Category: Industry

CHAPAINAWABGANJ, With a view to implement the Sarbajaneen Pension Scheme successfully at all the levels was held at the sadar upazila parishad auditorium here. Deputy Commissioner (DC) of Chapainawabganj AKM Galiv Khan attended the meeting as chief guest while Upazila Nirbahi Officer (UNO) of Chapainawabganj Sadar Mst. Tasmina Khatun presided over it. Vice Chairmen of the upazila parishad Md. Tosiqul Alam Bablu and Nasrin Akhtar attended the meeting as special guests. Terming the scheme as a breakthrough, the DC said the marginal people of the country would be able to deposit a huge amount of money through their small credits which would support them as a safeguard during their old age and crisis time. Among others, Area Manager of the City Bank Md. Iqbal Juberi, Senior Principal Officer of Agrani Bank Shamim Ahmed Iqbal and Principal Officer of Sonali Bank Md. Mahedur Rahman spoke on the occasion. UP chairmen, members and teachers, NGO representatives, representatives from concerned banks and officials of different government and non-government offices participated in the meeting. Later, the DC inaugurated a help desk regarding the Sarbajaneen Pension Scheme at the UNO office. Source: Bangladesh Sangbad Sangstha

With targeted actions and appropriate policy followed by timely implementation to overcome the key challenges, Bangladesh has the capacity to become an upper-middle-income country by 2031, said International Chamber of Commerce-Bangladesh (ICCB) today. An editorial of the current News Bulletin (January-March 2024) of ICCB said Bangladesh has achieved today's position by overcoming many obstacles and setbacks as Bangladesh has demonstrated remarkable development progress in the last five decades. The country's journey from one of the poorest countries at independence to a lower-middle-income nation within four decades is a testament to its resilience, policy decisions, and commitment to reducing poverty and fostering shared prosperity said World Bank in its recent publication 'World Bank in Bangladesh in 2024. Macroeconomic stability with low levels of inflation and high levels of GDP growth have been key to Bangladesh's underlying strengths and major drivers of socio- economic achievements. Bangladesh re ached lower-middle income status in 2015 and is on track to graduate in 2026 as a middle-income country and aspiring to be an upper-middle income country by 2031, the editorial said. However, Bangladesh after LDC graduation in November 2026, will experience significant preference erosion. Although the EU and UK have offered to extend preferential duty-free market access for an additional three years, the export scenario to other markets will change immediately after graduation. Bangladesh has a greater opportunity of increasing export to ASEAN, having a population of 661 million with a GDP of $3.08 trillion and trade exceeding $2.7 trillion. According to 2020 data, Bangladesh imports goods worth nearly US$7.0 billion from ASEAN countries as against its export of only $1.0 billion. So, Bangladesh should give priority to have Free Trade Agreement with ASEAN in order to increase its exports. With several major infrastructure projects including completion of Padma multi-purpose bridge, Dhaka Elevated Expressw ay, Bangabandhu Tunnel, linking Dhaka to the tourist haven of Cox's Bazar, 3rd terminal at Hazrat Shahjalal International Airport, 2024 is anticipated to be a year to reap the benefits. However, in 2024 the economy is also facing challenges on multiple fronts such as inflation, declining foreign exchange reserve, a depreciating currency, income inequality and the demand-supply imbalance in the energy sector. Despite impressive growth rates, Bangladesh faces challenges in its export basket's diversification as more than 80 percent of Bangladesh's total export earnings come from garment exports. Bangladesh has significant opportunities in leather, and footwear, food processing, pharmaceuticals, light engineering, assembling plants, and API production. Both domestic investment and FDI will need to be geared towards these sectors. Bangladesh is the second-largest economy in the South Asian region. Vietnam, comparable to Bangladesh, ranked fourth in Asia-Pacific after China, India, and Indonesia in attracting FDI. The majority of total FDI inflows of US$ 274 billion at the end of 2022 into Vietnam were in the manufacturing sector, which accounts for 61 percent of the total registered FDI. Bangladesh received an annual average of $2.92 billion in FDI as against Vietnam's US$ 36.61 billion. FDI is one of the key elements for increasing export earnings and much needed foreign exchange reserve. So Bangladesh should review its strategy for attracting FDI, the editorial suggested. Bangladesh has an energy challenge due largely to reliance on imported fuels which is estimated at about US$ 2.5 billion a year for power generation and also a lack of renewables and cleantech alternatives. In fact, instead of moving towards exploring renewable energy sources, Bangladesh turned to the use of more fossil fuels such as coal, oil and LNG. With a depreciating currency, a reliance on imported fuels for power generation has led to significant rise in power generation costs. Climate change is a critical issue in Bangladesh as it is one of the most vulnerable countries to the effects of climate change, according to Germanwatch's 2021 Global Climate Risk Index, saying Bangladesh ranked seventh in the list of countries most affected by climate calamities during the period 2000-2019. Source: Bangladesh Sangbad Sangstha

