local-business
BGMEA seeks uninterrupted energy supply by special arrangements
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested the government to make special arrangements to ensure uninterrupted supply of gas and electricity to the export-oriented factories in an effort to keep production unhurt.
BGMEA President Faruque Hassan made the request recognizing the energy crisis globally and its impact domestically including on the readymade garment industry.
He was speaking at a press conference at the BGMEA Complex which was arranged to brief the media about the “Made in Bangladesh Week.”
Read: BGMEA for shoring up Bangladesh-India interactions in apparel, textile
BGMEA Vice President Md. Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam and its Directors were present.
“Made in Bangladesh Week” will be organized by the BGMEA in partnership with Bangladesh Apparel Exchange (BAE) on November 12-18 to showcase the impressive stories of Bangladesh apparel industry as well as its continuous strive to pursue excellence.
Prime Minister Sheikh Hasina is scheduled to open the “Made in Bangladesh Week” on November 13.
The BGMEA President said the industry witnessed uninterrupted growth over the last one year – August 2021 to August 2022.
“We are observing with concern that the work orders have gradually been declining,” the BGMEA chief said, adding that the work orders have come down by 20-30 percent for the next season due to inflation and likely recession in Bangladesh’s two major export markets – Europe and the United States.
Faruque Hassan said the retailers have been struggling to adapt with the growing inflation and many brands are witnessing a declining trend of sales which ultimately increased their unsold stocks.
“Considering all these things, our exports might witness a negative trend in the coming months,” said the BGMEA chief.
Read: BGMEA seeks Netherlands' support for Bangladesh's smooth LDC graduation
The government imposed 1 percent source tax on export profits for the current fiscal. The BGMEA chief requested the government to keep it like the previous year (0.5 per cent).
The week-long initiative will present physical events comprising summits, expositions, exhibitions, awards, factory tours, cultural shows and networking.
It is a signature event of Bangladesh which is the world’s second largest apparel exporting country. The country exports ‘Made in Bangladesh’ apparel to over 160 countries in the world.
The ‘Made in Bangladesh Week’ aims to bring under one roof all the stakeholders of Bangladesh apparel industry to initiate collaborations as well as discuss prospects and roadmap for the future.
In addition, the event will work towards a collective promise of promoting sustainability and responsible business.
The week, alongside showcasing the strength of the country’s apparel industry, aims to identify future priorities and scopes of collaboration among the stakeholders to ensure Bangladesh remains as a preferred destination for global apparel sourcing, BGMEA said.
Made in Bangladesh Week will be a milestone event for Bangladesh apparel industry, it said.
Recognizing the importance of strengthening Bangladesh’s presence in the global fashion market and to initiate a greater collaboration with the global stakeholders for sustainable manufacturing and sourcing, BGMEA and BKMEA pursued IAF to organize the 37th World Fashion Convention in Bangladesh.
IAF has agreed to that proposition and the 37th World Fashion Convention will be hosted in Bangladesh in collaboration with BGMEA and BKMEA during 12-15 November 2022 at Radisson BLU Dhaka.
Nagad ED Shafayet Alam lauded by UK economy journal
UK-based economy journal ‘Business Tabloid’ has named Executive Director of Nagad Limited, Md. Shafayet Alam, as ‘Visionary Leader in Digital Finance’.
Md. Shafayet Alam, is the first individual from the Bangladesh fintech industry to get this accolade in the area of leadership.
Since 2019, ‘Business Tabloid’ recognizes globally renowned personalities based on their merits and the expertise they hold in their respective industry. Every year, nominations are evaluated by an independent committee chosen by the publication based on various criteria such as innovations, accomplishments, leadership, and contributions.
Also read: Nagad opens 11 new permanent service centers
This year, the publication honored and awarded 10 prominent leaders from all across the world who strived hard to bring revolutionary changes to their economies.
Shafayet, has over 26-year of an extensive career in the telecommunications, information technology, electronics and digital financial services (DFS) sector.
Expressing his thoughts on receiving the award, Md. Shafayet Alam, said he is honored and delighted that the prestigious publication recognized his contribution.
“Nagad has launched a number of game-changing initiatives that have significantly impacted the country's financial business environment. I am proud to have helped the journey of the world's fastest-growing fintech company,” he said.
