The New Nation - Internet Edition

FBCCI Institute of Entrepreneurship soon

NATION BUSINESS REPORT

The Annual General Meeting (AGM)-2007 of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) was held on December 22 last at FBCCI Conference Centre in the city.

Annisul Huq, president, FBCCI chaired the meeting while FBCCI first vice president Abul Kashem Ahmed, vice-president Abu Alam Chowdhury, directors of FBCCI, heads of member bodies and the general body members of FBCCI attended.

In his speech, Annisul Huq said that after taking charge of FBCCI the present board, for the first time, accorded a grand reception in honour of the general body members of FBCCI.

Huq mentioned that the FBCCI got Taka 20 crores from the government for infrastructure development of the district chambers. "We also hope that we would be able to manage such an arrangement for the associations as well."

The present board of FBCCI has formed 44 Standing Committees on different sectors, he added.

Huq said a neutral, arbitration tribunal has been formed with an efficient judge including representation of Dhaka University Law Department for fair judgement. Price monitoring activities of FBCCI has been appreciated by the civil society, he said.

The FBCCI president mentioned that proposals have been sent to the government regarding direct election of FBCCI president, vice-presidents and directors. FBCCI is also working for reducing bank interest rate and different service charges. FBCCI played a vital role in reformation of the Board of Investment, he added. The FBCCI president said that FBCCI in going to establish an institute, namely FBCCI Institute of Entrepreurship funded by different donor agencies. "We are also going to start our journey with a noble mission i.e, a businessmen will make at least one unemployed person self-employed. It will not take huge amount of money, we hope at best Tk 25,000 is required to do so," he said.

In his written speech, the FBCCI president said that, the world economy of the year 2008 is very important for two events: first half of the year is for unprecedented price hike of oil and other daily essentials which increased inflation and last quarter of the year for credit crisis in the United States which downturn the global economy as like as the Great Depression of 1930s.

The Bangladesh economy is also largely shielded from the most immediate and direct effects of the financial crisis. However, Bangladesh exposure to real economy effects of the financial crisis is likely to be greater through exports, remittances, and foreign capital inflow channels.

In Bangladesh context FBCCI president said that, the private sector of the country is playing a significant role in the field of investment, employment generation and savings of the country. Private sector is also working successfully under public-private partnership in many regulatory be dies like Bangladesh Better Business Forum (BBBF), Bangladesh Regulatory Reforms Commission (BRRC), etc. A new generation of private sector entrepreneurs has emerged in Bangladesh who are well educated, hard working, capable and eager to face t1e challenges of the globalized competitive market.

In FY2008, economic performance was better than expected considering the effects of natural disasters in the first half of the fiscal year and higher international commodity prices. The recovery in agriculture and services and the rebound in exports in the second have contributed to the reawnable 6.2% growth of GDP. Growth was supported by a steady flow of bank credit and a surge in workers' remittances.

Total exports during FY 2007-08 increased by or J5.9 percent to US$14.11 billion compared to DS$12.18 billion during FY 2006-07. In the first 7 month of FY2008, exports showed single-digit growth, but rebounded strongly during the end of FY2008, driven by a rise in knitwear and woven garment exports. Knitwear rose by 2 1.5%, while woven garment exports rose by 10.9%. With the economic slowdown in the United States and the European Union, the garment sector in Bangladesh is under growing pressure to augment productivity to stay competitive.

The President, FBCCI has mentioned that, Inflation edged up to 10% on a moving average basis in March 2008, and remained at almost the same level (9.9%) in June 2008. Food inflation rose to 12.3% in June from 11.1% in January, while nonfood inflation declined to 6.3% from 7.3% in January Although inflation almost reached double digits in FY2008, it has shown a rising trend from the beginning of the current decade. Consumer Price Index inflation rose to a record high of 10.19 percent at the end of September, 2008 with food price rising by 13.05 percent and non-food price by 6,06 percent compared to 7.22 percent at the end of June 2007.

FBCCI First Vice-President Abul Kashem Ahmed and Vice-President Abu Alam Chowdhury also spoke on the occasion.

In the miscellaneous agenda, general body members of FBCCI, Lutfar Rahman, Jahangir Alam, KM Aktharuzzaman, Nazrul Islam, Salahuddin Ahmed, Alhaj Harun-Ur-Rashid, Iqbal Jamal Jewel, Nasiruddin, Khodadad Ahmed, Matiur Rahman, Alhaj Md Badiuzzaman Badal, Dr Rezaul Rahim, Engr Mohammad Abdur Rahman, Syed Moazzem Hossain, Shahidul Haq, SA Kader Kiron, SM Nazrul Islam, Faruq Ahmed, Alauddin Malik, Mokhlesur Rahman, Helaluddin, Harunur Rashid Dulal, Milon Bhuiyan, Ashikur Rahman, Prof Masuda M Rashid Chowdhury, Habibur Rahman Lablu, Ali Zaman and Mrs. Salima Ahmed spoke on various issues at the AGM. They mentioned that the country was passing through a critical time. The economy has already suffered heavy damage. This can not be allowed to continue. Business leaders urged the FBCCI president to go ahead with productive programmes.

