Day: April 2, 2024

In an effort to boost the competitiveness of Bangladesh's garment industry, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) launched the 'Khalilur Rahman Knowledge Center' at its headquarters in Dhaka today. The BGMEA recognized the importance of continuous learning and innovation in navigating the evolving landscape of global market trends. As the apex trade body representing the RMG sector in Bangladesh, BGMEA endeavors to equip industry stakeholders with the requisite knowledge, skills, and technical know-how to tackle future challenges effectively, said a press release. BGMEA President Faruque Hassan inaugurated 'Khalilur Rahman Knowledge Center' in presence of Khalilur Rahman's daughter Nasreen Subhan, son architect Nahas Ahmed Khalil and daughter-in-law Rupa Sayef. Named in honor of the late Major General Khalilur Rahman (Retd), former president of BGMEA, the knowledge center stands as a tribute to his significant contributions that have been instrumental in the development o f Bangladesh's apparel sector. At the inauguration ceremony, the BGMEA President emphasized the imperative of continuous knowledge enhancement for fostering competitiveness and sustainable growth within the RMG industry. He underscored the pivotal role that the knowledge center will play in disseminating industry-relevant knowledge and enhancing its overall competitiveness. Equipped with state-of-the-art digital devices, the Khalilur Rahman Knowledge Center will serve as a hub for learning and collaboration, facilitating training sessions, seminars and workshops. Through its digitally-enabled platform, industry experts, academia, and professionals from across the globe will have the opportunity to engage virtually, exchanging insights and expertise on current and emerging business issues, as well as advancements in industry-related technologies. Source: Bangladesh Sangbad Sangstha

Leaders of Real Estate and Housing Association of Bangladesh (REHAB) have demanded to form monitoring cells with all bodies concerned to properly determine the prices and quality of construction materials. The REHAB leaders made this demand in a view exchanging meeting with the State Minister of Commerce Ahasanul Islam Titu at the Secretariat here today, a press release said. REHAB President Md Wahiduzzaman, Senior Vice President Liaquat Ali Bhuiyan, Vice President (1st) and former MP Lion M A Awal, Vice President (2nd) Mohammad Akter Biswas and Vice President (Finance) Abdur Razzak were present, among others, on the occasion. The REHAB leaders said that a monitoring cell involving the ministry, REHAB, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and concerned stakeholders can be formed in view of the price hike of construction materials. The state minister for commerce assured them of considering their demand. Source: Bangladesh Sangbad Sangstha

Bangladesh Bank (BB) has re-fixed the duration of interbank transactions for April 5-7. Despite the government holiday for Eid-ul-Fitr on April 5-7, branches of the scheduled banks in the readymade garments industrial areas will remain open to facilitate payment of garment workers' salary, Eid bonus, allowances and export-import activities. The presentment the cut off time for high value clearing through the Bangladesh Automated Clearing House (BACH) will be 10.30am while the return cut off time will be 12.00pm, as per a BB circular issued here today. The presentment cut off time for regular value clearing is 11am while the return cut off time is 1:30pm, it added. The existing time of BEFTN will remain unchanged. Source: Bangladesh Sangbad Sangstha

The Tenderers Database introduced by Bangladesh Public Procurement Authority (BPPA) in the electronic government procurement (e-GP) system will help to increase transparency in public procurement process. Mohammed Shoheler Rahman Chowdhury, Chief Executive Officer of BPPA said this while speaking at a workshop for the journalists on the establishment of BPPA and Sustainable Public Procurement at the BPPA conference room here today. Bangladesh Center for Communication Programs (BCCP) facilitated the event. As the chief guest at the workshop organized by BPPA, Abul Kashem Md. Mahiuddin, Secretary, Implementation Monitoring and Evaluation Division (IMED) under the Planning Ministry, highlighted the importance of the BPPA's role, said a press release. The Secretary informed that the government will soon expand IMED's jurisdiction nationwide to effectively monitor development activities. Under the IMED, a department will be established promptly to ensure effective supervision of project implementation under ADP. Md Mahfuzar Rahman, Director (Joint Secretary) of the BPPA, presented a detailed overview of BPPA's establishment, functions and Sustainable Public Procurement. The Secretary mentioned that the Central Procurement Technical Unit (CPTU) was a small unit within the IMED. However, due to increase operational challenges and the need to consider government procurement demands, it was not possible to enforce procurement laws nationwide. Therefore, establishing a government procurement authority with adequate staff was very necessary. Journalists raised concerns about the transparency in awarding contracts and how e-GP ensures it, especially when certain companies win multiple contracts and others struggle to secure any. The CEO of BPPA assured that the procurement rules would ensure the transparency of the awarded contracts and measures had been taken to address irregularities. Regarding this, Abul Kashem Md. Mahiuddin stated that since the issuance of a circular related to BPPA, procurement officers have become more vigilant. He expressed hope for further improvement in this regard over time. Md Mahfuzar Rahman emphasized that all information regarding contractors' work and received bills are stored in the e-GP database, ensuring transparency. Therefore, hiding any information about vendors is not possible, which will ultimately ensure greater transparency in public procurement processes. The Tenderers Data Base was deployed in e-GP system in 2022. Developed and managed by Dohatec New Media as the lead of a joint venture with Beximco IT and GSS Infotech, the e-GP system of the BPPA has been acclaimed at home and abroad. The former CPTU was transformed into the BPPA on 18 September 2023. Source: Bangladesh Sangbad Sangstha

