United News of Bangladesh

The Board of Directors of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) led by its President Shabbir A Khan had a courtesy call on Zunaid Ahmed Palak, State Minister for the Ministry of Post, Telecommunication, and Information Technology, to discuss potential technological collaboration and investment opportunities between Bangladesh and Malaysia. President Shabbir briefed Palak about their recent visit to Malaysia. During the visit, the BMCCI delegation had the privilege of engaging in dialogues on various bilateral issues with prominent figures including the Chief Executive Officer and Senior Officials of Malaysia Digital Economic Corporation (MDEC). The discussions focused on the need for a mutually beneficial partnership in the areas of technology transfer and skill development, said a media release. The BMCCI President also informed the junior minister about the participation of the BMCCI delegation in the prestigious SEMICON SOUTHEAST ASIA 2024 exhibition comprising leading industrial personalities and technical experts, who attended the event and engaged with the Malaysian semiconductor industry. The BMCCI delegation also visited the Malaysian Institute of Microelectronic Systems (MIMOS), the national R&D center of Malaysia, to gain insights into their research and development capabilities and skill development programs. The delegation was highly impressed by the state-of-the-art facilities and laboratories at MIMOS and recognized the potential for joint training programs, knowledge-sharing platforms, and collaborative projects between Malaysia and Bangladesh to enhance the semiconductor ecosystem. Shabbir stated that the development of a robust semiconductor ecosystem is a crucial element in Bangladesh's quest to achieve the "Smart Bangladesh" vision by the Prime Minister. He added that Bangladesh has strength in the upstream design and engineering aspects of the semiconductor industry, while Malaysia's capabilities lie in the downstream manufacturing and packaging domains. Palak commended the efforts of the BMCCI in bridging the technological potential between Bangladesh and Malaysia. He expressed his support for shared investment growth, where both countries can simultaneously benefit, and emphasized the need to draw the attention of Malaysian investors to consider Bangladesh as an attractive investment destination. The state minister expressed his eagerness to leverage these capabilities between the two countries. The Minister assured the BMCCI that his ministry will extend its full support to further develop the semiconductor ecosystem in Bangladesh. He expressed his willingness to explore joint training programs, research collaborations, and other knowledge-sharing initiatives between Bangladeshi and Malaysian institutions to build a robust talent pool of engineers and drive technological advancements in this sector. Palak shared his plan to establish a “Bangladesh IT connect portal-Malaysia” to facilitate direct communication between businesses and potential investors and emphasized the importance of this platform in promoting investment opportunities and strengthening the technological collaboration between the two countries. He stated that the portal will serve as a one-stop-shop for investors, providing comprehensive information on investment policies, tax incentives, and available infrastructure in Bangladesh. It will also enable seamless networking and matchmaking between Bangladeshi and Malaysian companies. Palak also said that BMCCI will be the Bangladesh Contact Point for this "Bangladesh IT connect portal-Malaysia" initiative, underscoring the chamber's pivotal role in fostering technological collaboration and investment between the two countries. The BMCCI expressed its full support in the development and promotion of this IT connection portal. The chamber pledged to leverage its extensive network of members and stakeholders to ensure the portal's success and drive active engagement between the business communities of Bangladesh and Malaysia. The BMCCI president assured Palak that the business body will work closely with the relevant government agencies to provide all necessary assistance in establishing and maintaining the portal as a robust platform for accelerating technological cooperation and investment flows between the two countries.

