Beximco PPE and K2 Logistics signs agreement

Beximco PPE limited and K2 Logistics Bangladesh Limited on 24 November signed an agreement on production and quality consultation.

Japanese Ambassador to Bangladesh Naoki Ito attended the signing ceremony hosted by Beximco Group Chairman ASF Rahman, Beximco Group Director and CEO Syed Naved Husain, and Dr Mohidus Samad Khan, executive director of Beximco PPE Ltd, said a press release. The ceremony was attended virtually by Private Industry and Investment Adviser to Honorable Prime Minister Salman F Rahman, and a member of the Jatiya Sangsad.

Tetsuro Kano, general manager of Itochu Dhaka Office and President of Japanese Association, Hikaru Kawai, the general manager of Marubeni Dhaka Office and President of Japanese Commerce and Industry Association of Dhaka, Yuho Hayakawa, the chief representative of Japan International Cooperation Agency (JICA) Bangladesh Office, Yuji Ando, chief representative of JETRO Dhaka Office, Dr Moazzem Hussain, advisor of K2 Logistics Bangladesh Limited, Ryoma Mitani, executive director of Ken2 Japan, Toshihide Yuda, COO of K2 Logistics Bangladesh Ltd were also present at the event. Guests at the event gave speeches highlighting the importance of Japanese expertise in professional-level inspection and quality control techniques which are of extreme importance in PPE/medical supply chains.

After the signing ceremony at the Beximco PPE Park, the Japanese ambassador moved to Beximco Industrial Park where he visited Beximco Industrial Park. The ambassador was very impressed to see Beximco's fully vertical state of the art Textiles, Garment Manufacturing, and World Largest Modern Sustainable Washing Plant, the press release added. At the Beximco Industrial Park, Naoki Itoalso inaugurated the startup and launch of the World Class State-of-the-Art Tsudakoma Looms, Sizing Machine and Warping Machine which Beximco has sourced from Japan, financed by JICA.

Weak banks should consider mergers: Salman F Rahman

Financially weak banks should consider mergers in a bid to reduce the pressure of default loans, according to Salman F Rahman, the prime minister's adviser on private industry and investment."There are systematic issues in our banking industry as borrowers are allowed to take short-term loans for long-term investments, resulting in many bad debts," he said during a press meet at the Dhaka Reporters Unity.Rahman then suggested that establishing more specialised banks for investment could help relieve the country's financial constraints in this regard.

Besides, the economic impact of Covid-19 increased the amount of non-performing loans (NPLs) worldwide and Bangladesh is no exception as borrowers struggled to pay back instalments amid the coronavirus-induced economic downturn. The adviser also emphasised widening the tax net to increase government revenue as the tax to gross domestic product (GDP) ratio in Bangladesh is among the lowest in the world. "Still though, the size of the national budget is about 10 times what it was back in 2009, when the current government assumed office," Rahman said, adding that regular taxpayers bear the brunt of this expense as many people remain outside the tax net.

 

He went on to say that the Bangladesh Investment Development Authority (Bida) would provide the necessary support required to facilitate foreign direct investment through its One-Stop Service (OSS) platform from next year. Potential clients can already avail more than 40 services from the OSS, an online platform integrating relevant government agencies to streamline the investment procedure in Bangladesh.

"However, complexities regarding certain policies of the National Board of Revenue are always raised by both foreign and domestic investors," Rahman said. Regarding the recent hike in fuel prices, Rahman said it was tough for the government to bear the huge amount of subsidies required to keep costs low. And although fuel prices recently fell in the international market, the demand is rising as the global economy has reopened. Responding to a question about the capital market, he said there was weakness in the market as 80 per cent of all investments come from retail investors and institutional investors make up the rest.

The case should be the opposite, he said, adding that the market is quite dependent on equity instead of bonds. "We are working to improve the bond market. Bangladesh Securities and Exchange Commission is also sincere in this regard." Explaining the reasons behind remittance outflow, Rahman said local companies often hire foreign experts for senior positions due to the lack of skilled domestic workers. And although more local experts are being employed by the garment industry, its emerging manmade fibre segment requires foreign expertise. But since these foreign employees spend much of their income while staying in Bangladesh, outgoing remittance does not exceed more than $300 million per year.

