art machinery. These components can be used by other industries of the country. If the domestic companies use each other's manufactured components, the cost of production will be reduced as well as the growth and capacity of the domestic industry will increase greatly. If we all work together, the economic prosperity of the country will be accelerated.
Walton Hi-Tech’s MD and CEO Golam Murshed said, this is the first time in the history of Bangladesh that a single Bangladeshi brand has organized such a technology and solutions expo. If the government's policy support and people’s trust are maintained, Walton will take Bangladesh to a unique height in the world, he said.
FBCCI President Mahbubul Alam said, electronics products are now available in every village of the country. Business-friendly environment and 100% electrification were ensured across the country, Mahbubul Alam added.
Read: Walton reports marked rise in sales of its fridges ahead of Eid-Ul-Azha
DCCI President Sameer Sattar said, Walton has emerged as a leading electrical and electronics brand manufacturing different industrial materials, components and solution products. It also serves the backward linkage sector of Bangladesh. The growth of Walton both in the local and the international market is a matter of pride and contributing to our ‘Made in Bangladesh’ identity across the globe.
Philippine Ambassador to Dhaka Leo Tito L. Ausan Jr said, Walton is expanding its business globally. The Ambassador called for the expansion of Walton's business in the Philippine market.
South Korean Company to invest $9.39 million in economic zone
South Korean company Giant BD Footwear Ltd is going to invest $ 9.39 million to set up a Shoe and Shoe Accessories manufacturing industry in BEPZA Economic Zone (BEPZA EZ).
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect at BEPZA Complex, Dhaka on Thursday.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Kim Byung Jin, Chairman of Giant BD Footwear Ltd signed the agreement on behalf of their respective organizations. The Executive Chairman of BEPZA, Major General Abul Kalam Mohammad Ziaur Rahman, witnessed the signing ceremony.
This fully foreign owned company will produce annually 20 million pairs of different kinds of shoes/sandals and shoe accessories where 600 Bangladeshi nationals will get employment opportunities.
Among others, Member (Engineering) Mohammad Faruque Alam, Executive Directors Nazma Binte Alamgir, Md. Tanvir Hossain and Executive Director and Md. Khorshid Alam were present at the function.
BFTI, BCI sign MoU to enhance trade skills
A memorandum of understanding has been signed between the Bangladesh Foreign Trade Institute (BFTI) and Bangladesh Chamber of Industries (BCI) under the Ministry of Commerce to enhance trade skills.
The MoU was signed on Thursday in the conference room of BFTI at TCB Bhawan in the capital.
Also read: BCI, BCC sign MoU to promote trade, business in two neighboring nations
On behalf of BFTI, Chief Executive Officer Dr. Md. Zafar Uddin and BCI President Anwar-ul Alam Chowdhury (Parvez) signed the MoU on behalf of the BCI.
Commerce Minister Tipu Munshi was present in the signing ceremony as the chief guest.
The Commerce Minister expressed hope that BFTI and BCI will play an appropriate role in the country's trade expansion through its quality trade research, training, and advice in the policy-making process.
Also read: BCI places 5-point proposal for capacity building of local industries, promoting young entrepreneurs
BFTI CEO and former senior commerce secretary Dr. Zafar Uddin said BFTI has been working to increase knowledge and skills related to trade by providing training since its inception.
The initiatives planned as a result of the agreement of BFTI and BCI will facilitate domestic and foreign investment and play an active role in building a sustainable economy through product, service, and market diversification in the competitive global market.
The senior officials of the Ministry of Commerce, BFTI, and BCI attended in the function.
Also read: Anwar-ul Alam Chowdhury re-elected BCI president
Private sector credit requires a rapid revival: DCCI
President of Dhaka Chamber of Commerce & Industry (DCCI) Barrister Md Sameer Sattar on Thursday said Bangladesh’s private sector credit growth is essential to make the economy vibrant and competitive.
Along with this, he requested the government to reduce the cost of business operations, get easy loans for small and medium entrepreneurs (MSMEs), expand import substitution industries, continue to achieve austerity in government expenditure, and take up priority development projects.
Sameer Sattar said DCCI believes that the private sector credit flow will increase in a short period of time with the development of a business-friendly environment in the economy.
Above all, the Dhaka Chamber emphasizes on public and private sectors working together to lead to a developed and inclusive growth-supporting economic system, taking into account the importance of the private sector as the main driving force of the economy.
Barrister Sattar said time-bound solutions are expected to change and improve the pro-business environment in the economy and cease the lowering of private sector credit flow in no time.
“Taking the importance of the private sector as the lifeline of the economy into account, we need to exert shared and strategic efforts to enhance the private sector credit flow in order to steer the economy towards a higher and inclusive growth regime as well as much-needed economic graduation in the days to come,” he added.
Over the past decade, Bangladesh has emerged as a role model for developing countries, witnessing an average of 6 percent plus GDP growth backed by consistent growth in socioeconomic fronts.
The private sector has evolved as the key driver of economic growth and employment generation in Bangladesh, contributing significantly to the economy in terms of investment, production, trade, and employment growth. Currently, the private sector contributes more than 80 percent to the GDP with a 37 percent share of Industry to GDP.
