September 2015 by ICE Media Ltd.

5TH ANNIVERSARY SPECIAL

SEPTEMBER 2015 TK. 100

www.icebusinesstimes.net COLUMNS BY

Muhammad Zamir Shamsul Huq Zahid Asaduzzaman

EXCLUSIVE BANGLADESH SET TO EMBARK ON A HIGHER GROWTH TRAJECTORY

VISIONARIES, BUSINESS ICONS & INDUSTRY EXPERTS TELL US HOW

the road TOWARDS PROSPERITY

CONTENTS September 2015

Photo Story Beacon Pharmaceuticals Limited

The Road to Prosperity

46 Khalilur Rahman Chairman, KDS Group

60 A.H.M. Moazzem Hossain Editor, Financial Express

72 Aftab Mahmud Khurshid CMO, SSG

49 Mahbubul Alam President, CCCI

63 Dr. Hossain Zillur Rahman Executive Director, PPRC

74 Shameem Ahsan President, BASIS

52 A. K. Azad Managing Director, Ha-Meem Group

66 Dr. Khan Ahmed Sayeed Murshid Director General, BIDS

78 Faizur Rahman Khan Managing Director, bti

56 Abul Kasem Khan Director, A.K. Khan & Company Ltd.

69 Mohammed Rahmat Pasha CEO, BRAC EPL Stock Brokerage Ltd.

CONTENTS September 2015

P. 52

P. 49

Managing Director, Ha-Meem Group

CIP, President, CCCI

A. K. Azad

Mahbubul Alam

P. 66

Dr. Khan Ahmed Sayeed Murshid

P. 74

Shameem Ahsan President, BASIS

Director General BIDS

8 10 12 18

From the Editor Around the World by Numbers Word of Mouth Recognition

Columns: 22 Muhammad Zamir 26 Shamsul Huq Zahid 28 Asaduzzaman

30 32 40 80 83 89 90 93 96 98 100

Digital Schooling Special Interview: Alfonso Lenhardt, Acting Administrator, USAID How to Get Noticed at a Networking Event The SINGER Story Photo Story: Ha-Meem Denim Unilever: Making a Difference Of Lions and Tigers A Perfect 10 by Microsoft Sports Economy on the Book Shelf Travelwise

FROM THE EDITOR The fierce liberation war gave birth to a young country which from its inception aspired to fulfill its dreams of prosperity and development. Though having faced numerous roadblocks, Bangladesh has come a long way and has now reached a critical stage of development where it is waiting for that push to finally take off. This September ICE Business Times (IBT) celebrates stepping into its 6th year of publication. As it embarks on another year of its journey it provides readers with eye opening stories relating to Bangladesh’s paradoxical development. With a fresh look into the world of established businesses run by iconic tycoons, IBT finds out how they have helped grab the country by the scruff of its neck to bring it to where it is now. We also ask them about what it will take to provide that essential boost to direct it towards the trajectory of greater growth where it can be classified as a middle-income economy. From understanding where the country’s comparative advantages lies to how to reach 2021 goals this issue explores the requirements for infrastructural and human resource development to enhance Bangladesh’s competitiveness in the international arena. However, factors such as scarcity of land and skilled labour has held back progress and so we ask many of the leading businessmen,

policy makers, economists and journalists about how these challenges can be hurdled. The vision is there. We just need the right direction, honest effort and hard work to translate that into a reality. Over time as the emphasis on agriculture has given way to industrialization, the need for better infrastructure, skilled labour and foreign investment to help realise the country’s true potential has been outlined even more boldly. The RMG sector is leading the race on the export front but other industries must also come to the fore if Bangladesh must join the bandwagon of prosperity like its neighboring superpowers. In this regard, issues like regional connectivity must be kept in mind. Time and again, besides resilience, the world has seen the entrepreneurial spirit of the people of this country. With third generation entrepreneurs taking over and numerous start ups blooming all around the country, Bangladesh can become the next frontier for green technology and innovation. Taking lessons from the pages of the past, the country will make the best use of its available opportunities to build a sustainable future. That’s all we hope and pray. Read on with us. Thank you.

5TH ANNIVERSARY SPECIAL

JULY-AUGUST 2015 TK. 100

www.icebusinesstimes.net COLUMNS BY

Muhammad Zamir Shamsul Huq Zahidi Mahbub Morshed Samy Ahmed Asaduzzaman

Write to us at

editor@icebusinesstimes.net, or send us a note at www.facebook.com/icebusinesstimes www.twitter.com/BusinessTimesBD

Be sure to visit our website for online viewing at www.icebusinesstimes.net

EXCLUSIVE BANGLADESH SET TO EMBARK ON HIGHER GROWTH TRAJECTORY

VISIONARIES & BUSINESS ICONS TELL US HOW

the road TOWARDS PROSPERITY

Vol. 6 No. 1

September 2015

Publisher & Editor : Director, International Publications : Executive Director : Managing Editor : Associate Editor : Assistant Editor : Feature Writer : Designer : Head of Business Development : Head of Marketing : Assistant Manager Marketing : Finance & Accounts : Sales & Distribution :

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: Bengal Centre, Plot-2,Civil Aviation. New Airport Road, Khilkhet, Dhaka 1229. Editorial Queries: editor@icebusinesstimes.net Advertising, Sales, Subscription and Distribution: 01711339587, 01819412035, 01920335953, 01716783698, 01675736760 Tel: 880-2-8901132, 8901135, 880-2-8901202 Fax: 88-02-8901205 E-mail: businesstimes.1@gmail.com, marketing@icemedialtd.com

Abul Khair Zeenat Chowdhury Nawshin Khair Tawhidur Rashid Nisha Sharmeen Ali Irad Mustafa Asaduzzaman Sk. Yeahhia Toufiqul Alam Lucky Begum Farha Tani Md. Abdul Alim Md. Manik Mollah Md. Raju Hossain

INTERNATIONAL

Around the World by Numbers 190,000

$4.1 billion

The amount pledged to Nepal to help it recover from its worst natural disaster has yet to be received by the government.

According to the ADP Employment Report the U.S. private sector added 190,000 jobs in August although economists were expecting an increase of 201,000 jobs during the month.

18.9 trillion

A report published by the department of heavy industries has predicted that the Indian auto industry could grow four times its current value to 18.9 trillion rupees ($285 billion) by 2026 assuming the economy grows at a rate of 7.5% over the next decade.

$6 billion

A group led by MBK Partners Ltd. in North Asia is trying to close a deal to buy Tesco Plc’s business in South Korea for about $6 billion, including debt. This would allow Tesco to pay off part of their massive $44.2 billion debt.

£47

billion

19%

The UK Office for National Statistics says the number of people reporting that they work on contracts with no minimum hours has risen by 19% to 744,000 from 624,000.

The European Commission has cleared Shell’s planned £47 billion takeover of BG Group, a move that would create the biggest firm on the FTSE 100.

$2.5 trillion Improved connectivity with Bangladesh, Bhutan and Nepal could expand India’s access to a Southeast Asian common market with a combined gross domestic product of $2.5 trillion. However, Pakistan is nowhere to be seen in this regional conectivity alliance .

23%

Jump in sales for the first half of 2015 has helped Lego reclaim its title as the number one toymaker from America’s Mattel.

$5 billion

China will lend Venezuela 5 billion to help the country produce more oil.

0.2%

Australia’s economy reported its slowest growth rate in over two years with their GDP growing only 0.2% in the second quarter of this year. A slowdown of mining construction coupled with lower exports contributed to the lackluster growth.

WORD OF MOUTH

events to look out for

upcoming

BANGLADESH INTERNET WEEK 2015

Chittagong Stock Exchange is hosting 5th capital market fair

The biggest internet fest in Bangladesh from 5-11th September, 2015 The weeklong festival will have: · 3 extravagant expos in 3 major cities · Festival in 487 union digital centers all throughout Bangladesh · 7 policy dialogues, seminers, game shows, concerts and celebrities · 10 million people will come close to internet

16TH TEXTECH BANGLADESH 2015 INTERNATIONAL EXPO

Bangladeshs’ biggest & oldest International Exhibition on Textile & Garment Technology, Machinery & Related Services from 2nd to 5th September 2015 at the Bangabandhu International Conference Centre, Dhaka, Bangladesh

9th Dhaka International Yarn & Fabric Show 2015

The biggest & ONLY International exhibition on International Yarn & Fabric Manufacturers & Exporters focused to the entire US$ 20 Billion Textile & Apparel export Industry of Bangladesh from 2nd to 5th September 2015 at the Bangabandhu International Conference Centre, Dhaka, Bangladesh.

Chittagong Stock Exchange is hosting 5th capital market fair Chittagong Stock Exchange (CSE) is going to hold 5th Capital market fair with an eye to sensitize the stake holders and bring consciousness among investors which will be held on 8-9 October, 2015 at GEC Convention center. The forthcoming capital market fair is to create an momentum among stake holders and is expected to build up further confidence to bring back normal trend in the stock market. CSE after demulatilization has been striving to take number of initiatives to promote investment in stock market and brighten the brand image in home and abroad. Earlier in 2005 the bourse has pioneered to introduce “Capital Market Fair” in the country’s commercial capital Chittagong in a bid to enable thousands of investors to get in touch of renowned capital market experts. Stock brokers and dealers, merchant banks, asset management companies, listed companies like banks, NBFIs, Insurance companies will participate in the fair. Product and services oriented companies of textiles and clothing; pharma and chemicals; food & allied products; cement, engineering, leather and foot wear; papers and printing; telecommunications sectors

will also take part in the show. CSE is expecting a gathering of 20,000 visitors which would include existing and prospective investors from different strata like entrepreneurs, public and private service officials, physicians, lawyers, engineers, housewives, students and teachers from higher education institution. A total of 100 stalls will be allocated to the intending participating companies in the fair on a first come first serve basis. On the occasion of fair a series of seminars on different topics like introduction of Exchange Traded Fund (ETF) in Bangladesh, Bangladesh Stock market–its role in the national economy, corporate governance – its importance in the listed company, regulators role and other issues. During the fair, investors will be able to interact with official’s of listed companies to keep themselves abreast with product and services; progress of business activities and its future expansion program; update on latest financial information; corporate governance and AGM dates. It will also facilitate interaction with brokers and dealers about their services like opening BO account, fundamentals of investing know-how, P/E ratio, dividend yield, EPS, Internet trading Services, Brokers work station etc .

WORD OF MOUTH

Happening

Bankersâ&#x20AC;&#x2122; Corner 2

1. Bangladesh Bank Governor Dr. Atiur Rahman in a meeting with Kalraj Mishra, Minister of MSME in Delhi on August,25 2015 where he attended a grand program "The Tryst with visionary leaders" 2. IFIC Bank rewarded employees for completing 25 years of service 3. S K Sur, Deputy Governor of Bangladesh Bank speaking in a seminar on agro insurance, first of its kind in Bangladesh

4. AB Bank Ltd. and Policy Research Institute jointly organized a discussion and presentation on steel and engineering for bank officials 5. BRAC Bank Limited signed an agreement with Guardian Life Insurance Company Limited to provide life insurance coverage to Small Business unsecured loan customers. Syed Mahbubur Rahman, Managing Director & CEO, BRAC Bank, and MM Monirul Alam, Managing Director & CEO, Guardian Life Insurance, exchanged documents after signing the agreement at BRAC Bank Head Office.

6. The Board Meeting of Modhumoti Bank Limited was held at its head office on 20th August, 2015. Humayun Kabir, Chairman of the Board of Directors, Shaikh Salahuddin, Vice-Chairman Board of Directors, Barrister Sheikh Fazle Noor Taposh, MP, Chairman, Executive Committee, among the members of the Board of Directors

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WORD OF MOUTH

Trending Happening

Submerged Streets

The first day of September started in Dhaka with a one hour downpour which stopped traffic dead in its tracks leaving people to deal with waterlogged roads, lanes and sidewalks. The city's transport system virtually came to a halt with vehicles being stranded for hours creating unprecedented traffic jams. Since then the unrelenting monsoon rain has kept on pouring making commuting through most of Dhaka nigh impossible.

Oil prices to stay where they are? Planning Minister AHM Mustafa Kamal is against the Finance minister’s plan to lower the fuel oil prices to adjust them with the declining international prices as the prices in the international market can rise at any moment in which case the government will have to hike prices again.