Regarding developments in the health sector, Rahman said the treatment for all maladies would eventually be available in Bangladesh. In addition, local pharmaceutical companies are gearing up to manufacture Covid-19 vaccines next year. "Beximco Pharmaceuticals will set up a dedicated facility for Covid-19 jabs within the next six weeks while Incepta Pharmaceuticals has signed a deal with Chinese companies to manufacture vaccines," said the vice-chairman of Beximco Ltd.

Beximco is in talks with the Serum Institute of India, Pfizer, Moderna, and other global vaccine makers to manufacture Covid-19 vaccines in Bangladesh. Vaccines will be required in the future as well since there is a possibility that the Covid-19 pandemic will continue indefinitely. "So, local vaccine manufacturing is required," he added.

Salman urges US entrepreneurs to invest in Bangladesh

Salman F Rahman, Prime Minister Sheikh Hasina’s adviser on private investment affairs, said the US entrepreneurs should take the opportunity of Bangladesh’s highly liberal investment regime.He said this during his meeting with US Deputy Assistant Secretary of State Kelly Keiderling at his office. Mr Rahman briefed her about the huge reform initiatives taken by the government during recent years, said a spokesperson of Bangladesh Investment Development Authority (BIDA).

In response to Ms Kelly’ query regarding the social compliance’s and safety issues in the factories, Mr Rahman said that the government has taken a string of measures to address those issues. Ms Kelly lauded the Bangladesh government’s management of the pandemic situation and said that the bilateral ties will enhance further in the coming days, the spokesperson added.

Both sides stressed the need for holding the next economic partnership dialogue at the earliest convenient time.

Transport operators' countrywide strike

 

The transport operators' countrywide strike  affected export and import of goods at a time when businesses have been attempting to make a recovery from the fallouts of the Covid-19 pandemic.Any disruption to business, including in transportation of goods, in the time of revival will only prolong the recovery.

 

Many exporters faced difficulties to carry goods from their factories to the Chattogram port and vice-versa. Moreover, all types of activities at the Chattogram port almost came to a halt as a faction of owners and workers of goods transporting vehicles enforced the countrywide 72-hour work abstention since yesterday morning over a 15-point demand.

 

Goods and container transport to and from the port as well as loading and unloading of goods and containers at the vessels berthed at the jetties remained suspended yesterday as no goods-carrying vehicles like trucks, covered vans and prime-movers operated. Activities at the 18 private inland container depots (ICDs) also were badly disrupted due to the work abstention of vehicle workers. Bangladesh Covered-Van, Truck, Prime Mover Goods Transportation Owners Association and Bangladesh Truck Drivers Workers Federation jointly enforced the countrywide work abstention. Some of the major demands are cancellation of the decision of hiking advance income tax imposed on the vehicle owners and removal of complications in issuing driving licences for heavy vehicles, they said.

 

Stoppage of harassment by police through stopping vehicles at any place in the name of checking documents and setting up of adequate terminals and restrooms for the goods-carrying vehicles on both sides of the highways are some of other demands.

 

But the berth operators said loading and unloading activities also came to a halt as prime-movers engaged in carrying the unloaded containers from the hook point to different yards did not operate. Saif Powertech handles container movement at seven jetties under Chittagong Container Terminal (CCT) and New Mooring Container terminal (NCT).

 

On an average day, 1,000 TEUs (twenty foot equivalent units) of import containers are usually unloaded from a vessel. Transport of import and export containers between the port and 18 private ICDs was also suspended.

Xiaomi starts assembling mobile phones

Smartphone giant Xiaomi announced that it had began assembling mobile phones in Bangladesh.

The factory in was set up with $10 million in Foreign Direct Investment (FDI) under the "Made in Bangladesh" scheme.The factory will assemble 3 million units of smartphones annually.

The Chinese brand is also eyeing local production soon, said Xiaomi Bangladesh officials. DBG Technology BD Ltd, a leading Chinese electronics manufacturing service (EMS) company, will assemble the smartphones in Bangladesh.

