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.