A business delegation from China, comprising representatives from leading garment and textile companies visited the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Tuesday. The BGMEA side was headed by its President S. M. Mannan (Kochi) while the Chinese delegation was represented by Xu Jinshan, President of Fujian Qunfeng Machinery Co., Ltd. BGMEA Vice President (Finance) Md. Nasir Uddin, Directors Rajiv Chowdhury and Md. Jakir Hossain, were also present at the meeting. The meeting was also attended by Solaiman, Director, M & H Corporation (Pvt) Ltd. From Chinese delegation, Xu Jinshan, Chen Qi Ping and Yang Ming Ming spoke at the meeting. The discussions centered on exploring trade and investment opportunities between Bangladesh and China, particularly focusing on enhancing cooperation in the textile and apparel industries. Both sides highlighted the potential for expanding business ventures, with a specific emphasis on Bangladesh’s capabilities in producing high-value, man-made fiber-based garments and its ongoing efforts to upgrade technological infrastructure. The BGMEA leaders highlighted Bangladesh’s growing emphasis on producing high-value products, particularly man-made fiber-based garments and upgrading technology and machinery to enhance capabilities in manufacturing more high-value garments. They also emphasized on the prospect of Chinese investment in high-end textile and backward linkage industry in Bangladesh, saying it would benefit both sides. They expressed optimism about collaborative efforts aimed at increasing the country’s garment production capacity through knowledge exchange and technical skill enhancement.

Young entrepreneurs have called for the introduction of a single-point licensing system and district-wise training programs to foster entrepreneurial opportunities across the country. They also sought government support for organizing and showcasing their products and services without facing harassment. This demand was made during a meeting of the FBCCI’s Standing Committee on Young Entrepreneurs held at the federation building in Motijheel on Monday. FBCCI President Mahbubul Alam, the chief guest at the meeting, emphasized the importance of honesty, sincerity, and a strong vision for aspiring entrepreneurs. Before becoming an entrepreneur, one should work with honesty and sincerity by fixing a strong vision. Then the young entrepreneurs will be the life force of the economy, Alam said. Chairman of the committee and managing director of Dhaka Resort Limited, Mohammad Sajibul Al-Rajib, presided over the meeting. Senior Vice President of FBCCI, Md. Amin Helaly, highlighted the potential of the country’s young workforce, noting that they are a great strength for Bangladesh. Global business is constantly changing. The young generation of the country should contribute in this regard, Helaly remarked. Kawsar Ahmed, the director in charge of the standing committee, pointed out the challenges young entrepreneurs face, particularly the complexities of obtaining licenses from different agencies. With certificate facilitation and necessary financing, young entrepreneurs can make a big contribution to the country, he added. Professor Rafiuddin Ahmed of Dhaka University presented at the meeting, underscoring the importance of young entrepreneurship in Bangladesh.

All types of bank transactions in the country will remain closed on Monday, as July 1 is designated as a bank holiday every year. At the same time, there will be no transactions on the Dhaka Stock Exchange and the Chittagong Stock Exchange since all banks will remain closed. However, the main offices and important branches of all banks, including Bangladesh Bank, will remain open. Sources said that on July 1, the half-yearly financial reports are prepared by consolidating accounts from various branches of the banks nationwide. That is why this day is considered a 'bank holiday'. On this day, banks do not make any kind of transaction or official activities with Bangladesh Bank or other bank customers. Similarly, 31 December is also observed as a bank holiday. On that day the banks complete the accounts of the calendar year and prepare the annual financial report. The Bangladesh Bank declares these two days as "bank holidays" in the annual list of public holidays. On these two days, banks are open only for internal business, with no transactions taking place.  

The Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) organized a BizTech delving into the transformative potential of Generative Artificial Intelligence (AI) and its profound implications for businesses. The event on "Evolving Business with Generative A.I." took place on Saturday at the BMCCI Secretariat in Dhaka. The keynote speaker Nadia Mushtary, an AI Communicator and Enthusiast and Researcher in Nuclear Engineering at the Bangladesh University of Engineering and Technology (BUET), captivated the audience with her deep expertise and unwavering passion for the transformative potential of Generative AI. Local Rhythm Group to partner Titan for Tanishq’s expansion into Bangladesh BMCCI President, Shabbir A Khan, warmly welcomed the participants and introduced the distinguished speaker. "This BizTech is a testament to our unwavering commitment to providing a dynamic platform for business professionals to explore emerging technologies, share invaluable insights, and discover innovative strategies to drive growth and success in the evolving digital era," he remarked. During her insightful presentation,  Mushtary highlighted the ways in which Generative AI can revolutionize business operations, enhance marketing experiences, and unlock new avenues for innovation. The audience was deeply engaged, and actively participated in the thought-provoking discussions that followed, eager to harness the power of these cutting-edge technologies. ERF seminar ponders scope for Competition Commission and media to cooperate on improving business environment Barrister Sumaiya Noor Chowdhury, director of BMCCI, orchestrated the event ensuring a seamless and enriching experience for all in attendance. "Barrister Chowdhury's dedication and exceptional event management skills have been instrumental in making this BizTech a resounding success," commented Khan. BMCCI President  Shabbir A Khan and Barrister Sumaiya Noor Chowdhury distributed the certificates to the participants.

