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BGMEA to open garment warehouse in Gujarat to supply Indian market

Business Report

The new Indian Prime Minister Narendra Modi who is known for entrepreneurship development to make his home state Gujrat a prosperous state when he was its Chief Minister is keen this time to allow Bangladesh garment industry to open its business network there.
A business team is now on a visit to Gujarat to select a garment warehousing site that will be constructed by Bangladeshi entrepreneurs to boost exports to India. The team visited public and private sites in Gujarat in the last two days. The delegation members also sat with senior government officials and top businessmen in the state and exchanged views on how to implement the scheme, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad told the media.
Ahmad who was long time president of India0Bangladesh Chamber of Commerce and Industry (IBCCI) is leading the team comprising representatives from Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Cotton Association.
The Indian government has accepted Bangladesh’s proposals and agreed to allocate lands to establish the business hub in Gujarat, he said.
Bangladesh looks to establish the hub as the country seeks to boost its annual garment exports to the Indian market to $1 billion in three years from about $100 million now.
Bangladesh has been trying to sign a deal with India for many years to maintain a steady supply of cotton to Bangladesh as India sometimes stops the supply of the fibre without prior notice.
As a result, Bangladesh’s textile and garment sectors face troubles. So Bangladesh has  proposed to set up some yarn manufacturing units in India so that garment manufacturers of Bangladesh can spin yarn from cotton there and send it back here, he said.
The warehouse, new garment factories and spinning mills would be constructed and operated by Bangladeshi entrepreneurs. India will only allocate the lands.
It is also an opportunity for India to receive foreign direct investment and create jobs, Matlub Ahmad said.
On the restriction by Bangladesh Bank on investing abroad, Ahmad said the government is now much more liberal as its foreign currency reserves are close to $27 billion.
The BGMEA had demanded allocation of 50 acres of land in India to establish the warehouse during Indian Prime Minister Narendra Modi’s visit to Dhaka in June.
Demand for Bangladeshi garments is high among the growing middle class in India thanks to lower prices.
India is a big market for Bangladesh with an annual retail market size of over $40 billion for the growing middle-class consumers; Bangladesh is yet to take advantage of the vast Indian market.
The new warehouse and garment manufacturing will slowly pave the way of greater market access to India BGMEA leaders on the team told the media back in Dhaka.

Comment

Business Report

The new Indian Prime Minister Narendra Modi who is known for entrepreneurship development to make his home state Gujrat a prosperous state when he was its Chief Minister is keen this time to allow Bangladesh garment industry to open its business network there.
A business team is now on a visit to Gujarat to select a garment warehousing site that will be constructed by Bangladeshi entrepreneurs to boost exports to India. The team visited public and private sites in Gujarat in the last two days. The delegation members also sat with senior government officials and top businessmen in the state and exchanged views on how to implement the scheme, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad told the media.
Ahmad who was long time president of India0Bangladesh Chamber of Commerce and Industry (IBCCI) is leading the team comprising representatives from Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Cotton Association.
The Indian government has accepted Bangladesh’s proposals and agreed to allocate lands to establish the business hub in Gujarat, he said.
Bangladesh looks to establish the hub as the country seeks to boost its annual garment exports to the Indian market to $1 billion in three years from about $100 million now.
Bangladesh has been trying to sign a deal with India for many years to maintain a steady supply of cotton to Bangladesh as India sometimes stops the supply of the fibre without prior notice.
As a result, Bangladesh’s textile and garment sectors face troubles. So Bangladesh has  proposed to set up some yarn manufacturing units in India so that garment manufacturers of Bangladesh can spin yarn from cotton there and send it back here, he said.
The warehouse, new garment factories and spinning mills would be constructed and operated by Bangladeshi entrepreneurs. India will only allocate the lands.
It is also an opportunity for India to receive foreign direct investment and create jobs, Matlub Ahmad said.
On the restriction by Bangladesh Bank on investing abroad, Ahmad said the government is now much more liberal as its foreign currency reserves are close to $27 billion.
The BGMEA had demanded allocation of 50 acres of land in India to establish the warehouse during Indian Prime Minister Narendra Modi’s visit to Dhaka in June.
Demand for Bangladeshi garments is high among the growing middle class in India thanks to lower prices.
India is a big market for Bangladesh with an annual retail market size of over $40 billion for the growing middle-class consumers; Bangladesh is yet to take advantage of the vast Indian market.
The new warehouse and garment manufacturing will slowly pave the way of greater market access to India BGMEA leaders on the team told the media back in Dhaka.


