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New DCTS scheme can create stronger trade, investment partnership with UK: BGMEA President
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said the new ‘Developing Countries Trading Scheme (DCTS)’ scheme will contribute to Bangladesh’s integration into the global economy, creating stronger trade and investment partnership with the United Kingdom.
“You are aware that BGMEA is continuously working in the arena of market access under the apparel diplomacy initiative. The DCTS scheme has followed a robust consultation process with stakeholders,” he said in a letter to BGMEA members.
The UK is the third largest export destination for Bangladesh.
Apart from the UK, Faruque Hassan said they have also been able to secure positive outcomes in market access Canada and Australia.
“As far as the readymade garment product is concerned, we exported US$ 5.02 billion worth of clothing to the U.K. in the last fiscal year 2022-23, which was US$ 4.50 billion in FY2021-22 showing 11.78% growth year over year,” he said.
And during the January-July period of 2023 our RMG export to the UK reached US$ 3.11 billion, up from US$ 2.72 billion in Jan-Jul 2022, by 14.11%, he added.
“We have addressed all the issues relevant to our trade and we are grateful to the British government for considering those positively,” said the BGMEA chief.
The government of the United Kingdom has recently introduced a new tariff scheme titled ‘Developing Countries Trading Scheme (DCTS)’.
Read: BGMEA, Erbil chamber of industry intend to collaborate in promoting bilateral trade
This scheme replaces the EU GSP scheme under which Bangladesh used to access the UK free of duty.
According to the new scheme, after Bangladesh’s graduation from LDC, RMG products will continue to enjoy duty-free market access in the UK for the benefit while exporting to the United Kingdom (UK).
“The DCTS will make it easier to enjoy duty free market access using imported raw materials,” said the BGMEA president.
The DCTS is similar to the EU’s GSP Plus scheme. Under the EU draft GSP proposal for 2024-34, Bangladesh's apparel products may face textile safeguard measures but the UK DCTS does not include such textile safeguard provision.
The BGMEA and the government of Bangladesh are trying to resolve this issue with the European Commission.
Even for economically vulnerable countries, the DCTS appears more flexible in terms of implementing certain international conventions, said the BGMEA President.
“However, as a nation we stand committed to continue the momentum in social and environmental standards we have achieved and even go further,” he said.
Read: BGMEA delegation meets Kurdistan regional Minister Safeen
“As we have and are investing heavily to make our industry safer and sustainable, we see a growing commitment and interest among the British clothing brands and retailers,” he added.
The BGMEA President encouraged all to make all possible efforts to explore the UK market further, especially for the emerging items like outerwear, formal wear and active wear segments and in non-cotton categories.
UK’s landmark Developing Countries Trading Scheme (DCTS) has come into effect that simplifies trading rules and cuts tariffs on products entering the UK from 65 developing countries, including Bangladesh.
The DCTS will help grow trade, boost jobs, and drive sustained economic growth. This new scheme demonstrates the UK’s commitment to a modern and mutually beneficial partnership with Bangladesh.
Changes made to the DCTS mean Bangladesh will retain duty-free access for 98% of exports, including readymade garments, said the British High Commission in Dhaka.
Read more: BGMEA President Faruque Hassan visits shrine of Sheikh Abdulaziz Gilani
BGMEA, Erbil chamber of industry intend to collaborate in promoting bilateral trade
A delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by President Faruque Hassan met Mala Majeed Swrchi, Chairman, Board of Directors, Erbil Chamber of Commerce and Industry in Kurdistan of Iraq to promote bilateral trade and investment.
The delegation also included Nazrul Islam, former Director, BGMEA; Sharmeen Hassan Tithi, Director, Giant Group, Mohammed Shohel, Managing Director, Bangla Poshak Ltd; Mohd Shawket Hossain, Director, Bangla Poshak Ltd; and Nisher Khan, Managing Director, Banika Fashion Ltd.
Read: BGMEA delegation meets Kurdistan regional Minister Safeen
Fazlul Bari, Ambassador of Bangladesh to Iraq, Dr. Ahmed Jalal, President of Kurdistan-Bangladesh Business Council, Azad Ahmed Sherwani, Head of Relations at Erbil Chamber of Commerce and Industry, and Dr. Ibrahim Sindi, Honorary Consul, Republic of Cyprus in Iraq were also present at the meeting.