The International Finance Corporation (IFC) is investing US$30 million in Pran Dairy Limited (PDL) and Habiganj Agro Limited (HAL), both part of the PRAN Group, a leading player of the food and beverage industry (FandB) in the country to support severely impacted businesses- especially those relying on imports for raw materials. The aim is to improve the resilience of the food processing market while creating jobs, fostering gender diversity and strengthening the economy. This is the first loans of IFC's USD term to be used for working capital purposes in Bangladesh, which will enable PDL and HAL to sustain operations, increasing exports and preserving over 30,000 jobs, said a press release here today. The IFC will further support PRAN Group to improve participation of women as well as inclusion in their workplace through relevant policies and practices. The FandB sector is a key pillar of Bangladesh's economy. The food processing industry accounts for approximately 13 percent of the manufactu ring production value and employs 19 percent of the industrial manufacturing workforce with a projected compound annual growth rate of 12 percent. However, the current paucity of foreign exchange, higher energy prices, and power shortages in the country have disrupted the import of raw materials while constraining local commercial banks' lending ability. Against this backdrop, IFC's longer-term US dollar financing will help improve access to foreign exchange, supporting Bangladeshi companies to navigate the crisis. Uzma Chowdhury, director (Finance) of PRAN-RFL Group said, "As a net importer, regular access to US dollars is critical. But given the prevailing shortage, it has been difficult for us to access USD funds for working capital in a timely manner. By providing scarcely available US dollar working capital, IFC will help ensure the long-term stability of the company's operations and allow us to contribute to the country's economic stability." As part of its advisory services, IFC will als o support PRAN Group to develop the company's smallholder sourcing supply chain in Bangladesh and identify opportunities to decarbonize its agro-processing operations, among others. Martin Holtmann, IFC country manager for Bangladesh, Bhutan and Nepal said, "Reiterating our commitment to supporting clients during a crisis, IFC's financing aims to ease the current lack of access to foreign exchange while enabling private sector growth in Bangladesh." "We are optimistic it will help improve food security while prioritizing support for strategically important industries through innovative solutions. By backing PRAN Group, IFC will also contribute to diversifying Bangladesh's export base, key to creating jobs, expanding market opportunities, and enhancing economic resilience," Holtmann added. Since 2010, IFC has invested over US$3.8 billion to help the private sector grow in Bangladesh. Source: Bangladesh Sangbad Sangstha

DHAKA, The newly elected Board of Directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), led by its President S. M. Mannan (Kochi), took charge of the trade body today for the term 2024-2026. Outgoing Board of Directors handed over the responsibility to the new Board at the 41st Annual General Meeting (AGM) held at BGMEA Complex in Uttara today. The audited accounts of BGMEA for the year 2022-2023 were adopted and the budget for the year 2023-2024 was approved in the AGM, said a press release. The new office bearers of BGMEA are -- Syed Nazrul Islam, first vice president; Khandoker Rafiqul Islam, senior vice president; Arshad Jamal (Dipu), vice president; Md. Nasir Uddin, vice president (Finance); Miran Ali, vice president; Abdullah Hil Rakib, vice president; and Rakibul Alam Chowdhury, vice president. The other Board of Directors from Dhaka are -- Shahidullah Azim, Asif Ashraf, Md. Imranur Rahman, Shovon Islam, Haroon Ar Rashid, Mohammad Sohel Sadat, Ashikur Rahman (Tuhin), Anowar Hossain (Manik), Mesbah Uddin Khan, Shams Mahmud, Rajiv Chowdhury, Abrar Hossain Sayem, Md. Shahadat Hossain, Md. Jakir Hossain, Nusrat Bari Asha, Md. Mohiuddin Rubel, Shehrin Salam Oishee, Md. Nurul Islam, Saifuddin Siddiquie Sagar, and Md. Rezaul Alam (Miru), while Directors from Chattogram are -- Mohammed Musa, Amzad Hossain Chowdhury, M Ahsanul Hoque, Mostafa Sarwar Riyadh, Mohammed Rakib Al Naser, Gazi Md. Shahid Ullah and Md. Absar Hossain. The Sammilito Parishad, led by S. M. Mannan (Kochi), achieved a clean sweep by securing all 35 directorship positions -- 26 in Dhaka and 9 in Chittagong -- in the BGMEA elections for the 2024-26 term held on March 9, 2024. Source: Bangladesh Sangbad Sangstha