GLOBATT -a Bangladeshi born global battery brand holds Summit & Road Show

The GLOBATT Road Show and Summit was conducted by Rahimafrooz Batteries Limited to establish GLOBATT as the latest technology automotive battery brand in Bangladesh. GLOBATT – the Sealed Maintenance Free battery – has exports to over 58 countries and a customer base of about 3 million users within 5 years. This endeavor was recognized by the Honorable Prime Minister through Gold Export Award in 2013. “The Road show included a four day campaign in Dhaka City with pit-stops to almost all the automotive dealer and retailers for batteries. The campaign also integrated awareness and benefits of using Sealed Maintenance Free (SMF) batteries to car owners,” said Sk. Minhas Hamid, Brand Development, Rahimafrooz Batteries Limited. The Road Show concluded with the GLOBATT Regional Summit, which attracted about 200 battery dealers and retailers of greater Dhaka. Discussions were focused on product features and benefits, business potentials and the core competencies of GLOBATT SMF batteries, compared to the existing batteries in the market. The occasion was graced by the presence of Afroz Rahim, Group Chairman, Rahimafrooz Bangladesh Limited and addressed by Md. Kamrul Islam, Faraaz A. Rahim, and Md. Mushfiqur Rahman of Rahimafrooz Batteries Ltd.

No gain for internet users from bandwidth price drop

Bangladesh Submarine Cable Company Limited (BSCCL) announced a price cut saying the internet gateways will get 1MBPS bandwidth at Tk 625 (from Tk 1,068). This reduced price is applicable for the 10GBPS (gigabyte per second) slab BSCCL provides in Dhaka, Chittagong and Cox’s Bazar. However, there will be no cut in the use of internet costs for the end users as only one or two among the 37 International Internet Gateway operators buy from the 10GBPS slab.

Jubilee Road Merchant Association handing over a crest to Mahbubul Alam, President of Chittagong Chamber of Commerce & Industry (CCCI)

WORD OF MOUTH

Chittagong Business leaders urges for global standard Chittagong Port The port and shipping subcommittee of Chittagong Chamber of Commerce & Industry made some time bound suggestion for the modernization of the port against the backdrop of congestion of containers and thrust for employment of work force for enhancing productivity. These include procurement of necessary equipment for a global standard port , traffic management , management development of auction containers and empty containers, modern and efficient operational management , enhancement of the efficiency of berth operators, procurement of scanning machines and other relevant equipment’s, keeping the CTMS and ASYCUDA as a flawless world system , and effective coordination of the custom house port &ICD ( Inland Container Depots ). They also emphasized for the construction of Bay terminal at the earliest where Chittagong Ports cargo handling is growing fast at 14 to 15% annually. The meeting took place on 26 August, 2015. By expressing concern, the meeting said that with this capacity port will not be able to handle cargoes beyond 2018 and they pressed for completing the feasibility study of the Port’s Bay Terminal and construction of the terminal where draft for the anchoring vessels will be 10 to 12 meter. The sources cited the example that Kolkata Sea Port takes one hour and half for handling 120 TEUs of containers while Chittagong Sea Port takes one day and half for the same numbers of containers. This is because of the lack of sufficient containers handling equipment and efficient management in Chittagong port resulting in container congestion , enhanced turnaround time of ships, damarage charges and other financial losses which are ultimately borne by the country’s common people or consumers. The meeting hoped that the Bay terminal Project would be kept above all bureaucratic bottlenecks and be implemented by the ministry of Shipping and Chittagong Port authority which is expected to facilitate vessels with 5,000 TEU (Twenty Foot Equivalent Units) of the container of berth. 35 vessels will be able to berth in the port berths and the terminals at the same time. The meeting was chaired by the Mahfuzul Haque Shah, Director of CCI (Chittagong Chamber of Commerce & Industry) and Convener of CCCI Sub Committee of Port and was addressed by Joint Convenor Benazir Chowdhury Nishan Golden Containers Ltd (GCL), Abdul Manan Sohail , Ataul Karim Chowdhury of Ocean International , Kazi Mahamud Imam Bilu of Customs C&F agent Association . Sarawar Alam Chowdhury of Marks Bangladesh Ltd., Engineer Golam Sarwar of Prantik Shipping, Captain Alauddin Al Azad, Aktar Kamal Chowdhury and Amiyo Shanker of Bangladesh Freight Forwarders Association and Md Abu Sayeed of Port Marine Contractors Association.

Happening

Prime Minister is going to visit KSL

Honorable Prime Minister Shiekh Hasina is going to visit Khulna Shipyard Limited ( KSL) the ship-building and repairing company owned by Bangladesh Government and run by Bangladesh Navy on 6th September 2015, said the sources of Prime Minister office . The KSL has created a benchmark to elevate the image of Bangladesh to the global level which is a ship construction and repair yard at the Khulna that used to construct Padma-class offshore patrol vessels for the Bangladesh Navy. Khulna Shipyard's success story is phenomenal since this 57-yrar-old institution had been on a steady downslide and was declared a sick industry. On October 3, 1999 the Shipyard with a 993.7 million Tk debt was handed over to Bangladesh Navy and in a sequence of drives by 2008, all debt had been cleared and since then has been making profit and has done a complete upturn, manufacturing warships and now modern container vessels.

Marico Bangladesh Limited (MBL), which is amongst the top 3 FMCG Multi-National Companies and is a trusted Company in the beauty and wellness space in Bangladesh, held its 15th Annual General Meeting (AGM) on Thursday, 13th August, 2015 at Radisson Blu Dhaka Water Garden Hotel.

WORD OF MOUTH

IN THE LOOP

Economy will witness a spiral impact of energy and power price hike

By Rokeya Zaman

Gas and power tariffs might see a rise where fuel price may be remained same as the sources close to Prime Minister’s Office disclose to ICE Business Times. The sources also said that the reason behind the recent bid to raise the gas and power tariff is to make power distribution and marketing companies self-sufficient in terms of funding to help them keep up electricity generation, transmission and distribution where the difference between the power generation cost and the retail price of power is Tk 1.5-Tk 2 a unit. I is also likely to raise gas tariffs to prevent wastage in the sector. The sources said that Bangladesh Energy Regulatory Commission (BERC) has applied for raising those tariff. According to the official statistics, the country’s electricity generation capacity is 11,532 MW with an average daily generation standing at 7,500 MW and the demand for electricity is rising by 10% annually . The Government last raised the gas tariff in 2009 and in the last six years, only CNG prices were increased twice in 2011, while retail power tariff was last increased in March, 2014. In January 2013, the government increased the price of diesel and Kerosene by Tk 7 a liter and that of octane and petrol by Tk 5 a liter to reduce its subsidy burden. The exporters of Bangladesh expressed deep concern over the proposed price hikes of gas and electricity which in turn increase the

production cost and erode competiveness, said analyst. Meanwhile it has been found that due to a host of reasons, the export trends in RMG have witnessed a negative growth, which never happened in last one decade. The rise of power and energy cost will again rise the production cost of exportable goods. President of EAB Abdus Salam Murshedy said this kind of decision would create a bad impact on our exportable items as we were falling in a deep challenge. This year, we started with a negative growth but showing a trends of sigh of relief since last five months where there is no political conflicts in the country; nevertheless we are in a stage of deepening crisis. He also added that government has gave many kind of policy supports and incentives in the budget for export sectors but oil price was 118 $ per barrel which come down to 39 $ per barrel where our Government is decided to rise the energy price. “The price hike will raise our cost and expenses on account of electricity, oil and others and then unit cost will shot up and we will lost our competitive edge.” He said that competing countries like China , India , Vietnam , the Philippines , Cambodia , Indonesia and Malaysia has cut down their fuel prices where we are in a bid to raise it They are achieving double digit growth but we are struggling with the challenges and the whole economy, not only the export sector will suffer and it will create a spur of inflations. Apart from the interest of the exporters, the consumers will be suffered by the upward adjustment of energy price. The reason behind is that Bangladesh Power Development Board (BPDP) is incurring substantial losses and has been purchasing fuel oil based rental power plants. But it is also true that domestic gas tariff is much lower than many other countries but they are doing profits. So the 50% jump in gas burner is does not holds water where transport owners have made instant demands raise fares following the increase in tariff of compressed natural gas(CNG). Similarly, the cost of production in industries that use gas for power generation in their captive plants would go up because of 100 % hike in gas tariff. This will surely discourage private sector investment which has also remained almost stagnant for the past few years. Last but not the least, the hikes have all the potential to stroke up inflation which has an upward curve.

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RECOGNITION

IBT is delighted to share with its readers the acceptance speech of Dr. Atiur Rahman, Governor of Bangladesh Bank during the 13th Annual Gusi Peace Prize International Awarding Ceremony. Humility and inspiration overloaded!

COMING TOGETHER FOR PEACE-BUILDING

I am gratified and humbled by being awarded with the Gusi Peace Prize 2014 for my meager efforts in promoting peace, welfare and social harmony by unblocking and widening of advancement opportunities for the poor; primarily with inclusive, environmentally sustainable financing for their productive undertakings. My upbringing in a not very well off agrarian family in rural Bangladesh firmed my resolve to do what I can to change things for the better. This resolve has been driving me relentlessly into social and developmental activism throughout my university days and subsequent working life.

Far more than a personal reward and recognition, I see this prestigious Gusi peace prize initiative as a reaffirmation of our collective commitment to human progress through poverty eradication and social empowerment of the disadvantaged segments of our communities, unleashing and harnessing their creative energies into broad based equitable growth and development pursuits promoting peace and social harmony. Throughout my academic life and my subsequent years of engagements in the financial sector including the central bank I have been driven by a strong urge of stimulating and deepening civil society activism for collective

human welfare through people-to-people contact and cooperation within and across national borders. In my current job as Bangladesh Bank Governor and in earlier financial sector roles as member/chairman of commercial bank board of directors, I have persistently tried to steer banking away from its traditional urban elite oriented focus towards meaningful financial inclusion of the underserved poor. I have also been pursuing reorienting of financing flows towards support of environmentally benign â&#x20AC;&#x2DC;greenâ&#x20AC;&#x2122; output practices, to protect our future generations from environmental degradation and climate change threats. Our initiatives in Bangladesh aimed at promoting equitable, inclusive, and environmentally sustainable socioeconomic growth and development have paid us well in terms of attaining consistently less volatile six plus growth rate, falling inflation, stable exchange rate, faster reduction of poverty and rising life expectancy. Our inclusive growth strategies are resonating strongly our inclusive growth strategies with other similar initiatives in our region and elsewhere. This Gusi Peace Prize reinvigorates and inspires me and other awardees hugely on our journey onward, for economic, and environmental emancipation of all in particular of those are at the bottom of the pyramid. I am deeply grateful to the Gusi Peace Prize Foundation for the honor and recognition bestowed today on me for my humble efforts. Let our individual and collective efforts for our material well being and for our ethical and moral enrichment remain ever blessed by the best wishes and prayers of each and every one of us present here today. Let me dedicate this award to the memories of millions of martyrs who shed their blood in 1971 for the liberation of Bangladesh. Also I want to share this award with my hardworking colleagues, and the poor but entrepreneurial people for whom we have been working relentlessly. Thank you all.

