United News of Bangladesh

Foreign investors in Bangladesh called for an uninterrupted supply chain and quicker cargo clearance processes, emphasizing these as crucial for smoother business operations. At a seminar organized by the Foreign Investors' Chamber of Commerce and Industry (FICCI) in partnership with the Embassy of the Republic of Korea, investors also highlighted the need for asset security against financial risks and protection from factory-related violence. Held in a Gulshan hotel, the seminar titled "Korea-Bangladesh Economic Cooperation" brought together leaders and officials to discuss a forward-looking economic collaboration model between South Korea and Bangladesh. BSEC to form committee for reducing time of maturating transaction in stock market Adilur Rahman Khan, Adviser to the Ministries of Industries and Housing & Public Works, attended as the Chief Guest, underscoring the government’s commitment to fostering international business relations. Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Export Processing Zones Authority (BEZA), served as the Special Guest. “Strengthening economic ties with Korea is vital for Bangladesh's development,” Khan said. “This seminar lays the groundwork for a collaboration that will benefit both nations and enhance investment opportunities.” Chowdhury Ashik Mahmud Bin Harun echoed the sentiment, expressing optimism about South Korean investments. “We are excited about the prospects of Korean investment in our industries, particularly in sectors like manufacturing and technology. Together, we can create a robust framework for economic growth,” he said. DSE sees early gains with Tk 192 crore traded in first 1.5 hours The event featured key figures from the Korean Embassy, Korea Trade-Investment Promotion Agency (KOTRA), KBCCI, KExim Bank, KIND, and representatives from various Korean and Bangladeshi businesses. They collectively explored avenues to deepen economic cooperation and foster investment opportunities. FICCI President Zaved Akhtar acknowledged the Embassy of the Republic of Korea and the Korea-Bangladesh Chamber of Commerce & Industry (KBCCI) for their partnership in organizing the event. Akhtar emphasized that a collaborative approach between FICCI and international stakeholders is essential to drive innovation and development, thus unlocking new investment avenues in Bangladesh. Shahab Uddin Khan, President of KBCCI, expressed gratitude to FICCI for its dedication to promoting international economic ties, which, he noted, are essential in attracting more foreign direct investment (FDI) into Bangladesh. “Seminars and dialogue like these serve as vital platforms for driving economic cooperation,” he remarked. “Looking ahead, the KBCCI is eager to continue partnering with FICCI to champion the interests of businesses and promote economic growth in the region.” Keynote speaker Samsoo Kim, Director General of KOTRA, presented on "Increasing FDI in Bangladesh through Korea's Success Factors," offering insights based on Korea’s own successful FDI strategies. He highlighted the importance of strengthening trade and investment ties, emphasizing that Bangladesh could benefit significantly by adopting similar policies.

Islami Bank Bangladesh PLC has promoted its 6 officials as deputy managing directors to bring back dynamism to the operation of the bank. A top executive of the bank told UNB that after the political changeover, the bank's board of directors are working to regain the image of Islami Bank by restoring the trust of customers. For this, honest and hardworking officials remained outcast earlier by S Alam Group. But the new board of directors is working to choose hardworking officials to bring in front-line operations.   He said Islami Bank has created a large number of honest and trusted manpower to operate the bank, who were deprived and faced mental torture by S Alam Group. Now the authorities decided to reward them in their jobs. Newly promoted six deputy managing directors of the bank-Mahmudur Rahman, Md Rafiqul Islam, Muhammad Sayeed Ullah, K.M Munirul Alam Al-Mamoon, Dr M. Kamaluddin Jasim and Md Maksudur Rahman. have been promoted as Deputy Managing Directors of Islami Bank Bangladesh PLC. Earlier they were serving as Senior Executive Vice Presidents of the bank. Mahmudur Rahman is working as the head of Dhaka Central Zone. He joined the bank as a probationary officer in 1995. He had qualified for the Certified Documentary Credit Specialist (CDCS) degree from the London Institute of Banking & Finance (LIBF) in 2010. He obtained his Master's Degree in Political Science from Dhaka University and later MBA degree in finance and banking. Md Rafiqul Islam is working as the head of International Trade Wing. He joined the bank as a senior officer in 1998 and served as CAMLCO as well as the head of Investment Administration Division. He obtained his MBA degree from the Institute of Business Administration (IBA) of Dhaka University. Muhammad Sayeed Ullah is working as the Head of the Special Investment Wing. He joined the bank as a probationary officer in 1992 and served as the head of various divisions of head office, zones, and branches including the Human Resources Wing, Investment Management Wing, and Retail Investment Wing. He obtained an Honors and Master’s Degree from Islamic University, Kushtia, and later an MBA degree in Human Resource Management (HRM). KM Munirul Alam Al-Mamoon has been working as the Principal of Islami Bank Training and Research Academy. He joined the Bank as a Probationary Officer in 1992 and held important positions in various divisions of head office and branches. He qualified the Certified Documentary Credit Specialist (CDCS) degree from the London Institute of Banking & Finance (LIBF) in 2009.  He obtained his MBA degree in Finance from North South University in 2006.  Dr. M Kamal Uddin Jasim is working as CAMLCO and Head of the Operations Wing of the bank.  He joined the bank as a probationary officer in 1992 and served as head of various divisions of head office and branches. He completed honors and a Master Degree from Dhaka University in Mass Communication and Journalism.  He obtained his PhD degree in Economics from Rajshahi University in 2005. Md Maksudur Rahman is working as the head of the Internal Control and Compliance Wing of the bank.  He joined the bank as a Probationary Officer in 1995 and served as Head of the Development Wing, Financial Literacy Wing, and Foreign Remittance Division. He obtained BSS (Hons) and MSS degrees in Political Science from Rajshahi University.

