Day: May 13, 2024

Like in previous years, Nagad, the country's one of the leading mobile financial service providers, has shared revenue with the Bangladesh Postal Department. Nagad authorities handed over a cheque of Taka 5,51,37,558 from its revenue generated in 2023 to the Postal Department at the Bangladesh secretariat here yesterday. Director General (DG) of Postal Department Tarun Kanti Sikder received the cheque for the said amount from Founder and Chief Executive Officer (CEO) of Nagad Ltd. Tanvir A Mishuk, said a press release today. State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak, Executive Director of Nagad Ltd. Md Shafayet Alam and other high officials of the two organisations were also present at the event. As per the agreement between both the entities, Bangladesh Postal Department is entitled to getting 51 per cent of the revenue earned by Nagad. Earlier, from Nagad's revenue earnings, Postal Department received Taka 4.5 crore in 2022, Taka 3.31 crore in 2021 and Taka 1.12 crore 2020. Palak, at the programme, lauded Nagad as a digital service provider of Bangladesh Postal Department. "Bangladesh is advancing towards a smarter nation following an enormous success in digitalisation, thanks mainly to this mobile financial service provider," he mentioned. Additionally, he expressed best wishes for the upcoming Nagad Digital Bank and hoped that the bank will lead the country towards a cashless society. At the end of the cheque handover, CEO of Nagad Tanvir A Mishuk said: "We always keep our promises. We have started our journey as a digital service of the Postal Department. According to the agreement, we share revenue with it. We hope that our public-private partnership will be extended further and many more doors will be opened." Since its launch in March 2019, Nagad has been able to gain people's trust with its innovative products and services. It has brought about a revolution in the country's digital financial sector by bringing millions of und erbanked and unbanked people into the fold of financial inclusion. Nagad has now become a leading MFS provider in Bangladesh, with a customer base of more than 9.5 crore. The mobile money carrier's daily transactions amount to BDT 1,800 crore on average now. The state-owned MFS carrier also changed the dynamics of the country's financial industry through its two ground-breaking innovations for customer acquisition in a simplified and quick way: One is e-KYC on smartphone, and another is USSD (*167#) on any phones. Moreover, Nagad has reshaped the country's financial sector, thanks to its offerings of diversified services at the lowest costs. The company also ensures the highest security of customer information and funds through state- of-the-art cyber security measures. Nagad is also responsible for reaching primary and secondary school stipends, social safety net allowances, PM's assistance out to beneficiaries in a transparent manner. The company has been entrusted with the job of disbursing funds of a total of 27 ministries. Source: Bangladesh Sangbad Sangstha

The general point to point inflation rate in April has slightly eased to 9.74 percent from the previous month although the food inflation witnessed slight increase. According to the monthly consumer price index released by the Bangladesh Bureau of Statistics (BBS), the general point to point inflation rate in March was 9.81 percent while it was 9.67 percent in February this year. According to the data of the BBS, the point to point food inflation has slightly increased to 10.22 percent in April, 2024 which was 9.87 percent in March. The BBS data showed that the point to point non-food inflation rate declined slightly to 9.34 percent in April down from 9.64 percent in March. Besides, the general inflation rate at the urban level in April declined to 9.46 percent while it was 9.92 percent at the rural level. At the rural level, the food inflation increased to 10.25 percent in April, up from 9.86 percent in the previous month, while the non-food inflation also increased to 9.60 percent in April as against 9 .41 percent in March this year. In urban areas, the food inflation also increased to 10.19 percent in April, up from 9.98 percent in March. The non-food inflation rate, however witnessed a slight declining trend with 9.01 percent in April which was 9.71 percent in March last. The national wage index rate witnessed a 7.85 percent growth in April with 118.21 point against 7.80 percent growth with 118.00 point in March. Source: Bangladesh Sangbad Sangstha

