The New Nation - Internet Edition

Bangladesh Electrical Products Fair begins tomorrow in city

A three-day long 2nd Bangladesh Electrical Products Fair 2008 will begins tomorrow (Thursday) at Sonargaon Hotel in the city. Bangladesh Electrical Merchandise Manufacturers Association (BEMMA) will organise the fair.Commerce and Education Adviser Dr Hossain Zillur Rahman will inaugurate the fair as the chief guest, said Enayet Hossain Chowdhury, President of Bangladesh Electrical Merchandise Manufacturers Association (BEMMA) yesterday at a press conference held at Dhaka Reporters Unity in the city. A total of 60 enterprises will showcase their products including electrical switch-socket, sub-station equipment, LT and HT switch gear, house hold electrical appliances, tube light and bulb, electrical and electronic ballast, super enamel copper wire, energy saving bulb, voltage stabiliser, electrical cables, electric motor, electric meter, transformers, light fittings, electrical fan, capacitor, IPS-UPS and varnish etc. at 92 booths at the fair.

"The main objective of the fair is promoting Bangladeshi electrical products in home and outside of the country," Enayet Hossain Chowdhury said.

Lifting of duty on import of light engineering raw materials urged

BUSINESS REPORT

Bangladesh Engineering Industry Owners' Association (BEIOA) yesterday called upon the government to withdraw import duty on basic raw materials of light engineering sector in the proposed budget of fiscal year 2008-09.

The BEIOA leadrers placed their demands at a press conference at Dhaka Reporters Unity (DRU).

"We urged the government to withdraw import duty on basic raw materials as the light engineering is a thrust sector of the country. But, the government did not fulfil our demands in the proposed budget. If implemented, the new budget would create impediments to develop the sector," Abdur Razzaque, president of BEIOA, said.

He said the government should also withdraw VAT on repairing service charge to survive the sector, he added.

Razzaque said the government has lifted import duty on industrial machineries. But, it has imposed 100 per cent import duty on commercial capital machineries. It would create a setback in this priority sector, he further said.

"None of the countries of the world but Bangladesh had imposed VAT on repairing service sector. It will create a bad impact on this sector. The government should withdraw the VAT to boost the sector," Razzaque said.

According to the BEIOA leaders, some 20 lakh workers are now employed in around 40,000 light engineering industries of the country. The growth rate is 30 per cent in the sector in each fiscal year.

The leaders of BEIOA hoped that the light engineering sector is likely to fetch export earning worth $310 million this fiscal year.

The export volume of the products will decline in the next fiscal due to government illogical decision, they observed.

Former BEIOA president BEIOA Alhaj Abul Hasem, former joint secretary Sabbir Ahmed, finance secretary Md Abdul Alim and organising secretary Abul Hasem were present at the press conference.

HSBC launches map of Dhaka to celebrate 400 years of capital

BUSINESS REPORT

The Hongkong and Shanghai Banking Corporation (HSBC) Ltd in Bangladesh has undertaken a number of initiatives to celebrate 400 years of Dhaka as capital city.

The bank has commissioned a map, which will showcase the places of historical importance in Dhaka's history. The map is currently available at selected stores including Etcetera, Word and Page and will be available at other venues very soon.

Addressing a press conference at a city hotel yesterday about the launching of the map, HSBC Bangladesh Chief Executive Officer Steve Banner said that the map would highlight the great architectural achievements that were part of Dhaka's history as a capital and hoped that people would preserve it as a souvenir for the future generation.

"HSBC believes in giving something back to the community in which it operates and we have proud to offer our support a verity of good causes including underprivileged children's education, helping the needy and disabled and promoting Bengali culture for more than 10 years. Keeping this philosophy in mind we will be donating all funds raised through the sale of map to local charities," Banner added.

Mustafizur Rahman, Head of the Marketing and Communications, and M Sami Hafiz, Corporate Sustainability and Communications Manager, among others, were present at the press briefing.

In addition, HSBC is sponsoring a drama titled 'Bahanno Bazar Teppanno Goli' on 400 years of Dhaka, which will be shown at the National Theatre at Segun Baghicha in the city on July 17. The show will remain open to the public from July 20 and entire procedures from the show will be donated to charity.

The bank has also sponsored the works of three of the country's renowned photographers--Babu Ahmed, Munem Wasif and Taimur. Their photographs capturing the essence of the Old Dhaka will be showcased at Drik Gallery from July 13.

Islami Bank holds Shariah Council meeting

BUSINESS REPORT

A meeting of the Shari'ah Council of Islami Bank Bangladesh Limited was held yesterday at the Board Room of Islami Bank Tower.

Moulana Mohammad Qutubuddin, Chairman of Shari'ah Council and President of Baitush Sharf Anjuman-e-Ittehad Bangladesh presided over the meeting.