Bangladesh Bank Governor Dr. Ahsan H. Mansur has officially taken charge as Chairperson of the SAARCFINANCE Network, marking a significant leadership role for Bangladesh within the regional economic collaboration. Dr. Mansur assumed this position at the 46th SAARCFINANCE Governors’ Group Meeting held on October 24 in Washington, D.C., where he formally accepted the role from the previous Chair, the Central Bank of Sri Lanka. Bangladesh will now serve as the SAARCFINANCE Chair Country for the next year, from November 2024 to October 2025. Weak banks’ deposits returning to positive trend, none should panic: Governor Ahsan Mansur This chairmanship follows a decision from the 45th SAARCFINANCE Governors' Group Meeting in Sri Lanka in June 2024, where Bangladesh agreed to lead in response to a request by the SAARC central banks’ governors. According to SAARCFINANCE terms, two Governors' Group meetings are held annually, involving central bank governors and finance secretaries from SAARC member nations. Traditionally, the first meeting is hosted by the Chair Country, with the second coinciding with the annual IMF-World Bank meetings in October or November. Central bank won't provide 'illegal liquidity support' to banks: Governor Ahsan Mansur SAARCFINANCE, which originated from the 10th SAARC Summit in Colombo on July 29, 1998, was created to strengthen regional cooperation in economic and financial matters. The network aims to facilitate collaborative macroeconomic policies and provide a platform for sharing insights and strategies tailored to regional needs, as outlined in a press release.

The 117th draw of Tk 100 prize bonds took place on Thursday. The first prize of Tk 6 lakh was awarded to the number 0806964, while the second prize of Tk 3.25 lakh went to the number 0144370. The event was held in the conference room of the Dhaka Divisional Commissioner's office, chaired by Divisional Commissioner Sharaf Uddin Chowdhury. The third prize of Tk 1 lakh was won by two numbers: 0307973 and 0922432. Additionally, the fourth prize of Tk 50,000 was awarded to the numbers 0578366 and 0989676.

Commerce Adviser Dr. Salehuddin Ahmed said on Thursday that the government's measures to breathe life into the domestic industry are proving effective. “This is leading to increased confidence among businessmen, and as a result, our reserves are growing and the country's economy is on the rebound,” he said. The adviser made the remarks during a special review meeting held on Thursday afternoon in the conference room of the Ministry of Commerce. The meeting was attended by leading business figures from across the country, along with senior officials from the Ministry. Dr. Salehuddin noted that while it’s not feasible to achieve everything in just three months, the government is actively working towards progress. He emphasized, “Regardless of the political landscape, we will continue to serve the country for as long as we can.” He highlighted the government’s commitment to prioritizing the food, energy, fertilizer, and pesticide sectors, assuring that there will be support for the private sector in these areas as part of ongoing efforts to foster its development. Business leaders expressed their appreciation for the government’s initiatives to rejuvenate domestic industry. They also called for the establishment of a one-stop service center to facilitate private sector growth, called for a reduction in import duties on medicines, leather, garments, and other industries, and emphasized the need for a reliable supply of gas and electricity. The attendees included Commerce Ministry Secretary Mohang Salim Uddin, Square Group Managing Director Tapan Chowdhury, Incepta Pharmaceutical Chairman Abdul Muktadir, Apex Group Managing Director Syed Nasim Manzur, and Pran Group Director Uzma Chowdhury.