Stocks today performed mixed with major indices finishing flat. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 29.96 points or 0.53 percent to 5,666.76. Two other indices also ended sharply lower with the DSE 30 Index, comprising blue chips, plunged 8.62 points to finish at 2,017.98 and the DSE Shariah Index (DSES) lost 8.94 points to close at 1,241.53. Turnover, a crucial indicator of the market, decreased to Taka 9,680.26 million, which was Taka 9858.88 million at the previous session of the week. Out of 393 issues traded, 221 declined, 135 advanced and 37 remained unchanged on the DSE trading floor. EGEN topped the turnover chart, followed by ASIATICLAB, LOVELLO, BESTHLDNG and GOLDENSON. PURABIGEN was the day's top gainer, posting 11.57 percent gain while ARAMIT was the worst loser, losing 2.99 per cent. But, the Chittagong Stock Exchange (CSE) also ended higher with the CSE All Share Price Index - CASPI -gaining 6.09 points to settle at 16,335.73 and the Selective Categories Index - CSCX- shedding 5.29 points to close at 9,838.48. Of the issues traded, 137 declined, 85 advanced and 30 issues remained unchanged on the CSE trading floor. The port city's bourse traded 1.98 crore shares and mutual fund units with turnover value worth about Taka 108.91 crore. Source: Bangladesh Sangbad Sangstha

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Mahbubul Alam today said both Bangladesh and Turkey could serve as the gateway of trade and business between Europe and South and Southeast Asia. He said Bangladesh and Turkey offer huge untapped potentials of trade and business. "Turkey has a unique geographic position, lying partly in Asia and partly in Europe, a bridge between the two continents. Likewise, situated at the foothills of Himalayas, Bangladesh is also the gateway of regions like ASEAN and SAARC," he said. The FBCCI President opined this while addressing a visiting delegation from Foreign Economic Relations Board of Turkey (DEIK) and the Turkey-Bangladesh Business Council today at the FBCCI Icon in the capital, said a press release. Mahbubul said the relations between Turkey and Bangladesh are based on strong historical and cultural roots. "Today both nations have expanded beyond traditional ties into a prosperous trade and investment partnership," he added. In the fiscal year 2022-23, Bangladesh's exports to Turkey stood at US$ 495.81 million and imports from Turkey stood at US$ 380.3 million. At present, 15-20 large Turkish companies are directly operating in Bangladesh in the areas of garments and textiles, accessories, chemicals, engineering, construction and energy and more than 100 Turkish companies have representatives in Bangladesh. These companies have been significantly contributing towards creating jobs, bringing in their expertise in manufacturing, construction and engineering and diversifying trade for Bangladesh, Mahbubul added. The FBCCI President said that the present government of Bangladesh has been working relentlessly in order to bolster the economic growth of the country. He said the government has taken visible and prudent steps in implementing the SDG goals 2030, the national vision 2041 and a Delta Plan-2100. "We've a favorable investment policy with tax exemption, Duty Drawbacks, Access to working capital and many mo re," he added. The FBCCI President also expressed optimism about future cooperation between the two countries, suggesting areas such as pharmaceuticals, tourism, jute, and technology where Turkish investments could thrive. He also called for the activation of trade promotional activities and proposed cooperation in developing high-tech products and tourism infrastructure. The visiting delegation was led by the Chairperson of the Turkey-Bangladesh Business Council Hidayet Onur Ozden. Ozden said Bangladesh is like a second-home country to him. "We have been operating business in Bangladesh for a long time. There are many opportunities out there to strengthen the bilateral trade between the two countries. The trade and business ties between Bangladesh and Turkey are improving day by day and it is time to bolster the growth of economic prosperity of the two nations," he added. The Ambassador of Turkey to Bangladesh Ramis Sen appreciated the recent infrastructural development of the country. He al so invited the Bangladesh business leaders to visit Turkey in the upcoming months. FBCCI Senior Vice-president Md. Amin Helaly said Bangladesh offers huge investment potentials for Turkish investors. "The country will be the ninth largest consumer market in the world by 2030. Turkish businesses can take this opportunity to operate their business in Bangladesh. FBCCI will be more than willing to help where needed," he added. FBCCI Vice-president Dr. Joshoda Jibon Deb Nath, its Directors, Secretary General Md. Alamgir, Distinguished Members of the delegation from DEIK and Turkey-Bangladesh Business Council and business dignitaries from different sectors of Bangladesh were present, among others, at the meeting. Source: Bangladesh Sangbad Sangstha