Janata Bank Ltd holds Internal audit meeting

SM Aminur Rahman, CEO and Managing Director of Janata Bank Limited presiding over a meeting of Internal Audit Department recently.

The Managing Director expressed his satisfaction over the improvement of audit programme and proposed audit plan presented by M Jahirul Alam, FCA, senior consultant.

The CEO advised all to improve the audit plan as per international standard.

M A Razzak Khan, Mrs Mahmuda Begum, DGM and other executives and officers were present in the meeting.

10-point CCCI work plan for trade, investment promotion

NATION BUSINESS REPORT

Newly elected president of Chittagong Chamber of Commerce and Industry (CCCI) M A Latif yesterday announced a 10-point work plan for promotion of trade and investment.

He made the announcement at the Annual General Meeting (AGM) of CCCI held in its conference room.

The 10-point work plan includes completing the construction of CCCI-initiated World Trade Centre, setting up a specialized industrial park, making special effort for the promotion of tourism, installing a hydro-electric plant under joint venture initiative and arranging a seminar on "SME policy guideline" in January.

M A Latif said the CCCI has played a pioneering role in popularizing the private-public development partnership concept and it is determined to work for a trade and investment friendly atmosphere in line with the demand of the 21st century.

The Chamber president said bringing a desired pace in the country's economy can be possible if private-public partnership is applied in all spheres of the economy.

Outgoing CCCI president Saifuzzaman Chowdhury who chaired the meeting in his speech called for re-introduction of open-sky policy for having desired productivity from the airports and formation of Chittagong development coordination cell for proper development of the port city.

Newly elected vice presidents, directors of the CCCI including M A Salam, S M Shafiul Haq, Fahim Ahmed Faruk, Ferdous Khan Alamgir, Shahin Alam, Nasiruddin Ahmed Chowdhury, Shahabuddin Ahmed, SM Abu Tayeb, outgoing vice president Mahbub Alam and leaders of trade bodies of different sectors were present at the meeting.

Govt gives Tk 296.58cr to poor under 17,893 projects in Rajshahi

BSS, Rajshahi

The government has distributed Taka 296.58 crore among 6.56 lakh poor people of Rajshahi division till last month under a 100-day employment generation programme.

Officials here said, the programme was taken by the present care taker government to create employments for the poor especially who live in poverty-prone rural and chars areas and face economic hardship during lean Periods for job scarcity.

Under the programme, a total of 52,540 employment generating projects would be implemented at the cost of 393.91 crore in two phases. A total of 27,367 projects under first phase have already been completed last month, officials concerned said.

A total of 6,56,520 poor including a good number of women have been involved directly in the development activities such as repairing of bridges, culverts, roads, water bodies, ponds, canals, institutions and other infrastructures, earth filling, cleaning of weeds, preparing compost using water hyacinth.

Officials said the infrastructure development works have created job opportunities and flow of money in rural areas to help poor farm-labourers earning wages during the lean period.

Each poor worker earned Taka 100 as wage per day and Taka 6,000 during the first phase of the programme. After completion of the 100-day programme by April 15 next year, they will earn Taka 10,000, they said.

BRAC Bank opens One Stop Service Centre at Ctg Port

BRAC Bank Limited inaugurated two 'One Stop Service Centers' at Chittagong Port and customs house, Chittagong on December 21 last.

Commodore RU Ahmed, ndu, psc, BN, Chairman, Chittagong Port Authority and Syed Mahbubur Rahman, Deputy Managing Director, BRAC Bank jointly inaugurated the service centres.

Sino-Australian trade ties can be stronger

Xinhua, Canberra

Australian Trade Minister Simon Crean said that trade relations with China has been strong and can be even stronger in the future.

"Australia's relationship with China has gone from strength-to- strength since the establishment of diplomatic relations more than 35 years ago. Two-way trade with China reached 63.8 billion Australian dollars (46.4 billion U.S. dollars) in 2007-08, a 16.5 percent increase on 2006-07," Crean told Xinhua in an interview recently. He said this success demonstrates the strong commitment of both countries to advancing the economic relationship. "As Minister for Trade, I always believe more can be done and the trade relationship between the two nations can become stronger and closer."

