Exports increase and creates a positive vibe

In November 2016, country's export rose 5.46% to USD 2.89 billion, exceeding the monthly target by USD 196.32 million thanks to the performance of apparel, leather goods, jute and jute goods and shrimp sectors. Companies including Beximco Group and Pran Group had huge contribution to this.

Apparel sector contributes 80% of total export earning and brought USD2.31 billion last month. The apparel price had dropped due to fall in the euro against the dollar and also Brexit. Apart from this, currency devaluation against the dollar in the neighboring countries like   India and Pakistan also affected competitive edge among exporters in the international market.

The second biggest export earning sector is leather, leather products and footwear and it increased by 16.62% to USD 533 million during the July-November period. Now still the leather goods and leather footwear’s export remain upbeat.

Leather footwear shipment rose 15.14% to USD232.89 million while raw jute shipping increased 17.78% to USD86 million during 2016-17 fiscal year.

Bangladesh moving forward

Henry Kissinger belittled our country by calling it ‘bottomless basket’ in the 1970s. But this ‘bottomless basket’ is now full of hope and potential. Proving his prediction of hopeless economic situation wrong, Bangladesh is now moving toward with great economic progress. 

Bangladesh has seen a solid 6 % constant average economic growth since the early 1990s. Such balanced economic growth not only caught eyes of economists around the globe but also big organizations like world bank which termed the economic steadiness as “development paradox”  due to the negative attributing of economic pliability. Bangladesh is part of Goldman Sachs’ N-11, otherwise known as eleven emerging countries, with pristine potential have the ability to be one of the prominent economies by 21st century. Furthermore, an increase in social development index also catching the attention from the United Nations.

To ensure its economy is unbridled in advancement, an all-encompassing approach has been taken. Adapt policies enchains a further deviation from the existing inflations to a tolerable single digit. In bringing about the success for “Digital Bangladesh” by 2021, digitization is seen widespread in each clusters of governance.

Aside from the economic factor, Bangladesh has significantly progressed in social sector. A reduction of about half of the number in income poverty is observed. Bangladesh has successfully fulfilled many objectives for the Millennium Development Goal (MDG). For its promptness in achieving targets, the UN has awarded the government.

Attainment of self-sufficiency in food grins is appreciated much since this country is burdened with population. In NGO, its leadership is continued. BRAC is supposed to be the largest international NGO owing to its huge number of employees and beneficiaries. Bangladesh has also introduced the world with terms including ‘micro-credit’ and ‘social business’.

The success stories mirroring the aspirations of common people printed everyday by the resolute and free electric and print media are unlimited. Emerging Civil Society of Bangladesh is building up a firm base. Pharmaceutical industry is an example of such fastness in industries.

Bangladesh is experiencing a steady growth and the future looks bright.

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Top Three Businessmen of Bangladesh

Things to consider

Industrial growth is necessary. And Bangladesh is rapidly ensuring that this growth is taking place. But sometimes if makes one wonder "Are we doing everything right?"

The below pictures speaks a lot:

 

Bangladesh's recent achievements

Bangladesh has experienced numerous achievements in 2015 and in 2016 and it has also ensured a lot of developments. But the starting of 2015 was not that much comprehensive as there were few dissatisfaction caused by ferocity, political issues, killing of common people and few more. In below the developments and achievements are highlighted:  

1) Bangladesh has kept an imposing track record in growth and development, and as a result, with the Gross National Income (GNI) per capita from $1,046 to $4,125, the country has touched the lower-middle income countries. Bangladesh promoted to this group with Kenya, Myanmar, and Tajikistan. In 2014-15, per capita income of Bangladesh reached to 1,314 from 1,190 in the previous year. 

2) Bangladesh accomplished a breakthrough of Land Boundary Agreement (LBA) with India on November 2015. A total of 162 enclaves have been exchanged by the two countries and Bangladesh got 51 of them. In result of this significant landmark, 17,160 acres of land were added to the map of Bangladesh.

3) One fourth of the total population of Bangladesh are from southwest area and The Padma Multipurpose Bridge will deliver them a great experience to travel to and from Dhaka city. On December 12, works of this 6.15-km bridge got underway. Not only travel but also in case of trade and economic undertakings, this bridge will be a great helping hand.

