ICE Business Times, February 2017 by ICE Media Ltd.

Contents TIMES

06 From the Editor

Word of Mouth

08 State of Affairs 18 Banking Corner 117 Happening

Columns by

12 Shamsul Huq Zahid 14 Mohammad Amjad Hossain

Ask the Expert

26 Shaikh Khalid Raihan, Office Depot, Europe HQ, Netherlands 94 Op-Ed by Mehrin Karim

Interviews: 22 38 46 52 56 59 76 80

Compounding with Caliber A look into the state-of-the-art Chemtreck factory and itâ&#x20AC;&#x2122;s attention to quality.

Nadeem Qadir, Press Minister of the Bangladesh High Commission in the United Kingdom Sharif Zahir, Managing Director, Ananta Group Syed M Tanvir, Director, Pacific Jeans Reaz Uddin Al-Mamoon, Managing Director, Epyllion Group Tanvir Ahmed, Director, Envoy Group Md Raisul Uddin Saikat, Chairman, Albion Group Murteza Rafi Khan, Director, AK KHAN Waterhealth Bangladesh Faisal Mansur, CEO, Chemtrek Industries Bangladesh

a global business magazine from bangladesh

Contents TIMES

TIMES

Vol. 7 No. 06 | February 2017

Publisher & Editor Director, International Publications Executive Director Managing Editor Assistant Editor Sub Editor Staff Feature Writer Designer Business Development Finance & Accounts Sales & Distribution

a global business magazine from bangladesh

TIMES

February 2017

: : : : : : : : : : : : :

Abul Khair Zeenat Chowdhury Nawshin Khair Tawhidur Rashid Irad Mustafa Shaikh Ashfaque Zaman Asaduzzaman Sk. Yeahhia Md. Nizam Uddin Forhad Mohammad Imran Md. Abdul Alim Md. Nazrul Islam Md. Rubel Khan

ask the expert

AN EX-COMMANDO TELLS US HIS STORY OF RISING ABOVE FAILURE economic update

TK. 100 | www.ibtbd.net

NOTABLE MARKERS FROM CITI NA’S ANNUAL MARKET UPDATE 2016

office productivity

TEAM GoBD EXPANDS UPON WHAT KEEPS THIS START-UP ROLLING

Tanvir Ahmed Envoy Group

Syed M Tanvir Pacific Jeans

19 international

Sharif Zahir Ananta Group

Reaz Uddin Al-Mamoon Epyllion Group

LEADERS WHO WILL POTENTIALLY SHAPE AMERICA’S FUTURE

THREADS OF SUCCESS

Meet the dynamic entrepreneurs who are taking our country’s $50B export dream in RMG forward

WILL ROBOTS TAKEOVER THE APPAREL INDUSTRY? LESSONS OUR MANPOWER NEEDS TO LEARN

This issue’s Photographs by Din M Shibly Kazi Mukul

Editorial & Marketing Queries Sowing Success

Thanks to our RMG-preneurs, Bangladesh has obtained a phenomenal success in apparel industry.

Features: 30 34 42 49 64 70 86 97 101 104 110 114 115 121

The Consequences of Transformation Port Side Preservation Corporate Ethics - Black or White? Antorik by Dhaka Bank Towards Prosperity - Citi NA Economic Update The Foundations of Our Future Great Expectations GoBD – The Productive Crescendo Beyond the Business Travel – Magical Myanmar The Trump Cards G&R’s 2016 Recap A Switch in Time Capital Market Update

tawhidur.rashid@ibtbd.net or send us a note at www.facebook.com/icebusinesstimes www.twitter.com/BusinessTimesBD

Be sure to visit our website www.ibtbd.net

Published by Abul Khair on behalf of ICE Media Limited Kushal Centre, Plot 29, Sector 3, Uttara C/A, Dhaka- 1230 and printed at M.K. Printers,189/1, Tejgaon I/A, Dhaka-1208 Editorial and Commercial office: 3rd Floor, House: 4, Block: B, Road: 23 A, Banani, Dhaka 1213 Advertising, Sales, Subscription and Distribution: 01812656961, 01715732425, 01759391168, 01850824294, 01881925963, 01881925962, 01611227676 Tel: 02 55035336-8, 09666773313

* Not all the views expressed in the columns and interviews are the views of the magazine.

FROM THE EDITOR The RMG sector of Bangladesh is undoubtedly sewing a more sustainable economy for the nation; it is the primary source of employment, providing around 4.4 million jobs and generating $28 billion in export revenue (The Consequence of Transformation, pg. 30). We are a globally recognized force, second only to China; our RMG exports have experienced an annual growth of nearly 15-16% annually and with this dynamic, we strive to achieve the $50 billion apparel export by 2021. Nevertheless, though we have made notable progress in this sector, our long-standing performance is under the threat of both external and internal factors. With Vietnam, India, and Indonesia rising as nations with favorable labor cost, lower duty rates and efficient production capabilities, the competition has against Bangladesh is higher than ever. Furthermore, the UKâ&#x20AC;&#x2122;s decision to leave the EU and Trumpâ&#x20AC;&#x2122;s proposed higher import duty will hamper two of the major revenue producers for the local RMG export industry (Time to Move Up a Gear, pg. 12). Internally, the nation must work a number of factors that are deterring it from remaining a key player. This initiative must start with improving the infrastructure within Chittagong, as the port city is the pioneer of RMG export within the nation. In this context, specific zones with access to the port, satisfactory electric provisions, efficient access to roads and commendatory policy implementation. Additionally, we must focus on creating training institutes for workers of all levels, from the factory to the managerial level. Given that AI might become a game-changer in the systematic production of RMG products, the local Engineering and Computer Science sectors must focus on incorporating technological solutions to retain Bangladeshâ&#x20AC;&#x2122;s competitive lead in this industry.

Word of Mouth S TAT E O F A F FA I R S

Honourable Prime Minister, Sheikh Hasina during a call on by the WEF Executive Chairman, Mr. Klaus Schwab at Congress Centre, Davos, Switzerland

Honorable Prime Minister, Sheikh Hasina speaking at a workshop entitled â&#x20AC;&#x153;Shaping a New Water Economyâ&#x20AC;? at Congress Centre, Davos, Switzerland

Courtesy call by H. E. U Kyaw Tin, Minister of State for Foreign Affairs, Myanmar at Ganabhaban with Honorable Prime Minister Sheikh Hasina

Courtesy call by H. E. Rizwana Siddiq Tulip, Member of Parliament, UK and Parvez Ahmed , Mayor of Brent, London, UK at Ganabhaban

Honorable Prime Minister Sheikh Hasina at the commissioning of the CGS Syed Najrul and the CGS Tajuddin at CG Barth Patenga, Chittagong

Honorable Prime Minister, Sheikh Hasina attending the annual parade of Police Week 2017 at Rajarbag, Dhaka

Honorable Prime Minister, Sheikh Hasina attending the oath taking ceremony of the newly-elected District Council Chairmen at PMO

Honorable Prime Minister, Sheikh Hasina delivering an opening statement at a workshop titled Worlds Underwater at the Congress Centre, Davos, Switzerland

Column

Time to Move Up a Gear

RMG

Is Bangladesh garment industry losing its shine? The answer will be ‘yes’ if seen in the context of the latest export growth pattern. Yet there is an optimistic view that expects the industry to maintain its second position, after China, in the global apparel market for many years to come. However, even the staunchest optimists have now become skeptical about the prospect of achieving the $50 billion apparel export target by the year 2021. When Bangladesh's RMG exports were at their peak, the average annual growth rate was 15-16%. In the year 2013, the growth rate was nearly 19%. However, it came down to only 4.2% in 2014 after the two major industrial accidents in the sector. The situation improved in the next year with export growth hovering at around 8.0%. The growth maintained an identical trend in 2016. The industry owners might think otherwise, but the fact remains that the sector is currently in the midst of a phase marked by sluggish growth. There is no denying that some major industrial accidents, namely, the Rana Plaza collapse and the Tazreen Fashion fire, had some damaging effects on the industry, in terms of both business growth and global reputation. But it has not taken too long for the local apparel

Shamsul Huq Zahid

industry to recover from the shock. With support from the government and the buyers, a large number of apparel units have upgraded their safety conditions of their workplaces. Though the industry owners do have some reservations regarding the platforms of the buyers from the North America and Europe Union countries, substantial progress has been made in the factory remediation work in the meanwhile. The remedial measures were taken at the insistence of the buyers and the industry owners were required to spend a substantial amount for the purpose. However, the buyers instead of compensating the Bangladeshi exporters are, in fact punishing them. They are allegedly offering less than before for the imports from Bangladesh. This, by any count, is highly unfair. Though the country’s apparel unit owners have been putting up a brave face, the global market situation is not that favorable for them at the moment. Two recent developments in particular - UK’s decision to leave the EU and Donald Trump taking over of the US presidency - have made the situation even tougher for Bangladesh. Bangladesh has to negotiate deals bilaterally prior to Britain’s final exit from the EU and if the new US president implements his electoral promise to impose higher import duty on foreign goods to save jobs for his own countrymen, Bangladesh's RMG exports will suffer. The US importers pay higher duty (15.61%) to procure RMG products from Bangladesh than from China (3.08%), Vietnam (8.38%), India (2.29%) Turkey (3.57%) and Indonesia (6.30%). Furthermore, Bangladesh has been gradually losing to some other Southeast Asian competitors, Vietnam in particular, in apparel exports to the US market. The Trans-Pacific Partnership (TPP) Trade Agreement would have given Vietnam further edge over many

The US importers pay higher duty (15.61%) to procure RMG products from Bangladesh than from China (3.08%), Vietnam (8.38%), India (2.29%) Turkey (3.57%) and Indonesia (6.30%).

other apparel exporting countries but with Donald Trump deciding against joining the deal, the prospect of formally launching the TPP appears bleak. So, the possibility of Bangladeshâ&#x20AC;&#x2122;s competitors getting any immediate advantage in its major export destinations is removed as of now. Notwithstanding the fact that the Bangladeshi apparel exporters could not make any notable headway in the production of high-end products, they have demonstrated unusual resilience and ingenuity to cope with the difficult situations created by external as well as domestic factors at various times. Even during the periods marked by severe political troubles, they produced goods in their units as per orders from their buyers and shipped consignments on the dot, thus, maintaining the growth momentum of the industry. There is no denying that the main factor which has kept Bangladesh afloat in the global apparel market is the low-wage of its workforce. The cost of labor involved in the production of a denim shirt in Bangladesh is only 22 cents. But the same in the USA costs nearly $7.5. It has, however, become rather difficult for it to remain in business banking on this particular factor. Some other countries have come up with labor wages closer to that of Bangladesh. On top of this, they have other advantages such as higher labor productivity, better skill, and timely shipment. Experts have always emphasized on increasing labor productivity and moving on to the production of high-end products that would fetch higher export revenue but the local exporters are, apparently, not adequately motivated. As always, they are banking on the export of low-priced items like shirts, trousers, T-shirts and sweaters. It seems that they are not interested in switching over to high-end products. This is possibly due to the fact that these products would require skilled workers who would, naturally, demand higher wages. The industry owners, as it appears, are comfortable with their present product lines which only require unskilled workers. Moreover, skilled laborers needed for producing high-end products are not readily available. The industry and its stakeholders have never tried to create a large pool of workers having the skills necessary to produce high-end products. Competing in the high-end product market would be a new experience and fresh challenge that the industry owners are, by and large, unwilling to take up. This issue needs to be addressed. They have to keep mind that China became the largest apparel exporter in the global market, producing both high-end and low-end products. It is still the number one and will continue to hold the position for many more years to come. China was forced to withdraw from the production of

The industry owners might think otherwise, but the fact remains that the sector is currently in the midst of a phase marked by sluggish growth. There is no denying that some major industrial accidents, namely, the Rana Plaza collapse and the Tazreen Fashion fire, had some damaging effects on the industry, in terms of both business growth and global reputation.

The writer is a senior journalist. He can be reached at zahidmar10@gmail.com

low-end products, primarily due to wage hikes. Such withdrawals, in fact, made room for countries like Bangladesh, enjoying the advantage of cheap labor, to fill the vacuum left behind by China. But Bangladesh, too, would not be able to hold on to its current position as demand for wage hikes are slowly increasing. With the buyers unwilling to pay more for low-end items, the local industry people are increasingly facing a difficult time. So, it seems prudent for them to gradually switch to better revenue fetching high-end products. It would be, however, not out of place to note that the local value addition of RMG products has made notable progress since the industry people are eager to add value to their export merchandise. There was a time when the rate of local value addition to apparel products was 30 to 35%. It is now more than 75%. The use of local fabrics has increased, but not up to the desired level. Most other accessories are being produced locally by the backward linkage industries. It is for sure that the global demand for food and clothes would continue to increase as long as the world exists. So, there will always be a global apparel market. Only efficient producers selling quality goods at competitive prices will hold on to the attention of the buyers. Hopefully, Bangladesh will be one of such producers in the years to come. www.ibtbd.net

Column

Garment Industry Crisis

INDUSTRY DEVELOPMENT

Bangladesh is a good example of how a country, which is amongst the least developed countries, could pull itself up by its bootstraps in making the transition from a predominantly agricultural economy to a modern one. Bangladesh has joined the globalizing world of trade and commerce as a significant player. Since the nation had achieved independence from the clutches of Pakistan's marauding armed forces in December of 1971, only garment manufacturing factories in Bangladesh turned out to grow as a major industry in its 45 years of existence. In mid-70's, a few garment factories started their business. Of them, Desh Garments of freedom fighter and former bureaucrat, Nurul Kader Khan, had begun a joint venture with the company, Diyuu, of South Korea. This very industry in Bangladesh is now confronted with a crisis following the Rana Plaza collapse in April of 2013, killing more than one thousand garment laborers while around a hundred laborers sustained injuries after a fire broke out at Tazreen Fashion garments factory in May of 2012. Added to these injuries was the terrorist attack on Holey Artisan near the diplomatic enclave in Dhaka on the 2nd July of 2016, killing twenty foreigners. As of now, around 4,500 garment factories in Bangladesh bring the largest amount of foreign exchange to the country. Last year, around $24 billion was earned by garment factories from the sale of ready-made

Ambassador Mohammad Amjad Hossain

garments to America and Europe. America has emerged as the third largest market for Bangladesh's ready to wear garments while China and Vietnam secured first and second places, according to the American Apparel and Footwear Association. In 2015, Bangladesh earned $4.9 billion while China secured $29.6 billion and Vietnam $8.3 billion from America alone. Having said that another disquieting affair appears to have overshadowed the bright prospect of the garment industry in Bangladesh. This is related to the strikes by thousands of laborers in December last year in the Ashulia outskirts of Dhaka demanding pay hikes which lead to the arrests of numerous activists and workers. The Clean Clothes Campaign (CCC) has raised concerns about the safety of trade union leaders and workers. In fact, labor workers demanded a raise in minimum monthly wages to Tk 15,000 from meager Tk 5,300. This demand should have been negotiated through labor unions instead of arresting union leaders or laborers or closing down factories as a threat to laborers. This situation has arisen when the European Union drew attention to the June of 2016 conclusion of the International Labor conference which includes a special paragraph on Bangladesh, in particular, regarding the implementation of the freedom of association convention. On the 20th December, 2016 in Brussels, the European Union and Bangladesh in their biennial meeting of sub-groups on good governance and human rights in the framework of EU-Bangladesh cooperation agreement urged Bangladesh to address, as a matter of urgency, acts of violence and harassment against trade unionists and trade union leaders while guaranteeing the investigation of these acts. The EU called on Bangladesh to ensure that

In America, Bangladesh has been confronting the problem in view of the cancellation of the Generalized System of Preference (GSP) for Least Developed countries of the world.

the trade union registration process is carried out in a transparent and expeditious manner. In America, Bangladesh has been confronting the problem in view of the cancellation of the Generalized System of Preference (GSP) for Least Developed countries of the world. In 2007, American Federation of Labor and Congress of Industrial organization (AFL-CIO), a very powerful labor union, objected against GSP facilities to Bangladesh in view of the violation of worker's rights in export processing zones, the ready-made garment sector and seafood processing sector as well. As a result, the United States Trade Representatives had solicited public comments and held hearings on several occasions, including in December of 2012 and decided not to offer GSP to Bangladesh. The Rana plaza tragedy invited congresswoman Speier to introduce a bicameral resolution to support the rights of working women in developing countries to have a safe working place, free from sexual harassment and violence. This resolution which was adopted on the 14th March, 2016 is supported by the International Labor Rights forum. The resolution also recommended reviewing Bangladesh's eligibility for trade benefits under the GSP. Therefore, Bangladesh, till this is resolved, will be deprived of GSP facilities in America. A positive picture is gradually developing in the world for Bangladesh's RMG industry. In a survey conducted by McKinsey in November of 2011, it was projected that American and European chief purchasing officers held the opinion that they are planning to move out of the Chinese market to South East and South Asia to buy ready-made garments for their markets. Furthermore, the Donald Trump administration has begun a trade war against China. It is likely that trade relations with China would be complicated in the days ahead. This has been reflected in the selection of Commerce Secretary Industrialist Wilbur Ross, who has been critical of trade deals with China. Another positive development that emanates from the initiative of western countries is that the Industrial and UNI Global unions have reached an accord recently with Bangladesh garment factories on fire and building safety agreements. The accord was signed by 14 major clothing retailers of the world. This being the scenario, garment owners and the Bangladesh government should ensure appropriate wages for laborers in all garment factories irrespective of their sizes. This writer understands that in 2013, the government of Bangladesh declared to form a wage board to fix minimum wages for

laborers. The government should intervene in ensuring appropriate wages for laborers. After having interviewed the Prime Minister of Bangladesh, Christian Amanpour, the Chief International Correspondent of CNN disclosed in May of 2013 that the government had appointed 18 inspectors to inspect over four thousand garment factories. That seems to be ridiculous indeed. More inspectors with knowledge about safety nets apart from firefighting knowledge should be appointed. The most important aspect is that the human rights of garment workers plus ensuring safety nets in all garment factories should be ensured by owners. The Industrial Global Union, which represents fifty million workers around the world, plans to improve labor rights and ensure fire safety in buildings. The Government and owners of garment factories should ensure independent labor unions without being patronized by the owner or the government. Independent labor unions could work as the ears and eyes of garment factory workers and as a collective bargain agents. This act will positively satisfy powerful Labor Unions in America which can eventually help revive the GSP facilities for Bangladesh. The owner of the garment factories should understand the hard labor of workers bring in million of dollars. These people act as the engine for the growth of the apparel industry in Bangladesh. This is one side of the picture in the garment industry. On the other hand, it has distinguished itself as an industry with the highest potential for growth, further improving its prospects through constant developments such as the acquisition of latest textile machinery to keep abreast of the best technological know-how in this sector.

In 2015, Bangladesh earned $4.9 billion while China secured $29.6 billion and Vietnam $8.3 billion from America alone.

The writer is a retired diplomat from Bangladesh. He writes from Virginia, USA

“We are working for prosperity, creation of employment and for a better tomorrow.”

www.cronygroupbd.com

Word of Mouth S TAT E O F A F FA I R S

BRAC Bank Limited has embarked on an initiative to provide safe drinking water for the people of the former enclaves in the border areas. BRAC Bank has installed five tube wells in Dasaichara, Fulbari in Kurigram. BRAC Bank will also provide agriculture loan facilities to the former enclave dwellers there

Dhaka Bank Limited recently promoted Emranul Huq to the rank of Additional Managing Director with effect from January 1, 2017. Prior to this, he was serving the Bank as Deputy Managing Director, Business Banking. He was also the Head of Corporate Banking of the Bank

Jamuna Bank Foundation organized a free Eye Camp along with Diabetes, Gynee, and General treatment services at Waz-Uddind Foundation Trust Islamia Dakhil Madrasa & Hefzakhana, Goliarchor, Gouripur, Comilla

NRBC Bank opened its Mohila Branch at Dhanmondi, Dhaka. Dr. Toufique Rahman Chowdhury, Vice Chairman of the Bank inaugurated the bankâ&#x20AC;&#x2122;s 51st Branch on 28 December, 2016

Annual Conference of Managers & Executives-2017 of Meghna Bank Limited was held on January 22, 2017

Special Interview

BANGLADESH-UK

Building Bilateral Relations Nadeem Qadir

Press Minister of the Bangladesh High Commission in the United Kingdom

I have worked in international journalism and I believe that there is no room for yellow journalism. I want to disseminate the correct news and keep the people informed.

Could you provide us with an account of the activities of a press minister? How do you represent Bangladesh in the UK?

There are numerous areas to cover. I believe that it starts with the larger British Bangladeshi community in London. Furthermore, I must organize seminars, cultural programs, and send articles that reflect the positive sides of Bangladesh. We must convey that Bangladesh is not defined by the recent terrorist attacks on the nation, highlighting that the government is handling the matter with the utmost efficiency. There is a great deal of PR which involves being innovative and knowing how to interact. It is a serious and time-consuming job but ultimately it is extremely rewarding.

From our understanding, there are 2 major aspects of your job; one is handling the local community and the other is the media. How do you interact with the local community to highlight the activities of our nation? Tackling these matters successfully requires being proactive and engaged; you must reach out to the entire community. Though they are a large conglomerate, they do not demand much. They want someone who communicates politely and behaves cordially. Iâ&#x20AC;&#x2122;m naturally social and love to meet new people, therefore, this is one aspect that I love. I want to help in any way that I can; for example, if anyone is having problems with their passport, they know that I am available for support in any way possible. The duty of a High Commission is to play an active role in their communityâ&#x20AC;&#x2122;s undertakings.

