Day: May 27, 2024

DHAKA, A five-member delegation from the Venture Capital and Private Equity Association of Bangladesh (VCPEAB) led by its president Shameem Ahsan and General Partner of Pegasus Tech Ventures held a meeting with State Minister for Commerce Ahasanul Islam Titu at Bangladesh Secretariat here yesterday. During the meeting, the VCPEAB proposed to take initiatives including enhancement of Export Promotion Bureau (EPB) and the Business Promotion Council (BPC) by increasing their funding and capabilities, as well as organizing international trade and investment seminars, B2B matchmaking and exhibitions to help to boost exports and attract foreign investment. Nahid Afroz, Chief Executive Officer of Business Promotion Council (BPC), Ministry of Commerce; Zia Uddin Ahmed, Senior Vice President of VCPEAB and Chairman, VIPB Asset Management; Asif Mahmood, Vice President, VCPEAB and Managing Director, SEAF Bangladesh Ventures; Shafique-Ul-Azam, Vice President, VCPEAB and Managing Director, BD Venture Ltd and Shawkat Hos sain, Director, VCPEAB and Managing Director, Bangladesh Venture Capital Ltd were also present in the discussion, according to a press release received here today. State Minister for Commerce Ahasanul Islam Titu said, "The Ministry of Commerce, EPB and BPC will provide comprehensive support so that venture capital firms can attract more global investment and at the same time, the start-ups they can invest to promote their businesses in various countries." Shameem Ahsan, President of VCPEAB, emphasized on strategic initiatives to foster the growth of Bangladesh's venture capital, private equity, and startup ecosystem. He said, 'Our efforts focused on capacity building, international partnerships, and expert consulting, aiming to boost economic growth by enhancing start-ups' contributions to exports and job creation. Together, we can pave a prosperous path for Bangladeshi venture capital, start-ups and SMEs'. The VCPEAB works to strengthen the local start-ups and Venture Capital and Private Equity firms and help them become much more visible and dominant enough to compete in this era of global challenges and competition. Other than the local members, VCPEAB is working closely with many local and foreign venture capital companies and associations to promote investments in Bangladesh. Source: Bangladesh Sangbad Sangstha

DHAKA, Like previous years, the students can pay application and registration fees of class XI, Technical curriculum for 24-25 admission session through bKash conveniently. Like application fee, selected students will be able to pay registration fees through bKash to continue the admission process. The first phase of the online application of different education boards began on May 26, 2024 and will continue to till June 11, 2024. After that, the students will get an opportunity to apply in the same process in two more phases (June 24 to July 8 and July 9 to July 14, 2024). Students can pay the application fee of Taka 150 through bKash and choose a minimum of five and a maximum of 10 preferred colleges in the application. To submit the application fee for XI admission, students need to login to the admission website https://xiclassadmission.com.bd/xiclassadmission-gov-bd/- and click on the 'Submit Application Fee' option in the side menu, said a press release. In the payment gateway option, they need to click 'SSLCOMMERZ' and select 'bKash' from Mobile Banking icon. Then, put the bKash number and amount and click confirm button. In next step, complete the transaction with OTP and bKash PIN number. With the pop up of 'This transaction was successful', students can proceed to complete the application in next step. Meanwhile, technical education admission seekers can pay application fee through bKash app easily. From bKash app's 'Education Fee' option, one needs to click 'BTEB' and complete the application by following a few simple steps. Students can apply for admission with an application fee of Taka 162 through bKash app. Details of the application is available in BTEB website-http://btebadmission.gov.bd/website/. Source: Bangladesh Sangbad Sangstha

