The New Nation - Internet Edition

Shipbuilding sector can generate income twice that of RMG sector: Shipping Adviser MA Matin says at handing over ceremony of six ferries and boats to Mozambique govt by Ananda Ship

NATION BUSINESS REPORT

Shipbuilding industry could generate net value addition twice that of readymade garment (RMG) industries in just five years' time, said Shipping Adviser Maj Gen (Retd) MA Matin yesterday.

Quoting the experts, he said the shipbuilding boom would continue for at least next fifteen years or might be for a longer period in case of Bangladesh because of its cheap labour.

The opportunity that is knocking must not be lost due to lack of priority or understanding of the prospects, he emphasized.

Maj Gen (Retd) MA Matin, who is also the Adviser for the Ministry of Liberation War Affairs and Ministry of Home Affairs, was speaking as the chief guest at the handing over ceremony of six ocean-going vessels to the Mozambique government representative by the Ananda Shipyard and Slipways Ltd (ASSL) at Ananda Shipyard, Meghnaghat, Sonargaon, Narayanganj.

ASSL handed over 6 ferries and boats to the representative of the Mozambique government.

The $80 million contact for these ferries and boats was obtained through an international tender in Mozambique which was funded by IDA of the World Bank, an official of ASSL said.

The Shipping Adviser said shipbuilding is a very attractive industry for a developing nation. It can bring a huge amount of foreign currency as the market is dollar-based. According to shipbuilding industry sources, orders worth around US$70 billion are currently floating in the air in the world market. If a small portion of that amount arrives in Bangladesh, it would bring massive changes in the overall socio-economic condition of the country, he said.

Matin said the government has declared shipbuilding as a thrust sector, and accorded green channel facilities of clearing of goods for 100 percent export-oriented shipyards. Recognising the importance of this sector government has paid due attention towards its improvement.

'I'm informed that about 40 ships have been ordered in Bangladesh in three shipyards and that quite a few shipyards are being set as 100 percent export-oriented industry. It is our earnest hope and desire that shipbuilding in Bangladesh will soon develop in a healthy form and emerge as a thrust sector,' he said.

He suggested that the facilities given by the government should be fully utilised and not misused.

"I wish to reaffirm the government's commitment to extend all possible assistance in this regard so that shipbuilding industry can take-off faster, stand firm on its feet and help attract a large amount of foreign investment," he said and requested ASSL to submit its demands to him.

Earlier, Afroza Bari, Managing Director of ASSL, sought 30 percent financial aid, cancellation of bank guarantee on raw materials at importing time, exemption from L/C confirmation cost, providing 7 percent yearly working capital facility and giving Bangladesh Bank the authority of issuing guarantee.

She also requested to issue long term multiple entry visa to owners/buyers, allowing them to stay for minimum one month in each trip, issue long term multiple entry visa to owner's representatives for full construction period of two years and a half, waiver of the necessity of taking approval from Board of Investment for the representatives to work at the yard and get visa and provide visa right at the airport.

Chairman of Ananda Group Dr Abdullahel Bari, who is also a naval architect by profession, presided over the function.

Among others, Einar H Jensen, Ambassador of Denmark, Frank Meyke, Ambassador of Germany, Antonio AP Jopela, Director General, INAMAR, Government of Republic of Mozambique, M Fariduddin Ahmad, Managing Director, Islami Bank Bangladesh Ltd, Kaiser A Chowdhury, President and Managing Director, AB Bank Ltd and AKM Sajedur Rahman, Managing Director, BASIC Bank Limited were present as special guests.

Md Abdul Mannan Howlader, Chairman, BIWTA, ASM Ali Kabir, Chairman, BIWTC, Gerd Wessels, Managing Director, Wessels Reederie GmbH & Co KG Germany and Choudhury F Zaman, Managing Director, Germanischer Lloyd Bangladesh Ltd were also present.

Both the Danish and German Ambassadors expressed the hope that Bangladesh had bright future in shipbuilding industry if technology and manpower could be used properly.

Apart from handing over the ferries keels were also laid for two 5500-dwt multipurpose cargo ships and plate cutting was done for another two 5500-dwt ships belaying to a German Company, Wessels Reederei GmbH & Co. KG.

Ananda Shipyard has so far secured export orders for 34 ships for a total contract price of US$373.50 million. The company has to-date received export proceeds and advance payments of total US$38.54 million. Denmark, Germany, Norway and Mozambique have placed orders with Ananda Shipyard.

Export-oriented shipbuilding, a very labor-intensive industry, has potentials of generating allied industries and earning huge foreign currency and developing extra ordinary skills in the field of engineering. It offers the nation infrastructure and shipping lines and creates scope for employment of mariners and seafarers. Bangladesh has semi-skilled, skilled and professional engineers as well as all necessary ingredients to be a shipbuilding nation. As such, the industry holds the potential of transforming Bangladesh to a middle-income country in the near future.