Furthermore, there is a very vibrant Bangladeshi community which includes journalists. I have started a program, Amar JonmoBhumi, with sponsors, predominantly London-based IPE group, and Novo Air. Every year, we select two British Bangladeshis who come home as a guest of the government, and they have the opportunity to interact with government leaders and gain insight as to what is happening within the country. They get to go back and relay this information to the diaspora in the UK. This alleviates any misinformation that the community is given. The journalist community is very happy that they are being given an active opportunity to represent their country.

Tell us about how you are connecting with the business activities in the UK.

We have a commercial wing which is under the commerce ministry and a specific counselor. When I meet with the respective authorities, I try to give them an update regarding the business climate. Moreover, we have a perception change in Bangladesh; they now see it as a source of investment. The stability that we have now is going to be a constant. In this regard, the 2019 election will be a benchmark because we have to witness how the nationâ&#x20AC;&#x2122;s atmosphere will be changed in terms of FDI

www.ibtbd.net

attraction. There are many British groups consisting of NRBs who are the leaders bringing business from Bangladesh here. We are facilitating them with information, visas, and any other provisions that will make the transaction smooth. We have other areas such as leather and jute which are growing and these must be recognized.

There is an eclectic range of businesses being conducted by Bangladeshi in the UK. Could you expand upon the business scenario?

You would be astounded to know that the curry business, which we are commonly known for, is in crisis because the British government has imposed a restriction on taking Bangladeshi ships. There is a lack of chefs and manpower; even Brick Lane has experienced this problem as the landscape of London is changing. My main sponsor is the IPE group, Adnan Imam, is a young man under 30 who is one of the major construction builders making condominiums and more in the UK. He is also expanding to the possibility of creating a construction group in Bangladesh. There is another fashion designer, Mamun Chowdhury, who has a multi-billion dollar stitching company, London Tradition; he has employed over 150 Bengalis, a few Japanese and others. He has purposefully only recruited Bangladeshis. The new generation is concerned with banking, NGOs and more; this includes the 3 MPs in the government and Nadia Shah, the mayor of Camden.

You have gone from a renowned journalist and

I want to help in any way that I can; for example, if anyone is having problems with their passport, they know that I am available for support in any way possible. The duty of a High Commission is to play an active role in their community’s undertakings.

writer to a diplomat. Could you elaborate upon the transition and your accomplishments?

Being a journalist involves being the listener and reporting the news, now I’m often the one who has created the news. I am in the paper almost every week because I do remain engaged. In 45 years, I have been able to become the first Bangladeshi to be a part of the London Press Club and the chairman and I are on friendly terms which facilitates better communication between our nations. I am also first to become a member of the Diplomatic Procession and now I am a board member of that organization. Since last Christmas, I have organized a combined Christmas and Victory Day party in which mainstream journalists and diplomatic officials come together to strengthen their relationships. You always have to think about whats next and how to make new breakthroughs and further engaging to overcome the missing links. I thoroughly enjoy my ability to predict the dynamic of my fellow journalist when they try to question me.

You are the son of a martyr. What are the mantras of your success?

I believe in God and express gratitude in everything that has been given to me and the prayers from my parents. Everything that I could be is for my mother; she acted as both a mother and a father since my father’s death. On the other side, I believe in being committed and honest to the job. I have tried to give my best in every situation not matter how great or bad. I have

worked in international journalism and I believe that there is no room for yellow journalism. I want to disseminate the correct news and keep the people informed.

What do you think of the current media scenario in Bangladesh? Are we going in the direction?

There is a very vibrant media scene. But the main matter is asking this body what they are actually doing. There are too many media channels now, along with the online and print press. When someone tells me there is no freedom of the press in Bangladesh, I laugh because there is a council in Britain who reads your reports and can take you to task. There has to be ethics and responsible journalism. You can’t just report without thinking about the implications. I read these articles about a girl being abducted and possibly raped. Unless you are sure, it is absolutely irresponsible to report the latter part before printing. You're demeaning the girl and her family, along with the country; we blow the situation out of proportion without providing insight or follow-up of the event. There are a number of youths who along with the government can change this scenario. At the last point, love your country and see the scope of impact that journalism can make.

Ask the Expert

The Struggle to Thrive RECOVERING F R O M FA I LU R E

Shaikh Khalid Raihan MSc, MBA, CSCM. Office Depot, Europe HQ, Netherlands

olutions are not as simple as targets; there are no silver bullets to penetrate conflict without consequences and there are no rigidly defined solutions. Throughout life, there will be individuals from whom you can learn a valuable lesson but there will never be someone to guide you through the entirety of life. Each person’s life is in their own hands and it has its own set of consequences based on the circumstances that have been dealt and the choices that have been made. Following my drastic decision to venture outside the Army, I worked my way to succeed in the corporate

world. Upon entering this new world, I realized that I would have to abandon my methodology of assessing matters with the standards of the BMA or the Army. Given that I had chosen a completely different life for myself, it was imperative that I adapt to the different values of that environment. Nevertheless, this was no indication that I was violating my sanctity or compromising my standards, norms, and ethics as an individual. It was more so about learning and administering new lessons from life. I made myself flexible, open to criticism, willing to learn every single moment from every single person and most importantly, I started listening to people. As I thrived through my hard work and ambition, two aspects flourished within me; the need to lead a life in the context of international standards and the self-confidence that I would have the ability to create change. For the second time in my life, I felt the necessity to bring profound changes. During this point in my life, the progress that was necessary was much more comprehensible: • I wanted to make an impact on an international level • I wanted a more secure, financial sound and systematic life • I wanted to test my boundaries

beyond the country, and cultures of my world Most of us are aware of the need to progress, we know that we are not satisfied and want more. Nonetheless, we fail to define a clear goal of where we want to reach and what changes we want to make and forget to ask ourselves what exactly is leaving us dissatisfied of the present life. This is a situation where we remain lost in a deep dissatisfaction, doing nothing and hoping things will change somehow without any effort, just like that. This is unworthiness taking over ourselves. In order to not fall victim to this phenomenon, I made a time and action plan; I had no money, no mentor or no support to make this move. I resorted to a couple of unconventional decisions based on gut feelings. I invested the whole amount of my retirement money in the business of my childhood friend as an angel investor over a verbal consent without any written form of proof. I gave him the money with a promise of a high return. Everyone doubted my mental state but it worked out. I got my return with an unbelievably high and fast ROI. This additional money provided the budget for my foreign education. Leaving aside common options like USA, Canada (despite my wife being a Canadian passport holder) or Australia, I researched and chose a country where the entry requirements are easy and would suit my qualification. Basically, where the immigration process is much faster than the countries mentioned above. In order to do so, I had to start from scratch as a

university student again at the age of 38 to compete with young and talented students coming from all over Europe. I sold my expensive car (the only property I had), quit my big job, vacated my apartment, sent my wife and kids to Canada and against the warnings and inquisitions regarding my sanity, I flew off to Europe. The walks around Europe are another tale to tell and elaborating upon that stage of my life would require much greater detail. Long story short, I will just touch upon few incidents, which are hidden beneath the apparent glittery success you all see from a distance. Before leaving Bangladesh, I established my startup with my European partner. We didnâ&#x20AC;&#x2122;t invest any money in it. This was our brainchild from a three-year-old research we had both carried out. As I continued to study my MSc, bit-by-bit, my partner and I developed it; we dreamed largely and wanted to change the world. Due to internal problems, I chose to quit the start up at the end of 2015. This made me plunge into the harsh reality of Europe without any protection. After my MSc, all of my money ran out. I was rejected from more than 100 jobs. I was either over qualified or unknown to the local job

The writer is is currently working in Europe and is a senior consultant regarding Supply Chain Sustainability and Textile pre-consumer waste Upcycling.

market. I ran on a â&#x201A;Ź10 per week budget, eating only rice and eggplant for more than 8 months. I spent the whole day applying for jobs and the entire night I browsed through job seeking websites, losing around 11 kilograms weight during this time. My wife and kids were in Canada. I almost stopped communicating with them because of my failure as I blamed myself hugely. There had been days and weeks I locked myself in my room and avoided any human interaction. Alone, out of money and options, frustrated and almost broke, I changed the rules for myself again. I bought a pair of safety shoes and joined the local warehouse as a day labor. The retired Major from Bangladesh Army, who was once head of administration of the largest workforce in the country (28,000 people), having two Masters Degrees, founder of an international startup, now joined the DHL warehouse as a day labor. I lost my identity of who I was and who I am. I turned into another face in the crowd soon to vanish. When my startup won the Global Change Award in Sweden and my partner was walking the red carpets to receive the award with a â&#x201A;Ź150,000 grant from the Crown Princess of Sweden, I (the other co-founder) was

I made myself flexible, open to criticism, willing to learn every single moment from every single person and most importantly, I started listening to people.

www.ibtbd.net

unloading boxes down the truck, earning €7 euros/hour (the minimum wages in the country). But I never gave up. I crunched my jaws and kept pushing my limits and my determination paid off. The Operations Manager for DHL-HP Supply Chain recognized me on a surprising happenstance. He threw me the challenge of making a process optimization project in 4 months time, which was meant to renew the contract with HP for next 5 years. I accepted it. It took me three months to plan the project in DMAIC method and one month to write and experiment it through simulator test environment. The project went live on the 5th month. It was a big success and ensured DHL’s contract with HP for another 5 years. The DHL management promoted me from a warehouse operator to a supervisor of the 120-member supply chain team, the second man to the Operations Manager. One year later, we ran into some difficulties due to some business failures in other units. This occured during a time when I had only one month to quit DHL and get another job. If I didn’t succeed in securing a job, I would have to return to Bangladesh due to failing the visa requirements. DHL offered me a job contract but it did not suit my requirements, so I joined Office Depot later as the head of one of their departments for the entirety of Europe. During this time, my small startup had gone global and I had rejoined as a co-founder. It aimed at creating an online marketplace for textile

pre-consumer waste, specially from Bangladesh and China. It has won the H&M Global Change award in 2016 out of 1500 start ups from all over the world and is moving full steam ahead now. This was one of the prime motivating factors for me to set foot and see the world. Today, I equate my faith and the support of my family as the backbone that allowed me to persevere. My struggles have brought about memorable experiences that notably include representing my country in the European business stratosphere. The determination and flexibility I had retained have allowed me to visit 58 nations, give motivational speeches, mentor people and disseminate advice. Upon reading just a glimpse of my story, I ask you, as the reader, to question the following facets of your life: • Are you dissatisfied and frustrated? If so, have you planned or taken any action to foster change in your life? • Have you ever considered pushing the boundaries of your life in order to unleash what you feel is your true potential? Have you even opened a dialogue with those whom you are close to in consideration of this change? • How much can you take on? Are you confident of your ability to rise once you’ve hit rock bottom? • Have you ever failed in any assignment in your life which challenged your existing life? Have you survived? If so, how?

“Today, I equate my faith and the support of my family as the backbone that allowed me to persevere. My struggles have brought about memorable experiences that notably include representing my country in the European business stratosphere.

Words of Wisdom -

Learn the lessons which the greater world and larger society teach you. Stop whining about being unhappy yet unable to define what makes you unhappy or what will make you happy. Know yourself better. Ask yourself why and how. Set clear goals and go all out to reach those goals. Shred all negative thoughts. Remember, there will always be struggles. But how you deal with them is the most important thing. Rise to the challenge and unleash your true potential. You will eventually know the reply yourself. But, unless you make a move, you will be stuck in the same position. You will never know what you could have done. Make an approximation of your probable course of actions for the big change you want to see in your life. If I were you, by now, I would already be researching the international economic indexes of all the countries I want to see myself in, future growth patterns, population, employment and state benefits, immigration policies and future trends. Take the first step and get moving by acquiring online information. Conducting this research will not cost you anything more than your regular internet bills but will lead you to new horizons.

TECHNOLOGY

The Consequences of Transformation RMG

By M. Rokonuzzaman, Ph.D

The Ready-Made Garments (RMG) industry has become the main source of manufacturing employment in Bangladesh. Approximately 4.4 million jobs have been created, generating more than $28 billion in export revenue. The medium-term growth prospect of the nation hinges on the expansion of this vital sector. Although we are optimistic about the prospect of experiencing accelerated growth, primarily due to the growing labor cost of China, we should also take into consideration the effects of technological development on the as well. Like all other production processes, the RMG sector is also the target of technology infusion to produce better quality products at lower costs â&#x20AC;&#x201D; which would ultimately reduce its reliance on labor.

There may come a time when, like Adidas, buyers will likely find to it cheaper to source finished garments from onshore production facilities, employing mostly robots, than labor intensive suppliers from Bangladesh.

M any production operations like shoe making, where manual works are still playing the major role in manufacturing, are poised to experience major transformations due to robotics. For example, to deal with the high labor cost in Germany, Adidas shifted manufacturing plants to China, in the 1980s. But to deal with growing labor cost in China, instead of relocating the plant from China to other lower labor cost country, the company rather

figured out that relocating the plant back in Germany could be a cheaper option. By employing far fewer people and more robots, Adidas has built a plant in the Bavarian town of Ansbach. Adidasâ&#x20AC;&#x2122; robotic shoe manufacturing plant in Germany is now up and running. The planned Atlanta factory is expected to produce 50,000 pairs of shoes in the second half of 2017 â&#x20AC;&#x201D; almost entirely by robots. Although this number is insignificant to the sportswear companyâ&#x20AC;&#x2122;s current outsourcing of 300 million pairs of shoes to China and other countries in Asia, where shoes are manufactured mostly by hand, but, it could be likely the beginning of a major transformation which could see human labor being replaced by robots in major manufacturing industries. The RMG production goes through a long chain of

production activities, known as the value chain. Every link of the value chain, starting from cotton harvesting to finishing of apparels, has been going through a constant technological transformation. Relentless efforts are in place to delegate roles from humans to machines to improve quality and reduce the costs. As a result, most of the steps of the garment production process are already automated, from picking cotton to spinning yarn to cutting clothes. Even button fixing jobs, which used to be done by hand, are being performed by machines. Technological progression is constantly taking place to reach to a state to piece together all the different materials to create an entire item of clothing, like a pair of jeans or a t-shirt. Although we still need a significant amount of human labor to produce the finished www.ibtbd.net

product, this amount has been declining over the years. The basic economics of production has been driving these increasing role delegations from humans to machines. Such progression is not only demanding less labor, but it is also pushing the ceiling of labor wages down. Those days are not far away when it might be economically more attractive to produce finished products with robots, next to supermarkets selling those products in the USA, Germany or Japan. There may come a time when, like Adidas, buyers will likely find to it cheaper to source finished garments from onshore production facilities, employing mostly robots, than labor intensive suppliers from Bangladesh. Recently, there has been reporting that a common hurdle to clothing automationâ&#x20AC;&#x201D;the challenge of working with weak, flexible fabricsâ&#x20AC;&#x201D; has been successfully overcome with an industrial robot to sew together a t-shirt. In the recent past, the Pentagon awarded a grant to Softwear Automation, a Georgia Tech spinoff, to create computer-controlled sewing machines. The Walmart Foundation and Walmart Stores are investing in academic R&D to figure out how to get robots to take over the sewing process. The new administration in Washington will likely accelerate the trend of technology progression to re-shore (as opposed to offshore) RMG production facilities. There is no doubt that such tech development efforts will have huge implications on millions of people in Asia and Southeast Asia, especially women. According to the International Labor Organization, almost 90% of garment and footwear workers in Cambodia and Vietnam are at risk of losing their jobs to automated assembly lines.

There is no denying the fact that technological progression has been supplementing labor in RMG factories, even in Bangladesh. Many of the garments factories in Bangladesh are using laser cutting or automated button-fixing machines as a substitute for human labor. The driving force is very plain and simple: the economics of production; produce better quality products at lower costs in less time is the survival strategy. Such progression does not appear to be too far from reaching the tipping point when onshore robotic-based apparel production becomes the cheaper option for major buyers. The obvious question is: What should Bangladesh be doing? Bangladesh will likely see employment freezing leading to lay off in the RMG sector as technology will be taking over roles at a faster rate than the arrival of new work orders. Such trend will likely continue to cease the work orders flowing

from buyers of western countries to offshore factories to produce RMG products to be sold in those countries. Such undesirable outcome will have serious negative implications on our economy. Despite the growth of RMG industry over the last couple of decades, Bangladesh has not become successful in creating new manufacturing opportunities. Agriculture can no longer absorb additional labor. Rather technology integration in the Agriculture sector should be accelerated to increase productivity and reduce the cost of production to maintain the financial viability of the sector. Due to the likely change in globalization policies, it would be harder for Bangladesh to penetrate in new manufacturing sectors for export. Moreover, due to the growing debt payment obligation, it would be harder for the nation to offer conventional incentives like tax reduction and cash subsidies to

Like all other production processes, the RMG sector is also the target of technology infusion to produce better quality products at lower costs â&#x20AC;&#x201D; which would ultimately reduce its reliance on labor.

counter the technology pressure to protect the labor-intensive jobs. Bangladesh should rather take smarter steps to leverage the progress already made in the RMG sector. Instead of just applying conventional tools like tax and fiscal incentives to deal with the

technological force, Bangladesh should rather figure out ways to take advantage of the technology itself. So far Bangladesh has taken the advantage of low-cost labor by participating in the global RMG trade. Technology is opening the opportunity for Bangladesh to engage a growing number of university graduates in the area of Engineering and Computer Science. Itâ&#x20AC;&#x2122;s time for Bangladesh to support the growth of the local innovation capacity to innovate technology solutions to increase the competitiveness of the local RMG production. For example, although the RMG industry is facing significant competitive pressures, more than 10% of the single largest cost item, that is fabrics, is wasted. The urgency to find ways to lower such wastage to reduce the cost of production has been stressed to improve or sustain the competitiveness of the RMG sector, without facing the necessity of keeping wages low. Investigations find that

current wastage rate could be significantly reduced, as low as 5% from current 10%, by improving the detection and classification accuracy to as high as above 95% (the remaining 5 percent will be taken care of by human inspector) by integrating machine vision solutions in the inspection process. Innovative solutions for lowering costs of RMG production without restricting wage growth will open the door for increasing salary of the low-income groups of people working in the sector, without losing the low-cost advantage. Instead of ignoring the technological progression eroding the labor requirement in the RMG sector, the smarter response for Bangladesh should be to engage its Engineering and Computer Science graduates to innovate technological solutions to maintain and/or improve the competitiveness of the industry. Itâ&#x20AC;&#x2122;s an opportunity for Bangladesh to deploy knowledgeable workers along with manual labor to reap multi-dimensional benefits from the RMG sector. Such policy options will also lead to greater innovation in the economy which is a must for Bangladesh if it wants to grow into a middle-income country in the future.

The writer is an academic, researcher and activist. He works as a Professor at the Department of Electrical and Computer Engineering at North South University and can be reached at zaman.rokon.bd@gmail.com.

www.ibtbd.net

Feature

RMG IN CHITTAGONG

Port Side Preservation By Rokeya Zaman

he late Nurul Kader Khan, pioneer of RMG (Ready Made Garments) industry started the first export oriented garments factory of Bangladesh from Kalurghat, Chittagong, in 1980, as a joint venture with a Korean company. Next came KDS Group with their own factories. Due to these RMG firms, the Chittagong port has demonstrated prolific economic growth in terms of RMG units over the years; today, it contributes to 30% of the RMG export earnings. The port city is the central export hub and has a significant degree of potential which is lagging behind the other hubs of Dhaka, Narayanganj, Gazipur and Ashulia. Upon a recent visit, I was able to draw meticulous insight into the issues that are detracting from the growth of the region.

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Following the establishment of EPZ (Export Processing Zone) in 1984, Chittagong has become the pioneer in RMG export. However, insiders have stated that it has failed to flourish since there is no separate zone that is exclusively for the garment industry in the surrounding areas of the city. Moreover, the lack of infrastructural development, perpetual gas and electricity crisis, and deficiencies in required governments supports have altogether contributed to the contraction of the Chittagong’s contribution to the country’s export pie. Even with this in consideration, Chittagong is still considered the optimal choice for foreign investors due to its geographical location and accessibility of ports. Though the landscape of Chittagong is currently changing, there is the long-standing concern that various structural and non-structural issues are continually hindering the growth of the RMG sector. With the exponential increase in the price of land and poor infrastructure to the areas connected to the city, the relocation of the RMG sector remains a significant challenge especially in the aftermath of the Rana Plaza incident. Furthermore, there is some doubt regarding the hub despite the export of commodities of high value. Among this uncertainty, the BGMEA-Chittagong is going forward with innovative projects like Chittagong Apparel Zone (Kalurghat) or the Green Apparel Zone, comprising of an area of more than 450,000 sft. The space will be divided in the following dynamic: 50% of the space will be for production purposes, 25% for greenery and the rest for pavement. There will be 10 factory buildings in the area, each of which will have 7 floors; a significant portion of the building will be allocated for child care, health facilities, and prayer rooms. In order to provide the most modern facilities, these buildings will be supported by a 5 Megawatt generator, substation, and ETP amongst other provisions. In a joint venture between the Chittagong BGMEA and the CDA (Chittagong Development Authority) to create a women’s dormitory that will house 3,000 female workers; there will be six five-storey buildings with a total of 244 rooms. These dorms will provide all the necessary provisions including restrooms, offices, and a residence for the hostel supervisor, a mosque, guest rooms, training room and solar panels to generate electricity.

