ICE Business Times, October 2016 by ICE Media Ltd.

a global business magazine from bangladesh

TIMES

The Big Catch

HOW TO NET BIGGER PROFITS FROM THE FISHERIES INDUSTRY october 2016

TOWARDS 8% GDP GROWTH by Abdul Matlub Ahmad President, FBCCI

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THE POTENTIALS OF INVESTING IN TVET by Towfiqul Islam Khan Research Fellow, CPD

MIRAN ALI

Remi Holdings Ltd. & Bitopi Group

NIAZ RAHIM

AMBASSADOR FAROOQ SOBHAN

Rahimafrooz (Bangladesh) Ltd.

“WITH A BETTER REGULATORY FRAMEWORK, BANGLADESH COULD INCREASE FDI TREMENDOUSLY.” H.E. Dr. Thomas Prinz, German Ambassador

“THIS YEAR, THE NBR HAS BEEN GIVEN A COLLECTION TARGET WHICH IS ABOUT 32% HIGHER THAN THAT OF LAST YEAR.” Md. Nojibur Rahman, Chairman, NBR

Bangladesh Enterprise Institution

SUFI MOHAMMAD MIZANUR RAHMAN PHP Family

CSR & SUSTAINABILITY inspirational stories from

RAHIMAFROOZ EPYLLION GROUP PHP FAMILY REMI HOLDINGS

Contents

360 Degree Vision A graphically arranged view of the surroundings of a Water Treatment Plant in Shyam Nagar, Shatkhira

TIMES

06 From the Editor Word of Mouth 08 State of Affairs 10 Banking Corner 16 CSR 112 Happening 12 Op-Ed by Shahamin S. Zaman

Columns by 17 Abdul Matlub Ahmad 18 Shamsul Huq Zahid 20 Mohiuddin Babar

Interviews 27 Dr. Thomas Prinz, Ambassador of the

Inspirational CSR Stories from 66 Remi Holdings Ltd. 70 PHP Family 74 Rahimafrooz Bangladesh Ltd. 77 Epyllion Group

Federal Republic of Germany

44 48

62 85

Md. Nojibur Rahman, Chairman, NBR Malik Talha Ismail Bari, Director, United

Group

Khurshed Alam, EVP & Head of Personal Financial Services, LankaBangla Finance Limited Ambassador Farooq Sobhan, CEO

and President, BEI

Robin Edwards, General Manager, Radisson Blue Chittagong Bay View

Ask the Expert AKM Moinul Islam, General Manager of Business Operations, Pran Confectionary Ltd.

a global business magazine from bangladesh

Contents TIMES

TIMES

Vol. 7 No. 02 | October 2016

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

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

Finance & Accounts Sales & Distribution

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

a global business magazine from bangladesh

TIMES

An n th Editivers ion ary

september 2016

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SPOTLIGHT: BANGLADESH

Essays by

Dr. Atiq Rahman Abul Kasem Khan Shamsul Huq Zahid Shahab Enam Khan Towfiqul Islam Khan Mehrin Karim Monira Munni Juliet Rossette

a special report

on how the knowledge based economy will take over

Change Agent

Bangladesh’s success in RMG has encouraged other sectors to follow its fottstep

Features 22 Personal Social Responsibility 30 Investing in TVET 38 A Look into the Fisheries Industry 56 Corporate Communication 80 Photo Essay: Water Treatment Plants Built by Friendship 87 Feeding the Muslim Masses 90 The Haque Heritage 91 Saadat Worldwide: To and Fro the Archipelago 95 16 Must-Know Facts about Bangladesh’s Business Competitiveness Report 2016 97 Why Africa Matters 100 Working Past the Disaster 103 Is it Fair to Blame Video Games for the Crimes of Man? 106 The Communication Summit 2016 108 Beyond Business 110 Apple of Discontent? 117 Capital Market Update

This issue’s Photographs by Din M Shibly Kazi Mukul Mohammad Samiul Wares Ashraf Uddin Apu

Editorial & Marketing Queries editor@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 World Economic Forum released their annual Global Competitiveness Report on September 28th. Their comprehensive report identified the many factors and standpoints of the nationâ&#x20AC;&#x2122;s business climate. Highlighting the many matters that must be addressed immediately, it shed light on the necessity for the progress of institution, health, education and infrastructure. These aspects are the foundation of any developed nation and in our endeavor to become one, citizens and businesses must unite for a better society. After the havoc unleashed by the fire in Tazreen, the Rana Plaza building collapse and in recent times, the Tampaco fire; we have realized business as usual is no longer an option. Being true to their commitments to become more responsible, our buoyant private sector has also revved up strategies to ensure that environmental and workers compliance issues are adhered to. On the note of responsibility, this issue of ICE Business Times focuses on Corporate Social Responsibility (CSR). The need for businesses to make the society a part of their everyday business has become a global initiative. With their continual success, these companies must now focus on the many manners in which they can create positive changes. Companies such as Remi Holdings Ltd. provide an exemplary model of how a community can prosper through serving the people. They have created factories that are environmentally stable, energy efficient and keen on improving the quality of life of their employees working and family life. CSR is a multifaceted discipline with economic, social, environmental and ecological aspects. This could be the installation of solar panels, the awarding of scholarships or the provisions for any basic human right. These acts ultimately create a lasting change throughout the nation. However, change must start with the individual. Mahatma Gandhi poignantly stated, â&#x20AC;&#x153;You must be the change you wish to see in the world.â&#x20AC;? Therefore let us not dwell on the shortcomings of our nation. Let us become the creators of a better tomorrow because the world is not our privilege, it is our responsibility.

S TAT E O F A F FA I R S

WORD OF MOUTH

Prime Minister Sheikh Hasina exchanged Eid greetings with people from all walks of life at her official Ganobhaban residence

World Bank President Jim Yong Kim met with Honorable Prime Minister Sheikh Hasina during her trip to New York

Prime Minister Sheikh Hasina has conferred "Bangladesh Liberation War Honour" award posthumously on former Canadian premier Pierre Elliott Trudeau. She handed over the "Friends of Liberation War Honour" award to Pierre Trudeau's son and Canada's incumbent PM Justin Trudeau

Honorable Prime Minister Sheikh Hasina has been conferred upon the "Planet 50-50 Champion" and "Agent of Change Award" for her outstanding contributions to women empowerment

BANKING CORNER

WORD OF MOUTH

Jamuna Bank Limited donated Tk.50 Lac to the Prime Minister’s Relief Fund.

Bill Winters, Group CEO of Standard Chartered Bank, meets AMA Muhit, Honourable Finance Minister, Govt. of the People’s Republic of Bangladesh, amongst others, during his recent maiden visit to Dhaka.

International Conference for Bankers and Academics (ICBA) 2016 was held where the Bangladesh Bank Governor, Fazle Kabir, was the Chief Guest.

BRAC Bank Limited extended support to Asiatic Society of Bangladesh to publish a comprehensive history book titled ‘History of Bangladesh: Ancient and Medieval’.

Op-Ed â&#x20AC;&#x153;Sustainable development is the pathway to the future we want for all. It offers a framework to generate economic growth, achieve social justice, exercise environmental stewardship and strengthen governance.â&#x20AC;?

Ban Ki-Moon

UN General Secretary

CORPORATE SOCIAL RESPONSIBILITY

Propagating Sustainability Shahamin S. Zaman

he ongoing revolution in communication, technology, and travel, underpinned by broader political, economic and social changes has made all businesses in any country become a part of a wider global market. Today corporates operate in a very different environment. Their priorities are now dictated by challenges in the name of competition, the emergence of stricter regulations, different complex consumer demands and many other factors. Such developments have opened an opportunity for businesses, to open new markets and manage their growth outside their home base, take advantage of capabilities located in other parts of the world and to build a competitive edge. In the globalized world, business is becoming less and less described solely through the prism of economic categories. Increasingly, it is becoming

a source of innovations that can help solve important social and environmental problems. The concept of a Corporate Social Responsibility (CSR) brings an important contribution to this stratosphere. CSR has had an increasing impact

on shaping the relationship between businesses and societies. It ensures that corporations promote corporate citizenship as part of their culture. CSR is about businesses transforming their role from merely selling products and services with a

profit-making view to the development of a society through their abilities to generate capital and investing it for social empowerment. Corporate Social Responsibility can be viewed as a comprehensive set of policies, practices, and

programs that are integrated into business operations, supply chains, and decision-making processes throughout the organization. Wherever the organization does business, it includes responsibility for current and past actions as well as future impacts. CSR involves addressing the legal, ethical, commercial and other expectations society has from business and making decisions that fairly balance the claims of all key stakeholders. With the completion of MDGs in 2015, there was the subsequent introduction of the Sustainable Development Goals (SGDs) which specifically targets

has a pivotal role in this process to achieve its vision of a middle-income country by 2021 and has already implemented a number of programs and processes towards achieving its goal. There is a growing recognition that CSR, if strategically deployed, could aid in the implementation of SDG goals in social, economic and environmental sectors. It would also create business opportunities for the corporates and private sectors and bring positive impacts on enhancing productivity, creating jobs, ensuring workers benefit as well. During the last few years, there has been a sudden

Corporate Social Responsibility can be viewed as a comprehensive set of policies, practices, and programs that are integrated into business operations, supply chains, and decision-making processes throughout the organization. seventeen goals to achieve a better balance between the economic, social and environmental dimensions. Businesses, as well as national and international development partners, are increasingly becoming engaged in creating “a sustainable – responsible future for all” in Bangladesh. As resources become scarce and Bangladesh experiences a growing population, CSR initiatives are molding ways in which communities and businesses work together towards creating an accountable and transparent mechanism to create an enabling environment for socio-economic growth. The Government of Bangladesh

process of recognizing the critical importance of CSR in business. Most of the larger businesses are already linking CSR into their operational philosophies whereas other entities are grappling to understand the benefits of introducing CSR into their business plans. The CSR Centre has been building CSR awareness and outreach not only in the business realm but also amongst other stakeholders for over the past eight years. Through strategic investments and innovative projects, organizations like Viyellatex Group, IDLC Finance, BRAC Bank Ltd., Grameenphone Ltd., Robi Axiata Ltd., Square Group, ACI Ltd., DBL Group,

Epyllion Group, Bangladesh Bank, Rahim Afrooz Ltd., etc. are delivering visible socio-economic and environmental benefits which include: i. Empowerment of marginal communities, especially women, through skills development and alternative livelihood opportunities ii. Quality education for underprivileged children iii. Rural community development through enhanced agricultural productivity, clean drinking water, and sanitation iv. Training and awareness build-up on health, safety and nutritional issues v. Addressing climate change and its impacts through environmentally sustainable financing, green products and practices, in-house management, tree plantation, and conservation The CSR Centre in Bangladesh was founded through the need to establish strategic CSR in Bangladesh. It is the only entity in the country which does research, policy advocacy, capacity building, training and implementations on strategic CSR. As the Focal Point of the United Nations Global Compact (UNGC) which is the largest CSR platform globally, it advocates for all UN initiatives as well as the ten UNGC Principles and the SDGs. The CSR Centre defines CSR as “a set of business practices based on ethical norms and transparency that contributes to the sustainable development of both internal and external stakeholders in the best interest of the business, society, and the environment” In Bangladesh, the CSR Centre has developed a “National CSR Policy for Children” and drafted the “National CSR Guideline”

CSR has had an increasing impact on shaping the relationship between businesses and societies. under relevant Ministry of Government of Bangladesh with the support of development partners. The term CSR has already been introduced in the export-oriented sectors due to international trade compliance and standards and has created remarkable examples in areas such as the Ready Made Garment (RMG) sector in Bangladesh. The organization, in partnership with BSCI (Business Social Compliance Initiatives), has been conducting intense training for managers in the RMG sector on: i. Getting Started with BSCI ii. Fair remuneration & Decent Work iii. Occupational Health and Safety Management iv. Introduction to Social Management System v. Grievance Mechanism and so on The CSR Centre's mission is to be the catalyst which helps Bangladesh transform into a value driven society where businesses can thrive based on transparency, accountability and fulfilling global standards through strategic CSR approaches. By encouraging public, private and development sectors towards promoting responsible business it links SDGs and CSR to achieve business benefits by creating a holistic sustainability process. The writer is the CEO of the CSR Centre and can be reached at ceo@csrcentre-bd.org

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CSR

WORD OF MOUTH

Reinventing Education with 10-Minute School In accordance with the bank’s policy to nurture the primary education sector in the rural hard-to-reach areas, MTB launched a special campaign titled “Swapno Sarathi” in 2015. The campaign aims at motivating students (mainly female) with the motto “School-e jete durotto jeno badha na hoy” by providing them with bicycles with a view to facilitating their movement to and from school. Till now almost 1000 bicycles have been distributed in different regions of the country, namely: Panchagar, Bogra, Dhorkora Bazar, Dinajpur, Joypurhat, Kadair Bazar, Ramchandrapur Bazar, Rangpur, Sirajganj, Thakurgaon, Lalmonirhat, Tangail, Comilla, Ishwardi and Feni in addition to different former enclaves of Bangladesh. Winter Clothes Distribution Drive 2015-2016 As part of the winter clothes distribution drive in 2015-2016, a total number of 25,000 blankets were distributed in Feni, Thakurgaon, Dinajpur, Naogaon, Gaibandha, Rajshahi, Kushtia, Sirajganj, Lalmonirhat, Dhorkora Bazar, Kadair Bazar, Gournodi and Tangail regions of Bangladesh. 1,200 MTBians also took part in this campaign by donating winter clothes to the underprivileged. MTB CSR Projects Executed During 2015 • Supporting Assistance for Blind Children (ABC) • Supporting ‘White Cane Safety Day’ • Sponsorship of the campaign “Let’s Clean Up the Country Day” • Bravery Award to Constable Monir Hossain MTB CSR Projects In 2016 (January to September) • Inauguration of Modhya Char Montaj Govt. Primary School, Rangabali, Patuakhali • Donation to Dhaka North City Corporation (DNCC) for CCTV surveillance • Sponsoring “The Mangrove Children” project • Providing financial support to the residential students of Faridpur Muslim Society for education purpose • Implementing “Door-to-Door Cleanliness Campaign” in coordination with Chittagong City Corporation (CCC)

MTB CSR Projects Launch of “Swapno Sarathi”

Illustrating his dream for the platform, 10 Minute School’s Founder and CEO, Ayman Sadiq said that “At 10 Minute School, we work every day as a team so that anyone can learn anything, from anywhere, and that too completely free of cost. Our vision is to provide access to quality education to each and every corner of the country. And I thank Robi to support us in this cause.”

The online education platform has already generated a lot of interest and enthusiasm among the students across the country. More than 19,809 students have already enrolled in this platform. The online portal contains 738 educational video contents contributed by 48 instructors. Robi - 10 Minute School is available at www.10minuteschool.com.

Lifebuoy Friendship Hospital was announced the winner in the Health Enhancement category of the Asian CSR Awards 2016, among the 112 entries from 13 countries. The announcement was made at Gala Dinner of the 15th Asian Forum on Corporate Social Responsibility at the Kempinski Hotel, Nay Pyi Taw, Myanmar. Dr. Naheed Nazrul (Team Leader, Hospital service), Dr. Mohammad Atiqullah Sayeed (Programme SpecialistHospital Service, Healthcare Population & Nutrition), Syed Wasama Doja (Head, Cultural Preservation) and Ms. Runa Khan (Founder & Executive Director) from Friendship were present at the ceremony.

Column

found investors from Asia and Europe who were keen to know more about us as an investment destination. With the help of various seminars and roadshows, both government and private sector (business chambers and trade bodies) have been working relentlessly to portray a business-friendly image for the foreign investors. There is no denying the fact that our shortage of electricity and gas are main hindrances for business prospects. We have power production but lack the appropriate transmission lines. Furthermore, the wait for LNG continues. The BEZA projects are on but not yet inaugurated. Hopefully, within one and a half years we will be moving at a much faster pace. The small gap we are seeing now will get filled slowly. The government is investing heavily in mega infrastructural projects, which will surely lead us to the growth trajectory of 8%. One may see that the interest rate is coming down but the spread is not yet minimized. The lower FDR rates also have a role to play in this kind of high spread rate. The spread is required to come down to 2%, which only can be done by reducing non-performing loans (NPLs). The surge of NPLs means banks are investing in the wrong projects. We must act fast so that NPLs donâ&#x20AC;&#x2122;t become gangrenous for our financial system. I have had a discussion with the Bangladesh Bank Governor who was very receptive of the suggestions we made. The Central Bank, too, has shown their willingness to solve such issues which are marring the image of our banking system. Skill development and talent management are Abdul two big jobs yet to be done by our government. Matlub Ahmad We are employing expats and spending around $5-6 billion every year to ensure proper functioning of our businesses but this fund could be better utilized in other areas if produce homegrown CEOs. We need to produce more professionals who can offer world-class leadership and take our companies towards a new profit-making path. However, the good thing is the government has already realized the demand and has allotted a handsome amount of money to make some visible progress in this area. A skill development institution is already inaugurated in Chittagong. Hopefully, within one We must understand that and a half years we will setting up new institutions is not enough; what we be moving at a much need is to change the faster pace. The small curriculum of education. gap we are seeing now Class seven onwards, we must include vocational will get filled slowly. education as a part of the curriculum. We have already raised this issue with the Honorable Prime Minister and the Minister of Education. They are considering the proposal seriously. This is one way we can increase the potential of our huge youth population which will yield greater demographic dividends.

BANGLADESH GDP

8% GDP growth will soon become a reality

During our recent stay in the USA to participate in a high-level business meeting, we were overwhelmed by the keen interest shown by American companies. The delegation was organized by a US think tank where Prime Minister Sheikh Hasina was the chief guest. Many of them have already invested in Bangladesh and some of them are in the process of investing. After 1st July, the concerns over security issues in Bangladesh have been alarmingly high. The delegation gave us an opportunity to inform stakeholders that the situation was under control from our end. We informed them that the problem had been contained and hopefully we won't have to face this problem in the future. The praise must go to the Bangladesh government who were very serious about preventing terrorism extensions in our country. Police and other law enforcement forces are continuously working against terrorism. This is making Bangladesh a much safer country than it was before the July 1st incident. The discussion also shed light on the topic of GSP; Bangladesh has fulfilled most of the conditions required for it yet failed to receive it. In our pledge, we have made it clear why Bangladesh deserves to get the GSP facility back. This is a country which used to make headlines as a cyclone-prone nation but now it has shown noteworthy improvements in not only maintaining a 6% GDP growth but also in human development indices. Under the dynamic leadership of our current premier, the image has become better than ever before and now many other countries are interested in knowing how we've achieved this. In her recent visit to the UN, our Honorable Prime Minister told the world through the UN about the possibilities and potentials of Bangladesh. She also invited potential investors to make the best use of the opportunities available here. The recent tour was successful in many other ways. We

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PROJECT IMPLEMENTATION

Funding Progress

There has been an unending stream of ‘high-profile’ projects in recent years. Top policymakers have been approving these projects one after another, in most cases, not being certain about the availability of funds to support those. Many more cost-intensive projects are now either under the scrutiny of the Planning Commission (PC) or under preparation at various government agencies. These days, multilateral donors are not as generous as they were before. The reason for this can be rooted in their observation that a large part of the funds they made available in the form of project aid has remained unutilized. According to an estimate, the volume of project aid in the pipeline is now worth nearly $20 billion. With the flow of soft loans from the multilateral donors ebbing, the government is left with two options - either it has to depend on its own financing or take hard-term loans. The first option is difficult and the government is aware of it. Under the circumstances, the government is focusing on exploring the possibility of mobilizing the suppliers’ credit on relatively soft terms. That is the area where China figures prominently.

Shamsul Huq Zahid

Until recently, China was found to be interested in financing almost every large project, of course, with loans on hard terms. This situation has changed recently. Chinese companies are not showing much interest in financing big projects anymore. That is why Bangladesh, reportedly, will place a long list of projects before the visiting China’s President, Xi Jinping, seeking financial assistance worth about $20 billion for, at least, 25 big development projects. Mr. Jingpin will arrive in Dhaka on October 14 next on a two-day visit. China and Bangladesh had been in discussion over all the projects mentioned above. But, lately, the former's stance has become lukewarm regarding pursuing the negotiations. Bangladesh wants to be certain whether the world’s second-largest economy would support the projects. In the event of a negative response, the government would explore the possibilities of arranging funds from other sources. However, the scope is becoming limited for Bangladesh to borrow soft loans from multilateral sources. Both the World Bank (WB) and the Asian Development Bank (ADB) are now offering funds on relatively hard terms, even though the availability of funds from their respective soft windows have not dried up fully. The rate of interest of the former type of loans is higher and the repayment period longer. As soon as Bangladesh achieves the status of a middle-income country (MIC), which the government expects to earn by 2021 or even before, the terms and conditions for loans offered to the country by multilateral lenders would be stiffer. That is one of the unpalatable consequences of earning economic affluence by an aid-dependent country. In the meanwhile, the government is trying to blend soft and hard term loans from the multilater-

Bangladesh has suffered significantly because of its weak infrastructure, a fact recognized by its multilateral donors. Unfortunately, not much of the funds coming from them to meet the country’s deficiencies are funneled into in this particular area.

al lenders. It is now engaged in the acts of convincing the multilateral donors to offer both soft and slightly hard term loans for development projects. There is no denying that the country needs development projects primarily to develop its weak infrastructure and support adequately the social and human development activities. But it is always difficult to say whether projects are being taken up in accordance with the priorities and needs of the country and its population. Many projects are found overlapping and not in line with national or local-level priorities. Various government agencies, apparently, are in competition to take as many development projects as possible. Nevertheless, they are oblivious to one hard reality - the scarcity of funds. Yet the availability of funds, if not for bankrolling the original projects, is rather easy from the donors to conduct feasibility studies. The size of the assistance, generally the technical one, is not that big. The donors are interested in such funding because of the scope to plough-back most part of the assistance through foreign consultants and other goods and services. The local relevant officials also reap some benefits out of the feasibility study projects. At the moment, a good number of mega projects are in their implementation stage under various government agencies. Most projects are essential ones. The problems the development projects encounter are of a different nature. Many projects implemented earlier also had faced, more or less, identical problems that usually lead to delays in their execution and cost hikes. Delays and rising costs have become synonymous with public sector development projects. The priority for Bangladesh is the development of its physical infrastructure. Bangladesh has suffered significantly because of its weak infrastructure, a fact recognized by its multilateral donors. Unfortunately, not much of the funds coming from them to meet the countryâ&#x20AC;&#x2122;s deficiencies are funneled into in this particular area. There is no indication that they would make amendments to their approach in the near future. The newly established Asian Infrastructure Investment Bank (AIIB) offers some promise in this respect but being a new institution it might prefer to take time with their actions. However, the AIIB has already made available some fund for one infrastructure project in Bangladesh. What is, however, important for Bangladesh is a radical improvement of its own project imple-

mentation strategy. The current has been fraught with problems, including loss of valuable resources in the form of graft and delays in project execution. Had the implementation of projects been improved, the country would not have faced many problems in attracting soft loans from the multilateral donors. Undeniably, the prevailing socio-economic and political conditions in Bangladesh give rise to certain problems that the donors cannot conceive of. For instance, acquisition of land for any project in this land-scarce country is a difficult job. The owners, on the one hand, are reluctant to give up their land even against the payment of sufficient compensation money, on the other, a section of unscrupulous officials and local people employ embezzlement tricks to use up project funds in the name of land acquisition. Yet the government will have to make the entire process of project preparation and implementation transparent and need-based. Only then, donors and lenders might feel assured and make more funds available for development projects in Bangladesh.