Also read: A group has long been unhappy with Nagad's success: Jabbar
Notable award winners in 2022 include Mr. Matteo Boffa of Thaely, UAE, in the ‘Green Entrepreneur of the year’ category, Mr. Shahid Yousaf of SY Capital Estates – UAE in the ‘Outstanding Contribution towards Real Estate Industry’ category, Mr. Shahid Yousaf of SY Capital Estates – UAE in the ‘Outstanding Contribution towards Real Estate Industry’ category, Dr. Shanavas Koya of ADNOC Distribution – UAE in the ‘Best HR Transformational Leader’, Mr. Zaid Al Abdullatif from Oman in the ‘Outstanding contribution in the Banking Sector’ category, Mr. Christian Patouraux of Kacific Broadband Satellites Ltd – Singapore as the ‘Best Satellite Executive’, Mr. Abay Sarkulov of Development Bank of Kazakhstan in the Best Banking Chairman category, and many others.
Earlier in 2020 Business Tabloid awarded Nagad, as ‘the best digital financial service provider of 2020’.
MSMEs: Experts want realistic steps taken to enhance service quality, business development
Experts have said it is imperative to take realistic steps to enhance the quality of services and development of business for increasing productivity in the micro, small and medium enterprise (MSMEs) sector.
They suggested increasing direct investment for expanding business for women, easy availability of loans from banks and other financial institutions, and increasing the amount of loans for the private sector to overcome challenges in the MSMEs sector.
Read: BB revises cluster credit guidelines to boost small enterprises
The experts were speaking at the programme "Corporate Connect Event for MSMEs" at the city hotel Wednesday.
They also called for making the process of getting a trade licence easier and arranging training for entrepreneurs.
Bank accounts with Tk 1 crore and above now 1,08,457: Bangladesh Bank
The number of account holders with deposits of Tk 1 crore and above, has gone up to 1,08,457 as of June in Bangladeshi banks, amid the economic crisis.
Bangladesh Bank’s updated data revealed that at the end of June quarter, the number of accounts with Tk 1 crore and above deposit stood at 1,08,457. In March quarter, the number of these accounts was 1,03,597.
Read: Bangladesh Bank extends retention period to 30 days for repatriating export income
This means, the number of accounts with Tk 1 crore and above has increased by 4,860 in three months.
Economist and former governor of Bangladesh Bank, Dr. Salehuddin Ahmed, told UNB that it happened due to the country’s income and wealth inequality.
He said the rich are getting richer and the incomes of the lower-middle and middle-income people are shrinking.
At the beginning of this year, in the quarter of December 2021, the number was 1,00976. And a year ago in June 2021, the number of bank accounts with Tk 1 crore and above was 99,918.
Read: Saving electricity: Bangladesh Bank issues notice to close evening banking
According to the Bangladesh Bank report, the total number of depositors in the banking sector till June 2022 stood at 12,95,14,513. The deposit amount was around Tk 15.74 lakh crore.
The number of depositors till March 2022 was 12,73,52,893 and total deposits were Tk 15.15 lakh crore.
Bangladesh Bank extends retention period to 30 days for repatriating export income
Bangladesh Bank has extended the retention (holding) period to 30 days for repatriating export income in foreign currency, to make transactions more flexible.
Foreign Exchange Policy Department of Bangladesh Bank issued a notification in this regard today (September 6, 2022) and sent it to Authorized Dealers (ADs) bank for immediate effect.
The notification stated that to make trade transactions flexible, it has been decided to extend the retention time to 30 days, from 15, for utilization of the fund to settle import liabilities of relevant exporters.
Read: Social stability now economy’s main challenge: Planning Minister
The fund may also be transferred to other ADs, within this prescribed time of 30 days, for settlement of import payments and/or EDF liabilities against admissible bulk imports of relevant exporters, the Bangladesh Bank circular said.
It means, henceforth the exporting individual or organization will be able to hold dollars for up to 30 days, with which back-to-back letters of credit (LCs), other EDF and import liabilities can be settled.
At the same time, the saved income can be transferred to another bank.
Read How to safely send remittance to Bangladesh?
Before transferring funds, ADs need to satisfy their payment obligations by documentary evidence. ADs transferring the fund will make foreign exchange available to relevant ADs through foreign currency clearing accounts maintained with Bangladesh Bank.
IBBL holds meeting in UAE's Abudhabi
The Islami Bank recently organised a meeting with Bangladeshi expatriates at a hotel in the United Arab Emirates' Abu Dhabi.