Furthermore, the private sector has contributed greatly to building a strong local industrialization base by creating SMEs and large businesses in diverse sectors that have strengthened and connected our local value chain with the global value chain system, said a statement of DCCI.
Construction work (2nd phase) of BGMEA Hospital in Mirpur inaugurated
The construction work (2nd phase) of BGMEA Hospital was inaugurated at Milkvita Road in Mirpur today.
BGMEA Senior Vice President S.M. Mannan (Kochi) officially inaugurated the construction work (2nd phase) of the hospital.
BGMEA Vice President (Finance) Khandoker Rafiqul Islam, Chairman of BGMEA Standing Committee on Mirpur Hospital Md. Jahander Rashid Jewel, Chairman of BGMEA Standing Committee on Mirpur Health Center and School Sultan Ahmed and Chairman of BGMEA Standing Committee on Labour Welfare and Education Md. Abdul Ahad Ansary, garment industry entrepreneurs of Mirpur area, labor union leaders and local dignitaries were present at the inaugural ceremony.
A doa mahfil was held after the inauguration.
The 150-bed BGMEA Hospital with two basements is being built at Milkvita Road in Mirpur.
At present, BGMEA's Mirpur Health Center is functioning on the ground floor of the under-construction BGMEA Hospital. Every month 1000 - 1200 workers receive free medical treatment from this health center of BGMEA.
Bangladesh's RMG export to USA grows 6.31% in FY 2023-24
RMG export to the USA, the largest export destination for Bangladesh, has increased by 6.31% in July fiscal year 2023-24 to USD 729.03 million from USD 685.77 million in the July 2022-23, according to a recent statistics of Export Promotion Bureau (EPB).
“During the first month of fiscal year 2023-24, our clothing export to the EU market grew by 17.40% to USD 1.95 billion from USD 1.66 billion in the same period of last fiscal year. During the mentioned period, our export to some major markets in EU region such as Spain, France, Italy, Netherland and Poland grew by 36.35%, 22.71%, 36.75%, 23.03% and 18.07% respectively,” said BGMEA Director Mohiuddin Rubel.
Read: RMG exports to EU grew 9.93% in FY 2022-23: Export Promotion Bureau
In a letter, Mohiuddin Rubel also said, “However, our export to Germany, the second largest export destination for Bangladesh, saw 0.70% year-over-year negative growth and reached USD 514million. At the same time, export to Finland, Cyprus, Czech Republic, Estonia, Lithunia, Malta, Slovakia and Slovania have declined significantly.”
During July, FY 2023, export to UK and Canada reached US$ 475.54 Million and US$ 128.89 million, with 29.78% and 14.78% year-on-year growth respectively.
Read: RMG exports in FY23 almost $47bn, 85% of total exports
At the same time, apparel export to the non-traditional markets also increased by 23.75% and reached USD 674.82 million. Among the major non-traditional markets, export to Japan, Australia, India and South Korea increased by 49.99%, 55.73%, 2.60% and 19.59% respectively, the letter reads.
Bangladesh to benefit from new SAUDIA fleet expansion
The national flag carrier of Saudi Arabia, announced the expansion of its fleet with the addition of a new aircraft type, the Airbus A321neo, under the slogan "A new way of flying."
This feeds into SAUDIA’s expansion plans, which benefit Bangladeshi travellers, as the airline aims to add 20 more A321neo aircraft to its fleet by 2026, a press release said.
Also read: SAUDIA expands international flights incorporating Bangladeshi travelers
Bangladesh travellers will benefit from the A321neo aircraft, a narrow-body airliner part of the A320 family, the world’s most popular single-aisle aircraft family and airlines’ preferred choice around the world due to its reputation for high performance and superior comfort, said the release.
The aircraft offers new levels of performance, seating 180 to 220 passengers in a typical two-class interior layout, which will help with the surge of Bangladeshi travellers during Hajj and tourist season, it said.
The main reason behind the purchase of the aircraft is its ability to run on much less fuel. The A320 family of aircraft has saved 20 million tonnes of CO2 since the A320neo came into service globally in 2016, it also said.
Also read: 9th ATR 72–600 added to US-Bangla Airlines fleet
By incorporating Sharklets, new fuel-efficient engines, and the latest cabin innovations, the A320neo has also seen a 20 percent decrease in fuel burning and CO2 emissions, a 50 percent reduction in noise footprint, a 5 percent lower airframe maintenance costs, and 14 percent lower cash operating costs per seat versus previous generation aircraft.
Captain Ibrahim Koshy, SAUDIA CEO, said: "We are excited to expand our fleet with the new Airbus A321neo aircraft. Our priority is to offer the best guest experience possible and to bring the world to Saudi Arabia, and we will continue to purchase state-of-the-art aircraft from the world’s top manufacturers to deliver on that promise."
Also read: US-Bangla Airlines sending 11 more pilots to USA on training
Koshy added: "We commend Airbus for continuously looking to improve the performance of their aircraft, which goes in line with SAUDIA's ambition to provide the best guest experience possible while contributing to making aviation more sustainable.'"
This partnership highlights the trust and historic relationship between SAUDIA and Airbus. It also feeds into the Saudi Aviation Strategy objective, which aims to turn Saudi Arabia into a leader in the global industry, by enhancing the customer experience, improving safety, and promoting environmental sustainability.