NATIONAL PRODUCTIVITY AND QUALITY EXCELLENCE AWARD 2013

Honoring the Change Makers

The Government of Bangladesh recently honored 17 business organizations from six different categories for their contributions to operating businesses in Bangladesh with the National Productivity and Quality Excellence Award 2013. Industries Minister Amir Hossain Amu handed over the awards on the 19th of August at the Hotel Purbani. When asked for a comment regarding their win, Humayun Rashid, Managing Director of Energypac had this to say: “Our energetic team performance supported with our skill and commitment helped us keep our continuous growth. Planning and production is a management skill and it requires innovation. We are proud to be employing 3 disabled persons in our production line to recognize their capabilities.” Dr. Md. Nazrul Islam, Director, National Productivity Organisation (NPO) said that “The Excellence Award has been given since 2014 and this is the second of the series”. He added that, “An inter ministerial committee jury board headed by Secretary Ministry of Industries usually judges based on criteria such as management, productivity, quality assurance, social responsibility and many more. This award is a mark of excellence and it is playing a vital role in developing the quality of products and also the quality of management and strategic management of the companies.” Below is a list of winners. Large Industry: 1st – BAT Bangladesh 2nd – Khulna Shipyard Limited 3rd – BRB Cable Industry Ltd Medium Industry: 1st - Energypac Electronics Ltd. 2nd – Tamai Knit Fashion Ltd. 3rd – CIBL Technology Consultants Limited Small Industry: 1st – M/S Rony Agro Engineering 2nd – Prince Chemical Company Ltd 3rd – Regimax Industries Ltd Micro Industry: 1st – Khan Bakelite Products 2nd - Bandhan Samaj Unnayn Sangstha Cottage Industry: 1st – Odhara Beauty Parlour and Handicraft Training Centre 2nd – Pindhan nd Griha Sukhan 3rd – Griha Sukhan State Owned Enterprises: 1st – Odhara Beauty Parlour and Handicraft Training Centre 2nd – Pindhan nd Griha Sukhan 3rd – Griha Sukhan

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RECOGNITION

The Triumph of Creativity 5th Commward Honors 63 Best Advertising Campaigns of the Country on 29 August To recognize and celebrate creative communication in marketing and business, 5th Commward, Excellence in Creative Communication, was held on 29 August at Pan Pacific Sonargaon Hotel, Dhaka. Through a Gala Award Ceremony, 63 winning AD campaigns of the year 2014 were honored across 20 categories. The winning campaigns were recognized in three ranks: Grand Prix, Gold and Silver. After a months’ long hunt for the best creative works in Bangladesh and rigorous assessment sessions by marketers and communication experts of the country, Commward finally unveiled the winners. This year, Commward has received total 367 nominations from 36 advertising agencies & creative departments of various organizations – the highest number of nominations ever

received in Commward! While Commward has honored many small new agencies for their outstanding creative campaigns, the large established agencies overwhelmed the award ceremony with their strong advertising campaigns. Among the campaigns, the most popular ICC Char Chokka Hoi Hoi campaign won the highest number of Grand Prix awards in jingle, social media & integrated digital media categories. In the debut category Campaign for Women, Fair & Lovely Foundation, Rise Up for Women, & Merils Splash – Fresh is Beautiful, were the winning campaigns. In the Integrated Campaign category, which is regarded as the ultimate comprehensive category, the campaign for ICC World T20 Bangladesh 2014 won the Grand Prix. This integrated campaign was conceived and executed by GREY Advertising Bangladesh Ltd. Commward is the largest initiative

in Bangladesh in recognizing and inspiring creative advertising in business and marketing, since 2009. Organized in association with Cannes Lions, the day-long festival on creative communication also organized Communication Summit, Cannes Showcasing and an intensive Panel Discussion. The festival was attended by 600 professionals from the business, marketing and creative agencies this year. Commward is an initiative of Bangladesh Brand Forum. In association with Cannes Lions & powered by The Daily Star, this year Commward has been supported by a number of partners & sponsors, namely Event Partners Rakeen Development Company & RFL, Knowledge Partner MSB, TV Partner Independent Television, Social Media Partner Webable, PR Partner Masthead PR, IT Partner AAMRA, Digital Content Partner Maverick, & in Strategic Alliance with Roaring Lions.

RECOGNITION

Setting the Benchmark

Standard Chartered Bangladesh (SCB) recently awarded four individuals, four institutions and two groups of farmers that have made extraordinary contributions to the agriculture sector. Among the winners was Seamark Group, one of the largest

seafood processors, receiving the trophy of Best Agricultural Exporter. Seamark was the first company to introduce black tiger shrimps to Europe in 1976 and founded by brothers-Iqbal, Bilal and Kamal Ahmed where Seamark plc was established in 1991, specializing in the processing and stocking of warm water shrimps, especially the black tiger and the fresh water king prawn. After processing and packing, these were exported to most countries in Europe. Currently Seamark is a ÂŁ161m-plus worldwide operation with an annual turnover of $250m, and a global workforce of 4,500 people including 300 at its operations in east Manchester. The production facilities in Bangladesh created 1,000 jobs for the local community. In 1998, Seamark was awarded the Queen's Awards for Enterprise for International Trade. In 1999, it was awarded the first prize in the Business in Europe Awards. In Bangladesh, the company received a national award and gold medal from the Bangladesh Government consecutively for the years 2001, 2002, and 2003, for the highest export of seafood. In 2012, Seamark was ranked 191 in The Sunday Times HSBC International Track top 200 performing private companies in the UK.

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COLUMN

Muhammad Zamir

Establishing Bonds of Friendship and Connectivity Bangladesh and India not only share a history of colonialism and exploitation but also believe in achieving poverty reduction and socio-economic development for their people. In this regard, over the past five years delegations from the Bangladeshi leadership and Indian government have exchanged visits between New Delhi and Dhaka to identify common denominators that could help both countries overcome existing challenges through their combined political will. Despite the niche of mistrust fostered by certain right-of-the-centre activists and fundamentalists in both countries and their efforts to create roadblocks for possible solutions, good neighborly relations have continued to develop between the two countries. This has been possible because of the realization that the solution lies not only in greater connectivity in this era of global inter-connectivity, but also that no country can gain prosperity from isolation. The rationale for this lies in the fact that the countries of a region which face common developmental challenges must work together to fight deprivation and poverty. This realization has led our government to prioritize constructive engagements with our neighbours. I believe that this equation has been

Despite existing problems, I believe that Bangladesh and India are moving forward together. This is being specifically reflected in concrete terms in the bilateral and sub-regional connectivity being established.

taken forward through the resolution of the Maritime Boundaries between Bangladesh and India and also with Myanmar. The completion of the Land Boundary Agreement ratification process by India after 41 years has also brought momentum to these dynamics. The recent visit of Indian Prime Minister Narendra Modi to Dhaka from 6-7 June, 2015 underlined that Bangladesh and India were not only neighbors but would be walking forward together on the path of development that was underway in the sub-region of India, Bangladesh, Bhutan and Nepal. It was this spirit that marked the bilateral vision of the leaders of both countries in their speeches delivered on different occasions on these two days. It was also reflected in the Joint Declaration issued during the conclusion of the visit. This shared vision of moving forward together had been initiated earlier during the visit of Manmohan Singh, the former Prime Minister of India to Bangladesh in September 2011. At that time it had been agreed to harness not only the advantages of regional and sub-regional cooperation in power, water resources, transport and other forms of connectivity but also to work on issues regarding food security, education, environment and sustainable development. A broad understanding was reached by the two

MUHAMMAD ZAMIR

countries to cooperate in a multitude of areas. This opened up the scope for exploring the synergies among the four countries (Bangladesh, India, Nepal and Bhutan) of the sub-region in various ways that may be undertaken either bilaterally or in a multi-lateral context like SAARC, BCIM and BIMSTEC or in the sub-regional context (BBIN). An example of the shared vision that exists within the leadership of the two countries was exhibited during Modi’s visit to Dhaka through the signing, exchange, adoption and handing over of 22 different agreements that covered various areas. This included the implementation process of the Land Boundary Agreement and its 2011 Protocol, the widening of connectivity through the introduction of new bus routes from Kolkata to Agartala and Gowhati via Dhaka, the arrangement of Inland Water Transit, renewal of the bilateral trade agreement, prevention of human trafficking through greater cooperation between the Coast Guards and Border Guards of the two countries, diversified cooperation in the Maritime territories in the Bay of Bengal, provision of a new Line of Credit of $2 billion by India to help in the growth of infrastructure in our country, the enabling of the use of the Chittagong and Mongla Ports by India in the context of connectivity, greater cooperation in the area of education and culture and agreements in the field of standardization and the setting up of two possible economic zones inside Bangladesh for investment by the Indian private sector. In addition there were also discussions and understandings reached (on how to move forward) pertaining to greater cooperation regarding the power sector and joint water sharing and management issues. Since then, as of 1 August, 2015, the provisions of the LBA have been implemented by the two countries and efforts are also underway to overcome the challenges that are associated with the implementation processes. However, there are still some complications that need to address with seriousness. They include the sensitive issues of border killings and the sharing of the watercourses flowing

A broad understanding was reached by the two countries to cooperate in a multitude of areas. This opened up the scope for exploring the synergies among the four countries (Bangladesh, India, Nepal and Bhutan)

into Bangladesh from India. The fact that the West Bengal Chief Minister was also present during Modi’s visit but was met separately had its own connotations. It was interesting to read Modi’s reference that “our rivers should nurture our relationship, not become a source of discord. Water sharing is above all a human issue…I am confident that with the support of the State governments in India, we can reach a fair solution on Teesta and Feni Rivers”. I presume that this issue will be eventually resolved but not before the next State election in West Bengal that will take place in 2016. With regard to killing at the borders, Modi expressed his anxiety and concern. He mentioned that those being killed were poor people and that needs to be dealt with effectively. These are good assurances, but like any other Bangladeshi, I feel that, sooner rather than later, the Indian Border Guards should be specifically asked by the Indian government to stop using bullets that kill. Instead, efforts must be made to arrest those who might be trying to cross the border into India and imprison them. They could later be allowed to return to Bangladesh. This is also a human element that has to be appreciated. It will only enhance the success of our partnership. There is also the question of the increasing trade deficit between Bangladesh and India and how investment by Indian entrepreneurs may spur employment inside Bangladesh and also diversify the range of manufactured products that can then be exported to India (thereby reducing the trade deficit). From this perspective, it is expected that the discussion between our senior business and manufacturing leaders and Modi will assist this paradigm. Despite existing problems, I believe that Bangladesh and India are moving forward together. This is being specifically reflected in concrete terms in the bilateral and sub-regional connectivity being established through riverine, rail, road and air linkages. We are presently working to further expand existing modes of connectivity and at the same time also explore new modes of connectivity such as coastal shipping

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COLUMN

connectivity for our mutual benefit. To establish a better connected South Asia, Bangladesh has agreed to provide the access of our ports through our territories to India (north-eastern states), Nepal and Bhutan. Bangladesh has also offered use of Mongla and Chittagong sea ports for movement of goods to and from India through rail and road. In return, we have sought Indiaâ&#x20AC;&#x2122;s cooperation for transit to Nepal and Bhutan. Work on establishing Akhaura-Agartala rail link is presently going on. It may be mentioned in this context that Bangladesh and India already have direct bus services between Dhaka and Kolkata (since June 1999) and also between Dhaka and Agartala (since September 2003). Bangladesh has also taken initiatives to introduce bus services between some other destinations in the two countries. The Dhaka-Shillong-Guwahati and Kolkata-Dhaka-Agartala Bus services (merging the Kolkata-Dhaka and Dhaka-Agartala services) have commenced. Bangladesh has also requested India for Khulna-Kolkata and Jessore-Kolkata Bus services. Some more services are also in the pipeline. A Dhaka-Kolkata passenger train service (Maitree Express) has been operating since April 2008 but now we are pushing for a 2nd Maitree Train for Khulna-Benapole-Kolkata route. The latest step taken in this regard was the signing on 15 June, 2015 of the Motor Vehicles Agreement in Thimpu, Bhutan between Bangladesh, India, Bhutan and Nepal. It is a landmark deal that will open up enormous economic opportunities in this South Asian sub-region, reduce cost and time in the transportation of people and goods and also make cross-border trading more efficient. Efforts will be taken to mange it in the same manner as the transport connectivity that has been introduced throughout the European Union. Attempts are also underway to take advantage of existing natural resources through inter-country means of riverine transport. This is already taking place in a limited way through the Indo-Bangladesh Protocol on Inland Water Transit and Trade (PIWTT) in operation since 1972. By virtue of this,

The Indian Border Guards should be specifically asked by the Indian government to stop using bullets that kill. Instead, efforts must be made to arrest those who might be trying to cross the border into India and imprison them.

The author is a former career diplomat who has worked as Ambassador in various countries in Europe. He can be reached at muhammadzamir0@gmail.com

Indian cargo is transported by vessels from mainland to north-east India using Bangladeshâ&#x20AC;&#x2122;s inland water ways. The PIWTT has however now been amended and Ashugonj has been declared a port of call and transshipment point. PIWTT is now going to be given long term validity which is expected to attract more investment in this sector. This will enable us to utilize the full potential of the inland water ways. We are also looking at plying of passenger and cruise vessels in these protocol routes. There is another area which is also under focus- movement of containerized cargo (through waterways) under the PIWTT. This has however not been possible due to inadequate infrastructural support. Bangladesh has allowed India to transport over-dimensional cargo through Bangladesh via Ashugonj to Tripura for their Palatana Power Plant, but transshipment of bulk cargo in the same route under PIWTT is yet to be realized. Work on establishing coastal shipping connectivity between Bangladesh and India is also under serious consideration and an agreement to this effect is at the final stage. Effort is also underway to increase air connectivity between the two countries through the addition of Guwahati to the already existing routes to Delhi, Kolkata and Mumbai. In addition, the relevant authorities are taking necessary measures to develop greater cooperation in the energy sector. India is going to supply diesel to Bangladesh through pipeline from its Numaligarh Refinery in Assam. Besides, Bangladesh has taken steps to import 500 MW of electricity from India (50% from the public sector and the rest from the private sector) through the Bheramara-Bahrampore grid inter-link, the first of its kind in the sub-region. In this context, the concerned authorities are also trying to resolve the question of 40-50 MW loss of energy suffered during transmission. Work is also on to establish grid-connection with Tripura on our eastern border. One is therefore tempted to observe that the glass of our bilateral relationship is now three-fourth full and the vacant space is filled with oxygen that can nurture growth.