Renata enters UK market

NATION BUSINESS REPORT

Renata Limited, a local pharmaceutical company sent its first shipment of medicines to the UK on November 11 last. The Potent Product Facility (PPF) of the company received accreditation by the Medicines and Healthcare Products Regulatory Agency (MHRA), UK last year.

The PPF located at Mirpur, Dhaka is dedicated for manufacturing hormones, steroids, oncology, and immunosuppressant products. There are no more than five such facilities of this standard in the whole of Asia.

Renata, along with four other pharmaceutical companies in Bangladesh has been in the forefront of a quiet revolution in manufacturing standards that is taking place in Bangladesh. So far Renata, Square, and Eskayef have been approved by MHRA, while Incepta and Beximco have been accredited by EMEA (Austria) and TGA (Australia) respectively.

Apart from India and China there is probably no other country in Asia that can boast having five internationally accredited manufacturing facilities.

Currently Bangladesh exports medicines to 72 countries. The export base although small is growing at nearly 50 percent per annum.

The UK is among a growing list of countries to where Renata has been expanding its markets. In the last 12 months the company has entered markets in Guyana, Hong Kong, Jordan, and the Philippines.

Earlier this year the Ceylon National Chamber of Industries awarded Renata the Gold Trophy for its performance in the pharmaceutical market of Sri Lanka. Two Renata brands, viz., Zithrin (Azithromycin) and Celox-R (Celecoxib) are leaders in their respective product categories in Sri Lanka.

Renata is quoted on the Dhaka Stock Exchange with a market capitalisation of approximately Taka 8.6 billion.

BAPEX earns Tk 156m as net profit after tax

NATION BUSINESS REPORT

The 19th Annual General Meeting of Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) was held on November 10 last at Hotel Sheraton, Dhaka.

The shareholders of the company and the members of the Board of Directors attended the meeting, presided over by Mr Mohammad Mohsin, Chairman (FY-2007-2008) of BAPEX board.

The audited accounts and audit report for fiscal year 2007-2008 of BAPEX was approved in the 19th Annual General Meeting.

During the financial year BAPEX earned about Tk 250 million as net-profit-before tax and Tk156 million as net-profit-after tax. The shareholder and directors in their deliberation focused on the important role of the company in view of the growing demand for gas in the country.

The meeting stressed the need for strengthening BAPEX and accordingly future program for overall development of BAPEX has been taken up.

Australia provides funds to support Bandarban families

The Australian High Commission announced yesterday the funding of its first project under its Direct Aid Program (DAP) 2008-09. Australian High Commissioner to Bangladesh, Douglas Foskett, handed over a cheque for Taka 700,000 to Green Hill, a local NGO from Rangamati. Moung Thowai Chiang, Executive Director of Green Hill accepted the cheque on behalf of the organisation.

Green Hill will use the DAP funding to install a gravity flow system to provide safe water for two villages in Ruma Upazilla at Bandarban. The system will improve the livelihoods of more than three hundred people, while their water collection time will be reduced significantly from several hours to a few minutes. Mr Foskett said that he was very happy to support this project which brings provides a simple solution for the provision of safe water in hard to reach areas. The project is also the first ever project funded in Bandarban under the DAP scheme.

Bangladesh likely to suffer from global financial crisis: Experts tell at seminar organised by Janata Bank Ltd

NATION BUSINESS REPORT

A seminar on 'Global Financial Crisis and Its Impact on Bangladesh' was held on Wednesday at the Board Room of Janata Bank Limited Head Office in the city.

Suhel Ahmed Choudhury, Chairman, Board of Directors, Janata Bank Limited, chaired the seminar, while SM Aminur Rahman, CEO and Managing Director, other Directors of the bank, renowned economists, representatives of Bangladesh Bank and World Bank, and editors of different dailies were present.

Dr Hasan Imam, Managing Director of TWP Investment Bank, New York, presented the keynote paper where he discussed the overall scenario of the global financial crisis and its impact on Bangladesh.

He replied various questions raised by the audience regarding the impact of financial crisis in various sectors of the country's economy.

According to the keynote speaker, the country may suffer from foreign remittance, export earnings etc.

The export of RMG may also be affected to some extent. He emphasised to take short and long term strategies to face the challenges the country may face due to global financial recession.

ICB Islamic Bank gets new MD

NATION BUSINESS REPORT

Masihul Huq Chowdhury has joined as Managing Director & Chief Executive Officer of ICB Islamic Bank limited. Before joining ICB Islamic Bank, he delivered same responsibility to Industrial Promotion Development Company of Bangladesh (IPDC). Masihul Huq Chowdhury has vast experience in Banking Sector both at home and abroad. Obtaining MBA from IBA, University of Dhaka, he started his career with American Express Bank in 1992. He worked for other major international institutions including Standard Chartered and Citi Bank N.A. in diversified fields including Corporate, Consumer, SME, Global markets and Credit function both in country and internationally.