Xiaomi revealed its "Made in Bangladesh" plan at a special programme. Salman F Rahman, adviser to the prime minister on private industry and investment, and Zunaid Ahmed Palak, state minister for Information and Communication Technology (ICT) Division, attended the event. Salman F Rahman said the partnership with Xiaomi will create more employment opportunities for the youth in Bangladesh. "We are delighted to be a partner in setting up Xiaomi's first manufacturing unit in Bangladesh as part of the Digital Bangladesh initiative. We believe that this partnership will create more opportunities for the country's youth and establish a world-class electronics manufacturing ecosystem," he said.He urged the Chinese company to make Bangladesh a hub to produce their IT and electronic devices.

Mobile handset manufacturing and assembling began in Bangladesh in 2017 when Walton started producing electronic products locally. Later, cellphone giant Samsung as well as Symphony, and other brands started manufacturing in the country.With Xiaomi's new factory, there are now at least 10 local and global companies that are producing smartphones in Bangladesh.

As of now, Bangladesh Telecommunication Regulatory Commission has issued 14 licences for setting up mobile manufacturing and assembling factories in Bangladesh. Market insiders say Nokia is also expected to set up a factory in Bangladesh, but the brand has not announced anything yet. Currently, there is a demand for 32 million units of mobile, of which 12 million units are smartphones, says Bangladesh Mobile Phone Importers Association (BMPI). According to Statcounter's data, Xiaomi is now the second top mobile brand in Bangladesh's smartphone market, having around 20% of the market share, while Samsung is in the top position with 30.46% share.

Salman F Rahman invited Saudi companies to invest in Bangladesh

Prime Minister's Private Industry and Investment Affairs Adviser Salman F Rahman has invited Saudi firms to invest in Bangladesh, promising to set up a Special Economic Zone (SEZ) for investors from the Kingdom. Meeting in Riyadh attended by various renowned Saudi businessmen, chamber representatives, investors and local Bangladeshi businessmen

During a discussion on Saudi-Bangladesh trade and investment, organized by the Bangladesh Embassy at Marriott Hotel in Riyadh on Monday night, Salman spelt out the steps taken by the Sheikh Hasina government to attract foreign investment.He also offered to set up the SEZ for Saudi investors, as promised by the PM. "All facilities have been ensured for foreign investors," he said.

"Bangladesh is moving forward under the leadership of Prime Minister Sheikh Hasina. The government is working to make Bangladesh a high-income country by 2041 with the aim of building Bangabandhu's ‘Shonar Bangla’," Salman added.

Highlighting the friendly relations between Bangladesh and Saudi Arabia, Bangladesh's Ambassador in Riyadh Md Jabed Patwari said that the economic ties between the two countries would be further enhanced in the days to come.

Executive Chairman Sirajul Islam of the Bangladesh Investment Development Authority (BIDA), Executive Chairman Sheikh Yusuf Harun of the Bangladesh Economic Zones Authority (BEZA), and CEO of the Bangladesh Public-Private Partnership Authority (PPPA) Sultana Afroz also spoke about the economic development and investment facilities in Bangladesh. The meeting was also attended by various renowned businessmen, chamber representatives, investors and local Bangladeshi businessmen from Saudi Arabia.

Beximco LPG signed a deal with Jamuna Oil Company

 Beximco LPG Unit 1 said it had signed a deal with Jamuna Oil Company Ltd, a subsidiary of Bangladesh Petroleum Corporation, to sell its autogas by setting up pumps at the registered filling stations of the state-owned company. The signing ceremony took place at the Chottogram office of Jamuna Oil Company on. The agreement was signed by Gias Uddin Ansary, managing director of Jamuna Oil and Mrinal Roy, chief executive officer of Beximco LPG. 

Jamuna Oil and Bangladesh Petroleum Corporation will each receive a royalty of Tk0.50 per litre of LPG that is sold by Beximco LPG through their established Auto LPG pumps. 

According to the agreement, it will ensure rapid penetration of liquefied petroleum gas (LPG) for use in automobiles across the country. LPG is also known as autogas while is used in motor vehicles. 

Currently, Jamuna Oil has a network of 750 filling stations while Beximco LPG was granted 500 franchise licenses for Auto LPG stations and 25 licenses for Conversion Workshops by the Ministry of Energy and  Mineral Resources earlier in 2016, said a press release of the Beximco. 

Speaking at the ceremony, Mehedi Hasan, GM, sales and marketing of Beximco LPG, said, "This agreement with Jamuna Oil Company will stand as a milestone for the rapid progress and development of the automotive fuel sector of the country. He said Beximco LPG commits delivery of the best quality LPG mix of Propane and Butane to ensure that the fuel reaches the required Octane number and causes no damage to the engine of the vehicle. 

