Friday, April 18, 2014 BUSINESS

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BD sits on unique competitiveness position
-- ICCB

Business Report

ICCB President Mahbubur Rahman (3rd from right) presiding over the annual board meeting.

International Chamber of Commerce, Bangladesh (ICCB) in an evaluation report on Bangladesh economy said the country sits on an unique competitiveness position focused on global market and the productivity of Bangladesh workers is at par in most cases with Chinese workers in well equipped factories.
Despite all good economic indicators at work the year 2013 was one of the most challenging years for the country’s economy in recent times.
Failure to implement the Padma bridge project, collapse of a garment factory killing over 1,100 people, US suspension of GSP facilities, large scale financial scams, unprecedented political violence, etc were very damaging to the country’s image.
The ICCB Executive Board Report said despite these odds Bangladesh was able to attain GDP growth at 6.03 per cent during the last fiscal 2013. It said had there been no political confrontation during the third-quarter of 2013 resulted in tragic loss of lives of innocent people, in addition to huge economic losses, the country could have easily achieved more than 7 per cent last year.
ICCB further said the productivity of Bangladeshi workers in well equipped factories is almost at par with Chinese and Vietnams workers although they get one-fifth wage of a Chinese worker 
The ICCB report said although it marked a drop in GDP growth for two consecutive years in fiscal 2012 and 2013, it is however quite respectable where growth in developing countries hovered at around 5.0 per cent level in the year. It was presented in the update-2013 of Citibank NA
The drop in GDP growth rate from 6.23 per cent in FY12 is mainly attributed to slowdowns in agriculture and service sector. The slowdown in agriculture sector from 3.11 per cent in FY12 to 2.17 per cent in FY13 is largely due to the base effect of two consecutive years of record growth and falling prices along with weather-related disruptions.
However, in the outgoing year, Bangladesh has successfully coped with the global challenges. Economic growth has also been largely inclusive and broad based, with food production keeping pace with the population growth, significant increase of per capita income in real terms, poverty fell sharply to less than 31.5 per cent coupled with improved life expectancy, higher literacy rate and lower mortality.
Population control programmes have also helped in slowing down population growth. However, political confrontation during the third-quarter of 2013 resulted in tragic loss of lives of innocent people, in addition to huge economic losses, otherwise the country could have easily achieved more than 7 per cent last year.
ICCB Executive Board mentioned that according to recent World Bank reports Bangladesh has the potential to create at least 15 million jobs in the next ten years. The productivity of Bangladeshi workers is on par with Chinese workers in well-managed firms, with their wages being one-fifth of their Chinese counterparts and those in Vietnam. the WB report said.
The country’s unique competitive position comes at a time when China is in the process of outsourcing 80 million jobs from labour-intensive industries.

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Business Report

ICCB President Mahbubur Rahman (3rd from right) presiding over the annual board meeting.