DHAKA, The US-Bangla airlines today added a second wide-body Airbus 330-300 aircraft with 436 seat capacity aspiring to spread its wings to Europe as the country's first ever private carrier. 'As part of future plans with the new addition, Airbus will operate London, Rome routes along with Jeddah, Riyadh, Dammam in Saudi Arabia,' said a press release issued by the airlines here. Currently, the US-Bangla airlines will utilize the newly-added aircraft on its Dubai, Sharjah, Muscat, Doha and Kuala Lumpur routes, it added. The Airbus 330-300 landed at Hazrat Shahjalal International Airport (HSIA) at 5:30 am this morning from Guangzhou, China as the 24th aircraft of US-Bangla airlines. At present, US-Bangla Airlines is the largest airline in Bangladesh considering the number of aircraft with two Airbus 330-300, nine Boeing 737-800, 10 ATR 72-600 and three Dash 8-Q400. The airlines currently operates flights on international routes to Kolkata, Chennai, Male, Muscat, Doha, Dubai, Sharjah, Bangkok, Kuala Lumpur , Singapore and Guangzhou. Apart from the international routes it also operates regular flights on all seven domestic routes. Source: Bangladesh Sangbad Sangstha

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has launched the 'Subid Ali Digital Plenary' at its headquarters in Dhaka. This digital plenary is named in honor of Subid Ali, the first President of BGMEA, recognizing his pioneering contributions to the development of Bangladesh's apparel sector. Equipped with state-of-the-art digital amenities, the Subid Ali Digital Plenary will serve as a hub for hosting conferences, seminars and workshops aimed at fostering collaboration within the RMG industry, said a press release. BGMEA President Faruque Hassan inaugurated the Subid Ali Digital Plenary. During the inauguration ceremony, he underscored the critical role of stakeholder engagement and collaboration in propelling the development of the garment industry forward. Faruque also emphasized the significance of collective efforts in driving sustainable growth and prosperity in the apparel sector. He highlighted the digital plenary's role as a meeting place for stakeholders to exchange knowledge, share perspectives, and generate ideas essential for steering the industry towards a brighter future. Source: Bangladesh Sangbad Sangstha

PRAN-RFL Group, a leading business conglomerate, has brought a campaign 'Eid for All' for the underprivileged children on the occasion of Eid-ul-Fitr. The aim of the campaign is to bring joy and happiness to underprivileged children during Eid by providing clothing and food. The detail of the campaign was briefed through a press conference held at the head office of PRAN-RFL group at the capital's Badda today, said a press release. As part of the initiative, PRAN-RFL group will give a portion of the sales of its some brands such as PRAN's spice, fruit drink, milk, sauce, chinigura rice, puffed rice and RFL's houseware and footwear products. Additionally, the group will give a fund from each transaction of its renowned retail chain shop Daily Shopping, Best Buy, Tasty Treat and Mithai. The collected amount will be utilized to purchase Eid clothes and food for underprivileged children. Thrive International, an international NGO dedicated to work with underprivileged children in Bangladesh, is collaboratin g with PRAN-RFL to support the campaign. PRAN-RFL will provide the Eid clothing and food to orphanages and schools for underprivileged children operated by Thrive International. Eleash Mridha, managing director of PRAN Group said, "As part of our corporate social responsibility, we've taken the initiative to spread happiness to underprivileged children during Eid. We've engaged our customers to encourage us." RN Paul, managing director of RFL Group said, "We've been taking various initiatives throughout the year to bring smiles to the faces of the poor people of our society. Through this, consumers along with PRAN-RFL can associate themselves with this noble initiative." Nurul Afser, head of the corporate brand, said, "We've launched the campaign from the 10th Ramadan. Customers will make more purchases in the upcoming week centering the Eid. We hope we will be able to contribute a big amount of money for the underprivileged children by providing gifts and food before Eid day." Touhiduzzaman, head of publ ic relations of PRAN-RFL Group and high officials of the group were also present at the program. 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

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

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

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

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