EquityBD, a think tank, on Saturday said that another Padma Bridge can be financed if black money and capital flight is reduced by 2 percent in the country. But instead of taking effective initiatives to stop corruption, the government is giving an opportunity to legitimize black money through 15 percent tax. It encourages corruption and financial irregularities; which will further increase the spread of black money. The speakers said these things at a press conference held at the Auditorium of Economic Reporters Forum (ERF) in Paltan in the capital on Saturday. The organisation arranged this press conference on stopping corruption and preventing money laundering. EquityBD was partnered with six other like-minded organizations in organizing the press conference. These are the Bangladesh Farmers Federation, CSRL, NDF, Sundarbans Protection Movement, Trinamool Development Organization, and Water Keepers Bangladesh. Director of Coast Foundation Md Ahsanul Karim presented the main speech at the press conference. Chief of EquityBD Rezaul Karim Chowdhury moderated the event. Coordinator of Water Keepers Bangladesh Iqbal Faruque, President of Bangladesh Farmers Federation ASM Badrul Alam, Associate Professor of Sher-e-Bangla Agricultural University Mir Muhammad Ali, Executive Director of NDF Ibnul Syed Rana and Joint Secretary of ERF Mizanur Rahman also spoke at the press conference. Rezaul Karim Chowdhury said that about Tk2.92 lakh crore of income tax is evaded in Bangladesh every year. This money could double social security programs for the poor or quadruple the per capita health allocation. It is possible to build a few Padma Bridges, he said. Urging the government to be strict against corruption, Rezaul said, government officials should introduce rules for filing asset declarations on an annual basis. And if corruption is detected, exemplary punishment must be ensured. Mir Mohammad Ali, assistant professor of Sher-e-Bangla Agricultural University, said that currently there is talk of reducing subsidies in various fields. But the existing subsidies for public welfare should not be reduced; Rather, the government should provide more subsidies for life-saving services like water, health, and electricity to improve the quality of life of the underprivileged.

Bangladesh Competition Commission (BCC) and media can together play an important role in building a competitive business environment and ensuring fair business practices in the country.  In this regard, the BCC is ensuring fair competition by preventing anti-competitive behavior such as monopolistic market arrangements or cartels, which is helping to drive the country toward sustainable economic growth through innovation and productivity growth. Pradip Ranjan Chakraborty, Chairperson of the BCC said this while speaking as the chief guest at a seminar on ‘Implementation the BCC Act and Role of Media to Establish a Fair Competition in the Market’, held at the Auditorium of the Economic Reporters’ Forum (ERF) on Saturday. The BCC and ERF jointly organized the event. The BCC Chairperson said the commission's efforts in promoting fair competition, market efficiency, consumer protection, and strong institutions are contributing significantly to the development of Bangladesh. “To maintain a fair competitive environment in business, the Commission has strengthened the market monitoring system and is properly conducting the investigation of cases filed for anti-competitive activities,” he pointed out. Md. Hafizur Rahman, a member of BCC, in a presentation highlighted the implementation of ‘The Competition Act 2012’. The BCC filed 97 cases, of which 51 cases were disposed of through fines and punishment. Besides, the commission issued 74 ‘Sue Moto cases observing abusing the Commission Act by different companies, he said. He emphasized that the consumer will get the best product at a competitive price if ‘The Competition Act’ is implemented fully. The BCC members Sowdagar Mustafizur Rahman and Salma Akhter Jahan, ERF president Mohammad Refayet Ullah Mirdha, senior journalists Abdul Hannan, SM Jahangir, Salauddin Bablu also spoke in the program. ERF joint secretary SM Mizanur Rahman moderated the event.  