Experts and economists at an event today suggested that the government should prioritize reforms in four areas including tax regime, exchange rate management, bank sector and public spending management in the national budget for the forthcoming fiscal year (FY25) to address the ongoing economic challenges. At a pre-budget consultation titled 'Fiscal Year 2024-24 Budget: Seeking Directions for Addressing Key Challenges' organized by the Research and Policy Integration for Development (RAPID) at the National Press Club here, experts said that this is the right time for the government to go for reforms for overcoming the policy inertia. Economists at the event said that the budget for FY25 was being formulated amidst a confluence of formidable economic challenges such as soaring inflation and the tumbling foreign exchange reserves. The government should give utmost priority in controlling of inflation in the budget for the upcoming financial year as people have been suffering with the soaring living cost for the past two years. RAPID chairman Dr M A Razzaque presided over the event while state minister for planning Md Shahiduzzaman Sarker and parliament member Md Nsser Shahrear Zahedee attended the programme as chief guest and special guests respectively. RAPID executive director Dr M Abu Yusuf presented the keynote paper while former national Board of Revenue chairman Dr Muhammad Abdul Mazid, Dhaka Chamber of Commerce and Industry president Ashraf Ahmed, Prothom Alo head of online Shawkat Hossain Masum and Economic Reporters Forum president Mohammad Refayet Ullah Mirdha also attended the event as panel discussants. State minister for planning Md Shahiduzzaman Sarker said the national budget is the reflection of the political commitment of the government and a document of responsibility to the people. He said that Bangladesh's economy has made significant improvement in past one and a half decades but the country needs to achieve more. 'Once upon a time propels' demand was food and clothes but those days are over. 'Now people demand for a higher living standard and this is the achievement of the government,' the state minister said. He also said that Bangladesh has yet to adopt the open market economy in full form rather the government adopted a mixed economic policy to ensure the betterment of the people. Abdul Mazid urged the government to involve parliamentary standing committees with the budget making process so that they can put pressure on implementing the fiscal policy properly. He also stressed for making NBR transparent and not to incentivize the people who evade taxes and flight capitals. Abu Eusuf in his presentation identified sluggish global growth, inflation, low tax-GDP ratio, forex crisis, high non-performing loans, increasing external debt and slow growth in employment opportunities as the key challenges for the economy of Bangladesh. To address the challenges, he recommended preparing strategies to deal with sustainable transition from LDC status, tariff rationalisation, domestic resource mobilization and withdrawal of cash assistance or exploring alternatives. Yusuf also suggested generating more revenue from direct tax instead of indirect tax to reduce income inequality saying that Bangladesh's tax revenue collection, especially from direct taxes, was one of the lowest in the world. He suggested implementing stricter measures to deter loan defaults and recover outstanding loans and said that the banking sector has been hit by crises like high NPL ratio, low efficiency, unhealthy competition, and liquidity shortage, which eventually led to the decision to merge. Terming policy reform as an imperative, Abdur Razzaque said that the current political stability, contrary to the anticipated uncertainties following the general elections on January 7, 2024, has presented an unparalleled opportunity for advancing comprehensive policy reforms. The critical reform agenda encompasses such pivotal areas as enhancing domestic resource mobilisation, rationalising tariffs, managing exchange rates and op timising public expenditure management. The persisting macroeconomic uncertainties, coupled with the looming graduation from LDC status, necessitate earnest reform measures aimed at augmenting economic efficiency and competitiveness. He identified enhancing domestic resource mobilisation, rationalising tariffs, managing exchange rates, and optimising public expenditure management as the critical reform agenda. 'The persisting macroeconomic uncertainties, coupled with the looming graduation from LDC status, necessitate earnest reform measures aimed at augmenting economic efficiency and competitiveness,' the economist said. Source: Bangladesh Sangbad Sangstha