The number of refuelling stations for liquefied petroleum gas (LPG) or autogas and its consumption are growing fast with the big LPG players ramping up their operations as the government looks to cut dependency on other fossil fuels. The energy ministry has already given the approval for setting up 2,550 autogas stations across the country to 13 LPG operators, with many attaining permission to erect conversion centres for the fuel use mechanisms in vehicles.

The operators have already set up about 400 autogas stations with over 200 to 300 vehicles converting to LPG per day, according to industry people. Signing agreements with Bangladesh Petroleum Corporation's (BPC) three companies -- Padma Oil Company, Meghna Petroleum and Jamuna Oil Company, the operators are signing deals with registered refuelling stations of those companies for setting up autogas stations and supplying LPG.

Silicon Valley appriciates Bangladesh

 

Silicon Valley, the pinnacle of global technology and innovation paid tribute to Bangladesh’s Father of the Nation Bangabandhu Sheikh Mujibur Rahman for his outstanding contribution to social, economic and political transformation. Santa Clara’s Mayor Lisa M. Gilmore presented the Silicon Valley honour on the birth centenary of the Father of the Nation.

 

Salman F Rahman, Adviser to the Prime Minister on Private Industries and Investment, received the memorandum of honour on behalf of Bangabandhu’s daughter Prime Minister of Bangladesh Sheikh Hasina. He said Bangladesh has facilitated the ICT sector and increased support from the public and private sectors. He added that now is the time for everyone to come and invest in Bangladesh. This is a new Bangladesh and we are all determined to move forward.

 

In collaboration with the American Chamber of Commerce in Bangladesh and in partnership with Venture Capital and Private Equity Association of Bangladesh (VCPIAB) and Tie Global, the conference was organized by the Bangladesh Securities and Exchange Commission (BSEC).

 

The current government’s efforts to use technology to reduce poverty, and transform the lives of the general population in Bangladesh has played a key role in this growth. The government recognizes digital inclusion as the only way to facilitate rural economic activities, and enable rural workers to capture a larger piece of the economic pie. The government very carefully designed digital services to ensure they are relevant for all three groups of Bangladeshi citizens: digital natives – younger, tech-savvy, generations growing up with technology; digital adapters – middle-aged individuals who have adopted technology; and outliers – the minority who stay away from technology.

 

The government has made a concerted effort towards achieving the Digital Bangladesh Vision by 2021, marking the 50th anniversary of Bangladesh's independence. The Digital Bangladesh philosophy of the Prime Minister Sheikh Hasina is to protect people's democracy and human rights, ensure transparency and accountability, establish justice, and ensure delivery of government services to the citizens of Bangladesh through maximum use of technology, with the ultimate goal being the overall improvement of the daily lifestyle of the general population.

The government plans to replicate this on other remote islands that dot the country’s Bay of Bengal coastline. Fibre optic connectivity has been established, providing high speed Internet connectivity. The government plans to roll out the fifth-generation cellular network technology (5G) in Bangladesh by 2021, ensuring faster and more reliable internet coverage across the country.

 

A key component of the government’s digital inclusion strategy is to promote the uptake of mobile money and other digital payment platforms. Efforts are being made to boost the popularity of Mobile Financial Services (MFS) to ensure higher penetration at the bottom of the pyramid.

 

In recent years, MFS has made a significant impact on reducing the unbanked population, rural-urban capital flow, and growth of online e-commerce transactions. In the last five years, growth of mobile financial services in Bangladesh has skyrocketed, with bKash leading the way. In 2018, registered users of Non-Banking Financial Institutions (NBFIs) were more common among the rural poor than among the adult population as a whole. Mobile money transfers were the most popular digital use case in Bangladesh and uptake of mobile money transfers was three times greater than bank transfers.

Export-oriented factories must begin to open

Country's export-oriented factories must begin to open slowly, said Prime Minister Sheikh Hasina's private sector adviser Salman F Rahman. But of course by maintaining necessary health protocols.

According to the policy maker and parliament member, "We have to take a decision. We have the Sweden model in front of us; they did not enforce lockdown. In China's Wuhan, a second wave of infections is taking place. Germany and France are still suffering, new infections and deaths are happening, but still they are opening up their factories."