COLUMN

Shamsul Huq Zahid

Throwing the Monkey Wrench The problem with regulatory institutions in Bangladesh has been that they do not or cannot carry out their assigned roles either because they are run by the wrong people (selected under political considerations) or because of interferences from powerful quarters. This particular problem as of late has become more acute and has contributed greatly to the malfunctioning of important national institutions. The institutions overseeing the capital market activities are not immune to such developments. It has been relatively quiet in the country’s stock market front since its collapse in the final month of 2010 barring occasional flare ups that many tend to believe is the handiwork of the smalltime manipulators. Following the collapse of the market, for the second time in its history, the securities regulator had put into effect a number of so-called reforms and the government made way for demutualizing the country’s bourses. All these, according to policymakers, were designed to bring back investor confidence and inject the much-needed buoyancy into the market. Much of the investment and trade activities, these days, revolve around newer issues. The investors, if one is willing to consider them so, until recently showed keen interest in subscribing to the new initial public offerings (IPOs). Their interest too, it seems, has been waning as

Most investors tend to be guided by rumours and speculation and they want to be rich overnight.

of late. Compared to that of many countries in the South and Southeast Asia, Bangladesh stock market is relatively small and until now has not been able to attract any notable amount of foreign portfolio investment. A good number of domestic and multinational companies have been offering attractive dividends year after year. However, the entry of long term investors to make use of them has been very insignificant. The size of what market pundits describe as the “informed class of investors” has always been very small. Most investors tend to be guided by rumours and speculation and they want to be rich overnight. This particular section of investors demonstrates little appetite for stocks that offer attractive dividends at the end of the year. Their greed for getting an unusually higher rate of return from investment in stocks reaches to a limitless proportion when a bubble builds up in the market. This greed has made them easy prey for the manipulators in 1996 and 2010. After the 1996 debacle, it was widely believed that the greedy investors had learnt their lesson and they would not commit the same mistake again. Alas, this was not to be as the investors succumbed to manipulations which were not as crude as in 1996. In the latest stock scam, the manipulators

SHAMSUL HUQ ZAHID

proved to be more sophisticated than before as they took advantage of the lacunae in the securities rules, regulatory weaknesses and a section of financial institutionsâ&#x20AC;&#x2122; over-zealous investment in stock market. There is no denying that the situation in the Bangladesh stock market would have been altogether different from that of now had it not gone through two major collapses. The market would have been more mature and stable with investments from an increased number of â&#x20AC;&#x2DC;informedâ&#x20AC;&#x2122; investors. Also, the market could have attracted a larger number of foreign portfolio investors. The 1996 scam and the lack of a serious effort to punish those involved in it have caused almost irreparable damage to the Bangladesh stock market. The impunity has encouraged some people to commit the second crime after a gap of 14 years. Had the government duly punished the 1996 market manipulators, the second scam might not have happened. However, the government, in the face of strong criticism from different quarters, has constituted a special tribunal to try the capital market-related cases in particular recently. This is a good move as the normal courts usually do not have time and interest to dispose of such cases. Case after case has piled up in

The problem with regulatory institutions in Bangladesh has been that they do not or cannot carry out their assigned roles.

these courts over the years because of the delay in disposing them. At least the tribunal would be able to take up the cases of serious and urgent nature. The tribunal has already sentenced a former employee of a merchant bank to spend two years in prison for luring unsuspecting investors to invest in different stocks through social networking. He reportedly earned a substantial amount as consultancy fees from the investors when the market was in its highs in 2010. The tribunal has also started the trial of 15 cases instituted against stockbrokers, companies and individuals by the securities regulator in connection with the 1996 stock market scam. The immediate past president of the Dhaka Stock Exchange (DSE) was one of the accused in one of those cases and he was in the dock recently. A few more people, who were allegedly involved in the market manipulation in 1996, are likely to be in the special tribunal dock. However, the popular perception is that these people will get away with their crimes because of their connection to high places. One would have to wait for some more time to see how things unfold.

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

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COLUMN

Asaduzzaman

Here to Stay It is very interesting to put into record that any sort of soul searching by any Bengali across the globe requires knocking the door of Thakurbari (House of Tagores) in Joraskhkao. This house gave birth to Prince Dwarkanath Tagore, one of the foremost Indian industrialists and entrepreneurs, notable for making substantial contribution to the Bengal Renaissance. Years ago, my six-year old daughter Shristy and I got a chance to visit this native place of art and culture. There we met Allan, a German born connoisseur of Art and Culture, who was quite surprised to learn of the mind boggling industrial thoughts of the Tagores from us. Founder of the Thakurbari, Prince Dwarkanath Tagore, the grandfather of Rabindranath Tagore was well-educated and renowned as Prince Tagore for his impeccable taste in fashion and style. He was also acknowledged as the civic leader of Kolkata who played a pioneering role in setting up a string of commercial ventures in the banking, insurance and shipping industries in partnership with British traders. He founded the Union Bank in Kolkata at the time as well as industrial organizations that ran jute mills, coal mines, and tea plantations and so on. His heir Debendranath Thakur started religious and cultural revolution by introducing a new religion naming Bramha Shomaj. Nobel laureate and maestro Rabindranath Tagore, son of Debendranath Thakur too

Bengali people, as many would love to believe that are basically traders and not entrepreneurs. This is totally wrong. The region have always invited and welcomed traders and merchants from around the world from a very early time.

possessed unique ideas about industrialization that reverses the charkha solution of Mahatma Gandi. Tagore established Santiniketan, which has now become a university town. His economic thinking is being greatly elucidated by Nobel Laureate Professor Amartya Sen, also a student of Santiniketan. Tagore set up the Institute of Rural Reconstruction (IRR) at Raipur and made Leonard Knight Elmhirst its first Director in 1922. Later he educated his son Rathindranath tagore in abroad in Agriculture in pursuit of ushering a agro based revolution in Patisar and Shelaidaha, where he invested in cooperative banking to help the local peasantry. The word Entrepreneurship is a new vista and was coined around the 1920s and loaned from the French. Joseph Schumpeter an economist in 20th century has established entrepreneurship as a separate school of thought. He identified innovation as the critical dimension of economic change. Bengali people, as many would love to believe that are basically traders and not entrepreneurs. This is totally wrong. The region have always invited and welcomed traders and merchants from around the world from a very early time. Due to their humble and accommodating nature, they have been looted, cornered and misjudged. Yet they have stood up and faced every set back. In the 70s, a war-torn economy that was dubbed â&#x20AC;&#x2DC;basket caseâ&#x20AC;&#x2122; by many has maintained steady growth

ASADUZZAMAN

for more than a decade. Today Bangladesh is known across the globe as a nation of manufacturers. We have 33 billion USD worth of trade and 19% share of industrial GDP from manufacturing where RMG (Ready Made garments) is taking the lead in export which is a part of global phenomenon. Next in line is the leather industry where engineering products and pharmaceuticals are witnessing more than double digit growth in last calendar year. Bangladesh has made many negative headlines but at the same time, this is the country that has given birth to a Noble Laureate like Professor Muhammad Yunus, whose micro-credit model is being admired worldwide. We can boast about Sir Fazle Hasan Abed, the founder of BRAC, the biggest social enterprise in the world which has been playing a pivotal role in eradicating poverty worldwide. There are many business powerhouses that have created instances of Global scale operations. Beximco Pharma is listed in London Stock Exchange and now not only is it a leader in exporting pharmaceuticals products but it is also manufacturer of cancer drugs. A Japanese researcher said that evolving and growing a new crop of entrepreneurs in Bangladesh is almost like Meji restoration in Japan. At the end I would like to put on record that Bangladesh is not a successor state

A Japanese researcher said that evolving and growing a new crop of entrepreneurs in Bangladesh is almost like Meji restoration in Japan.

rather it is a state which is chasing a dreaming after it was born from the ashes of a fierce liberation war. Over the years we have achieved much. Itâ&#x20AC;&#x2122;s true that our human resources are not as skilled as they should be; our political culture is nothing to write home about and we have yet to go a long way when it comes to ensuring law and order. But still there is a horizon full of opportunities and possibilities which are beckoning us but we are spoiling them with our indolence, innocence and intolerance. Let us all realize that itâ&#x20AC;&#x2122;s possible to build a Bengal of gold with futuristic planning and measured steps to grow into a developed country within 2050. We are here to stay!

Asaduzzaman is the feature writer of ICE Business Times

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CORPORATE WISDOM

Digital Schooling

By Sohana Nasrin

In my last year of undergraduate studies, I often marveled at the website of Stanford, Harvard, Yale and other big players in the field and secretly hoped that someday they would come up with a magical offer. Or I would be able to do some magic to myself to be able to take some classes in those big universities. Not to mention, those thoughts about me being magical ended up in big sighs and disappointments but to my surprise, those disappointments were not eternal. It took me a while to believe that there are classes that are offered by the top universities of the world, and that too for free. It is like a dream coming true on numerous levels. Just think about a business executive or anyone for that matters who has to work 9-6 pm to meet his or her ends meet- do they really have time for education? You wouldn’t think they do. But things have changed since it was yester year and now even the busiest manager on earth can take some classes on his or her own schedule to ensure his or her professional development. Or may be even to quench the thirst for knowledge. Thanks to the most amazing thing of our

There are online coureses for professionals that can equip them with knowledge to make it to the next level in their career. Read on to know more. time, Internet and thanks to the open learning platforms who made this world a little fairer, if not the fairest.

page where they have more site statistics and you will be intrigued to see the variations.

Let’s take a look at some of those platforms that you might want to visit to find the best course for you:

Harvardx

Coursera

(www.coursera.org) Coursera is one of the most searched education platform that partners with top universities and organizations worldwide, to offer courses online for anyone to take, for free. Currently 14,726,599 people are registered to the website, taking or browsing courses to learn from across the globe. There is something for everyone. You might even have a shift of interest when you see all those beautiful courses, for free. Do take a look at their partners (can be found on the home page) to be speechless.

MIT Open Courseware

(http://ocw.mit.edu): This beautiful and resourceful site is run by Massachusetts Institute of Technology (MIT) (yes, you heard it right) and is home of 2260 courses from different disciplines and attracts about 175 million visitors everyday. Go ahead and take a look at their about

(www.edx.org/school/harvard x) : I bet you never thought this would happen in the history of world that Harvard would offer courses for free. Yes that’s right, Harvard is also on board. Edx , another open learning platform like the two mentioned above, has a dedicated page for the Harvard University offered courses. Established in1639, this oldest educational institution in the United States has been able to keep their uniqueness intact by offering courses that might not be found in other similar platforms. If you are still unsure about the quality of the courses or you are craving for taking a class with an award winning faculty, you can check out Open Education consortium’s website (www.oeconsortium.org) which features the best courses that are being taught in open education platforms like the ones mentioned above. Happy studying everyone!

SPECIAL INTERVIEW

â&#x20AC;&#x153;Future of Bangladesh is very brightâ&#x20AC;?

With more than 30 years of service in the US Army, Alfonso Lenhardt retired in 1997 as Major General. He served as Executive Vice President and Chief Operating Officer of the Council on Foundations from 1997 to 2001.In 2001, he was appointed the 36th Sergeant at Arms and Doorkeeper of the US Senate and became the first African American to serve as an officer of the Congress. Most recently he served as the US Ambassador to the United Republic of Tanzania, a position he held from 2009 to 2013. From 2004 to 2009, he was the President and CEO of the nonprofit National Crime Prevention Council (NCPC). He was the Senior Vice President of Government Relations for The Shaw Group from 2003 to 2004. Ambassador Lenhardt received a B.S. from the University of Nebraska, an M.P.A. from Central Michigan University, an M.S. from Wichita State University, and post-graduate studies at the Kennedy School of Government, Harvard University, and University of Michigan School of Business. He is also a graduate of the Federal Bureau of Investigation National Academy.

Alfonso Lenhardt Acting Administrator of USAID

USAID GLOBAL CHIEF

Alfonso Lenhardt has just completed his four-day visit in Bangladesh, first after he assumed the office in February this year. Nurul Islam Hasib talked to the Acting Administrator before he left Dhaka on August 31 and discussed about the Bangladesh-US partnership and the potentials of the cooperation.

“It’s very important that USAID, representing the American people, continue to work with the people of Bangladesh to ensure the attainment of those SDGs.”

Bangladesh has received the US support in almost all sectors related to the Millennium Development Goals (MDGs) that will expire by the end of this year. Promoting democratic institutions and practices, economic opportunity, effective health and education services, food security, responsiveness to climate change, and preparedness and response to natural disasters are some of the key areas of those support. The US government, through its development agency USAID, has provided over $6 billion in development assistance to Bangladesh since 1971. The global leaders are set to adopt the new development goals in the September UN General Assembly for the next 15 years. Can Bangladesh count on the US support for the next 15 years to promote shared economic prosperity, social development, and environmental protection? “Absolutely”, the Acting Administrator of the USAID Alfonso Lenhardt replied instantly. “We have been solid partners of the people of Bangladesh for 44 years now and that’s something we will continue, that’s not going to change,” he said. This was his first visit to Bangladesh, August 28 to August 31, after becoming the Acting Administrator of the US’s development agency in February this year when Rajiv Shah stepped down as Administrator. “We are committed. American people are committed to Bangladesh,” he said. “It’s very important that USAID, representing the American people, continue to work with the people of Bangladesh to ensure the attainment of those SDGs”. He said their goal was to get Bangladesh up to a middle-income status country “as quickly as possible”. During his visit, he saw US-aided

projects even in remote village in southern Bagerhat, and met the ministers for foreign affairs, agriculture, environment and forest, among others. He said his visit had been a “very positive” one, from which he would take back to Washington his experiences so that “we can think about ways to continue to support this country”. “I am impressed to see the ongoing programmes,” he said, as those were “moving towards a right direction and positive way”. He met the foreign minister Abul Hassan Mahmood Ali and, according to the foreign ministry, congratulated the government on accomplishing “enviable successes” in attaining many of the MDG goals, particularly in the areas of health and women empowerment, the foreign ministry said. The administrator even stressed on the saving of Tigers in his meeting with the minister for environment and forest. He said Tiger was a “great symbol” of Bengal, but reports showed its populations was declining. “That’s a concern because it’s part of the rich heritage of this country. So we must conserve that animal,” he said. On his visit experiences, Lenhardt said he was pleased to see that the USAID continued to provide the kind of support the Bangladesh government and its people needed. “The purpose is American people are reaching out to the Bangladeshi people,” he said, adding that their programmes in Bangladesh had been “appreciated, understood and supported by the government”. “We are making contribution across the board,” he said. The USAID supported some major programmes related to maternal and child health, family planning and nutrition, which were related to MDGs. He lauded Bangladesh’s successes in those fields and said “the future is very bright one for this country”.

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PHOTO STORY

Beacon Photographs by Kazi Mukul

of Hope BEACON Pharmaceutical Limited is an innovative and vision-driven company. The manufacturing complex of BEACON has been engineered by European consultants in order to be one of the finest facilities to conform world standards like US-FDA, UK-MHRA, TGA-Australia and WHO-cGMP. The pharmaceutical company has its core focus on manufacturing specialized and sophisticated anti-cancer and bio-tech products; cardiovascular drugs, antibiotics, NSAIDs and other life saving medicines. It is the first local anti-cancer medicine exporter, selling products to Sri Lanka, Myanmar, Nepal, the Philippines, Uzbekistan and Ghana.

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PHOTO STORY

Under the dynamic leadership of Mohammad Ebadul Karim, the Chairman of the company, Beacon started its journey in 2012. With an export portfolio of medicines worth more than 9 crore BDT, the company registered around 100% growth in 2014, compared to the previous year. 85% of those products were cancer curing drugs. Right now it produces 62 different kinds of oncology products and aims at exporting more than 15 crore BDT this year. It boasts a market share of 40% of the anticancer medicine sales at home. Most of these medicines are quiet affordable -one tenth of the price in foreign market-which worked as a big usp for the company. As a whole, the companyâ&#x20AC;&#x2122;s total turn over was 225 crore BDT last year.

BEACON PHARMACEUTICAL LIMITED

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PHOTO STORY

BEACON PHARMACEUTICAL LIMITED

Locally-produced drugs are meeting 86% of the country's demand, while the remaining 14% is met through imports, according to Intercontinental Marketing Services, an international research firm. When it comes to pricing, the locally produced anti-cancer medicines are at least 30% cheaper than imported ones. There are around 13 to 15 lac cancer patients in Bangladesh, with about two lac patients newly diagnosed with cancer each year, according to the National Institute of Cancer Research and Hospital. The anti-cancer drug market in Bangladesh is growing at 20% a year due to an alarming rise in cancer patients. Under such looming threats, a company like Beacon is not only throwing a life line to many but also ushering a positive change in the economy of the country. This photo essay explores Beacon Pharmaceuticals avant-garde facility at Kathali, Bhaluka, Mymensingh.

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NETWORKING

Steal the Show Getting noticed at any networking event can take you places. Here is how By Banna Hasanul

Be a good researcher: Before you go to any event, know the ins and outs of it. Occasionally, people end up in events that they have no idea of and then from there it all goes downhill. Generally the networking events are hosted and sponsored by different companies, researching about them and their interest will help you to be in a good shape. Researching about the key personnel will also give you an idea of the audiences that you might interact with at the event.

Don’t be extreme: Extremity, as it might sound, has its share of negative effects. Don’t be extreme extrovert or introvert. You should not come across as loud or extremely shy, so much that you don’t want to introduce yourself to anyone. A great way to deal with this is to try to portray you as someone who is intellectually curious. There is a way of talking about your achievements and experiences, which should not sound like you are boasting too much. Spin your conversations and let your audience take part in it too, show them that you are interested in them.

Let your cloths speak for you: Gone are the days when people had patience to let your mouth do the talking. It is sad but true that you will be judged to some extent by the way you are wearing your outfits. If getting noticed is your absolute aim, make sure to wear something that is bold and combines high-contrast colors. For women a simple way to do this would be wearing a classic jacket or scarf in contrast with the dress and for men, a bold tie might do the work. Don’t forget about your shoes; keep some name brand shoes in your closet, just for the sake of these networking events.

There might be a time in history where networking could be cliché, but today it happens to be perceived as a modern art. Networking is not crucial for the business executives only, these days network can be useful to anyone. If you are a student and you want to get a good recommendation letter from your teachers for future job hunting, meet them in networking events. They might not have noticed you in class with hundred other people, but if you are good at networking, chances are they will remember you. If you are an entrepreneur, networking is your bible. Nonetheless, not everyone is born with the grammars of networking and thus some people need to achieve this quality through practice and tactics. Let’s take a look at those things that you need to keep in mind if you want to be noticed in a networking event:

Project your confidence: Some handshakes are too hard, some are soft, but a perfect one should be firm and bold. Present yourself in a way that people can see the confidence in you. Don’t walk into the room with your shoulders slumped and your head down, others will probably form the opinion that you’re a little insecure. But if you walk into the room with strong posture, your head high, and you look toward the crowd; chances are they’re going to see you as somebody who is confident, determined, and leadership material.

Ask questions, but make sure to ask the right ones: In a networking event for the marketing managers of international companies, don’t ask someone whether the share market is going down in Asia or rising in Europe. You shouldn’t be seeking information there, what you really want to seek is analytical answers. Thus, by all means, make sure that your questions are enthusiastic. If your questions are enthusiastic and smart, chances are you are going to get an enthusiastic response.

Following the mentioned five steps will definitely make you stand out in a networking event. Practice these skills and be a natural, after all practice makes a man perfect. Happy networking everyone!

The Road to Prosperity COVER STORY

By Asaduzzaman & Irad Mustafa Photographs by Din M Shibly, Kazi Mukul, Ashraful Alam Opu (Dhaka) Samiul Wares Tamal & Ayshi Shaha Roy (Chittagong)

In pursuit of higher growth, Bangladesh is all set to embark on a new journey. Amid a plethora of bottlenecks, reasons to hope for a brighter future are aplenty

IN THE FOLLOWING PAGES YOU WILL READ INTERVIEWS OF VISIONARIES, BUSINESS ICONS AND INDUSTRY EXPERTS WHO OUTLINED THE IMPORTANCE OF CERTAIN FACTORS THAT ARE REQUIRED TO ELEVATE THE DEVELOPMENT STATUS OF BANGLADESH Pundits have successfully defined five phases or "waves" of economic development shaped by historical factors, economic climate during historical periods and leaders' response to these forces. Over the time, these five factors have created five corresponding strategies that differ from their predecessors in various ways. These strategies are designed to accomplish the goal of supporting entrepreneurs and businesses for discovering and expanding markets for their services, which resultantly harvest into economic development. Namely, the first-wave is characterized by a focus on industrial recruitment through financial incentives such as tax abatementand loans in order to lower costs associated with land, infrastructure and labor. The second-wave is however a culmination of development strategies rooted in the increase of worldwide competition where third-wave is marked by an increasing focus on strategies such as public-private partnerships, establishing regional networks, developing industrial clusters and increasing human capital. The fourth-wave of development, which is also called the Sustainable Local Economic Development (SLED), is based on

local community, quality of life, fairness and equity, participation and partnership, environmental stewardship, concerns for our future and the precautionary principle. Last but not the least, the fifth-wave of economic development began in the 1990s with a two-fold interest in providing market solutions and regional strategies for development where idea of acomparative advantage has been integral part of it. The five waves of economic developments being laid out, it would be relevant to think the positioning of Bangladesh in these waves. Considering that Bangladesh is an owned state earned through bloodshed and war, and not a successorâ&#x20AC;&#x2122;s state, the country always opts to create its own fortune. It happens to be true that the country with 160 million and very limited landmass is attracting global attention for its persistent growth and potentials for higher growth, although pundits almost always forgot to refer this fact. Naysayers and doom preachers are there, but that did not make any difference to our resilience and striving success. To some the country is a puzzle, or may be even paradox, the country is marching forward with a constant growth regardless. Bangladeshâ&#x20AC;&#x2122;s journey from agricul-

tural economy to an industrial one is a fascinating one. In the 70s, the economy was largely dependent on agriculture that contributed 48 % of GDP, which stands only at about 12.64 % now where crops contribute about 10 % and a growth in fishing and animal farming is noteworthy. With a big portion of population, about 85%, living on the rural areas, agriculture was an important determinant of the market for non-farm goods and services during the 70s. Agricultural exports raw jute, tea hides and skins fish accounted for two fifth of the merchandise exports. There are obvious changes that are visible after 44 years of independence. RMG(Ready Made Garments) and new entrants has occupied the export pie and there is a change in economy and its structure over the years. The Bangladesh growth model in private sector led growth and Japanese researchers believe that it is almost like a Maeji restoration. It is not facetious that since two and half decades Bangladesh is seeing a 5% growth rate in GDP and there is a basic transformation from agro based economy to manufacturing based export economy where the drivers are remittances earners, those who are involved with the RMG,

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Employment in Major Industry (million) INVESTMENT REGISTERED AT BOI AT 2012

banking, pharmaceuticals, light engineering like bicycles, agro based and FMCG, leather and shipbuilding, IT and similar sectors. With all these manufacturing industries growing in and contributing in GDP in a considerable amount, Bangladesh has been turned into a manufacturing hub essentially. Economists and social scientists have reasons to believe that when a country goes through a transformation from an agro-based economy to a manufacturing one, some pitfalls are created in terms of urbanization and its impacts. However, at the age of globalization and cutting edge competition, the country is left with fewer choices but being an industrial society that is empowered by education and skills. If I must use jargons, manufacturing is the production of merchandise for use or sale using labor and machines, tools, chemical and biological processing or formulation. The term may refer to a range of human activities, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufactur-

ing other, more complex products, such as aircraft, household appliances or automobiles, or sold towholesalers, who in turn sell them to retailers, who then sell them to end users â&#x20AC;&#x201C; the "consumersâ&#x20AC;?. Modern manufacturing includes all intermediate processes required for the production and integration of a product's components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead. According to some economists, manufacturing is a wealth-producing sector of an economy, whereas a service sector tends to be wealth consuming. The mentioned theory seems to be played out really well in Bangladesh as we see the manufacturing and service industries are growing in hand and hand. Although most manufacturing involve significant social and environmental costs and require environment friendly growth model. Bangladesh is struggling to go through the fourth-wave as the country thrives to be a developed one by 2050 and this phase of globalization is challenging which needs a full-proof plan and necessary preparations. Recently, the U.S. president Barack Obama

addressed more than 150 CEOs at a business roundtable where he talked about competitiveness. The president emphasized on nurturing the industries for the future, which is a common sentiment for almost all developing countries along with the ones that are developed. The roundtable identified the following key points which are dominating factors in the world of manufacturing- intersection conductors, developers of best customer and supplier assets, leaders in supply chain effectiveness, sustainability and carbon challenge pioneers, masters of risk and resiliency, skillful private sector-public sector partners, drivers of dominant regional clusters, creators of value added jobs, winners of the talent and infrastructure wars. With this trend, challenges and new windows of opportunities, Bangladesh needs to plan ahead and plan well to face the waves. Greater connectivity with India, Myanmar and China and friendly relationships with other growing economies of Asia will certainly help the country to grasp every opportunity available. With a clear roadmap and firm grip, we can take a leap of faith and achieve our goal that is hard to achieve, but not impossible.