International Chamber of Commerce, Bangladesh (ICCB) in an evaluation report on Bangladesh economy said the country sits on an unique competitiveness position focused on global market and the productivity of Bangladesh workers is at par in most cases with Chinese workers in well equipped factories.
Despite all good economic indicators at work the year 2013 was one of the most challenging years for the country’s economy in recent times.
Failure to implement the Padma bridge project, collapse of a garment factory killing over 1,100 people, US suspension of GSP facilities, large scale financial scams, unprecedented political violence, etc were very damaging to the country’s image.
The ICCB Executive Board Report said despite these odds Bangladesh was able to attain GDP growth at 6.03 per cent during the last fiscal 2013. It said had there been no political confrontation during the third-quarter of 2013 resulted in tragic loss of lives of innocent people, in addition to huge economic losses, the country could have easily achieved more than 7 per cent last year.
ICCB further said the productivity of Bangladeshi workers in well equipped factories is almost at par with Chinese and Vietnams workers although they get one-fifth wage of a Chinese worker 
The ICCB report said although it marked a drop in GDP growth for two consecutive years in fiscal 2012 and 2013, it is however quite respectable where growth in developing countries hovered at around 5.0 per cent level in the year. It was presented in the update-2013 of Citibank NA
The drop in GDP growth rate from 6.23 per cent in FY12 is mainly attributed to slowdowns in agriculture and service sector. The slowdown in agriculture sector from 3.11 per cent in FY12 to 2.17 per cent in FY13 is largely due to the base effect of two consecutive years of record growth and falling prices along with weather-related disruptions.
However, in the outgoing year, Bangladesh has successfully coped with the global challenges. Economic growth has also been largely inclusive and broad based, with food production keeping pace with the population growth, significant increase of per capita income in real terms, poverty fell sharply to less than 31.5 per cent coupled with improved life expectancy, higher literacy rate and lower mortality.
Population control programmes have also helped in slowing down population growth. However, political confrontation during the third-quarter of 2013 resulted in tragic loss of lives of innocent people, in addition to huge economic losses, otherwise the country could have easily achieved more than 7 per cent last year.
ICCB Executive Board mentioned that according to recent World Bank reports Bangladesh has the potential to create at least 15 million jobs in the next ten years. The productivity of Bangladeshi workers is on par with Chinese workers in well-managed firms, with their wages being one-fifth of their Chinese counterparts and those in Vietnam. the WB report said.
The country’s unique competitive position comes at a time when China is in the process of outsourcing 80 million jobs from labour-intensive industries.


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International tourism fair held in city

Business Report

Minister for Civil Aviation and Tourism Rashed Khan Menon is formally inaugurating the fair flanked by other guests on the occasion at Sonargaon Hotel in the city.

A three-day International Tourism Fair opened in the city’s Pan Pacific Sonargaon Hotel on April 16 with the Minister for Civil Aviation and Tourism Rashed Khan Menon, formally inaugurated the event as the chief guest.
President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akramuddin Ahmed was present on the occasion as the special guest.
Held under the auspices of The Bangladesh Monitor, the premier travel and tourism publication of the country, the 11th version of Dhaka Travel Mart opened with the key note presentation by Eastern Bank Ltd which is supporting the event as the title sponsor.
Biman Bangladesh Airlines is the Airline Partner and Bangladesh Tourism Board has joined hands as the Premium Partner.
Editor, The Bangladesh Monitor and Chairman of the DTM 2014 and chairman of the organising committee Kazi Wahidul Alam, CEO of Bangladesh Tourism Baord Akhteruz Zaman Khan Kabir and General Manager, Biman Bangladesh Airlines Abdullah Hasan also spoke on the occasion.
About 50 organisations from seven countries– Malaysia, Thailand, Srilanka, Turkey, Nepal, UAE and host Bangladesh are taking part in the Dhaka Travel Mart 2014 which includes national tourism organisations (NTOs), airlines, tour operators, hotels, resorts, travel trade bodies, financial and educational institutions.
Participating organizations during the three day exhibition are offering special discounted airfares, Tour Packages and a host of other attractive offers to the visitors who are going round the fair from morning to evening.
A Raffle draw on the entry coupons will be held on the concluding day on April 19. Prizes will include airline tickets to various destinations home and abroad and other exciting tour packages, hotel stays etc, said a press release.

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Business Report

Minister for Civil Aviation and Tourism Rashed Khan Menon is formally inaugurating the fair flanked by other guests on the occasion at Sonargaon Hotel in the city.

