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Stakeholders for circular economy in Bangladesh's garment sector
A diverse group of stakeholders from the garment and textile industry gathered at BGMEA Complex in Dhaka on Monday to discuss the prospects of circular economy in the country.
Industry leaders, policymakers, brands, development partners, suppliers, recyclers and banker attended at a roundtable to discuss the issues.
They discussed the challenges and opportunities of transitioning to a circular economy in Bangladesh, as well as the way forward to build a circular industrial ecosystem in the country.
The roundtable was as a part of a dialogue titled “Switch to Upstream Circularity: Pre-consumer Textile Waste in Bangladesh.”
This event was organised under the Switch to Circular Economy Value Chains project (SWITCH2CE), co-funded by the European Union and the Government of Finland.
SWITCH2CE is led by United Nations Industrial Development Organization (UNIDO), in collaboration with Chatham House, Circle Economy, and European Investment Bank, and supports the switch to circularity in selected global value chains.
Thanking all the participants, BGMEA President Faruque Hassan said the event would pave the way for bringing thoughts, ideas and experiences together in order to pursue a common goal – to transform the industry into a circular manufacturing hub.
Read: Helen Keller International and BGMEA join forces to enhance eye care for garment workers and boost productivity
Jeremy Bruer, Australian High Commissioner to Bangladesh, Mark Draeck, Chief Technical Advisor on SWITCH2Circular of UNIDO; Holly Syrett, Director of Impact Programmes and Sustainability at Global Fashion Agenda; Nin Castle, Chief Program Officer- Co-Founder, Reverse Resources, Abdur Rahim Khan, Additional Secretary to Commerce Ministry, Mahbub ur Rahman, CEO of HSBC Bangladesh, Enamul Huque, Managing Director and Country Head of Corporate of Commercial and Institutional Banking at Standard Chartered Bank, Humaira Azam, Managing Director and Chief Executive Officer of Trust Bank, joined the roundtable.
Moderated by Barrister Vidiya Amrit Khan, Director of BGMEA, the discussion was also attended by representatives from brands including H&M, BESTSELLER, KIABI, Kmart Australia, Primark, Decathlon, GIZ and other stakeholders.
They discussed how Bangladesh could embrace circular practices, reduce the environmental footprint of the textile sector, create new job opportunities and bolster their international reputation as a hub for sustainable manufacturing.
Read more: South Korean Ambassador, BGMEA President discuss ways to boost trade, investment
Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices
The Bangladesh Bank (BB) has sought an explanation from 13 banks for selling US dollars at high prices.
The summoned banks belong to the private sector, including a Shariah-based Islami Bank.
The central bank confirmed the information on Monday (September 04, 2023). The letter was sent to different banks on Sunday (September 3) and the banks have been asked to provide an explanation in this regard within the next five working days.
Also read: Dollar goes off kerb market after central bank-led raids of money exchanges
The bank’s Executive Director and Spokesperson Md. Mesbaul Hoque told UNB that the trading licences of seven money changers have been suspended for selling dollars at higher prices.
An explanation has been sought from 10 more money changers following similar complaints. In addition, banks are also being monitored. Punitive action will be taken if concrete evidence is found, he said.
In August, the maximum import price of Tk109.5 was set, but some banks sold dollars up to Tk117, and bought it at Tk116.
Also read: Bangladesh Bank working to normalise inflation and dollar crisis despite geopolitical challenges
Dollar transactions are inspected by Bangladesh Bank's Financial Integrity and Customer Service and Foreign Exchange Inspection Departments. Recently, the central bank sent for inspection due to the increase in the price of the dollar. After collecting the information, the issues of dollar sales are being verified.
In 2021, the central bank ordered to spend Tk 500 crore on the CSR sector from the profits of 12 banks due to excess profit. There were two foreign-owned banks and 10 private sector banks on that list.
The dollar crisis in the country has become evident since March last year after the start of the Russia-Ukraine war. To deal with this crisis, the central bank fixed the dollar price at the beginning, but the crisis continued.
Also read: Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap
Direct flight from Bangladesh-Japan to deepen bilateral ties: State Minister for Civil Aviation
State Minister for Civil Aviation and Tourism Md Mahbub Ali on Monday said direct air connectivity between Bangladesh and Japan will play an important role in making the existing bilateral relations more effective and wider.