A. N. M. Saifuddin,

Director of the BGMEA, disclosed to ICE Business Times that there is no alternative for the factories of the Chittagong as the most of the factories are located within the city and housed in the multi-purpose building. He elaborated, “There are a number of bottlenecks when moving a facility miles away from Chittagong, which includes communication, power, and underdeveloped infrastructure. Nevertheless, it is imperative that they move despite these challenges given that Kahalurghat can only house a few factories. Consequently, they can only move to the Special Economic Zone (SEZ) provided by the government.” Citing the loss of buyers as a major concern, Saifuddin expounded upon the necessity for allocation in an efficient manner. “In the Mersari SEZ, there is a special block for the RMG units. In this context, we have approached Ragunia. Time is of the essence in this case; we will undoubtedly lose buyers if we take a prolonged period of time to relocate.” Closing the factory for 2 to 3 years in the hopes of allocation will not suffice for these RMG manufacturers, not only will they lose buyers, attracting these clients after such a long duration will prove to be a tremendous challenge. “We are hopeful that the Chittagong will become a big Economic Zone within the next five year. The only concern is developing a new market and manufacturing zone in a short period of time in order for us to retain our clients and expand upon the current economic environment.” Provided that Chittagong is an economic zone in itself, Saifuddin strongly suggests that there is a necessity for policy change, “We have to go to Dhaka in order to request any sort of change of policy which is extremely inefficient. In addition, many decisions are made in Dhaka, where these decisions are better taken within Chittagong as the concerned parties of these respective areas will understand the situation best.”

In conclusion, policy makers and the government must create a plan to make use of the region around Karanphuli and extend the city to both sides of the port. Immediate attention must be called into the RMG sector of Chittagong in order for the entire nation to flourish.

Interview

Making of a Dream

ANANTA GROUP

Since its establishment in 1991 by the Late Humayun Zahir, Ananta Group has grown to become one of the leading apparel producers in Bangladesh. Today, the group employs around 22,000 people while exporting to major retailers in the American and European markets. Sharif Zahir has been spearheading the operational activities of Ananta Group over the last 13 years helping to substantially grow the business with Ananta’s key accounts. Since 2006 he has been responsible for all executive decisions of the company as the Managing Director. Under his tenure, the Group’s annual turnover clocked a consistent 30% on average year-to-year growth during the last few years. Sharif is also the Director of United Commercial Bank, National Finance Ltd. and Vanguard Asset Management Ltd. He graduated from University of Texas at Austin, USA with a degree in Finance and Economics.

Ananta Group boats a number of significant accomplishments including annual turnovers of around $200 million and 30% annual growth over the past few years. What do you attribute this success to?

We all know the garment sector is quite a difficult industry to operate in. Thus, reaching this position in such a competitive sector requires a lot of hard work and perseverance over the years. At the Board level, we have a team of talented young and energetic individuals, who have studied in the best universities of the world have working experience in multinational companies. At the management level we have a team of professional and experienced people who have been with the company for many years. Since 2006 we have grown by almost 30% every year. This is possibly down to our decision to focus on our core interests. This focus along with our drive allowed us to bring it to where it is today.

How is Ananta Group looking to grow its operations over the coming years?

Sharif Zahir

Managing Director Ananta Group

Over the years, we’ve been growing strategically to achieve a certain scale of operations. The company started out as a jeans manufacturer and when I first started running the business we had 15 lines with 1,600 employees. Currently, in the jeans business, we have 4 factories with almost 100 lines, producing around 3 million jeans per month. We’ve achieved our targeted scale of operations while diversifying our product base. Today we are manufacturing men's suits, which is a unique product for Bangladesh. We've www.ibtbd.net

gotten into value-added heavy knits (such as sweaters) and we're about to start our lingerie operations. In the future, we can move vertically. We can choose to move backwards on the fabric side or forward with buying houses and design/development support for the customers. Both forward and backward linkages will be essential for our future development. On the forward side, we've been adding more value to our products by offering our own designs. However, we will look at more backwards integration in the future to improve our operational performance. In this regard, we have to refine our processes so the lead time is reduced. We, at Ananta Group, have to work closely with our associated mills or build our own mills. Countries like Pakistan are providing a serious challenge when it comes to this area. This is down to their vertical integration, better lead time and competitive prices.

What sets your factories and operations apart from that of other apparels producers? What can you tell us about the technological enhancements you’ve made to your factories?

Anyone who knows Ananta in the industry will know that we have been trying to run this organization very professionally with qualified people in every department. Unlike the traditional way of doing business, we do not have person-centric departments so we have teams operating in every area of our business. On the tech side, we’ve made some heavy investments over the years including Fast React Systems for planning, GSD for industrial engineering, an appropriate ERP system from Infor which we implemented last year and GPRO technology for bundle tracking.

None of these labor unions or the BGMEA has really focused on improving the efficiency of the workers. Today, factories are running at 45% efficiency or less in Bangladesh.”

What kind of role is IT playing in your operations?

We’ve strategically spent a great deal on the software side of our operations so we obviously have the accounting and HR packages. I can't imagine managing around 22,000 without a proper system in place. Additionally, for our entire $240 million business, we have the ERP system running (as I’ve mentioned previously) which provides proper accountability for our operational process.

What are your comments on the recent worker unrest incidents in Ashulia?

If you carefully observe the pattern of the unrest you can tell that it's been instigated by external sources. Prior to the incident we had not heard of any concerns from the workers regarding the pay. There is systematic annual increment every year both inside the EPZs and outside. There is a group working in the industry who, whether for their own benefit or for some misunderstanding, have been trying to instigate the workers. Thankfully, the government has played an instrumental role in helping us handle the situation very strictly and professionally.

What are your recommendations regarding avoiding such scenarios? Going forward, it is up to the owners to make sure incidents like this don’t occur again. As an association and as a group of owners we have to think

proactively and look out for the welfare of our workers. There has to be a gradual increase in their wages but this has to come in an organized and planned manner. Roadmaps have to be created and followed based on aspects such as their cost of living. Another issue that needs to be addressed is the lack of conversation regarding productivity improvement. None of these labor unions or the BGMEA has really focused on improving the efficiency of the workers. Today, factories are running at 45% efficiency or less in Bangladesh. Individually, each company is trying to improve this but it is difficult when you also have to face problems regarding worker retention and migration to other factories. As an industry altogether, we need to take this challenge regarding increasing the productivity of the workers. As the efficiency levels go up from 45 to 60% we can pay the workers better wages. That is the proper structured approach that needs to be followed.

What are your recommendations for the RMG sector to grow as a whole?

This industry has grown like a cottage industry over the years without proper planning or infrastructure support. If we target a $50 billion export industry, we need a proper road map to achieve this. We

need to provide the proper support facilities for the industry to sustain this growth and avoid disasters that we faced over the last few years. We need to educate our owners to run better organizations through proper marketing, costing, negotiation and industrial engineering. We need to educate our workers through training in industrial behaviors and productivity improvements. This industry is vital to Bangladesh’s development as the entire business community is reliant on it, whether it’s the banks or insurance companies or freight forwarders. We have almost 5 million workers employed in this industry, yet we haven’t established institutions which can provide the essential vocational training for them. Where can a fresh worker go to develop his skills? They're going straight to the factories where they're taking two-three years to gain the necessary skills. Furthermore, I think we also need to train our local supervisors and line chiefs. The government or the BGMEA can step in and set up training facilities which can become extremely beneficial for the industry. Lastly, we also need to become more innovative. There has to be research and learning cells where we can develop new techniques of production. We should be able to modify or make our own machines. All of this will help raise our competitiveness in the international market. The better companies are trying to do all this individually, but it's difficult when they simultaneously have to address high migration along with other expansion issues. However, if we had these training centers or textile institutes in place already, imagine what the country could be earning from the increased efficiency. So why not invest in this?

There has to be research and learning cells where we can develop new techniques of production. We should be able to modify or make our own machines. All of this will help raise our competitiveness in the international market.”

How important is it for companies in the Apparels industry to focus on maintaining environmental standards?

We have our washing factory and we have ETPs which are world class. We've made a lot of improvements over the years and we can probably say that and we have taken care of our discharges and affluent treatment plants better than in most other cases. On the environmental side we are working continuously to improve our energy efficiencies so we’re always looking to reduce the requirement of utilities. Our newest factories are going for the LEED Certification but you'd be surprised by how many factories are going for this certification nowadays. This makes you think that it has become some sort of marketing ploy. I feel they've compromised a little bit on their auditing part so it maybe that they're not fully serious about who they're giving these certifications to. If we are trying to reduce our carbon footprint, it has to be in effective ways, it shouldn't be just for the sake of the certification.

What road blocks have impeded the development of this sector and our country?

Standards are improving vastly but we need to look at the bigger picture. I must regrettably say that compared to our neighboring countries, we are lagging behind. If you look at how they grew, we can

see that their primary source of energy is coal. India is generating most of their power from coal. However, we have been reliant on gas. Our development and industrialization process has been seriously hindered by the unavailability of this resource. Now we want to hear from the policy makers what alternatives we can find for building factories. To grow we need to build fabric mills, chemical factories and etc. so the demand for power is huge. However, we have yet to be given an alternate source to power this growth. Without it our economy will stagnate. I'm not saying coal should be our alternative as it isn't environmentally suitable but we still need to know what alternatives we have as we need energy to grow. I'm a bit worried about the sector’s growth as we are too confident. The government is doing its part but if you want the private sector to grow you first have to construct a roadmap for that growth. After incidents like the Rana Plaza collapse and the Holey Artisan tragedy we need to vastly improve our image. Many buyers are changing their buying decisions because of our poor image so we cannot remain complacent. We haven't branded ourselves properly so we could lose more of them to producers from China, India and other African and South American countries. The industry moves very fast so things could go south any time. www.ibtbd.net

Corporate Ethics

ETHICAL OR NOT?

Black or White? 7 signs showing that you are not as ethical as you think you are o you believe you have strong ethics? You probably do. Almost everyone answers ‘yes’ to that question. Yet if you think about it, that's a problem. ‘The comment we hear most often is, 'I'm ethical, it's everyone else I'm worried about’. That can't be true of everyone,’ says Mark Pastin, CEO of the Council of Ethical Organisations. He has spent the past 30 years advising companies and governments about ethics. Pastin says most people are too forgiving when considering their own ethics. ‘It's one of the home fields for self-deception,’ he says. That's especially dangerous for someone running a small business. ‘Small companies are judged by their character more than big companies are. Most people understand that the way a small company behaves clearly reflects the leadership,’ he says. In fact, his organisation is often called in to consult with small companies--after an ethical misstep has damaged their reputation. ‘They're looking to create a sustainable culture that will prevent unethical actions in future. Small companies are especially vulnerable when they make an ethical mistake.’

Before that happens, it's worth taking a few minutes to think about the seven questions Pastin poses. The worst outcome is that, you'll have wasted a little time figuring out that your ethics are as solid as you think they are. On the other hand, you may find some inspiration to make positive changes.

1. Do your actions match your thoughts?

This is how most people tend to let themselves off the hook, Pastin says: You judge yourself by your thoughts

and intentions rather than by what you actually do. ‘The most important thing is to judge your own ethics the way you would judge someone else's, which is by their behaviour. Particularly in situations when it's not easy to do the right thing.’ People are victims of what the Ancient Greeks called Akrasia, which Pastin defines as ‘knowing best but doing worst.’ His advice? ‘Look at your own behaviour and think how you would evaluate someone else who did the same things.’ The thing that's most important about your own ethics is that you judge it the way you would judge someone else's which is by their behaviour, particularly when it's not easy to do the right thing.

2. How do you reward loyalty?

Unfortunately, expectations for ethics are so low these days that customers are fairly easy to impress, he adds. ‘They expect to be treated well while their wallets are open, but once they're closed, they don't expect to have a relationship with you.’ If you treat people who have a complaint or a product to return with the same level of service you would if you were selling to them, you'll win their loyalty quickly, he says.

Loyalty, Pastin says, is an interesting ethical test case. Most people and companies claim to value loyalty, but as in question 1, their actions tell a different story. ‘People who say they're loyal may be working for a company that developed them and brought them along, but if they get a slightly better offer, they're gone,’ he says. ‘And companies, if their first action when things go wrong is to fire people, they'd better keep their mouths shut about loyalty.’ How can you truly demonstrate that you value loyalty? By giving an effective employee who's stayed with the company for a long time substantial pay increases, rather than an ‘attaboy,’ Pastin says. ‘Think about your own employees from the perspective of what someone else would pay for them,’ he adds. ‘If you have people who stay with you even though they could make more elsewhere, try to value them as much as they'd be valued if they weren't loyal and had left for another job. It's your job to make that adjustment, or they will.’

3. How do you handle whistle blowers? ‘When someone speaks up to identify a problem, the immediate instinct is to hurt that person,’ Pastin says. ‘So really protect employees who bring you significant issues. Make sure there aren't reprisals. Learn to love your whistle blowers.’ The other challenge is to create an environment where employees feel safe raising negative issues in the first place, even though there will be times when you wish you hadn't. ‘When you tell employees, 'We want to hear your concerns,' you have to be prepared for the fact that 99 out of 100 of them won't be serious,’ he says. ‘But you could get that one out of 100 that will change the future of your company. So you have to listen to all the comments and some of them aren't going to be much fun.’ One other thing, he says: ‘If someone

6. How do you treat your vendors? raises an issue that enables you to avoid a serious ethical mistake, you should value that. And we have a way of expressing value to people in this culture--we pay them!’

4. Do you over-promise? ‘In smaller companies, the chief executives have to be very careful about what they say,’ Pastin says. ‘If they say one thing and do something else, they can't hide from it. If they over commit or exaggerate, they'll be called out.’ That can have consequences that go beyond just you if you're running a company or overseeing a team. ‘You have authority and power,’ Pastin says. ‘When you say something, you're committing the company, and not just yourself. You'll often find experienced executives learn to parse what they say very carefully for this reason. If they over commit or exaggerate, they'll be called out. It's much better if the truth beats what you say than if what you say beats the truth.’

5. How much business do you get by word of mouth? Pastin is often asked whether or not strong ethics confers a business advantage. Though there's no simple answer, on average he says it does because strong ethics leads to a good reputation. If your business can demonstrate growth by word of mouth or referrals it is one of the best indications that your reputation is solid.

Most companies focus on customers, Pastin says. After all, they're the ones paying the bills. But how do you treat people and companies when you're the customer? Do you pay bills on time? If you can't, do you get in touch to explain, and let them know when to expect a payment? ‘What ethical face are you presenting to the world? Your vendors probably know best,’ Pastin says. ‘You usually show who you truly are to the people you're paying.’ Pastin says his company makes an effort to pay vendors ahead of schedule and that's paid off when he's needed thousands of copies of a code of conduct for a client with a 24-hour turnaround. ‘We needed to be able to call up the printer without a written order or comparative bids and just get it done,’ he says. ‘If they'd wanted a signed contract we never would have been able to do it in time.’

7. How do you deliver bad news? If you need to discipline an employee or fire someone for cause, do you do it yourself? Do you deliver the news yourself? Face to face or by email? Or do you hand it off to an HR person or another manager? ‘When there's bad news, you need to point out something negative, or take a negative action, your willingness to own the consequences of these actions are a good measure of your ethics,’ Pastin says.

Interview

PAC I F I C JEANS

Dynamic in Denim Syed Mohammed Tanvir Director Pacific Jeans Group

our buyers with on-time shipments. We are now among the top quality jeans producing companies in the world. Soon we would like to become number one.

Syed Mohammed Tanvir is the Director of Pacific Jeans, the pioneer and leader in premium jeans manufacturing in Bangladesh. Pacific Jeans Limited is a world class premium jeans design and manufacturing house known for its state of the art production facility and unique research and development center, based in Chittagong. Tanvir started his journey in the apparel sector in 2004 after completing his post-graduation in International Marketing from the University of Leeds, UK. He has enriched his learning curve by gaining many insights of the market dynamic of the fast fashion industry, managing the supply chain proficiently with his sound understanding of manufacturing knowhow in a broader spectrum. Tanvir has been awarded as ‘Commercially Important Person’ (CIP) by the government of Bangladesh for his contributions in the apparel sector. He is also one of the directors of BGMEA.

What is the current size of jeans exports? What enabled you to become the number one exporter?

You have started 2017 on a great note. Pacific Jeans just won the National Export Trophy for the third consecutive time. What are your thoughts on this achievement?

Pacific Jeans has received the gold trophy of FY 2013-2014 for its outstanding contribution in the export field in the EPZ category. However, prior to this recognition, the group won gold and silver trophies. One of Pacific Jeans Group’s sister concerns, Universal Jeans Limited, became the top winner in the EPZ category. Besides this, Jeans 2000 Limited won the silver trophy, while Pacific Jeans Limited won bronze. These kinds of achievements bear testimony to the fact that all our efforts to create employment and to create positive branding for Bangladesh abroad are being recognized. We owe much to the BEPZA authority without whom this would not have been possible. We at Pacific Jeans Group have always been true to our commitments towards our buyers, never compromising when it comes to quality and delivery timings. Even after the Rana Plaza Tragedy, when the whole Bangladeshi apparel industry was walking on a tightrope, we successfully sustained the trust of

If we look at the numbers, around 500 readymade garment factories in Bangladesh are producing 400 million pieces of garments out of which 36 million are denim pants. The latter goes mostly to countries in Europe, America, and Asia. Of this huge lot, Pacific Jeans Group produces 12% jeans. With a goal to strive further, we are going to set up two new factories in the Chittagong EPZ, which will enhance our production capacity to 60 million pieces. We produce jeans for almost all the big brands of the world, which is why we have to maintain stringent regulations in each and every step of manufacturing and quality control. There was a time when Bangladesh was known as a cheap jeans manufacturer. This impression has dissipated over the years. In the current international market, our jeans have a price range of $50 to $150. Two things have enabled our companies to work more efficiently - one is the establishment of a world-class corporate culture; the other is business process automation. Unlike other denim factories, we are spending heavily on innovation. Pacific Jeans Innovation Center paves the way for catering to the demands of renowned brands by coming up with impeccable design solutions. Around 60 foreigners are working in various positions in our company, most of whom render their services at the innovation center. However, the main credit must go to all our workers for their hard work to keep the company’s performance consistently up to the mark. www.ibtbd.net

How are you taking care of the human resources development in your factories?

Before going into development, I have to mention that retaining our human capital is a major challenge that we always have to tackle. Pacific Jeans has efficiency development programs that identify the root cause of deficiencies that are preventing any of our workers from realizing their true potential. However, we are proud that after a journey of more than three decades, the company now has a workforce that it can be proud of due to its skill and maturity. The best part is that their thoughts and efforts are aligned with the core strengths of the company. We are always striving to evolve and better ourselves. In pursuit of that, the company has been adding value to the products it manufactures, the processes it adopts and the people who are making all this happen. Throughout the years, we have invested heavily in remaining technically sound when it comes to production and packaging; but at the end of the day, the apparel industry is labor-intensive. Every year hundreds of new workers are joining. Our specially designed training sessions identify the needs of those fresh workers in particular areas and train them accordingly.

What are the challenges of our apparel sector right at this moment? Chasing a $50 billion dollar goal is not an easy task. We live in a highly competitive time so complacency is not an option. We have to focus on innovation and automation but issues like workers' compliances and environmental safety have taken the spotlight. We were

Every year hundreds of new workers are joining. Our specially designed training sessions identify the needs of those fresh workers in particular areas and train them accordingly.

able to learn a lot from the Rana Plaza tragedy and have improved ourselves based on what we learned. I am hopeful that Bangladesh is a country where all the big factories working with hundreds of renowned brands are taking good care of the aforementioned topics. The rigorous supervision from Accord and Alliance has helped companies update their safety measures to a great extent. Having said that, we still have room for improvement when it comes to infrastructural development. The government is keen to help the sector and many plans are being chalked; however, timely implementation of these plans will be essential. Last but not least, I would like to mention the issues we have regarding lead time. In this field, we ar0e 42-45 days behind the European calendar. For example, clothing produced in Turkey can be in shops within two days, which has made the country one of the most sought-after destinations for sourcing for high-fashion brands. There was a time when there were only two collections for two seasons a year. However, this has changed. We must understand that there is a shift in trends. Many of the retailers are now providing new collections every month. World famous brands can

now understand the consumers better with the help of improved analytics and plan their collections accordingly. We must work hard to keep up with this fierce competition.

What is the future of retail now that Bangladeshi consumer size, as per a Boston Consulting Group study, is going to see an unprecedented increase?

The expansion of the middle class has ushered the growth of our consumer base. However, what makes me happier is that more people are now educated. Besides basic education, people, especially the youth, have become tech-savvy thanks to the advent of social media. All three previous industrial revolutions took the time to set in. However, the next one, as many people claim, would be predominantly led by Artificial Intelligence. Our policymakers need to be aware of that fact. As for the future of retail, I see almost all brands trying to embolden their digital footprint. To create better long-run mileage for themselves, brands need to make consumers aware of their products through meaningful campaigns which also have social impacts.

Anotrik DHAKA BANK

By Asaduzzaman

A New Dimension The first day of the New Year saw the launch of Dhaka Bank Limited’s new service wing, dubbed Antorik. The program is meant to bring in a new dimension to the humanitarian aspect of banking by providing special care for the certain segments of people such as senior citizens, the physically challenged and also pregnant women. Syed Mahbubur Rahman, CEO & Managing Director of Dhaka Bank Limited, an advocate of human banking, initially has the idea in he visited Universal Studios where a host of personal care services are opened for various segments of people. However, things were only set in motion after Khandaker Anwar Ehtesham, Head of the Bank’s Communications & Branding Division, observed an incident in a super market where a pregnant woman had to stand in long line to avail a service. This gave him the idea of providing special banking services for this segment of people and after witnessing this, he notified his CEO regarding his idea of creating a new service wing for people with special needs and thus, Antorik was born. When asked about Antorik, Syed Mahbubur Rahman elaborates, “There exists a group of challenged people in this society and what we wanted to do was make banking easy for these individuals. These services are not available in other industries as of yet in our country but if we look at the situation abroad you’ll see facilities like separate car parks for the physically handicapped which enable them to avail

Syed Mahbubur Rahman CEO & Managing Director, Dhaka Bank Limited

special services. Why shouldn’t these services be available here as well? When Khandaker Anwar Ehtesham came to me with his idea we decided to start it in our bank and call it Antorik.” Explaining how the services will operate he said, “We’ve designed Antorik for the senior citizens, women in labor and people with physical difficulties. For example, a person who has difficulty walking will not be required to wait queues, rather we will have a special services ready for them. At Dhaka Bank, we believe we have a responsibility to serve the society. This includes providing the appropriate facilities for the financial needs of this segment of people.” However, now that Antorik is operational, it does not mean that their work is done. Dhaka Bank’s CEO

stresses on the need to keep improving the organization, “We need to keep on innovating in this particular area so we can render better services for them. Our ultimate objective is to take our services to the doorsteps of the customers. In developed countries they have concentrated on automation and personalized services. However, Antorik is a step in the right direction for the progression of our nation.” Khandaker Anwar Ehtesham, who came up with the concept for Antorik said, “The idea is to carter to the needs of those groups of challenged people who would find regular banking quite difficult. From the existing manpower at our branches, a designated officer will have a separate desk where he/she will serve the needs of those would not be able to stand in tedious lines.”