He is married and blessed with a daughter.

Raihana Aneesa Yusuf Ali joins BHBFC as MD

NATION BUSINESS REPORT

Raihana Aneesa Yusuf Ali has been appointed Managing Director of BHBFC recently.

Prior to her new assignment, she served Sonali Bank Ltd as Deputy Managing Director.

She promoted to General Manager in 1999 and later posted to Bangladesh krishi Bank. She worked for BKB as GM in Faridpur. She was posted to Agrani Bank's Head Office in Dhaka as GM in 2001. She worked with the BHBFC as General Manager from 2004 to 2006. She is the second woman banker in Bangladesh, who has been promoted to the post of Managing Director.

Raihana Aneesa Yusuf Ali started her banking career as a Probationary Officer at BKB in 1977, says a press release.

Nasiruddin elected CSE president, Fakhor Uddin, Al Maruf Khan, AQI Chowdhury reelected as VPs

The Board of Directors of Chittagong Stock Exchange Ltd in its meeting held on November 9 last reelected Nasiruddin Ahmed Chowdhury, as President of Chittagong Stock Exchange for the year 2009.

Fakhor Uddin Ali Ahmed, Al Maruf Khan, FCA, and AQI Chowdhury, OBE were also reelected as Vice Presidents of CSE for the year 2009, says a press release.

Nasiruddin Ahmed Chowdhury is the Managing Director of a leading CSE member firm named 'Kishwar Security Investment Ltd.'

Besides share brokerage business, Mr Chowdhury is involved with many businesses. He is the Managing Director of Frank Group of Companies. He is also the Director of Bangladesh Garments Manufacturers and Exporter Association. He is the former director of Bangladesh Shipping Agents' Association, Bangladesh Master Stevedores Association and AOTS, Japan.

Mr. Chowdhury has completed his M.Com degree from Chittagong University. He is voluntarily contributing efforts to many social activities, such as Rotary Club etc.

Fakhor Uddin Ali Ahmed has been serving as Vice President of CSE since 2004. He is the chairman of a CSE member firm named 'International Securities Co Ltd.' His brokerage firm actively participates in share trading from Sylhet, Chittagong and Dhaka districts.

Besides share brokerage business, Fakhor Uddin is involved with many businesses. He is the Chairman of Sylhet Communication System, SOS BD Ltd, FD Consortium Ltd. and Taizin Textile Ltd. He has host of other business interest in the areas such as textile and information technology. He is the senate member of Shahjalal University of Science and Technology He was also the President of Sylhet Chamber of Commerce and Industry in 1997.

Mr. Ahmed has completed his B.Com (Hons) M.Com degree from Chittagong University. He is voluntarily contributing efforts to many social activities, such as Red Cresent, Sylhet Heart Foundation, Rotary Club, Sylhet Education Foundation etc.

Al Maruf Khan, FCA, was reelected Vice President of CSE for the year 2009. He is the Chairman of a CSE member firm named 'CMSL Securities Ltd.' His brokerage firm actively participates in share trading from Dhaka and Chittagong region.

AQI Chowdhury, OBE was reelected as Vice President of CSE for the year 2009. He was the founder Director of CSE from the year 19951998. Mr Chowdhury is the Chairman of a CSE member firm named 'Royal Capital Ltd.' His brokerage firm actively participates in share trading in CSE.

With the Air Force background, AQI Chowdhury, OBE joined James Finlay Limited, a multinational company operating for over 100 years in Bangladesh, as a Covenant Staff in management role in the tea gardens in 1969. In 1977 he was promoted to the Corporate Office in Chittagong where after in 1981 he took over as No.1 of the Tea Estate Department, the first Bengali to assume this responsibility. He became the Chief Executive of the branch operation of James Finlay in 1993 and held this position till 2004. Mr. Chowdhury is now the Chief Executive of JF (Bangladesh) Limited, a successor company to Finlay.

In his wide professional affiliations he was on various Government Consultative Committees, namely, Export and Import Committee, Bangladesh Tea Board, Tri[1artite Labour Consultative Committee, Wage Board for Plantation Sector, Standardization Committee, Project Appraisal Committee for Tea Sector under Planning Ministry, Bangladesh Employers Federation.

He represented as member in various government and trade delegations in different countries. He also served ILO as Vice Chairman, Plantation Sector and he was a representative from South East Region on ILO Enterprise programme.

Mr. Chowdhury is associated with various chamber and trade bodies. He was the Chairman of Bangladesh Tea Association. Mr. Chowdhury has been honoured and awarded with the British OBE title by Her Majesty the Queen of England for his outstanding contribution to the field of trade and commerce as a top business executive.