Multilateral donors, these days, are not as generous as they were before. The reason for this can be rooted in their observation that a large part of the funds they made available in the form of project aid has remained unutilized.

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

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CORPORATE SOCIAL RESPONSIBILITY

The Evolution Towards Responsibility

Over the last couple of decades, the spirit of Corporate Social Responsibility (CSR) has gone viral around the world. Initially practiced by few big companies in the developed economies, it has now become an integral part of business management in tens of thousands of companies worldwide with many of them in a chase to prove that they are operating in a socially responsible way. This is certainly progressive but there exists a wide spectrum of confusion about the ideals, management, effectiveness and above all, the real value of CSR. The trend in the wide and almost sporadic expansion of CSR around the world has not happened in its own stream but due to several factors that have had numerous compelling influences. From slavery to human rights, from consumer benefits to market obligations, from environmental degradation to sustainability concerns etc.; everything played well to streamline corporate behavior. An unprecedented development in communication technology and a shift in political thoughts since the Second World War focused towards democratic mindsets have also accelerated the CSR movement.

By Mohiuddin Babar

Today, CSR has innumerable definitions. No matter what those may be, its underlying spirit was deeply anchored in philanthropy which in common words equate to “giving away”. Yes, in the early days of the industrial age, industrialists used to make donations for the welfare of the neighboring communities. Those were absolutely sympathetic and charitable actions with no prospect or expectation of monetary gains. However, with the passage of time and the rise of environmentalism, consumerism, human rights campaign and more particularly, stakeholders’ interest, things began to change to ensure that the industries and corporate organizations operate properly and contribute to the development of the society. The necessity of CSR has been brought to light by unfortunate incidents such as Bhopal Union Carbide gas leakage tragedy in India, the Enron and Worldtel accounting frauds in the USA, Shell oil spillage in Nigeria, fire in readymade garment factories in Bangladesh including the Rana Plaza collapse killing over thousand workers. While CSR today is a broad-based code of conduct for running a business effectively with consideration of environmental, labor and human rights, consumer protection issues; it is now more focused on sustainability. CSR now encompasses transparency, accountability and shareholder’s character and stakeholder’s views as well. It is undeniable that as CSR is going through unabated evolutions, it is also stipulating widespread controversies. In the initial stages, CSR was thought to be a barrier for profit or shareholder’s expectations. There have been a plethora of discussions and debates on CSR. Economists, academics, and investors argued fiercely for the need of CSR since the 1950’s when on one side the capitalist economy was in its springboard while

As confusions on defining CSR are still debated, there is a continued trend of abusing the concept and its real value.

the other concerns for harmonious balance among shareholders, employees, customers and society at large began to breed. It is common knowledge that leading economist and Nobel laureate Milton Friedman espoused, "there is only one responsibility of business, namely to use its resources and engage in activities designed to increase its profits”. This was deflected by economists like Peter Ducker, Archie Carrol and Marcel van Marrewijk who researched into the obligations of businesses towards the society. In the 1970’s, there were serious academic engagements to establish an agreeable model for CSR. By the mid-eighties, there was almost a consensus on defining CSR and outlining its parameters which mainly related to profit, people, and the planet. It was tacitly accepted that CSR would be a business system that enables the production and distribution of wealth for the betterment of its stakeholders through the implementation and integration of ethical systems and sustainable management practices. Nevertheless, the evolution continued with new parameters being added such as the ISO 26000 stipulated by the International Standards Organization. The ISO 26000 spans over seven core subjects –organizational governance, community involvement and development, human rights, labor practices, environment, fair operating practices and consumer issues. Interestingly, the UN Millennium Development Goals (MDGs) and the subsequent Sustainable Development Goals (SDGs) seem to have impacted the CSR concept and practices as well. With more focus on using clean energy for lesser carbon footprint and better use of natural resources, the CSR advocates are also in a new spate of campaigns urging for redrawing strategies by businesses. In the wake of all these realities, it is obvious that the concept and practice of CSR are passing through some serious trials. The changing environment within which businesses are operating and the growing demand of the stakeholders are definitely making it difficult for businesses to draw up any sustainable CSR strategies and implementation policies. Moreover, political commitments of the government are also distracting the businesses in formulating useful CSR practices. For example, a housing project for low-income groups in India’s Andhra Pradesh ran into controversy when they asked for cement at lower prices. The cement companies wanted to sell the cement taking advantage of the article of

The Companies Act which stipulates companies must In the wake of all these allow 2% of their profit for realities, it is obvious that CSR works. This led to a the concept and practice of serious debate as to whether it was an ethical business or CSR are passing through a CSR activity. some serious trials. The As confusions on defining changing environment CSR are still debated, there is within which businesses are a continued trend of abusing operating and the growing the concept and its real demand of the stakeholders value. It is still being regarded as an image are definitely making it building tool or compensating difficult for businesses to means to overshadow wrong draw up any sustainable doings. The belief of giving CSR strategies and away the fish instead of implementation policies. teaching how to fish or enabling opportunities to grow fish still exist in good strength. The problem is the dearth in understanding the long-term value of CSR. While the CSR camp is still struggling to sketch a universal but holistic definition, there is a noticeable progression in adopting “sustainability” as the new driver for social development, environmental upkeep, employee and customer satisfaction, stakeholder management and above all, business success.

The writer is the Former Secretary General of the International Chamber of Commerce (ICC) in Bangladesh. He can be reached at mohicsr@gmail.com.

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MUSING

PERSONAL SOCIAL RESPONSIBILITY

HOW SKILLED PROFESSIONALS CAN CONTRIBUTE IN HUMAN CAPITAL DEVELOPMENT A 22

ll social and economic indicators related to Bangladesh are very encouraging and strongly indicate the potential of the country to get into the next phase of growth. If we can reach an 8% GDP growth level and sustain it, we will become a middle income nation. There are number of driving factors already identified to fuel the growth of GDP with one of

By Ishtiaq Ahmed

the most important being the development of human capital. It has been witnessed that developed nations have a more evolved level of skill in terms of human capital; a development that can only be brought about through Personal Social Responsibility (PSR), a tool that has been proven to be both powerful and effective in this endeavor.

The competent corporate professionals can play the most vital role of transforming the skills of human capital in this country as part of their PSR.

f we study the progress of developed countries then we will find that the educated citizens have played a critical role in developing the skills of their manpower and extending their contribution. An example of this is the many reputed universities in the USA. They had been founded and funded by local farmers and communities while competent professionals extended their hands for research activities and offered a part of their time for knowledge sharing, and community scholarships offered by the wealthier population. The quality of education in Bangladesh is currently on the discussion agenda. We all make robust participations in the discussion and extensively critique it. However, the missing link is that we all hope the Government will address all these issues and hope for the best. It is much easier to throw criticism as opposed to making a constructive move for the betterment ourselves. We fail to understand that this undertaking is not possible by the Government alone. I would like to question all qualified corporate professionals regarding the following matters:

What is our contribution in human capital development in our country? What have we done for our future generations? There are a sufficient number of competent corporate professionals working in different industries in different local institutions and MNCs. They all have graduated from reputed public or private universities. These individual have the ability to create a definitive change in the country by simply contributing a few hours of their time each month. Sharing their knowledge and experience to the youth and university students of the nation will be a valuable insight of their respective fields. The corporate professionals can share their learning from on the job experiences. This is an extremely powerful means of bridging the understanding of theoretical and execution perspectives. A 2-3 hour

session from a corporate professional will aid in learning versatile perspectives of a particular subject. This should include consolidated knowledge of the speaker based on his/her 4-5 years on the job learning. I have been personally engaged in such knowledge sharing sessions since 2002 which have been extremely beneficial for students who have taken part. This model is a robust approach to enhance the quality of education and augmenting the hands of the faculty members. I have run after the University Faculty Members to give me an opportunity to organize such knowledge sharing session. This has led me to attend around 100 knowledge sharing sessions in last 10 years and at my own initiatives. There is a great sense of pride in knowing and sharing the benefits, and

contribution in human development capital amongst my peers and comrades. The idea of PSR and the power of the individual contribution towards it must be made more aware throughout the nation. The competent corporate professionals can play the most vital role of transforming the skills of human capital in this country as part of their PSR. This endeavor should be a personal initiative taken by these gifted individuals, starting with their own universities or the universities that cater to their discipline. I donâ&#x20AC;&#x2122;t believe that there is any other activity which is as respectful and rewarding as supporting the human capital development of the county because the people of a nation are its greatest commodity. The writer has 20 years of working experience in reputed MNCs and renowned local companies. He can be reached at ishtiaq00726@gmail.com

Interview OF THE MONTH

â&#x20AC;&#x153;I am happy that Bangladesh is so successful with its RMG sector which is a change agent for its entire society.â&#x20AC;? Dr. Thomas Prinz

Ambassador of the Federal Republic of Germany

What is your evaluation of the multidimensional Germany-Bangladesh relationship?

Germany and Bangladesh have maintained a friendly relationship dating back to the earliest days of an independent Bangladesh. Wounded freedom fighters were treated in German hospitals; we are proud to have supported the Bangledeshi people from the beginning of their journey to independence. Today, there still is an active civil society interested in Bangladesh; for instance in my hometown, the NGO Netz has supported projects in Rangpur and other remote areas in northwestern Bangladesh throughout the last 27 years. Our lasting and cordial bilateral relations have adapted to the challenges and changes of time. Our current trade relations are as important as our development cooperation;

In 2015, the FDI in Bangladesh reached $1.8 billion, much less than Myanmar. With a better regulatory framework Bangladesh could increase FDI tremendously.

Dr. Thomas Prinz is the Ambassador of the Federal Republic of Germany to the People’s Republic of Bangladesh. He has been working in this post in the German Embassy since April 2015. Ambassador Prinz was born on 7 June 1959 in Wetzlar, Germany, is married and has five children. He received his PhD from the University of Heidelberg, South Asia Institute. Previously he worked as the Director of Foreign Trade Promotion at the Federal Foreign Office in Berlin from 2012 to 2015.

numerically, they are of higher significance. Beside those economic relations, we are proud to have several thousand Bangladeshi university students pursuing their Master’s and PhD programs in Germany. All of this has led to a cooperative relationship in which we work together to combat climate change worldwide and matters in the United Nations.

The BangladeshGermany bilateral trade is worth over €4.6 billion where exports to Germany are worth €3.8 billion, and imports from Germany are worth €0.8 billion. 90% of those exports are RMG, so there is an opportunity to diversify, for example through light‐ engineering. What are your thoughts regarding this issue? First of all, I am happy that Bangladesh is so

successful with its RMG sector which is a change agent for its entire society. Millions of citizens are benefiting from that sector and with the export adding value to most of these people’s lives. The RMG sector has started a modernization process from which other sectors of the economy can profit now. The Government of Bangladesh is exploring the potentials of other sectors and I am convinced that these opportunities, which include the interest of foreign investors, are coming up in ITC, pharmaceuticals, leather, shipbuilding and a few other areas. The world economy is changing rapidly as a result of the IT revolution. New chances are rising for Bangladesh and for those who would invest here.

There is a significant amount of FDI coming in from Germany. How are you nurturing these trade opportunities? As an embassy, we inform our government and the relevant business www.ibtbd.net

associations about recent developments and opportunities on a regular basis. For example, we have collected all relevant data about the ICT sector and sent it to Germany allowing for any possible investor to calculate their costs and possible benefits on the basis of that data. In addition, we are trying to bring in a delegation of potential investors for the ICT sector together with BGCCI and the German authorities involved. Apart from these short-term perspectives, we are trying to enhance the image of Bangladesh and its economic potentials abroad. The German media does not extensively cover Asian countries. However, Bangladesh still predominantly makes headlines for natural disaster or tragedies. In this context, we are helping to create a more balanced picture; facilitating photo exhibition depicting the beauty of Bangladesh and its vibrant people. Furthermore, we are speaking to the German media and supporting direct contact of news between the nations.

What is your opinion regarding the business environment in Bangladesh? The country is full of opportunities, but it is difficult to conduct business in Bangladesh. The World Bankâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Doing

Businessâ&#x20AC;? index ranked Bangladesh on 174 out of 189 in 2016, two positions down from 2015; only Afghanistan and Syria are doing worse in Asia. Unfortunately, that shows that it is not getting easier to do

We are trying to bring in a delegation of potential investors for the ICT sector together with BGCCI and the German authorities involved. business in Bangladesh. Bureaucracy is huge and difficult to understand. A culture of non-compliance, unpredictability of decision-making at the BOI, at customs and ministries hamper FDI. In 2015, the FDI in Bangladesh reached $1.8

billion, much less than Myanmar. With a better regulatory framework Bangladesh could increase FDI tremendously.

What is your evaluation of the hospitality and general mentality of the local people from your time here in Bangladesh? The Bangladeshi people are just wonderful. Their attitude is the biggest asset of the country. That is not only my experience, but the experience of practically every foreigner I have conversed with. I have never before been as warmly welcomed as was the case in Dhaka. I have never before found such a warm-hearted society. This is true not only for my contacts and friends in Gulshan and Baridhara, but also for the remote villages on a chars in the Teesta river which I visited earlier this year.

Inside out

INVESTING IN TVET

Training the Future By Towfiqul Islam Khan

kills, knowledge, and innovations are the key driving forces of economic growth and social development of a country. Empirically, countries with higher levels of education and skills can respond effectively to challenges and opportunities in the global economy. The skill development of the youth has been emphasized in Goal 3 of Education for All (EFA), a global movement led by the United Nation Educational, Scientific and Cultural Organization (UNESCO). No wonder that the sustainable development goal (SDG) 4 has two targets related to developing technical skills. Viz. by 2030, to ensure equal access for all women and men, affordable and quality technical, vocational and tertiary education. The aim, by 2030, is to substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, required for employment in decent jobs, and entrepreneurship. These targets are particularly relevant for Bangladesh as the country is

dire need to convert the ‘demographic window of opportunity’ to ‘demographic dividends’. With large cohorts in Bangladesh preparing to enter the workforce and smaller cohorts coming behind, there is a special need to improve the quality and quantity of education and skills training more quickly. The large groups of Bangladeshi children and youth that will enter the labor force over the next decade will make up a large proportion of the workforce for decades to come. In contrast, Global Competitiveness Report (GCR) 2016-17 identified inadequacy of educated and skilled workforce as one of the constraints for doing

87.9

59.8 45.9

40.8

36.6

9.9 1985

1990

16.9

14.9 -6.0

-12.6 1995

7.4

3.4 2000

13.3

33.9

-4.5

1.9

2005

5.0 2010

20.1 13.1 6.2 6.8 -5.9 2015

2020

Source: Authorâ&#x20AC;&#x2122;s calculation from Bangladesh Bureau of Educational Information & Statistics (BANBEIS) data.

business in Bangladesh. Indeed, the manufacturing sector which recorded double-digit growth on an average over the last one decade still suffers from skilled workers and has to obtain for on-the-job-training. In response to the emerging needs, both in view of the domestic as well as anticipated global market demands, Government of Bangladesh (GoB) has adopted five different current plans or policy statements involving technical and vocational education and training (TVET), notably the Education Policy 2010 and the National Skills Development Policy 2011. Besides, the Seventh Five Year Plan (7FYP) proposes priorities and strategies for education including skill development. The main elements of the skill development strategy in the 7FYP include: i. Diversification of technical and vocational education programs to meet the technical manpower needs in the areas of emerging technologies, such as: Fish Production, Leather, Textile, Mechatronics, Mining & Mine Survey, Instrumentation & Process Control, Construction, Environmental, Garments Design & Pattern Making, Electro-Medical, IT sector etc.; ii. Encouraging more womenâ&#x20AC;&#x2122;s participation in TVET to ensure empowerment, equality and gender equity; iii. Development and modernization of existing TVET Institutions with available rural technologies to meet the challenges of the fast changing economy in the rural setting for poverty alleviation and to arrest rural-urban migration. The plan also aims to encourage private sector involvement and initiative in the delivery of technical and vocational education programs. Indeed, these documents emphasized the need for developing skills and capacities of young people to enable them to respond effectively to the employment market in the country and the opportunities in the global economy. Also, these policies have a gender equality plan and a

plan for people with disabilities. Historically, the linkage between the TVET system and private industry has been relatively weak, making it difficult for the system to adequately supply the skills demanded in the job market. Regrettably, the conventional sectorized and fragmented approach to government operations and policy making have limited the possibility of a comprehensive and coordinated approach towards skills development in Bangladesh. In Bangladesh, formal TVET up only a tiny portion of secondary education, and evidence suggests that some TVET resources are underutilized because of low demand from students. In contrast, many of the rapidly developing countries and recently developed countries of Asia made TVET a central focus of their education systems as a way of preparing for rapid industrialization. The growth rate of the students enrolled in TVET has been highly volatile. Even though the

number of students has been increasing over the years, the proportion of students enrolled in TVET as a percentage of all students is very low and quite unsatisfactory. The proportion increased from 0.4% in 2001 to only 1.8% in 2013. The global average for proportion of secondary school people enrolled in skills development programs in the year 2010 was 11%. However, this average figure reflects a high regional variation. The figures for Central Asia, East Asia and Pacific, and Central and Eastern Europe ranged between 17% and 20%. However, in South and West Asia, the corresponding figure was less than 2%. Within this lowest performing region, Bangladeshâ&#x20AC;&#x2122;s performance is not praiseworthy.

Growth of enrolment in TVET (%)

Inadequate physical infrastructure is a major concern for expanding quality TVET which acts as a barrier to participation for skills development training. Deficiencies in basic facilities, teaching-learning materials, and basic amenities, ineffective teaching-learning practices and styles were reported as other potent barriers to the effectiveness of the TVET courses. Empirically, it has been found that rural young people were facing the problem more than their urban counterparts. Girls in both rural and www.ibtbd.net

Expenditure on education as % of total government expenditure (%) 25.0

Expenditure on education as % of total government expenditure (%)

20.0

15.0

10.0

0.0

Vietnam Nepal Senegal Venezuela Chile Afghanistan Bolivia Colombia Tanzania Bhutan Brazil Iceland Maldives Peru Sierra Leone Argentina Denmark Norway Uruguay India Sweden Cambodia Uganda Finland Bangladesh Pakistan Ecuador Sri Lanka

5.0

Source: Author’s compilation from World Development Indicators (WDI) data.

urban areas are suffering more compared to the boys. The government’s recent efforts to promote participation in TVET merits appreciation. A number of projects which have undertaken to promote TVET also increased during this time period. However, both allocation and type of training are still inadequate against the market demand. It is observed that the types of training provided under the programs often do not correspond to the rising demand for skilled labor, particularly for the growing manufacturing sector of the country. This success can be attributed to the distribution of resources for this sector. Allocation for promoting TVET and skill development increased from Tk 165 crore in RBFY2012 to Tk. 441 crore in RBFY2016 – nearly a 167% increase in five years. In line with the enrollment figures, expenditures for TVET accounted for about 2.6% of the total education budget. However, the targets regarding establishing new TVET institutions in underserved areas and introducing emerging trade and technology courses by modernizing curriculum were not reached during the recent years. In general, the present level of budgetary allocation for education in Bangladesh is, by any standard, well below than what is required. The share of the education sector budget has declined over the recent years, both as a percentage of Gross Domestic Product (GDP) and as a share of the total budget. The share of the education budget as a proportion of the total budget decreased to 11.6% in FY2016 from 15.9% in FY2007. According to World Development Indicator (WDI) data, Bangladesh, with an education budget to the tune of 1.9% of GDP, has been ranked 155 out of 161 countries in the world. In all other South Asian

countries, the corresponding figures are higher (Afghanistan: 4.6%, Bhutan: 5.6%, Nepal: 4.1%, India: 3.9%, and Pakistan: 2.5%). Indeed, the figure has remained around 2% of GDP for the last 14 years. The national education budget for FY2017 has made an effort to correct the course, however, it needs to consider that much of the rise accounts for a salary increase for government employees. While such an increase in salary for teachers was required, it can hardly ensure more and better services.

implementing the budget for education are often not being able to fully utilize their respective allocations. It is critically important to invest in TVET on a priority basis. Taking the rising demand for skilled workers in both domestic and global markets into cognizance, more investment for TVET has to be a top priority. TVET policy will also need to consider the required self-employment skills, as also types of skills required for Bangladesh’s growing manufacturing sector. Hence, the TVET policy and its finances need to take cognizance of other relevant macroeconomic policies including trade and industry policies of Bangladesh. Expanding the number of ‘Centers of Excellence’, which are currently established in the leather, agro-food, tourism, and RMG industries to provide specific industry-centered training initiatives, should be encouraged. This can only be successful with a mix of private sector, donor, and government funding.

Education budget as a share of GDP (%) Utilization of allocated scarce resources for education falls short of the needed level. It was also found that government agencies responsible for

The writer is a Research Fellow at the Centre for Policy Dialogue (CPD). He can reached at: towfiq.khan@gmail.com. The views of this article do not necessarily reflect the views of the aforesaid organization.