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Swissôtel to open luxury hotel in the capital

Bengal Group to build the five-star hotel,. MTB to handle fund raising

Business Report

MTB Managing Director and CEO, Anis A. Khan, Additional Managing Director, Md. Hashem Chowdhury, Deputy Managing Directors, Md. Zakir Hussain and Syed Rafiqul Haq among others with senior functionaries of Bengal Group at the signing of the agreement to handle the financial mobilization of Swissôtel in Dhaka.

Dhaka is becoming a growing destination for future business by global corporate
bodies. The high stake investment list includes among others expansion of hotels and entertainment network here by international hotel services.
The Intercontinental Group is now renovating the former Sheraton Hotel giving it new  colour and outlook. Meanwhile, Swissôtel Hotels from Switzerland is also joining its hands with a local group to build a new hotel using brand name. 
The Bengal Group of Industries is making a foray into the hospitality business with the five-star hotel in capital Dhaka to be managed by upmarket Swiss hotel chain Swissôtel Hotels and Resorts.
To be called Swissôtel Dhaka, the property will be located in Niketan, close to the bustling business centre of Gulshan. The construction will begin in December this year, with plans to open the door to guests in 2018, said Md Jashim Uddin, vice-chairman of Bengal Group.
There are international hotel chains in the country, but there is a gap in quality and the Swissôtel Dhaka is looking to bridge that gap, he told the media last week. Mutual Trust Bank will handle the funding of the hotel at a cost of US$ 75 million. .
As Bangladesh is elevating to the status of middle-income group, the need for more hotel services will multiply, he said. .The hotel will feature 375 guest rooms and suites, six restaurants and bars, ballroom, as well as a spa with a swimming pool and other recreational amenities.
Headquartered in Zurich, Swissôtel Hotels and Resorts is an award-winning group of deluxe hotels that combines Swiss hospitality with contemporary design, personalized service opportunity with high efficiency.
The chain is owned by FRHI Holdings Ltd, a leading global hotel company with 102 hotels and resorts worldwide under the brand names of Raffles, Fairmont and Swissôtel.
In a statement, Meinhard Huck, president of Swissôtel Hotels and Resorts, said: “Dhaka is experiencing sustainable growth, particularly in the financial and textile manufacturing sectors, but also in telecommunications and service industries, which has resulted in a strong demand for high-quality hotel accommodation.”
The hotel will be developed by Bengal Group on its own land at a cost of Tk 600 crore, according to Jashim Uddin, a business leader.
Bengal Group on Tuesday signed a deal with Mutual Trust Bank granting it the mandate to raise $50 million (about Tk 400 crore) for the hotel.
The fund will be raised from different multilateral organisations and other lenders, said Anis A Khan, managing director of Mutual Trust Bank.
Set up in 1969, Bengal Group is the world’s largest manufacturer of coat hangers, producing more than two million hangers a day.
Its clothing division supplies mainly denim products to clients such as Walmart, Sainsbury, The Children Place, VP Corp and others.

Comment

Business Report

MTB Managing Director and CEO, Anis A. Khan, Additional Managing Director, Md. Hashem Chowdhury, Deputy Managing Directors, Md. Zakir Hussain and Syed Rafiqul Haq among others with senior functionaries of Bengal Group at the signing of the agreement to handle the financial mobilization of Swissôtel in Dhaka.

Dhaka is becoming a growing destination for future business by global corporate
bodies. The high stake investment list includes among others expansion of hotels and entertainment network here by international hotel services.
The Intercontinental Group is now renovating the former Sheraton Hotel giving it new  colour and outlook. Meanwhile, Swissôtel Hotels from Switzerland is also joining its hands with a local group to build a new hotel using brand name. 
The Bengal Group of Industries is making a foray into the hospitality business with the five-star hotel in capital Dhaka to be managed by upmarket Swiss hotel chain Swissôtel Hotels and Resorts.
To be called Swissôtel Dhaka, the property will be located in Niketan, close to the bustling business centre of Gulshan. The construction will begin in December this year, with plans to open the door to guests in 2018, said Md Jashim Uddin, vice-chairman of Bengal Group.
There are international hotel chains in the country, but there is a gap in quality and the Swissôtel Dhaka is looking to bridge that gap, he told the media last week. Mutual Trust Bank will handle the funding of the hotel at a cost of US$ 75 million. .
As Bangladesh is elevating to the status of middle-income group, the need for more hotel services will multiply, he said. .The hotel will feature 375 guest rooms and suites, six restaurants and bars, ballroom, as well as a spa with a swimming pool and other recreational amenities.
Headquartered in Zurich, Swissôtel Hotels and Resorts is an award-winning group of deluxe hotels that combines Swiss hospitality with contemporary design, personalized service opportunity with high efficiency.
The chain is owned by FRHI Holdings Ltd, a leading global hotel company with 102 hotels and resorts worldwide under the brand names of Raffles, Fairmont and Swissôtel.
In a statement, Meinhard Huck, president of Swissôtel Hotels and Resorts, said: “Dhaka is experiencing sustainable growth, particularly in the financial and textile manufacturing sectors, but also in telecommunications and service industries, which has resulted in a strong demand for high-quality hotel accommodation.”
The hotel will be developed by Bengal Group on its own land at a cost of Tk 600 crore, according to Jashim Uddin, a business leader.
Bengal Group on Tuesday signed a deal with Mutual Trust Bank granting it the mandate to raise $50 million (about Tk 400 crore) for the hotel.
The fund will be raised from different multilateral organisations and other lenders, said Anis A Khan, managing director of Mutual Trust Bank.
Set up in 1969, Bengal Group is the world’s largest manufacturer of coat hangers, producing more than two million hangers a day.
Its clothing division supplies mainly denim products to clients such as Walmart, Sainsbury, The Children Place, VP Corp and others.