Dr. Debapriya Bhattacharya, head of the committee tasked with preparing a white paper on Bangladesh’s economy, has attributed the country’s ongoing economic fragility to "arbitrary politics and an illegal economy." He emphasized that attempts to institutionalize a lawless economic system during the previous regime have deepened today’s economic challenges. Speaking at a meeting with the Economic Reporters Forum (ERF) held at the Planning Commission on Thursday, Dr. Debapriya said that a significant amount of capital has been smuggled out of the country, creating a “development narrative” that masks the impact of unregulated financial practices. In institutionalizing this lawless economy, authoritarian politics was also cemented, setting up a vicious cycle of lawlessness, he noted. Dr. Debapriya highlighted the urgent need for judicial and political reforms to tackle issues of transparency, accountability, and governance. “Without reforms, transparency and accountability will remain hindered. Our future economic stability depends on how the political landscape unfolds,” he said. The pace of necessary reforms, he added, will depend on the government’s confidence in the current economic framework and the level of public satisfaction. He said that sustained economic instability could impact political governance, urging that reform efforts be made a priority. Also present at the meeting were committee members Dr. Zahid Hussain, former World Bank economist; Professor Mustafizur Rahman of the Centre for Policy Dialogue (CPD); Professor Selim Raihan of the South Asian Network on Economic Modeling (SANEM); and leaders from the ERF.

St. Martin Island Environment and Tourism Protection and Development Alliance and the Tour Operators Association of Bangladesh (TOAB) jointly organised a protest rally in Dhaka on Thursday to demand the reversal of recent government restrictions on travel to St. Martin Island. The protesters formed a human chain and held a sit-in programme in front of the Department of Environment in the capital’s Agargaon at 10am. TOAB President Md Rafeuzzaman said, "Despite our strong objections, the government has made a detrimental decision to ban overnight stays on Saint Martin's Island and restrict tourist visits during the peak season. This will have a significant negative impact on the tourism industry, leaving local entrepreneurs devastated." He said, "Nearly 10,000 people rely on tourism for their livelihoods. If tourism is curtailed or banned, they will lose their means of living. Additionally, the investments of entrepreneurs will be at serious risk." TOAB President called for the withdrawal of this decision within the next two working days saying that Saint Martin's Island should remain open to tourists without restrictions. He added, "We are committed to protecting the environment and biodiversity of Saint Martin's, but not at the cost of shutting down tourism. We should implement measures that align with environmental conservation. If our demands are not addressed within two days, we will announce tougher progamme on the streets." Previously, the government announced that no tourists would be allowed to stay overnight on Saint Martin's Island in November. In December and January, a maximum of 2,000 tourists will be permitted to visit the island each day and stay overnight. However, in February, the government plans to completely suspend tourist access to the island. There are 100 hotels and resorts in Saint Martin and around Tk1000 crore has been invested taking all types of permission from the government entities of Cox’s Bazar, they said adding that the sudden decision of discouraging tourism and night stay in Saint Martin will destroy the investment. Among others, Leaders of Tour Operators Association of Cox's Bazar, Leaders of E-Tourism Association of Bangladesh (E-TAB), Tour Operators Association of Kuakata, Leaders of St. Martin Hotel Owners Association, were present.

The Ministry of Commerce has taken an initiative to return monies owed to traders by e-commerce companies that went bust all of a sudden, leaving innumerable buyers and sellers in the lurch. The ministry has asked for a complete list of these affected customers by November 14. The ministry has also issued a public notice in this regard. This information was confirmed by the Central Digital Commerce Cell of the Ministry of Commerce on Tuesday (October 29). According to the public notice of the Ministry of Commerce, for information of the e-commerce companies, customers, and sellers of the digital commerce sector, digital commerce companies have been asked to submit a complete list of customers and sellers who owe money to the digital commerce companies to the Ministry of Commerce by November 14. Moreover, customers who have not received the product from the digital commerce company after payment and the sellers have not received the sale price after supplying the product to the digital commerce company, have been advised to file a complaint with the National Directorate of Consumer Rights Protection only through the online portal by November 14. In this regard, the Deputy Secretary of Central Digital Commerce Cell Muhammad Sayed Ali said, "We are trying to return the money that has been withheld from customers for a long time.” “Some organizations are responding well; others are not cooperating. That is why we have asked creditors to file complaints. A hearing will be conducted based on these complaints and the amount due will be refunded to them as per law,” he added.