Khandaker Anwar Ehtesham

Head of the Communications & Branding Division, Dhaka Bank Limited

www.ibtbd.net

Interview

Epyllion’s focus point in its journey is to be an institution which will concentrate on human development and social contributions while profit will come as the byproduct.”

Would you please enlighten us regarding the journey of Epyllion Group?

I dreamt of starting Epyllion Group when I was a banker by profession. With a limited financial investment, I started Epyllion with an RMG factory of two sewing lines and 200 employees in 1994. It was located in Mirpur Industrial Area. With this factory, Epyllion started growing up and till this day, is still in its growing phase. The company is all about new initiatives, new ventures, new aims with rooted principles and ethical views. Currently, Epyllion is a business house with textile, garments, and garments accessories for exporting RMG products worldwide. With all these business units, Epyllion Group is now a pioneer in Bangladesh’s retail fashion industry. Soon we will also have a food & beverage unit which is currently waiting for its nationwide commercial launch. With a workforce of more than 16,000 skilled officials and ensuring environmental sustainability, Epyllion Group is sustaining and will sustain the optimum business development in terms of profit and people. It has positive growth in employment generation, annual turnover, and has maintained a sustainable supply chain. Epyllion’s focus point in its journey is to be an institution which will concentrate on human development and social contributions while profit will come as the byproduct.

EPYLLION GROUP

Reaz Uddin Al-Mamoon is the Managing Director of Epyllion Group and Managing Trustee of Epyllion Foundation. Currently, Epyllion is a business house producing textile, garments, and garments accessories for worldwide export.

Reaz Uddin Al-Mamoon Managing Director Epyllion Group

www.ibtbd.net

What are the main challenges that need to be overcome in the RMG industry?

The RMG sector is currently facing challenges from energy scarcity, lack of skilled manpower, system instability and competitive marketing and sourcing. However, we've reached a stage where we have become compatible enough to take on global challenges while receiving the global support and encouragement we need. Thus, we cannot let these instabilities hinder our future progress.

There is an abundance of labor available in our country but the lack of skilled labor, as you mentioned earlier, is still an issue. What are your thoughts on this and what solutions do you propose?

The skills we are talking about cannot be easily acquired. The people need the necessary training first. I have seen numerous non-government organizations working on skill development programs but they need all the help they can get. We all need to work together on this issue. If an organization is putting the effort in developing skilled manpower, we from the formal sector must allow them to place their trainees in our business. In the meantime, we must continue with our own on-the-job skill development programs. This training of our employees can lead to greater development opportunities for the business. Industrial Engineering is quite important in this case. It must be implemented throughout the total value chain of the operation which will enable the workforce to become more efficient. Group HR practices in labor oriented industries like garments have to be ensured to have a skilled labor force.

Your company is acclaimed for its CSR programs. Can you please tell us about the vision behind these programs?

From the CSR perspective, we thrive for sustainability. Being a socially responsible organization,

I have seen numerous non-government organizations working on skill development programs but they need all the help they can get. We all need to work together on this issue.â&#x20AC;?

we support the global views in social responsibility issues. When stating our full support to the Global Goals, we take the basic Social Responsibility principles from the core discussed issues of ISO 26000 and the guiding principles of the United Nations Global Compact. To meet societal challenges in the form of CSR, the Epyllion Foundation has been formed as an independent entity. This foundation was established in 2011 and started its operations from the 26th of April of that year. Since then, it has been continuously making efforts in improving the living standards of the community and advancing the potentiality of the society and environment. With its journey of five years, it has initiated and has been involved in social and environmental programs to meet global needs and challenges. Anything we initiate, anything we do as our social responsibility commitment, we make sure it is sustainable, feasible and meets the stakeholders' interests. Nothing can bring fruitful results if we donâ&#x20AC;&#x2122;t know what our stakeholders are interested for. After all, they are the beneficiaries. Their voice must be counted. From CSR, Epyllion looks for human development, team building and corporate governance in business management.

Epyllion Group is a technology savvy company and has been working with green technology. What can you tell us about the

importance of going green? What is your roadmap for the future?

Going green is our aim as we've made the environment one of our top priorities. We are all putting our footprints on the Earth so also have the responsibility of taking care of it. Going green may require a large amount of investment, but the return from such an endeavor goes beyond just financial returns, it is a lot more substantial. Saving our environment, conserving it for our future should be our main concern. Our time on this planet is limited, so we should at least consider leaving a better livable environment for our next generations. In Epyllion Group, we look for sustainable business opportunities while focusing on the triple bottom line of sustainable development. This means we are focusing towards energy efficiency and sustainable resource utilization. We opt for international norms and standards along with certifications required for green businesses. Epyllion has a LEED certified industrial infrastructure with another one waiting to be launched. One of our garments factories is certified as a green factory and the commercial building of Epyllion, Ninakabbo is an award winner from the government authorities for being a provident in energy consumption.

Interview

ENVOY GROUP

The Conglomerate Capacity Tanvir Ahmed Director Envoy Group

As a young entrepreneur, Tanvir Ahmed joined the family business in 2008. He brings with him an impressive educational background specializing in Business Management, Administration and Finance. Tanvir is the Managing Director of Green Textiles Ltd & Director at Envoy Group, Sheltech Holdings Ltd, Sheltech (Pvt.) Limited, Sheltech Engineering Limited, Sheltech Brokerage Limited, Sheltech Protection Services Limited, Sheltech Ceramics Limited, Sheltech Technology Limited, Aero Speed International Limited, Speedy Intl Ltd. He has also gathered experience in RMG and Textile fields through his internship completed in Hong Kong. Apart from his professional life, Tanvir has also involved himself in social and welfare initiatives for the underprivileged and works closely with a number of NGOs to alleviate poverty.

What are the criterions for receiving the Export Trophy?

There are a number of different measures set by the Export Promotion Bureau and these must be maintained in order to achieve such a status. The main area of emphasis is the volume of sales and financial turnover in terms of sales in comparison to the previous year. All the companies who apply for this are evaluated based on the growth. The company with the highest growth rate is given this prestigious recognition. There are certainly other criteria that need to be met as well. In this context, the Factory Establishment & Inspection Department visits the premises and prepare a report. The department thoroughly inspects the factory premises to ensure worker safety in their working environment. It is also very important that the company pays its taxes provided that it is also one of the key criteria which are taken into consideration. Both the company and its owners need to have a clean tax payment history to achieve this recognition. In addition, the Bureau takes into account the previous three yearsâ&#x20AC;&#x2122; performances and emphasizes on the number of international certifications received by the company. Environmental

certification plays a very important role for consideration. It is very important to contribute to the country not only through monetary revenue but through environmental causes as well. Sustainable development includes caring for the environment through activities such as water treatment which helps us to create a green environment. The Bureau emphasizes whether local raw materials are used in order to produce our products. It inspects how much the company invests in research and development, which may mean investing in a new piece of equipment in order to produce new products. Finally, employee benefits such as provident fund and gratuity are also taken into consideration.

How have you maintained the high standards required to produce products for international consumers?

We have a highly professional team of experts comprising of both locals and foreigners. This team of dedicated individuals, work very closely in parallel to helping the management by guiding and monitoring the production process so that the best standards are maintained throughout. It is crucial to maintain constant innovation in product development in order to compete with global competitors. Apart from manufacturing according to the buyerâ&#x20AC;&#x2122;s requirements, we also develop our own fabric to diversify our range of products. We also work closely with the buyers to create and suggest various new trends in the market. Moreover, caring for the environment has always been our main concern. Sustainable production is always a high priority for buyers in the developed nations, especially North America and Europe. These buyers put a lot of preference on how we develop our products in an environmentally friendly way. www.ibtbd.net

Strong Employee sustainability along with environmental sustainability has made us eligible to apply and achieve the Platinum LEED (Leadership in Energy and Environmental Design) from the USGBC (U.S Green Building). In doing so, we are now the only textile factory in the world to have achieved this feat.

How has your team supported you in reaching this level of success?

Apparel manufacturing is a very fast paced industry where trends keep changing every season of the year. In order to meet the ever-changing demands of international buyers, our team of experts provides us with new products with different fabric constructions and washes. Our marketing experts, which include a liaison office in Hong Kong, continuously meet and interact with the buyer. At the back end, our Human Resource and Administration department ensure that employee migration is as minimal as possible; we have an employee migration rate of 1% to ensure consistent production. Our technically trained engineering team ensures that we get the proper utility that is required to operate in such a big industry. We have our own 10 Megawatt power plant which provides uninterrupted electricity to all the plants and machinery of Envoy Textiles which is built over 100 acres of land.

What are the main challenges and bottlenecks exporting products? How have you overcome these challenges? The prices of raw materials, such as cotton, are very crucial for us. Since cotton is used to produce yarn, which in turn is used to make fabric, it is very important

It is very important to contribute to the country not only through monetary revenue but through environmental causes as well. Sustainable development includes caring for the environment through activities such as water treatment which helps us to create a green environment.

that the price of cotton remains constant. Due to a significant rise in the price of cotton, the price of yarn fluctuates as well causing an increase in the cost of production. Due to a rise in production cost, we cannot provide a competitive price for fabric to our buyers. This has been a constant challenge for us and in order to overcome this, we have started our own spinning plant which produces yarn at a daily capacity of 60 metric ton. The utility is always a problem; we often face the problem of load shedding which can causes frequent breakdown of the technical and sophisticated machinery. To overcome these power fluctuations, we have decided to start our own power plant. Being a 100% export oriented industry; the interest of banks plays a crucial role here as well. A bankâ&#x20AC;&#x2122;s interest rates are often quite high in our country compared to banks in other countries. In such cases, to minimize our financial costs, we often opt for offshore finance in the case of purchasing of plant machinery, thereby saving around 3% to 4% of the overall financial costs.

What are your companyâ&#x20AC;&#x2122;s future plans?

Apart from textile, there are various ventures we are focusing on; our hospitality

industry can be counted as one. We have also started our own Spun Pre-stressed Pole (SPC) manufacturing plant and we are also venturing into opening our own ceramic factory that will produce floor and wall tiles. We have expanded into the aviation sector, having a General Sales Agent (GSA) for certain airlines such as Malaysian Airlines. We have ventured into industrial construction and the financial market and are now buying and selling shares through our own brokerage licenses. We are involved in the retail business where we sell meat and meat related items all over the country through Bengal Meat. We are also in the process of setting up our own RMG unit in textiles as well so that the entire process of Apparel manufacturing from yarn to the finished product can be done in house thereby strengthening our chain of production and reaping the advantage of economies of scale.

Interview

PHARMACEUTICAL INDUSTRY

Caliberating Quality Compounds Md Raisul Uddin Saikat Chairman Albion Group

www.ibtbd.net

Md Raisul Uddin Saikat is the Chairman of Albion Group and the Director of Delta Health Care Chittagong Ltd. He also serves as an advisor to the Daily Kaler Kantho Shubo Shongho. Raisul is a Life Member of the International Business Forum of Bangladesh, the Chittagong Diabetic Hospital, Bangladesh Kidney Foundation, and Maa & Shishu Hospital.

s the Chairman of the Albion Group, Raisul would like to see Chittagong flourish given the potential and ideal location of the port city. The success of the company is apparent in the collective passion of his entire family. Raisul expresses that it has become a family business, “My siblings and I work in unison because we would like to see Albion Group to create milestones within the nest three years. With the construction of our new state-of-the-art premises, we are hoping that we will be able to export goods from Chittagong in the next three years.” The company started its pharmaceutical ventures in 1991; today it is situated over 4 acres of land in the Sitakunda Upazila, located 35 kilometers from the Chittagong. The company’s product profile currently comprises of more than 300 different generic products. Raisul envisioned a modern facility that would adhere to international standards, “We produce various types of dosage forms which include tablets, capsules, liquid, dry syrups and ointments. Given the sensitivity of pharmaceutical products, the factory is constructed with the concept that allows us to manufacture penicillin, non-penicillin, cephalosporin and other products in an efficient and cautious manner.” The company works to continually expand with their expert staff which includes a highly cooperative

team of pharmacists, chemists, microbiologists, engineers, and doctors. Raisul and his team firmly believe that any company must venture into newer products to remain a powerful force, “We started producing veterinary pharmaceuticals that include bolus, antibiotic powders, liquid solutions, and pour-on solutions for large animals, birds, and fish. The world of pharmaceuticals is rapidly progressing day-by-day in terms of innovative dosage forms and treatment options. In this context, we must always conduct research and strive to remain up to date.” Albion Group is currently on the path to producing both human and animal medications to meet demands in both facets. Having a dedicated and knowledgeable team is the foundation for their growth throughout the nation. Raisul expresses the pride that he has for each and every member of the Albion Group, “Our rapid development can be equated to the very competent sales team who promote our specialities throughout every part of the

nation; they are trained with the capacity to proficiently serve the diverse regions of the nation, from the large metropolitans to the most remote rural areas.” The company’s primary focus is to provide the best quality products and services with the utmost efficacy. As the chairman, he firmly believes that the productivity of his employees thrive only if and when they are provided with a prominent environment, “Current Good Manufacturing Practices (cGMP) are strictly followed throughout our factories. We want to go beyond providing our employees with the great workplace; we want this very satisfaction to transcend into their everyday life.” In a port city that is predominantly an industrial zone, Raisul’s entry into the pharmaceutical industry was rather unconventional, “Upon completing my degree, I stepped into the business in 2006. Though there was limited scope and space, we started on our own property in Sitakundu with a large employee pool of 700 workers and trained over 200 officers and a management staff.” Though he had the desire to pursue a job in order to gather experience, due to familial responsibilities, he joined the business immediately after graduating. Raisul reminisces of taking on the responsibility following his father’s aging, “Upon graduating, I joined the family business, a pathway that my brother and sister had followed following the completion of their education. We realized that we would have to take on the responsibilities of our father. We proudly follow the guidelines that were set by my father; he remains the

“Our rapid development can be equated to the very competent sales team who promote our specialities throughout every part of the nation; they are trained with the capacity to proficiently serve the diverse regions of the nation, from the large metropolitans to the most remote rural areas.”

chief advisor and the beacon of business inspiration.” The company currently produces products in 19 various categories that notably include gastric and diabetic medications; they are in the process of constructing a new factory and delve into export, At the present the company has not only produced a wide range of products, they produce some of the products of ACI under toll manufacturing system. Raisul postulates upon the gradual growth, “As the sub-contracted manufacturers for products under the ACI label, we attain a degree of progress as a company. Now, we are getting on with our export base factory that is in compliances under the WHO (World Health Organization) in order to start our journey into the export market. By 2019, we want to be the most recognizable force of our industry in Chittagong.” According to Raisul, the pharmaceutical industry is unique in the sense that it requires a profound amount of attention towards R&D (Research & Development). “If you visit our R&D lab, you will be able to see our meticulous attention to these preparations and practices. Provided the technical nature of our business, maintaining quality control is imperative in the case of pharmaceuticals. Every one of our 80 pharmacists is registered under the board to ensure that they can engage in and work under the strict standards of quality control within our industry.” The preparation of Albion Groups standard products starts from the

use of raw materials of uncompromised caliber. In this context, Raisul postulates, “Most of our raw materials are exported because there is little space for manufacturing raw materials within our nation. However, there are initiatives in order to create a scope for such productions.” Provided that the company produces products in bulk, local companies are not able to produce raw materials in accordance with Albion Group’s demands. “We only use local sources such as Active Chemicals for urgent needs. Moreover, any company that we take materials from has to be a listed company and in the supplier list in accordance with the Drug Administration.” Attaining longevity in the pharmaceutical industry goes beyond investment according to Risual; he emphasizes the task of management. “When it comes to a sensitive product such as pharmaceutical, there is no room for comprise. It is a matter of health which is the primary aspect of the quality of life. Therefore it is critical that we continuously mentor and be very stringent about the production process. It requires a great degree of concentration and attention to every little detail.”

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Economic Update

BANGLADESH

Towards Prosperity Excerpts from the Citi Na report, “Annual Market Update 2016”

Elevated GDP Growth

Bangladesh managed to grow at an impressive rate of 7.11% in FY 16 signifying strong macroeconomic fundamentals. There were promising signs as private investment’s share in GDP increased to 23% in FY 16 from 22.1% in FY 15 along with stable public investment. For FY 2017, the government has set the GDP growth target at 7.20%. However, World Bank has projected the growth at 6.80% citing domestic security challenges, weak external demand, stable private investment and weak remittances dampening private consumption. Some progress has been made by the government in helping to ease doing business, however there is still some way to go if the country is to attract large investment from local and foreign investors. The government is working on creating 100 special economic zones in the country and has also classified a number of mega development projects into fast-track category to ensure rapid completion. Easing business setup and investment regulations and rapid execution of infrastructure projects will be the driving factors that will decide whether Bangladesh can increase foreign direct investment to $9.6 billion by 2020 from $2.2 billion at present and GDP growth rate to 8% in line with Planning Commission’s 7th Five Year Plan.

Figure 2: World GDP Growth (%)

Figure 1: Contibution to GDP Growth (%)

Real GDP Growth Rate GDP Composition Agriculture Industry Service Sector-wise Growth Agriculture Industry Service

FY 2013 FY 2014 FY 2015 FY 2016 6.01% 6.06% 6.55% 7.11% 16.78% 16.50% 16.00% 15.35% 29.00% 29.55% 30.42% 31.54% 54.22% 53.95% 53.58% 53.12% 2.46% 9.64% 5.51%

4.37% 8.16% 5.62%

3.33% 9.67% 5.80%

2.79% 11.09% 6.25%

World United States of America Euro Area Japan China India Bangladesh

2015 2.7% 2.1% 2.0% 1.2% 6.9% 7.6% 6.6%

2016* 2.3% 1.6% 1.6% 1.0% 6.7% 7.0% 7.1%

2017* 2.7% 1.8% 1.5% 0.9% 6.5% 7.6% 6.8%

Source: Global Economic Prospects Report-World Bank

Source: Bangladesh Bureau of Statistics

*Estimated/Projected Figures The figures for Bangladesh and India are for respective fiscal years

of 5.80%. Food inflation has come down marginally to 5.38% in December 2016 from 5.48% in December 2015 whereas, non-food inflation slid to 4.49% from 7.05% during the same period.

Trade Deficit Widens

During July-November, 2016, the country’s trade deficit swelled to $3.88 billion, up 22.86% from $3.15 billion during July-November, 2015. During the same period, the current account deficit widened to $726 million

Figure 5: Monthly Export Earnings (USD MM) 2015

12- Month Average

USD MM

2,000 1,000

2,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Source: Bangladesh Bank

compared to $1.34 billion surplus last year due to rising trade deficit and weak remittances. Growth in imports is partly attributed to increased imports for expediting different infrastructure projects of the government as well as Figure 4: Food and Non-Food components of Inflation

10%

2% Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

3,000

1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Food

Source: Bangladesh Bank

2016

4,000

Non-food

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Figure 3: Point-to-Point and Annual Average Inflation

2015 5,000

3,000

Inflation Hits 4 Year Low

Point -to-Point

2016

Average annual inflation has decreased to 5.52% at the end of 2016 down from 6.19% in 2015. The point-to-point inflation also dropped to 5.03% in December from 6.10% a year earlier. Drop in both food and non-food inflation and political calmness have helped to keep the inflation rate within government’s and central bank’s target

Figure 6: Monthly Import Payments (USD MM)

4,000

USD MM

While public investment is crucial for building private investment, revenue mobilization is the most important aspect that will drive public investment in coming years. At present, the Revenue-GDP ratio is only 9.90% and the government has a target to increase the ratio to 16.10% by 2020. Broadening the taxpayer’s base and revenue sources as well as focusing on income from service providers and the self-employed are the primary challenges in attaining the target. The successful rollout of the new Value Added Tax (VAT) and Supplementary Duty (SD) Act 2012, implementation date of which has been set at July 2017, will introduce an integrated online system for VAT registration, return submission, refund and payment and will determine the success of revenue mobilization to a large extent.

The successful rollout of the new Value Added Tax (VAT) and Supplementary Duty (SD) Act 2012, implementation date of which has been set at July 2017, will introduce an integrated online system for VAT registration, return submission, refund and payment and will determine the success of revenue mobilization to a large extent.

Source: Bangladesh Bank

capital machinery and raw materials imports, which could be a boon for the country’s economic progress.