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Shahjalal Islami Bank’s board meeting held

Business Report

The meeting of the Board of Directors of Shahjalal Islami Bank Limited (SJIBL) was held at its boardroom recently with its chairman Mr. A. K. Azad. Presiding over it.
Representatives of Bangladesh Banks were also present. The board discussed on inspection report run by Bangladesh Bank. Vice-Chairman of the Board Alhaj Mohammad Younus and other directors were present.
It was also attended by Managing Director Mr. Farman R Chowdhury, Additional Managing Director Mr. Masihul Huq Chowdhury, Deputy Managing Director Mr. Md. Setaur Rahman and some other officials of the bank.

Comment

Business Report

The meeting of the Board of Directors of Shahjalal Islami Bank Limited (SJIBL) was held at its boardroom recently with its chairman Mr. A. K. Azad. Presiding over it.
Representatives of Bangladesh Banks were also present. The board discussed on inspection report run by Bangladesh Bank. Vice-Chairman of the Board Alhaj Mohammad Younus and other directors were present.
It was also attended by Managing Director Mr. Farman R Chowdhury, Additional Managing Director Mr. Masihul Huq Chowdhury, Deputy Managing Director Mr. Md. Setaur Rahman and some other officials of the bank.


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Cattle refinancing scheme expanded to attain meat self-sufficiency

Business Report

The restriction of the Indian government to export cattle herd to Bangladesh and particularly the scarcity of sacrificial cattle during the Eid-Ul-Azha has introduced new thinking in Bangladesh how to accelerate cattle rearing in the country.
As part of the new thinking, banks can now give Tk 2 lakh in loans at most to an individual for buying four heifers under the revised cattle refinancing scheme announced by Bangladesh Bank.
A heifer is a young female cow that has not borne a calf yet, and there was no provision for it when the Tk 200 crore-scheme was announced by the central bank in June with the view to making the country self-reliant for milk. Now meat self-sufficiency is being added to the scheme. .
In the original policy, the loan could be given just for buying a cow and a calf.
The new policy said loans can be given for buying heifers capable of reproducing within a maximum of three months, with the indigenous species of heifers getting the priority when buying.
A maximum of Tk 50,000 will be given for buying one heifer.
The borrower will get the loans at 5 percent interest rate, with the bank receiving an additional 5 percent from the government in subsidy, under the revised policy.
The deadline for paying back the loan will be four and a half years; it was three years in the previous policy. A maximum of 14 months will be given as grace period.
Women and marginal farmers will be given preference in the scheme.
To make sure that the loan is being used properly, the upazila office of the Livestock Department will check on the borrowers.
If any misuse is detected, it will be fed back to the Directorate of Livestock, who in turn will inform it to Bangladesh Bank, according to the Policy.
All state banks, IFIC Bank, Brac Bank, Midland Bank, IDLC Finance, Ansar-VDP Unnayn Bank and Karmasangsthan Bank can disburse loans under the scheme.

Comment

Business Report

The restriction of the Indian government to export cattle herd to Bangladesh and particularly the scarcity of sacrificial cattle during the Eid-Ul-Azha has introduced new thinking in Bangladesh how to accelerate cattle rearing in the country.
As part of the new thinking, banks can now give Tk 2 lakh in loans at most to an individual for buying four heifers under the revised cattle refinancing scheme announced by Bangladesh Bank.
A heifer is a young female cow that has not borne a calf yet, and there was no provision for it when the Tk 200 crore-scheme was announced by the central bank in June with the view to making the country self-reliant for milk. Now meat self-sufficiency is being added to the scheme. .
In the original policy, the loan could be given just for buying a cow and a calf.
The new policy said loans can be given for buying heifers capable of reproducing within a maximum of three months, with the indigenous species of heifers getting the priority when buying.
A maximum of Tk 50,000 will be given for buying one heifer.
The borrower will get the loans at 5 percent interest rate, with the bank receiving an additional 5 percent from the government in subsidy, under the revised policy.
The deadline for paying back the loan will be four and a half years; it was three years in the previous policy. A maximum of 14 months will be given as grace period.
Women and marginal farmers will be given preference in the scheme.
To make sure that the loan is being used properly, the upazila office of the Livestock Department will check on the borrowers.
If any misuse is detected, it will be fed back to the Directorate of Livestock, who in turn will inform it to Bangladesh Bank, according to the Policy.
All state banks, IFIC Bank, Brac Bank, Midland Bank, IDLC Finance, Ansar-VDP Unnayn Bank and Karmasangsthan Bank can disburse loans under the scheme.


