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.

Salman F Rahman's vision shaping up the business sector

With his ability and vision, Salman F Rahman is transforming Bangladesh's business sector. According to a report published in Newswire, on the personal front, Salman F Rahman has been heralded as one of the leading intellectuals of his generation and he has understood that his immense corporate success gives him an equally important role to fulfill in the betterment of his people. Therefore, he has a very active participation in many philanthropic endeavors and many charities and welfare organizations receive his encouragement and support.

Salman F Rahman co-founded the BEXIMCO Group of Industries way back in 1970's with his brother when the duo left grappling with a defunct textile mill. This prompted them to look for new avenues in business and thus the BEXIMCO group came into being. After painstaking efforts which ran into many decades, the BEXIMCO Group has established itself as the leading enterprise in Bangladesh. Today the group has diversified into a huge conglomerate with services and products being developed in many sectors. The group operates in many fields ranging from Textiles to Fashion, Pharmaceuticals and what not.

Moreover, the company has exhibited top rate performance in all the various sectors of its diversification. It has the distinction of being the only company from Bangladesh to be listed on the London Stock Exchange and the various divisions provide quality services and products to the biggest companies in the world and have a list of elite clientele.

The Newswire said, Salman F Rahman is one of the prominent business personalities in Bangladesh and he has used his business acumen to take his country and people towards a bright future through his great vision and never ending quest for excellence.