THE ROAD TO PROSPERITY

Giant of a Man A Commercially Important Person (CIP), President of Metropolitan Chamber of Commerce & Industry, Chittagong and Chairman of KDS group, Khalilur Rahman was born on 10 April, 1945 in Chittagong to Late Alhaj Abul Khair and Late Al-Haj Fatema Begum. This iconic business personality with spectacular achievements throughout his magnum opus KDS group of Industries holds a degree in Management. Toady KDS Group take delivery of the nearly Forty Five thousand employees ranging from senior most executives to work forces are in the payâ&#x20AC;&#x201C;roll of the group where yearly turnover of the group is BDT 5000 crore and has business links with USA, Canada, Europe, Scandinavian Countries, Japan, South Asian Sub-Continent, Korea, Singapore, Taiwan, China, Thailand, Germany, Srilanka, Agartala/India, Pakistan, South Africa, Vietnam, Liberia, DR Congo, Malaysia, Indonesia, Combodia, Myanmar, Dubai, Mozambique, Ghana, Malawi, Tanzania, Sierra Leaon, Gabon, Nigeria, Fareast and Middle East. He is the Founder President of Chittagong Metropolitan Chamber of Commerce and Industries and had been at the helm of numerous business associations. For his immense contribution in export and business of the country, Rahman achieved kudos and accolade as an Industrialist, businessman and entrepreneurs with awards like President Gold Trophy for High Export of Ready Made Garments in the years 1985, 1987, 1995, 1996, 1997, 1998, 1999, 2001 and 2002 and Gold Medal/Crest as Recognition of Quality and Quality Garments Exporter of AMC, TARGET, USA in the years 1998, 1999, 2001 and 2002; Golden Trophy for Quality in Ready Made Garments from Madrid 1992, Spain; National Export Trophy-1987-88,

KHALILUR RAHMAN

Khalilur Rahman

Chairman of KDS group

1988-89, 1989-90, 1990-1991, 1991-1992, 1994-1995, 1995-1996, 1996-1997, 1999-2000, 2003-2004, 2005-06, 2006-2007, 2007-2008, 2008-2009, only to name a few. Awards like "Vijaya Shree” - An International “Buddhist Award” – 2009; Golden Award From Unesco Academic Development Project and Mother Teresa Humanrights Gold Award 2014 By Bangladesh Information & Human rights Foundation in 2014, “Ekushey Padak 2015” From Chittagong City Corporation for Contribution in Trade & Industry also prove his dynamism.

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THE ROAD TO PROSPERITY

You are one of the leading businesspersons of the country and KDS has diversified interests into different sectors. How do you evaluate the challenges of industrialization of Bangladesh having been part of the rise of such a business powerhouse? In 1983, KDS started out on an inadequate scale with a small number of employees but within few a decades it has earned a standing from at least forty countries across the globe. This was because of its high quality export products as well as for its diversified range of investment and multilayered business profile. Through its journey it efficaciously created its strong foothold in the corporate world in Bangladesh and has kept the track record of earning crores of foreign currency for the country. The main pillars of success of KDS group are integrity, diligence, hard work, maintaining commitments and timely delivery with modern and efficient management. Nevertheless, at present with a host of challenges it has become very hard to maintain existence without proper government policy support for protecting and developing local industry. Growth and development is a continuous journey. According to you what are the prospects of our country and how far along are we in lead the country towards prosperity? Many people have made positive comments about the economic future of Bangladesh. These are promising signs but as a businessperson and community leader, my conviction is that we have to raise our competence and competiveness. There are various challenges, which have led the industrial community to feel exasperated regarding how to maintain continuity. Our competence is not enough to meet the challenges of the millennium where failure in continuation of

production process as per due diligence and proper compliances will erode away our achievements and successes. It is also found that there is trend of taking shortcut methods by some entrepreneurs to doing business, which creates road blocks for other businesses. What is your suggestion to overcome these issues? The presence of black ships and the reaping of benefits from corrupt and immoral practices are hardly surprising in the business world anymore. We are facing challenges of corruption and unethical practices but they can be cleared by following supportive policy for production and progress. Ensuring the proper application of these policies for inspiring honesty and punishing will be instrumental otherwise, it will be hard to protect the interest of the nation and country in coming days. To achieve a double-digit growth rate Bangladesh still has a long way to go and it is being hindered by infrastructural and PEST factors (Political, Economic, Social and Technological). What is your take regarding these roadblocks? To move forward far away from the current flow of development and progress, we need to flush out the fundamental bottlenecks. The main roadblocks of progress and prosperity lie in the lack of infrastructural, power and energy facilities. There also must be positive changes in political, economic, social and technological thoughts and thrusts. Bangladesh is now in its take-off stage. How do evaluate our future path in the journey towards further development? It has been said by local as well as foreign development economists that after learning to walk in the economic development

stage, Bangladesh has started running towards the take-off stage of development. At this stage of development, is it really possible for us to achieve it without attaining equal level of competence and capability against our competitors? I think a greater level of efficiency and expertise is required to face our counterparts on negotiation tables. Do we have the enough policy support to make bargains for the interest of the country and nation? Are we continuing to following the policy of reducing dependency on others? We have to answer these questions first. Would you please share your insight on how to go about things in the next ten years? To make the development and progress rewarding for the next decade it is necessary to prove the spirit of nationalism and come into consensus regarding some fundamental issues such as: A.

Not following any policy, which obstructs normal economic activities and production process

To give highest priority on using rule of law as weapon to curb crime or any sort of irregular activities

To have a zero tolerance policy for combating any irregularities in development projects of communication and infrastructure

To give priority to export oriented sectors by reducing expenditure in unproductive sectors

To reflect political goodwill by bringing down the rate of borrowing and by bringing other development visions into practical notion Failure to turn these into a reality will jeopardize the feats achieved by Bangladesh over the years and hamper our development and progress.

THE ROAD TO PROSPERITY

Leader of the Pack Mahbubul Alam

CIP, President, Chittagong Chamber of Commerce & Industry

Born on the 1st February, 1958, Mahbubul Alam, CIP (Commercially Important Person) is the son of Late Alhaz Nurul Alamand and late Anowara Begum. Currently he is the President of Chittagong Chamber of Commerce and Industry (CCCI), the largest business chamber in our country. He hails from Raozan and holds a Masters in Sociology. Alam is the chairman of Crown Steel Limited and has diversified his business interest into Banks, Insurance companies and Healthcare. Soft spoken but very dynamic in nature, Alam is also the Vice President of FBCCI (The Federation of Bangladesh Chambers of Commerce& Industry) and Vice-Chairman of Confederation of Eastern Chambers of Commerce &Industries (CECCI), a body comprising of provincial Chambers of India, Bhutan, Myanmar & Kunming of China. He is also the Member of Governing Body, BangladeshEconomic Zones Authority (BEZA). The contribution of Chittagong port to our GDP and tax revenues is enormous, however, there is still a lot to be done before its true potential is harnessed. What is being done in this regard? Everywhere in the world port cities are playing a big role. They act as important business hubs for countries. We have the Export Processing Zone (EPZ) in South Halishahar. The government has been undertaking a

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THE ROAD TO PROSPERITY

1200-megawatt (mw) coal-based power generation project at Matarbari in Cox's Bazar. The two lane tunnel under Karnaphuli River should be completed by 2018 and we are also looking forward to the development of the deep sea port at Sonadia. In the truest sense, Chittagong will become a commercial capital and after 30 years it will be a twin city with a division between the north and the south. With the completion of the Matarbari project, power generation issues will be resolved and it is our hope that in time Chittagong will become one of the main business hubs of South East Asia.

Post 1947, Chittagong was the nativity land of industrialization in this country. Nevertheless, recently it has become lackluster due to gas and power crisis. Your thoughts on this issue? From 2003 to 2013, the government decided to not provide gas through Bakhrabad gas pipeline. It has a capacity of 520 cft gas whereas we were getting only 200 cft and the pressure is very low. Industries require uninterrupted gas supplies, if they are not receiving this, then new investments will not come. If gas is not available, they we should provide us with LNG. Otherwise our ventures and products will not be

competitive. Balanced development is required and there is a need to set up industries in Sylhet and other areas. Investors require imported raw materials. Due to the location benefits and railway, Chittagong is more important to investors. We know that the cost of transportation through railway is almost half of other modes of transport. We should have done something to hardness that potential already. Chittagong is renowned for heavy industry so what are your take on for the future industrialization and industry? We have ship building and steel

MAHBUBUL ALAM

A Brief History of the Port City The written history of the ancient city encompasses over 800 years. Arab traders came and turned it into a hot trading center and before that it was an independent, free port like today’s Hong Kong. The name of the city was given by a Chinese Captain which was Chii Ta Gong, meaning the superb port or the most sublime port. The history of Chittagong port dates back to the fourth century B.C where Malayan history chronicles the journey of the sailor Buddha Gupta from Chittagong to Malaya. “The Periplus of the Erythraean Sea” also documents the existence of the Chittagong port in the ancient times. The Arab traders considered Chittagong to be the delta of the Ganges. The port has also been mentioned in the works of Ptolemy, Fa-hien, Hieu-en-tsng, and Ibn Battuta. From this knowledge we can ascertain that the port was used by the traders from the Middle East, China, Turkey, Europe to trade with this part of the world. Arab traders who arrived in the 8th century played a pivotal role in the spread of Islam in Bengal. During the 9th century the activities of the port increased tremendously as the Arab traders started using the port. They used to call the port "Samunda". The

rerolling and we are hopeful that some company will utilize the China+1 strategy where they will expand their already established business in China and bring it to Chittagong because of lower operational costs. The government has taken some steps by setting up a Special Economic Zone in Mirsorai Island and a portion of the land has already been acquired for infrastructural development. So hopefully that will attract both FDI and local investment. Everyone praises the labor force of Chittagong who are very hardworking and disciplined. But many of them still lack proper skill.

port was under their control at that time. In the 15th century the port served as an important place for the re-export of goods produced in China. In 16th century the Arakan Kingdom provided permission to the Portuguese and used them as a buffer against Mughal Empire. The Portuguese engaged in piracy, slavery and forced conversion in the region. João da Silveira was the first Portuguese Captain to reach the port. He arrived with his ship “LOPO SOANA” in 1517. The Portuguese named the port "PORTO GRANDE" (a great Port). The records show that the Porto Grande offered easy access and safe anchorage to ships of 20 feet draught. In 1552 De Barros described Chittagong as the "most famous and wealthy city in Bengal" due to the port of Chittagong which was responsible for all trade in the region. The Arakanese lost it to the Mughal Empire in 1660s and the loss of the port reduced the fortunes of the Kingdom. Later in early 19th century the British took control of the Chittagong port. It then became a natural outlet for the Northeastern regions of the then British-India that led to the enactment of Port Commissioner’s Act of 1887. At that time the facilities of the port

There is a lack of institutions in our country which can provide proper training for our labors. I once led a delegation to Saudi Arabia where I was told that they would provide visas to our people if we could provide them with skilled labour. This kind of lacking has serious effect on our productivity. CCCI is a leading Chamber of the country and has the highest number of members. From your point of view, what should be done to help the businesses thrive? CCCI works as a bridge to resolve issues that arise between the

consisted of five wooden and one pontoon jetties. In the year 1889-90 the port handled exports totaling 1.25 lac tons. There is a good way of trading with Arkan and Poet Alwal was there and we had very good ties with then British era and Chittagong based business man were very established in Rangoon. It is a rare combination of sea, hill and river. Today Singapore was created by man but it was created by Almighty Allah. The important thing is that for transporting and trading with South East Asia and all over the globe geopolitically Chittagong port is an important area. It is no denying the fact that port is required in Khulna and Paraya but it is the life line of economy. There is a char land which will be like second port and depth is 15 meter so the smother vessel will easy anchor here. We call it bay terminal. Out of total export 92 % are operated from here. So in the next 100 years it will continue to contribute in our economy and it is a natural port no dredging is required. We need to exploit the full potentiality of this port. By using the full potentiality of Chittagong Port we could easily serve the seven sisters including the Kumintang of China and whole South-East Asia.

government and any business organization. We usually act as a bargaining agent. Infrastructural development is a major concern still. The Dhaka Chittagong highway will have four lanes whereas it should have eight lanes. A double railway line is also required as this train line is one of the oldest lines from British period. Express trains should be introduced as well and then we will be on our way to becoming a middle income economy very soon.