Ask the Expert PRAN CONFECTIONARY

Consumers First AKM Moinul Islam is the General Manager of Business Operations of Pran Confectionary Ltd (SBU-2); he previously served as the Head of Marketing & Sales of Pran Confectionary Ltd. Moinul has also served as Assistant General Manager of Marketing of Partex Group, Senior Brand Manager of Pran-RFL Group and Brand Manager of National Beverage Ind. Ltd. He is the recipient of a number of accolades which include the Global Marketing Leader by World Marketing Congress (WMC) and the Best Brand Award for 2014 and 2015 by the Bangladesh Brand Forum.

AKM Moinul Islam

General Manager of Business Operations, Pran Confectionary Ltd.

How has technology changed the marketing techniques being used? Communication helps businesses grow and prosper; it creates relationships, strengthens the effectiveness of organizations, and allows people to learn about one another. Technologies, such as the Internet, mobile phones, social media, and customer relationship management systems greatly affect the way companies communicate with prospective customers and thus they also affect modern marketing. These new forms of communication are changing the media landscape and the type of messaging strategy organizations use. A transformation of marketing is underway as we spend more time on our mobiles, tablets, and laptops. The challenge for brands is to connect with customers through all these devices in real time and create campaigns that work across social media, display advertising, and e-commerce. We've seen major changes in terms of the speed, relevance, and reach of campaigns being produced. Just as marketers need to become savvier about technology, data, and analytics; similarly, technical staff on the digital side have to get more creative.

How has digital marketing changed the face of the marketing frontier? What kind of role is it playing in the Fast Moving Consumer Goods (FMCG) industry, especially when it comes to the confectionery sector? The Boston Consulting Group forecasted that within five years, India would have 150 million consumers digitally influenced in the sector and would be spending around $40 billion across all FMCG categories. From this data, we can also assume the state of our country’s future trend. When it comes to social media, FMCG companies rely on an approach based on experience and entertainment for the customers. In this context, customers must perceive quality content. Being simplistic is not the same as being clear and the knowledge of the consumer cannot be underestimated. An increasing number of FMCG companies are shifting to social media platforms to gain competitive advantages. There was a time in which brands seemed to be the definitive solution to avoid commoditization of products. Now branding is simply not enough. There is a need of something more and social media is a great platform to initiate this trend.

As a result of this phenomenon, what changes do you identify in the consumer? The consumers’ purchasing decisions are certainly getting more complex. The single most important

challenge will be the utilization of multiple channels by shoppers and consumers. By its nature, social media is open and accessible. Conversation and collaboration replace the one-way “push” communications of traditional advertising and websites. Social media, therefore, challenges companies to attain higher levels of collaboration across corporate functions in order to compete more

effectively. In fact, companies that integrate social media into their culture and operations will strengthen the alignment of their business and brand strategies, in turn strengthening brand equity and brand loyalty among consumers. Like other CPG (Consumer Packaged Goods) companies, confectionery manufacturers can integrate social media into their operations in www.ibtbd.net

various ways, depending on business goals, resources, and internal culture.

What kind of impact is competition playing when marketing FMCG products? The people of both rural and urban regions in Bangladesh are consuming a high volume of fast-moving consumer goods these days due to their higher disposable incomes. This has led to a surge in the setting up of a number of FMCG companies in Bangladesh to meet the rising demand. Bangladesh's huge population has always been a significant factor for the growth of FMCG sector in the country and over the past few years, the rural market has been growing significantly. Between 1950 and 1980, the consumption of FMCG products was relatively low due to the low per capita income. The Bangladeshi market also imported exuberant amounts of products from overseas markets which increased the competition between the organized and the unorganized sector. The living standards rose in the urban sector due to higher disposable incomes along with the rise in the purchasing power of the rural families which increased the sales volume of various manufacturers of the FMCG products in Bangladesh. The large-scale companies such as Unilever, PRAN, Marico, Kohinoor Chemical have targeted the rural consumers and have also expanded their retail chain in the mid-sized towns and villages.

The Five Steps Required for Establishing Equity:

i. Define your position - The first step to building brand equity is to define your positioning: the single thing your company stands for to your customers. ii. Storytelling - Clear positioning is critical, but positioning statements are internal touchstones, not external expressions. Your next job is to make it interesting, to imbue the rational positioning with emotion. iii. Bringing life - Once you have the story, you need to bring it to life. Make sure that the way your company looks and feels to the outside world matches that truth. iv. Start building the brand before consumers buy it - Think beyond the transaction. Brands begin at the transaction level, but the brand experience goes much deeper. The opportunity to create a brand impression starts long before the buying decision. v. Measure and feedback - There are a few direct ways to measure the progress of your brand, like asking customers, checking search rankings, monitoring social media conversations, etc.

There is a lot of competition in the FMCG sector as a number of factors are to be considered while selling the products. This precisely denotes that only the innovators can survive this tough What must the competition. FMCG companies consider in order to appeal to todayâ&#x20AC;&#x2122;s consumers? The consumers today are endowed with a wide range of options to pick from in terms of FMCG products. There is a lot of competition in the FMCG sector as a number of factors are to be considered while selling the products. This precisely denotes that only the innovators can survive this tough competition. The investors must be very proactive regarding catering to market needs and building strong and powerful distribution channels. The recent rise of private-label goods has led to increased competition within the FMCG industry. Producers must differentiate their products and quickly bring them to the market.

What are the key factors required to improve brand equity? What advice would you give to newer brands trying to establish long-term brand equity? Strategic goals for brand management requires developing strong consumer-based brand equity. To reach this goal, companies have to design and execute well-thought-out marketing strategies and programs. However, this task does not end at executing marketing programs as companies to have to construct brand equity measurement systems to understand the impact on consumer minds. One fundamental that must be understood and accepted is that the consumer is the king, so the focus should always remain on the customer. If the brand has positive consumer brand equity than it is going to create a loyal customer base that is going to respond to marketing initiatives. However, if the brand has negative brand equity than the future of the brand and the company itself is in danger. There are many factors that go into building brand equity and at the heart of each is developing a brand that consumers want to experience. Brands must differentiate themselves, add value to consumersâ&#x20AC;&#x2122; lives, deliver the performance they have promised, engage and create an emotional connection with the consumer.

Special Report

A KAIZEN CRS A N A LY S I S

A LOOK INTO THE FISHERIES INDUSTRY By Debjit Saha angladeshi people are popularly referred to as â&#x20AC;&#x153;Mache Bhate Bangaliâ&#x20AC;? which translates to fish and rice makes a Bengali. This small saying is evidence that the culture and consumption of fish has important implications for national income and food security. According to Department of Fisheries, Bangladesh Ministry of Fisheries and Livestock (DoF), fisheries contribution to National GDP is 3.69% and agricultural GDP is 23.12% which makes fisheries the second most valuable agricultural crop in Bangladesh. This sector contributes to

employment of 17.80 million people which is approximately 11% of total population. Given that fisheries are a very promising sector, Kaizen CRS provides an in-depth look at one of the most valuable industries in the nation. The study is based on secondary research and market visit to three key wholesale fish markets in Dhaka: Swarighat, Karwan Bazar and Jatrabari.

Crop & Vegetables Livestock Forestry Fisheries

Importance of fisheries in the Bangladesh economy The fisheries sector has played a vital role in the economy of Bangladesh. This sector has tremendous potential from the perspective of economic development of the country. Fish, alone, contribute about 63% of the animal protein in the daily dietary requirements of Bangladeshi people. The per capita fish consumption in Bangladesh is 53g/person/day but there is still room for improvement as the standard level of consumption should be 60g/person/day. The industry is growing at an average rate of 5.2% for the last five years. This huge economic contribution is due to the effort of the entrepreneurs in the business. Fishing opportunity in Bangladesh fall broadly into four categories: (i) inland capture (open water), (ii) inland culture (closed water), (iii) marine industrial or trawl fishing, (iv) marine artisanal or small-scale fishing. The soil, water and climate of Bangladesh are very favorable for inland fisheries in both open and closed water. Therefore, most of the fish traded in domestic market are from inland capture.

There are primarily three fish cultivation methods: capture, culture/farming and marine. â&#x20AC;˘ Capture is a traditional method of catching fish in rivers, beels, haor and baor done by independent fishermen in small boats usually using simple gear like traps, gillnets, beach seines, purse seines, dip nets, cast nets and small long lines. Most of these catches are consumed locally either processed or fresh. â&#x20AC;˘ Culture: This is a method by means of which rural entrepreneurs scientifically farm fish in pond or closed water space. This is a more formal way of catching fish than capture. â&#x20AC;˘ Marine: This method includes catching fish in coastal areas with either mechanized or non-mechanized trawlers. The contribution of the capture method of

2013 2014

2012 2013

2011 2012

2010 2011

2009 2010

2008 2009

2007 2008

2006 2007

2005 2006

Source: Bangladesh Economic Review 2015

Nine Years GDP Growth Rate (%)

fishing with respect to the total fish catch of the country is 30%, while fish culture takes up 53% and marine fishing takes up only 18%. The high proportion of fish captured by farming is an indication that the fish industry is slowly becoming more structured. Nevertheless, the price and demand of fish depends fishing method as well as the species. There is a wide variety of fish species in Bangladesh which can be grouped into five broad categories: hilsa, carp, catfish, prawn and others. In the inland open water system. There are 260 native species, 13 exotic fish species and 20 species of shrimp. Most of the 260 species of freshwater fish and 20 species of freshwater prawns are greatly favored by consumers. Carps, rui, catla and mrigal, particularly from rivers or other water bodies, command the highest prices. Generally, consumers prefer bigger fish from rivers or open water bodies.

These fish fetch higher prices in the market than cultured fishes from ponds. Carps, whether they are from open water bodies or from ponds, can easily be identified by their bright color and their texture. The country also has a coastal area of 2.30 million ha and a coastline of 714 km along the Bay of Bengal, which supports a large artisanal and coastal fisheries. Bangladesh has about 130 deep-sea fishing trawlers, 22000 mechanized fishing boats, and 25,000 non-mechanized fishing boats. Consumption of marine fishes is largely confined to coastal communities in areas like Chittagong, Noakhali and coastal islands. In the recent years, improved transportation and promotional activities by the Bangladesh Fisheries Development Corporation (BFDC) have allowed marine fishes to become more accessible to consumers in Dhaka, Khulna and Chittagong cities. Consumers in Chittagong city and rural areas of the Chittagong division are more accustomed to marine fishes than people in other areas. Consumption of marine fishes is confined to marine species like pomfret, Indian salmon, snappers and jew fish. All marine species with the exception of pomfrets and hilsa, command relatively low prices.

www.ibtbd.net

Fish Market

(Forward Linkage)

Consumers of all income groups always prefer fresh fish to iced or frozen fish. Frozen fish is the least preferred by consumers. Additionally, apathy towards marine fish in areas other than coastal region can also linked to lack of proper transport and storage facility. People usually prefer fresh fish and since the cold chain in Bangladesh is not that effective, marine fish rarely remain fresh by the time it reach markets in Dhaka. And in case of areas other than Dhaka and Chittagong there is still no proper central market place for fisheries. Therefore popularity of marine fish is confined to coastal areas. The flow of fish distribution is given below:

Mahajan

Broker

Collector

In Dhaka, wholesale fish markets are only functional for a few hours in the early morning where traders are involved in fish trading from 6 am to 9-10 am. Medium and large size fishes are separated from a mixed group by species and size and are sold in hali (4 pieces) basis and most small size fishes are sold in maund (37.6 kg) basis. Fish are mainly sold in open space at fixed prices by the traders. There are no stalls for the traders but a few sheds exists. Furthermore, commodities such as electricity, telecommunication, preserving and freezing faculties are not available.

Absence of Cold Storage In Swarighat, there are 4 ice plants in the market and ice storage facilities exist. But mostly block ice is used with manual methods in which the blocks are crushed to lay the fish upon. There is clearly a deficiency of ice especially during the peak season and this is reflected in the inflated prices of ice. Only river water is used to make ice which is of very uneven quality and is not often chlorinated. This whole exercise is very unhealthy and unhygienic.

Absence of Hygiene 60% fish Supply from local

Hygienic condition of wholesale market is very poor. At the market time these places become so muddy and walking becomes very difficult. There is no drainage system and sanitation receives a low priority at all stages of marketing. For example, the cleaning and washing of fish and containers to carry fish are not common practice and fails to use chemicals (bleaching powder, chlorine etc) to sterilize surfaces which are used to hold fishes.

Distributor Wild collection / Farmer

Whole saler

40% fish supply from outside

Agent / Suppliers

Source: Distribution of Fish

Local fish traders

Profit Margin Aratdar (Swarighat)

Restaurant Retailer Hotel Institution

From field visits of researchers, it is estimated that the primary producers scarcely receive or earn near about 30-40% of the selling price for their production. Depending upon the estimated cost of transportation, preservation, icing and money paid to moneylenders of the market, the fishers’ or farmers’ share of the prices differ a lot. Aratdar’s profit per kg is Tk 10. They also charge about 2-3% commission of the sell price and 4% interest from producers who take credit from aratdars. The middleman’s share is near about 40-45%, while the remaining 15-20% is spent for transportation, preservation and other charges of the sell price.

630.24 2013-14

539.55

598.17 2011-12

Currently, there are 133 fish processing plants in Bangladesh which are mostly located in port cities (Khulna and Chittagong) of which 74 processing plants are EU approved.

2012-13

624.79 2010-11

2009-10

Source: Export promotion bureau 2014

486.93

FISH & FISHERY PRODUCT EXPORT TREND (MILLION $)

Exports in the fishery industry

Less than 3% of total fish production in Bangladesh is exported but still fishery exports contribute to 2.01% of total export earnings. The last recorded export earning amounts to 630.24 million USD in 2014. According to experts, this figure is still not a true reflection of the real potential of the sector. In order to enjoy benefit of true export potential of fish there should be ample fish

processing units. Currently, there are 133 fish processing plants in Bangladesh which are mostly located in port cities (Khulna and Chittagong) of which 74 processing plants are EU approved. This means 44% of the processing units are not fit for EU market whereas Bangladesh is traditionally oriented towards the EU market as opposed to the US and Japan. The popularity of fish for export varies from species to species. Shrimp is a very popular item for export; about 40% of wild shrimp and 95% of cultured shrimp produced in Bangladesh are exported. The two main exported cultured species are Black Tiger shrimp or Giant Tiger Prawn (Penaeus monodon) and Giant River Prawn (Macrobrachiumrosenbergii). A variety of captured fish are exported of which the most well-known is the hilsha shad (Hilshailisha). On the other hand, cultured species fish with the highest export potential are pangasius (Pangasius Hypophthalmus) and tilapia (Oreochromis spp). The most products for export are as frozen into blocks or an almost negligible part as fillets. Thus this sector has the potential to be a very good source for export earnings. The bottle necks that hinder growth in this sector are: lack of skilled labor force, lack of cold storage facilities, and lack of supply of fish since 97% of fish are locally consumed and

low quality of seed fish i.e. the primary production.

In Conclusion

The following steps are imperative in the improved trade of fish: • Selling and promoting sea fish in local market; • Educating fishermen on how to handle, preserve and ice fish for transport; • Teaching the private sector how to freeze and store fish; • Introducing good and hygienic infrastructure i.e proper drainage and sanitation in fish market to make fish trade more comfortable • Introducing new fish products such as fish fingers, fish burgers, fish balls, fish cakes, and fish cutlets, which may open new possibilities for export by the private sector of value-added fish products in the near future. Fisheries are a very lucrative sector for both domestic and international markets. Unfortunately, the fisheries market is highly unstructured. If the numerous problems are addressed, the industry has immense potential to prosper and contribute a significant amount of revenue to the country.

The writer work for Kaizen CRS

Interview

“The VAT system will go online very soon. With new VAT laws and a fully automated VAT system, the revenue from indirect taxes will be a huge boost”

Md. Nojibur Rahman

Chairman National Board of Revenue

NATIONAL BOARD OF REVENUE

Md. Nojibur Rahman is Senior Secretary, Internal Resources Division (IRD) and Chairman, National Board of Revenue (NBR), Ministry of Finance. Prior to this appointment, he worked as a Secretary of the Ministry of Environment and Forests. He has also served as Secretary, Statistics and Information Division, Ministry of Planning, the Economic Minister (Additional Secretary to the Government) in Bangladesh Permanent Mission, the Director General (Additional Secretary) of the Department of Environment (DOE), Joint Secretary in Local Government Division (LGD), and Deputy Secretary (UN) in ERD and Private Secretary to the Speaker of Bangladesh Parliament.

becoming a developed country by 2041.

This year, the NBR has been given a collection target of Tk 2,03,150 crore, which is about 32% higher than last year’s collection.

During an earlier time, Bangladesh was dependent on aid but now we have come to a point where we can take on mega projects with our own funds. In the future, we will need more funds from internal revenue collection sources. How are you moving forward in this regard?

There was once a time when we were heavily dependent on foreign assistance for our development finance but with time this dynamic has drastically changed. We are now financing our mega projects with our own money. This has become possible due to the commendable performance of the National Board of Revenue as our internal revenue mobilization has tremendously increased. Bangladesh has already touched the milestone of becoming a middle-income country. Now we are aiming higher; we want to become a developed nation by 2041. For development purposes, we need finance and in this context, I believe that revenue is the oxygen for our developmental longevity. The NBR is committed to providing the revenue that will be necessary for development and for attaining our goals of

Our tax-GDP ratio is very low compared to other Southeast Asian nations. How can we change this situation? It is evident that our tax-GDP is ratio is low both in regional and global comparison. However, this scenario is gradually improving. Over this decade, the growth of revenue has been well-exceeding the growth of GDP. As a result, the tax-GDP ratio is increasing year by year. We have achieved and exceeded our revenue target in last two years. This year, the NBR has been given a collection target of Tk 2,03,150 crore, which is about 32% higher than last year’s collection. We are confident that we will achieve our collection target. If we can do that, our tax-GDP ratio will get a quantum leap. In order to achieve our revenue target, we focused on both policy and administrative reforms in this year’s budget. Specific measures have been taken to reduce tax gaps in both regular and withholding taxes. In his budget speech, the Honorable Finance Minister has given special emphasis on the payroll tax. Though payroll tax is a major source of revenue across the world, unfortunately, we

collect only 3-5% of our taxes from this source. We are aiming at increasing the share of the payroll tax to 7% by this year, then gradually elevate it to 15% over the next three years.

How have you addressed the challenges posed by your efforts to increase payroll taxes? Tax evasion is a major issue. In order to deal with this, we have brought significant reforms in withholding tax regulations in this year’s budget. With the successful implementation of our policy reforms, we hope to significantly improve the issue of tax evasion. Apart from the policy changes, four major administrative reforms in direct taxes have been initiated through this year’s budget: (i) Introduction of eTDS (ii) Establishment of a centralized withholding tax unit for withholding tax management (iii) Establishment of an automated tax information system for gathering tax information that will help in taping untaxed sectors and locating unreported taxpayers (iv) Establishment of an international tax unit for dealing with international tax evasion issues. We have also undertaken massive reforms in indirect tax www.ibtbd.net

areas. The VAT system will go online very soon. With new VAT laws and a fully automated VAT system, the revenue from indirect taxes will be a huge boost. Therefore, we can expect a very healthy tax-GDP ratio in coming years.

How are you working on streamlining tax administration? What is your roadmap for this process? In the case of streamlining tax administration, transforming tax management is very important. We have introduced modern management and good governance frameworks in tax administration. Specific initiatives have been taken to develop the capacity of tax officials. We have focused on training our officials on both domestic and international levels thus taxpayer services have significantly improved. My colleagues in the NBR are working hard to create a culture of tax compliance in the society.

Our economy is growing but many people are beyond the tax net. What is the situation of taxpayers in Bangladesh? There is often a misconception that we have only 1.2 million taxpayers. This is incorrect because when counting taxpayers, people often forget about the people who pay tax at the source. Every bank account holder is a taxpayer because he or she pays tax when they receive interest. Every service provider, every importer is a taxpayer. Therefore, about 4 million people pay taxes in our country. So we can say

that we have 4 million taxpayers. It is, however, true that we have only 1.2 million return filers of the 2 million registered taxpayers. These figures need to be improved.

To achieve the quantifiable goals, we have made return filing mandatory for various taxpayers. For example, any employee of the government or an autonomous body, drawing a basic salary of Tk 16,000 or more, must file a tax return this year.

How do you plan on bringing these people under the net? We have undertaken several steps for expanding the tax net. This yearâ&#x20AC;&#x2122;s budget has a special focus on tax net expansion. We have set some quantifiable targets for this financial year which is to increase the number of return filers to 1.5 million and the registered taxpayers to 2.5 million. To achieve the quantifiable goals, we have made return filing mandatory for various taxpayers. For example, any employee of the government or an autonomous body, drawing a basic salary of Tk 16,000 or more, must file a tax return this year. Any private employee, except a worker engaged in production, must have TIN. These measures will certainly expand our tax net. We have also strengthened our tax survey. Field level offices are conducting surveys on a regular basis and bringing in new taxpayers based on those surveys. We are also looking ahead. Tax information is the key to expanding tax net.

Following the best global practices, we are going to introduce a fully automated state-of-the-art tax information unit. This unit will automatically gather information about economic transactions from different entities, databases, and systems, and locate potential taxpayers.

You are working very hard to make people tax conscious but still there is the prevalence of the tax avoidance culture. How do you plan on removing this problem? Tax evasion and avoidance are global problems; even developed countries face these issue. We are organizing revenue dialogues, seminars, partnership discussions and taking many other initiatives to make people compliant. We are following a tax compliance model that has two dimensions which are services and enforcement. We offer services such as consultation, education, motivation, recognition etc. to the compliant individuals. On the other hand, we are tough on those who do not show respect for the law of the land.

Over time people will shift from the traditional kitchen markets to the supermarkets due the level of convenience they get and time they can save.