Mohammed Monirul Moula, managing director and chief executive officer of the bank, was present at the programme as chief guest.
Read: FBCCI-led 62-member delegation in India to elevate bilateral trade ties
Saturday, the Islami Bank organised a meeting with Bangladeshi expatriates at a hotel in Saudi Arabia's Jeddah.
The Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.
FBCCI-led 62-member delegation in India to elevate bilateral trade ties
To elevate bilateral trade ties, a 62-member business delegation led by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) reached India Monday.
The delegation, headed by FBCCI President Md Jashim Uddin, is in India on a four-day visit as an entourage of Prime Minister Sheikh Hasina.
It will participate in the meeting "New Horizons of India Bangladesh Economic Relations" with the Federation of Indian Chambers of Commerce and Industry (FICCI) Tuesday.
Wednesday, a meeting will be held between the FBCCI and the Confederation of Indian Industry (CII). In the evening, FBCCI is scheduled to participate in the India-Bangladesh Business Forum organised by the Associated Chambers of Commerce and Industry of India (Assocham).
Read: BGMEA, IICCI, Sowtex team up to make textile sourcing easier for Bangladesh
The delegation includes former FBCCI president Md Shafiul Islam MP, Abdul Matlub Ahmad, FBCCI Senior Vice-President Mostofa Azad Chowdhury Babu, Vice-President MA Razzak Khan Raj, former director Selima Ahmad MP, Bashundhara Group Chairman Ahmed Akbar Sobhan and FBCCI Director Khan Ahmed Shuvo MP.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Executive President Mohammad Hatem, and Business Initiative Leading Development (BUILD) Chair Nihad Kabir are also part of the delegation.
Nagad opens 11 new permanent service centers
Through the opening of 11 additional 'Nagad-Sheba' points, the Bangladesh Postal Department's mobile financial service Nagad’s service centers are now available in a total of 45 locations across the country.
With the expansion of ‘Nagad-Sheba’ to 11 additional places in Bangladesh, officials anticipate that customers will now receive more services.
Previously, Nagad was operating 34 'Nagad-sheba' to seamlessly solve various customer concerns making their experience more pleasant. This time, 11 additional service centers have been established to improve and increase the service, says a press release on Monday.
Dinajpur, Jhenaidah, Brahmanbaria, Feni, Bhola, Patuakhali, Netrakona, Sirajganj, Narsingdi, Rangamati, and Chandpur district head post offices are among the 11 new service centers.
Read: A group has long been unhappy with Nagad's success: Jabbar
45 'Nagad-Sheba' centers are now accessible to the customers. These are Dinajpur, Jhenaidah, Brahmanbaria, Feni, Bhola, Patuakhali, Netrakona, Sirajganj, Narsingdi, Rangamati, Chandpur, Dhaka GPO, Khulna GPO, Chattagram GPO, Rajshahi GPO, Barisal, Tongi, Banani, Khilgaon, Mirpur, Sylhet, Narayanganj, Rangpur, Comilla, Jessore, Mymensingh, Gazipur, Bogra, Jigatala, Uttara, Savar, Faridpur, Panchagarh, Tangail, Cox's Bazar, Bandarban, Gopalganj, Noakhali, Magura, Barguna, Manikganj, Jamalpur, Naogaon, Satkhira and Nagad Sheba center at Nagad head offices.
Meanwhile, the service will be available from 9 am to 4 pm every day at the Nagad head office. Besides, all ‘Nagad-Sheba’ will be open from 8 am to 3 pm as per the government’s directives.
With the launch of these 11 additional ‘Nagad Sheba’, the Nagad service has been expanded across 8 divisions of Bangladesh. Also, customers will now have access to ‘Nagad-Sheba’ in 37 districts across the nation.
Customers will receive assistance in setting or resetting their PIN at the ‘Nagad-Sheba’ centers. In addition, KYC re-submission and information can also be updated there. All services associated with the 'Nagad' account will be offered. Moreover, consumers can submit any complaints or feedback to this service center.
These service locations serve an average of 120 people each day. Now, an average of 5,400 consumers each day can avail any Nagad services. During the disbursement of the government safety net, each service center handles an average of 1,500 customers every day. On average, around 68,000 customers will receive direct assistance at these service centers each day across the nation. At the same time, employees in Nagad-Sheba were further increased.