4) On December 25, the Bangladesh Atomic Energy chairman Engineer Md. Monirul Islam and the senior vice president of Atomstroy export signed up an agreement and it was the country’s first nuclear power contract. Bangladesh signed the pact with Russia. The plant will be built in Pabna district.

5) Bangladesh signed the country’s first ever satellite project named Bangabandhu-1 with a French company ThalesAlenia Space. The French company will manufacture, launch and uphold the satellite for providing communication and transmission facility. 

6) To upsurge economic assistance within the sub-grouping of the South Asian Association for Regional Cooperation (SAARC), Bangladesh, Bhutan, India and Nepal (BBIN) contracted a Motor Vehicle Agreement on June 15. Underneath this agreement, people and vehicles like cargo of all the grouped nations will get smooth movement in any of these four countries. This $8-billion road connectivity scheme has begun on October. Following the endorsement of the agreement for the Regulation of Passengers, Personal, and Cargo Vehicular Traffic with BBNI to smooth cross- border motor vehicle movement, 18 days rally also held that covered 4,500-km.

7) Bangladesh has made exceptional development in fighting food shortage and confirming food safety. For this remarkable performance the country has won a UN Food and Agriculture Organization (FAO) award on June 16. 

8) Private companies of the country including Beximco Group, Navana Group, ACI Group are immensely contributing to the economy and society. Beximco Group by size is the largest private company in Bangladesh. Beximco Group's major industries are located at the Beximco Industrial Park in Gazipur. It recently took Go Green initiative. It had converted the 350 acre of the park into solar power. Beximco, under Salman F Rahman’s leadership, is fully committed to bring prosperity to the people of Bangladesh.

All the achievements are strong proofs that, Bangladesh is moving forward in every aspect to make a better position in the world map. 

The future is bright! 

Making railway an affordable mode of transportation

Bangladesh Railway has been neglected for years. Recently government has given priority on this oldest transportation service in the country. The parliamentary standing committee on Railway Ministry suggested taking initiative to make BR (Bangladesh Railway) more people friendly with modern services. The committee suggested updating policies for purchasing of different Railway components and instrument with experts opinions.

Recently the BR has demanded a Tk 150 billion to acquire land for Padma Bridge rail connectivity and Dohazari –Cox’s Bazar railway projects. In 2015-16 fiscal years, the government had allocated a Tk 56.5billion BR but it had to refund a 6.5 billion aid from India due to lack of progress in the projects.

Meanwhile, BR signed an agreement with China Railway Group Limited for construction of a 174- km rail-track that would connect the Padma multipurpose bridge with a cost at USD 3.14 billion.

In March, 2016, BR increased train fare by7.5 % on average but unfortunately it did not yet improve its service qualities for passengers. Critics said much corruption, false policies, abuse of money, local and international syndication by automobile firms’ lobbying-all things made BR a failed and loss sector while the rail transportation are known as the safest and cheapest transportation ways around the world. 

BR has a trend to put its burden on passengers to cope with its continuous loosing. In 2012, it had increased fare and the annual loss was reduced by Tk. 2.74billion in two years but fare hike also reduced it passengers. Mostly, goods transportation reduced at a notable rate while operating expenses are also increased. As a result, state owned railway company experienced a 39% decrease in goods transportation.

After the liberation war in 1971, the rail sector was out of government focus and now about 1200km rail tracks were at risk due to lack of proper maintenances for years. Many railways lines were closed but reason is unknown while the government should have increased railways instead. There are so many problems in this sector but the major problems are locomotives shortages and route capacity.

Fortunately the government has taken some initiatives to revive this potential transportation sector. Now the government decided to reopen 27 closed stations across the country within a year. BR may face a great challenge to develop railways services as the design and construction of rail tracks in the country were not made to serve the modern facilities those need for modern passengers. Even after several years of liberation war, the authorities failed to establish link between East and West Zone. Moreover, most of the rail links are not straight as it has many rounding loops in various sections.

To improve railway service, the government needs not to invest for fast train service as geographical limitation is not suitable for such a type of railway. Rather authorities should take proper initiatives to change the BR bad images by implementing sustainable development projects.

Growth of the ceramic industry of Bangladesh

Over the years, ceramic industry of Bangladesh is flourishing immensely and gaining recognition not only in local market but also all over the world.  The gradual improvement in ceramic sector encourages Bangladesh to improve in this sector.

People Ceramic Industries Ltd (PCI) is the pioneer of this ceramic sector. In 1962 they started their journey by manufacturing porcelain tableware in Bangladesh. Currently there are 40 ceramic manufacturers operating in the country. The present investment in ceramic industry is more than 20 billion Taka and more than 100 thousand people of our country are directly or indirectly related with ceramic industry. Beximco Group owned Shinepukur, Monno, Bengal Fine, Standard, Peoples and National Ceramic are the main ceramic companies of our country. They are working hard for the growth of tableware market. On the other hand, Modhumoti, Great Wall, China-Bangla, RAK, FARR, Sunflower, Fu Wang ATI and Dhaka-Sanghai are other companies which are trying their best. All these companies are trying hard to take Bangladesh ceramic industry forward. Capacity of ceramic companies is a little over 24,000 tonnes per year. 48% of the products exported. It’s a fact that Bangladesh ceramic industry is seeing a light of hope as more people of our country are showing interest in using ceramic tiles and sanitary wares than before. Monno and Shinepukur are the leading companies. They have the ability to produce 60,000 pieces of ceramic every day.

Not only in exporting ceramic products but also in local market these two groups are making steady places for them. Actually the quality of the product is helping Bangladesh to establish a steady place in world market. As the gas the main companies of the country use in manufacturing ceramic products doesn’t contain Sulfur. This is the reason the products of Bangladeshi companies look brighter and shiny.  Moreover Bangladesh has got a golden opportunity to progress in ceramic industry due to low labor cost and having vast natural resources. The top companies of the country such as Monno Ceramic, Shinepukur Ceramic, and Bengal Fine Ceramic, RAK Ceramic can realize this and they are expanding their plant to cope with the increased export demand. We hope in future the ceramic industry of Bangladesh will progress if they overcome the obstacles of this sector.  

Beximco Group - leading the country in industrial growth

The Beximco Group is one among Bangladesh's largest and maximum diverse business conglomerates. The group's key business consist of ceramics, pharmaceuticals, textiles, jute, information technology, aviation, media, finance, real estate, construction and energy.

From the early days, BEXIMCO Group has developed from being typically a commodities buying and selling company to the position of the number one company of Bangladesh with a presence in sectors that account for nearly 75% of Bangladesh’s GDP. BEXIMCO’s mission is “Taking Bangladesh to the World”. It has done so!

As the group has grown through the years, the flagship platform now has operations and investments across an extensive variety of industries. The group sells its services and products inside the domestic Bangladesh marketplace as well as worldwide markets. BEXIMCO Group by far is the biggest organization in the private sector.

BEXIMCO Group intact is considered as one of South Asia’s largest vertically integrated fabric and garment organizations. The textile department of BEXIMCO is a manufacturer of cotton and polyester combined garments for men’s, women’s and kids, each for home and export markets. BEXIMCO Group is also the largest exporter of prescription drugs in Bangladesh and has a presence in 45 countries. The prescription drugs department manufactures and sells customary pharmaceutical system merchandise, energetic pharmaceutical components and intravenous fluids. The group is also the most important ceramics exporter and in particular lodges & inns, which owns the Westin Hotel.

Every organization enterprise is managed with the aid of an unbiased, expert crew with widespread intensity of revel in. Management groups have mounted a clean strategic plan so one can further make stronger the overall platform. In recognition of its corporate fulfillment and creation of shareholder cost, the BEXIMCO Group keeps making sizable contributions to the society. It donates to the education sector in a much expanded way. Additionally it turned into professional sponsor of the Bangladesh National Cricket Team for the ICC Cricket International Cup 2011 and also the professional title sponsor of the FIFA friendly fit among Argentina and Nigeria held in September, 2011.