UNITED GROUP

Interview

Malik Talha Ismail Bari Director United Group

When did you join United Group? How have you involved yourself in the operations of the group? United Group was started by our fathers, and later we joined as the second generation directors. It was founded in 1978 by six directors, initially. Naturally, for any company to grow its legacy and become a going concern, they have to have a second generation follow-up plan so that investors

United Group is the largest socio-economic infrastructure development company in Bangladesh, with involvement in the power generation, real estate, healthcare, education, port management. Currently, our two key areas are power generation and real estate.

and other stakeholders are assured of its continuation and development. The second generation started getting involved around 2005, with our Group’s Managing Director, Moinuddin Hasan Rashid, joining at that time. I joined in 2008 and my colleague and fellow Director, Nasiruddin Akhter Rashid, joined in 2008 as well. As time passed, two other directors joined, and one more will be added to the ranks after he’s finished with his education. United Group is involved in several sectors. This includes power generation, real estate, healthcare, education, and retail. I am mainly involved in two of these sectors, one of them being retail. I look after Unimart, which is my product in the Group and then I also oversee some of the marketing and coordination aspects of our real estate ventures.

What can you tell us about United Group’s activities since you joined in 2008? United Group is the largest socio-economic infrastructure development company in Bangladesh, with involvement in the power generation, real estate, healthcare, education, port management. Currently, our two key areas are power generation and real estate.

Our strength in real estate comes from the fact that we own a lot of prime land banks in and around the capital as well as outside of Dhaka. Usually, companies tend to sell their land or lease it out. However, we try to make optimal use of our land assets and commercial buildings so that we get a consistent flow of revenue from them by using them in our own business activities. Many of our institutions are housed in properties that we have developed ourselves, including United Hospital, United International University and Unimart.

What sets Unimart apart from other retail outlets? How has Indulge helped enhance Unimart’s success? When we were developing this building, Gulshan Centre Point, we already had the idea of having a space for a supermarket. Other parties were interested in setting up their business here, but none of them were thinking about the larger format of supermarkets. They were limiting themselves to general grocery items but for a supermarket, there has to be the involvement of a

greater level of convenience. Unimart aims to bring all your supermarket needs under one convenient roof. When setting up a retail outlet, people forget to take a few things into account. The traffic factor is one such example. Due to the traffic conditions in Dhaka, people don’t want to waste the little free time they get after work hours to travel to multiple stores to buy the few necessary items that they need. At this point, time is a valuable commodity. A lot of people would rather pay slightly more given that they can get their goods on time while being assured of good quality products. Over time people will shift from the traditional kitchen markets to the supermarkets due the level of convenience they get and time they can save. By operating a large scale hyper store (in Bangladesh's context), through Unimart, we try to address as many sectors of retail as possible. This enables people to buy not only groceries but also a bit of everything else from their daily necessities. People have access to cook wear, gift items and even an eatery (Indulge) under one roof. Indulge started out

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small, but it has become a separate brand now. The idea was for people to take away food but later we realized people wanted to sit around and eat. Families who come to our store want to shop, eat and be able to spend time with their kids in one location. So with Indulge and a children’ playing area, Unimart works as an attractive location to serve those needs.

How do you define success? Success can have numerous definitions when it comes to a dynamic business organization. As such, success in the power sector would differ from success textile industry. If we look at the power sector, success for us would be if we can ensure that people are receiving quality power. In the textile sector, however, it is the employment being generated by that business that is a bigger success for us. Through UIU or Unimart or United Hospital, our success lies in the fact that we've been able to employ so many people in these different areas and address some key social sectors and issues. Through these concerns, we're also interacting with the end consumers directly, so the positive impact we can have on people’s lives through these avenues is also something we consider a success.

What are your thoughts on the business climate in Bangladesh? In general, Bangladesh has one of the best investment climates in the world today

as it is rich in terms of human capital, which is the single most valuable resource that one can have. A lot of people tend to say that our growing population is becoming a burden for us but in reality, it is our single largest and best asset. In most developed nations the aging populations

A lot of people tend to say that our growing population is becoming a burden for us but in reality, it is our single largest and best asset.

are growing and slowly they are becoming a burden for the middle-aged populations in those countries. Our nation has a dynamic, growing middle-income group comprised of middle-aged workers and these are the people who are spending in the economy and helping our industries grow. There are numerous business avenues which can be ventured into in Bangladesh. In neighboring countries like India, salary levels are extremely high for even factory level workers. Also, more people, especially in countries like China, are moving from the factory levels to the service sectors. Since everyone is moving towards the tertiary sector, this leaves a gap in the manufacturing sector, so

there’s an enormous scope for Bangladeshi manufacturing companies. Over the last few years, the Government has been trying to make Digital Bangladesh a reality, and it has come a long way in making it happen. The IT sector will become a focal point here in the coming years, so businesses need to be prepared for that as well. A lot of people are unaware of these facts, but one of the largest shoe manufacturing and largest hat manufacturing units in the world are in Bangladesh. One of the largest towel manufacturing units in the world is also located here. People need to stop looking to make a quick buck and instead, start looking at generating long-term success using the promising resources they have at their disposal.

What is the vision regarding the expansion of United’s business? Since we've been consolidating our business, our plan is to grow the existing units we have. United City is one of our most critical areas in contention right now. In terms of a planned township, it is one of the largest in the country. The area, which is being developed by United Group, will include a condominium complex covering 60 acres of land, making it the largest of its kind in Bangladesh. It will also include a high-end business zone and the new campus for our university, UIU. There will also be the scope for using our retail outlet model in this area so basically, we’re developing the area as a whole so that a sizeable community can grow there. Our power sector has also been growing, and we are proud to be able to say that we have been the first in many areas in this industry. This includes having the first independent power plant, the first and only commercially independent power plant, the first public-private partnership power plant, the first private distribution company. We’re also the first multi-utility service provider since we're producing power and generating steam, which we're also selling. We're also involved in developing the hotel project bedside Shahjalal International Airport where there will be two hotels and a retail space.

Financing Your Future

LANKA BANGLA

Interview

Khurshed Alam

EVP & Head of Personal Financial Services, LankaBangla Finance Limited

Khurshed Alam is an Executive Vice President at LankaBangla Finance Limited and looks after the Personal Financial Services Division. Khurshed started his career in 1992 as a Probationary Officer in Rupali General Insurance Company Limited. He obtained his Honors and Masters in Management under the University of Dhaka. He also got his Post Graduate Diploma in Personnel Management (DPM) from Bangladesh Institute of Management.

A home or house not The growth of the estate sector only provides physical real coincides with the of the shelter but also has a growth economy and the standards of significant impact on living the people. How do define your the lives of the dwellers you position in the in this in terms of skills market regard? enhancement, income generation, increased security, health, self-confidence and dignity.

Home loans are important instruments which help people acquire living spaces. With so many active operators in the market, how are you setting your product apart from that of your competitor’s?

When we design the features of a home loan product for the customer, we always try to deliver greater value. The customers’ need is our top priority. We try to accommodate the comparable value-added services for our clients proactively. In this very competitive market, we ensure the following financial solutions to our customers according to their desires: i. A higher loan amount to value than our peers ii. Flexible loan tenor iii. Disbursement of the loans in various phases as per customers’ needs iv. Early/partial settlement options, v. Tailored loans for construction, purchase or renovation of residential or commercial spaces vi. Free ancillary services during loan tenor. We believe in selling solutions for customers and not just a product or service.

There is a definitive relationship between the growth of the economy and the living standard of the people. When the economy grows upward, the population’s buying attitude improves accordingly. Bangladesh, with a population of 162 million, remains an emerging nation with rising per capita GDP. We believe, Bangladesh has booming prospects for real estates. As of 2014, the urban population stood at 34.3% of the total population increasing by approximately 100 basis points each year during last 5 years. During that time frame, the population growth rate of the country was around 1.2%, whereas, urban population growth rate was 3.5%. This figure is higher than that of India (2.4%), Myanmar (2.5%), China (2.8%), Vietnam (3.1%) and Pakistan (3.3%). This kind of rapid urbanization would work as a catalyst in making Bangladesh a prospect for large-scale real estate development. On another front, the

rising per capita GDP confers a greater comfort and accordingly people pursue a better living space. So effectively, we are positioning our product in such a way that would help people fulfill their dreams. We are reaching major townships with even more attractive products at a competitive rate. We believe in the near future owning a home won’t remain a luxury only accessible to the rich.

Minimizing the interest cap will increase your business. What has impeded you in this case? We proactively adjust our interest rates whenever the money market situation allows it. In this context, I would infer that being an NBFI, our rate is quite competitive. Over the last few years, our cost of fund has decreased significantly and we are offering comparatively lower rates for our home loan products. As I mentioned earlier, we want to create greater value for our customers. In this pursuit, we have created a differential value proposition with our value added services; tailoring our loan products as per customers’ need. That is why our customers have continuously chosen LankaBangla Home Loan. www.ibtbd.net

As a part of the retail banking process, how are you maintaining your standard of customer service? At LankaBangla, we are always customer centric. We donâ&#x20AC;&#x2122;t stop our service after disbursing a loan; during the loan tenure, we provide free ancillary services to our existing customers. We open our doors with a welcoming attitude and hence our vesting customers experience a very friendly environment. Being a financier with the largest product umbrella, we can provide various other financial products. Customers with whom we have long-standing relationships are provided with special discounts in other services.

Are you developing any apps for home loan customers? We have already launched a Mobile App known as FinSmart for our existing customers where all of our products details are described including home loans. Anyone can download this app on their mobile and obtain detailed information about our products and services along with their loan statements/balance and etc. Additionally, we have 24/7 call centers where a customer can call anytime for further support.

How are you judging the home loan markets? A home or house not only provides physical shelter but also has a significant impact on the lives of the dwellers in terms of skills enhancement, income generation, increased security, health, self-confidence and dignity. Home Loan finance,

therefore, plays a role in boosting equitable economic growth and reducing poverty through helping households build assets, improving living conditions, empowering the middle and lower-income

We have already launched a Mobile App known as FinSmart for our existing customers where all of our products details are described including home loans. Anyone can download this app on their mobile and obtain detailed information about our products and services along with their loan statements/balance and etc. population, thus strengthening communities. A boom in the real-estate sector will have spin-offs for great many allied industries such as steel, cement, brick, tiles, fittings and so on. According to REHAB (Real Estate and

Housing Association of Bangladesh), the real-estate and allied sectors contribution to the economy is around Tk 250 billion. REHAB have conducted a study in 2012 that found an estimated demand for flats in three years to be around 75,000 to 100,000. In 2017, the demand will grow to around 90,000 to 125,000, as an overwhelming majority of the population still don't own their property of residence. However, by the year 2022, the hunt for homes will be easing; demand will go down to approximately 70,000 to 95,000. Given the parameters of this trend, we believe that the home loan markets in Bangladesh will spread significantly, not only in the capital city but also in the rural areas with a lower interest rate regime.

Corporate Communication

Consider the following numbers: 20-25-percentage of increased productivity when employees are connected through better a better communication strategy 20-25-percentage of increased productivity when employees are connected through better a better communication strategy 3 out 5- number of times employees need to be instructed 37 billion- dollars lost because of employee misunderstandings 93-percentage of pro communicators believe that creativity is needed for better communication

fficient and effective communication has always been an extremely important aspect of a corporation's success or lack thereof. A business entity is always more than simply the sum of its employees but this is only truly evident when the employees can communicate properly with each other and avoid setbacks. Otherwise, miscommunications or a lack of information circulation can stifle the workflow. With that in mind, this article will be focusing on ways that any corporation can improve and streamline its avenues of communication.

There are plenty of other metrics showing the importance of active corporate communication. Communicator, Are your contributions being effective? By Antony Rahman

Team-Based Communication over Hierarchy Based Communication A hierarchal structure of information sharing is where each person reports to their superior, who in turn reports to their seniors. While it can seem convenient, this system may end up creating communication jams which end up hurting, more than helping, in companies in a lot of cases. A team based structure where groups of people who are working on specific projects report to one designated team leader often leads to quicker information exchanges and thus a more streamlined decision-making process.

Social Networking It a widely known fact that a substantial amount of your average corporate employees time at work is spent browsing social media. While this may negatively impact their output and productivity, completely disallowing access to the social interactions through these social media sites can result in a devastating lack of morale and job satisfaction. The solution is simple, a company exclusive social site, open only to its employees. This provides an alternative to communicating only through terse and to-the-point email messages, making interaction with others more enjoyable and allowing people to see updates on the status of their co-workers' projects. Though this social network will be used exclusively for work-related information sharing, it still gives the users a sense of camaraderie and fellowship that traditional corporate communication cannot hope to replicate.

Transparency

A greater level of transparency and objective-based goals are proven to foster a greater sense of urgency and dedication to the task at hand. Vague and open-ended goals handed down from the management to the employees lead to confusion and misunderstandings regarding specific responsibilities. Being transparent and clear with exactly what objectives and tasks need to be accomplished, and assigning different groups or employees to specific jobs that they need to accomplish

will inevitably reduce work related ambiguity. This will also diminish the occurrence of certain tasks falling through the cracks and being completely neglected due to misinterpreted objectives.

Internal Knowledge/ Information Database

Creating an easily accessible archive or database of the company’s internal information will help ease new employees into their assigned responsibilities. Most companies work with a very specific type of internal information which is sometimes difficult for newcomers to grasp. New recruits often find themselves needing the guidance of senior employees to get themselves acquainted with the quirks and aspects of the organization. Though most corporations will already have built-in programs for training new entries, having an easily accessible archive of the accumulated knowledge makes it much easier for newcomers to acclimate and produce results right from the get-go.

Using Unique Shorthand or Slang

Inspiring the use of language that is exclusive to the company’s employees can help improve communication flow. Whether this is made up acronyms for various daily occurrences in the company or slang terminology created to refer to company policies, or even inside jokes used only among the employees; it encourages communication between co-workers and engenders an atmosphere of fun and friendliness that can help ease tension and stress.

Avoiding Over-Communication or Excessive Communication

Even though this may seem counter-intuitive, sometimes less is more. Excessive and unnecessary communication, in the form of frequent meetings and mandatory reports, can actually be harmful to the workflow, interrupting ongoing work and needlessly slowing down progress for the purpose of keeping everyone updated on information and knowledge that they may already have. A more team based structure of communication sharing as mentioned earlier can be helpful in dealing with this, as it removes the need for large-scale interactions between management and employees, and thus removes the need for frequent meetings.

Work Mandated Retreats or Outings

When people are forced to meet and interact only in high pressure, stressful circumstances (which are often a constant in many businesses) they can sometimes develop negative and even heated feelings between co-workers. People grow to dislike each other if they only interact with each other in situations where both are stressed and harried. This can be avoided if the company offers its employees retreats, or ‘field trips’ so to speak, where they are sent away to relax and recuperate together. Relaxed and fun activities help with even the most heated of office enmities, allowing people to get to see and talk with each other in a setting where they aren’t under constant pressure. This lets co-workers get closer and learn more about each other in a way that they simply do not have the time or inclination to do in an office environment, which in turn leads to better co-operation when they return to that environment and need to work together.

Video Presentations

Not many people enjoy an hour-long speech presenting dry facts and figures, or a PowerPoint presentation of abstract graphs and charts, even if they are efficient information delivery methods. A well-constructed video presentation can communicate the same information and data in a more palatable way, grabbing the viewers’ attention more effectively than static images or tedious lectures.

These are only a few examples of the steps that can be taken to better accommodate information flow in a corporate environment, but the main idea behind them is what is truly important. Communication and information exchange needs to be more than just a troublesome hassle that employees are forced to deal with; it needs to be engaging and interesting. Sharing and obtaining the knowledge relevant to each employee’s job shouldn’t be a struggle, it should be a streamlined and fun process that people don’t dread and avoid. Only then can a company see the full productivity that their employees are capable of showing.

There has to be a holistic approach and human rights is central to this. Today the outstanding examples in my view would be the Nordic countries like Denmark, Sweden, Norway, Finland, etc. Ambassador Farooq Sobhan

CEO and President Bangladesh Enterprise Institute

IMPLEMENTING CSR

Interview

Ambassador Farooq Sobhan, during his long diplomatic career, has held various posts in the Foreign Services beginning in 1964. He has extensive experience, working on the international platform, having been posted in Cairo, Paris, Belgrade and Moscow in the past. In early 1972, he returned to Bangladesh to join the newly established Ministry of Foreign Affairs. From 1981-84 he was the Deputy Permanent Representative of Bangladesh to the United Nations in New York which was followed by ambassadorships in Malaysia and China. He served for three years as the High Commissioner to India and then the Foreign Secretary from 1995 to 1997 after which he concluded his illustrious career. Since 2000 he has been serving as the President of the Bangladesh Enterprise Institute (BEI), an independent non-profit research organization focusing on private sector development in Bangladesh. He is also the Chairman, Board of Trustees of the CSR Center.

workforce, labor standards, and human resource policies etc, good CSR practices can be evaluated. Unless the concept and understanding of CSR are clear it will be difficult to evaluate.

We have been taking an interest in promoting CSR for the last 16 years do you define since we established How CSR in the context BEI. Eight years after of Bangladesh? the BEI's inception, we established the CSR Center.

What is the status of Corporate Social Responsibility (CSR) in Bangladesh?

CSR has been recognized by most stakeholders in Bangladesh, especially the private sector, as an upcoming phenomenon for responsible behavior by corporations and the relevant stakeholders to uptake global standards and performance. With the adoption of the Sustainable Development Goals SDG, CSR is gaining momentum nationally. Its linkage with sustainable development initiatives has given some of the larger companiesâ&#x20AC;&#x2122; scope for responsible actions through better performance in terms of labor standards and human rights, etc.

As your organization actively evaluates CSR practices, what are the contextual and conceptual sides of CSR in Bangladesh? CSR can be both internal and external. In Bangladesh, external CSR is common but rarely links to the business strategy of an organization. By understanding these two dimensions of CSR which both link to the internal environment of an entity such as

CSR is not different as per country context but we can have different markers to measure it. For instance, in Bangladesh, we lack maintaining minimum standards or local regulatory frameworks. We need to work for this, although CSR goes beyond compliance. Companies that are already adhering to national compliance can do CSR effectively and that is already a work in progress.

How can the status of CSR be improved in Bangladesh? How does sustainable development play a part in this? CSR and sustainable development, in many ways today, have become coterminous. The two are inextricably linked. We have been taking an interest in promoting CSR for the last 16 years since we established BEI. Eight years after the BEI's inception, we established the CSR Center. Over this time, awareness, acceptance, and recognition of the importance of CSR both in the public and

private sectors have improved significantly. We have seen all that the government is supporting the idea of CSR along with the Bangladesh Bank and the Finance Ministry. What we think will further help in promoting CSR is if we are aligned ourselves with practices followed in other parts of the world. Providing tax incentives to private institutions might further help in promoting CSR. Another important issue is promoting a better understanding of what CSR is as a lot of people tend to confuse it with philanthropy or charitable contributions. What also needs to be understood is that it is not only for the private sector. When we speak of social responsibility, it applies to the government as well. I would like to mention, in particular, government ministries and government entities like the state-owned banks such as - Sonali, Janata, and Rupali. It is not only a case of what the private sector must do to protect and support the environment, the community, and its employees; it is equally important what government and its agencies do in this area. For example, I would be a strong advocate of deploying the armed forces in a major annual tree

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planting exercise. My last point in this regard is to speak of certain practices and standards. In the RMG sector, there are companies practicing a higher standard of CSR. However, there are also companies who think they are practicing it but their standards are below par. Therefore, we need to also see how we can measure and benchmark the CSR that is being practiced across the country. This awareness and understanding are of key importance and that is one of the things we are trying to do through the CSR Center.

As human rights are also a part of CSR, how can it be implemented in the organizational set up of different organizations in Bangladesh? One of the ten principles of UNGC includes human rights. The CSR Center has already done a lot of work on this issue by introducing the agenda of business and human rights, developing a handbook on this topic, conducting a ToT on human rights and introduced the UN Guiding Principles (UNGPs) into the RMG sector in Bangladesh. Also, it has done training sessions for managers and executives from various sectors.

What must be recognized as the fundamentals for human rights? Could you use one country as an example? In the context of CSR, how you treat your employees is of critical importance. Within this, it is imperative that we also address the issue of inequality. In the past, we've addressed the problem of eliminating poverty. Today, in addition to that, we must also

think in terms of addressing the problem of income inequality in Bangladesh and its neighboring nations. The gap between the well-to-do and the less well-to-do must narrow significantly and I think that should be another aspiration in terms of promoting good corporate social responsibility

In the past, we've addressed the problem of eliminating poverty. Today, in addition to that, we must also think in terms of addressing the problem of income inequality in Bangladesh and its neighboring nations. Alongside human rights, it is equally important how you look after the community in which you are functioning. You may be practicing the best CSR standard for your workers but if your factories are polluting the environment, you cannot claim to be promoting sustainable development. There has to be

a holistic approach and human rights is central to this. Today the outstanding examples in my view would be the Nordic countries like Denmark, Sweden, Norway, Finland, etc. They practice a very high standard of CSR and sustainable development. They have also been able to substantially reduce the gap between different segments of their society.

What is the part of Occupational Health and Safety (OHS) in Bangladesh? The CSR Center has been conducting over 100 training sessions on OHS issues in Bangladesh. Through BSCI, they have produced localized training manuals on occupational health and safety for the RMG sector. As this is a critical issue in all sectors of Bangladesh, the CSR Center proposes that such training sessions must be conducted in other sectors such as food and agriculture, pharmaceuticals, leather, construction, etc.