Read: Nagad launches Tk10 mobile phone airtime recharge offer
Commenting on the opening of additional service centers Shihab Uddin Chowdhury the Chief Sales Officer of Nagad, stated, "Nagad is continuously striving to make the customer's experience simpler. This endeavor has yielded a variety of digital services so far. Now, users may access all services, including account opening, from the comfort of their own homes. Nonetheless, we are increasing our physical customer service center through which, we want all of our customers to have access to Nagad as per their requirements. These service centers will provide all the necessary services. Beyond this, our customer service helpline is open 24/7/.”
How BYLC’s Art and Practice of Leadership workshop is changing the approach to leadership
“I would always wonder if leadership can be taught or if it is an inherent trait,” says Almeer Ahsan Asif. “My perception on leadership and values changed completely after I enrolled in the first cohort of BYLC’s Art and Practice of Leadership workshop.”
Through APL, Almeer learnt that practicing leadership is far more important than being a leader. Anyone can practice leadership, regardless of their age, gender, or socio-economic status. Formal authority is not required to practice leadership.
So, what exactly is this Art and Practice of Leadership that has completely upturned perceptions of thousands of youth like Almeer, who previously were more inclined to give more importance to the role a person held as opposed to the work itself?
Read: BYLC launches development sector-focused career expo in Dhaka
Conceptualized at Harvard University, the Art and Practice of Leadership or APL is a 3-day-long workshop that allows participants to embark on a stimulating introspective journey that develops their leadership potential while acquiring new skills to keep up with a rapidly changing world. Apart from leadership, participants are trained on communication through public speaking, emotional intelligence, problem-solving, and critical thinking skills.
Work, as per this workshop, is always at the center. “The work is more important than the person. It’s not about who is getting the work done but about getting it done. Throughout my career, I’ve given more importance to my work than my position,” says Almeer.
While still a student of Electrical and Electronic Engineering at AIUB, Almeer came to know about the first APL workshop of BYLC. As he was already engaged in various social activities and was involved in work that required leadership, he thought to give the workshop a try. At the very least, he would get a certificate. He didn’t anticipate the program to change the way he thought or the way he addressed problems.
Read: BYLC Ventures hosts Cohort 5 selection bootcamp
He decided to shift to the teaching route; he joined the Teach for Bangladesh fellowship after graduating from AIUB. He taught at Amtoli Staff Welfare School in Mohakhali for two years as a fellow in the inaugural cohort. Later, he joined the curriculum development team of BYLC as an Assistant Manager. In 2017, he received an Executive Education on the Art and Practice of Leadership Development from Harvard University.
Almeer currently acts as the Senior Manager of the Skills Development and Training wing, leading a five-year long project and five departments of BYLC. His students have gone on to make major impacts on their fields, be it the public, private, or civil sectors.
Almeer believes that APL has an unique role in training the millions of graduating students of Bangladesh who, despite their grades, may not have the skills or confidence to demonstrate their employability in the job market. Explaining the importance of learning leadership in career development, Almeer said, “From my days in Harvard, I recall what a CEO of an organization told me. He said, ‘Look, I’ve been in the top position in an organization for 15 years, but I never managed to lead. I only performed the duties attached to the position.’ We want to imbibe our graduates with the passion to learn, grow, and lead.”
Read BYLC Ventures opens applications for 5th cohort
He goes on to add, “Through BYLC’s APL course, the scope of skills development truly expands. In addition to learning about several technical aspects, it becomes easier to find solutions to various problems. There’s so much more to think about beyond your own boundaries.”
So if you think this is right for you, join BYLC's 29th cohort of Art and Practice of Leadership workshop. Please visit bylc.org for more information.
IBBL holds meeting in Saudi Arabia's Jeddah
The Islami Bank organised a meeting with Bangladeshi expatriates at a hotel in Saudi Arabia's Jeddah Saturday.
Mohammed Monirul Moula, managing director and chief executive officer of the bank, was present at the programme as chief guest.
Teachers, engineers, doctors and business people, and other members of the Bangladeshi community in Jeddah attended the programme.
Read: Robi launches sales academy
The Islami Bank is a joint venture public limited company engaged in commercial banking business based on Islamic shariah.
Established in 1983 as the first Islamic bank in southeast Asia, it is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange.