The New Nation - Internet Edition

Coordinated effort to boost boro production

Staff Reporter

Nearly 34,000 deep tube wells and 12,02,722 shallow tube wells will be required to ensure irrigation of the 45 lakh hectares of land to boost boro production to avert food crisis, report says. And to keep them running sufficient quantity of diesel will be needed. The government has allocated taka 750 crore as diesel subsidy for the farmers so that the production costs remains within means. Another important thing is the availability of electricity.

From another report, the country's power plants are generating 3400 megawatts of electricity, a shortfall of about 1600 megawatts. The present demand is over 4000 MW and it will increase to over 5000 MW for irrigating the boro lands. Out of total tube wells, electricity is required for 22500 tube wells and diesel for 838000. As the current generation of electricity is short of demand, the task of unabated supply thereof for irrigation purpose will surely be hard, if not at all impossible.

On the other hand, in the month of March, three lakh metric tonnes of urea will be needed whereas the present stock is 1.50 lakh metric tonnes only. The remainder will have to be imported. In case of failure to import in time, the boro target may not be achieved. The total demand of fertiliser in the country is 38.44 metric tonnes. It includes 28.18 lakh metric tonnes urea, 4.76 lakh metric tonnes TSP, 2.50 lakh metric tonnes DAP and three lakh metric tonnes of MOP.

The DAE's current target of food production in the country is 3.42 crore metric tonnes against the annual demand of three crore m.t. The net receipts after 10 percent deduction on account of poultry food, seeds and wastage will remain just over three crore metric tonnes. That too depends on achievement of boro output. The total target of food grains includes 22,15,000 metric tonnes of aus, 1,30,45,000 tonnes of amon, 1,75,00,000 metric tonnes of boro and 14,40,000 metric tonnes of wheat and maize. As the production appears slightly over annual demand, the government is required to import over two million metric tonnes. The necessity has become acute in view of the amon production's setback due to back-to-back floods and 15/11 hurricane.

During the fiscal 2006-07, the total food production in the country was 330.84 lakh metric tonnes according to DAE while 272.65 lakh metric tonnes according to BBS.

Indian Co. to invest $5 m more at Dhaka EPZ

A Indian company in the name & style M/s. Geebee Garments Industries Limited is going for expansion of the Garment Industry at Dhaka Export Processing Zone.

The 100 pc foreign owned company will enhance their production capacity with additional investment of US$ 5 million, including this, the total investment will stand at US$ 6 million. At present 352 Bangladeshis are engaged in this factory. This company will also create new job opportunity for additional 500 Bangladeshis with implementation of their expansion programme.

An agreement in this regard was signed between the Bangladesh Export Processing Zones Authority and the M/s. Geebee Garments Industries Ltd. in BEPZA Complex, Dhaka Thursday. A.Z.M Azizur Rahman, General, Manager (Investment Promotion) of BEPZA and Guruswami Shankarnarayanan, General Manager of M/s. Geebee Garments Industries Ltd. have signed the lease agreement on behalf of their respective organisations.

Among others, Brig. General Ashraf Abdullah Yussuf, Executive Chairman, Member (Engineering) Md. Farhad Uddin and other officers of BEPZA were present at the signing ceremony.

IBBL awards scholarships to students

Staff Reporter

Islami Bank Foundation organised a function to award scholarships to the accomplished students from Chittagong, Coxe's Bazar and Rangamati districts.

Professor AJM Nuruddin Chowdhury. Vice Chancellor of Chittagong University was the chief guest of the function while Kazi Harun or Rashid, Bank Director and Audit Committee Chairman, presided over.

The chief guest said, the functions of Islami Bank are not limited. The works expand to poverty alleviation, education and the service of people. As a result, IBBL has become the bank of the mass people.

He said, 'We are to play massive role in expanding education if we as a nation want to prosper. The programme of Islami Bank foundation will have far-reaching impact in the field of education.

Vice Chancellor Nooruddin Chowdhury called upon the students to work to elect honest leadership from among them for becoming a dignified nation.

Later he awarded scholarships to the SSC, HSC, Degree & post graduate-level students.

The Chowkbazar Branch of IBBL organised the ceremony.

Investment seminar in New York lauds economic reforms in Bangladesh

UNB, Dhaka

Bangladesh is a good story to sell before the global investors and the ongoing economic reforms need to be intensified.

This was said by David Fernandez of JP Morgan, an Investment Firm in Wall Street, at an Investment Seminar titled "Untapped Investment Opportunities in Bangladesh: Investment climate, capital market and growth in Bangladesh" at the Asia Society in New York on Thursday, according to a message received here on Saturday.

With a view to attracting attention of the global investors, Dr Ahsan Mansur of the IMF highlighted microeconomic stability in Bangladesh, which could be a major attraction for foreign investment. Peter Berezin of Goldman Sachs expressed confidence that with correct policies and investment knowledge and physical infrastructure, Bangladesh can attract investment significantly in the near future.

Mamun Rashid of Citybank in Dhaka called Bangladesh a new frontier for investment and urged more policy flexibility and the need for Bangladesh to get connected to the global network.

Arif Dowla of ACI in Bangladesh, Munawar M Moin, Rahim Afroz Group of Bangladesh and Iftekharul Islam of Asian Tiger Capital Partners, Dhaka noted the disconnect between the global capital market and the opportunities available in Bangladesh and suggested for quick learning which could help Bangladesh to benefit from the huge capital available in the global market.

They also highlighted the new found confidence in the business community in Bangladesh and invited the global investors to capitalize the investment opportunities currently unfolding in Bangladesh.

They also underscored the value opportunity and growing market and other connectivity that Bangladesh offers.

The Panelists, however, stressed the need for policy dynamism and transparency and development of infrastructure, knowledge network and education to persuade the global investors about the economic strength of Bangladesh and its readiness to accept best practices.

They also suggested that Bangladesh should work with the global rating agencies so that they could evaluate the investment competitiveness in Bangladesh vis-à-vis other emerging markets.

They urged strongly for strengthening marketing efforts to familiarize Bangladesh in the global economic and financial landscape.

Earlier, Bangladesh Ambassador to the United States, M Humayun Kabir in his keynote address underscored the fundamental strength of Bangladesh economy and described how it has been moving in the positive direction over the years.

He also catalogued reform initiative and the benefit that are emerging from better economic governance implemented by the present government.

He suggested that the articulation of a consistent, coherent and credible message about brand Bangladesh by forming a compact among government, business and diplomacy so that Bangladesh could be presented as a new and attractive investment destination.

He also noted that diplomacy can play the role of vanguard in attracting foreign investment.

The prestigious seminar was sponsored by the Asia Society and network of Bangladesh American professionals in the US.

It was indeed a befitting arrangement as a follow up to the Chief Advisor's entreaty during his visit to New York in September last year attended by about 150 investors, economic experts, financial analysts and economists.

Adoption of new technology underscored

Prime Bank's Annual Business Conference held

The 13th Annual Business Conference of Prime Bank Ltd. was held on 24 January in the city. Chairman of the Board of Directors Azam J Chowdhury inaugurated the function as the chief guest. Executive Committee (EC) Chairman Mohammad Aminul Haque was present as the special guest while Managing Director M Shahjahan Bhuiyan presided over the meeting.

Highlighting the excellent performance of the Bank during 2007, Azam J Chowdhury underscored the importance of adoption of new technology and devising appropriate business strategies to enable the Bank successfully compete in the changing market conditions and upward cycle of global interest rates. He further mentioned that introducing new avenues for business and diversifying existing operations will be the key to sustain Bank's leading position in 2008. He emphasised on introducing new products and strengthening retail banking and small and medium enterprise (SME) operation to maintain the leading edge of the bank. He pointed out the need for skill development and capacity building of operational people and advised to invest adequately on human resources since only skilled and motivated pool of employees can bring in success for the Bank. Before the inaugural address, he gave a powerpoint presentation on "Good Governances Protection and Management of Information Guidelines" .

Mohammad Aminul Haque stressed the need for increasing number of retail clients and initiating customer-friendly projects to meet future business challenges.

Capt. Imam Anwar Hossain, Director of the Bank said, profit is not only the target rather all compliances are the main focus to be implemented.

M. Shahjahan Bhuiyan drew the attention of branch managers to work with utmost dedication and get ready to meet any business challenges in 2008 by harnessing professional competence and imparting skills training to Bank employees. Referring to branch managers as the mentors, he urged managers to focus on professional development of colleagues working in operational areas and involve them in all spheres of business.

He further mentioned that being proactive in operations, preserving high professional and ethical standards and leveraging collective efforts, the Bank can continue to exceed its business targets and maintain supreme position in the industry. He concluded by mentioning that reduction of reliance on price-sensitive volatile deposit and new business development in form of foreign trade expansion, inward remittance acquisition will be the key business focus in 2008.

Vice Chairperson Hasina Khan, Directors Saheda Pervin Trisha and Mohammad Delwar Hossain, Additional Managing Director Nasiruddin Ahmed, Deputy Managing Directors Mahbubul Alam and R.Q.M Forkan gave powerpoint presentations on relevant operational topics. All Heads of Branches and concerned Head Office executives participated in the discussion.

An appetising starter for Emirates in 2008

Emirates, the global airline flying to six continents, has started the year on a sweet note with the 'The Most Creative Business Cabin Food & Beverage of the Year' award from M.I.C.E Travel, China.

Launched this year, the MICE China Industry Awards has set out to recognise the best performers of 2007 in the sector. Finalists were chosen by a distinguished panel of judges comprised of highly respected travel professionals, university professors and online Chinese netizens. Yi Wei, Editor in Chief, M.I.C.E Travel said: "M.I.C.E. Travel is the authoritative voice of the MICE industry in China and the award is commendation for Emirates great contribution to the creative F&B services in its business class by our professional judges and readers. We believe Emirates, a pioneer of the industry, will make persistent efforts to develop its creative inflighl services."

The airline's First and Business Class passengers can order multi-course meals created by top international chefs from an extensive menu including stylish sundries such as hot toast and cappuccino coffee at any time via a phone call to the crew. Emirates' Business class passengers are treated to a sumptuous array of hot breakfasts, pastries, five- course meals and dessert. Emirates' Economy class passengers enjoy five course meals from hors d'oeuvres and salads, to main courses, desserts and chocolates.

A wide range of 23 special meal varieties are available to meet religious and medical dietary needs across all three classes. Passengers also can savour ethnic variations on its 90-plus routes.