The meeting was attended among others by Dr Abu Bakr Rafique, Member Secretary of the Council and Pro-V ice Chancellor, International Islamic University Chittagong, Principal Mohammad Serajul Islam, Member Additional Secretary and former Principal, Madsah-EMesbahul Ulum, Motijheel, Dhaka, Mufti Sayeed Ahmad, Member of the Council & Head Mufti of Al Jamiatus Siddikiah Darul Ulum (Madrasha-e-Furfura Sharif), Abdur Raquib, former Executive President of IBBL, Mufti Shamsuddin (Zia), Muhaddis, AI-Jamiatul Islamia, Patiya, Chittagong, Advocate Mojibur Rahman, Senior Advocate of Bangladesh Supreme Court, Moulana Abdus Shaheed Naseem, President of Bangladesh Quran Teaching Society, Dr. Hasan Muhammad Moinuddin, Asstt. Professor and Head of Dawa and Islamic Studies Department, Darul Ihsan University, Dhaka, Dr ASM Toriqul Islam, Associate Professor, Department of Islami Studies & Dawa, Islamic University, Kushtia, Dr. Md. Abdus Samad, Assistant Professor, Dept. of Arabic Language and Literature, International Islamic University Chittagong, Dhaka Campus, Dr Manzure-Elahi, Assistant Professor of National University and Moulana Muhiuddin Rabbani, Muhaddis, Fayzul Ulum Madrasha.

The meeting was attended among others by Moulana Zainul Abedin, Vice Chairman, Board of Directors, M Fariduddin Ahmad, Managing Director, Mohd Shamsul Haque, Mohammad Abdul Mannan and Md Habibur Rahman, Deputy Managing Directors, Syed Abdullah Mohammed Saleh and Md. Habibur Rahman Bhuiyan, FCA, Executive Vice Presidents and Md. Shamsul Huda, Senior Vice President of Shari'ah Council Secretariat of the bank were present at the meeting.

Pubali Bank Ltd's Faridpur Branch shifted to new premises

BUSINESS REPORT

The Faridpur Branch of Pubali Bank Limited has been shifted to new premises recently with a view to providing best and modern banking services.

General Manager and Chief Financial Officer (CFO) of Pubali bank Limited ATM Hasanuzzaman inaugurated the new premises as the chief guest, while Regional Head of PBL Barisal Region DGM Abdus Salam presided over the inaugural function.

In his speech, ATM Hasanuzzaman said that Pubali Bank is committed to providing the best and innovative banking services based on the market needs in the fastest possible time. As part for providing better services and clients' increasing demand, Pubali Bank has shifted its Faridpur branch. He also urged the local people to extend necessary co-operation to the bank. Speaking on the occasion, Abdus Salam urged all to take banking services through the Pubali Bank Ltd.

DGM M Aynul Haq Bhuiya of PBL Head office, other executives and renowned businessmen and local elite also attended at the function.

Nitol Insurance declares 10pc dividend

BUSINESS REPORT

The 9th Annual General Meeting of Nitol Insurance Company Limited was held at National Shooting Federation's Auditorium, Gulshan-l in the city yesterday. Abdul Matlub Ahmad, Chairman of the company presided over the meeting.

In his speech, Matlub Ahmad highlighted the company's success and future planning.

Managing Director of Nitol Insurance Company Limited Shamsuddin Ahmed, Director Selima Ahmad, Mohammed NS Kabir, Md Anowar Husain, Lt Col (Retd) MA Latif Khan, MA Motaleb Chowdhury were also present at the meeting.

SM Mahbubul Karim, Company Secretary of Nitol Insurance Co Ltd delivered the address of welcome and conducted the meeting.

At the AGM, the Chairman declared 10 per cent dividend for year 2008 for the shareholders of the company. A considerable numbers of shareholders were present at the meeting and took part in discussion.

Janata Bank managers induction course ends

BUSINESS REPORT

The closing ceremony of the 14th Managers Induction Course of Janata Bank Limited was held on June 23 at the bank's Training Institute in the city.

Suhel Ahmed Choudhury, Chairman, Janata Bank Limited was present as the chief guest.

Choudhury distributed certificates and cash incentives among the participants.

M Aminur Rahman CEO and MD of Janata Bank Limited was present as special guest.

Md Nazrul Islam, GM spoke on the occasion.

Mirza Abu Toib, Director of JBTI and DGM, Khondoker Ataur Rahman, Course Coordinator and all participants of the course were present on the occasion.

The Power House of Enterprise

In 1972 five former IMB employees launched a company called Systems Applications and Products (SAP) in Data Processing in Mannheim, Germany. Their vision was to develop standard application software for real-time business processing. One year later, the first financial accounting software was complete, forming the basis for the continuous development of other software components. From that small company, SAP has today, evolved into the world's leading provider of business software delivering products and services that help accelerate business innovation for their customers.

The SAP Summit is the largest software exposition event in India. Every year SAP hosts the event to see how SAP is delivering solutions to customers and partners. Officials of SAP speak directly to customers who are using SAP technology in real-world applications and they try to evaluate services to gain insight into how SAP is responding to the rising needs for business-model innovations.