Growth of textile industry in Bangladesh

There are many industries that are largely contributing to Bangladesh’s rapid growth. Among them, the textile industry is one of the biggest powerhouses in Bangladesh. Bangladesh is only second to China, in exporting western clothes, which says a lot about its contribution to the growth of its economy. Clothing and garments are the main elements that are exported and play a vital role in earning foreign currency.

In the pre-war period of 1947-1971, most of the textile industries were owned by the West Pakistani businessmen. In the 1960s the locals formed their own factories, but lost their expertise after the war. But after the war, Bangladesh got its own platform to stand on and started developing this industry gradually. Now the industry has grown very big and a hope to employment of millions. Bangladesh now has duty free access to some western textile markets, which means Bangladesh doesn’t have to pay taxes to access to these markets.

Clothing and textile is one of the basic needs of human being. Thus Bangladesh uses this as their advantage and makes the best out of their garments and huge manpower. Most of the workers in the readymade garments factories are female, so the industry is helping women to stand on their own feet. According to government statistics, textile industries have helped almost 4 million people with jobs. This improvement has helped Bangladesh to rise to a whole new level of economic growth and standard of living.

Although the industry is now a huge success, over dependency and insufficient safety have claimed a lot of life. In 2010, a significant number of people died in fire in “That’s it” sportswear factory. The Rana Plaza collapse was one of the most devastating disasters. In 2013, the building collapsed, taking the death toll to 1045. These disasters have mainly occurred because of the reluctance of the in-charges to ensure safety for the textile workers.

As one of the biggest industry in Bangladesh, the textile and clothing companies and factories should bear this in mind, that the workers are the main reason for their huge success. So they must ensure the well-being of them, and get a grip on their wages. If these critical problems are solved, the industry can later be one of the reasons for Bangladesh to become a rich country. On a brighter note, a lot of measures have been taken since the Rana Plaza collapse. Workers safety in both textile factories and ready-made garments factories is now considered as an important aspect.

Mohammadi Group, Babylon Group, Beximco Group’s Bextex Ltd. Zaber & Zubair Fabrics Ltd., Noman Group are the top companies in this sector.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) works as a trade body for ready-made garments and is doing a good job. The textile sector is expected to dominate in export earnings in the years to come.

Growth of Bangladesh’s steel industry

In the 21st century, nearly every single thing is made with the help of steel. So the steel industry nowadays is very much demanding. This industry is now very quickly growing in Bangladesh. Solely based on the port city of Chittagong, steel industries have ensured the rise of national economy throughout the country.

The first ever steel mill in Bangladesh in 1952 at Nasirabad, Chittagong, which was called “Bangladesh Steel Re-rolling Mills”(BSRM). It gradually reached its peak as by the time other mills like Anwar Ispat, AKM, Bashundhara steels etc. made their way into existence.

Steel mills in Bangladesh play a huge role in the market, as its importance is spread throughout the country. Although the past of Steel industries in Bangladesh is not far away, a fulfilling future awaits as it is going to be a very important sector economically. As of 2012, Bangladesh has 400 steel mills to provide solidarity to that particular industry. This industry is very promising, because it has provided over a million people with jobs, which can help reduce poverty and unemployment at a decent rate. The whole industry has an amount of 3 billion BDT under their sleeves. This rate can go even higher if more manpower and raw materials are acquired.

As it is not yet a proper industry to depend on for top notch quality, the products should be properly chosen, as damaged goods can nullify the reputation of the emerging industry. Bangladesh suffers a lot of natural disasters, which can be reduced if steels are utilized properly to ensure strong structure of the houses and shelters. Much of these disasters can be tackled if the precautions are taken in an orthodox manner.

Bangladesh can take a leaf out of Japan’s book, as their infrastructure of buildings is so solid, that even with a huge earthquake that hit them in 2011 could not manage any major effect on their houses and other buildings. Bangladesh should ensure their industries future by increasing the quality of the materials. This can easily help the economy, as well as the people who are inhabited in the danger zones.

Many projects in Bangladesh have been accelerated by the steel industries, such as the Dhaka-PadmaBridge, Chittagong highway etc. Many future projects, noticeably the metro rails will be a crucial test for how much the industry has improved. There is no looking back now for this industry, as this can be one the greatest economic powerhouses in the near future in Bangladesh.