International Chambers of Commerce Bangladesh (ICCB) President Mahbubur Rahman has said since the Russia-Ukraine war broke out in February 2022, Bangladesh has been experiencing economic crisis due to escalated prices of global commodities since the country's foreign currency reserves depleted fast amid higher import bills. The recent Middle East tension is also hurting the economy as the dollar crunch shows no signs of disappearing, forcing the Bangladesh Bank to maintain import restrictions, squeezing supply, he noted. The World Bank has forecast Bangladesh's real GDP growth to remain relatively subdued at 5.6 percent in FY24, compared to the average annual growth rate of 6.6 percent over the decade preceding the Covid-19 pandemic, said the ICCB President while presenting the Executive Board report at its 29th Annual Council held in Dhaka on Saturday. Bangladesh's economy made a strong turnaround from the COVID-19 pandemic, but the post-pandemic recovery continues to be disrupted by high inflation, a persistent balance of payments deficit, financial sector vulnerabilities, and global economic uncertainty, according to the World Bank twice-yearly-update released on 2 April 2024. ICCB Executive Board suggested addressing some key issues to minimize post- graduation challenges. These are : Bangladesh needs significant structural reforms to address the complex set of challenges on its path to achieving Upper-Middle-Income-Country status by 2031; In anticipation of this transition, Bangladesh needs to adopt policies to boost trade competitiveness and broaden its participation in bilateral and multilateral free trade agreements; Creating an efficient resolution framework for NPLs is urgently needed to maintain financial stability and revive private sector credit; Bangladesh currently collects approximately half of its potential revenue, given its economic structure, level of development, and trade openness. The low revenue collection significantly limits the fiscal space necessary for critical public investments in sectors such as energy, transportation, municipal infrastructure, human capital development, and social sector spending to support vulnerable sections of the population; Urgent monetary reform and a single exchange rate regime will be critical to improve foreign exchange reserves and ease inflation; To attract foreign investments and ensure a sustained growth path, Bangladesh needs to focus on governance, legal predictability, and building a stable legal environment; As Bangladesh steps into 2024, it faces macroeconomic challenges, but the indicators suggest a positive outlook. The nation must continue diversifying its economy, invest in infrastructure, both physical and digital, and focus on human capital development; with the right strategies, Bangladesh can emerge as a shining star in Asia, according to ICCB. The people's resilience, coupled with a government committed to overcoming obstacles, positions the country for positive outcomes. Another challenge will be navigating external economic policies in an increasingly complex global order, this will not be easy for a least developed country (LDC) like Bangladesh. So, to maintain balanced economic relations with countries like China and the US will be crucial. The Council also mentioned that geopolitical tensions have become the single most important risk confronting the global economy. The Council approved the Audited Accounts for 2023 and appointed an Auditor for the year 2024. The Council also announced the New Executive Board of ICC Bangladesh for the period April 2024 to March, 2026. Resident Coordinator Gwyn Lewis, ADB Country Director Bangladesh Edimon Ginting and UNICEF Bangladesh Acting In-charge Farook Doomun attended the Council meeting as special guests, said the ICCB.The Council meeting was attended, among others, by ICCB Vice President A. K. Azad M.P.; FBCCI President Mahbubul Alam; DCCI President Ashraf Ahmed; MCCI President Kamran T. Rahman; CCCI President Omar Hazzaz; BIA President Sheikh Kabir Hossain; Shohagpur Textile Mills Limited Chairman & CEO Abdul Hai Sarker; Evince Group Managing Director Anwar-ul-Alam Chowdhury (Parvez); IOE (Bangladesh) Limited Chairman Aftab Ul Islam, FCA; Senior Partner, Islam Aftab Kamrul & CO AKM Kamrul Islam, FCA.; MB Knit Fashion Ltd Managing Director Mohammad Hatem; Mir Nasir Hossain Managing Director Mir Akhter Hossain Limited; Plummy Fashions Limited Managing Director Md. Fazlul Hoque; Muhammad A. (Rumee) Ali, Chairman, ICCB Banking Commission & Vice Chairman, BIAC; ICCB Secretary General Ataur Rahman & ICCB Members : Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank PLC; Md. Monzur Mofiz, Managing Director, One Bank PLC; Mosleh Uddin Ahmed, Managing Director, Shahjalal Islami Bank PLC; Mohammad Shamsul Islam, Managing Director, National Housing Finance PLC; Mohammed Salim , Chief Executive Officer, Eastland Insurance Company Limited; Khawza Manzer Nadeem, Managing Director, United Insurance Company Limited; Mohammed Furrukh Rahman Head Of Chambers, Rahman’S Chambers; K A M Majedur Rahman, Chief Executive Officer, A. K. Khan & Company Ltd.; Asif A. Chowdhury, Managing Director, Bay Consolidation (Pvt.) Limited; Mujibul Cezanne Hasan, Country Director, Swisscontact & S. M. Moinul Islam, Managing Director, Tyser Risk Management Bangladesh Limited (TRMBL).