Talking about the bilateral trade ties, Crean said a lot has been achieved in the trade areas between the two countries in recent years. China has become Australia's largest trading partner. It is also Australia's second largest export market, accounting for 13.5 percent of total exports of Australia. He mentioned the services exports to China, which have averaged an annual growth of 20 percent over the past five years and reached 4.4 billion Australian dollars in 2007-08. Education and recreational travel dominate Australia's service exports to China, accounting for over 80 percent of services exports in recent years.

Crean noted that another important dimension to Australia's economic partnership with China has been the growth in bilateralinvestment.

According to the trade minister, China was the 17th largest investor in Australia in 2007 with total investment of 6.2 billion Australian dollars. At the same time, China was Australia's 14th largest investment destination with investment of 5.2 billion dollars. Crean also looked forward to future economic cooperation with China, saying one of the keys to boosting the relationship was the successful negotiation of a free trade agreement. He said these FTA negotiations have been challenging, given that this would be China's first FTA with a country that has extensive trade interests, covering services, agriculture, resources and manufactures.

"Continued engagement on the negotiations at the political level remains the key to overcoming these challenges, with a focus on the big picture. In particular, the great scope for gains on both sides from a comprehensive and ambitious agreement," he stressed.

Concluding a quality FTA with China would provide a massive boost to the trading relationship and benefit both economies, the minister said, adding China would secure access to the materials, services and technologies it needs to sustain its economic growth while Australia would get better access to the Chinese market across goods, services and investment.

Crean also said the Australian government welcomed China's decisive response to the global economic slowdown through its 586 billion U.S. dollars fiscal stimulus package. "The Chinese response is likely to benefit Australian commodity exporters for whom China will remain a key market."

Al-Arafah Islami Bank Ltd opens 50th branch

NATION BUSINESS REPORT

Al-Arafah Islami Bank Ltd opened its 50th branch at Shahid Faruk Sharak, West Jatrabari, Dhaka, on December 23 last. Chairman, Board of Directors of the bank Badiur Rahman was present as chief guest and inaugurated the branch.

Member of the Board of Directors Alhajj Abdul Malek Mollah and former Director Alhajj AZM Shamsul Alam, Members of West Jatrabari Panchayet Committee Alhajj MA Gafur, Alhajj Rezaul Karim Dulal and Vice Principal of Tamirul Millat Madrasa Alhajj Moulana Mufti Abu Yousuf addressed as special guests.

Managing Director of the bank MA Samad Sheikh conveyed the welcome speech. Member of the Board of Directors of Al-Arafah Islami Bank Ltd Alhajj Ahmed Ali and Alhajj Harun-Or-Rashid Khan, Additional Managing Director ATM Hamn-Dr-Rashid Chowdhury and Deputy Managing Director Ihsanul Aziz were present on the occasion.

A large number of local people, businessmen, clients and wellwishers participated in the ceremony. Branch manager SM Kowsar thanked the audience.

Banglalink launches Jigyasha 7676-an advisory service for agriculture issues

Banglalink has recently launched a new service 'Banglalink jigyasha 7676' which will provide suggestions and answers to any queries related to agriculture, vegetable and fruit farming, poultry, livestock, fisheries etc. Banglalink is the pioneer in Bangladesh to offer such advisory service related to the agriculture sector.

This service should make a difference to the large population base whose livelihood involves agriculturally intensive work.

The service will give them easy access to valuable advice and solutions to problems. To avail the service a banglalink customer need only dial 7676, talk and get expert's advice on the problem.

The service provides solution to problems related to harvests, pesticides, agro diseases, information on seed, fertilisers, poultry and livestock feed, fisheries techniques and much more.

The expert call centres answering the calls are all credibly equipped to handle queries on the related subject. The promotional charge for the service is 2Tk/min.

Banglalink, the second largest telecommunications services provider in the country, has always strived in making a difference in the lives of the people. Bangladesh being an agriculture intensive country this service will help a lot of customers now have difficulty finding information related to their livelihood.

Trading of Maksons Spinning, National Housing begins Jan 1

The trading of Maksons Spinning Mills Limited and National Housing Finance and Investment Limited will begin January 1 on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).

The Dhaka Stock Exchange (DSE) board in a meeting Wednesday approved the listing of the companies and fixed the date of debut trading.

DSE Trading Code for the National Housing Finance and Investment Limited is "NHFIL" and DSE company code is 20623, while DSE Trading Code for Maksons Spinning Mills Limited is "MAKSONSPIN" and DSE company code is 17448. The CSE trading code and company code will be announced later.

The Maksons Spinning floated eight million ordinary shares with the face value Tk 10 each raising Tk 80 million from the stock market.

The National Housing Finance and Investment Limited floated 0.50 million ordinary shares with the face value Tk 100 each raising Tk 50 million from the stock market. The pre-IPO paid up capital is Tk 400 million as of December 31, 2007.