Implementing CSR

The Seeds of a Greener Tomorrow

"Remi Holdings Ltd. has achieved LEED Platinum Certificattion with the highest score 97 out of 110." â&#x20AC;&#x201C; Miran Ali, Managing Director, Remi Holdings Ltd. & Bitopi Group

By Monira Munni Some six giant-sized fans are seen running on the top of the sewing section of Remi Holdings Ltd., a concern of Bitopi Group, which has recently been awarded LEED Platinum certification from the US Green Building Council (USGBC) for its environmentally-sound production process. The High Volume and Low Speed (HVLS) fans, unlike the usual fans used in offices, factories and houses, have been set on top of the sewing floor of the factory building to distribute the cool air. The factory has a total of 10 such fans. The US-based technology helps keep the inside temperature of the factory at least 7-degree celsius lower than the outside temperature, resulting in a healthy and comfortable working atmosphere. The pre-fabricated steel structure consists of two production floors; it accommodates cutting, sewing, washing, waste management, a child daycare center, a medical center, canteen and office. Besides, the production building, there are additional two floors in between the two production floors. Another feature of the factory is its hanger system that is also not common in garment factories. A feature that the management has stated is a system mainly used in heavy

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industries aiming to improve work progress and save time. The Leadership in Energy and Environmental Design (LEED) rating is a points-based system where a rating level is achieved once a project meets all the prerequisites and a minimum number of points. Depending on the number of points earned, a project may be labeled as LEED Certified, LEED Silver, LEED Gold or LEED Platinum. Remi Holdings Ltd. is located in Adamjee Export Processing Zone (EPZ) in Narayanganj. Miran Ali, the Managing Director, stated, "Remi Holdings Ltd. has achieved LEED Platinum Certificattion with the highest score 97 out of 110." An achievement that is the highest ever for a garment industry, not just in Bangladesh but other apparel-producing countries as well. He adds that this is a matter of pride for both Bitopi Group and

Bangladeshis. According to the USGBC website, Remi has earned noteworthy scores in numerous areas of concern that include 24 out of 26 in sustainable sites, 10 out of 10 on water efficiency and 29 out of 35 in terms of energy and atmosphere. Furthermore, the RMG factory has received 10 out 14 in material and resources, 14 out of 15 for indoor environmental quality and perfect scores in innovation and regional priority credit. In reference to score, Ali would like to see further progress in the coming year, “We have planned to scale up our points by more than 100 by next year”. Set up in mid-2014, the group has invested about $15 million in establishing the woven products unit that currently produces bottoms and jeans. With a daily production capacity of 15,000 pieces, the unit is currently producing 8,000

apparel pieces per day and has employed some 1,500 workers. Workers start their day by singing the national anthem and doing warm-up exercises before starting their daily works inside the factory. Miran is planning on expanding this venture, “There are now nine production lines in the factory which will be increased to 15 lines and an additional 2,000 workers would be employed once the unit goes into full production by December this year.” Remi has set a milestone in reducing carbon emissions. There are 52 skylights to use daylight in the factory and the system reduced the need of installing 240 LED lights that save 19kw of electricity. An incineration boiler has been set up to produce steam which is the first of this kind of technology in Bangladesh. It has a thermal oil heater that also saves a significant quantity of energy. The ‘jhut’—one kind of wastage of garments

is used in operating the boiler and the produced steam is used in the finishing section of the factory. The factory has a rainwater harvesting capacity worth of 100,000 liters of water, a parameter that can save up to 37% of energy. An effluent treatment plant is also established and the treated water is reused in washing, gardening, and toilet flush. Four auto-loaded washing machines can wash 25,000 to 30,000 pieces of apparel daily and only two operators run the Turkish machines. “We have invested a huge amount of money in our washing segment as it does not use steam but thermal oil. This technology reduces pressure on gas by 50%,” Miran explained. The factory has five automated dryer machines where loading and unloading are done automatically. Remi also cover the various needs of their workers from worker’s environment to medical and child care. There are gardens inside the

factory especially in the sewing floors which acts as a focal point of relaxation for workers amidst their day surrounded by needles and sewing machines. During the visit of the factory, 32 children were found sleeping in the day care center of the factory that also provides food and entertainment arrangements for the children. On an average 28 to 35 workers receive medical services from the treatment center while workers are shifted to the EPZ’s hospital in case of emergency according to factory officials. “We have installed 125 kW solar panels on the rooftops that meet 5% of the total electricity requirements of the factory and there is also a garden on a roof,” elaborates the Remi chief. He equates that the group of graduates in the mid-level management positions is also a strength of the group, “Building management systems is one of the unique aspects of the factory that

monitor all the activities, requirements and use of energy in the factory through its censoring system.” He explains that Bitopi Group is a company that establishes exemplary work environments in all of their ventures. “The Bitopi Group has another LEED Platinum certified factory namely Tarasima Apparels Ltd. at Manikgonj. It has scored 93 points". Both the factories have been awarded LEED Platinum Certification by the USGBC in July 2016. The Group produces apparels for global

buyers which include the likes of H&M, Decathlon, Benetton, and VF Corporation. Explaining the reasons behind their green factories projects, Miran Ali elaborates, “It is because of the long-term sustainable business and image branding of the country’s RMG industry. Though buyers are not offering higher prices for apparel

produced in green factories, they prefer placing orders with producers who are fully compliant and take good care of both workers and the environment." Miran notes the trend that Bangladesh is reinventing its image as a green, environment-friendly and sustainable country with transparency. “A total of 13 garment factories received the USGBC LEED Platinum certificate while a total of 33 garment units received green certification in various categories from the USGBC. More than 100 factories, in addition to the 33, have applied for green certification.”

The writer can be reached at munni_fe@yahoo.com

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Implementing CSR

How PHP family created a holistic community

W hen he started in 1969, Al-haj Sufi Mohamed Mizanur Rahman had a vision to do social goods via business. Nearly a half-century later, his magnum opus, the PHP Family has become a model of how businesses can flourish and uplift the communities in which they operate. They are an enterprise of 20 companies that entail operating sectors of aluminum, textiles, agriculture and most prominently steel and float glass. The name PHP stands for Peace, Happiness &

Prosperity and these are the very staples that Rahman had continually dedicated to witness. Donating 150 million Tk annually towards CSR practices, the family created a united front for a conglomerate, which strives for the betterment of the society and a better Bangladesh. The company believes that CSR starts with improving the quality within ones’ self, thus, they have adopted policies and procedures in various areas of operations. Compliance with these terms is upheld by their Internal Audit Department. The Board of this department ensures that all activities are compliant with laws and regulations. As of 2010, PHP family has integrated

The PHP Family knows that employees are the foundation of any successful organization and they take care of them on a personal and professional level.

Oracle ERP so their financial transactions and records are more transparent. Last year they revised their Financial Authority Matrix to empower managers of different levels in the active participation of numerous aspects of decision making.

Employees first The PHP Family knows that employees are the foundation of any successful organization and they take care of them on a personal and professional level. They have 10,000 permanent and casual positions. They zealously work to improve the knowledge and skills of their employees so they can perform efficiently in the specific fields of their designation. Additionally PHP Family makes the health and safety of their employees a priority; they conduct programs to improve the health and safety of their employees. They have more than 30 in-house training programs that aptly ensure that employees prepared for any situation; these programs include: • Training on Fire Service & Civil Defense • Training on First AID • Training on Occupational Diseases • Training on Strategic Role of Marketing and Branding in Corporate Success • Training on Communicative English • Workshop on Operation, Distribution & Management.

A Solid Foundation As a corporation, they feel a personal responsibility towards bettering the quality of life of their employees and the community they reside in. In this context, they have created the Sufi Mizan Foundation in order to support nutritional needs, education, healthcare, humanitarian services,

development of infrastructure, and HR development. The activities of the foundation include arranging the cost of Hajj, sponsoring a local event, medical facilities for all employees, combating harassment, and remunerations for former employees and scholarships for the meritorious children of employees.

Problems & Solutions The Sufi Mizan Foundation has taken their conquest further with the creation of the “fact finding team”. It consists of a number of professionals who investigate and evaluate the imperative requirements of the community. Subsequently, the foundation aids the respective cause with financial, material, manpower and any other form of support required. The team also conducts monthly follow-ups of the project. The foundation enlists the appropriate measure to alleviate it, once they identify any problem.

Higher Studies

Al-haj Sufi Mohammed Mizanur Rahman Founder Chairman, PHP Family

The PHP Family has established the University of Information, Technology & Science (UITS) with the belief that education is the cornerstone towards a prosperous tomorrow. The university has already gained noteworthy recognition. It provides scholarships in order for the underprivileged students to gain the benefits of a sound education free of cost or of nominal cost. The company insists that education is a right of every citizen and not just a privilege. In this regard, they have significantly invested in creating a new campus with

state of the art laboratories, equipment, and classrooms.

Health is wealth The PHP Family consider healthcare to be a necessity instead of a luxury. The ‘Pediatric ICU Unit’ at Chittagong Medical College Hospital (CMCH) was inaugurated by the honorable Mayor AJM Nasiruddin on October 29th, 2015. The project aimed towards helping the future shapers of the community was completely funded by the PHP Family. The company felt an immediate need to address the matter when it had come to their attention that 15 to 20 children die on a daily basis because their parents cannot afford healthcare. Additionally, the Sufi Mizan Foundation has arranged funding for the Chattagram Lions Charitable Eye Hospital. The hospital provides optical care for those who cannot afford it and their success has allowed them to restore the eyesight of over a 100 patients on a monthly basis.

More than a family Many children of our nation are not fortunate enough to have experienced the joys of having a proper family. These orphans require extra attention in order to be provided with the benefits that every child deserves. The PHP Family supports a number of orphanages that house about 6,500 orphans. The company provides the children with meals, shelter, medical treatment, clothing, and education. If these provisions are given to these unfortunate children, they will become upstanding contributors to our society.

Implementing CSR

DEVELOPING THROUGH PEOPLE -CENTRIC INITIATIVES

Niaz Rahim is the Group Director of Rahimafrooz (Bangladesh) Ltd. He is also the Chairman of Managing Committee of the RSF Model School & College which is a free residential education center in Kaludam village of Bogra for the financially disadvantaged children of the community. Niaz Rahim is currently the President of Bangladesh Supermarket Owners Association (BSOA).

It is not possible for the government to single-handedly address all the livelihood and survival issues relating to the poor and marginalized population with their limited resource Niaz Rahim

Group Director Rahimafrooz (Bangladesh) Ltd.

What is the status of Corporate Social Responsibility (CSR) in Bangladesh?

Traditionally the people of this region, especially those who are engaged in providing services through business enterprises and industrial ventures in Bangladesh, play very important roles in social development and people-centric human development. These activities include running education and health programs, small businesses and entrepreneurial development for the poor and disadvantaged segment of the population for poverty alleviation. It is not possible for the government to single-handedly address all the livelihood and survival issues relating to the poor and marginalized population with their limited resource. In this context, the private sector and corporate bodies have been making enormous contributions to supplement the government initiatives as a part of performing their social responsibilities. The advancement is more visible in some areas and advanced than other counterparts. CSR may be described as a comprehensive package of specific practices, defined policies and well set out programs that are incorporated into

decision-making processes of public, private and social voluntary organizations. CSR activities are part of the overall organizational culture that ensures the good practices of corporate governance. Although the practice of CSR activities is increasingly being undertaken by the corporate world of Bangladesh, the real need based and service oriented activities are not always performed by them mainly due to lack of conceptual clarity and clear policy guidelines.

At Rahimafrooz Group you are working on CSR in a very structured manner. Would you please provide details regarding this? The CSR programs of Rahimafrooz Group are guided by its moral and ethical values. It is a combination of philanthropic, community focused and socio-economic developmental activities which, we believe will bring about qualitative and sustainable change in the society. In brief, we are focused on activities like providing quality education, health facilities. We run schools and support the Center for Zakat Management (CZM) which runs a wide range of value adding programs covering health, skill

development, education, entrepreneurial development and other programs. Our approach is futuristic and targeted towards sustainability. At Rahimafrooz, we believe that all our businesses need to add value and contribute to the society we live in, to make a difference.

How do you define CSR in the context of Bangladesh? How does Rahimafrooz associate itself with CSR? As already mentioned, the CSR activities in Bangladesh are gaining ground due to increasing awareness created by donor agencies, consumers, and the private sector. However, due to the lack of proper policy guidelines from the government or other regulatory authorities and chambers and associations, every company is performing their jobs from a sense of duty towards humanity according to their own interpretation of the term. Moreover, the recipients of the CSR benefits are not properly identified and evaluated by the providers. As a result, most of the organizations are doing CSR activities in a segmented, and disjointed manner which does not lead to the positive change in the society that is expected. The Bangladesh Bank has www.ibtbd.net

formulated a policy guideline exclusively for the banking sectors of the country. This is a positive step but not inclusive and applicable for every corporate entity. Rahimafrooz is one of the important Trustees of the CSR Centre, which has the affiliation of United Nations Global Compact. The Ministry of Planning is formulating the CSR Guidelines for Bangladesh in cooperation with the CSR Centre and Dr. Mahbubur Rahman, an advisor to the Rahimafrooz Group, is the head of the Economic Committee of the Guidelines formulation. We hope this will be finalized soon.

What are the critical success factors in the case of Bangladesh where you are working on? What is your recommendation to improve the situation? Bangladesh has lots of success stories in both the public and private sectors but we have the potential to achieve much more. Our people are very innovative, agile and resilient. I strongly believe that our first and foremost duty is to establish good governance in all spheres of life. The issue is widely discussed but people are not serious enough to establish the system of good governance. The government needs to develop very a better relationship with the private sector and it should only play the facilitating role so that the private sector grows with all its strength and ultimately allows for the development of the country.

As human rights are also a part of CSR, how it can be implemented in organizational setup? The number one principle of

UN Global Compact states, “Business should support and respect the protection of internationally proclaimed human rights and the second principal is to “make sure that they are not apathetic to human rights abuses”. Organizations should first understand the importance of this core value and make it a

Organizations should first understand the importance of this core value and make it a part of organization’s policy statement. We are elated that Rahimafrooz is very conscious of the human dignity and fraternity in its business operations. part of organization’s policy statement. We are elated that Rahimafrooz is very conscious of the human dignity and fraternity in its business operations. We feel that every organization should pay respect to the employees particularly women and an elderly section of the workforce. In addition,

organizations should also strive to protect children's rights.

What part does occupational health and safety play in your organization? Employee safety, security and welfare are important ingredients of our core values. Rahimafrooz factories and businesses maintain all environmental safeguards not only by the government's standards but also by our own standards which are on par with international parameters. We have an inbuilt system of supporting our staff in any adverse situation. Our offices and factories maintain healthy and hygienic systems and facilities. We provide safe drinking water, clean toilets separately for both men and women. We also provide modern treatment facilities for factory employees in case of any unfortunate incident. In fact, we take these activities not only from the CSR point of view but also from the moral and ethical point of view.

implementing CSR

Sailing towards a bright future

SM Nazmul Ahsan Sarup Manager of CSR Epyllion Group

SM Nazmul Ahsan Sarup is the Manager of CSR at Epyllion Group. He started working for Epyllion Group as the Executive - HR, Admin and Compliance. Nazmul previously served as the Officer of Finance for Pacific Bangladesh Telecom Limited (City Cell) and the Officer of HRM for Palmal Group.

Our efforts and initiation in CSR has been recognized by national and international stakeholders. This year, we have achieved the 6th Standard Chartered Financial Express CSR Award.

What is the status of CSR or SR in your organization?

Epyllion started CSR long ago. It formed Epyllion Foundation in 2011 with an aim to establish CSR with a formal approach. It focuses on the triple bottom-line of sustainable development. It sets plan and practice accordance with an aim to achieve sustainability in all aspects. Epyllionâ&#x20AC;&#x2122;s CSR for people starts from the organization itself; we connect to the society through our own employees. The target is to be an employee friendly organization encourages us to initiate and empower social beneficiary programs in broader community. Another significant focus point is the environment. We put our best efforts into sustaining continual improvements of our environmental management system which includes pollution prevention and the conservation of the natural environment. Our efforts and initiation in CSR has been recognized by national and international stakeholders. This year, we have achieved the 6th Standard Chartered Financial Express CSR Award. In the last two years, our collection of such recognitions showcases our raising the awareness for CSR.

At Epyllion Group you are conducting CSR in a very structured manner, would you please detail this methodology? The CSR at the firm starts with adhering to the Code of Conduct of Epyllion Group. The objectives and expectations of Epyllion Foundation put significant emphasis on education, health and environment. In terms of COC and guidelines of the system certifications, we have implemented core principles of ISO 26000, the international standard for Social Responsibility and the 10 Principles of United Nations Global Compact. For CSR, we focus on sustainable programs focusing on our employees and environment as well as community involvement and development. Stakeholder interests are considered when planning and implementing a CSR program.

How do you define CSR in context of Bangladesh? How can CSR activities in the nation be improved? In context of philanthropic CSR, Bangladesh is way ahead of others. From both, a religious and

social context, Bangladesh has a long history of philanthropic activities. These activities included donations to different charitable organizations, the impoverished and religious institutions. Most of our business organizations, from large clusters to small ones, are undertaking a philanthropic causes without giving it the formal title of CSR. However, CSR is not only about the philanthropic agenda, it requires more of an established form with a sustainable approach. Now, Bangladeshi organizations are involving themselves further in strategic CSR with long term sustainability in mind. In case of Bangladesh, the critical success factors are resource scarcity. Scarcity of natural resources, including natural gas, electricity, and water are crucial factors for us. We are opting for more energy efficient fixtures and system development to have effective consumption of natural resources.

As human rights are also a part of CSR, how it can be incorporated in organizational set up? Human rights are the most important factor of CSR. In order to

uphold human rights in business, organizations should support and respect the protection of internationally proclaimed human rights as a part of their COC and business principle. In Epyllion, we have recognized the significance of human rights and this is precisely why we are continuously adopting sustainable development business practices that uphold human rights within and beyond our business territory. These practices have been in line with our organizational core values and our vision to be the leader in the business domain and have a visible contribution to the GDP of Bangladesh. As one of the leading exporters in the RMG sector in Bangladesh, human rights is progressively more important for us. Sustaining effective corporate governance practices remain a key priority of Epyllion Group’s board of management. Corporate governance in Epyllion is dynamic and business-focused with rooted in a culture of transparency and accountability. Epyllion Group is signatory to the UNGC from 2012 and practicing the guidelines of ISO 26000 from 2013 in its business management. Epyllion is practicing core issues and core principles of this standard that includes human rights issues as an integral part. It is embedded with the formal CSR policy and viewpoint of Epyllion Group.

Year KHEA 2012 KHEA 2013 KHEA 2014 KHEA 2015 KHEA 2016 KHEA (2012-2015)

Total students 47 98 116 140 139 540

KHEA, an educational scholarship program of Epyllion: Epyllion Group has developed an educational scholarship program for all employees. The program has been titled KHEA which stands for “Keen Hand for Educational Assistance”. KHEA is mainly for the meritorious students of Epyllion Group’s employees at educational levels of PSC, JSC, SSC and HSC. A student entitled for PSC level gets this scholarship from Epyllion Foundation until reaching the next tier. Thus a student is able to get KHEA scholarship until completion of her/his graduation. Among all 540 students of KHEA since its inception in 2012, 52 are the employees of Epyllion Group who are continuing their study along with their full time job. www.ibtbd.net

PHOTO Essay

Featuring six Water Treatment Plants (WTP) built by Friendship

The local people are allowed to purchase as much water as they require for 60 paisa per liter.

The Necessary Treatment Text by Irad Mustafa Photos by Kazi Mukul

T 80

he six Water Treatment Plants (WTP) built by Friendship are located in key locations off the coastal regions of the Shyamnagar Upazila in Satkhira. It is one of the sponsorship projects from the NGO where two of the six plants are funded by the IMF and the remaining four are funded by Friendship Luxembourg. The plants were established with the equipment and machinery supplied by AK Khan Group.

Water arrives from the storage tank where it is backwashed for a thirty minutes in the first golden multimedia filter then rinsed with a chlorine dosage for twenty minutes to kill bacteria. Then the water is backwashed again for another thirty minutes in the second multimedia filter and rinsed with a carbon dosage.

The filtered water is then moved to the High Pressure Pump which provides the energy that takes it through the four Reverse Osmosis filters. Post-treatment, the water goes through ultra-violet lamps which help sterilize pathogens which bypassed the reverse osmosis process.

The meters provide constant readings regarding how many liters of water is being produced.

The four Reverse Osmosis filters act as an effective barrier to pathogens.

The pressure gauge checks on how much pressure is being applied to the water before it moves to the Reverse Osmosis filters.

The water from the multimedia filters is rinsed with chlorine from the dosage pump which is used to administer a dosage of 10ml every 32 seconds.

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Before moving to the High Pressure Pump, the water is processed through two blue micron filters which removes bacteria ranging from 0.01 to 0.5 microns.

Four to five taps at each facility allow people to access the clean drinking water constantly being produced. Around a 1000 liters are produced every day.

Around 1,647 families access the water from the plants each month. Apart from directly accessing the water from the facilities, families can also order water through a volunteer van system. The van delivery system can distribute up to 200 liters of water to nearby locations.

The Plant is backed up by a 10.6 kVA generator when there are electricity blackouts so the water supply isnâ&#x20AC;&#x2122;t hampered.

These plants are operated by the Shyamnagar Friendship office with the help of the local community. They provide access to safe and clean water to the locale in the Shyamnagar Upazila which is in the furthermost outskirts of the Sundarbans. Due to its isolated location, the availability of drinkable water is a major issue, especially after natural disasters. This project, in

integration with two other interventions; community initiated disaster risk reduction and satellite clinic, helps to raise awareness on how to reduce risk and adopt healthy practice alongside make safe drinking water available at an affordable price for these underprivileged segments in Satkhira. Currently operational costs of 2

plants are supported by Nestle Bangladesh. Before these facilities were set up, most people had to resort to drinking rain water or polluted lake water. This led to serious health issues for the people living in these areas. Since theyâ&#x20AC;&#x2122;ve been established, the communities have benefited substantially.

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Q We at A K Khan WaterHealth Banlgadesh Ltd, have partnered with Friendship to establish 6 such sites in Satkhira, Khulna. Our partner has a very deep understanding of the localeâ&#x20AC;&#x2122;s safe water needs and through their complementary programs within the community, is best suited to help us reach our goal of providing safe water. Mustafa Azim Kasem Khan

Director of Business Development A K Khan WaterHealth Bangladesh Ltd

Mustafa Azim Kasem Khan is the Director of Project Implementation of A K Khan & Company Ltd and the Director of Business Development of A K Khan WaterHealth Bangladesh Ltd. He has previously served as an Underwriting Team Leader at State Farm Insurance and Account Manager of Ricoh in Toronto, Canada.

What is your vision regarding A K Khan Water Health? A K Khan WaterHealth Bangladesh Ltd. was established with a vision to establish 50 community water systems at first and then to scale up the model to 500 sites all over rural Bangladesh. Towards this goal we have partnered with Friendship NGO to establish 6 such sites in Satkhira, Khulna. Our partner has a very deep understanding of the localeâ&#x20AC;&#x2122;s safe water needs and through their complementary programs within the community, is best suited to help us reach our goal of providing safe water.

