Salman F Rahman brought dynamic changes to Bangladesh’s economy

From humble beginnings to a global conglomerate – Salman F Rahman brought dynamic changes to Bangladesh’s economy, growth and global perception.

Bangladesh’s growth is nothing short of a marvel.The government started privatizing some of its manufacturing hubs in the 80s. In 1981, the GDP growth rate shot up to 5.6%, demonstrating a newly formed country’s true potential. Henceforth, trust was put on private players, which is where Salman F Rahman, an innovative entrepreneur was spotlighted. Salman F Rahman had founded the Beximco Group with his brother ASF Rahman in 1972. The company 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 BDT$15.5 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.  He is working as the Honorable Prime Minister Sheikh Hasina's Private Sector Industry and Investment Adviser. He is also Member of Parliament from Dohar and Nawabganj.

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.

Because of the stark Bangladeshi progress, Salman F Rahman has been acknowledged as an asset to the country, prompting Awami League to induct him into their party. On 30 December 2018, Salman will be contesting the General Elections from Dhaka-1, an extremely valued constituency with an electorate of 378,968 (2014).

Rahman’s victory has the potential to heavily alter the economic dynamics for the good. The government is aiming for Digital Bangladesh Vision 2021, where the entire country is integrated into a single digital network. To make that happen, economic dynamics need to be unrestrained but controlled. It’s only possible if the government is led by people who understand the intricacies of the market, the economy, and business.

Not just a businessman - Salman F Rahman

Salman F Rahman is not only a businessman. He is visionary, industry captain, he is behind the economic success of Bangladesh.

A nation’s growth and prosperity often depends on the Business and economic development. Any business-notion on part of pioneers brings good result for a nation’s economy. Many examples from history proves that individuals often can be attributed to kick start a nation’s potential as well as its growth. For Bangladesh, Salman F Rahman, the co-founder Beximco, is such a personality. His efforts in setting up a business paradigm and a conducive environment for local businesses has been instrumental for the relatively nascent economy of Bangladesh.

In other words, Salman F Rahman’s efforts have been synonymous with the growth of Bangladesh.

The visionary man - Salman F Rahman

He set up Beximco in 1972 after his family inherited jute mill was nationalized by then Government of Bangladesh in 1971. The business journey started out with seafood exports to target countries including Germany, France, the UK, Netherlands, and Belgium. The initial trajectory soon transformed into a journey towards setting a conglomerate that worked on Bangladesh’s strengths and harnessed its potential as well as gave the country and its trading partners an impetus to invest in Bangladeshi economy. An example for the uninitiated would be Salman’s initiative in the textile, seafood and the pharma industry. That predicament possibly transformed into Bangladesh’s first private stint with the international market and resulted in Salman’s foray into international markets. The polarized status quo resulted in his inclination towards pharma wherein instead of making heavy profits in cash, he chose to import medicines worth the same cost to meet the country’s pharmaceutical demands.


After some years, he decided to manufacture and supply local pharmaceutical requirements from within the country. Consequently, 1976 witnessed the birth of Beximco Pharmaceuticals and since then, Beximco has expanded under his’s vision and guidance. Apart from the company’s growth, he traversed a journey of his own as a businessman and industrialist of note internationally – considering how he shaped the world’s perception towards Bangladesh’s indigenous industries and exports. The associated acumen, vision and experience further resulted in his appointment as the Private Sector Development Affairs adviser to the Bangladesh Awami League President Sheikh Hasina.

Though the country’s rising GDP in the past decade is the testament of the aforementioned, Salman F Rahman’s belief of harnessing the country’s business potential for its enhanced prosperity could further be advanced to enhance, empower and strengthen the country’s economic potential at the political and administrative front.

Beximco Group going long way

Beximco Group is the largest conglomerate in Bangladesh. It was established in the 1970s by the two brothers – Salman F Rahman and Sohail F Rahman. Initially, the group dealt in exports of seafood and crushed bones to the European countries, and imports of medicine in the exchange of the exports.

Beximco has come a long way, and its growth has been impressive across these years. At present, the group operates across a wide range of industries, including pharmaceuticals, marine foods, jute, textiles, information technology, hospitality, media, finance, and real estate among others.

Salman F Rahman, Vice-Chairman of Beximco Group, said in Fortune India, “We had to get the local boys to ferry us in their boats to check out the land.” However, with the revenue of $834 million, 6,00,000 employees, and market capitalization of $1.7 billion on the Dhaka Stock Exchange, Beximco Group has emerged as the largest private sector group in Bangladesh. The achievements of the group wouldn’t not have been possible without the vision and expertise of Salman F Rahman.

Beximco Group is now expanding its business in energy sector. it already initiated to set up Bangladesh's first ever Liquefied Petroleum Gas (LPG)-based power plant. it already signed a memorandum of understanding with GE Power.

The agreement was signed between Salman F Rahman and Russell Stokes, President and CEO of GE Power, on behalf of their respective companies. After signing the MoU, Salman F Rahman informed the media, “It would be the first LPG-based power plant of the country. There are initiatives for natural gas, coal and oil-based power plants in Bangladesh.” “The government wants to generate electricity through alternative means. Therefore, Beximco Group has taken up such an initiative to implement the goal. It would be possible to generate about 150MW of electricity. The LPG-based power plant would add a new dimension to the power sector,” he added.

The group already operates its energy venture through two of its establishments – Beximco Petroleum Limited and Beximco Power Company Limited. Established in 2009, Beximco Petroleum Limited locally processes the fuels to ensure energy security to the nation. Whereas, Beximco Power Company Limited has ventured into establishing a 540 MW power project in Bangladesh.