In this three day business forum starting from June 4-6 at Mumbai, the selected theme for SAP Summit 2008 was "Open technologies and business networks that can help Indian companies create business beyond boundaries". Bangladesh and Sri Lanka are included in SAP's Indian sub continental operation. 175 exclusive and informative sessions covering a diverse range of subjects across verticals, solutions and segments and a large exhibition/demo arena were a part of the SAP summit '08. Over 3000 delegates were present from, automotive, consumer products, banking, insurance, telecom and media, utilities, pharma, retail, professional services, government, chemical, engineering, construction and operations, industrial machinery, components, etc.

SAP is working with some of the leading information companies in the world like IBM, Hewlett Packard, Fujitsu, Sun, Microsoft, etc. They are also working with some of the giants in India, for example, MRF tyres, Nitesh Estates, Mahindra, Reliance Communications, etc.

Today, in developing nations, more and more small and medium businesses are using SAP solutions to power their enterprise. At present out of 47000 customers, 37000 customers are small and medium business.

"Our growing customer numbers clearly show that we have the right strategy of supporting small businesses and midsize companies in their quest for success and growth," says Ranjan Das, President and CEO SAP Indian Subcontinent. "I am confident that as we continue to foster this growth with our focus on the small and midsized sector, we will remain the trusted partner of choice for them. "

Bangladeshi businessmen explore scopes in Turkey

BUSINESS REPORT

The Turkey-Asia Pacific Foreign Trade Bridge II was held with 465 businessmen from 20 countries in Istanbul between June 16 and 21 last.

In the summit, Bangladesh was represented with 22 businessmen from leading companies and firms. Among them were FBCCI president Annisul Haque, vice-presidents Abu Alam Chowdhury, Mojibur Rahman from Uttara Knitting Dyeing Ltd, AKM Rafiquddin from Development Design Consultant, Abdul Haque from Haq's Bay Automobile Ltd.

The delegation first enjoyed the rich cultural heritage of Istanbul and visited the historical monuments, such as, Dolmabahce Palace, Sultanahmet Mosque, and Topkapi Palace.

Then they were taken to a Bosphorous sea-cruise and had their dinner together with Mayor of Istanbul Kadir Topbas.

On 17 June, the Turkey-Asia Pacific Foreign Trade Bridge II was officially inaugurated with Foreign Trade Minister Kursad Tuzmen's opening remarks at Istanbul's WOW Convention Centre.

Tuzmen reminded the audience of the Latin aphorism "ex oriente lux" --the Sun Rises in the East--in his speech and said, "The axis of the world economy has shifted from the Atlantic to the Pacific, and we can make an important opportunity out of this shift if we work hard."

He also added that Turkey took a major step in reaching out to new trade partners in 2005 when it launched a new strategy aimed at developing business ties with the Asia-Pacific region, Tuzmen also expressed the hope that Turkish exports to the region would reach $6 billion by the end of 2008 and $10 billion by 2010.

A common point among all speakers at the opening was the improvement of trade relations between Asia-Pacific countries and Turkey while realizing their full potential at the international level. TUSKON Chairman Rizanur Meral said, "The Asia-Pacific region a $10 trillion GNP and a $2.1 trillion import and $2.2 trillion export volume." He noted Turkey has competitive advantages in furniture, food processing and packaging, the timber industry, industrial machinery and textile products.

At the opening session, FBCCI president Annisul Haque addressed the audience. In his speech he said that Turkey has advanced technologies and Bangladesh has low cost manpower. Turkey can sell many technology-dependant products to Bangladesh and buy labour dependant products from Bangladesh. Thus, the two countries can increase the volume of trade by three to four times. He also said "As far as I can see, Bangladeshi businessmen don't have enough knowledge about the Turkey market and Turkish people. In the same manner, Turkish businessmen don't know much about the business opportunities in Bangladesh and its people. When we overcome this hurdle the two countries, of whose brotherhood ties come from the history, will surely strengthen their commercial and other ties.

Bilateral trade meetings took two days. Bangladeshi businessmen held more than 20 meetings and almost finalized their deals with their Turkish counterparts.

In his speech, Md Salahaddin, owner of Pink City, stated he was running a construction business and Turkey is using great techniques in construction sector. And that he was willing to construct in Turkey, according to a research the cost of construction could be reduced by 25 per cent. He would come to Turkey at the shortest and start the work.

On their return to Bangladesh all the businessmen shared the thought that while on the way to Turkey they were a bit apprehended as they didn't know much about Turkey and its people. But after seeing Turkish people's hospitality and friendliness and the business opportunities there we noticed that we were very late to discover this country. Now we will go to Turkey as soon as possible and have trade deals with Turkish firms.

Mr. Fikret Cicek the chairman of TBCCI said, "This meeting was a stepping stone in developing the trade relations between the two countries." He also expressed his willingness to continue this kind of meetings, and said "The two nations don't know each other well and this is our biggest shortcoming. I believe that this mutual meetings and visits will serve as a means to form a bridge between the two countries. And TBCCI will do whatever is necessary."