The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) sought enough air cargo to expand the export of fruits, vegetables, and other agricultural products. Traders and exporters of agriculture sector demanded to keep the airfare or freight cost at a reasonable level to survive in the competition in the export market. They also gave their opinion in favor of introducing a dedicated cargo system for transportation of perishable agricultural products. Traders and exporters of agriculture sector said this in the first meeting of Standing Committee on Import and Export of Fruits and Vegetables held at Motijheel office of FBCCI on Thursday . Chairman of the committee and managing director of Mansoor General Trading Company Mohammad Mansoor presided over the meeting. FBCCI Director Sirajul Islam served as the director-in-charge of the committee. FBCCI President Mahbubul Alam virtually joined the meeting as the chief guest. Mahbubul said that the cost of import and export of goods is increasing due to the dollar crisis, increased airfare, customs, and various complications related to the HS code. Due to this, the cost of running the business is also increasing. He also said that FBCCI has already held high-level discussions with the government to eliminate problems related to the import and export of goods.

State Minister for Commerce Ahsanul Islam Titu today announced that Bangladesh is set to sign an agreement with Myanmar, in addition to India, to import essential goods. He added that the Trading Corporation of Bangladesh (TCB) will be signing the agreement on behalf of the government. While speaking at a programme organised by the Bangladesh Secretariat Reporters Forum (BSRF), held at the Secretariat, the state minister said, “We are going to sign an agreement with India to import daily essentials to ensure a smooth supply. Besides, we’ll also sign a deal with Myanmar to bring essential commodities and extend the river transport communication. We have almost finalised an agreement in this regard. We will try to sign the agreement in July,” he said. Onion, pulse and other daily essentials can be imported from Myanmar, he added. “We have one goal, that is to give some relief to the common people. To some extent, we can keep the market moving. That is why we are taking these steps,” said Titu. Inflation was highest in 2022-23 fiscal: State Minister for Commerce Noting that a number of land ports have been opened, the state minister said, “Along with land ports, we have given importance to border haat (markets). We have borders in many remote areas where we have initiated some “border haat” to increase the facilities of the people living there.” Replying to a question about whether the price of potato and onion – being sold at Tk 70 and Tk 90-95 per kg – is normal, the state minister said there is an adequate supply of potato and onion in the market and the price is normal. “The price of any product depends on the supply and demand in the market and if we can supply the product, the price will come down automatically,” said the state minister, adding, “We have to consider the market price of potatoes and onions until there is an ample supply.” BSRF president Fasih Uddin Mahtab and its general secretary Masudul Haque administered the programme. No intention to fix new price for edible oil before Eid: State minister for Commerce