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THE ROAD TO PROSPERITY

The Trailblazer A.K. Azad

Managing director, Ha-Meem Group

A.K. Azad is one of those individuals who have dedicated their entire professional life to lead the industrialization of Bangladesh. He is hard-working, enthusiastic and visionary in nature. Azad is the Chairman and Managing Director of Ha-Meem Group of Companies which has 50000 employees, numerous stake holders and an outstanding performance track record in the RMG sector. Born on December 31, 1959 in Jhiltuli, Faridpur, having completed his B.Sc in Applied Physics from the University of Dhaka he entered the business world and overcame numerous obstacles to establish â&#x20AC;&#x2DC;Ha-Meem Group of Companiesâ&#x20AC;&#x2122;. Since then he has been the Managing Director. A K Azad is exporting $400 million worth of apparels every

A.K. AZAD

year and has diversified business interest starting from garments to bank, agro based product. He is founder of popular daily newspapers â&#x20AC;&#x201C;The Daily Samakal and owns Chanel 24. He is the former president of FBCCI and is at present, the President of the Bangladesh Chamber of Industries (BCI), a generic chamber focused on the leading industrialization of Bangladesh. Here are the excerpts of our discussion with him:

You are a visionary businessman and meteoric personality. Would please give a short description on the challenges and strengths of Industrialization of Bangladesh? There are mainly two sides of the economy of Bangladesh, one is agriculture & export based and other is the wage earning side. It is a cross economy combining agriculture and industry. We are observing that GDP growth is constrained between 6 to 6.5 % because the required investment is not ensured. Still investment is 26 %

The people of our country are very simple and humble. They need to be nurtured properly for them to realize their potential. of GDP but the expected rate is 34 to 35% which is not being attained because of infrastructural issues. Along with gas and electricity there are issues regarding land scarcity. Day by day the population is increasing and day by day the availability of agricultural land is decreasing. Industrialization is taking place but we are not

productive enough to be competitive. We are importing raw materials mainly from China and India where our balance of trade with both countries is in our disfavor. Our exports to those countries have also been falling. The main reason is that we are not competitive in the area of production and this is because our land prices are high compared to that of neighboring countries. Our borrowing costs are also very high whereas in India they are maximum 8 to 9%. Above all our labor is not efficient enough. There is a serious lack of technical education. Our standard for education is still not at the right level and we need training institutes so that we can create a better trained work force. We are recruiting people from Sri Lanka, China, Korea and so on and paying them in dollars. But there is the possibility to pay this money to our local people if only they had the right skills. This issue requires serious consideration. But there is a good trend that we are observing. In the past our industrialization took place in an unplanned way but you needed support services like security infrastructures and common facilities which are being provided now. The government is concentrating on Export Processing Zones (EPZ) and Special Economic Zones (SEZ). If government is able to provide one stop services then investment will pick up. There is some development in electricity but we need uninterrupted electricity supply. The government is claiming that they are providing 8000 MW but there is still a lot of load shedding. We then have to rely on alternatives like diesel which is very costly. Due to this host of causes we are not competitive in the domestic market. There is an EPZs which lack gas supplies. There are open lands where no one is investing because of the lack of support services. The alternative is coal based power plant

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THE ROAD TO PROSPERITY

employees. We provide employment for them. Every year I am exporting 400 million worth of products. Being a visionary, I am striving to employ more people. I am not frustrated at all. We can be developing ourselves faster if these kinds of impediments are not here. I perceived that our people are very naive and good. If this good people are used in work they will produce good results but they are not being utilized. There is a gap between good governance and accountability.

Industrialization is taking place but we are not productive enough to be competitive.

but still today coal policy is not finalized. Our Power plants are gas based and if this gas is exhausted then government investment in power will face a disaster. I think our energy policy and coal policy need to be finalized and properly implemented. Coal fired electricity is alternative of gas powered based power plant. Another is nuclear power plant and solar power or renewable energy. I know many solar power companies are coming to Bangladesh but they are not getting the right attention. For this accountability is very important in Government sector. If I do not get the right encouragement then why I will go for investment? If I find it easier to invest in other country then I will go for that. I will go there. So to solve this problem government requires a comprehensive plan. What is the rewarding side for you as an entrepreneur like that you have achieved something? The most important thing is that in our company there are 50000

Which sector rather than RMG and Leather is showing potentiality to grow in next five years? Other than the leather and RMG, the Agricultural sector is showing huge potentiality and in this field only PRAN is exporting. No other operator is trying to make their mark. We need to push the Agro based industry forward like in Thailand where they are selling Jack fruit in hard form. If our agro products are financial viable then we will create more spaces for them to be exported. What is your vision about Bangladesh? Bangladesh is a country of prospects. But the question is, at what pace will this happen? The people of our country are very simple and humble. They need to be nurtured properly for them to realize their potential. We have this country now through great sacrifices and war. We have to be focused on the younger generation and provide them with the right education and guidance. With the right guidance they shall have a vision in front of them. There are lots of starts up coming up. Do you have any advice for them? To any entrepreneur my suggestions is that never let frustration get the best of you. Many have failed but the ones who want to succeed must remember that they must learn as much as they can while moving forward and not give up when they meet obstacles.

THE ROAD TO PROSPERITY

Mindset of a Visionary Abul Kasem Khan

Director, A.K. Khan & Company Ltd.

Abul Kasem Khan is a third generation entrepreneur and prides himself in being a Bangladeshi. He is the eldest grandson of late AK Khan, former Central Industries Minister of Pakistan and one of the founders of Bangladeshi gentry of entrepreneurs. Khanâ&#x20AC;&#x2122;s father late A M Zahiruddin Khan, a freedom fighter was the President of Chittagong Chamber of Commerce from 1974-76 and President of the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) in 1977 and later Planning and Industry Minister. AK Khan Group has completed 70 years of journey and has contributed immensely in the industrialization of Bangladesh. Khan is the Director, Corporate Investment of AK Khan & Company Limited. He was the president of Dhaka Chamber Commerce & Industries (DCCI) and envisioned the famous 2030 vision for Bangladesh. Having completed Bachelor of Science in Business Administration from Xavier University, Ohio, USA in 1992 he entered the family business in 1996. At present he is also the Managing Director, AK Khan Telecom Limited; Director, Akceycom Limited; Infocom Limited, A.K. Khan Penfabric Company Ltd, a joint venture with Penfabric Malaysia and subsidiary of Toray, Japan. In an exclusive interview with IBT, the visionary businessman shares his insights about the paradigm shift that Bangladeshâ&#x20AC;&#x2122;s economy can enjoy in coming years. Here are the excerpts.

ABUL KASEM KHAN

Five years back you outlined your vision of Bangladesh becoming the 30th largest economy of the world by 2030 and provided a guideline to the state on country’s growth strategy. What made you come up with such a long term vision? We set a 20 year benchmark, which is not a very long time for any nation. We wanted to show the government, its policy makers, stakeholders and private sector players what can be achieved given the current changes that are reshaping the world. We also made a 7 minute video to show a glimpse into the future as to what kind of Bangladesh we want to see in the year 2030. As you know, the current government has set vision 2021 to make Bangladesh a middle income country, and Bangladesh 2030 – was based on what we want to see beyond 2021, and moreover, strategies and policies from a business perspective. The recent phenomenal economic development of China is creating new opportunities in other counties under the China Plus 1 strategy. With China slowly losing its competitiveness in low cost production bases, new opportunities for investments in other low cost production bases including Bangladesh are being created, this is what we wanted to highlight in the conference. We also highlighted that low-cost production base alone will not determine or guarantee Bangladesh’s competitiveness as an attractive investment destination; and therefore in the conference, we addressed the pre-conditions to double digit growth and to get the China plus 1 advantage, key challenges on core infrastructure issues need to be addressed by the nation and its policy planners immediately. The conference also emphasized on how Bangladesh needs to position itself in the potential list of countries with its competitive and comparative advantages given that this window of opportunity will not be open

forever. In addition, we stressed on the new export markets that are being created by the Chinese and Indian growth which can be explored by Bangladesh businesses due to Bangladesh’s strategic location. We at Dhaka Chamber of Commerce & Industry (DCCI) strongly believed that it was high time to address the strategic issues and the pre-conditions for growth, and therefore, the conference on Bangladesh 2030 was also designed to deliberate on the issues relating to strategies and policy issues. Questions wer asked such as: What are the possible growth trends? What are the ground realities as to where Bangladesh stands? Does it have the basic macro fundamentals? Is the current momentum of the country’s growth rate and policy mix sufficient to propel it into the desired trajectory for a double digit growth? Can Bangladesh by year 2030 take its place among the “top economic countries” of the world as an economic power house and graduate to MIC before 2021? What growth path and policy mix will lead Bangladesh towards this transformation and what is the road map for attaining such a growth scenario? The idea was also to discuss the potential risks, competitive areas and regional partners for which Bangladesh should be prepared with appropriate strategies. This lead to questions such as: What should be the priorities and pre-requisites for infrastructural development to match with the strategy 2030 needs? What are the areas to instill knowledge and technologies for agricultural development with an eventual goal to attain food security and maximize earning through commercialization of agriculture? How to establish a critical mass of human resources to integrate Bangladesh with the knowledge world of 21st century? It is difficult when you look back

over the last 5 years that certain priority areas of infrastructure still remain unfinished such as the long awaited Dhaka-Chittagong highway? This is a major setback considering the importance of this economic lifeline for the nation. We should be thinking of an 8 lane expressway by now. 4 lane is too small given the importance and traffic load. Do you know in Thailand you can go from Bangkok to Pattaya (which is a popular tourist destination) through fully elevated expressway? Why am I mentioning or comparing this? It is just to highlight the importance Thailand has given to its resort town and yet we fail to give this same importance to Chittagong which is the life line of the Bangladesh economy. It’s just shameful. Today Bangladesh’s infrastructure is one of the most underdeveloped in the world. In the World Economic Forum's Global Competitiveness Report 2014-2015, the Bangladesh’s infrastructure competitiveness was ranked 127 out of 144 countries, the lowest ranking among its South Asian neighbors, India at 87th, Sri Lanka 75th and Pakistan at 119th. The importance of infrastructure for sustained economic development is a pre-condition for rapid growth. Bangladesh is failing to realize its full growth potential due to high transaction costs, mainly, arising from inadequate and inefficient infrastructures. The main reason for infrastructure-related shortcomings is insufficient investment, which is currently recorded at 2% of GDP. In Bangladesh for last 25 years the Private sector growth outpaced public sector planning and development, our policy planners failed to provide the adequate infrastructure investments and also the right mix of infrastructure leading up to this shortage in infrastructure. Allocation to infrastructure only at 2% of GDP, whereas minimum requirement was

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6% - 8% of GDP, which resulted in its unplanned development – and in turn, we got very poor quality, inadequate and currently outdated infrastructure. Today, our GDP Growth remains trapped at 5%-6% levels primarily due to lack of modern and efficient infrastructure. Slow pace of implementation, land issues and zoning laws are considered as bottlenecks as well. Vietnam today hold 81st position in overall “Infrastructure Competitiveness” country ranking compared to Bangladesh which is at 127th position as per the World Economic Forums Report on Competitiveness. Bangladesh despite having strong economic growth failed to improve its infrastructure. Our policy makers are complacement and due to this maybe, we are lagging behind our neighboring countries like Myanmar, Vietnam, Laos and Cambodia. If we are going to catch up we are going to need a big push and time is of the essence. What are your thoughts regarding this? To accomplish this we will need a combined effort in a number of different areas. The ingredients required for this to happen include political stability, boosting investor confidence, easy access to finances and global connectivity. We need to think differently, we need to move faster and we need to have inclusive growth. Let’s look at South Korea in 1960s and South Korea now – how did they turn their country around and become a international industrial power house? Let’s look at the Malaysian success story – what did they do right? So isn’t there something that we should be learning from them and doing right as well? We need to seriously think as to what needs to be done. I can identify infrastructural development as the big push required by the economy. Today, our infrastructure is not at all sufficient to keep pace with the growing economy. It is estimated by