A three-day International Tourism Fair opened in the city’s Pan Pacific Sonargaon Hotel on April 16 with the Minister for Civil Aviation and Tourism Rashed Khan Menon, formally inaugurated the event as the chief guest.
President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akramuddin Ahmed was present on the occasion as the special guest.
Held under the auspices of The Bangladesh Monitor, the premier travel and tourism publication of the country, the 11th version of Dhaka Travel Mart opened with the key note presentation by Eastern Bank Ltd which is supporting the event as the title sponsor.
Biman Bangladesh Airlines is the Airline Partner and Bangladesh Tourism Board has joined hands as the Premium Partner.
Editor, The Bangladesh Monitor and Chairman of the DTM 2014 and chairman of the organising committee Kazi Wahidul Alam, CEO of Bangladesh Tourism Baord Akhteruz Zaman Khan Kabir and General Manager, Biman Bangladesh Airlines Abdullah Hasan also spoke on the occasion.
About 50 organisations from seven countries– Malaysia, Thailand, Srilanka, Turkey, Nepal, UAE and host Bangladesh are taking part in the Dhaka Travel Mart 2014 which includes national tourism organisations (NTOs), airlines, tour operators, hotels, resorts, travel trade bodies, financial and educational institutions.
Participating organizations during the three day exhibition are offering special discounted airfares, Tour Packages and a host of other attractive offers to the visitors who are going round the fair from morning to evening.
A Raffle draw on the entry coupons will be held on the concluding day on April 19. Prizes will include airline tickets to various destinations home and abroad and other exciting tour packages, hotel stays etc, said a press release.


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Ispahani Group adds a yarn unit at Pahartali Textile

Business Report

A new blend yarn unit of Pahartali Textile and Hosiery Mills of M. M. Ispahani Limited was inaugurated at Ispahani Complex, Pahartali, Chittagong by the Chairman of the Group Ali Behrouze Ispahani on April 9.
The inaugural ceremony was also attended by the Managing Director Mirza Salman Ispahani, Director Mirza Shakir Ispahani and other high officials of the company.
Pahartali Textile and Hosiery Mills, a spinning unit of M. M. Ispahani Limited has successfully started commercial production of its new blend yarn unit recently.
Chief Operating Officer Mr. Mahbubul Alam and other high officials of the company were present at the occasion. The new unit is a completely automated ring spinning unit with a capacity of 14,688 spindles and aimed at producing export oriented PC, CVC yarn with the most sophisticated and advanced technologies from Europe and Japan.
The prime objective of the new plant is focused on satisfying the growing demand for quality yarn in the country’s largest export sector.

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Business Report

A new blend yarn unit of Pahartali Textile and Hosiery Mills of M. M. Ispahani Limited was inaugurated at Ispahani Complex, Pahartali, Chittagong by the Chairman of the Group Ali Behrouze Ispahani on April 9.
The inaugural ceremony was also attended by the Managing Director Mirza Salman Ispahani, Director Mirza Shakir Ispahani and other high officials of the company.
Pahartali Textile and Hosiery Mills, a spinning unit of M. M. Ispahani Limited has successfully started commercial production of its new blend yarn unit recently.
Chief Operating Officer Mr. Mahbubul Alam and other high officials of the company were present at the occasion. The new unit is a completely automated ring spinning unit with a capacity of 14,688 spindles and aimed at producing export oriented PC, CVC yarn with the most sophisticated and advanced technologies from Europe and Japan.
The prime objective of the new plant is focused on satisfying the growing demand for quality yarn in the country’s largest export sector.


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UKBCCI leaders held meetings with govt. policy makers