State Minister for Commerce Ahsanul Islam Titu today inaugurated the sale operations of onion, imported from India, at a function in front of the Trading Corporation of Bangladesh (TCB) Bhaban in the capital. Speaking on the occasion as the chief guest, Ahsanul said Bangladesh got onion from India due to its friendly relations with this neighboring country. "But, it took some time to lower the price....I thank the Indian Commerce Minister for giving us onion despite facing various internal challenges," he said. Mentioning that his ministry has been working to enhance the supply of commodities in the market, Ahsanul said efforts would be there to bring in the rest of the consignments of onion from India in phases. He said that such sale operations of onion in Dhaka and Chattogram would help to reduce the price of such essential item elsewhere in the country. Answering to a question, Ahsanul informed that the Ministry of Commerce has been working to frame agreements with countries like Myanmar, Russia and Brazil to import essential items. While speaking as special guest, Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh said that such import of onion is a result of the trade diplomacy of the government. He also hoped that there would be special quota for Bangladesh even if India imposes any export ban. Director General of the Directorate of National Consumer Rights Protection (DNCRP) AHM Shafiquzzaman also spoke at the event. Some 1,650 out of 50,000 metric tons of onion have already arrived in the country from India while such onion would be sold at Taka 40 per kg in Dhaka, Chattogram and Gazipur cities. TCB chairman Brigadier General M Ariful Hasan, TCB additional director Khandaker Nurul Haque, Mohammad Robiul Morshed and ward councilor Shamim Hasan, among others, were present on the occasion. Source: Bangladesh Sangbad Sangstha

DHAKA, April 2, 2024 (BSS) - Bangladesh's export earnings of good have exceeded the $5 billion mark for the four consecutive months as exports reached $5.10 billion in March, marking a 9.88% increase compared to the same month last year. March's export earnings, however, were slightly lower than the $5.19 billion recorded in February, according to data published by the Export Promotion Bureau (EPB) today. The EPB data shows that apparel exports grew by about 11% to reach $4.34 billion in March - a significant increase from $3.89 billion a year ago. Knitwear exports saw an approximate growth of 16.47%, reaching $2.42 billion compared to $2.07 billion in the corresponding month of last year. Woven apparel shipment increased by about 6.26% to hit $1.93 billion, up from $1.81 billion. The EPB data showed that overall export earnings rose by over 4.39% to $43.55 billion in the first nine months of this fiscal year, compared to $41.72 billion in the corresponding period a year ago. For apparel exports, the gr owth was over 5.53%. Woven garment exports, however, experienced 0.47% growth, while knitwear saw 9.79% growth in the nine months leading up to March. Source: Bangladesh Sangbad Sangstha

Banglalink, the country's innovative digital service provider, joins hands with bKash and the City Bank to offer the 'Pay Later' service for their joint customers to make smartphones affordable. Under this agreement, customers will be able to avail of City Bank's nano-loan based collateral-free Pay Later option in the bKash app to purchase smartphones from Banglalink centers and its smartphone partner brand outlets having bKash merchant accounts. The new partnership enables customers to avail of the transition from 3G or 2G devices to a 4G smartphone, where eligible customers will receive a loan of up to Tk 30,000 at zero percent interest, provided it is repaid within 7 days, said a press release. Besides, customers will also be able to buy smartphones in 3 to 6 months installments with 9% interest per annum. This offer, available at all Banglalink points, will assist more in adapting digital services for the customers. Erik Aas, CEO of Banglalink, inaugurated the service at the Banglalink Center in Bang lalink Head Office. Upanga Dutta, Chief Commercial Officer of Banglalink; Ali Ahmmed, Chief Commercial Officer of bKash and Md. Arup Haider, Head of Retail Banking, the City Bank and other high officials were also present at the inauguration ceremony. At the same time, they inaugurated Smartphone Fest and Pay Later Mela highlighting attractive smartphone portfolios of major device brands bundled with Banglalink Internet benefits at lucrative prices. Banglalink customers and employees will be able to purchase smartphones from the festival using bKash 'Pay Later' service. Under the service, eligible customers will get a limit of Tk 500 to Tk 30,000 loans instantly through bKash app. Erik Aas, Chief Executive Officer of banglalink said, 'Today we have launched an important initiative in the nation building of Bangladesh towards digital transformation. With the simple steps in Pay Later service in bKash app, banglalink customers will find smartphone purchase very affordable.' Upanga Dutta, Chief Commercial Of ficer of Banglalink said, 'This service will let customers purchase their desired smartphones in easy installments. Hence, an increasing number of customers will be able to upgrade to smartphone usage and benefit from the power of Internet in their daily lives through Banglalink's Fastest 4G Internet network across Bangladesh.' Ali Ahmmed, Chief Commercial Officer of bKash said, 'Now eligible bKash customers, even sitting in the remotest part of the country can avail of this Pay Later service instantly. bKash will continue to work with banglalink and all partners to ensure digital inclusion for customers by introducing innovative products that can cater to the needs of vast customer base.' Md. Arup Haider, Head of Retail Banking of the City Bank, said, 'Today, the robust technology and framework built by bKash and the City Bank have taken banking services like loans and savings to a larger number of customers than the conventional methods.' Source: Bangladesh Sangbad Sangstha