DHAKA, The leaders of Dhaka Chamber of Commerce and Industry (DCCI) today said that financing is very crucial for effectiveness of the Logistics Policy. At a press release, they said that Bangladesh has achieved many development of miracle, evolving into a burgeoning economy while consistently recording over 6 percent growth per annum over the past decade. Despite this progress, the country has traditionally been ranked low in terms of the cost of doing business. As Bangladesh transitions from Least Developed Country (LDC) status, it aims to diversify and strengthen its trade and economic connectivity by 2026, becoming more multidimensional and aiming to be a developed economy by 2041. In this connection, International think-tank's estimated the need of $608 billion infrastructure investment by 2041. However, the infrastructure and logistics challenges remain a significant concern. An integrated, seamless and reliable logistics system can address these issues, attract foreign investment and foster great er global interest in Bangladesh. In this regard, the logistics policy recently endorsed by the government of Bangladesh is a key step forward and has been widely praised by the private sector. It's worth mentioning that this is one of the first private sector demand policies in Bangladesh as of now, formulated with significant involvement and participation from the private sector. From this perspective, the policy is distinctly oriented towards the private sector, being among the few in Bangladesh primarily steered by private sector interests, efforts and research insights throughout its development process. If this logistics policy is implemented, Dhaka Chamber expects it will significantly reduce the cost of doing business in Bangladesh also encouraging substantial infrastructure investment in the country. Investing in the logistics infrastructure sector is believed to yield significant returns, with each Dollar invested potentially generating significant multiples. Thus, in order to achieve the signif icant infrastructure investments needed for Bangladesh to become a developed country by 2041, this policy stands as a crucial and timely initiative. Dhaka Chamber believes for the policy to have a meaningful impact on the economy, a clear financing strategy is necessary. This would enable the private sector and investors to understand how infrastructure investments will contribute to the overall health of the economy. Consequently, Dhaka Chamber underscores the importance of incorporating a clear roadmap for investment and infrastructure development financing within the policy framework. Dhaka Chamber feels the PPP budget process needs to be in line with the annual objective of Logistics policy. The process should include annual targets for priority logistics projects, to be originated through the involvement of the concerned line ministries and the private sector. In addition, financing of logistics, specifically infrastructure, requires access to long-term debt as well as equity financing. Public sector e ntities can be funded either from budgetary resources or through payment assurances of different forms. In considering the national interests, these issues in the proposed policy before it are finalized or effective. Historically, Bangladesh's infrastructure and logistics financing have relied heavily on external sources. Considering the current economic challenges, incorporating clear and sustainable infrastructure financing mechanisms in the new policy will significantly benefit all stakeholders, especially the private sector and provide a substantial boost the overall economy. A comprehensive policy with a focus to local and diversified financing will not only enhance the resilience of the infrastructure sector but also make a strong basis for our economic development in future. Source: Bangladesh Sangbad Sangstha

DHAKA, The MGH Group won 'Best Stall Award' at the 29th US Trade Show that was recently held in the capital. At the fair, the MGH group displayed its different services in the area of logistics, healthcare, traveling and courier, said a press release here today. The 29th US Trade Show, organized by the American Chamber of Commerce in Bangladesh (AmCham), provided a platform for US and Bangladeshi companies to showcase their innovative offerings. The event drew significant attention from industry leaders, government officials, and the general public, highlighting the robust trade relationship between the United States and Bangladesh. Source: Bangladesh Sangbad Sangstha

DHAKA, Principal Coordinator on SDG Affairs at the Prime Minister's Office (PMO) Md Akhter Hossain has suggested the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to increase involvement of the private sector to attain the targets of the SDGs. He said that there is no alternative for intensively associating the private sector for making effective the initiatives to attain the SDGs. Akhter gave the recommendations while speaking as chief guest at the 2nd session of the five thematic group of the Bangladesh Private Sector Working Committee (BPSWC) held at the FBCCI office in the capital's Motijheel area, said an FBCCI press release. Noting that the role of the FBCCI, as being the guardian of the private sector, is very important for attaining the SDGs, Akhter said a strategic paper could be framed on how FBCCI could play more active role in attaining the SDGs. He emphasized on involving all the members of the FBCCI in line with the goals and targets of the SDGs and thus making them mor e motivated in this regard. "In this regard, the FBCCI can take support from the academia and experts if needed,"added Akhter. Highlighting various initiatives and plans of the government to attain the SDGs, the Principal Coordinator on SDG Affairs also hoped that the private sector under the leadership of the FBCCI would extend their all-out support in this regard. Presided over by Working Group 4 convenor AKM Shamsuddoha, SDG focal points of various UN agencies, FBCCI Safety Council Adviser and BPSWC member Brig Gen (retd) Abu Nayeem Md Shahidullah, FBCCI trade and tariff policy Affairs Adviser Monzur Ahmed and Bangladesh Employers Federation Secretary General Faruk Ahmed spoke, among others, at the meeting. Source: Bangladesh Sangbad Sangstha