Business Report

Leaders of the UK-Bangladesh Catalysts of Commerce and Industries (UKBCCI)   met with foreign minister AH Mahmud Ali MP and education minister Nurul Islam Nahid MP at their respective ministry on April 15 as part of network building at policy making level and discussed the possibilities to enhance UK-Bangladesh bilateral business.
They also discussed issues related to further promoting trade relation and creating new entrepreneurs with the view to exploring new business and investment opportunities on both sides.
The meetings were held as part of the UKBCCI venture of working as economic ambassadors to Bangladesh to promote positive image of Bangladesh to Europe and other western countries.
The ministers appreciated the UKBCCI initiative while promising them all sorts of cooperation from the government end and asked them to work closely with the existing trade bodies of the country in order to achieve the development goals of the government by the year 2021.
Foreign minister Mahmud Ali said, our GDP growth has reached 6 percent and per capita income has exceeded one thousand dollar under the leadership of the current government. He asked them to portray a positive brand of Bangladesh before the world through working in a concerted effort along with top trade bodies such as FBCCI and BGMEA.
Among others, Director General of the foreign ministry Asad Alam Siam was present at the meeting.
The Education Minister praised the activities of the British-Bangladeshi enterprise saying, we want to depict Bangladesh as a development model before the world. He termed the education sector as one of the low investment sector and called upon the trade body to come forward in meeting up the challenge.
   Chairman of UKBCCI Iqbal Ahmed OBE said, as successful entrepreneurs in the UK we are looking forward to investing in finance, RMG, food processing, tourism, ICT, healthcare, education and other sectors besides working with Europe and the Western World as economic ambassadors of the country.
UKBCCI wants to create huge employment opportunities for the people in Bangladesh while sharing their invaluable experience and high level network for the benefit of the young generation in Bangladesh, he said. The UKBCCI leaders also met with secretary of the Commerce Ministry Mahbub Ahmed and senior officials of the Finance Ministry. Later they also met the country’s business leaders with   FBCCI leaders leading the team.

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Business Report

Leaders of the UK-Bangladesh Catalysts of Commerce and Industries (UKBCCI)   met with foreign minister AH Mahmud Ali MP and education minister Nurul Islam Nahid MP at their respective ministry on April 15 as part of network building at policy making level and discussed the possibilities to enhance UK-Bangladesh bilateral business.
They also discussed issues related to further promoting trade relation and creating new entrepreneurs with the view to exploring new business and investment opportunities on both sides.
The meetings were held as part of the UKBCCI venture of working as economic ambassadors to Bangladesh to promote positive image of Bangladesh to Europe and other western countries.
The ministers appreciated the UKBCCI initiative while promising them all sorts of cooperation from the government end and asked them to work closely with the existing trade bodies of the country in order to achieve the development goals of the government by the year 2021.
Foreign minister Mahmud Ali said, our GDP growth has reached 6 percent and per capita income has exceeded one thousand dollar under the leadership of the current government. He asked them to portray a positive brand of Bangladesh before the world through working in a concerted effort along with top trade bodies such as FBCCI and BGMEA.
Among others, Director General of the foreign ministry Asad Alam Siam was present at the meeting.
The Education Minister praised the activities of the British-Bangladeshi enterprise saying, we want to depict Bangladesh as a development model before the world. He termed the education sector as one of the low investment sector and called upon the trade body to come forward in meeting up the challenge.
   Chairman of UKBCCI Iqbal Ahmed OBE said, as successful entrepreneurs in the UK we are looking forward to investing in finance, RMG, food processing, tourism, ICT, healthcare, education and other sectors besides working with Europe and the Western World as economic ambassadors of the country.
UKBCCI wants to create huge employment opportunities for the people in Bangladesh while sharing their invaluable experience and high level network for the benefit of the young generation in Bangladesh, he said. The UKBCCI leaders also met with secretary of the Commerce Ministry Mahbub Ahmed and senior officials of the Finance Ministry. Later they also met the country’s business leaders with   FBCCI leaders leading the team.


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Islamic Banks Central Shariah Board meet held

Business Report

The 31st General Meeting of Central Shariah Board for Islamic Banks, Bangladesh was held at Islami Bank Tower on April 13. Presided over by Shah Abdul Hannan, Chairman of the Board the meeting was attended by Chairman of Islami Bank Bangladesh Limited Prof. ANM Abduz Zaher, Secretary General of the Central Shariah Board AQM Shafiullah Arif along with Chairmen, Managing Directors, Chairmen and Secretaries of Shariah Supervisory Committee.
Noted Islamis scholars on the board attended the meeting and discussed important issues having bearing on the bank management.