How are the people benefiting from these projects? Before the intervention of Friendship and A K Khan WaterHealth, members of the community would have to travel several kilometers on foot and by boat. However, after we set up these water treatment plants, they have easy access to safe water at a reasonable price.

What is your future plan? Our future plan is to have a community water system at the center of every community that requires access to safe water. Through our own labs we are able to provide the same quality of water that we offer to our customers in Chittagong through our Dr. Water brand. We are hopeful Friendship and A K Khan WaterHealth can jointly take our program countrywide. We are also interested in partnering up with the Government of Bangladesh to reach customers in difficult regions where water quality is not of a reasonable standard.

interview

â&#x20AC;&#x153;We need to take away the idea that serving people belittles you when you join this industry. However, that is not a notion that can easily be sold to candidates who apply hereâ&#x20AC;? Robin Edwards

General Manager Radisson Blue Chittagong Bay View

Robin Edwards is the General Manager of Radisson Blue Chittagong Bay View. He has previously served as the Group Director of Operation of the Syaha Hotel and Resorts, Vice President and General Manager of the Hengda Hotels & Resorts in Guangzhou and the Resort, HR and Entertainment Manager in a number of acclaimed hotels throughout the world. Robin is the recipient of the Lifetime Achievement Award by the International Hospitality Association, the Various Industry Award and Top 10 Foreign Manager Award in China along with many other accolades.

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With the heightened security in the light of recent events, we see fewer tourists. Are there any changes that you have made in the security system? Has there been any shift in the travelers coming in?

Any external or internal factors which people perceive may effect comfortable Business or Leisure travel obviously affect incoming travel in any region or country. Regarding Safety and Security, that information is confidential as per our safety and Security standards as well as company code of ethics. I can however state that we are the only premium certified safe hotel group in Bangladesh. Both of our locations have been approved by a recognized International Security Organization.

All of these factors are diminishing travel, what is your suggestion for hospitality experts to create greater comfort for travelers?

As a hospitality company and of course service provider, we look closely at the environment and travel trends; we are also flexible with our stay packages, weekend getaways, and promotional services. These include room rates, products, food and beverage, as well as other hospitality services. If all service providers were willing to be flexible in that regard, we would have better chances. But you have to look at all the external factors such as oil prices and airline tickets; these costs are fluctuating. The travel and tourism sector is a huge industry in a small world. Even with downtrends, it is still growing, we probably employ the greatest number of people throughout the world. If we can forge stronger ties to work, we can plan and strategize to create a holistic solution for global and local tourism.

What do you believe is the strength of the Chittagong Radisson? Do you think you are doing enough?

We are the only 5-star branded hotel in Chittagong in an international chain. This is the largest hotel in the city with spacious rooms and modern design. The services we provide are above and beyond what any other hotel can provide. We aim to become the leading hotel in Bangladesh. I don’t believe that any hotel is doing enough until it has reached 100% capacity for every day of the year. We've only been open for a year and we are already outperforming competitors. However, we are still in the development stage. In order to facilitate development, we need other factors to come together, like infrastructure and business opportunities that will bring more professionals to the city, seeking our services. The city also needs to grow. As a company we place hotels in areas that also benefit the community and environment and allow it to flourish.

Do you feel there is enough quality human resource?

There is ample talent available in Bangladesh but not all are willing to work in the hospitality industry. As an

international hotel, we have to be selective. We need our talent be educated and this has proved to be a challenge not only in Bangladesh, but other developing nations. We would like to have greater talent in any flourishing industry. We need to take away the idea that serving people belittles you when you join this industry. However, that is not a notion that can easily be sold to candidates who apply here. They need to understand that this career is very rewarding. I started in the leisure sector of the hospitality industry and worked my way up. My experience with the many facets of the industry allows me to have broader insight. I have found this most rewarding throughout the progress of my career. I have a “Lead from the front by example” as well as a “Team” attitude because I believe that working together, you can get the job done better than on your own. There is no job that is too big or small because everyone is working for his or her salary. You have to have a passion for working in this industry; you must be open-minded and not see service as anything remedial. In this industry, development happens through studying all aspects and working your way from to the top. I am always studying because this industry never stops changing.

How do you motivate people to work and continue to passionately help other? I believe that you cannot simply talk the talk without walking the walk. You have to show your team that every job is important, no matter how small it may seem, in order to provide unparalleled service; there is no job too big or too small no matter what your position might be. This is an idea that should transcend in any business. The foundation of our business is not management in this industry. It is the waiters who pour the coffee, the room attendants who provide room service, the bell boys who carry your luggage. They are the people who create a memorable guest experience on a daily basis. These people are the most important. I don’t call these people staff, I call them associates. As I stated earlier, I lead from the front by example. I believe in integrity and treating everyone as an equal. We are all “Ambassadors of Hospitality” because we create an unforgettable experience through ourselves and our services. In my opinion the most important person in my hotel is the doorman. He or she is the first point of contact welcoming our guests, and that is the customer’s first impression, which remains with them.

Report

HALAL FOOD INDUSTRY

feeding the Muslim Masses By Sakib Hasan and Shaikh Ashfaque Zaman

n todayâ&#x20AC;&#x2122;s rapidly integrating world, ideas and cultures are allowed to intermingle freely. This trend of globalization has lead to traditions that were only observed in certain parts of the world to become popular practices around the world. A phenomenon that is evident in the popularity of Italian cuisine throughout the globe. In a similar fashion, halal food has been rapidly grown into prominence in recent years. Even as little as 10 years back, Halal food was nowhere to be seen in most non-Islamic countries yet currently it represents almost 20% of the $7.8 trillion dollar global food industry.

This quick rise in demand can be attributed to several factors the most obvious reason being the growing Muslim population. There are already 1.6 billion Muslims around the world and it is expected that the Muslim population will surpass the Christian population of 2.2 billion before the end of the century. At the same time more Muslims have become aware of the importance of consuming Halal food only, which prompted them to

change their lifestyle and buy more Halal products. The disposable income of the Muslim population is also on the rise allowing more Muslims to afford Halal products. Another unexpected reason for the rising demand has been due to increased consumption of Halal food by non-Muslims, mainly millennials. Most people do not associate the stigma that Islam has in many parts of the world with Halal food. The new consumers select Halal

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Even as little as 10 years back, Halal food was nowhere to be seen in most non-Islamic countries yet currently it represents almost 20% of the $7.8 trillion dollar global food industry. products because of the superior quality resultant of strict regulations and hygienic manufacturing processes. However the preparation of Halal food, especially meats, is comparatively more expensive than their non-Halal counterparts. This creates an opportunity for fraudulent practices within the market. Producers can label normal products as Halal products and then sell them at a premium price point which has caused low consumer and producer confidence. This is why there has been a dire need for universal certification of Halal products. Each country has had its own certification which can

cause confusion and further distrust from the consumer. Only in the recent years has the UAE come up with a standard certification for Halal products through the Emirates Authority of Standardization and Metrology (ESMA). The basic guidelines state: there must not be any pork or pork related products, no blood or its byproducts, the animals must be humanely slaughtered, the animal must be alive when slaughtered, there can be no traces of alcohol, and the animals must be slaughtered in the name of Allah. The establishment of a standard procedure to gain certification has now encouraged a few large firms to enter the market. Nestle, the current largest food company in the world, was one of the first adopters of the Halal products. At the moment they have about 150 Halal factories around the world. Despite receiving criticism after the initiative to include

Halal products, the market and number of products provided by them are expanding. They recognize that the market for Halal food is flourishing, hoping to capitalize on it. Many other companies have followed suit, including hypermarket chains such as Whole Foods, Safeway Inc., and Giant Food Stores. They now sell Halal products throughout their branches around the world. This has allowed halal foods to come into the mainstream market rather than just relying on traditional corner stores. Most Islamic nations are unable to produce enough Halal foods to meet rising demands. Ironically this has lead non-Islamic countries being the main suppliers of Halal goods. An in-depth look of the market shows that countries such as Brazil and Australia are the major suppliers of both Halal meats and non-Halal meats. This is because these countries already have

most of the infrastructure required. With a few small tweaks they were able to produce large amounts of Halal meat allowing them to dominate the market. In the context of Bangladesh these adjustments are not required. With a majority of the population being Muslim, Halal practices are implemented throughout the country. This calls for our immediate need to improve infrastructural weaknesses in order to attain certification from the ESMA. The certification will allow Bangladesh to reach the major Halal food consuming nations such as Pakistan and Indonesia as well as the Halal importing countries such as Malaysia and Saudi Arabia. Given the close proximity of these nations and the potential of the cattle market in Bangladesh, the nation has the potential to become a major player in this market.

$11.8 $12.3 NETHARLAND

$0.95

$12.3 $1.47

$2.28 $1.41 $0.80

$8.5

$14.4

Top Export Countries to OIC Countries Meat & Live Animals US Billion, 2012

Global Spending of Muslims

1. 2. 3. 4. 5.

USA Brazil Netherlands Germany Australia

$1,088 Billion

Top Import Countries OIC Countries Meat & Live Animals US Billion, 2012

$12.3 $14.4 $12.3 $11.8 $8.5

1. 2. 3. 4. 5.

Saudi Arabia Egypt UAE Turkey Malaysia

Key Players in the Industry

16.6%

spent on food and beverage

of global food and beverage expenditure

$1,626 Billion

17.4%

$2.28 $1.47 $1.41 $0.95 $0.80

of global food and expected expenditure by 2018 beverage expenditure

OIC-Based Top Food & Agri Companies- Savola Group, Yildiz Holding/Ulker, Felda Group Global Brands- Nestle, Tesco, Carrefour Specialty Halal Food Companies- Saffron Road, Allana, Tahira, Al Islami, Isla Delice

Regional Expenditure of Muslim Food and Beverage Market MENA

East/SE Asia

Billion

$237 $229

South Asia

$177 Billion

Central Asia

$137 Billion

Sub-Saharan Africa

$120 Billion

The information for this article and graph was provided by Global Islamic Economy Summit.

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Brand Legacy

HAQUE GROUP

The Haque Heritage By Rokeya Zaman Adam Tamizi Haque

ike human beings, a brand or product has its own lifetime and journey. Like any commodity, brands can be perishable as well. However, some brands can leave a lasting mark on the minds of their consumers; they become known as heritage brands. One such brand from Bangladesh is Haque. The Haque family initially settled in northern India having originally migrated from Arabia about three hundred years ago. This marked the beginning of the Haque Group with their first Head Office opening in Calcutta. After the partition of Indian Sub-Continent in 1947, the Head Office of the Family was shifted to Dhaka. During this time, the Haque Group established themselves as the distributors of M/S. Huntley & Palmers (a famous biscuit company from England), Union Carbide of America (for their Eveready battery brand), along with many other agencies. Haque Group of Industries Ltd. now stands as one of the largest and oldest biscuit, confectionery, soap and battery manufacturers in Bangladesh. Over the years, they have become pioneers in segments such as cream crackers, bourbon biscuits, sugar glazed biscuits, chocolate filled chips and etc. Their renowned biscuit brand, Mr. Cookie has won the Monde Selection Gold Medal several times for its quality and brand reputation. To its

consumers, Haque has become a beacon of faith and trust thanks to its quality and taste. Haque Group has reached this position through its extremely widespread distribution network and its management's ‘can-do’ attitude. Haque products are available in Their renowned all local grocers and biscuit brand, Mr. general Cookie has won the stores; they Monde Selection Gold can even be Medal several times found in the remotest for its quality and areas of the brand reputation. country. In 2010, Adam Tamizi Haque took the reins and became Managing Director of Haque Group. His mission was to continue the Haque legacy of providing quality products at affordable prices. As he's perpetuated the standards which have made Haque Group into the brand they are today, the company has also turned themselves

into a socially responsible unit that stands for transparency of business and high ethical standards. It actively participates in various social and environmental activities. The Group contributes to the welfare of community by continuously attending charity programs and supporting orphans, culture, children’s health and welfare. Besides this, Haque also encourages all its employees to contribute to this initiative through tree plantation activities, paperless office work, etc. Haque stands for the welfare of women employees and it also provides childcare facilities. To build such a longstanding brand, one requires continuous improvements. As such, Haque Group has upgraded their factories to keep up with the evolving FMCG platform. The world renowned HASS-HECRONA, NISSHIN RYOKI, and BAKER PERKINS are three modern machineries which are used to produce Haque Biscuits. Strong quality control is maintained in every stage of production. A dedicated team continuously works to ensure that quality is not compromised regardless of the large quantities being produced. Over the years Haque has become a household name with its staple products. With their drive to match market needs and stay ahead of the game, they can be confident in their goal to become the number 1 FMCG producer in the country in the coming years.

TRAVEL

SAADAT WORLDWIDE

To and Fro the Archipelago

Words & Photographs By Saadat Chowdhury

I f you are looking for a weeklong getaway that is relaxing and inexpensive, then look no further. Indonesia is where the splendor of nature, archaeological treasures and the hospitality of the locals make for a wonderful travel experience. And, Bangladeshis can now obtain on-arrival visas.

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How to get there

Yogyakarta

Unfortunately, there are no direct flights to Indonesia; one has to go via Malaysia, Thailand or Singapore. The airport at Jakarta, the capital city, is not as big as the ones in Kuala Lumpur or Bangkok, but is not totally forgettable either. Upon arrival, the security personnel might subject you to an interview that entails a routine check.

Jakarta As there aren’t many tourist attractions in Jakarta, a day or two there would suffice to see what it has to offer. The city center is very similar to Kuala Lampur, but the traffic is hideous even by Dhaka standards. Jakarta has express highways and wide roads, yet there is gridlock. So choose your hotel wisely, preferably in the city center so as to be able to move conveniently. A testament to the harmonious spirit of

Indonesia is the Istiqlal Mosque, the largest mosque in South-East Asia, and the Jakarta Cathedral that face each other across the street. The nights are vibrant in Jakarta. Interestingly enough, convenience stores like 7-11 have added another dimension by modifying the front of the stores to resemble roadside cafés that are abuzz with young people throughout the night.

Locally known as “Jogja”, Yogyakarta is a major tourist destination in Indonesia and its claims to fame are history and archaeology. A day or two in this city should be enough to visit the major attractions. You can always stay longer for further exploration if you find that you would like to take breaks between visiting sites. There are plenty of accommodation choices for any tourist but the Ambarrukmo Hotel is highly recommended. I was blown away by its exceptional hospitality and service. The hotel management arranges a premium car with an English-speaking driver for a day trip. The staff is very cordial and welcoming every step of the way. Out of all the cities, Yogyakarta, I feel is the most

tourist-friendly and hence a must-visit. The first stop on the temple-trail is Prambanan, a UNESCO World Heritage Site. It is the largest ancient Hindu temple site in Indonesia, and one of the biggest in Southeast Asia. The temple is dominated by a towering central building inside a large complex of individual temples. The second must-see site is the Borobudur temple complex â&#x20AC;&#x201C; decorated with thousands of relief panels and 504 Buddha statues. It is the world's largest Buddhist temple, as well as one of the greatest Buddhist monuments in the world. The sunset at Borobudur is simply breathtaking.

{

Food Organic smoothies are brilliant all over Indonesia â&#x20AC;&#x201C; refreshing and relaxing at the same time. My personal favorite is the dragon fruit smoothie. The cuisine is similar to those found in Malaysia. Nasi goreng is the main attraction â&#x20AC;&#x201C; available and eaten everywhere, it is the comfort food that will keep you warm long after leaving the Indonesian shores. www.ibtbd.net

Do’s 1. Definitely add ‘Batik silk’ to your shopping list. 2. Purchase the domestic flight tickets from Indonesia. There are plenty of Air Asia and Lion Air flights per day and hence, the fares are relatively cheap. 3. Carry umbrellas wherever you go. The weather is unpredictable and changes quite often.

Don’ts 1. Do not point with your thumb, for it is considered very rude. Use your index finger to point. 2. By and large the society in Indonesia is conservative, so wearing revealing clothes might not be a good idea.

Bali Indonesia has numerous spectacular islands such as Gili, Lombok, Komodo, etc. However, Bali needs no introduction. Who has not heard of it? What I particularly liked about Bali, besides it beaches and hills, is the architecture and the local sense of aesthetics. You can get a feel of what awaits you from the moment you step through the beautifully constructed gates at the airport. Bali is the most spectacular of all the Indonesian islands. It is the most popular given that it is easily accessible by direct

flights. Futhermore, the book, “Eat Pray Love” where the writer goes on a soul-searching journey to Bali, inspired me to visit the island. It is the ideal destination for meditation, trekking, yoga retreats, but do not expect pristine blue water and clean beaches. Bali does have several water sports options such as jet skiing, paragliding, snorkeling, etc. Since I was looking for a secluded beach to just kickback and chill, I picked Nusa Dua. If you are looking for the party hub, you can stay at Kuta. There are plenty of options when it comes to

accommodation, ranging from extremely costly villas to absolute budget hostels. I stayed at the Mantra Sakala Resort in the Nusa Dua. They offer very luxurious suites at decent prices, with direct access to the beach. Make sure to include Garuda Wisnu Kencana Cultural Park in your itinerary for it is the best place to experience Indonesian indigenous performance arts.

Saadat Chowdhury is an explorer, entrepreneur, and educator. He is the CEO of Saadat C. Ventures, Chairperson of Zurhem Limited, and can be reached at szadat@hotmail.com.

Tech

iPhone 7

Apple of Discontent? Another year, another iPhone

By Abhijit Asad

hatever visions of freshness that the late Steve Jobs brought to Apple on his triumphant return in the late ‘90s have long evaporated since his departure and eventual passage. Current CEO, Tim Cook, has been trying his best to keep the company running, but he is sadly lacking in terms of spearheading innovation and novelty. It’s safe to say that Apple has been

running on fumes for several years now, but what continues to remain impressive is the sheer volume of said fumes, because the momentum, while not radically escalating, has not particularly diminished either. Anyway, Apple has churned out another iPhone this year. If I sound disdainful about this fact, it’s because the iPhone 7 is nothing to be particularly

excited about. Yes, it’s still a premium (and still grossly overpriced) device which looks gorgeous and svelte (and now comes in five different colors), but it also bears a large number of shortcomings. In a spectacularly bad move, Apple has decided to remove the standard 3.5 mm headphone jack from the iPhone 7, instantly rendering billions of dollars’ worth of amazing audio gear around the world incompatible with it. The sturdy 3.5 mm headphone jack has been around for decades, and it’s a safe bet to assume that it will eventually be phased out in favor of something superior in the near future. However, while Apple has managed to get the initiation of the ‘phasing out’ part right, it has not managed to www.ibtbd.net

provide a superior alternative in its place in any way. The situation is further worsened by the fact that unless you are willing to shell out $10 for a tiny adapter which would allow you to plug your own deluxe headphones into the phone, you’re stuck with Apple’s mediocre Lightning earbuds. Of course, you cannot charge your phone and listen to music at the same time either, since both purposes now share the same port. You also have the option of paying a ridiculous amount of $160 for Apple’s new wireless AirPod earbuds, which not only require frequent recharging but are almost too easy to misplace or lose, on account of being nothing more than two untethered stubs. As another interesting design decision, the iPhone’s ever-present home button has been replaced by a capacitive pad that serves the same purpose. On being pressed, it manages to emulate the click of a physical button pretty well (without actually being depressed). The resolution of the iPhone 7’s display is still

depressingly low, stuck at a mere 1334×750 pixels in an era where 2560×1440 is rapidly becoming the norm from 1920×1080. The display is quite small at only 4.7 inches, so the pixelation isn’t immediately noticeable, but compared to the Android flagships, it’s in a rather sad shape. On the plus side, the colors and brightness look better than ever, although it’s still not bright enough to hold its own against unfiltered daylight. The iPhone 7 does have quite a few things going in its favor. Apple has finally made the jump to a quad-core processor, and the performance difference is only too visible compared to the dual-core processors powering earlier iPhones. The phone feels very zippy in terms of performance, and the improvements brought along by iOS 10 (including many ‘innovations’ lifted straight from newer versions of Android) certainly help. It’s no surprise that the iPhone cameras are some of the best around, and

In a spectacularly bad move, Apple has decided to remove the standard 3.5 mm headphone jack from the iPhone 7, instantly rendering billions of dollars’ worth of amazing audio gear around the world incompatible with it.

the iPhone 7’s 12-megapixel shooter is as good as they come. But faced with heavyweight competition like the Huawei Nexus 6P and the Samsung Galaxy S7, the iPhone is a relative underperformer in the camera department. While the iPhone 7 did get a slight battery upgrade over its predecessor, it’s still lagging behind the competition, and one would be lucky to get through the day on a single charge. It should also be noted that this is the first iPhone that is water-resistant (not waterproof, though), and can shrug off splashes and even a few dunks in a few feet of without much trouble. Just don’t take it swimming with you. As a whole, the iPhone 7 is a formidable phone on its own, and arguably the best iPhone ever made (despite its shortfalls), but it is by no means the best phone on the market, and the bang you get for your buck is a rather hollow one. The competition from the Android front is now tougher than ever, and Apple really needs to step up its game in order to stay relevant in the future, instead of removing useful features and shaving a millimeter off the phone’s thickness every year. If your money is burning a hole in your pocket, and you’re looking for a fashion accessory to flaunt before a high society, get an iPhone 7 because it’s not really worth it for any other reason.

International

OFFSHORE INVESTMENT

Why Africa Matters By Sheahan Nasir Bhuiyan

frica, as a continent, can become the world’s next powerhouse, provided all the big players involved - the companies and the governments come together and work even harder than before to ensure all the economies keep striving forward. Many experts are debating whether Africa’s economies have levelled out and are entering a period of low growth, much like China’s economy which has stagnated after years and years of solid growth. Back in 2010, thirty of Africa’s largest economies were experiencing accelerated growth but the scenario has changed somewhat in more recent times; half of the economies in the region are enjoying higher growth rates but the other half are experiencing slower growth.