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Seminar on Bancassurance held in city

Business Report

A Seminar on ‘Bancassurance’ was held in a city hotel recently organized by Prime Islami Life Insurance Limited.
Mr. Lawrance Yew. eminent banker and Insurance expert and Regional Director, southeast Asia and Indian Sub-continent, CEO, Retakaful SCOR Global Life SE, Singapore, presented the key note paper in the seminar.
Mr. Yew analyzed various issues of Bancassurance such as types of Bancassurance products, its operational model and benefits of Bancassurance for bank, life insurance/family takaful company & their customers.
The seminar was chairs by Mr. Nazrul Islam, Member, Executive Committee of Bangladesh Insurance Association. Dr. Mohammad Sohrab Uddin Chairman, Sadharan Bima Corporation, 
Md. Fazlul Haque, Additional Secretary (Admin & Insurance), Bank & Financial Institution Division, Ministry of Finance; Mr. Md. Quddus Khan, Member, Insurance Development & Regulatory Authority were present as special guests on the occasion.

Comment

Business Report

A Seminar on ‘Bancassurance’ was held in a city hotel recently organized by Prime Islami Life Insurance Limited.
Mr. Lawrance Yew. eminent banker and Insurance expert and Regional Director, southeast Asia and Indian Sub-continent, CEO, Retakaful SCOR Global Life SE, Singapore, presented the key note paper in the seminar.
Mr. Yew analyzed various issues of Bancassurance such as types of Bancassurance products, its operational model and benefits of Bancassurance for bank, life insurance/family takaful company & their customers.
The seminar was chairs by Mr. Nazrul Islam, Member, Executive Committee of Bangladesh Insurance Association. Dr. Mohammad Sohrab Uddin Chairman, Sadharan Bima Corporation, 
Md. Fazlul Haque, Additional Secretary (Admin & Insurance), Bank & Financial Institution Division, Ministry of Finance; Mr. Md. Quddus Khan, Member, Insurance Development & Regulatory Authority were present as special guests on the occasion.


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Duke of Edinburgh’s Award Foundation get new chairman

Business Report

Mr Sayeeful Islam, (Managing Director, Concorde Garments Group has been elected as Chairman of the Board of Trustees of ‘The Duke of Edinburgh’s Award Foundation Bangladesh’ in a board meeting held recently.
He will now work as National Chairman of National Award Authority in Bangladesh under The Duke of Edinburgh’s International Award.
 Mr Sayeeful Islam is a chemical Engineer and a noted businessman. He was a past president of the Dhaka Chamber of Commerce and Industries (DCCI).
As a CIP, he was also a former Honorary Consul of Brazil in Bangladesh the Founder Secretary of the American Alumni association in Bangladesh. He was the Founder Secretary and later president of Gulshan Society. Mr Sayeeful Islam is  engaged with many schools and social activities.
The past National Chairman Mr. Mirza Salman Ispahani,  Managing Director of  M M Ispahani Ltd. has been elected Honorary Secretary and Mr. Abrar A. Anwar, as Treasurer for the foundation.

Comment

Business Report

Mr Sayeeful Islam, (Managing Director, Concorde Garments Group has been elected as Chairman of the Board of Trustees of ‘The Duke of Edinburgh’s Award Foundation Bangladesh’ in a board meeting held recently.
He will now work as National Chairman of National Award Authority in Bangladesh under The Duke of Edinburgh’s International Award.
 Mr Sayeeful Islam is a chemical Engineer and a noted businessman. He was a past president of the Dhaka Chamber of Commerce and Industries (DCCI).
As a CIP, he was also a former Honorary Consul of Brazil in Bangladesh the Founder Secretary of the American Alumni association in Bangladesh. He was the Founder Secretary and later president of Gulshan Society. Mr Sayeeful Islam is  engaged with many schools and social activities.
The past National Chairman Mr. Mirza Salman Ispahani,  Managing Director of  M M Ispahani Ltd. has been elected Honorary Secretary and Mr. Abrar A. Anwar, as Treasurer for the foundation.


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