He said this while addressing an event organised by Biman Bangladesh Airlines on the grand opening of the Narita (Japan)-Dhaka Flight at a hotel in Japan’s Narita on Monday night (local time).
This flight is a gift from the prime minister to Bangladeshi expatriates brothers and sisters, he said, hoping that it will help expatriates keep a close relation with the country and make their journey to the country hassle free and more comfortable.
the Bangladeshis will avail themselves to visit Japan easier, he said.Simultaneously, Japanese people can visit and enjoy Bangladeshi beautiful nature, rivers, mountain, the world's longest sea beach at Cox’s Bazar, greenery of tea gardens in Sylhet, traditional food and warm hospitality, colourful festivals, archaeological sites, many ancient mosques and temples, UNESCO declared world heritage and the world's largest mangrove forest Sundarbans, sixty dome mosque of Bagerhat and Paharpur Buddhist Vihara etc.
Actually, the aviation and tourism industry will take the relationship of the two countries further forward by creating people-to-people relations, he hoped.
Read: Biman’s Dhaka-Narita direct flights will boost Bangladesh-Japan trade, relations: BCCIJ president
He said opportunities for economic and technological cooperation, trade and investment, education, tourism, culture and sports activities will increase between the countries in the days to come.
Bangladesh offers an unparalleled investment climate compared to the other South Asian economies. Bangladesh is a largely homogeneous society with no major internal or external tensions and a population with great resilience in the face of adversity, the state minister said.
Mahbub Ali said the confidence of foreign investors in Bangladesh has increased, as the country has taken a series of measures to build up investment-friendly infrastructure; develop the energy sector; provide necessary facilities and support to set up industries and simplify rules and regulations.
Read more: Dhaka-Narita Tokyo direct flights launched
Dollar goes off kerb market after central bank-led raids of money exchanges
The dollar crisis in the kerb market has grown deeper after Bangladesh Bank and law enforcers raided the money exchange houses with allegations of profiteering by charging higher exchange rates.
In the last two weeks, the exchange rate of the US dollar in the kerb (open) market reached Tk117 to 118 per dollar from Tk112. Under the central bank's direction, law enforcers raided different exchange houses in different areas of the capital towards the end of last week, and over the weekend.
During these raids, the exchanges were strictly instructed to sell dollars at the previous rate of Tk 112 to 113.
Also read: Bangladesh Bank working to normalise inflation and dollar crisis despite geopolitical challenges
But not, on the first working day of this week, it emerged that stung by the raids, the money exchanges have taken the dollar off the market completely. You cannot buy a dollar for even Tk120, as the exchange houses are resolutely stating they have no dollar to sell.
Licenses of several establishments were suspended and sealed for selling dollars at high prices. In such a situation, money exchange institutions have almost stopped selling dollars due to fear of punishment. As a result, there is a shortage of dollars in the open market, said the sector insiders.
Replying to a query about the dollar crisis in the kerb market, Bangladesh Bank Executive Director and Spokesperson Mesbaul Hoque told UNB that the dollar is being traded, but not everyone is selling it. Only those who have dollars are selling, according to the spokesman.
Also read: Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap
Zaman (not real name), the owner of a money exchange house in the Motijheel area, told UNB on Sunday that they cannot buy even at Tk115, how can it be possible to sell dollars at Tk 112-113, he questioned.
Many other money exchange houses and individual floating traders of the US dollar were seen passing idle time on Sunday due to the supply crisis of the dollar.
This dismal picture was seen visiting money exchanges in Motijheel, Paltan, and Baitul Mukarram areas of the capital
Our correspondent searched in other areas like Gulshan, Banani, Mohakhali, and Farmgate too, with no luck.
Also read: Dollar exchange rate for repatriated export income increased to Tk107.5
“Money changers buy from one person and sell to another. At the current rate, the money changers have to buy dollars at Tk110 to sell dollars. How will money changers get dollars if no one sells dollars below Tk112? Trader can't sell if he doesn't get dollars, money changers pointed out,” said Aynal, who has been involved in dollar trading for the last 12 years.