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Business Report

The 31st General Meeting of Central Shariah Board for Islamic Banks, Bangladesh was held at Islami Bank Tower on April 13. Presided over by Shah Abdul Hannan, Chairman of the Board the meeting was attended by Chairman of Islami Bank Bangladesh Limited Prof. ANM Abduz Zaher, Secretary General of the Central Shariah Board AQM Shafiullah Arif along with Chairmen, Managing Directors, Chairmen and Secretaries of Shariah Supervisory Committee.
Noted Islamis scholars on the board attended the meeting and discussed important issues having bearing on the bank management.


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City Rotary Clubs meet held

Business Report

Rotary Club of Shantinagar, and Rotary Club of Sher-e-Banglanagar held a joint regular weekly meeting on April 05 at Rapport Seminar Hall in the city. Dr M Mosharraf Hossain District Governor (1994-95) Rotary International District 3281 was the guest speaker on the occasion. He gave a presentation on Rotary’s Public Relations and Image Building. The meeting was called to order earlier separately by two Club Presidents of RC Shantinagar, Dhaka. Rtn Anwarul Islam Khan and RC Sher-e-Banglanagar. Dhaka Rtn Farida Parveen respectively. It ended in a dinner.

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Business Report

Rotary Club of Shantinagar, and Rotary Club of Sher-e-Banglanagar held a joint regular weekly meeting on April 05 at Rapport Seminar Hall in the city. Dr M Mosharraf Hossain District Governor (1994-95) Rotary International District 3281 was the guest speaker on the occasion. He gave a presentation on Rotary’s Public Relations and Image Building. The meeting was called to order earlier separately by two Club Presidents of RC Shantinagar, Dhaka. Rtn Anwarul Islam Khan and RC Sher-e-Banglanagar. Dhaka Rtn Farida Parveen respectively. It ended in a dinner.


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MTB held BAML confc-2014

Business Report

Mutual Trust Bank Ltd. (MTB) recently organized Branch Anti-Money Laundering Compliance Officers’ (BAMLCO) Conference-2014 on stopping laundering and combating financing of terrorism (CFT).
The conference was held at Bangladesh Academy for Rural Development (BARD) in Comilla with 140 participants from 94 MTB branches. Deputy Managing Director & Chief Anti-Money Laundering Compliance Officer (CAMLCO) of MTB, Md. Hashem Chowdhury inaugurated the conference as the chief guest.
Deputy Managing Director and Head of Credit Risk Management, Md. Zakir Hussain, Executive Vice President & Deputy Chief Anti-Money Laundering Compliance Officer (DCAMLCO) Swapan Kumar Biswas and other senior officials of MTB attended the session.
The objective of the conference was to update the focal persons of the branches responsible for AML and CFT compliance, i.e., BAMLCOs of MTB branches, on the instructions given by the Financial Intelligence Unit (FIU) of Bangladesh Bank.
Discussions were also held on MTB guidelines and procedures in this regard. An open session was also conducted on how to remain compliant in case of new problems regarding money laundering and terrorist financing.

Comment

Business Report

Mutual Trust Bank Ltd. (MTB) recently organized Branch Anti-Money Laundering Compliance Officers’ (BAMLCO) Conference-2014 on stopping laundering and combating financing of terrorism (CFT).
The conference was held at Bangladesh Academy for Rural Development (BARD) in Comilla with 140 participants from 94 MTB branches. Deputy Managing Director & Chief Anti-Money Laundering Compliance Officer (CAMLCO) of MTB, Md. Hashem Chowdhury inaugurated the conference as the chief guest.
Deputy Managing Director and Head of Credit Risk Management, Md. Zakir Hussain, Executive Vice President & Deputy Chief Anti-Money Laundering Compliance Officer (DCAMLCO) Swapan Kumar Biswas and other senior officials of MTB attended the session.
The objective of the conference was to update the focal persons of the branches responsible for AML and CFT compliance, i.e., BAMLCOs of MTB branches, on the instructions given by the Financial Intelligence Unit (FIU) of Bangladesh Bank.
Discussions were also held on MTB guidelines and procedures in this regard. An open session was also conducted on how to remain compliant in case of new problems regarding money laundering and terrorist financing.


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