Remittance Inflows Suffer

Wage earner’s remittance saw a steep decline during H1 FY 17, dropping by 17.63% to $6.17 billion from $7.49 billion in the last fiscal. In FY 16, the overall remittance dropped 2.52% to $14.93 billion. These uninspiring numbers were registered at a time when the country’s manpower export was 36.31% higher in 2016 than previous year with more than 0.75 million workers getting jobs abroad. As slowdown in remittance can have undesirable implications concerning FX reserve and financing development

Figure 7: FX Reserves and Import Coverage (USD MM) 2015

2016

2015 MIC

Figure 8: Monthwise Remittance Inflows (USD MM)

2016 MIC

6 4

15,000

2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

USD MM

8 25,000

5,000

1,700

2015

2016

Months Import Coverage

35,000

1,200

700

200

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: Bangladesh Bank

projects, addressing of the issue is of utmost importance. Immediate measures are required to bring the overseas remitters into the formal channel.

Robust FX Reserve Growth

The country’s FX Reserves has continued to grow handsomely in 2016 reaching $32.09 billion from $27.49 billion at the end of 2015, up by 16.73%. Although, the current account slipped into negative territory on the back of falling remittances and rising imports, the overall balance of payment is in surplus due to surplus in financial account. During the July-November period, the balance of payment surplus stood at $1.9 billion

compared to $2.04 billion in the corresponding period last fiscal.

Key Policies and Reforms

In 2016, the government and other regulatory agencies announced a number of essential reforms aiming at tax revenue mobilization, fiscal management and investment facilitation. During the first half of the year, noteworthy reforms included the introduction of Industrial Policy 2016 giving special focus on a list of high priority industries and creative industries for next five years, approving the draft of “The Bangladesh EPZ Labor Law, 2016” and the Asian Infrastructure Bank (AIIB) Bill 2016 to join AIIB as a founding member.

During the first half of FY 17 and the national budget session, the government has taken the initiative to bring structural changes on many fronts. The government has formed a permanent committee to review and re-fix interest rates on savings instruments, and help tighten extensive government borrowing through savings certificates. On the government revenue front, an increase in the source tax rate to 0.7% from 0.6% on export receipts was announced. The initial budget proposal had the rate set at 1.5%. Through the Finance Act, the government has also reduced the investment ceiling for tax rebates for the individual taxpayers from 30% to 25%. The government had also announced November 30 as ‘Tax Day’ to help publicize tax payment deadlines, in line with international best practice. In addition, The National Board of Revenue introduced an online portal to digitize the submission of online individual tax returns and also announced introduction of online Business Identification Number (BIN) to facilitate online submission of VAT returns. However, the implementation of the much debated Value Added Tax and Supplementary Duty Act 2012 has been pushed back to July 2017 which will impose a flat 15% VAT for all sectors and emphasize on proper account keeping of transactions at every stage of supply of goods and services by both manufacturers and service providers. Furthermore, the cabinet has approved the inter-governmental state credit agreement between Bangladesh and Russia for constructing the Rooppur Nuclear Power Plant. Under the $12.65 billion deal, the Russian government will lend $11.39 billion and the rest will be raised by the Government of Bangladesh. In addition, a new policy for petroleum imports has been formulated, which allows for imports through both government-to-government contracts and open tenders to save on oil import cost under low oil price scenario. The cabinet also approved the draft of 'The National Telecommunications Policy, 2016' to boost tele-density and internet penetration, as well as expanding broadband access.

www.ibtbd.net

Advertorial

First Pop-up Fashion Retail Outlet In South Asia YELLOW has become a name that is has become synonymous with the innovative and trending styles since 2004, making it one of the most successful retail brands from Bangladesh. The brand has brought a world-class shopping experience to the Bangladeshi fashion market. Its designs are primarily catered to younger, more fashion conscious customers who closely follow both Asian and international fashion trends. The brand now has a presence in three countries: Bangladesh, Pakistan, and Algeria with seventeen upscale outlets. With an international design team of fashion designers from different backgrounds including Spain, Portugal, USA, India and Pakistan, YELLOW has a global

approach to fashion. The team is extremely insightful of the latest looks and cuts that are coming into the trend, as well as the manufacturing techniques required to produce them. Utilizing a variety of marketing channels to interact with customers, YELLOW is increasingly turning to social media and online channels. With a substantial media following of more than 2 million people from around the world, YELLOW is being recognized as a truly distinctive fashion label. As an innovative fashion retail brand, YELLOW strives to have a more intimate and devoted relationship with the brand; they want their customers to know that they can always rely on YELLOW for premium quality apparel.

On the pathway towards innovation and commendable brand awareness, they seek to test new markets and the perception of various segments. With that in mind, the YELLOW shops have opened the 1st pop-up stores in South Asia. This store is set in a container which moves within a lorry. Striving to emulate the very ambiance of their opulent outlets, the container is attached to a power generation system to supply enough energy to support air-conditioning, lighting, music system, and POS operations. This experience is further heightened with customers having the liberty to select clothing from the shelves, trying on their choices, and paying with card or cash. Furthermore, they have ensured a secure experience with the vicinity of the container under the safety of CC camera and motion sensor surveillance. The first mobile store was sighted in Comilla followed by Bogra and Sylhet respectively. There were customers lined with anticipation upon hearing the word of the store's arrivals.

Though customers were skeptical at first, however, the quickly changed their minds upon the visit. Iftekhar Mallick, the brand’s Senior Marketing Manager jovially expressed, “The idea came from our CEO Syed Naved Husain; the implantation was very challenging; to us every detail was important. Exceeding the expectations is what we always aim for.” He elaborated on the idea that this was more of an endeavor to bring the experience that of Yellow to the masses in all parts of Bangladesh, “The store was so crowded that even I had to wait in the queue.” They are currently planning to visit every region of the nation, continually expanding their boundaries.

Special Feature

The Foundations of Our Future By Adnan Nafis

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in its 2016 report gave great credit to Bangladesh and painted a very positive picture. Driven by the robust growth of garment exports, Bangladesh outperformed other Asia-Pacific countries in merchandise shipments between 2010 and 2015, according to UNESCAPâ&#x20AC;&#x2122;s report. During the period, Bangladesh's exports grew 14% while the average export growth of the Asia-Pacific region was 7.5%. Particularly in 2015, when the

region experienced export contractions of 9.7%, Bangladesh's shipments grew by 6.5%. Merchandise trade accounted for 87.3% of Bangladesh's total trade in 2015.

The RMG Success Story

In FY 2016-17, even though the sector had a rocky start, RMG (Ready-Made Garments) eventually recovered in August and October with 20.11% and 19.81% growth. From July to December overall RMG export was $13.71 billion which is 4.37% higher than the previous year.

RMG

Month

The writer is a management consultant and can be reached at adnannafis@hotmail.com

July August September October November December January February March April May June Total

Total (Woven + Knit) 2015/16 2016/17 2215.16 2117.58 2269.87 2726.29 1954.20 1822.03 1799.13 2155.54 2224.40 2309.91 2672.82 2578.35

13135.58

Growth Rate -4.41 20.11 -6.76 19.81 3.84 -3.53

13709.70

+4.37

FY 2014-15 5.29 4.33 2.90

FY 2015-16 5.62 4.65 3.52

Top 3 RMG destinations: USA Germany UK (Values in $ billion)

FY 2013-14 5.14 4.37 2.60

source: EPB

Garments exports to the US have been increasing by the year from $5.14 billion in FY 2013-14 to $ 5.62 billion and FY 2015-16. A similar trend can be seen in Germany as well. Bangladesh exported garments worth $4.65 billion to Germany in fiscal 2015-16. Previously this figure was $4.33 billion in 2014-15 and $4.37 billion in 2013-14. However, an interesting turn of events has seen Germany leapfrog the US as Bangladeshâ&#x20AC;&#x2122;s largest export destination during five months during FY 2016-17. This was due to a huge rise in export earnings from Germany against a slowdown in the US market (possibly due to the recent elections). The export boost received from major EU countries like Germany has helped Bangladesh overcome the downward trend in the US and the Brexit-hit UK markets during the July-November period of the FY 2016-2017. Although the US remained the Bangladeshâ&#x20AC;&#x2122;s largest export destination until www.ibtbd.net

September this year, Germany from October started to overtake USA. The UK is the third largest export destination for Bangladesh where more than $3 billion worth of apparel are shipped every year. As a trade bloc, the EU is the largest garment export destination for Bangladesh. The country exported garments worth $17.15 billion to the region in FY 2015-16, $15.36 billion in 2014-15 and $14.75 billion in 2013-14 (according to the EPB). Bangladesh has been extraordinarily successful in growing its economy and spreading the benefits of

Source: Daily star

that growth across society. Since the 1980s, the country has averaged 5%â&#x20AC;&#x201C;6% annual GDP growth. Bangladeshâ&#x20AC;&#x2122;s economy will grow by 6.9 % in FY 2016-17 year despite the subdued global growth, said the International Monetary Fund. The IMF projection matches other multilateral lenders and is close to the government's target for FY

2016-17. In addition to the booming exports, inflows of foreign direct investment have grown robustly as well, averaging 19.6% per year between 2010 and 2015. In 2015, in particular, inflows into Bangladesh soared 44.1% to reach a historic peak of $2.2 billion. The banking, textiles and energy sectors attracted the largest

amount of FDI. The US and the UK were the largest foreign investors, collectively accounting for 27.2% of the FDI inflows to Bangladesh. This growth was accompanied by a significant decline in poverty, an increase in employment, greater access to health and education, and improved basic infrastructure. As a result, the once poor country is now considered a Lower Middle Income nation. The next goal is to reach the Middle Income status by 2021. This ambitious initiative will require annual GDP growth of

Fortunately, Bangladesh is progressing rapidly with rapid export growth and investment in energy and infrastructure investment and job creation. A snapshot from World Bank report paints a positive picture. The Governmentâ&#x20AC;&#x2122;s active approach has boosted the economic growth and Bangladesh is on the right track of achieving its targets. The country has set out to overcome its energy crisis and infrastructure bottle necks. However, our one problem which still persists is that we have not taken proper human resource development initiatives. We are the largest supplier of unskilled workers abroad. Even though this labor force is boosting our wage earning return to Bangladesh with more $15 billion dollar a year, this

7.5%â&#x20AC;&#x201C;8% and will entail overcoming significant obstacles and seizing new opportunities brought about by changing global circumstances. However, in this light, it would be a grave error to become complacent. It is of the utmost importance that we capitalize on this rapid growth with a long term strategy. Our export basket is very limited and our crown jewel is RMG. We are the lead player in the basic range. So unless we rapidly move up the chain and diversify our export basket we may end up getting trapped in the Middle income myth.

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This is the root cause of some of the problems Bangladesh is facing. We need to diversify but where is the skilled labor required to support other growing sectors in the economy?

income source can receive a massive boost if it had the necessary training. Unskilled Labor: Bangladesh has a population of more than 156 million and a labor force of 79 million (World Bank, 2014). Only 5% of this labor force has received any form of training, with just 1% having undertaken technical/vocational training. For employers, the most pressing of these challenges is a shortage of skilled workers (particularly at operator, quality checker and supervisory levels). Lack of training capacity and co-ordination challenges limit the effective development of sufficient number of skilled workers to meet the growing demand (www.rmgbd.net). We are the 2nd largest RMG producer in the world yet we have failed to supply skilled manpower to even our main sector. We have a shortage of 20-25% of skilled

workers. Due to this, many companies have to depend on expats from India, Sri Lanka and China for supervisory roles. This is the root cause of some of the problems Bangladesh is facing. We need to diversify but where is the skilled labor required to support other growing sectors in the economy? We want to attract FDI but we do not have skilled workers for other industries like consumer electronics, auto mobiles, and foods. Bangladesh is growing at a rapid pace but this growth will not be sustainable unless we address this issue. Furthermore, workers are demanding salary increases but the main problem is that we are probably the only country who hire completely unskilled people in our largest industry. This results in poor productivity and dissatisfaction from the employers. It is our duty to

change the scenario. The Government has setup technical centers but the workers are not going there, so who is to blame? The industry is forced to train the workers at their own cost and it results in productivity loss. If the workers received basic training then this problem could be slowly resolved. This later becomes a country branding issue when these workers are sent abroad. We have been lucky to see the country grow and prosper over the years, but it is time to address these issues to sustain this growth for the sake of our future development. We have to set the bar higher for ourselves now.

Interview

WATER H E A LT H

The Pure Water Initiative Murteza Rafi Khan

Director AK KHAN Waterhealth Bangladesh

Murteza Rafi Khan is the Director of AK KHAN Waterhealth Bangladesh â&#x20AC;&#x201C; a Joint Venture with WaterHealth International Inc. (USA) & International Finance Corporation (World Bank Group).

effluent treatment plants (ETP). In addition, we are serving the Chittagong market with BSTI compliant 20 liters jar water brand Dr. Water. We provide end to end service after understanding the needs of our client for any type of water solution. Our breadth of experience in both the types of plants we offer and our client base has enabled us to deliver plants from remote villages from Satkhira to commercial and residential projects in central Dhaka, industrial areas of Gazipur and beyond.

It is well-known fact that the availability of water will become a crisis in the next decade. WaterHealth is very active in overcoming this matter and making water available for all regions. What is your ultimate mission?

A K Khan WaterHealth was founded on the basis of providing access to safe water across Bangladesh. Our initial mission was to serve drinking water only at the household level. Since our establishment in 2011, we have broadened our scope to include commercial and industrial clients with solutions ranging from drinking water to waste water and sewage treatment. Our current mission is to be the service provider of choice when it comes to any type of water solutions across Bangladesh.

You have mentioned that you are covering a great many areas throughout the nation, what kind of services are you providing in those areas?

At present we are able to offer drinking water treatment plants, household water treatment plants, iron removal plants, reverse osmosis plants, sewage treatment plants, waste water treatment plants, recycle water plant, softener plant and

Safe drinking water is an essential commodity; what is your strategic decision in this case to expand the business? For household level safe drinking water in urban areas, we intend to continue working with our clients who are real estate developers to ensure they have provisions for water treatment plants to be installed in their buildings. We have serviced reputed builders in both Chittagong and Dhaka and our experience indicates that it is the right time for centralized purification to be considered as the most reliable way to ensure household level safe water. In rural areas, we intend to work closely with NGO partners such as Friendship in Satkhira. We are also currently working with CODEC NGO in Kuakata to establish community drinking water plants. As our NGO partners have a presence in these areas they are better suited to promote the adoption of the water in these areas while we focus on the technical aspect of the solution. As Bangladesh faces a variety of raw water contaminations based on the hydro-geological characteristics of each area, we are able to adapt our solutions depending on the raw water chemistry. www.ibtbd.net

We also take pride in educating our clients about water solutions so they are better able to decide on the solution they require. As per our Annual Maintenance Contract, our central labs in Chittagong test the waters regularly; a service that is provided free of cost, the first year.

As you are a customer-centric business, could you elaborate upon your equipment, lab testing, products and client services? Our products are sourced from various parts of the globe depending on the clientâ&#x20AC;&#x2122;s requirement. Some clients want quality, durable products which are often sourced from Europe or North America. For solutions on a budget, we are also able to source products from Asian countries. However, we usually insist on higher quality components for sensitive equipment such as reverse osmosis membranes, particularly when it comes to drinking water as it has a direct impact on health. Often our solutions are a combination of products sourced from various parts of the world, tailored to the needs of the client. In terms of after sales service, our technical team is on call and available for any troubleshooting. We offer 1 year of free routine maintenance and manufacturer warranty on our products. We are also able to provide spare parts and consumables as and when required. We also take pride in educating our clients about water solutions so they are better able to decide on the solution they require. As per our Annual Maintenance Contract, our central labs in Chittagong test the waters

regularly; a service that is provided free of cost, the first year. The same sample is then tested in an independent lab for cross checking.

Are you interested in diversifying your bushiness to extend your reach?

Every year, our company has been able to provide new solutions in the market. We started with a focus on drinking water plants in residential buildings and rural communities. As we explored the broader market, we found the scope to operate in the commercial and industrial sector by providing solutions in wastewater for factories and sewage treatment in commercial buildings. Each project and product type presents its unique set of challenges from the space to the capacity and of course the raw water quality. We are now confident that we will be able to provide larger and more complicated plants in collaboration with our trusted vendors and partners. Our parent company A.K. Khan & Company Ltd has been active in the Bangladesh market since 1945. People have a trust in the A.K. Khan name. When it comes to water solutions, trust is critical as we are dealing with a necessity for human life. In very few sectors are the stakes this high.

Interview

Faisal Mansur

CEO Chemtrek Industries Bangladesh

CHEMTREK

Creating Quality Compounds

Chemtrek ensure its customers that their products are environmentally friendly for the world.

I see every day as a new project. We start every morning as your partner to innovative chemicals!

Their consumer ranges, Kellyâ&#x20AC;&#x2122;s and Turbo, are used and appreciated by people all over Bangladesh.

What are your thoughts on the Chemical sector in Bangladesh? How have things improved since Chemtrek joined the industry?

We have a very positive outlook on the chemical sector for Bangladesh. It is a vast industry and there is always an opportunity to improve on any

product no matter the sector. You think of finished goods you use on a day to day basis but to reach that finished good state; there is almost always reaction chemistry involved. You look at garments and the common thought process is that it is made of fabrics only but many do not look between the lines. For that fabric to reach the final stage it had to go through a long manufacturing process and throughout each process there is almost always some sort of

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Since Chemtrek started, we have always focused on marketing Bangladesh as the next big exporter of chemicals.

chemical involved. Since Chemtrek started, we have always focused on marketing Bangladesh as the next big exporter of chemicals. For well over a decade, we have pushed our R&D to make manufacturing a reality. We were the first in our time to manufacture Ball Pen Inks, we were also one of the first ones to properly implement textile auxiliaries. We are proud to say we are the only company that can completely manufacture an entire line of consumer cleaning products in Bangladesh, and we are still the first and only certified manufacturer of Cationic Softener. I believe we are an inspiration to those who followed our journey to take the chance and delve into the chemical sector. If we are able to be used as an example for future projects; then we have achieved our vision.

What areas of this industry have you mostly focused on? When Chemtrek started producing Fabric Softeners, what made your company pursue this endeavor?

The Chemtrek factories are well equipped to take on any chemical needs, to be able to produce 1,000s of different formulas.

The chemical processes for many of the products are lengthy and acquire an attention to detail only Chemtrek can provide.

Currently, we have two different divisions: i. Chemtrek Industries ii. Chemtrek Consumers Chemtrek Industries focuses on the RMG Sector. Since 2006 we have been supplying RMG factories with Textile Auxiliaries. When we saw our business growing â&#x20AC;&#x201C; we took the decision to erect a Cationic Softener plant in 2009. For the next 3 years we worked with German scientists to create the plant you see today. We pursued this project because we saw that this was a purely imported product and of course we love a challenge! We know of a few companies that tried to do the same thing, but ultimately ended up losing. Itâ&#x20AC;&#x2122;s my belief that this

Cleanliness and safety are second-nature to the people at Chemtrek. Therefore, they make sure their factories are much the same.

Chemical reactions are a big part of the process that requires technical expertise.

happened due to the fact that they did not have the technical expertise that we have. We now manufacture Silicone Softeners, and have powered up our enyzyme range with a multinational conglomerate. Chemicals is our language. We are a multifaceted company, so we know what is possible and what is not. Long story short, we made it work and now our factories are benefitting by using a much better product for a much lower price. Chemtrek Consumers focuses on the FMCG market. We primarily manufacture and market our entire range of household cleaning products. You can go into any super shop (Agora, Shwapno, Meena Bazaar, CSD, etc.) and see our products (Kellys, Turbo) on the shelves. We have had huge success in contract manufacturing and exporting the items. It gives me a lot of pride when I see our products on the shelves in different countries.

What is the demand of your products in the existing apparel industry? How stiff is the competition?

Any RMG factory that produces have to use a form of cationic softener. We have different grades that meet the budget and quality for every factory. As far as stiffness from competition, our main competitors come from Germany, Taiwan, and China. We developed a strong marketing team and every day we are progressing in taking a bigger chunk of the market share. Beyond this, to be honest, our biggest competition is the "Bengali mentality." I don't want to be pessimistic, but if I could have a nickel for every time I heard a response that demeans Bengali produced items, I would probably have a pretty big savings account. Owners, Managers, Executives â&#x20AC;&#x201C; when we first approach them â&#x20AC;&#x201C; most

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One of the Chemtrek chemical factories located in Gazipur, Bangladesh.

of them can't believe something like this can be produced in Bangladesh. When we started off, people thought we were just repacking imported products. However, we manufacture these products – and we are here to save you a boatload of cash.

What technological innovations have your company brought to the industry?

Ball Pen Ink Manufacturing, Softener Plant Manufacturing, Silicone Manufacturing and now Enzyme Manufacturing.

What are the environmental challenges when it comes to running a chemical factory? What measures have you taken to ensure the environmental compliances are met by your factory?

Chemtrek’s new range of Enzymes, getting ready for the mass market release.

Our factory is fully compliant. Before we even start to think about building a factory our team solves all the environmental challenges. So we haven't run into any yet. A small example I can give you is how throughout the production process we recycle the water and re-use it over and over again.

What are your future plans for Chemtrek with other products?

We have hopes of getting into the cosmetic industry and are actively working on developing it to hit the market quite soon. Additionally, we have also developed a Road Construction Amide that will extend the lifespan and strength of roads by 3x. We are currently in discussion with the regulating bodies to get this product approved – once approved – you will see Dhaka roads changed for the better.