Oram Faruk came to Motijheel to buy dollars as he has to go to Thailand on September 6. He visited several banks to buy dollars for expenses but did not get any.
“Now came to the money changer, no dollars here either. I called an acquaintance in Gulshan to manage $400, which is possible at a cost of Tk120 per dollar," Omar said.
Asked why he would agree to buy at such steep rates, Omar pointed out: "Regardless of the price, how can I go abroad without dollars?"
Also read: Interbank dollar exchange rate jumped to Tk109
Stakeholders collaboration, innovative business model stressed for transition to circular economy in Bangladesh’s textile and garment industry
Speakers at a panel discussion stressed the need for collaborative approach of the industry stakeholders, innovative business model, and financial support mechanism to foster a circular industrial ecosystem in order to drive transition of Bangladesh’s RMG industry to circular economy.
The discussion was as a part of a dialogue titled “Switch to Upstream Circularity: Pre-consumer Textile Waste in Bangladesh”.
This event was organized under the Switch to Circular Economy Value Chains project (SWITCH2CE), co-funded by the European Union and the Government of Finland. SWITCH2CE is led by United Nations Industrial Development Organization (UNIDO), in collaboration with Chatham House, Circle Economy, and European Investment Bank, and supports the switch to circularity in selected global value chains.
Dishan Karunaratne, Chief Representative of Bangladesh and Pakistan at BESTSELLER, Dr. M. Masrur Reaz, CEO of Policy Exchange, Mohammed Zahidullah, CSO of DBL Group, Md. Shahidullah Azim, Vice President of BGMEA and Syed Mahbubur Rahman, Managing Director and CEO of MTB, BD took part in the panel discussion on “Enabling a circular industrial ecosystem by an innovative business model”.
Moderated by Shams Mahmud, Managing Director of Shasha Denims, and also the Chair of BGMEA Standing Committee on Foreign Mission Cell, the panelists discussed circularity scenarios and possible solutions to successfully transform Bangladesh’s garment and textile industry to integrate circularity into the value chain.
Challenges of circularity for Bangladesh’s apparel industry must be collectively considered, resolved: Speakers
Circularity presents a significant opportunity for Bangladesh to reduce its environmental impact, improve its economic performance, and create social benefits, experts have said.
However, embracing circularity also poses certain challenges for Bangladesh’s apparel industry that must be collectively considered and resolved, they said.
An esteemed panel of industry leaders, policymakers, and experts in circular economies convened for the "Switch to Upstream Circularity Dialogue: Pre-consumer Textile Waste in Bangladesh" event at the Amari Hotel in Dhaka Sunday.
The dialogue covered the strategies, policies, infrastructure, collaborations, and innovations necessary to build a thriving circular ecosystem in Bangladesh.
This event was organized under the Switch to Circular Economy Value Chains project (SWITCH2CE), co-funded by the European Union and the Government of Finland. SWITCH2CE is led by United Nations Industrial Development Organization (UNIDO), in collaboration with Chatham House, Circle Economy, and European Investment Bank, and supports the switch to circularity in selected global value chains.
A diverse group of stakeholders attended, including brands, manufacturers, policymakers, and financial institutions.
Saber Hossain Chowdhury MP, Chair of the Parliamentary Standing Committee on the Ministry of Environment, Forest and Climate Change, Bangladesh, and the Special Envoy to Prime Minister Sheikh Hasina for Climate Change, was present in the opening session as chief guest.
Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) spoke at the opening session as a special guest.
HSBC launches 3rd Business Excellence Awards
Aiming to celebrate the successful entrepreneurs and organisations for their significant contributions to Bangladesh’s growth journey and achievements in their sectors, the Hongkong and Shanghai Banking Corporation Limited in Bangladesh has launched the third edition of the ‘HSBC Business Excellence Awards’.
The theme of the awards is ‘Bangladesh: Proudly Resilient, Globally Excellent’.