In just two days (Sunday-Monday), the Dhaka Stock Exchange’s (DSE) prime index has dropped a staggering 218 points, resulting in the losses of millions of taka of the investors and traders. With approximately three million investors currently engaged in the stock market, the downturn has left many disheartened. The Bangladesh Securities and Exchange Commission (BSEC) expressed serious concerns about suspicious market activities. To investigate these irregularities, the BSEC has formed a four-member committee tasked with providing a detailed report within 10 days. Rezaul Karim, the executive director of the BSEC, assured the public that the existing task force will intensify its efforts in the coming days. DSE closes lower amid heavy selling pressure, Tk 357cr in transactions Besides, several focus committees will be formed under the task force to maintain a close watch on the market. The stock market crisis has prompted investors to call for the resignation of BSEC chairman Rashed Maksud, criticising his inability to stabilise the market. Many investors, who had utilised margin loans, are experiencing forced selling, which has led to considerable losses in equity. The BSEC acknowledged that junk shares have flooded the market due to a string of poor IPOs over the past 14 years. Investors are now urging the commission to implement a buyback law and eliminate underperforming IPOs. Investors protest decline in stock market There is also a strong demand for accountability regarding Shiblee Rubayet, a former commissioner allegedly involved in a previous stock market scandal. In a recent statement, Rezaul Karim said that the people involved in past market scams will soon face legal action. Brokerage houses are reporting a noticeable decline in activity, with far fewer investors present compared to a few months ago when the market was relatively steady. Saiful Islam, president of the DSE Brokerage House Association, has called for liquidity support to help stabilise the market. He also urged the government to reconsider the current approach of categorising companies based on dividend disbursement, arguing that it should be left to investors to make their own investment decisions. “Let the market run at its own pace. When attempts are made to control it, a collapse is inevitable, and that is exactly what is happening now,” Saiful stated. When asked about a potential market recovery timeline, neither the DSE nor the BSEC could provide a definitive answer. However, Mominul Islam, chairman of the DSE, expressed hope that market conditions might improve by December. This downturn has cast a cloud of uncertainty over the financial landscape, and all eyes are now on the BSEC and DSE to see how they will address investors’ concerns and work to restore market stability.

The Bangladesh Business & Disability Network (BBDN) and SME Foundation (SMEF) have signed an MoU that outlines a shared commitment to advancing the agenda of accessible financial services for entrepreneurs with disabilities, with a focus on advocacy, product development, and capacity-building initiatives in the banking and financial sectors. This initiative marks a significant step towards ensuring equitable access to financial services for all, reinforcing the need for inclusivity in Bangladesh’s economic landscape. Prior to signing the MoU recently, a discussion was organized on the accessibility of finance for persons with disabilities, through the support of the International Labour Organization’s (ILO) Promoting Gender Responsive Enterprise Development and TVET Systems (ProGRESS) project, where both BBDN and SMEF are partners of the ILO. The event brought together key financial institutions, including SME Foundation, BRAC Bank, Mutual Trust Bank, Shahjalal Islami Bank, Kormoshongsthan Bank, NRBC Bank, as well as prominent organizations like PKSF and Sajida Foundation, according to a media release. Participants engaged in insightful discussions, exploring their experiences and understandings regarding the financial inclusion of persons with disabilities. Mahbubul Islam from the Centre for the Rehabilitation of the Paralysed (CRP) shared valuable insights on the essential requirements for developing financial products that cater to the needs of persons with disabilities, based on their experience. Sightsavers provided an overview on the SME policy landscape. Several entrepreneurs with disabilities also participated in the event, openly discussing the discrimination they face, despite being qualified and equipped, in accessing loans and financial support from banks and financial institutions. Notable speakers at the event included Peter Belen, Chief Technical Advisor of the ILO ProGRESS project; Anwar Hossain Chowdhury, Managing Director of the SME Foundation; Monsur Ahmed Chowdhury, Trustee of BBDN; and Murteza Rafi Khan, CEO of BBDN. The Chief Guest, Anwar Hossain Chowdhury, emphasized in his speech the importance of SMEF and its extended network actively engaging in every stage of the implementation process. He noted that, while numerous theoretical discussions have been held and extensive research conducted, the reality on the ground tells a different story. People with disabilities continue to face significant challenges in establishing their own businesses. Many still go door to door seeking support, but their needs remain unmet. Although there are policies in place, effective implementation remains a challenge, he noted. “This makes it all the more vital for us to come together, organize, and collaborate to genuinely support people with disabilities in building their businesses and becoming self-sufficient. Now is the time for collective action,” Chowdhury said. Discussants at the programme underscored the urgent need to address barriers to financial accessibility and emphasized the importance of collaborative efforts in creating inclusive financial products and services.