Special Report

By Kazi Amdadul Hoque

URBAN MIGRATION

Great

he unpredictable speed and scale of urbanization in Bangladesh is indicating that 50% of the population might migrate to the major cities in next three to four decades for better lifestyles and livelihoods. According to a recent survey by the Bangladesh Bureau of Statistics (BBS), 74.4 people out of 1,000 migrated to the urban areas from the rural areas whereas only 34 people made the reverse move in 2014. Bangladesh experienced faster urbanization than South Asia as a whole between 2000 and 2010. What is unique to Bangladesh is the speed and scale of urbanization, with an annual growth rate of 3.6%. According to the projections by the

Expectations UN Expert group, by 2025, the urban population in Bangladesh will be around 77 million and according to the McKenzie Global Institute report, Dhaka will have the 3rd largest child population in the world. The most common reasons for this movement are: i. To escape from poverty in rural areas ii. The loss of homes due to river erosion iii. Better earning opportunities iv. City employment and better living standards for family v. Better facilities and options for education and health services and etc. Many of these people struggle as the cities are not always prepared to welcome them and on the other hand they have to remain in-touch with their rural community for property and family members they left behind. www.ibtbd.net

Migrant Micro-Entrepreneurship In Bangladesh millions are migrating to the cities because agriculture can no longer sustain them. Most of those arriving in the cities in search of work, however, are unable to find it because they lack the skills and training for jobs in the rapidly growing technology-driven industries and disappearing ‘formal’ economy. Consequently, they are being forced out to the urban peripheries, where the manufacturing and garment industries are located. In 2010, 21.3% of Bangladesh’s urban population lived below the national poverty line, while, in 2009, almost 62% of the urban population lived in slums. The urban poor also tend to work informally, with low wages and lack of job security, contributing to the prevalence of child labor. Apparently, unemployment is often quite low in urban areas, but this tends to hide high levels of under-employment. The country’s poverty

reduction strategic paper is mostly rural driven and the lack of a centralized body to address urban poverty is a major challenge. The inability of ‘formal’ labor markets to absorb the millions of people seeking work and the increasingly regulated ‘informal’ economy are generating substantial increases in unemployment and underemployment. Those who depend on the informal economy for their livelihoods are being forced into degraded living conditions either in the cities or on city peripheries. This massive rural migration is closely linked to growing urban poverty, as the poor in the cities and towns are mostly rural migrants. When asked why they moved to the city, most usually cite better prospects in the urban economy as the main reason. However, one could easily assume from the sight of the severe and widespread poverty in Dhaka, for example, that rural migrants do not really

know what to do when they get to the city, and are unaware of the risk of being trapped in urban poverty. This can be turned into a win-win situation if micro-entrepreneurships can be used as an alternative to reduce poverty, increase earnings and reduce poverty induced personal and social. The city authorities along with other stakeholders can be instrumental with innovative ideas and support to make a city of micro-entrepreneurs. The wide spread of micro-credit programs and micro-enterprise in Bangladesh has emerged as a major avenue for the alleviation of poverty and unemployment. The banks, government and non-governmental organizations (NGOs) have adopted several approaches and strategies to reach people with certain conditions. There has been a positive impact by micro-enterprises on specific socio-economic variables. However, these initiatives needs to help build capacities with opportunity costs, seed money and marketing support providing high returns at low costs.

Privatization of Services

Although the situation of the poor in cities like Dhaka has improved somewhat in terms of income and food consumption, many still lack access to shelter, infrastructure and social services. The stark inequality between the poor and the neo-rich, , is becoming a key challenge in Bangladesh’s cities. Adding to the hardships for the poor is the privatization of many urban services. With the state withdrawing from its social commitments, many services, particularly in education and health, are being provided by non-state agencies and the private sector putting them beyond the reach of the poor. Despite the prevalence of illness and disease in the slums, especially among infants and children, the poor have limited access to affordable healthcare services.

Disparities between Slum and Non–Slum City Dwellers

A recent survey commissioned by the Bangladesh Bureau of Statistics (BBS) and supported by UNICEF, showed that though the country has relatively better levels of overall achievements in urban areas in terms of the well-being of children and women, large disparities exist between slum and non–slum areas within City Corporations as well as with the municipality and other urban areas. The Child Well-being Survey (CWS) in urban areas of Bangladesh was conducted between February and April 2016 focusing on 75 child related indicators in over 20,000 households. Survey results indicate that large disparities exist within City Corporations between the slum and non-slum areas and also between the divisions for many of the indicators related to child nutrition, breastfeeding, child health, access to safe drinking water and improved sanitation, reproductive health, maternal and newborn health, child development, literacy and education and child protection. The key findings are: i. More than 1 in 4 under-five children (26.3%) in urban areas are stunted (height-for-age); children in the slum areas of city corporations have much higher prevalence (40%) when compared to those from non-slum areas (25%) – a difference of

about 15%. ii. About 3 in 5 births (65%) are attended by skilled attendants in urban areas. While about 56% of births are assisted in city corporation slums, 74% of deliveries are assisted in non-slum areas. iii. Net Attendance Ratio in primary education, one of the main indicators in the education sector, was 86%, with slum areas rates 15 points lower than the non-slum areas within City Corporations. iv. Households in slum areas had a very low access to improved sanitation (18.9%) as compared to the non-slum households (51.3%) in City Corporations. v. Prevalence of child labor for 5 to 14 year olds, which stood at 8.1% for urban areas as a whole, was substantially higher in city corporation slum areas at 14.3%. vi. Early marriage continues to be high with about 59.7% of women aged 20-49 getting married before the age of 18 years, and about one in every three girl in the age group of 15-19 years being married. Urbanization is linked to economic advancement and brings with it new opportunities as well as challenges for sustainable and inclusive development.

Urban Pollution

Air and water pollution is the main environmental threat to human health in Bangladesh cities leading to increased death rates for the

urban population. This problem is acute in Dhaka being the capital city and major cultural, and manufacturing center. The city along with its peripheries serve as manufacturing hubs for of many ready-made garment, jute, tanneries, textile, tea processing, fertilizer, cement, paper and pulp, chemicals and pesticides, food and sugar, pharmaceuticals, petroleum refinery, distillery, rubber, plastics, and brick, bus/track assembling factories. The air in Dhaka is extremely polluted. The ambient atmospheric conditions of other urban areas have also progressively deteriorated due to the unprecedented growth in the number of motor vehicles, and continuous housing and industrial development. (Muhammad Mahadi, Khulna University) Dhaka city is expanding very rapidly in all directions and population is increasing at an alarming rate. Due to this, the supply of pure drinking water, sewerage facilities, safe accommodation for the growing population, appropriate sanitation, waste collection, supply of electricity and gas for about 160 million city dwellers is being put under immense pressure. Furthermore, the news about Dhaka city air reported to contain higher proportions of lead and CO is also a cause for concern. The noise levels from the constant traffic has become intolerable and the water of rivers around the city are filled with filth. City dwellers are already affected with various contagious water borne diseases. This pollution is spreading

as factories are being forced to the peripheries because of the ready availability of land and labor there. The use of industrial chemicals is not only damaging the environment but also creating dangerous health risks for the millions of people who are forced to live in those areas. People have been going about their daily lives as they are either unaware of this serious issue or they are not bothered. However, this has to change before the whole city becomes a concrete slum. City institutions should reach to its citizens and raise awareness. City Corporations and other service organizations will be held accountable, thus, they must implement projects based on environmental impact assessment.

Urbanization, Climate Change and Disaster Risk Management Another reason for which people have been migrating to the cities is to flee from the impacts of climate change - increasing floods, cyclones, and drought. The capital city, Dhaka, is vulnerable to recurrent natural emergency events including seismic activities with nearly 15 million people (more than one third of which are classified as poor). Around 350,000 migrants are moving to the city each year but the city has failed to keep up with the pace of its growth for the land use, planning regulations and emergency service delivery. Similarly, Sylhet, the country’s third largest city, suffers from a responsive, rather than

proactive approach to urban management and development. It is also Bangladeshâ&#x20AC;&#x2122;s most exposed city to seismic risk. Now, there are some questions that need to be answered. These include: i. Do we know what to do where to go and how to face an unexpected situation related to natural or manmade disasters? ii. Do we have any idea regarding what climate change means to us? iii. Do we have community (or ward) specific emergency preparedness and management plans? iv. Do we have fire extinguishers and training in each and every buildings, markets and settlements? There are numerous other similar questions but I am afraid the answers are missing. Fundamental deficiencies in the emergency management system and the lack of the local capacity to conduct search-and-rescues often lead to slow response processes that rely on ad-hoc decision making. There is still hope as the Bangladesh Government along with City Corporations and its development partners are developing a Standing order of Disaster (SoD) which is a dynamic document to follow in case of such emergencies. It is understood that to reach a common goal to reduce disaster risk and to ensure urban resilience in Bangladesh there is a need for a comprehensive multi-sectoral approach, equipping emergency operations centers and interoperable communication systems to exchange information, www.ibtbd.net

search and rescue equipment across agencies and help capacity building. What we also need to do is to translate those directions and plans so that people are more aware and involved.

Sustainable Development

In Bangladesh, development history shows that urban populations have been deprived of development attention by the government and perhaps it has yet to recognize adequately that growth in urban centers is linked with national growth and economic development. We are aware that some development theories like Modernization theories and Rostow’s Five stages of development theory were wrong as they thought that development in some areas would trickle down development to the rest, but that did not happen and the majority of people in underdeveloped countries have had the same living standard as in the past. On the other hand, there were those who could pick up on the development trail and benefit from this growth as they were close to epicenter of development. However, after the Rio De Janeiro Sustainable Development Summit, UN Habitat policy makers of developing countries were able to take into account urbanization as a policy priority. There are several projects now in progress in Bangladesh by the government and different development agencies. These programs have been initiated to provide assistance for urban development towards poverty reduction, infrastructure development,

private sector development and water-sanitation improvement. They are supported by the Asian Development Bank, Action Aid, BRAC, Concern, Global Facility for Disaster Reduction and Recovery (GFDRR), GIZ, JICA, Practical Action, Save the Children, Sanitation, Hygiene, Education & Water (SHEWAB), Urban Partnerships for Poverty Reduction (UPPR), World Bank, World Vision, and many others. The major challenge of development initiatives is to involve dwellers in the assessment, analysis, planning and implementation of the development process. Also, during this process, it must be taken into consideration that dwellers of different geographical locations within the cities may not have the same lifestyle, livelihood, consumption pattern and socio-economic stratifications. Overall urban governance should be strengthened. A bottom up approach with participatory planning, people empowerment and inclusiveness is the key to sustain the impact of the development processes.

Urban Development Center

I remember the UNICEF supported a Slum Improvement Project (SIP) for implementation by the Local Government Engineering Department with City Corporations and selective Municipalities in Bangladesh during 1985-1995. In 1996, a revised model of this was introduced as the Urban Basic Service Delivery

City institutions should reach to its citizens and raise awareness. City Corporations and other service organizations will be held accountable, thus, they must implement projects based on environmental impact assessment.

services including primary health care, income generation, legal aid for slum dwellers. UBSDP played a major role in establishing linkages with some NGOs and service agencies including those in the private sector. Local elected representatives, particularly Ward Counselors (then Commissioners) played as chair and we observed a fair amount of interest in the community through UBSDP. I would like to explore further, after two decades, the efficacy of the UBSDP and whether it has been able to bring about the desired changes in the life of the slum dwellers, the urban poor and the potential for sustainable development.

Challenges

Project, which became operative in 1997 and ended in 2000-2001 with an understanding with the City Corporation to take the program forward. The ultimate goal of the Urban Basic Service Delivery Project (UBSDP) was to improve the quality of life of the slum dwellers. In accordance with the UBSDP, the Urban Development Centers (UDC) were established in each and every ward of the city corporation both in Dhaka and Chittagong were, in general, appropriately located within or close to respective slums. The centers served as classrooms for non-formal education as well as other

The difficulty in dealing with the pressures that urban populations put on infrastructure, basic services, land, housing and the environment have led to the declining livability of the region’s cities. That fosters what the report calls “messy and hidden” urbanization that constrains the concentration of economic and social activity that could bring about faster improvements in prosperity. There are between 16 and 40 different bodies involved in urban matters in Dhaka alone, however, they need to put in a much more cohesive effort to make the urban life in Bangladesh at least acceptable. The writer is a development practitioner. He is a contributor for many national and international conferences and publications. He can be reached at hoqueka@gmail.com.

Op-ed

was blessed with the opportunity to participate in the 2016 edition of the Critical Interdisciplinary Course on Childrenâ&#x20AC;&#x2122;s Rights (CICCR) from 28 August, 2016 to 9 September at the University College Ghent in Belgium. I was selected among 1,000 candidates from all over the world to participate in this insightful program with the prestigious VLIR-OUS scholarship which covered accommodation, round-trip plane fare, and daily expense. This year, the program welcomed 35 participants from 18 nationalities and 4 different continents. I was chosen to represent Bangladesh. The course organizers main aim was to achieve an equitable geographical representation of participants from all continents.

Facilitating a Better Future POLICY

By Mehrin Karim

The international training program, Human Rights for Development (HR4DEV) has been organized in Belgium since 2012. In 2012, 2014 and 2015, the program consisted of a recurrent general module (two weeks on human rights and development), and a variable thematic module (in 2012 & 2014: children's rights; in 2015: transitional justice). In 2016, the course is still organized within the institutional framework of HR4DEV, but consists of one thematic module only, focusing on children's rights. The children's rights module builds on interdisciplinary courses that have been organized by Ghent University (and, at a later stage, jointly with University College Ghent and Antwerp University) since 1996. In 2009, Flemish expertise on children's rights was pooled in the Children's Rights Knowledge Centre (KeKi), which became the new host of the children's rights course. It was a two weeks’ course which thematically focused on children’s rights governance between the local and the global. The course was aimed to promote knowledge, insight, and skills in the field of children’s rights, as well as to develop young leaders in policy, practice, and academia. More specifically, it intends (a) to enable the participants to transfer this knowledge and these skills to their own society and working environment (according to the train-the-trainers model), and (b) to stimulate critical and strategic reflection on the integration of children’s rights in their professional activities. The organizers have explicitly opted to expose participants from the North and the South to the views of participants from other continents. Information, knowledge, and means that are relevant in both of these regions were shared. On the first day, upon arriving at the beautiful City of Ghent which is also known as the City of Lights, we were taken to a very beautiful old pub called Vooruit where we had a meet and greet session with the other participants from the other countries and also the wonderful organizers. They worked effortlessly to facilitate the program. Ghent is part of the Flemish region, which means the official language is Dutch. Known as Gent in Flemish and Gand in French, Ghent was medieval Europe’s largest city outside Paris. Sitting on the

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junction of the Leie and Scheldt Rivers, it was the seat of the counts of Flanders, who built a fearsome castle, Het Gravensteen. Today, Ghent is Flanders’ biggest university town and an important Flemish cultural center. The city center offers numerous shops and restaurants and is also a showcase of beautiful gothic buildings. Some people understand French, and most of them will speak a bit of English too. Young people tend to be quite fluent in English. Nevertheless, the organizers taught us a few phrases like “Bedankt!" (thank you) and "Goeiemorgen!" (good morning). Our first class started on the 28th of August where we are handed The Routledge International Handbook of Children’s Rights Studies which was used as a reference work during the entire course. We had an ice-breaking session where all the participants had to sit in pairs and instead of introducing ourselves; we had to introduce each other. There were participants from various disciplines ranging from researchers like myself from multiple academic disciplines to policy-makers and practitioners working on matters concerning youth and children’s rights. In a first cluster, the course mapped the potential and limits of various academic disciplines in understanding children’s rights (3 days). The second cluster looked at children’s rights from a contextual perspective, drawing on academic and hands-on experience about children’s rights in a diversity of local contexts (2days). Finally, four topics

at the intersection of local and global children’s rights issues were explored in a third cluster (4 days). Children’s rights are also seen as a potential lever to change the social relations in our society towards a more human dignity for children and young people. Methodologically, CICCR program consisted of lectures, workshops, an individual assignment, a field visit and active discussions. The lectures were presented by distinguished experts from Flanders and abroad and were followed by Q&A sessions and time for discussion. There were small working group’s discussions where we were given a scenario and we had to discuss the problems and formulate policies. I discussed the child marriage and child labor problem that is widely prevalent in our country and how government, other NGOs, and civil organization are working to tackle this grave problem. Most of the African participants talked about Female Genital Mutilation (FGM) that is still occurring in many African countries. We were not only confined to classes, we were taken on a tour in bikes where our instructor showed how Ghent is a child-friendly city. Ghent is a city, committed to fulfilling children’s rights. It is a city where the voices, needs, priorities and rights of children are an integral part of public policies, programs, and decisions We were taken in different parks which were situated all over the city. They have hospitals where children can play when waiting. Children and youngsters enjoy easy and

safe transportation in the city. All the choices and decisions made by the municipality are taking into account the views of children and youngsters. They can ventilate their opinions, they know that their feelings are taken seriously and they are involved in regards to

decisions that affect them. Child-friendly service desks, Child- and youth library, and even cemeteries are built in such a way with attention for kids. I was really amazed and impressed with how priority is given to children who will be the future builders of the country. This really opened my eyes on how they put so much emphasis on children rights, and Bangladesh can learn from these. We were all very sad when the two weeks program came to an end. All the 35 participants including the organizers and the mentors became very good friends. On the last day, we were taken on a boat ride for lunch to an old church which has now been transformed into a cafe where food is given at a subsidies rate. It was a beautiful structure with intricate murals on the ceilings. We were handed our certificates upon the completion of the program. Overall, it was a very memorable experience and insightful program and I would suggest anyone interested in Human Rights participate in this course for the next year.

FEATURE

The Productive Crescendo CORPORATE

By Shaikh Ashfaque Zaman

From tracking the best traffic routes to tuning their voices to everything from Rihanna to Journey, the team of GoBD ventures into territory seldom explored by corporate companies - the karaoke stage. ICE Business Times had the pleasure of joining the team as they gathered at Bistro E’s Club Room, after a hectic workday to sing away the stress, while discussing the cornerstones of productivity. The session started with COO, Farhan, requesting CEO, Qasim, to provide a heartfelt rendition of “Don’t Stop Believing”, a song that perfectly fits this startup as they expand their operations with GO Fetch. After a high pitched and soulful session, Qasim smirks at the prospect of challenging a rather dapper Kazi with “I’m too Sexy” given that the Director of Operations has brought sharp sartorial sensibilities amongst his many other skills. The team nods their head in approval as they all admit to making a greater effort upon Kazi’s initiative to “make the team dress a little better”.

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F ollowing the chuckles of his rather comical performance of the eccentric classic, Kazi is given a standing ovation for being a team player. He passes the mic to their reserved Software Engineer, Tareq, who is initially apprehensive to leave the fortress of solitude provided by programming on a computer. Kazi instinctively requests Tareq to chant to the gyrating beat of Rihanna’s “Work”; his choice is followed by an uproar of laughter because every member knows of Tareq’s limited knowledge of pop music. Ironically, the song befits the engineer because, in his words, “[he] finds solace in his labor.” After breaking out of his comfort zone and offering an energetic dance with the

The gang getting together for karaoke.

catchy chorus, a more confident Tareq sets his sights on making his boss loudly “sing” (rather holler) the “Imperial March” (aka the Darth Vader music) from Star Wars. Tareq explains that this song is for Farhan who often plays the balancing role of keeping everyone in check and does not refrain from being the “bad guy” when a deadline needs to be met. After losing a part of his voice to humming, Farhan sets a lighter tone with the newbie of the group Sakeef. The Deputy Director is requested to sing the 90’s Spice Girl classic “Wannabe”. Given that this is his first offsite

hangout with the team, the songs seems appropriate to break the ice amongst them. The rendezvous concludes with a stirring performance of the Gloria Gaynor’s disco staple, “I Will Survive”, by founders Farhan and Qasim. Because though they started with novel products for traffic and home deliveries they intend not only to thrive, but to become a force to reckon with.