Promoting bilateral trade and investment through deepening cooperation was the main objective of the meeting.
Read: BGMEA President Faruque Hassan visits shrine of Sheikh Abdulaziz Gilani
The discussions focused on how both associations could pave the way for businessmen of Bangladesh and Iraq, especially Erbil, Kurdistan to explore mutually beneficial trade and investment opportunities.
They also talked about possible collaboration in bringing together businesses to facilitate more meaningful business interactions.
Highlighting the promising industrial sectors in Bangladesh, BGMEA President urged Kurdistan investors to take advantage of the favourable investment climate in the country.
Read: BGMEA delegation meets Investment Board Chairman of Kurdistan regional government to discuss investment opportunities
He also pointed out that they could import more products including readymade garments, pharmaceuticals, agro products, and leather goods from Bangladesh.
Faruque Hassan thanked the Erbil Chambers of Commerce and Industry for providing its space to the visiting BGMEA delegation to display Bangladeshi garments to buyers in Kurdistan.
BGMEA delegation meets Kurdistan regional Minister Safeen
A delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) met Minister of Foreign Relations of Kurdistan Regional Government Safeen Dizayee to discuss strengthening bilateral relations.
The delegation led by the business organization’s President Faruque Hassan met Minister Safeen in Erbil of Iraq.
The delegation included Nazrul Islam, former director of BGMEA, Sharmeen Hassan Tithi, director of Giant Group, Mohammed Shohel, managing director of Bangla Poshak Ltd, Mohd Shawket Hossain, director of Bangla Poshak Ltd and Nisher Khan, managing director of Banika Fashion Ltd.
Fazlul Bari, Bangladesh ambassador to Iraq and Dr. Ahmed Jalal, president of Kurdistan-Bangladesh Business Council were also present at the meeting.
Read: BGMEA President Faruque Hassan visits shrine of Sheikh Abdulaziz Gilani
They had discussions about strengthening the bilateral trade relations between Bangladesh and Iraq, especially Kurdistan to unlock potential and reap mutual benefits.
They emphasized on the importance of working together to identify opportunities that both sides could make use of and create a win-win situation.
Highlighting the trade prospects of Bangladesh-Iraq, BGMEA President Faruque Hassan underscored the need for intensifying communication between businessmen of both countries.
He requested the minister to make visa and consular services for Bangladeshi businessmen to facilitate their travel to Iraq.
Read: BGMEA delegation meets Investment Board Chairman of Kurdistan regional government to discuss investment opportunities
He also called for steps to initiate direct flights between Bangladesh and Iraq to facilitate bilateral trade.
Faruque Hassan thanked Iraq for being one of those countries which recognized Bangladesh as a sovereign and independent state early after its independence.
He expressed special thanks to the Ministry of Foreign Relations for showing warm hospitality and providing VIP protocol to him along with the delegation.
Read more: BGMEA President calls on Kurdistan buyers to source garments made in Bangladesh
Nagad customers to win sedan car for recharging mobile balance every week
Nagad, a popular mobile financial service provider in Bangladesh, has once again dangled a mega offer for its customers.
This time, the customers will stand a chance to win a ‘sedan car’ every week against the mobile recharge of TK 50 or more through Nagad under a mega campaign that commenced on 25 August and will continue till 30 September this year.
Besides, there will be a plethora of exciting gifts, such as match tickets for the upcoming ICC Cricket World Cup-2023, Dhaka-Cox’s Bazar-Dhaka AC bus tickets, a holiday package (two days and one night) in Saint Martin’s resorts for a couple, gift vouchers, smart watches, mobile phones, smart power banks and many more.
In the history of country’s mobile recharge, no such exciting offer was given before.
Read: Cashback with profit on universal pension’s instalment payout through Nagad
Under the campaign, a customer can recharge his mobile number through Nagad app or by dialling USSD *167# as many times as they wish and will get opportunities to win exciting gifts, said a media release on Saturday.
The offers do end here – Nagad customers will also get cashback on the purchase of different mobile data packs and minute bundles.