He said this virtually where business leaders, economists, editors and policymakers joined the discussion. he later asked the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) to prepare a guideline on how this could be done.

The session was moderated by FBCCI President Sheikh Fazle Fahim. The discussion was also attended by the leaders of DCCI, BGMEA, BKMEA, BTMA, Editors' Guilds, ATCO and various business chambers and associations. Sheikh Fahim said the government was talking to the World Health Organization (WHO) and other global bodies to prepare the health protocols so that opening up factories could be done in line with global standards.

Rubana Huq, president of the BGMEA, said they were under pressure to allow opening of 856 factories. She said global buyers had cancelled orders worth more than $3 billion and now it was crucial to reopen the factories. She also suggested opening up the factories zone-wise, in a limited way and under a decided timeframe.

Korean investors will find growth opportunities in Bangladesh

Salman F Rahman, private industry and investment adviser to the prime minister said that South Korea's technological superiority, vast industrial and infrastructural experiences, along with Bangladesh's sincere efforts, will create a winning combination that will prove to be beneficial for both countries.  "We hope and expect that globally renowned iconic Korean companies will come forward to take the advantage of competitive and congenial investment climate of Bangladesh," he added.

He made the remarks during a webinar styled "Bangladesh-Korea Business Corridor: Stakeholders Dialogue & Way Forward", organised by HSBC Bangladesh, in partnership with BIDA, BEZA, South Korean Embassy in Bangladesh and Bangladesh Embassy in South Korea, said a press release.

The virtual event was hosted for Korean companies, stakeholders, as well as key policy stakeholders in a bid to support Korean businesses to explore emerging business opportunities in Bangladesh. Mahbub Ur Rahman, CEO of HSBC Bangladesh, moderated a panel discussion where Rahman, along with Lee Jang-keun, the Korean ambassador to Bangladesh, Abida Islam, the Bangladeshi ambassador to Korea and Md Sirazul Islam, executive chairman of BIDA, participated and discussed on the opportunities and challenges that needs to be addressed to attract more Korean business flow in Bangladesh.

Foreign Direct Investment from Korean companies has been a driver of Bangladesh’s prosperity and growth in recent years. Further upswing in investment is expected across a variety of sectors in the years ahead, with a particular focus on infrastructure, electronics and ICT.

Salman F Rahman's touched many topics in his interview with The Business Standard

The government is extensively working to attract domestic and foreign investments. Numerous development works are especially ongoing at the Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsarai, Japan Economic Zone in Araihazar and Matarbari. These economic zones are getting both local and foreign investments even amid the pandemic. This is what Salman F Rahman, Adviser to Prime Minister on Private Sector Industry and Investment, said during his interview with The Business Standard.

He further said, we talk about employment generation all the time. But I do not think the country has a high unemployment rate. For example, farmers do not get enough agro-workers during the paddy harvesting season. If there had been intensive unemployment, more workers would turn up for farm work. Even industries do not get the required skilled manpower they need. Garments and pharmaceuticals have a crisis in skilled labour. What the sectors do is they train up staffers after recruitment. Therefore, I do not think the industries, too, have any serious unemployment issues.

In the interview, Salman F Rahman touched many points related to employment. He said, our education system also needs overhauling. Universities should have collaboration with industries. Many universities have already done that, and the teamwork needs to be strengthened and institutionalised. Freelancing can be a solution for graduates who are still unemployed. The government has arranged identifications and registrations for freelancers. Many graduates are going straight for freelancing after receiving computer training. The ICT ministry offers many skill development schemes and other support to them. Issues related to opening bank accounts for freelancers have been resolved, and more and more youths are opting for the profession.

Link to the interview:
https://www.tbsnews.net/bangladesh/job-growth-didnt-stumble-too-much-211558?fbclid=IwAR0l8zESS_cTG8yRrhV1u1ErrVKz6-_k7mvm43PkD0bkH6RR2ADoCZPJ7kY

Salman F Rahman answers hard questions

In an interview the Beximco Group’s Vice-Chairman and premier’s Private Industry and Investment Affairs Adviser Salman F Rahman attributed the prime minister’s foresightedness for early vaccine availability. In an interview the Beximco Group’s Vice-Chairman and Premier’s Private Industry and Investment Affairs Adviser Salman F Rahman attributed the prime minister’s foresightedness for early vaccine availability

Bangladesh received the first consignment of five million doses of Covishield from India earlier this week under a procurement agreement, four days after New Delhi sent as “gift” two million doses of same Oxford-AstraZeneca inoculates co-manufactured by India’s Serum Institute. The shipment was part of 30 million vaccine doses to reach the country under a tripartite agreement among Beximco Pharmaceuticals Ltd Serum Institute and the Bangladesh government.