DHAKA, The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has expressed its eagerness in enhancing trade and business ties between Bangladesh and Russia. FBCCI President Mahbubul Alam made this call at a discussion meeting with a Russian Delegation today at FBCCI office in the capital's Gulshan area. The Delegation was led by Trade Commissioner of Russia to India Dr. Alexander Rybas. FBCCI Senior Vice President Md. Amin Helaly, Vice President Mohammad Anwar Sadat Sarker, Shomi Kaiser, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Bangladesh Alexander V. Mantytskiy, FBCCI Directors, and other dignitaries were present at the meeting, said a press release. In his welcome speech, FBCCI President Mahbubul Alam said Bangladesh and Russia share a long history of friendly relations. "Russia has gradually become a major infrastructure development and trade partner of Bangladesh. One of the milestones of cooperation is the Rooppur Nuclear Power Plant, which is a test ament to our growing partnership," he added. Mahbubul Alam said that alongside RMG, there is immense potential for further growth in the bilateral trade relationship and export diversification through pharmaceuticals, light engineering goods, plastics, processed food and other products. "Bangladesh, with its booming economy and young workforce, offers a dynamic market for Russian goods and services. Russia, with its vast resources and technological advancements, can be a valuable partner in Bangladesh's ongoing development journey. Our Agro and food processing industry are now gearing up for exports, having met the domestic demand." He also said, "Our RMG sector is the 2nd largest exporter to the globe after China. Among the world's top 10 green RMG factories, the top 8 are located in Bangladesh. Renewable energy and environmentally friendly clean technology are increasing in use and popularity. We are the exporter/manufacturer of diversified pharmaceuticals products, leather goods, plastic, frozen seafood , ceramics, jute products, FMCG, and home appliances." The FBCCI president said Bangladesh has crossed the milestone of $55 billion in exports in FY23. "Following this trend, we are working to develop competitiveness to achieve the trillion-dollar journey of our economy and to earn our target export worth of US$ 300 billion by 2041. To reach this target we need to focus on market and product diversification," he added. Mahbubul also invited Russian Investors to take advantage of the Bangladeshi market and invest in Bangladesh's Special Economic Zones, particularly in sectors like infrastructure, energy, and manufacturing. Regular trade missions, business delegations, and virtual conferences can foster direct interaction between Bangladeshi and Russian businesses, he added. Simplifying trade procedures, establishing direct banking channels, and exploring alternative currency arrangements can significantly boost trade flows between Bangladesh and Russia, Mahbubul added. He said the FBCCI stands ready to p lay a proactive role in facilitating these initiatives. "We can connect Russian companies with potential local partners, provide information on the Bangladeshi market, and advocate for policies that promote bilateral trade," he added. The Trade Commissioner of Russia to India Dr. Alexander Rybas in his speech appreciated the development of Bangladesh in recent years. As both countries have mutual interests in trade and business, it is time for both countries to strengthen bilateral trade, he added. The Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Bangladesh Alexander V. Mantytskiy said that Russia and Bangladesh have enjoyed tremendous friendship for a very long time. "Bangladesh is the second largest trade partner of Russia in the South Asian region. The business relations between the two countries are growing rapidly. Like Bangladesh, Russia is also eager to facilitate B2B meetings between the entrepreneurs of the two nations." added Mantytskiy. FBCCI Senior Vice President Md. Amin Helaly reaffirmed FBCCI's commitment to supporting business partnerships between Bangladeshi and Russian enterprises, believing that collaboration can unlock new avenues for trade and investment, fostering mutual economic growth and prosperity. Source: Bangladesh Sangbad Sangstha

DHAKA, Prime Minister's Private Industry and Investment Adviser Salman F Rahman today stressed on strengthening the country's capital market to ensure finance for investors. 'Capital market is the main source of collecting finance for investors across the world. But, our country's businessmen always take loans from banks for mid-term investment or expansion. We are working for making bond market good,' he said. Salman said this following a meeting with executive business delegation of the US-Bangladesh Business Council at Bangladesh Investment Development Authority (BIDA) Bhaban in the city, sources said. Board Chair of the US-Bangladesh Business Council and President and Chief Executive Officer of the Excelerate Energy Steven Kobos and President of the US-Bangladesh Business Council and South Asian Vice President of the US Chamber of Commerce Ambassador (ret) Atul Keshap, among others, attended the meeting. Talking to reporters, Salman said the government is working to protect the capital market from ma nipulation. 'Prices of shares depend on market. Government never interferes to this end. The main work of the government is monitoring,' he added. He also focused on institutional investors to strengthen the country's capital market. Salman, however, said entrepreneurs from the United States (US) have shown interest to invest more in Bangladesh seeing the present government's various measures to develop the country. Source: Bangladesh Sangbad Sangstha