Addressing this campaign, Sadat Adnan Ahmad, chief marketing officer of Nagad Limited, said, “We have got a very good response to different campaigns that we have launched so far. No one has come up with such a massive mobile recharge offer in our country.”
“In this way, we want our customers to get used to digital transactions and enjoy various benefits,” he added.
Read: Students of XI can pay college admission fees thru’ Nagad
Nagad is introducing one after another exciting offer – the best in the country – under mobile recharge and payment campaigns. The MFS company has earned a special place in customers’ minds by giving away a BMW car under the recently concluded mega payment campaign. Under that campaign, Nagad also handed over several sedan cars, hundreds of motorbikes and refrigerators, smart televisions and so on.
Thus, Nagad has built customers’ trust in its services and become the people’s first choice.
Read more: Nagad offers Dhaka-Cox’s Bazar return air ticket with free hotel stay
Maximum 20 percent cash assistance announced for 43 products to boost export
Bangladesh Bank (BB) has announced cash assistance for 43 products in the fiscal year 2023-24 to boost their exports.
As of FY23, exporters will get this cash assistance at the rate of 1.0 percent to a maximum of 20 percent.
The Foreign Exchange Policy Department of BB issued a notification in this regard on Thursday.
According to the instructions of the circular, 43 products will get incentives or cash assistance against exports during the period from July 1, 2023, to June 30, 2024. These 43 products got similar support last year too.
A BB official said that according to the government decision, this circular has been issued regarding the payment of cash assistance with necessary instructions for the current financial year.
Exporters say that the cash assistance announced in the ongoing situation will help boost export trading.
Govt nods import of onion from 9 countries
The Agriculture Ministry on Thursday gave approval to the import onion from nine other countries including India in the wake of soaring onion prices in the country.
Approval was given to import 2, 400 metric tonnes (MT) of onion from China, 3, 910MT from Egypt, 1, 1820 MT from Pakistan, 1100 from Qatar, 2100MT from Turkey, 200MTs from Myanmar, 33MT from Thailand, 4MTs from Netherlands and 3MT from the UAE, said a media release signed by Kamrul Islam, public relations officer of the ministry, said.
Read: Onion import through Dinajpur’s Hili port falls after India imposes 40pc export duty
A total of 3, 079MT of onion have so far arrived in the country against the approval of 13.7 lakh MT, it reads.
The prices of onions started to soar in the country after neighbouring country India imposed a 40 percent export duty on onions with effect from August 20.
Read: Onion prices cross Tk 100 per kg in Dhaka after India imposes extra duty
Moreover, onion import from India through land ports across the country came down to around half following the slapping of the duty.
Read more: Onion prices soar in Khulna market after India slaps duty on export
BGMEA President visits shrine of Hazrat Ali (RA)
BGMEA President Faruque Hassan visited the shrine of Hazrat Ali (RA) in Najaf, Iraq.
He also met Syed Haydar Al Hakim, head of Relation Department, the shrine of Hazrat Ali (RA).
Ambassador of Bangladesh to Iraq Fazlul Bari; Mohammed Nasir, former Vice President (Finance), BGMEA; Nazrul Islam, former Director, BGMEA; Sharmeen Hassan Tithi, Director, Giant Group; Mohammed Shohel, Managing Director, Bangla Poshak Ltd; Mohd Shawket Hossain, Director, Bangla Poshak; and Nisher Khan, Managing Director, Banika Fashion Ltd were also present on the occasion.
During the meeting, Faruque Hassan requested Syed Haydar Al Hakim to employ more Bangladeshi in the activities carried out by the shrine authority for the welfare of people.
The authority could source garments including uniforms from Bangladesh for those who work at the shrine complex, he opined.
The BGMEA President along with the delegation members also visited the shrine of Prophet Ayyub (AS) and offered prayer at Kufa Mosque.
They prayed for the wellbeing and prosperity of Bangladesh, its people and also of the members of BGMEA.
Brands’ representatives meet BGMEA Vice President to discuss industry potential
Country representatives of international apparel brands including H&M, Inditex, PVH, El Corte Inglés, Kontoor and VF Corporation met with BGMEA Vice President Miran Ali at BGMEA Complex on August 23.
BGMEA Director Md. Imranur Rahman was also present at the meeting.