BETWEEN THE RENDITIONS

The GoBD team postulates upon the markers of

productivity and how they are continually growing: Acquiring Attitude: As a founder, I find this to be one of the pinnacles of a prolific team; you can choose to act in a destructive manner or a constructive manner in order to complete the task at hand. Attitude is also complex in the sense that it has a trickle-down effect. The manners in which you interact with your subordinates with eventually make its way to the rest of the team. If you approach your task or your peers with negativity you will simply allow for an undesired environment that no member of the team will want to participate in. Nevertheless, you want to maintain a balance in which your team does not become lenient to the point where the day to day function is too relaxed to put out any profitable output. And therein lies the rub. Even though there is a system of hierarchy, each and every member must have a sense of mutual respect. (Qasim H. Rana, CEO) Constructive Criticism: I think a prerequisite to delivering any criticism is to self-criticize and be cognizant of one’s own drawbacks. For example, I am known to have a short fuse and everyone can attest to that. Therefore, when I recognize a shortcoming or erroneous way amongst my colleagues, I reflect on how I would like it to be handled. This self-awareness is something that I feel comes from maturity and experience. I understand the desire to sugar coat the matter in

Battling Bias: As a new director, the lines of bias seemed blurred at first because it seemed like the older members were in their own bubble. With time I realized that removing bias means understanding each individual and how they are specifically productive. For example, some are more efficient at night while others during the day. One must focus solely on the individualâ&#x20AC;&#x2122;s performance and how satisfactorily it is being undertaken. Furthermore, with experience, any professional must have the cerebral and intellectual ability to compartmentalize the dynamic with their colleagues within and outside the office. Though I

An enthusiastic performance by Kazi.

order to create a warm environment for nurturing especially for team members that are new to the workforce, or are still learning how to adjust from a more stable working environment than to the utter chaos of a startup. It is imperative to take criticism like an adult and take those words into consideration in order to progress as a professional. The key then is effective criticism, which is a skill I am learning even now. You must be reasonable yourself to turn those words into actions, without allowing a critique to turn into a tribunal. Leaders must ask themselves as to how they are going to provide that criticism as a sort of feedback of performance and how the respective team can best handle that critique to grow. Provide criticism with empathy and a solution to rectify the matter. (Farhan A. Rahman, COO)

was a core participant in Farhanâ&#x20AC;&#x2122;s recent wedding festivities, I knew it was necessary to leave emotional attachments outside the office when I entered the workspace and made it a conscious point to display that I compartmentalize my professional life from my personal life. On the other hand, if there is personal bias from a supervisor, the other employees should observe the rationale behind it. Personal bias does often come from a justified underlying reason of the individualâ&#x20AC;&#x2122;s functionality and that form of bias can empower the high performing employee to increase their functionality. Obviously this is a double-edged sword and

must be wielded very carefully. No person should think they can get away with prolonged unprofessional behavior without consequences, but there are folks here who bring so much value that we have to give them a little leeway. (Kazi Tahmid Imam, Director of Operations) Doing Away with Distractions: My work is predominantly cognitive and anything that diverts my attention from the matter at hand can hamper its quality. Human beings are not programmed to multitask; they are more equipped to tackle one matter at a time because it causes us to switch context too often. With the advent of social media, distractions seem to have exponentially

increased. It is best to treat these distractions like breaks. Only allow yourself to be distracted when you feel yourself burning out and cannot function efficiently anymore. Monitor how much time you spend working and being distracted, closely paying attention to the duration of time to complete the task when you allow yourself to be distracted and when you complete it at one go. Use your phone, watch a video, or check your Facebook feed when you need to de-stress. Distractions can also occur because of the various communication channels, therefore streamline all of this to one medium in order for every team member to be alert to any notable issues and updates. Finally, find a balance between the professional distractions that you would allow entering the realm of your personal life because this will translate into when you perform within the working field. (Tareq Aziz, Software Engineer) Stay Away from Stress: Upon joining a start-up company, I was fully aware of the fact that I would be taking on a great deal of stress and working hours www.ibtbd.net

would be rather hectic. Though stress comes in many forms, our brain treats it with one response, and that is of short-term gain in order to survive. When we undertake too much stress, as I have at times, the final output is not of the quality that is required; I sometimes look at the product or service I have delivered only to be dissatisfied with the subliminal work. You must understand your individual capacity and how much your brain can undertake at a time. After working 16 to 18 hour days for a week, you should rest your brain because your mental and physical health will ultimately affect your productivity. I admit that this has happened when workload spikes during certain months, but I am glad that it doesn’t happen too often! It diminishes the incentive to feel a sense of accomplishment from your profession. A task will seem of greater difficulty than it actually is. (Sakeef Ahsan, Deputy Director) Orchestrating Go! Fetch Starting in 2014, GoBD has successfully expanded to Go! Fetch. As a tech-enabled logistics company, they believe that technology is the gateway to advancing into a prosperous nation. Go! Fetch will focus on two major facets: consumer facing, where individuals can order anything they want on demand and supporting their business partners such as Daraz, Bikroy and many more e-commerce platforms. The main idea is to increase the flow of transactions between customers and companies by decreasing the mileage between them. The highly insightful

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Tareq provides an energetic show with his rendition of “Work”.

technical team has incorporated active tracking with custom-designed algorithms to ensure that the customer is provided with the best of service and constant feedback of their purchase. The key to that, says Swagata Prateek (CTO) is to leverage technology and all the benefits that automation has to offer to let consumers and customers to spend more time on the things that really matter - as opposed to the hassles of knowing where to go, how to go there, and what to do once you get there. He elaborates, “Technology exists to improve human productivity, and in our

cases, we have been able to find the missing link that can create exponential leaps in the way businesses operate and manage sales forces, equipment and human resources. There is a long way to go before we get to that, but with our external partners and sponsors, who have an excellent unique opportunity to see this case-study in real time with real people, and (hopefully!) make a real statement of the fact that the right technology can have a wonderful effect on our client’s organizational efficiency.” The Fetch app is taking the delivery services of

Bangladesh to the next level as they will allow the consumers to receive deliveries for everything from groceries to electronics. The team strives to make anything and everything that is in demand available at every Bangladeshi’s doorstep so the only thing that you have to fetch is yourself is you credit card or wallet. With this vision, the team is currently opening branches in Dhanmondi, Uttara, Mirpur and Polton. They plan to expand to Chittagong, Khulna, and Sylhet in the upcoming year - For Business Clients & Private Customers as well.

BISTRO E PROVIDES AN IDEAL ENVIRONMENT

Scenically located by the Gulshan 2 Lake, Bistro E is a sophisticated space within the center of Dhaka. The Club Room at Bistro E offers an optimal space that is adaptable for all types of functions from meetings, seminars, private lunches or dinners, to cocktails and unplugged musical performances with friends and colleagues. The projector, speakers, and state-of the art technological provisions make it the perfect space for corporates and others to hold any sort of event. They can choose from Bistro E’s eclectic and delicious variety of appetizers, main dishes and desserts or work on a private/customized menu with the chef to ensure that your next event will be flawless. For further enquiries on having your next event, please call +88 0179 9337700

Beyond the Business

Singing up the Corporate Ladder By Subah Ali

W hile corporate retreats and picnics are becoming more difficult to organize and execute, one unusual activity is harmoniously bringing co-workers together- karaoke. Although Karaoke (Japanese for empty orchestra) is immensely popular as a social form of entertainment, it is just now that people are starting to realize the benefits of karaoke amongst co-workers.

Excellent team building exercise

While trust fall exercises have been around for a while, it doesn’t help build as much trust as singing your heart out in front of your colleagues. It helps strengthen unity while being much more fun than having to fall on someone.

Builds common ground

Starting conversations with co-workers might be daunting, especially when you don’t know much about them. However, since almost everyone has a passion for music, talking about it makes much more of an engaging conversation than talking about the weather. It helps people get to know each other on a personal level.

Stress reliever

After a hard day’s work, nothing beats blowing off steam in a carefree environment with lots of junk food, and familiar songs playing in the background. Take it one step further by karaoke-ing with a group over a nostalgic song, and feel all the tension go away.

Two birds, one stone

No one will debate karaoke is fun, but it also helps improve social skills and boosts confidence. If you’re someone who needs to improve their presentation skills, or public speaking; give

karaoke a shot. It helps people loosen up, and holding a mic alone is enough to make someone feel empowered.

Efficient work environment

The fact that happy workers equals to productive workers is economics 101. If employees get along, and make merry with each other, this will benefit not just the firm, but the workers themselves. Studies have shown that increased relations with co-workers lead to employees feeling better about work, and increases their output and efficiency. www.ibtbd.net

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Mastery from the Maestro By Shaikh Ashfaque Zaman

elatively unknown, Amazon’s comedy-drama, Mozart in the Jungle, gained the recognition it deserved during the 2016 Golden Globe Awards when it won Best Television Series-Comedy. The series unfolds the ups and downs of the New York Philharmonic Orchestra under the direction of the rather unconventional maestro, Rodrigo De Souza. The drama entails an ensemble cast of orchestra members which

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is reminiscent of any corporate body; each and every member plays their instruments to produce a melodic harmony. ICE Business Times draws inspiration from the rather unconventional maestro and how he leads his team to success: • “We are notes in this beautiful concert of existence. If we don't play ourselves, nobody will.”- It is upon each individual to understand their responsibilities and act accordingly. We cannot expect other to act productively if we do not do so ourselves.

•

“Sometimes, when we lose our way, we must return to the basics. That’s where the beauty lies” Any company, symphony or individual may lose their gravitas; experiencing the worst phases of our lives should remind us to look to the past for inspiration. “You say ‘amateur’ as if it was a dirty word, ’Amateur’ comes from the Latin word ‘amare’, which means to love. To do things for the love of it.”The maestro reminds us that anyone pursuing their passion cannot be deterred if they are driven.

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TRAVEL

How to get there

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Biman and Novo Air fly out of the Dhaka airport directly to Yangon (the capital of Myanmar) on alternate days. While the eighty minute flight is far from luxurious, given the small aircraft and lack of in-flight entertainment, it is perfectly adequate for that short duration. (On a side note, while the Biman flight back was three hours late, it was a larger aircraft and had a wide selection of in-flight entertainment). Yangon airport left us all in awe with its modern appearance. The immigration process and baggage retrieval were incredibly smooth and we were at our hotel in no time. Taxis and SIM cards were easily available at the airport as well.

Magical Myanmar Text: Kaavya Rajesh Pictures: Kaavya Rajesh and Rajesh Ramakrishnan any people refer to the country of Myanmar as Burma. However, that is politically and factually incorrect. The Burmese are actually the largest tribe in the nation of Myanmar that has more than 150 tribes. Recently Myanmar was in the news regarding the Rohingya crisis, but the conflict is restricted to the Rakhine state and the rest of the country does not seem to be affected by it. Another preconceived notion that we had is that Myanmar would be less developed than most countries due to its political isolation, which was also wrong. Myanmar is beautiful, clean and certainly a country worth visiting.

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Yangon

The bustling capital of Myanmar appears to be like your regular metropolitan city in a developing nation. However there are a few surprises in store for travelers. The Shwedagon pagoda is a massive structure that dominates the city. Its golden stupa is the biggest one of its kind in the world. It contains several gleaming meditation halls and statues of Buddha. The large temple is frequented by locals and tourists alike. One of the oldest temples in Myanmar, the Sule Paya at the City center, also shimmers a bright gold under the sun. It is surrounded by important buildings such as the Town Hall and High Courts which are a testament to its colonial past. When walking around the downtown area, you can observe many small food stalls and vendors selling fruit and snacks. At the Scottâ&#x20AC;&#x2122;s market, now called Bogyoke Aung San market, which is a large indoor market in downtown Yangon, you can shop for everything from shirts to expensive rubies and sapphires.

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Bagan

The charm of this town, a mere forty minute flight from the capital, is captivating. It is a place where you can certainly get your fill of pagodas, both temples and stupas. In my opinion the best way to see the city is via bike, whether electric or manual. Bagan is one of the only cities where you can cycle along the roads and stop to explore abandoned payas or temples. But if that doesn't interest you much then just a day in the Bagan Archeological area is enough. I fully recommend the hot air balloon ride as itâ&#x20AC;&#x2122;s an amazing way to see the entire city in just an hour while catching a gorgeous sunrise. We visited the beautiful Ananda temple which has many souvenir shops at its entrance and four large statues of Buddha. Another interesting pagoda is the Shwesandaw which is also a great place to see the sunset. The lacquer industry in Bagan is very popular and you can visit any family business to see how lacquer objects are made. It is an intricate process that sometimes takes up to 18 months. By the end of the session, youâ&#x20AC;&#x2122;ll be knowledgeable about lacquer making and will be more experienced in identifying fake lacquer.

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Inle Lake

This lake city is beautiful and the only way to get around in it is via boat. We landed in Heho airport and then it was over an hour long drive to Inle. The pagoda forest at Inthein village contains over a hundred stupas varying from large gold structures to those made of brick that are slowly crumbling away and yet still possess a certain charm. Other than the pagodas you can also venture into villages and see how the locals earn their livelihood. Watching the process of weaving using silk or lotus stem fiber can leave you with a sense of awe. I had never realized what a laborious and time consuming process it was to convert fibers from lotus stems into lovely shawls that are sold for over a hundred dollars. You can also visit cheroot making workshops where the women expertly roll cigars using cheroot leaves and flavored tobacco. We saw plenty of fishermen on their narrow boats, precariously balanced on one leg as they row and cast their nets. If youâ&#x20AC;&#x2122;re lucky, in the evening you can watch the fishermen weighing and selling their dayâ&#x20AC;&#x2122;s catch of fish. However, if you get seasick, Inle is not the place for you! Boat rides from resorts to any of these locations are all about an hour long.

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FOOD Getting good food in Myanmar is very easy. Most restaurants have menus in English along with at least one English speaking waiter. The food is similar to Chinese cuisine in the Shan area but quite different in others. My advice is try out the small local restaurants instead of the larger ones, since the food there is fresh and not as expensive. Rice is a staple and the Mohinga fish noodle soup is a must. The tea leaf salad is a delicacy native to Myanmar and is certainly worth a try. If on your last day you want to dine in style, go to Monsoon. It is a great Burmese restaurant in Yangon with a huge variety of delicacies from all over South East Asia. You can also try the Rangoon Tea House in Yangon to get a flavor of the local cuisine. Nearby is Sharky’s, a place which has a variety of continental dishes and organic fare.

DO’S • Get a local SIM at the airport as it’s very convenient • Get a guide when visiting pagodas in Bagan and the lake at Inle to hear interesting historical stories and legends. • Ask the hotel to call you a taxi and negotiate the price as it’s not a fixed rate • Try and plan your visit between November and March as that’s when the weather is good • If you want to protect yourself from the sun, then either bring sunscreen or buy the local Thanaka paste. Most people there make it at home and it helps keep your skin cool • Be polite and patient while interacting with the locals since some of them may not be that fluent in English

DON’TS • Don’t wait until you reach the city to exchange money, the rates in the airport are much better • Don’t carry only shorts as you will need long pants when you enter pagodas [else you will have to hire longyis / sarongs] • Don’t visit Mt. Popo in Bagan; it’s a tourist trap and not worth it. Yes, you get a good view, but what’s not mentioned in the brochures are the many monkeys that may try and steal your food • In Yangon, don’t bother taking the circular train. It is an over-rated way of seeing the city. I would recommend walking or even taking a taxi.

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International

The Trump Cards BUSINESS AND POLITICS nd so itâ&#x20AC;&#x2122;s happened. Donald Trump is the 45th President of the United States of America. Never mind the pre-voting polls. Never mind the fact that no major, if any, newspaper endorsed him. Forget about the New York Timesâ&#x20AC;&#x2122; bold prediction that it will be a landslide victory for Hillary Clinton. The American people have spoken and they have picked their new Commander in Chief and he will be in the Oval Office till 2020.

By Sheahan Nasir Bhuiyan

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Donald Trump

President Trump, who bills himself as a savvy businessman (he drove six of his investments into bankruptcies) will “Make America Great Again” by bringing jobs back to America but even he cannot manage that on his own. To make things easier, he set up the President’s Strategic and Policy Forum, made up of 19 of America’s biggest business leaders, including former CEO and Chairman of General Electric, Jack Welch; current Chairman and CEO of The Walt Disney Company, Bob Iger; and even Elon Musk, CEO of Tesla Motors despite being an outspoken critic of the President. The Forum will be chaired by Stephen Schwarzman, the billionaire co-founder and CEO/Chairman of private equity giants Blackstone Group. The group was created to provide the President with regular updates regarding the ongoing of the private sector and the opinions of these leaders as he seeks to boost business in America by lowering taxes, stimulating growth and reducing bureaucracy. It was not mentioned how often they would meet but the first of these is scheduled in early February and then meetings will occur on a “frequent” basis. The Forum is somewhat inconsistent with Trump’s campaign rhetoric which consisted of a lot of anti-establishment, anti-elite agenda. In his inauguration speech, he spoke about giving power back to the people. How best to achieve that but to assemble a mega rich band of corporate leaders and elites and giving them the chance to influence policy decisions. But, to Trump’s credit, at least his assembled cast of billionaires is not a collection of Trump fanboys. Leaders like Musk and PepsiCo CEO, Indra Nooyi, have liberal viewpoints and are staunch critics of the President. While some in the left feel that these leaders have jumped ship, others feel that having some liberal presence in the Forum will ensure progressive views are at least on the table.

So who are these 19 leaders who will potentially shape America’s future?

Stephen A. Schwarzman

rights groups for challenging public companies through shareholder activism. He is a critic of President Obama’s Dodd-Frank regulation, drawn up to regulate financial markets, a policy that the new President wants to dismantle.

(Forum Chairperson) Chairperson and CEO, Co-founder, Blackstone

Mr. Schwarzman co-founded Blackstone in 1985 and was involved in all aspects of its development as it became the largest alternative asset management company in the world with $361 billion assets under management (as of September 30, 2016) and 300,000 employees across its American portfolios alone. He is also an avid philanthropist and supports education, health, and athletics through numerous donations and programs. Mr. Schwarzman served as an adjunct professor at Yale School of Management and on the Harvard Business School Board of Dean’s Advisors.

Mary Barra

Chairperson and CEO, General Motors

Mary Barra is about to embark on her fourth year as the CEO of General Motors. She was a big friend of the Obama Administration, having a reputation as Obama’s favorite CEO. She’s had her fair share of ups and downs, being in charge of GM during its 30 million car recall period before being named “World’s Most Powerful Woman in 2016” by Forbes.

Elon Musk Paul Atkins

CEO, Patomak Global Partners, LLC Former Commissioner of the Securities and Exchange Commission

Mr. Atkins founded Patomak Global Partners in 2009 to provide strategic regulatory, compliance, and litigation support services to companies operating in global markets. From July 2002 to August 2008, Mr. Atkins served as a Commissioner of the U.S. Securities and Exchange Commission. He is against labor unions, environmentalists and gay

Chairperson and CEO, SpaceX and Tesla Motors

Elon Musk is a visionary. With Tesla Motors he is bringing electric cars into the mainstream. With SpaceX, he is privatizing space travel. In both his companies, the level of innovation is extremely high. SpaceX is the recipient of NASA contracts to deliver goods into space in a cost efficient manner while Tesla Motors is trialing driverless cars. Mr. Musk was an open supporter of Hillary Clinton during the elections going as far as to say “I think a bit strongly that (Trump) is probably not the right guy for www.ibtbd.net

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the presidency, and wouldn't be the best candidate to represent the U.S. abroad”. It will be interesting to see how this marriage works out.

with the Obama administration as well and may offer differing views on dismantling Obamacare than President Trump. He proposed a solution which brings different hospitals specialising in different healthcare options to create a system of networks providing efficient service.

clients. BlackRock currently manages more money than any other investment firm in the world. Mr. Fink is a Democrat and was openly seeking the Secretary of Treasury post should Hillary Clinton have won. Mr. Fink believes investing in infrastructure would lead to a boost in the economy, a notion shared by President Trump.

Indra Nooyi

and consumer sectors. Under him, the BCG has partnered with World Food Programme, Save the Children, and WWF through strong investments in creating social impacts. Mr. Lesser is a member of prominent leading organizations such as the World Economic Forum’s International Business Council, and the US Business Roundtable.

Chairperson and CEO, PepsiCo

Indra Nooyi leads PepsiCo, a company that has made more than $63 billion in annual net revenue of which $35 billion was in the US alone. PepsiCo is America’s largest food and beverage firm, employing over 110,000 people across 100 plants in the United States. Ms. Nooyi, an Indian born American, was an open supporter of Ms. Clinton during the general election. After the elections, it is reported that her daughters, employees, especially LGBT and non-whites were devastated and was asking her if they were safe. Her inclusion in this forum is perhaps the most interesting given her high profile support to Mrs. Clinton and the views of her employees in light of Mr. Trump’s victory.

Jamie Dimon Chairperson of the Board, CEO, JPMorgan Chase & Co

Mr. Dimon has led JPMorgan and Chase since 2005. During the run up to the election Mr. Dimon has criticized both candidates (Hillary Clinton and Donald Trump) and claimed that their rhetoric against each other is helping no one. He further went on to claim that Americans were manipulated by the media, specifically naming MSNBC and Fox News. Before joining JPMorgan and Chase, Mr. Dimon held high posts in Bank One, Citigroup Inc., Travelers Group, Commercial Credit Company and American Express Company.

Bob Iger

Chairperson and CEO, The Walt Disney Company

Bob Iger leads one of the world’s largest, respected and beloved media companies in the world. He was named one of the “Best CEOs” by Institutional Investor; MarketWatch CEO of the Year; “CEO of the Year” by Chief Executive; and one of the “25 Most Powerful People in Business” by Fortune, which also recognized Disney among “America’s Most Admired Companies.” Mr. Iger serves on the Apple board of directors and has been a board member of the U.S-China Business Council since 2011.

Doug McMillon President and CEO, Wal-Mart Stores, Inc.

Mr. McMillon became the president and the CEO of the world’s largest retailer in 2014. One of his first moves as CEO was to raise the wages of 500,000 Americans working under him. Mr. Mcmillon’s political contributions shows he tends to lean towards the Republican side.

W James (Jim) McNerney Jr.

Former Chairperson, President and CEO, Boeing

Toby Cosgrove

Larry Fink

CEO, Cleveland Clinic

Chairperson and CEO, BlackRock

Dr. Toby Cosgrove is a former surgeon for the US Air Force who currently presides over Cleveland Clinic, an $8 billion healthcare system. Dr. Cosgrove was very friendly

Larry Fink is Founder, Chairperson, and CEO of BlackRock, a global leader in investment management, risk management and advisory services for institutional and retail

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Rich Lesser

President and CEO, The Boston Consulting Group

Rich Lesser has continued BCG’s growth both in the US and internationally, and has led investments in development economics, specifically in the healthcare

Mr. McNerney was in charge of Boeing when it overtook Airbus as the world’s leading commercial airplane brand, securing the highest deliveries and becoming the biggest exporter. Mr. McNerney’s achievements as CEO include maintaining a strong position in defense markets despite a downturn in U.S. military spending;

restoring Boeing's historic leadership in human spaceflight with major new program wins; and expanding its engineering and manufacturing footprint inside and outside the United States. Boeing's financial performance steadily improved under Mr. McNerney, with revenues rising % to a record $96.1 billion in 2015 from $52.5 billion in 2004, the year before he became CEO.

Adebayo “Bayo” Ogunlesi Chairperson and Managing Partner, Global Infrastructure Partners

Mr. Ogunlesi manages Global Infrastructure Partners, a private equity firm with more than $35 billion in assets under management which invests worldwide in infrastructure assets in the energy, transport, and water and waste industry sectors. Being Nigerian and black, it will be interesting to see how he fares in his new role, especially in the face of President Trump’s rhetoric against non-Americans.

in a tax reform in early 2017, working together to scale up "new collar" jobs in areas such as cyber security, data science, artificial intelligence and cognitive business, focusing on infrastructure investments that incorporate Internet of Things technology, artificial intelligence and highlights secure infrastructure, and offering healthcare at a lower cost.