A high-level delegation comprising representatives of leading Chinese apparel and textile enterprises paid a visit to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) today. The Chinese delegation was led by Xie Qing, Executive Vice President of the China National Garment Association (CNGA), while the BGMEA side was headed by President S. M. Mannan (Kochi) with BGMEA Senior Vice President Vice Khandoker Rafiqul Islam, Vice President Arshad Jamal (Dipu), Vice President (Finance) Md. Nasir Uddin, Vice President Abdullah Hil Rakib, Directors Md. Imranur Rahman and Md. Nurul Islam present in the meeting. The meeting, held at the BGMEA Complex in Dhaka, aimed at exploring possible avenues of enhancing bilateral trade and investment between Bangladesh and China, said a press release. In the meeting, both sides exchanged insights, discussed industry trends, and explored potential areas of collaboration that would bring mutual benefits. They also discussed potential joint ventures, investme nt opportunities, and strategic partnerships aimed at enhancing competitiveness and facilitating sustainable growth in the apparel and textile sector. The delegation expressed keen interest in fostering partnerships with Bangladeshi counterparts to capitalize on mutual strengths and drive innovation and sustainability in the apparel industry. During the meeting, the BGMEA leaders shared insights into Bangladesh's garment industry landscape, highlighting the country's robust infrastructure, skilled workforce, and conducive business environment. They highlighted Bangladesh's commitment to sustainable practices and ethical manufacturing, aligning with global standards and consumer expectations. The BGMEA leaders pointed to the growing demand for man-made fiber-based fabrics in Bangladesh's garment industry, calling upon Chinese investors to consider investing in emerging sectors such as textile machinery, man-made fiber and technical textiles, and recycling industry. They emphasized the importance of exchan ging best practices and technical know-how to support the development of Bangladeshi garment factories. Source: Bangladesh Sangbad Sangstha

State Minister for Finance Waseqa Ayesha Khan today informed that the government is going to increase the number of beneficiaries under its social safety net programmes in the upcoming budget for the next 2024-2025 fiscal year (FY25). "The number of beneficiaries under the social safety net programme is being increased to give relief to low-income people," she told BSS after a special meeting on the Prime Minister's direction on budget at the Prime Minister's office in the city. Talking to BSS at her Secretariat office, Waseqa mentioned that the government is also going to provide the most priority on inflation control in the budget. Referring to the Prime Minister's instructions on preparing the upcoming budget, Waseqa said, "The Prime Minister has given utmost importance on inflation control. She also directed that the implementation of Awami League's election manifesto should be given the highest importance in the budget". She said that education, health and rural infrastructure sectors will get maxim um allocation in the upcoming budget. Regarding the withdrawal of tax holiday benefits in the budget, she said that the government is specifically looking into the matter of removing the tax holiday benefits from those sectors which have been getting tax holiday benefits for a long time. "Some sectors have been getting tax holiday benefits for the last 20 to 25 years. Due to this advantage, now they have gained enough capacity and have captured the market of the country. In such a situation, they are supposed to focus on exports, but they are not doing it," she added. She thought that if the additional benefits of tax holidays are removed, the entrepreneurs of these sectors will focus on exports. Waseqa said if the tax holiday benefits are removed these sectors will lose additional benefits, but they can make up it through exports. "We need to go in that direction for the sake of sustainable economy," she added Source: Bangladesh Sangbad Sangstha

Textiles and Jute Minister Jahangir Kabir Nanak today said ready-made garment (RMG) industry is playing an important role in social change alongside being the highest foreign currency earning sector in the country. 'Garment industry is playing a key role in eliminating poverty . . . nearly 42 lakh workers are involved with the ready-made garment industry,' he made the comments when a BGMEA delegation called on him at his ministry, an official release said. Newly elected President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) SM Mannan, other senior leaders of the association, Textiles and Jute Secretary Md Abdur Rauf and Director General of Department of Textile Md Nuruzzaman, among others, were present at the meeting. Responding to demands of BGMEA, Nanak said the government will take necessary measures to ensure cooperation of the National Board of Revenue (NBR) and customs department. 'We will relax the policy regarding setting up new garment factories outside until prepari ng a full-fledged economic zone,' he said adding, 'You (BGMEA) have placed demand to continue cash assistance until 2026 . . .cash assistance facility must be available to survive in the global market.' Source: Bangladesh Sangbad Sangstha