Also read: BGMEA, Iraqi Federation of Chambers keen to collaborate in promoting bilateral trade and investment
They discussed issues pertaining to the apparel industry of Bangladesh, including potential of business expansion and how competitiveness of the country could be enhanced.
Also read: BGMEA President seeks embassy support to boost RMG exports to Iraq
Vice President Miran Ali apprised the brands’ representatives of the key priorities of the industry and BGMEA to develop the sector’s capabilities.
BGMEA President seeks embassy support to boost RMG exports to Iraq
A delegation of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by President Faruque Hassan called on Ambassador of Bangladesh to Iraq H. E. Fazlul Bari at the embassy in Baghdad.
During the meeting, BGMEA President Faruque Hassan briefed the Ambassador on the current status of Bangladesh’s garment industry, its prospects, vision and key strategies for sustainable growth.
He maintained that new market exploration along with product diversification is one of the key strategies of BGMEA to achieve a target of $100 billion RMG exports by 2030.
Also read: BGMEA President visits shrine of Hazrat Sheikh Abdul Qadir Gilani
The delegations of BGMEA have been visiting promising markets as a part of its apparel diplomacy to promote the interests of Bangladesh’s RMG sector and enhance its brand image.
He thanked to Ambassador Fazlul Bari and his embassy officials for extending cooperation and support to the BGMEA delegation during the trip in holding important meetings with the Iraqi government ministers and trade associations to promote bilateral trade and investment.
Faruque Hassan expressed hope that the embassy would continue its diplomatic efforts to identify trade opportunities for Bangladesh in Iraqi market and assist BGMEA in boosting RMG exports to Iraq.
Also read: BGMEA, Iraqi Federation of Chambers keen to collaborate in promoting bilateral trade and investment
He called on the envoy to brand Bangladesh and its apparel industry through projecting the encouraging stories and potential to the high-level of Iraqi government and other stakeholders.
Ambassador Fazlul Bari assured the BGMEA delegation of the embassy’s continued support to seize trade opportunities in Iraqi market.
The delegation included Nazrul Islam, former Director, BGMEA; Mohammed Shohel, Managing Director, Bangla Poshak Ltd; Mohd Shawket Hossain, Director, Bangla Poshak; and Nisher Khan, Managing Director, Banika Fashion Ltd.
Also read: BGMEA President hopeful of expanding Bangladesh-Iraq trade, investment
Walton wins Super-Samakal award for ensuring fire safety
Walton Hi-Tech Industries PLC. has won the Super-Samakal 'Earthquake and Fire Preparedness Award-2023' for ensuring fire safety and earthquake preparedness and maintaining compliances at its workplace
Walton along with two other organizations and three journalists were given the award in a ceremony held at a hotel in the capital on Wednesday (August 23, 2023).
State Minister for Disaster Management and Relief Dr. Md. Enamur Rahman has handed over the crest and cheque to the awardees as the chief guest of the function, according to a press release.
Also read: Walton receives Tk 250cr orders from 'ATS Expo'
Walton Hi-Tech Industries PLC.'s Additional Managing Director S.M. Shoyeb Hossain Nobel and Senior Executive Director Mohammad Shahjada Salim received the award from the state minister.
The Strengthening Urban Public Private Programming for Earthquake Resilience (SUPER) project is a consortium project.
Actionaid Bangladesh, Dhaka Chamber of Commerce and Industry (DCCI), United Purpose and World Vision Bangladesh are implementing the project with financial support from European Union Civil Protection and Humanitarian Aid.
Also read: Walton is industrial icon of Bangladesh: Tipu Munshi
Samakal and Super Consortium jointly presented the award for the second time to raise awareness and encourage preparedness for earthquake and fire-related disasters.
This year, the Super-Samakal Media Awards were given to 3 organizations and 3 journalists in two categories of Institution and Media.
Walton Hi-Tech Industries PLC. was awarded as the champion in the Institution category.
Also read: Walton Mobile opens smart point at Shyamoli
The judges in this year's winning selection panel were Samakal's Advisory Editor Abu Sayeed Khan, pro-vice-chancellor of Bangladesh Open University Prof. Mahbuba Nasreen and Bangladesh University of Engineering and Technology (BUET) Civil Engineering Department's Professor Dr. Mehedi Ahmed Ansary.