Kevin Warsh

Distinguished Visiting Fellow in Economics, Hoover Institution, Stanford University Former Governor of the Federal Reserve Board

Kevin Warsh is the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University’s Hoover Institution and lecturer at Stanford’s Graduate School of Business. He advises several private and public companies, including serving on the board of directors of UPS. In addition, he is a member of the Group of Thirty. Mr. Warsh served as a member of the Board of Governors of the Federal Reserve System from 2006 until 2011. Mr. Warsh is critical of the way the Federal Reserve is being run and suggested a new way of thinking for them.

Ginni Rometty Chairperson, President and CEO, IBM

Since taking over in 2012, Ms. Rometty has led IBM to new heights in Artificial Intelligence. Following the elections, Ms. Rometty sent a letter to then President elect Trump offering her support

Mark Weinberger Global Chairperson and CEO, EY

Mr. Weinberger leads one of the leading global

professional services organization that provides assurance, tax, transaction and advisory services. With 230,000 people in more than 150 countries, EY is one of the largest professional services organizations in the world. Mr. Weinberger is no stranger to politics and has been serving US politics since the Clinton era. He previously served as the Assistant Secretary of the United States Department of the Treasury (Tax Policy) in the George W. Bush Administration. Mr. Weinberger was also appointed by President Clinton to serve on the U.S. Social Security Administration Advisory Board, which advises the President and Congress on all aspects of the Social Security system.

Jack Welch

Daniel Yergin

Pulitzer Prize-winner and Vice Chairperson of IHS Markit

Dr. Daniel Yergin is considered to be one of the foremost authorities of the energy and political environment in the world. He authored The Prize: The Epic Quest for Oil, Money, and Power, for which he received the Pulitzer Prize, and of The Quest: Energy, Security, and the Remaking of the Modern World. Both the books detail the history of the petroleum industry and is considered to be Bibles for students in the subject. Recent oil productions have prompted him to encourage dialogue between oil producing countries and will likely be a key advisor to the President for negotiations between the US and Russia, OPEC, etc.

Retired Chairperson and CEO, General Electric

Jack Welch became a legend in the business empire after increasing GE’s value from $13 billion in 1981 to several hundred billion at the time of his retirement in 2001. Jack Welch is a Republican and threw his support behind President Trump in the elections. Welch is likely to be one of Mr. Trump’s biggest allies in the Forum with his views on environment, taxes, and regulations echoing those of the President’s.

Travis Kalanick CEO and Co-founder, Uber Technologies

Mr. Kalanick is the co-founder and the current CEO of one of the world’s largest ride sharing service, operating in 450 cities and 80 countries across the world. Mr. Kalanick seems to favor politicians on both side of the divide. He has Libertarian views and is said to be a big fan of Ayn Rand (he has backpedaled on this). On the other hand, he is a huge fan of Obamacare and went on record saying how beneficial it is for his business. www.ibtbd.net

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2016 Review

Great technology isn’t just efficient, it’s memorable and rises above the noise. The key to creating a standout tech service is all about helping people realize their dreams and passions. In this regard, G&R has had the good fortune of becoming a small part of the huge change in association with its partners, stakeholders and communities.

Here are some memorable moments from G&R’s journey in 2016: Growth in Ecosystem

G&R has been witnessing phenomenal growth in its internet audiences in last few quarters. They now have 65 million local and overseas Internet users who are visiting partner websites. Due to this growth G&R are now serving over 1 billion ads in a single month across its partner networks. Moreover, in 2016 G&R took some drastic steps to achieve a high fill rate and the results were tremendous which plays a major role in revenue optimization for app developers and publishers.

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G&R’s 2016 Recap GoromCha Email

G&R launched the beta of GoromCha Email, a work email service for Bangladesh. The aim was to bring innovation in work management tools for small and large businesses.

Go Mobile

G&R started its new era solely focusing on mobile advertising. To make the internet more meaningful for the mobile audiences in Bangladesh, G&R brought some unique features.

Paper Works

A major part of 2016 was spent studying different laws and regulations in Bangladesh and writing documents for their upcoming products and services. This was a exceptional way of learning.

Promoting Bangladesh

Promoting Bangladesh 2016 included a series of initiatives to encourage local quality internet businesses. In 2016 G&R promoted 10 local initiatives in partnership with Future Startup.

Internship Program

G&R Internship Program aims to help students learn and expand their knowledge to gain real life experience by working with industry leaders. They also learn from them. As we look back on the incredible year in 2016, we can only help but wonder what 2017 will have in store for promising tech companies like G&R. In the coming days, hopefully we will observe them making the right effort to build a better internet ecosystem in Bangladesh.

Tech

GAMING By Abhijit Asad

espite having been a hardcore PC gamer all my life, I have always followed the developments of the gaming console market with a great deal of interest. The myriad of developments in the console industry have often trickled into the PC gaming industry (and vice versa) in one form or another and the industries have enriched each other considerably over the years. While the PC gaming industry has undergone its share of changes and divergences, the changes on that particular plane have been nowhere near the tumultuous shifts that have ravaged the console scene since the emergence of the first home consoles. Atari, a major player in the console market in its infancy, was wiped out of the console hardware business by a ruthless market and disastrous sales, and the same fate also befell Sega, another console giant, in the late â&#x20AC;&#x2122;90s. Sony rose to fame in the same era with its PlayStation range

A Switch in Time of consoles (which helped to usher in a new age of 3D graphics before the masses), and the turn of the new millennium saw the rise of Microsoft with its Xbox series of consoles. Both Microsoft and Sony continue to remain major driving forces in the console industry of today, pushing gaming technology to their limits (although still lagging woefully behind what can be done on gaming PCs, but that is a story for another day). However, one stalwart company has existed from nearly the beginning of the age of home consoles, witnessing the rise and fall of dozens of competitors of all sizes across the eras, www.ibtbd.net

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while continuing to grow and to innovate. Nintendo first took the market by storm after the release of their Famicom console (also known as the Nintendo Entertainment System in western markets) in the early ’80s, which became a huge favorite worldwide after the release of its flagship title ‘Super Mario Bros.’. The series has become one of Nintendo's most successful series to date, giving rise to dozens of titles, with eye-watering collective sales figures that were in excess of 240 million games. Near the end of the ’80s, Nintendo also came up with the Game Boy, a simple portable gaming console that all but became an icon of the generation that grew up with it. Following the success of the Famicom, Nintendo went on to develop the Super Famicom (a.k.a. the Super Nintendo Entertainment System), another fantastic console that was easily the champion of the 16-bit era with titles that are spoken of lovingly to this very day. The next console, the mighty Nintendo 64 the first 64-bit gaming system was also very well-received. But by this time, Nintendo’s main competitor had also changed, following Sega dethronement by Sony, and in an attempt to stay relevant, they came up with the Nintendo GameCube, a solid offering which enjoyed considerable success. However, by the end of the GameCube’s life cycle, it was obvious that Sony and Microsoft were more than capable of taking on Nintendo, and in order for it to survive; it needed to evolve drastically. And evolve Nintendo did. Their new 2006 console, the

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whimsically named Wii, was a very different beast from its predecessors, moving away from conventional controllers and opting for a control system that was based on detecting the physical motions of the gamer using a unique pair of wand-like controllers. Rather than focusing on stunning graphics, the Wii was focused on touting its utterly novel gameplay experience front and center, which it did to tremendous success, managing to capture entirely new demographics who had never even bothered to touch a console earlier through its radical control mechanism. Needless to say, the Wii outsold both its contemporary competitors Microsoft’s Xbox 360 and Sony’s PlayStation 3 combined, despite having poorer graphics and tamer specs on paper, proving once and for all that the experience of the games matters far more than their graphics. The Wii’s successor, the Wii U (just when you thought the names couldn’t get any weirder), attempted to innovate upon the Wii by introducing a touchscreen-centric controller, and while it was successful, it came nowhere to matching the ridiculous sales figures of the Wii, necessitating the need for another massive development from Nintendo's drawing boards. Due to make an appearance in March 2017, the Switch is Nintendo’s latest foray into console design, and this time, it takes the design rulebook and mulches it with great abandon. Instead of designing separate consoles for home use and portable use, Nintendo has

Due to make an appearance in March 2017, the Switch is Nintendo’s latest foray into console design, and this time, it takes the design rulebook and mulches it with great abandon. opted to blur the line and create something new and wonderful that works both ways. The console is modular to the point of absurdity, with a central 720p touchscreen display flanked by a pair of detachable controllers called Joy-Cons. What makes the switch unique is that the console can be used in a great number of ways. Games can be played directly on the touchscreen or by using the Joy-Cons attached to its edges. For multiplayer purposes, the screen can be set down on a surface and the Joy-Cons detached for use by players for competitive or cooperative gaming. The whole experience can also be sent into home console mode by hooking up the tablet to a TV using its dock, allowing you to enjoy the games on a giant screen in 1080p from the luxury of your living room sofa. The experience gets notched up

yet another step when you realize that the Joy-Cons also double as motion controllers à la the Wii, opening up yet another new way for the same game to be experienced on the Switch. When in handheld mode, the Switch also intelligently scales down its performance to battery-friendly levels, offering up to six hours of gaming on a charge. Ever since its reveal, the Switch has been making massive waves in the console scene, and after seeing the extents of its versatility, it’s not hard to guess why that is so. However, with Microsoft and Sony also making innovations of their own by integrating cutting-edge elements of technology such as virtual reality, the Switch is also facing some serious competition, so whether its immense flexibility would end up being instrumental to its success still remains to be seen.

HAPPENING

Word of Mouth

The Youth Initiative By Shaikh Ashfaque Zaman Striving to highlight inclusive and sustainable development, the Bengal Institute of Architecture held an event entitled, The Fourth Industrial Revolution, The Youth Perspective. Upholding the same perspective as The Global Shapers Community, the event was catered to open a dialogue with young leaders. It was centered on two of the “Shapers”, Saif Kamal and Sohara Shahchi, who were two of the young Bangladeshis selected by the World Economic Forum to participate in the Work Economic Forum Annual Meeting 2017 in Davos. The event was opened with prolific speeches by Dr. Ahrar Ahmed, Director

General, Gyantapas Abdur Razzaq Foundation and Kazi Khaleed Ashraf, Director General, Bengal Institute as they expounded upon the necessity of the youth and their active participation an embodying the change that they want to see. This was followed by an insightful presentation on the 4th Industrial Revolution and how Global Shapers around the world are bringing about innovation. On the note of the revolution, the first panel started off with the theme of Preparing for the 4th Industrial Revolution. The enthusiastic panel discussed how technology, big data, and change in educational policy will

ensure the inclusion of Bangladesh in the revolution. The second-panel discussion, Industry 4.0 and Climate Change- the Path to Decarbonization, entailed an insightful discussion on environmental practices in order to ensure that Bangladesh is not further susceptible to the detrimental effects of global warming. Advanced Technology & Ideas Limited (ATIL), a concern of Advanced Group has introduced new project ‘Your Home’ with insulated lightweight construction material- Sandwich Panel. With Smart Packages & widespread design-variety, ATIL is providing complete residential solutions for rural housing, small & medium Farmhouses, economic community living, fancy duplex villa etc., catering to requirements.

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Assure Group Celebrated its 10th Anniversary on the 19th of January. The Honorable Chairman, Md.Sheikh Shadi, High officials and other special guests were present during the event

Prof. Dr. Md. Golam Samdani Fakir, Vice-Chancellor of Green University of Bangladesh has been awarded for his recent achievements in and contributions to Green University for developing and ensuring quality education in GUB by authority of the University on 23 January 2017

ICT Division, Robi and the countryâ&#x20AC;&#x2122;s largest online school, 10 Minute School, are going to work together for promoting digital education in the country. A tripartite agreement was signed among these organizations

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Le Méridien Dhaka is to celebrate this year’s Valentine Week from 12 February 2017 till 14 February 2017. During the Valentine Week, the hotel will arrange Valentine Special Food Promotions at their venues along with various activities such as Cake Art Tutorial, special LIVE Violin music and Venetian Mask, and Salsa dance arrangements for its guests

Mafizuddin Sarker, Managing Director of Meridian Finance and Engr. Md. Rafique Uddin, Managing Director of Eminence Electric Wires & Cables Limited, signed a term sheet recently for arranging a syndication finance worth Tk 100 crore

Spark* Bangladesh is providing an exciting opportunity for emerging social entrepreneurs who are changing lives in Bangladesh. The organization will be running their third entrepreneurship Accelerator program, in partnership with Build Bangladesh, in Dhaka in April 2017.

This year Radisson Blu Chittagong Bay View’s initiative for the festive season, was to “Pay it Forward” by donating products to a local orphanage. The initiative focused on promoting better living conditions to children less fortunate that many.

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Mahbubul Alam, President of CCCI speaking before the representatives from the Muslim Chamber of Commerce in India.

Priti Chakraborty, Chairperson of Universal Medical College Hospital of Bangladesh receiving Whoâ&#x20AC;&#x2122;s Who award from Abul Maal Abdul Muhith, Honorable Finance Minister. Whoâ&#x20AC;&#x2122;s Who is an initiative of Ireland-Bangladesh Chamber of Commerce & Industry to recognize iconic business leaders in different sectors

East Group introduced 3M branded window film to the Bangladesh market at a seminar held in Dhaka. The company also demonstrated the sustainability of the window film. High officials from both the company along with top corporate guests were present in the seminar

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Capital Market BOURSE UPDATE

Fortnightly Report of DSE, 18th December To 29th December 2016 Top 10 securities by turnover value in Tk. Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of securities

Total Turnover in shares

Category

Bangladesh Building Systems Ltd. Appollo Ispat Complex Limited Bangladesh Export Import Company Ltd. IFAD Autos Limited Square Pharmaceuticals Ltd. Summit Alliance Port Limited Keya Cosmetics Ltd. Lafarge Surma Cement Ltd. Olympic Accessories Limited CMC Kamal Textile Mills Ltd.

A A A A A A A A A A

Total Turnover Tk. in mn

59,906,919 111,624,850 78,238,500 19,794,843 7,664,015 34,542,425 141,857,658 20,514,901 67,814,783 68,954,966

% of Total Turnover Tk.

3,233.92 2,233.78 2,002.43 1,915.67 1,896.76 1,796.50 1,748.72 1,699.12 1,690.45 1,554.47

Top 10 securities by turnover in shares Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of securities Keya Cosmetics Ltd. Appollo Ispat Complex Limited C & A Textiles Limited Generation Next Fashions Limited Bangladesh Export Import Company Ltd. Central Pharmaceuticals Limited CMC Kamal Textile Mills Ltd. Olympic Accessories Limited First Security Islami Bank Ltd. National Bank Ltd.

A A A A A A A A A A

Top 10 gainer securities (based on closing price) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of securities

Category

Prime Finance First Mutual Fund Mozaffar Hossain Spinning Mills Ltd. Central Pharmaceuticals Limited The Peninsula Chittagong Ltd. EBL NRB Mutual Fund Union Capital Ltd. Golden Son Limited CMC Kamal Textile Mills Ltd. Phoenix Finance 1st Mutual Fund Global Insurance Co. Ltd.

A A A A A A B A A A

Top 10 loser securities (based on closing price) Sl. No. 1 2 3 4 5 6 7 8 9 10

Total Turnover Tk. in mn

Category

1,748.72 2,233.78 1,076.44 717.97 2,002.43 1,437.94 1,554.47 1,690.45 823.93 609.90 Current Fortnight Closing Price 12.60 21.20 22.30 32.80 6.90 20.50 22.70 23.70 6.00 17.70

last Fortnight Closing Price 9.20 16.00 17.00 25.10 5.30 16.20 18.10 18.90 4.80 14.30 last Fortnight Closing Price 1,176.80 68.70 63.80

Total Turnover in shares 141,857,658 111,624,850 110,006,550 80,761,213 78,238,500 69,017,170 68,954,966 67,814,783 62,356,371 60,835,638

3.60 2.49 2.23 2.13 2.11 2.00 1.95 1.89 1.88 1.73 % of Total Turnover shares 4.38 3.45 3.40 2.50 2.42 2.13 2.13 2.10 1.93 1.88

change %

Turnover Tk. in mn

Daily Avg. Turnover Tk.in mn

36.96 32.50 31.18 30.68 30.19 26.54 25.41 25.40 25.00 23.78

124.03 488.43 1,437.94 908.18 74.97 743.87 359.56 1,554.47 29.62 56.74

13.78 54.27 159.77 100.91 8.33 82.65 39.95 172.72 3.29 6.30

change %

Turnover Tk. in mn

Daily Avg. Turnover Tk.in mn

(21.55) (18.34) (15.36)

235.30 308.76 226.36

26.14 34.31 25.15

Name of securities

Category

Marico Bangladesh Ltd. Mithun Knitting and Dyeing Ltd. National Housing Finance and Investment Ltd Rahima Food Corporation Ltd. BD.Autocars Ltd. Vanguard AML BD Finance Mutual Fund One Meghna Petroleum Ltd. Jamuna Oil Com. Ltd. Rahim Textile Mills Ltd. IDLC Finance Limited

A A A

Current Fortnight Closing Price 923.20 56.10 54.00

Z Z A

128.70 76.70 9.20

142.50 83.90 10.00

(9.68) (8.58) (8.00)

59.17 6.94 7.96

6.57 0.77 0.88

A A A A

170.40 181.60 244.80 57.00

184.50 196.40 264.30 61.10

(7.64) (7.54) (7.38) (6.71)

152.35 270.00 20.15 851.15

16.93 30.00 2.24 94.57

Disclaimer: Dhaka Stock Exchange does not hold any responsibility for these date.

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Fortnightly Report of DSE, 1st January To 15th January 2017 Top 10 securities by turnover value in Tk. Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of securities

Category

Bangladesh Export Import Company Ltd. IFAD Autos Limited Bangladesh Building Systems Ltd. Dhaka Electric Supply Company Ltd. LankaBangla Finance Ltd. Appollo Ispat Complex Limited Ratanpur Steel Re-Rolling Mills Limited Confidence Cement Ltd. The Peninsula Chittagong Ltd. Bd.Thai Aluminium Ltd.

A A A A A A A A A A

Total Turnover in shares 199,126,418 30,625,485 61,746,140 62,475,961 74,188,494 124,729,230 28,399,770 16,918,775 55,576,504 72,122,259

Total Turnover Tk. in mn 6,314.12 3,423.79 3,421.95 3,245.06 2,920.77 2,715.65 2,404.48 2,146.62 2,096.54 2,089.60

Total Turnover Tk. in mn

Total Turnover in shares

% of Total Turnover Tk. 4.19 2.27 2.27 2.15 1.94 1.80 1.59 1.42 1.39 1.39

Top 10 securities by turnover in shares Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of securities

Category

Bangladesh Export Import Company Ltd. National Bank Ltd. Keya Cosmetics Ltd. C & A Textiles Limited Appollo Ispat Complex Limited Generation Next Fashions Limited Premier Bank Ltd. LankaBangla Finance Ltd. Bd.Thai Aluminium Ltd. Olympic Accessories Limited

A A A A A A A A A A

Top 10 gainer securities (based on closing price) Name of securities

Category

Investment Corporation Of Bangladesh Limited Bangladesh Export Import Company Ltd. National Bank Ltd. IFIC Bank 1st Mutual Fund Phoenix Finance 1st Mutual Fund ICB AMCL Third NRB Mutual Fund Simtex Industries Limited PHP First Mutual Fund Popular Life First Mutual Fund Central Insurance Company Limited

Current Fortnight Closing Price 161.20

A A A A A A A A A

37.30 13.90 7.30 8.00 7.40 28.30 7.10 7.10 23.60

26.00 10.20 5.40 6.00 5.60 21.50 5.40 5.40 18.00

Current Fortnight Closing Price 19.70 35.40 55.40 25.50 120.30 65.80 48.70 30.00 13.60 9.10

last Fortnight Closing Price 28.60 44.60 61.80 28.00 128.70 70.00 51.50 31.50 14.20 9.50

Sl. No. 1 2 3 4 5 6 7 8 9 10

Top 10 loser securities (based on closing price) Sl. No. 1 2 3 4 5 6 7 8 9 10

6,314.12 2,002.91 1,989.86 1,472.22 2,715.65 1,227.84 895.58 2,920.77 2,089.60 1,969.10

Name of securities Shyampur Sugar Mills Limited Zeal Bangla Sugar Mills Ltd. Miracle Industries Limited MIDAS Financing Ltd. Rahima Food Corporation Ltd. Aziz Pipes Ltd. Summit Alliance Port Limited Samata Leather Complex Ltd. Premier Leasing & Finance Limited. Khulna Printing and Packaging Limited

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Category Z Z B Z Z Z A Z B Z

last Fortnight Closing Price 104.50

199,126,418 168,766,618 145,915,523 134,119,321 124,729,230 122,839,547 83,084,390 74,188,494 72,122,259 71,809,222

change %

Turnover Tk. in mn

% of Total Turnover shares 4.12 3.50 3.02 2.78 2.58 2.54 1.72 1.54 1.49 1.49

Daily Avg. Turnover Tk.in mn

54.26

966.07

87.82

43.46 36.27 35.19 33.33 32.14 31.63 31.48 31.48 31.11

6,314.12 2,002.91 52.18 77.69 78.10 240.32 215.81 278.17 43.55

574.01 182.08 4.74 7.06 7.10 21.85 19.62 25.29 3.96

change %

Turnover Tk. in mn

Daily Avg. Turnover Tk.in mn

(31.12) (20.63) (10.36) (8.93) (6.53) (6.00) (5.44) (4.76) (4.23) (4.21)

4.68 12.35 169.26 58.19 41.88 3.74 1,123.46 6.09 392.21 43.31

0.43 1.12 15.39 5.29 3.81 0.34 102.13 0.55 35.66 3.94

Source: Dhaka Stock Exchange