Business enterprises and entrepreneurs can nominate themselves in eight categories by filling in a simple nomination form. The categories of 3rd HSBC Business Excellence Awards are:
1. Export Excellence - Ready Made Garments (RMG) (Annual export turnover of USD50 Million and above)
Read: MCCI Congratulates the PM for Inauguration of Dhaka Elevated Expressway
2. Export Excellence - Supply Chain and Backward Linkage (Annual export turnover of USD10 Million and above)
3. Export Excellence - Nontraditional and Emerging Sectors (Annual export turnover (Non-RMG and non-Textiles) of USD3 Million and above)
4. Best in Import Substitution (Reducing or substituting imports to a value of USD10 million and above)
5. Leader in Inbound Investment and Infrastructure (Foreign investment in the form of capital, technology solution etc., contributing to fulfilling domestic demand and/or other impactful investments in building infrastructure, improving living standards and unlocking GDP growth)
6. Excellence in Sustainability (Organisation with the most impactful contribution to the society/community through implementation of sustainability project)
Read: Over 200 Nagad distributors to be sent to KSA for performing Umrah
7. Best in Innovation & Technology (Organisation who implemented the most impactful changes via innovation and technology touching and improving lives of people and making positive contribution to the country’s economy)
8. Special Achievement Award (Individual(s) / Organisation who has made exemplary contribution to country's socio-economic growth, excellence in innovation, job creation and supporting the community)
The awards programme is not exclusive to HSBC customers and is open to all enterprises and entrepreneurs operating in Bangladesh. There is no entry fee or financial recognition.
Md Mahbub ur Rahman, Chief Executive Officer, HSBC Bangladesh remarked, “HSBC Bangladesh has been supporting businesses and entrepreneurs in their growth journey for the last 27 years. We are delighted to be recognising the exceptional businesses who have contributed to Bangladesh’s trade growth, fulfilled domestic demand or facilitated development of infrastructure as Bangladesh prepares to thrive in a post-LDC graduation scenario.”
Read: CPD suggests bringing 856 risky garment factories under monitoring
“Through these awards, we recognise the achievements of the country’s most successful enterprises and entrepreneurs and recognise their relentless efforts to make Bangladesh’s mark in the global arena. We are proud to be playing our role in supporting those who are dynamic, resilient and making a difference to create an even more powerful economy", said Gerard Haughey, country head of Wholesale Banking, HSBC Bangladesh.
Nomination forms and other details of the programme are available at business.hsbc.com.bd/bea. Organisations can also nominate others for any categories of the programme.
Organisations concerned can apply in eight categories till Oct 1, 2023.
MCCI Congratulates the PM for Inauguration of Dhaka Elevated Expressway
The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) congratulated Prime Minister Sheikh Hasina, on the inauguration of the Dhaka Elevated Expressway (DEE).
This marks a significant milestone as DEE becomes Bangladesh's first large-scale infrastructure project developed through a public-private partnership, MCCI said.
By enhancing Dhaka's transportation network, DEE is poised to drive economic growth, job creation, and improved efficiency. The initial phase will open the Airport-Farmgate section.
Read: Which vehicles can’t use Dhaka Elevated Expressway?
"We commend the government for their unwavering commitment to enhancing the nation's infrastructure and their visionary approach in bringing this project to fruition.
MCCI is confident that the Dhaka Elevated Expressway will effectively contribute to making Dhaka a more prosperous and livable megacity. Under the dynamic leadership of the Honorable Prime Minister Sheikh Hasina, M.P., Bangladesh is progressing toward higher levels of development and prosperity. MCCI takes immense pride in witnessing this remarkable achievement," a press release said.
Read more: Big hopes of transformation in commute: Dhaka Elevated Expressway ready for opening today
Over 200 Nagad distributors to be sent to KSA for performing Umrah
Nagad, a leading mobile financial provider, has arranged the “Distributors Meet 2023”, which brought together its key partners, amid much enthusiasm like every year.
On the occasion, Tanvir A Mishuk, founder and managing director of Nagad Limited, announced that he was going to arrange Umrah, an Islamic pilgrimage to Mecca, for more than 200 distributors.
The Distributors Meet 2023 was held on Friday at a five-star hotel in Dhaka. Nagad conferred awards in different categories on the distributors who smoothly and successfully managed the company’s business activities spread across the country, says a press release on Saturday.
Read: Nagad offers ‘Jawan’ movie tickets on ‘Add-Money’ transactions
Shihab Uddin Chowdhury, Chief Commercial Officer of Nagad, moderated the event in the presence of senior officials of the company.