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During the period from 2010 to 2015, Africa posted an average overall GDP growth of just 3.9% per year which is considerably lower than the annual average of 4.9 % they were enjoying between 2000 and 2008. The low growth rates in the recent times however can be misleading. According to a recent report published by McKinsey Global Institute titled “Lions on the Move II: Realizing the Potential of Africa’s Economies”, the lower growth rate can be attributed to two huge factors; the fall in global oil prices and the unstable political environment created by the Arab Spring in countries like Egypt, Libya and Tunisia. Oil exports are one of the biggest contributors towards Africa’s economy and the fall in prices have hit the industry hard. Apart from this, the rest of the industries in Africa have actually seen growth rates increase to 4.4% in the period 2010-2015 from 4.1% in 2000-2010. Investments are proving to be very attractive as many international firms are moving into Africa. FDI is being directed towards building infrastructure and essential services such as hospitals and schools. Market opportunities are rising with investors seeking to develop a network of value chains across the continent. Novel innovations being piloted in the technology sector. Africa’s future is in good standing. They have the structure and the means

to prevent a stagnation in their growth. They have the highest rate of urbanization in the world, and unlike China, their cities are filling up fast. Moreover, while many nations are struggling to balance their dependent and working age populations, it is estimated that by 2034, Africa will have a higher working age population than China or even India. The innovations in the technology sector as well as the investment in the overall infrastructure are paving the way to unlocking new potentials for consumers and businesses, and let’s not forget why Africa was so attractive to foreigners in the first place; they still have abundant natural resources. With such mechanisms and resources in place it is not a surprise that the International Monetary Fund has predicted Africa to become the second fastest growing region by 2020. The recent fall in the growth rate seems to have little or no effect on spending by African consumers and businesses, totaling $4 trillion annually and expected to grow even more in the coming years. Household expenditure is expected to grow by 3.8% per year to total $2.1 trillion annually by 2025. Business spending is projected to grow even more, from $2.6 trillion in 2015 to $3.5 trillion by 2025. The potential is huge for Africa. Based on current projections, Africa has

The potential is huge for Africa. Based on current projections, Africa has the chance to almost double its manufacturing output to $930 billion in 2025 from $500 billion today.

the chance to almost double its manufacturing output to $930 billion in 2025 from $500 billion today. However, the projections are based on the assumption that the countries come together and take decisive and appropriate actions to instil a friendly and nurturing environment for manufacturers. Three-quarters of this potential can be fulfilled by African companies. Currently, Africa can meet three-quarters of their domestic demand in the food, beverage and other similar processed goods sector from Africa-based companies and one-quarter is imported. One-quarter of the potential can be fulfilled by increasing the exports of sectors other than oil. By encouraging rapid acceleration of industrialization, industries can witness an increase in productivity levels and the creation of up to 14 million stable jobs in the next ten years, and as mentioned earlier, Africa will have

the workforce to fill these jobs. Additionally, this will give them the chance to reduce their dependency on oil. Despite the rosy picture all these projections portray, the real question still lingers: will Africa be able to come together to achieve all this? The stakeholders involved need to work harder than ever before to ensure a supportive environment is created for businesses to thrive. At the same time, essential government services need to be implemented. It is imperative that the private and the public sector come together for this. Africa has 700 companies that have average annual revenues of more than $500 million. 400 of those companies earn revenues of over $1 billion annually. Because of the vast opportunities available across the continents, these companies are growing even larger and are more profitable than their global counterparts.

However, to reach its potential, Africa needs even more companies like these. Compared to other growing regions with similar corporate landscapes, Africa has a lower number of large companies and they are smaller on average. African corporations must step up their efforts and seize the opportunity before them. The 100 largest African companies built themselves from the ground up through a strong foundation in their domestic markets before venturing out to other geographical locations. They did not focus on short term profit growth but rather invest in the long term with an eye on the future. While corporations in the West outsourced their operations, these companies integrated operations. They chose sectors with high potentials and low levels of consolidation. Most importantly, they

With such mechanisms and resources in place it is not a surprise that the International Monetary Fund has predicted Africa to become the second fastest growing region by 2020.

invested in their people. They nurtured and retained talent and are now reaping the benefits. The Governments must do their part as well for them to realize their projections. The McKinsey report suggests key issues in productivity have to be addressed and growth has to be driven through six priority areas: 1. More domestic resources should be utilized by improving access to them 2. Aggressively diversify

It will be difficult to meet the six priority goals. There needs to be a monumental change in how the nations are governed. The quality of public leaders must improve and to do that

the economy to reduce dependence on any particular sector Accelerating infrastructure growth by building networks of roads and railroads, as well as schools, hospitals and universities Improve regional integration and resolve conflicts that are destroying some of the nations Invest in the future by nurturing the huge working age population Ensure that urbanization is smoothly done with enough opportunities in the urban areas

the institutions must improve. Good leaders are needed who have the vision and the determination to adopt drastic reforms in many public institutions and the leaders need support from capable teams who can implement such reforms. Africaâ&#x20AC;&#x2122;s performance in recent years has shown that it can achieve such growth. They have the advantage of having 54 different, diverse countries each with their unique features and if they can all come together, they will meet their still unfulfilled potential and lead the world once again towards prosperity.

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STAT WATCH

Climbing slowly:

BUSINESS CLIMATE

Must-know facts about Bangladesh’s Business Competitiveness 2016 Not so evident

There is a lack of visible progress in ‘basic requirements’ of Institution, Infrastructure, and Health and Primary Education.

Bangladesh has moved up the economic ladder from 107th to the 106 position. 3

Sliding downwards

Wallet woes

The nation has moved down to the 65th position in Macroeconomic Stability.

Binary buoyancy

Risking Big for Businesses in Bangladesh

Progress in the many aspects of ICT have been evident given that it is perceived as an important instrument for doing business and official work

1. 2.

Terrible twos Lack of infrastructure development and corruption continue to be major problems despite their decline. Entrepreneurs have only observed progress in electricity; roads, rails, air and sea transport continues to decline.

100

Tax related issues and exuberant tax rates continue to be a growing concerns for businesses.

Energy price shock Governance grievances 3. Uncoordinated Urban planning 4. Critical infrastructure 5. Climate-change adaptation 6. Cyber-attacks 7. Data fraud or theft 8. Failed financial mechanism or institution 9. Biodiversity loss and ecosystem collapse 10. Asset bubble

Precautionary tales

Bangladesh is not ready to graduate into a middle-income country. 8

Money matters There is an immediate necessity for the establishment of a Financial Reporting Council (FRA)

The World Economic Forum has published The Global Competitiveness Report for more than 30 years; in partnership with the CPD, they have included Bangladesh in their report since 2001. The report highlights matters that need attention, the business climate and the progress of inclusive countries on a national and global scale. 9

Behind the books

Criminal offence

Adequate investment in education such as the government support to development partners in 8 sectors must be taken.

Crime and violence continue to be the most notable detriments to business.

Neglecting nature

Rickety condition

The environmental conditions are deteriorating because of industrial activities, lack of enforcement of environmental regulations and limited capacity to regulate laws and regulations.

The governmentâ&#x20AC;&#x2122;s health budget is low and public investment in this sector has annually declined.

Facilitating the future

No party yet

Poorly governed Governance is the weakest aspect of business competitiveness in Bangladesh.

Inadequate innovation

Lack of R&D or generating new ideas and products are causing business operations to suffer. Insufficient supply of educated workforce has become a major problematic factor for the first time.

Mixed Review

Personal qualities, technical knowledge and communication continue to be the problems with the emerging job force.

Good

The tourism infrastructure is perceived as poor and activities to increase these efforts have yet to be undertaken.

Bad

Worse

ICT improve access to basic services 57% to 42%

Tax reduction incentive to invest 57 to 48%

General Infrastructure development 79 to 80%

quality of local suppliers 31 to 42%

Cost of financial service impeding business activity 66 to 65%

obtaining equity for start-up entrepreneurs 82 to 86%

international marketing and distribution through domestic companies-69 to 30%

Appetite for entrepreneurial risk 15 to 43%

Domination of corporate actives by a few groups 73 to 76%

Investment of firms 39 to 45%

Soundness of Banks 75 to 39%

quality of scientific research institutions 71 to 64%

Ineffective legislative process 56%

quality of healthcare 73 to 73%

poor quality tourism infrastructure 59 to 52% environmental regulations 60 to 42%

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101

Advertorial ASSURE GROUP

d. Sheikh Shadi is the Founder and Chairman of Assure Group. He also serves as the President of the South Bengal Development Council, the Vice President of Dhaka Premier Club Limited, the President of Assure Welfare Fund and a member of Dhaka Chamber of Commerce & Industry (DCCI), Real Estate & Housing Association of Bangladesh (REHAB), and the Bangladesh-Myanmar Chamber of Commerce & Industry. Home is where the heart is and Assure Group’s founder and Chairman Md. Sheikh Shadi put his heart into creating the right space for everyone. His vision to create a space that is truly a haven is evident in the uncompromised quality of Assure's real-estate. Their properties feature an aesthetic and architecturally innovative housing built with quality materials and modern fitting. At Assure, they value the significance of one’s home in their life. Starting in 2007, Sheikh has

Assuring Quality

102

retained continual success through his dedication and endeavor for quality real-estate. Sheikh completely understands that a company must be consistent in their delivery of a quality product with the understanding that they must satisfy the investments of the clients. When striving to create flourishing relationships with happy clients, Sheikh cites innovation as one of the key components of Assure Group. The company has created structures that are architecturally conscious of the ever growing and dense city. This ideology extends to the necessity of becoming a greener capital. Assure group has incorporated a green feature throughout all of their new buildings. Sheikh believes that it is every individual’s and company’s responsibility to maintain the quality their

environment for the cleaner future. Sheikh believes that the corporation has earned a platform where they have the power to change the climate of the country through the commitment to quality; in this context, establishing a relationship with the client is imperative towards a better nation. His concentration towards these qualities has allowed Assure Group to reach a noteworthy height of success in less than a decade. The company’s name is a reassurance of a quality service and product, the very essence that is allowing Assure to expand. Sheikh would like to expand to the Agro business with the same integrity that he had started his real-estate venture in the future. Official Location: Gulshan Avenue New Commercial Projects: i) Assure Square. Gulshan, ii) 1st Assure Centre. Mohakhali c/a, iii) Assure Star Point, Vasantek, vi) Assure Northpoint. Uttara.

DIFFERENT PERSPECTIVE

THE BIG QUESTION

Is it fair to blame video games for the crimes of men? By Abhijit Asad

ith rising social trends of violent behavior and acts, some people inevitably appear on various media platforms to pin the blame (using largely baseless claims and, on occasion, highly dubious ‘research’) on the assertive influence of violent games and

movies on young, gullible minds. In fact, it’s startlingly similar to how all people of certain religious faiths are demonized as a whole for the actions of a small percentage of violent individuals or groups. As a devout gamer who has been

playing violent games and watching violent movies since infancy, yet grown up to be a quiet and peaceful individual, I feel obligated to speak up about the highly unfair judgment that is imposed on us in this way. www.ibtbd.net

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Arcade time-wasters aside, video games, violent or not, have in fact come a long way since their early days. Barring a few extreme examples (one particularly controversial game called 'Hatred', focused on killing innocent civilian noncombatants, comes to mind, although it didnâ&#x20AC;&#x2122;t become very popular), commercially available violent games typically have the player killing evil entities, be they zombies, monsters, aliens or criminals (Nazis have been regular villains in more games than I care to count, for example) in order to achieve a greater goal (up to and including saving the world/universe) or to at least save his/her loved ones. The result is nothing short of a proper cinematic experience, except you don't remain an uninvolved observer in it. Your actions often result in direct effects on the game's events, and there are often critical moral choices to be made that affect outcomes in diverse ways. As

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storytelling platforms, games can now be just as profound as books or films, if not more. As a result of the motive that is placed before the protagonist(s), the player doesn't just kill enemies in the game for the sake of killing. Itâ&#x20AC;&#x2122;s done because the plot demands it, and because the player understands that it is the right (or the least wrong) thing to do, given the circumstances of the game universe. The player is an actor, nothing more. And the dopamine hit that a player gets out of playing their part right is not because they are enjoying the visceral rush of murder and bloodshed, but because they are perfectly (and often, innovatively, because there are often multiple paths available) playing an important part in a solid story, a story that can make one laugh and cry and think, just like any good movie can. Many violent games (e.g. the Deus Ex and Dishonored series) even come with a pacifist way of solving problems, where the player can

Here's the biggest deal about violent video games -they are not real, nor have they ever claimed to be real.

As storytelling platforms, games can now be just as profound as books or films, if not more.

sneak or negotiate their way past problems and problematic adversaries. Yes, this is a real thing, and gamers take far greater pride in pulling off a 'pacifist run' of a game because it takes a lot more skill to pull it off successfully rather than just going in like John Rambo with all guns blazing. And even when the player does have to go in with guns blazing, it's never the same as holding a real gun or shooting a real person, because what the player is holding is a controller (or a mouse-keyboard setup, for PC elitists). The weapon they wield is only an image. The enemy that they are killing does not exist, it is an image that represents a moral evil that is out to kill them (and just as it happens in other storytelling media, there are often characters and situations of grey morality, as well as difficult choices between multiple unfavorable outcomes, because a good plot isn't necessarily all linear with happy endings). There is nothing wrong with stopping evil, and it's the only reason why I would kill in a game. As for encouraging mindless slaughter â&#x20AC;&#x201C; many games don't even let the player target noncombatants, and many games outright penalize the player for attacking non-enemies. Even though the player is only an actor, such deplorable acts are looked down upon in most games, which, if anything, motivates the player to play his/her role in the game righteously. However, addiction to gaming, just like any other form of addiction, is still a very real issue. If someone plays video games for 6 hours a day or longer on a regular basis, it is rather likely for that person to develop a grossly distorted sense of judgment, in the same way a person who watches television or partakes in any kind of recreational activity (except maybe reading books) for 6+ hours a day would be affected. It doesn't matter if the game in

If someone fails to differentiate between entertainment and reality, it's the fault of the individual, not the fault of the medium.

question is Doom or Angry Birds, or if the stuff on TV is National Geographic or something very much depraved. Too much of anything is never a good thing. Sure, water is harmless, but ingesting 20 liters of it in an hour can kill anyone. Some hecklers have even gone as far as comparing gamers to drug addicts, which is an unfair and broken analogy at best. Not only do drug addicts far outnumber game addicts in terms of percentage and population alike, but also, unlike drug addicts, you can yank a game addict away from the source of addiction without risking issues like withdrawal and medical complications. How many video game rehab centers are there in the entire world? How many patients end up at mental hospitals due to video game addiction? Exactly. Some argue that a gamer’s view of normalcy is often skewed, affecting their individual traits, such as morality, in a negative way. However, as a gamer, I would define 'normal' by the parameters of the game in question. If the game has me fighting as a soldier/special forces

operative against an evil dictator who tortures his people (e.g. the Just Cause series), I would consider it normal to be sent on a mission to take him and his armies down, because it is a moral necessity as well as a plot requirement. If East Pakistanis remained squeamish about fighting back against West Pakistanis in 1971 because it's not 'normal' to kill people, we wouldn't have become Bangladesh in the first place. We did it because the celestial plot demanded it, any definition of 'normal' be damned. This definition keeps varying from case to case, story to story. Sometimes, the player also has the option of behaving very unpleasantly and committing rather dastardly acts in certain games, but even that is a presumed and acted role, not the player’s own persona, and the game's events unfold around those choices accordingly, illustrating cause and effect with a brilliance that can only blossom through an interactive medium. At the end of the day, we are descended from animals and are animals ourselves (albeit rather

advanced ones), like it or not. As the apex predator at the top of the food chain, violence is in our blood, so it's not unnatural for WWE/Mortal Kombat to strike familiar chords within our heart. However, that doesn’t necessarily make them lust for violence or become violent as a result. This detachment from what's real is what truly defines entertainment as entertainment at the end of the day. If someone fails to differentiate between entertainment and reality, it's the fault of the individual, not the fault of the medium. Casual Googling can produce a pile of evidence supporting claims about violent games and gritty films and heavy music promoting violence and hardening people’s hearts, but there are also megatons of evidence around us where people play violent games, watch hard-boiled films and listen to heavy music all their lives without ever committing any violent acts in real life. But it is always the bad cases that get highlighted when a subject is under scrutiny, and this scenario is no exception. It doesn’t help that people are too quick to jump to conclusions either. The most important thing about violent games is that no one forces anyone else to play or watch violent/morally complex games or films (because not everyone needs idealism or deep plots), and there is always the Candy Crush Saga for their tastes. If someone is squeamish about watching gory films, they have the option of simply not watching them. But to blame the presence of a head for the presence of headaches is just wrong, and it is such blatant and unfair biasing that one must take a stand against. www.ibtbd.net

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Special Event COMMUNICATION SUMMIT 2016

Celebrating the Power of Idea with 5 Creative Gurus The sixth edition of Communication Summit, an initiative of Bangladesh Brand Forum, was held at Le Meridien Dhaka on September 3rd, 2016. The theme of this year’s event was “Celebrating the Power of Idea”. Around 500 professionals from the creative communication industry and related sectors attended the summit. The daylong summit consisted of 5 global keynote speakers who shared their insight on the wide range of topics.

Organized in association with Cannes Lions International Festival of Creativity, the Communication Summit aimed to provide a dominant platform for peer-to-peer learning and knowledge sharing, bringing together leading communicators and marketing professionals from companies, creative agencies, and institutions to network and discuss ideas on the most cutting-edge tools and strategies in the field. The distinguished speakers for this year were – Fazal Ashfaq, Country Head of Google Srilanka and Bangladesh; Fredrik Haren, Author and Key Note Speaker on Business Creativity, Innovation, Change and Global Business; Nirvik Singh, Chairman and CEO of

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Grey Group Asia Pacific; Bharat Avalani, Former Director, Regional Integrated Brand Communications and Market Development - Homecare Asia, Africa, Middle East and Turkey Unilever; and Kauhsik Roy, President, Brand Strategy and Marketing Communication, Reliance Industries Limited (RIL). These poignant speakers provide their knowledge and insight during in-depth sessions throughout the day. In addition, the summit observed Cannes Showcasing and an intensive panel discussion comprising of both local and global experts, who discussed the key factors driving the industry and the measures that need to be taken. Communication Award, also

known as COMMWARD, which honored the best creative campaigns run in the country across 25 categories, followed the summit. The Communication Summit is an initiative of Bangladesh Brand Forum; it was organized in association with Cannes Lions and powered by the Daily Star this year. The summit has also been supported by a number of partners and sponsors namely Event Partner Le Méridien Dhaka, Strategic Alliance Roaring Lions, Knowledge Partner Marketers Society of Bangladesh (MSB), Media Partner GTV, IT Partner Aamra, PR Partner Masthead PR, Social Media Partner WebAble Digital, and Visual Partner Aatosh.

ICE Business Times had the pleasure of sitting with, Nirvik Singh (Chairman and CEO of Grey Group Asia Pacific) and Bharat Avalani (Ex-Director, Regional Integrated Brand Communications and Market Development Homecare Asia, Africa, Middle East and Turkey Unilever). They provided further insight into their resourceful talks.

Nirvik Singh

During your session, you mentioned the ideas connect, convert and charm. Could you elaborate upon those ideas?

When I mentioned converting, I meant that you want to change people’s perceptions, making them fans of the brand itself. This can be done through engaging the reader through charming stories in the medium that they want to engage in. Furthermore, you utilize the advents of technology to tell that story. If you do that proficiently, you have created brand loyalty.

It has been stated that your treat business like a competitive sport. What is the concept behind this theory?

My attitude has always been that we must try to win at anything that we do, therefore that is the sports analogy that I use. Additionally, sports require teamwork; collaborating with your team and how efficiently you conduct this is an integral part of business. You need to bring the best out in each other and inspire each other towards a high quality product.

Chairman and CEO, Grey Group Asia Pacific

In the past tens year, marketing has drastically changed. What do you think is the greatest technology medium or social platform that has changed the way that brands build themselves? It would be unfair to single out one brand or one platform. I think the phenomenon that has occurred is that the power has changed; the power is now with the consumer. They can post an opinion about the brand or the story even going as far as being a part of the creation of content.

Can you state a particular example of the effect of social media to a company’s disadvantage?

Throughout Asia, there are many countries that are performing in noteworthy ways. Japan uses technology and design in the most cutting edge manner. Korea has taken advantage of mobile use and implemented penetration in that stratosphere very well. India and Bangladesh have successfully taken the concept of telling stories for mass appeal. I am elated to see that Bangladesh has won its first Cannes Lion with a moving peace of work and I am sure this will inspire greater creativity.

Bharat Avalani

Social media and digital media have changed the way that people conduct story telling. Can you, as a marketer, tell me about the advantages and how this trend has changed marketing dynamics?

Social media can work to both to your advantage and disadvantage. That is why I emphasize telling stories because there is a necessity to be authentic in order to leave a mark. You must also be honest as the consumer has the ability to research the market and gain significant knowledge. When you portray real truths, social media can make your recognition boom. As a marketer you have to work with social media. A buying decision can be based on an opinion that has been posted on review websites given that consumers are most likely to read these prior to making a decision.

You oversee the Asia Pacific side of Grey. Which Asian country do you think is flourishing in terms of branding?

Former Director, Regional Integrated Brand Communications and Market Development Homecare Asia, Africa, Middle East and Turkey Unilever

As I have mentioned, the power has shifted to the consumer. One example is the case of United Airlines breaking a customer’s guitar. There was a passenger who actually checked in his guitar and after the flight they returned it to him broken. For one year, he tried to get some kind of compensation and they kept him running. He channeled this into a song called “United Broke My Guitar” and that became a viral hit. He has also written a successful book with the same title. Today, he is a

worldwide consultant who helps people seek compensation from companies that cheat you. This is the power of one consumer.

How do brands build trust?

It is imperative that you try to bring change to the person you are serving. As a marketer, the way you will thrive is through receiving a sense of gratitude from your client. Therefore if someone invests in your brand and they state that they have been served well, your brand will gain the leverage to survive.

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Beyond the Business

Worxercise By Subah Ali

Research has linked prolonged sitting with tremendous health hazards such as obesity, back pain, poor posture and tense muscles. Moreover, exercise has shown to increase productivity and serotonin (the happy hormone), improving creativity and lowering stress. The workplace may be an unconventional environment to break a sweat, but 10-15 minutes of exercise per day can help unwind oneself from a rut or burn some of your stubborn calories.