In answering the question, how it has been achieved, Salman F Rahman said it was possible only because of the Hon’ble Prime Minister’s foresightedness and courage. The entire world is having issues with the availability of vaccines.

In respond to, how did Beximco get involved in the vaccine affair?, he responded, India’s Serum Institute is the world’s largest vaccine producer licensed to produce Oxford-AstraZeneca Covid-19 vaccine for India and developing countries at an equitable price. When Beximco approached them to become their sole distributor in Bangladesh, they were reluctant. They themselves were unsure of timely delivery of vaccines. We insisted nonetheless, and they agreed to make us their sole distributor in Bangladesh under one condition. They told us since they needed to expand their production capacity, we must pay them some money in advance. We agreed and became the sole distributor accordingly. Then, we pushed for priority vaccines. Serum was then committed to providing the Indian government and GAVI or COVAX Alliance with the first batch of the vaccines. We argued since Bangladesh and India share a very close bond, we should also get vaccines on a priority basis. They said, as a private company, Serum’s responses will not be impacted by dynamics of bilateral relations. We continued insisting, nonetheless. We were aiming to secure 50 million doses at a priority basis for the government, because only 100 million doses were up for grab. We were concerned that if we missed the first lot, we will have wasted months. Due to our dogged persistence, Serum finally came up with a solution. They said they could supply five million doses per month, and up to 30 million in six months in total. However, the payment has to be made in advance. We said your vaccine was not even approved yet, and we have to pay in advance? They said if we wanted to get the vaccines on a priority basis, that was the only way. We had no other choice. I then informed the Hon’ble Prime Minister that Serum agreed to give us 30 million doses but asked to be paid in advance. She agreed to the condition immediately. That was what I referred to as her foresightedness and courage. She said Bangladesh would provide the 50% of the advanced payment now and the rest will be paid once the vaccine gets approved. Serum agreed to this condition.

Beximco becomes ‘Client of the Year’

Janata Bank named Beximco Group, one of the biggest industrial conglomerates in Bangladesh, the 'largest exporter and best customer of 2020. 

Exports by Beximco in 2020 amounted to Tk 47.13 billion, while the imports were valued at Tk 23.26 billion. The bank said in a statement that it would hand over a trophy to Beximco.

Beximco paid about Tk 4.27 billion to Janata Bank in 2020 in installments for rescheduled or restructured loans, according to the statement. The bank, on the other hand, earned a total of Tk 4.84 billion from the company in 2020.

Founded in the 1970s, the Beximco Group has operations and investments across a wide range of industries, including textiles, pharmaceuticals, PPE, ceramics, real estate development, construction, trading, marine food, information and communication technology, media, DTH, financial services and energy. Salman F Rahman and ASF Rahman had founded the Beximco Group and initially exported and imported jute, until he and his brother realized the opportunities before them if they diversify Beximco Group’s business.

Salman F Rahman noticed that Bangladesh did not have a strong healthcare and medicine infrastructure. This is where the Rahman brothers diversified their business first. Beximco Pharmaceuticals was born in 1980 as a result, and is presently an international pharmaceutical juggernaut. In 2017, Beximco Pharma’s annual revenue was recorded to be BDT15.5 billion.

The leadership of the brothers took Beximco Group to new heights. The success in pharmaceuticals motivated them to expand their operations to petroleum, banking, aviation, real estate, textiles, power generation, Information Technology, ceramics, and more. The Beximco Park is a testament to the evolution of the import-export company into a multinational conglomerate.

Owing to his rich experience of more than 45 years in the field, Salman F Rahman was appointed as Awami League’s private sector development adviser. An environment promoting business was created at that time, boosting GDP growth rate by 7.2% in 2016, and 7.1% in 2017. Before that, debt fell by 32.4% in 2015 due to the government’s bullish approach.