At the national level, six distributor houses received the highest accolades, such as the Distributor Excellence Award, Growth Hacker Distributor Award, Ultimate Contributor Award, Most Consistent Performer Award, Best Market Drive Award, and Campaign Achiever Award.
Apart from these six individuals, a person won a grand prize. He got a sedan car as the best of the best for having done the highest transactions from a part of Dhaka.
Read: Cashback with profit on universal pension’s instalment payout through Nagad
Founder and Managing Director of Nagad Ltd. Tanvir A Mishuk said at the event, “We could have given different prizes to every distributor if we wanted to. But I felt like giving such a reward, so that it will be a sweet memory for everyone’s life. I have announced Umrah for Muslim distributors and foreign trips for distributors of other faiths.”
Like the previous Distributors Meets, there had been a unique setup with various arrangements this time.
Daraz celebrates 9th anniversary
E-commerce platform Daraz Bangladesh celebrated its 9th anniversary on Thursday with a vision of uplifting communities through the power of commerce.
This milestone was observed through the declaration of a special campaign "Daraz 9th Anniversary (Noy er Ullash)." This festivity guarantees a journey packed with joy, exploration, and exceptional savings.
On a momentous occasion to celebrate this journey, a press conference was held at InterContinental Dhaka where top officials of Daraz declared the campaign. With the resonating slogan “Eita, Oita, Jeita Lage, Shobee Kinun Daraz-e”, the campaign commemorates an adventurous nine-year journey. The delights are set to unfold from September 12 to 24, 2023.
Read: Daraz organizes “Influencer Connect” Season 1 to empower content creators
The campaign captures the spirit of embracing convenience, quality, and variety, offering a seamless world of shopping possibilities.
Syed Mostahidal Hoq, Managing Director of Daraz Bangladesh, Lu Yao, Group Chief Commercial Officer, Khondoker Tasfin Alam, Chief Operating Officer, A H M Hasinul Quddus Rusho, Chief Corporate Affairs Officer, and other high officials were present at this ceremony.
Besides, celebrities, popular influencers and affiliates ornamented the event as special guests.
Syed Mostahidal Hoq, MD of Daraz Bangladesh, said, "As we unlock the attractive offers on our Anniversary, I reminisce about the nine years journey from the inception to transformation of Daraz into the leading e-commerce marketplace of Bangladesh. Over the timeline, Daraz has evolved itself and took leverage of the technological, logistical and leadership expertise from Alibaba to emerge as an app that is highly user-friendly to provide customers with an extraordinary shopping experience. Moreover, we are committed to uplifting the community by building a strong seller base while assuring the top most quality."
Read: Daraz partners with Visa to introduce ‘Co-Branded Card’ to enhance online shopping experience
Lu Yao, Group Chief Commercial Office of Daraz Bangladesh, said, "As we mark our9th Anniversary, we are committed to nurturing our seller base and pioneering innovative buyerpropositions. Together, we're dedicated to uplifting communities through the transformativepower of commerce, shaping a bright and digitised landscape in Bangladesh. On this note, Iam excited to introduce an extraordinary array of offerings that encompass Up to 70% Off (onHero SKUs), Hot Deals, Free Delivery on specific deals, Flash Sale, Numerous New Launches,Everyday Low Price, Early Bird Vouchers, Mystery Box, Add to Cart, and much more. Theseexciting opportunities are tailored to redefine your shopping experience and celebrate thisremarkable journey with us."
Khondoker Tasfin Alam, Chief Operating Officer of Daraz said, Daraz always wants to work with society.
“In line with doing our own business, we should also look for ways to enrich the government's resources. The Post Office is our national wealth, we work to ensure its proper use and to improve it. We are happy to announce that around 50 collection points will be launched in this anniversary campaign, each of which is a post office. With our expertise and technological excellence, we are able to provide the best delivery service to the customers along with the post office,” he added.
The campaign's seamless transactions are facilitated by payment partners including bKash,Nagad, Eastern Bank Limited, EBL ZIP, HSBC, Southeast Bank Ltd., Prime Bank Limited,NCC Bank, City Bank and BRAC Bank.