Here are five easy and simple office-friendly work-outs:

Desk push-ups

Desk push-ups are an excellent way of getting the benefits of doing pushups, without actually having to do them. To start, place both hands on the desk. Lean at a 45 degree angle. Push down and up as if doing pushups on the floor.

Chair squats

Stand straight with your arms stretched outwards. Place your legs slightly apart, so theyâ&#x20AC;&#x2122;re aligned with the shoulders. Lower your the body until

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you hit the edge of the chair. Repeat 10 times. This is a full body exercise that tightens and tones the muscles.

Shoulder blade squeezes

One of the greatest problems faced in the age of technology is poor posture from sitting in front of the computer all day. Poor posture can lead to neck and back pain, and ultimately cause a hunched back. Working the shoulder blades can cause relief from back aches, and improve posture.

Standing up straight with the back arched, press the shoulder blades together. Hold for 10 seconds. Release and repeat several times throughout the day.

Book press Put the unnecessarily heavy books lying around to good use! Grab a heavy book/folder or any weighted object behind the head. Slowly extend the arm up, and drop down. Repeat 10 times. Thisâ&#x20AC;&#x2122;ll work the triceps and tone your arms.

Carpal tunnel reliever

Carpal tunnel syndrome is a painful condition in the hands and fingers caused by continual repetitive movements (such as typing or writing all day). The syndrome, though treatable, is one of the most common workplace injuries. Standing up straight, press the backs of your hand on the desk. The fingers should be facing flat towards you. Hold for 10 seconds. Repeat throughout the day.

Snacking SMART

By Shaikh Ashfaque Zaman

1 2

Laziness and excess weight from the over-consumption of red meat can slow you down after an extensive Eid holiday. Nevertheless, with work deadlines and projects looming ahead, you can work for long hours without indulging in excessive fats. ICE Business Times offers you healthy snacking at work.

Pop away the hunger - You donâ&#x20AC;&#x2122;t have to douse your favorite popcorn snack with butter. This low calorie snack is also versatile in flavor. Add sriracha for a spicy kick, a dash of sugar and apples for sweetness or rosemary and parmesan to create a comforting nosh.

Satiating the sweet tooth - Strenuous work days can constantly tempt you to reach for something sweet but chocolate and candy leave a trail of regret on your diet. Dried fruit is a great alternative to any unhealthy desire for something sugary. With many varieties such as peach, mango and prune, they are sure to curb your craving. Go nuts - With a variety like pistachio, cashew, almonds or pine nuts, you canâ&#x20AC;&#x2122;t go wrong with snacking on this low calorie option. Nuts are also a source of vitamins and antioxidants. They can also be added to any of your fruits or salads.

The crunch factor - Granola is nothing short of a super food with properties such as cholesterol reduction, anti-carcinogenic, vitamin E and dietary supplements. The versatile snack is delicious on its own but can provide for a satiating meal with yogurt or fruits.

Crazy for Chick Pea - Skip the cheesy dips and canned salsa for some nutritious hummus. The easy to make snack is packed with folate, fiber and phosphorus. You can blend it with roasted squash for sweetness, tuna for your daily dose of omega 3, or lemon and parsley for a kick; add some whole wheat pita bread for a more filling meal. .

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Feature

Working Past the Disaster TA M PAC O F I R E

By Jubaraz Hossain

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The issue of compliance in manufacturing factories outside the RMG sector have come to the spotlight following the deadly fire at the Tampaco Foils Limited factory in Tongi which killed 39 workers. The government took the matter of structural safety within the garments industry as a matter of serious importance following the Tazreen factory fire of 2013. However, this initiation was further accelerated during the backdrop of 2014 when the countryâ&#x20AC;&#x2122;s worst-ever industrial disaster, the Rana Plaza building collapse, killed over 1,100 workers. Since then, the labor and employment ministry has taken a stern stance against non-compliant garment factories across the country under the pressure of global retailers who had threatened not to buy Bangladeshi clothing. This threat led the Bangladesh Bank to allocate special funds for RMG owners in order to improve their factories. The move, in fact, paid off as a good number of apparel units installed many parameters, equipment, and facilities as far as workplace safety is concerned. Nevertheless, there are a plethora of worker-intensive factories in the country that deal with heavily flammable materials such boilers, chemicals, plastics, rubbers and so on. Focus should have been shifted to these industrial units next. It seems to be another challenging task for the government. They cannot avoid the responsibility as these units make significant contributions on many aspects. They provide for the countryâ&#x20AC;&#x2122;s overall economic growth in the form of generating employment and feeding other sectors through supplying key commodities like chemicals and packing materials. Although there is no specific data in the country about how many people

are directly or indirectly engaged in those factories, the number will certainly be quite significant in an overpopulated country with over 160 million people. According to the statistics of the Inspection for Factories and Establishments (DIFE), there are some 20,000 registered factories, excluding those from the RMG sector, in the country and most of the factories are located in the densely-populated areas. A massive fire erupted at the food and cigarette packaging factory of Tampaco Foils Limited after a loud explosion on September 10th. Initially, it was reported that a boiler explosion had triggered the fire but government officials were quick to shoot down the claim. A total of 39 bodies has so far been recovered from the fire-affected factory while 5 workers still remained missing. This incident at the multi-storied Tampaco foil factory provides insight into the extreme degree of damage and lethality of these accidents. The fire incident was so severe that rescuers are still

recovering the bodies of the deceased from the rubble of the factory. Investigators have yet to uncover the exact cause of the fire, even after 3 weeks. Members of the probing committees were conducting their investigation, keeping gas pipe leakages and boiler explosions in their considerations behind the industrial disaster. The incident, which occurred right before Eid-ul-Azha, left the entire nation shocked. They have failed to investigate the interior of the factory for evidence because the rubble has not been completely removed by the rescuers. Sources at the Fire Service and Civil Defense Department under the Ministry of Home Affairâ&#x20AC;&#x2122;s said at the preliminary inferences that the factory did not have minimum safety measures as they did not find signs of emergency exits through the investigation. According to a recent media reports, Director (Operations) of the Fire Department, Major AKM Shakil Newaz, the stairs available at Tampaco were too thin for even 4 people to pass Photos taken from huffingtonpost.ca

through at a time. Quoting the official, the report said the number of the non-RMG factories having minimum safety measures was quite high. A total of four probing bodies - Gazipur District Administration, Industries Ministry, Titas Gas and Fire Department - were formed soon after the incident. Only Titas Gas submitted its findings, stating that gas leakage did not cause the fire. Reports have also cited that it found signs that the factory used twice the amount of gas it was permitted. Ensuring compliance outside the RMG sector is imperative for the steadily growing economy if it strives to become a middle-income country by 2021. Otherwise, Bangladesh is losing its skilled manpower due to a large number of casualties through these incidents. This is also spreading the idea that South Asian countries lack minimal workplace safety. This, in turn, could discourage foreign investors to invest in Bangladesh, which would greatly hinder the countryâ&#x20AC;&#x2122;s economic leap.

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HAPPENING

WORD OF MOUTH

Etihad Airways was named ‘Best International Airline – Offline’ at the 2016 Travel Agents’ Association of New Zealand (TAANZ) National Travel Industry Awards held in Auckland

The Chittagong Chamber of Commerce and Industry (CCCI) held two events where they welcomed business delegates from Thailand and Myanmar

Bangladesh is now compliant with international standards in terms of anti‐money laundering and countering the financing of terrorism, which according to the central bank would reduce the cost of doing business. “Bangladesh’s rating is better than countries like Norway, Sri Lanka and Fiji. To some extent, our position is better than developed countries like Australia,” said Abu Hena Mohammad Razee Hassan, Deputy Governor of the Bangladesh Bank (BB), at a press conference held at the Central Bank

Apex donates cheque to SOS Children’s Village Dhaka

Senior officials from Apex Footwear Limited visited SOS Children’s Village Dhaka and handed over a cheque as part of their “SPRINT: to share” project. As promised, Apex donates 10% of sale of every pair sold under the tag of “SPRINT: to share” to charity.

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Grameenphone initiated its the second batch of GP Accelerator in the presence of Begum Tarana Halim, MP, State Minister for Ministry of Posts, Telecommunication & ICT. The GP Accelerator program, in partnership with SD Asia, has been designed to support early-stage, homegrown tech startups.

Green University of Bangladesh (GUB) has successfully completed the 1st phase (10th batch) of its four-day long Certificate Course in Teaching and Learning at GUB: Steps towards Quality and Excellence

Rancon Motors Limited, the Authorized General Distributor of Mercedes-Benz in Bangladesh has officially launched the new Mercedes-Benz E-Class at the Mercedes-Benz showroom situated in Tejgaon Gulshan Link Road, Dhaka.

EBL & Novoair through Mastercard launched the first airline co-branded card in Bangladesh

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Le Méridien Dhaka presents a vibrant culinary smorgasbord featuring the very delicate yet intense flavours of the Indonesian Food Festival from 29 September to 08 October 2016

The much anticipated Arabian Themed Buffet Prize Giving Ceremony commenced with much fanfare at Radisson Blu Chittagong Bay View

Radisson Blu announced the “LOVE BLU, BE PINK!” campaign where one room in each participating hotel across the globe will turn pink for the month of October for breast cancer awareness month

The Nobo Jatra Development Food Assistance Program (DFAP) led by World Vision Bangladesh (www.wvi.org/Bangladesh) organized a training for employees of three USAID Food for Peace-funded DFAPs

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TID returns with “TID Social Presents Empowered Women’s Night” After a very successful maiden event, This is Dhaka (TID) returned with their second event, “TID Social Presents Empowered Women’s Night.” The occasion was co-Sponsored by Green Delta Insurance. The aim of the event was to start a dialogue between the empowered women of Dhaka so that they can generate ideas which will help other women. The program included women from all spheres and walks of life who came together under one roof to share stories regarding their struggles, triumphs and milestones. Invitees included an eclectic mix of women from the fields of banking, education, fashion, finance, law, and so on. It served as a great display of the progress and power of women in Dhaka. In her speech, one of the key speakers, Farzana Choudhury, Managing Director and CEO of Green Delta Insurance, articulated how she paved her niche in a field dominated by men

and declared how proud she was of the progress that women have made in various fields. Prof. Dr. Eaysmin Ara Lekha, Founder Vice-Chairman of the Board and Pro Vice Chancellor of Uttara University, shared a rather compelling speech depicting her dedication towards her career goals and education while balancing her married life with two young children. Munia Chowdhury, talented

homemaker and writer, highlighted how the contribution of a homemaker often goes unnoticed and undermined but what an essential, integral and challenging role it actually is. Shedding some light on the event, Dilruba Chowdhury, Director, East Coast Group, stated “I love the fact that TID used the term Empowered Women instead of Women Empowerment.

This just shows how they are operating and thinking way ahead of their time.” Founder and CEO of TID, Erfanul Haque, also Director at Ershad Security and Executive Director at Varosha Group of Industries, spoke of the influence of powerful women in his life and promised to organize more events under the banner of TID in his initiative to connect and unite Dhaka.

JCI Dhaka Cosmopolitan initiates Project Alphabet JCI Dhaka Cosmopolitan in collaboration with WE Foundation and Rotary Club of Dhaka Radiant arranged a local event in a school for under-privileged students located in Ershadnagar, Mohakhali. JCI Dhaka Cosmopolitan, along with Rotary Club of Dhaka Radiant provided stationary, worth Tk 10,000 for 100 students to have uninterrupted education for at least 6 months. This project will continue phase by phase. The event titled, “Project Alphabet”, was attended by Arman A. Khan, JCI Dhaka Cosmopolitan President, and Motiur Rahman, President of Rotary Club of Dhaka Radiant and Asib Auvi, Founder of WE Foundation and general members of JCI Dhaka Cosmopolitan.

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6th COMMWARD Honors 93 Best Advertising Campaigns of the Country

Excellence in Creative Communication, held on 3rd September at Le Méridien Dhaka. The winning campaigns were recognized in 3 ranks: Grand Prix, Gold and Silver. This year, a total of 467 nominations were received from 41 advertising agencies, production houses & creative departments of various organizations. Three vigorous jury sessions, comprising of leading marketers and

To recognize and celebrate creative communication in marketing & business, 93 advertising campaigns across 25 categories were honored at the 6th edition of COMMWARD:

communication experts of the country, were held to evaluate and select the winners. While many small new agencies were recognized for their outstanding creative campaigns, the large established agencies overwhelmed the award ceremony with their strong advertising campaigns. Among the campaigns, “Prothom Alo ICC Cricket World Cup 2015” and “Closeup Kache Ashar Shahoshi Golpo” campaigns won the

highest number of awards in 3 ranks. Moreover, the much hyped “Closeup Kache Ashar Shahoshi Golpo” won 2 Grand Prix in Best Use of Content and Video for Web categories. In the Integrated Campaign category, which is regarded as the ultimate comprehensive category, the campaign “GP – Prothom Bijoyollash” won Grand Prix which was conceived and executed by Grey Advertising Bangladesh Ltd.

Summit Bibiyana 2 (341MW combined

750 MW

Powering the Future

The Summit Group has announced that International Finance Corporation (IFC), IFC Emerging Asia Fund, and EMA Power have together invested approximately $175.5 million to finance the Summit Group's growing power generation portfolio in Bangladesh. Bangladesh is one of the fastest growing Asian economies (2015 GDP growth of 6.6%) but it suffers from acute power shortages resulting in nearly 26% of the 160 million population not having access to grid-connected electricity.

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cycle gas turbine)

LNG based power plant

Summit Meghnaghat

350 MW

(337MW combined cycle gas turbine with dual fuel capabilities)

dual fuel combined cyclepower plant

150 MW

HFO based power plant

THE PROJECT INCLUDES

Previous Projects

Both equipped with GE turbines thereby providing efficient sources of power, competitive in the merit order dispatch

Summit Group - The Largest independent power producer in Bangladesh The Summit Group’s power generation capacity - 1500 MW Operating about 9% of Bangladesh’s installed generation capacity

Capital Market BOURSE UPDATE Top Ten Companies by Turnover Value for this fortnight August 16-31, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

Category

Value in Tk. mn

MJL Bangladesh Limited National tubes Ltd. Shahjibazar Power Co. Ltd. Square Pharmaceuticals Ltd. Bangladesh Steel Re-Rolling Mills Limited Beximco Pharmaceuticals Ltd. Olympic Industries Limited The ACME Laboratories Limited Aman Feed Limited Al-Haj Textile Mills Limited

A A A A A A A N A A

1,795.19 1,772.41 1,738.41 1,128.13 1,097.67 1,000.20 976.34 909.92 864.72 834.44

Volume in Nos. 16,067,228 12,964,266 11,033,924 4,225,932 6,414,721 12,167,269 3,171,032 8,368,431 10,567,244 7,774,240

% of total Value 3.41 3.37 3.30 2.14 2.09 1.90 1.86 1.73 1.64 1.59

Top Ten Companies by Turnover Volume for this fortnight August 16-31, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities Keya Cosmetics Ltd. Standard Bank Ltd. National Bank Ltd. United Airways (BD) Ltd. Industrial Promotion & Development com. Of Bd. Ltd. Far East Knitting & Dyeing Industries Limited Trust Bank Ltd. MJL Bangladesh Limited National Feed Mill Limited Olympic Accessories Limited

Category

Volume in Nos.

Value in Tk. mn

A A A A A

48,434,470 31,761,064 24,199,441 22,625,442 18,093,252

580.46 305.72 221.41 127.65 623.64

% of total Value 3.75 2.46 1.87 1.75 1.40

17,530,953

441.79

1.36

A A A A

17,527,316 16,067,228 15,797,465 15,566,383

385.36 1,795.19 334.97 361.63

1.36 1.24 1.22 1.20

Top Ten Gainer Companies by Closing Price for this fortnight August 16-31, 2016) Sl. No.

Name of the Securities

Category

Current Fortnight Closing Price in Tk.

1 2 3 4 5 6 7 8 9 10

Continental Insurance Ltd. Federal Insurance Company Ltd. Rahim Textile Mills Ltd. SEML Lecture Equity Management Fund Apex Foods Limited National tubes Ltd. City General Insurance Co. Ltd. Al-Haj Textile Mills Limited Republic Insurance Company Ltd. Mercantile Insurance Co. Ltd.

A B A A A A A A A A

17.30 11.90 357.80 11.00 158.90 131.70 13.20 112.20 14.50 12.70

Last Fortnig ht Closing Price in Tk. 12.10 8.50 281.80 8.70 128.60 107.60 10.80 93.20 12.10 10.70

% of Change

Value in Tk. mn

Average Daily Value Traded Tk. mn

42.98 40.00 26.97 26.44 23.56 22.40 22.22 20.39 19.83 18.69

77.26 106.68 164.71 14.32 372.52 1,772.41 58.19 834.44 16.76 12.34

7.02 9.70 14.97 1.30 33.87 161.13 5.29 75.86 1.52 1.12

Top Ten Loser Companies by Closing Price for this fortnight August 16-31, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

Meghna Pet Industries Ltd. 8th ICB MUTUAL FUND Zeal Bangla Sugar Mills Ltd. Sonargaon Textiles Ltd. Sandhani Life Insurance Ltd Shyampur Sugar Mills Limited Imam Button Industries Ltd. Jute Spinners Ltd. Rahima Food Corporation Ltd. Meghna Condensed Milk Ind. Ltd.

Category

Current Fortnight Closing Price in Tk.

Z A Z Z A Z Z Z Z Z

5.80 59.90 16.40 7.90 28.40 13.30 10.10 54.80 53.10 7.20

Last Fortnig ht Closing Price in Tk. 8.40 81.80 22.00 10.20 35.10 16.20 12.20 65.70 63.00 8.50

% of Change

Value in Tk. mn

Average Daily Value Traded Tk. mn

(30.95) (26.77) (25.45) (22.55) (19.09) (17.90) (17.21) (16.59) (15.71) (15.29)

2.70 39.04 9.11 8.84 11.97 5.61 2.59 0.99 30.60 1.98

0.25 3.55 0.83 0.80 1.09 0.51 0.24 0.09 2.78 0.18

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

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Top Ten Companies by Turnover Value for this fortnight September 1-15, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

A A A N A A A A A

Value in Tk. mn 1,798.84 943.02 934.28 919.27 731.11 702.60 680.88 610.75 568.18

532.75

Category

Shahjibazar Power Co. Ltd. Lafarge Surma Cement Ltd. MJL Bangladesh Limited Doreen Power Generations and Systems Limited Singer Bangladesh Ltd. Bangladesh Steel Re-Rolling Mills Limited Square Pharmaceuticals Ltd. Islami Bank Bd Ltd National tubes Ltd. United Power Generation & Distribution Company Limited

10,744,895 11,972,616 8,179,013 13,353,339 3,930,599 3,950,300 2,578,760 19,826,121 4,437,837

% of total Value 6.50 3.41 3.37 3.32 2.64 2.54 2.46 2.21 2.05

3,600,815

1.92

Volume in Nos.

Top Ten Companies by Turnover Volume for this fortnight September 1-15, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

Category

IFIC Bank Ltd. Islami Bank Bd Ltd United Airways (BD) Ltd. Bangladesh Finance and Investment Co. Ltd. Trust Bank Ltd. Islamic Finance & Investment Ltd. Doreen Power Generations and Systems Limited National Bank Ltd. BDCOM Online Ltd. Far Chemical Industries Ltd.

A A Z A A A N A A A

Value in Tk. mn 20,349,581 19,826,121 18,603,199 17,760,032 14,877,420 14,116,339 13,353,339 13,270,136 12,742,521 12,454,945

Volume in Nos. 376.60 610.75 95.40 229.35 343.10 199.09 919.27 121.10 329.67 336.58

% of total Value 2.85 2.78 2.61 2.49 2.09 1.98 1.87 1.86 1.79 1.75

Top Ten Gainer Companies by Closing Price for this fortnight September 1-15, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

Meghna Cement Mills Ltd IFIC Bank Ltd. FAS Finance & Investment Limited Doreen Power Generations and Systems Limited Prime Insurance Company Limited Bank Asia Ltd. Islamic Finance & Investment Ltd. Bangladesh Finance and Investment Co. Ltd. CMC Kamal Textile Mills Ltd. KDS Accessories Limited

Category

A A A N A A A A A N

Current Fortnight Closing Price in Tk. 118.40 19.70 9.00 73.20 16.40 19.10 14.50 13.20 14.40 69.40

Last Fortnig ht Closing Price in Tk. 99.90 16.70 7.70

% of Change

Value in Tk. mn

18.52 17.96 16.88

172.64 376.60 44.07

62.90

16.38

919.27

14.30 16.70 12.80

14.69 14.37 13.28

38.11 69.02 199.09

11.80

11.86

229.35

13.10 63.20

9.92 9.81

Average Daily Value Traded Tk. mn 28.77 62.77 7.34 153.21 6.35 11.50 33.18 38.22

88.79 379.37

14.80 63.23

Top Ten Loser Companies by Closing Price for this fortnight September 1-15, 2016) Sl. No. 1 2 3 4 5 6 7 8 9 10

Name of the Securities

Category

Gemini Sea Food Ltd. Modern Dyeing & Screen Printing Ltd. ICB AMCL 1st NRB Mutual Fund United Airways (BD) Ltd. Grameen One:Scheme Two ICB AMCL Sonali Bank Limited 1st Mutual Fund Prime Bank 1st ICB AMCL Mutual Fund IFIL Islamic Mutual Fund-1 "Reliance One" the first scheme of Reliance Insurance Mutual Fund ICB Employees Provident Mutual Fund One: Scheme One

A Z A Z A

910.50 239.90 18.80 4.70 9.80

Last Fortnig ht Closing Price in Tk. 1,328.90 295.40 22.10 5.50 11.40

5.80

6.70

(13.43)

1.53

0.26

A A

4.70 6.40

5.40 7.30

(12.96) (12.33)

1.35 6.32

0.23 1.05

7.30

8.30

(12.05)

1.05

0.18

5.60

6.20

1.56

0.26

Current Fortnight Closing Price in Tk.

Average Daily Value Traded Tk. mn

% of Change

Value in Tk. mn

(31.48) (18.79) (14.93) (14.55) (14.04)

140.73 3.67 6.20 95.40 28.32

23.46 0.61 1.03 15.90 4.72

(9.68)

Source: Dhaka Stock Exchange

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