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.