The vice-chairman of Beximco Group expressed hope regarding the new venture. He informed that the plant would most likely begin supplying electricity to the national grid within two years.

Beximco Group, with the vision of taking Bangladesh to the world, is expanding every day. 

Profile of country's top business entity: Beximco Group

Beximco Group is a multinational conglomerate holding company headquartered in Dhaka, Bangladesh. The company is considered the top business entity on Bangladesh. It operates with the slogan - Taking Bangladesh to the world.

In the last three decades, Beximco Group grew strength to strength. In 2005, Beximco Pharma became the first Bangladeshi company to list on the Alternative Investment Market of the London Stock Exchange. It became the first Bangladeshi pharmaceutical company to commence export of pharmaceutical products to the USA in 2016.

The multinational conglomerate has business wings in textiles, marine food & commodities trading, pharmaceuticals, real estate, cotton and polyester, hospitality, ICT and ceramics. The pharmaceuticals wing of the company, Beximco Pharma, is now one of the largest exporters of medicines and won National Export Trophy (Gold) a record five times.

Salman F Rahman the vice chairman of Beximco Group

This dynamic company was founded in the 1970’s by two brothers – Ahmed Sohail Fasiur Rahman and Salman Fazlur Rahman. It started as a commodities trading company. Now it has become a diversified group with presence in almost all industry sectors. Salman F Rahman is serving as a Private Sector Development Affairs Adviser to Prime Minister and Bangladesh Awami League President Sheikh Hasina.

Financially the company is very stable. In 2010, the company acquired stakes in several major Bangladeshi businesses, including IFIC Bank, GMG Airlines, and Unique Hotels and Resorts.

High officials of Beximco Group

Recently Beximco Power initiated a joint venture to develop a 200 MW solar power plant in Gaibandha. Teesta Solar Limited. and China’s TBEA Xinjiang Sunoasis Co signed a power purchase agreement with Power Development Board for this matter. Under the agreement, the PDB will purchase electricity from TSL’s plant for 20 years at the tariff of 15 US cents per kilowatt hour. Beximco Power hold 80 % share of the venture. Renewable energy like solar power is considered holding the key to the future.

Information source:
Beximco Group's website - https://www.beximco.com/

Assignment point's report on Beximco Group - http://www.assignmentpoint.com/science/textile/safety-environment-complance-in-beximco-texitile-limited.html

How private companies like Beximco Group, Pran Group, Bashundhara Group are helping the economy grow?

Bangladesh is regarded as a rapidly developing country. Bangladesh managed a vast progress on the economic side. The GDP growth is increasing every year and in 2013-14 fiscal years, it was close to 6%, which is more than its neighboring countries, India, Nepal and Pakistan.

As a country which has the potential to become one of the most influential countries in terms of economy, a lot of private companies are giving inputs to the overall values. Top private companies like Beximco Group, Pran Group, Bashundhara Group are pretty much the backbone of the economic growth of Bangladesh. These groups were mostly founded in the 1980s. Bangladesh soon saw the speedy rise of these groups which launched a lot of products such as dry foods, cement, LP gas, ceramics, and pharmaceutical products.

These groups have mostly ensured the consistency in the economy by maintaining a strong export quality, as they serve more than 100 countries all over the world with their products. These are top notch products, which are especially managed by the experts. For instance, Beximco Pharma is listed on the London stock exchange, which is a big achievement for the company and the country as well. It was formed in 1972. This helps the economy to grow under foreign currency and ensures its maximum efficiency. The products offer world class quality, which is very important. It is now one of the big guns in the pharmaceutical sector throughout the world. Other than pharmaceutical sector, Beximco Group is involved in ceramics manufacturing, trading of consumer and capital goods, financial services, aviation and media.

Beximco Group focusing on industrial sector

Beximco Group is clearly focusing on the industrial sector. The company is country's largest company. The company is active in the industrial sector from the early 1970s and concentrates on jute, textiles, basic chemicals, pharmaceuticals, and ceramics. Recently the company is exploring other sectors for investing.

Last year, Beximco Group signed a treaty with China Energy Engineering Corporation for concentrating energy projects in the country. CEO of Beximco Power Company Ltd, Ajmal Kabir, signed the agreement at Beximco Group’s head office. On the occasion, vice chairman of Beximco Group, Salman F Rahman was present and said it is a significant day for the company. Beximco Group will work on three major projects. One is an 8MW capacity solar power plant, one is a 660MW coal fired power plant, and one is a 200MW solar power plant in Gaibandha.

Beximco Pharmaceuticals extended its operations by a great margin last year. It had announced it would start to export hypertensive drug, Carvedilol to the USA. The company is Bangladesh's first pharmaceuticals player to achieve that. Bangladesh can make generic drugs without any intellectual property rights until 2O33 as a Least Developed Country.

Beximco Group is also on the process of setting up a Liquefied Petroleum Gas based power plant with US-based technical partner General Electric (GE). The company already requested the Power Development Board to give it permission.

The group also signed agreements in october 2016 with Chinese companies to produce a total of 3,500 megawatts of electricity in five years. The deals were part of the 13 agreements, worth $13.6 billion, that were signed during Chinese President Xi Jinping's two-day visit to Dhaka. Beximco Group would produce 2,180MW, of which 1,980MW would come from coal-fired plants and 200MW from a solar power plant, according to its Executive Director M Rafiqul Islam. Beximco and its Chinese partners will invest a total of $3.2 billion to produce the power.

Beximco Pharmaceuticals to start exporting in the US

​Beximco Group will develop several energy projects

Beximco eyeing to install LPG-based power plant