The first roadblock is the access to proper finances. It will be difficult for the country to grow if we do not have easier access to local and international finances. We must strive for across the board prosperity and this shall be achieved through our small and medium enterprises (SMEs)

The World Bank in 2013 that Bangladesh needs to invest from $75 - $100 billion in infrastructure until 2020. From 2020 – 2030 another additional $175 – $200 billion investment will be needed for the sector. I believe, energy and telecom will draw a lot more from the private sector but the other infrastructure needs to get its due share. Just to add to the subject and to draw your attention here today as what is happening in Bangladesh, currently 88% Traffic for both passenger and cargo is moved on Road compared to Rail only contributing to 4% and Water at 8%. From 1985 to 2005, Rail dropped by 80% and Water by 50%. This one-side development and investment in the transport sector is a serious hindrance to transport efficiency as the other modes such as rail and water are cheaper to build and thus cost less to use. Such over emphasis on one-sector approach needs to be re-addressed for better balanced one and create a stable multimode transport infrastructure which is also cost effective. Innovation and research is also the key. It is important that we need to make comparative analyses and pinpoint our opportunities, strengths and prospects. One of the key recommendations, we made in the Bangladesh 2030 conference was the creation of RnD Bangladesh, a research and development unit under

a PPP model for increased role of research in the economy. Bangladesh must engage in research and development to accelerate its road to industrialization, we need to leap frog into industrial advancement and not take the long road. Therefore, I strongly feel that a research institution under the name “RnD Bangladesh” needs to be set up for our research and development (R&D) work where the best minds of the country will be involved. Policy reform is another area where we need to engage ourselves. You took the initiative to create Entrepreneurs through DCCI. What challenges did you face then? The first roadblock is the access to proper finances. It will be difficult for the country to grow if we do not have easier access to local and international finances. We must strive for across the board prosperity and this shall be achieved through our small and medium enterprises (SMEs). A few companies will not be able to shoulder the burden; instead we will need the help of thousands of entrepreneurs. Small and medium enterprises (SMEs) play a vital role in the economy, and are considered to be the backbone of industrial development in a country. SMEs across economies from Asia to the Americas contribute substantially to their economic development, it is highly important for any economy to create entrepreneurs as they expand and decentralize wealth generation and distribution and most importantly, help in poverty alleviation. Wealth creation expands from limited players into many, and as such real prosperity is created in the country in place of pockets of prosperity. Bangladesh is now in the take off stage and we need a big push to ensure a proper take off. As a third-generation entrepreneur, what is your opinion on this? Bangladesh today is truly

ABUL KASEM KHAN

positioned in a transition point in its history, just as many countries including the Asian Tigers did in recent past. The rapid economic rise of China and India are windows of opportunities for Bangladesh. Our geographic location between these economic giants provides us with ample opportunities for faster economic development. But the window will not remain open forever, therefore, we cannot miss this opportunity. The East Asian economies have been successful in achieving rapid economic growth by making substantial capital investment in infrastructures during their development. Taiwan and South Korea heavily invested in infrastructure during their period of rapid industrialization 9.5% of GDP for Taiwan from 1970 – 1990. For South Korea it was 8.7% from 1960-1990. China on average invested 8% of GDP. All the three countries were able to build modern systems of essential infrastructure facilities. Infrastructure has also been an important component of Vietnam’s development strategy. Over the last 12 years, Vietnam was able to sustain infrastructure investment at 10% of GDP. In our case it is less than 3%. It is very clear that to reach 8% growth, GDP-investment ratio should be at 35-40% which is now hovering around 26%. As mentioned earlier, we will require an investment of $100 billion by 2020 and a further $200 billion by 2030, if we are to be create a prosperous Bangladesh. Therefore, in next 15 years we will require an investment of about $300 billion in infrastructure alone – this kind of injection would certainly propel Bangladesh’s economy to the next trajectory and obviously provide the much required jump start. As the president of DCCI, I repeatedly voiced my concerns and tried to convince policymakers that Bangladesh today, is an infrastructure hungry country and therefore, timely investments in the right infrastructure is very critical for our growth; and to identify

priorities within the “priority-list” for infrastructure so that short-term, mid-term and long-term strategies can be taken and implemented. A K Khan is a diversified Group. Your Grandfather started business in Rangoon in 1945 and was the Central Minister of Industry in Pakistan. A K Khan is the company which initiated long term joint venture. Your father was also the Minister of Industry and the President of FBCCI. Would you please give us a short note on the journey of the group? The journey started in 1945 when my grandfather late AK Khan established the company. Within a decade 8 new companies were created under his visionary entrepreneurship from jute, textiles, insurance to shipping. By 1960s AK Khan & Company became one of largest companies in the country. In late 70s, the company adopted the strategy to expand operation through joint ventures with foreign companies, and since then 6-7 new joint ventures were created with world renowned global companies from deep sea fishing to telecommunications. Today, we still continue to expand our business through joint ventures. We went into Joint ventures (JV) with renowned companies primarily

In next 15 years we will require an investment of about $300 billion in infrastructure alone – this kind of injection would certainly propel Bangladesh’s economy to the next trajectory and obviously provide the much required jump start.

to remain competitive in the global arena as our foreign partners brought in the technology and management expertise; and we brought in the local expertise and the local knowledge – it’s like our partners brought the know-how and the we brought the know-who. Joint ventures give global exposure to local companies. Our success behind building good companies, I believe is mainly due to ethical business practices, we are operating for last 70 years which shows our stability and commitment as to what we do. My grandfather was truly committed in creating businesses based on ethical practices, which my father also carried forward and which we still carry forward in our business as a core principle. I believe in building sustainable businesses for the next generation is the most important thing for our company, which my grandfather and father did before us. What do you think will happen in Bangladesh in the next 5 years? Difficult question, can I rephrase the question like this, “What needs to happen in the next 5 years in Bangladesh?” GDP needs to grow to 8%, investment to GDP need to be near 40%, 4 lane Dhaka Chittagong road needs to start operating, 8 lane highway must be planned out, SEZs need to be in operations, 100billion needs to be injected into Infrastructure. Rail infrastructures specially Dhaka Chittagong needs to be modernized, Dhaka city traffic needs to be contained and controlled, satellite towns such as Feni, Comilla needs to be upgraded to accommodate the growing population of Dhaka and Chittagong, Dhaka Chittagong Economic Corridor (DCEC) needs to be developed with top priority, Deep sea port work needs to start, Coal exploration and finally, local coal based power plants needs to be on-stream.

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Pioneering Financial Journalism A. H. M Moazzem Hossain

Editor, Financial Express

Born on 1st January 1948 to the couple Late Ayub Ali and late Rezia Khatun, A. H. M Moazzem Hossain is the editor and publisher of countryâ&#x20AC;&#x2122;s premier specialized financial daily the Financial Express. Since its inception in November 1992, this newspaper established a different model of newspaper management and made a difference in terms of presentation and policy. A sheer icon of objective journalism, the publication witnessed a track record of steady growth. Much of that success is owed to Hossain, who recieved his Masters in Economics from Dhaka University in 1968. He was a fellow of Bangladesh Institute of Development Studies (BIDS) and is regarded as the guru of Financial Journalism, Economic Analysis and Idea Generation in this field. Hossain has an uninterrupted 45 years career in journalism having worked with the Bangladesh Observer, The New Nation, United News of Bangladesh (UNB), Dhaka Courier and The Daily Star to name a few. This senior journalist was the founder President of Economic Reporters Forum (ERF) and member of board of trustees of the Press Institute of Bangladesh (PIB), a member of the Board of Directors of the Bangladesh Sangbad Sangstha (BSS), a member of the Board of Directors of Janata Bank, a director of ICB Securities Trading Company Limited and Bay Leasing & Investment Ltd. He is an avid traveler. He gets candid with IBT and shared about the ups and downs of financial journalism in Bangladesh.

A. H. M MOAZZEM HOSSAIN

How did you find your holy grail in Financial Journalism? Though I had taken up journalism as a career, my academic background was in Economics. However, I would say it has helped me throughout the journey. I had a stint in research on banking and economic sectors. I joined Bangladesh Observer as a Staff Reporter. Gradually, due to my educational background seniors preferred that I cover the economic events and in this way, a knack for financial journalism was born. In the beginning, I did reports on various issues like banking and the corporate sector though at that time those sectors were not so developed. With the passage of time, I invested more time and energy in practicing Financial Journalism. What are the most intriguing aspects of Financial Journalism? There are two important aspects of Financial Journalism. One is conceptual and another contextual. For financial and business journalists, conceptual priority in respective issues or fields is very important. On the other hand, reporting on stock markets requires fundamental ideas about the listed companies, Market Capitalization and Price Earnings Ratio. Again, for a reporter on banking issues, knowledge about Statutory Requirement, Bank Rate, Lending Rate and its administration and implication including performing and non-performing loans is instrumental. One has to have more practical, field based knowledge. This is the conceptual aspect. On the contextual side comes the issue of writing for the readership in a country like Bangladesh where in general fiscal and economic literacy is not yet very good. From that perspective, conditions of various industries inside and outside the country, trading between different nations and so on are pivotal as we are living in an inter-dependent world. Moreover, developed countries also affect the economic performance of countries like us. Initially, we thought and designed a financial daily keeping

in mind about the economic condition of the country. Nowadays, the contextual side of things is receiving more prominence. Nevertheless, for both the aspects, one has to continuously update him or herself with the latest knowledge and changes in technology and popular trends of global media.

The concept of globalization was gaining momentum around the world. We understood that Bangladesh too would join the bandwagon soon.

What was the seed idea for the Financial Express? 1991 was the year when the idea to set up a financial daily came to my mind. The Financial Express came into being the next year, November 1992, to be more specific. That was a very interesting time. The concept of globalization was gaining momentum around the world. We understood that Bangladesh too would join the bandwagon soon. The countryâ&#x20AC;&#x2122;s economy was going to open up to embrace the changes that would take it to new heights. The GATT was replaced by WTO-Marrakech Agreement, which laid the frame work of multilateral trading facilities for Bangladesh. The capital market was at a teething stage. Infrastructures were being built, new cash flows from abroad were wooing local investors to set up heavy industries and Banks were getting more and more dynamic. Citizens of this country needed a better understanding of those changes and reforms. There came the Financial Express to render a deeper understanding of the market and economy. Itâ&#x20AC;&#x2122;s a matter of joy and pride that the newspaper has been a solemn witness in the rise of true financial journalism in this country. This form of journalism was much needed to chronicle the emergence of Bangladesh as an Asian Tiger. With priorities set around issues like development sector, finance and economy, we also have our readers updated about the general news from home and abroad that they might find interesting. We proceeded with the project and got favorable response from many companies. We had a bunch of visionary investors who believed in us namely Mahaburur Rahman, the present Chairman of International

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Chamber of Commerce (ICC), Berauz Ispahani, Syed Manzur Elahi are who have been with us since the very beginning. Zakiudin Ahmed and Mossaraf Hossain - both of them were also involved in the printing and publishing business. As for the business model of the newspaper venture, we thought instead of contributing we should go for equity basis, so that even small investor could participate. We wanted to embark on the path of a steady growth. After achieving certain feats, we decided to expand and invest on building a sustainable brand once we could gather the adequate funds. We already have our own building. I wouldnâ&#x20AC;&#x2122;t say that we have achieved 100% of what we had planned but we are close to that mark. What principles did Financial Express adhere to throughout its journey? Our focus is to maintain the basic principal of objective journalism and as far as our policy is concerned, no character assassinations or any malicious reporting would be encouraged. The

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basic grammar of journalism associated with hte five Ws (Who, What, When, Where, Why) have been followed. We have been very meticulous in maintaining neutral stance which means we do not use political priorities, rather we proceed with development news. We have always been very objectively focused. I would not say that we have achieved perfection, because that is a perpetual exercise. Now the market determines the course of everything. We have stood the test of time. As we entered into an era of everything digitalized, we understood the need of a virtual platform to connect with your readers. While going online, we were focused too and made adjustments as situation demanded. We will adapt to new demands of readers with aplomb as we have done it in the past. There is a growth of this daily and we are giving our shareholder directors 40% dividend which is incredible because they invested very small. We have successfully maintained taxpaying and other records properly and kept contributing where needed.

Due to its geopolitically important position there are great prospects as well as challenges available for the Economy of Bangladesh. What is your take on this? We have the advantage that we are growing in a geographical position near the Association of Southeast Asian Nations (ASEAN). We have larger neighboring economies like India and we are not far away from China. Countries like Myanmar and Japan have acknowledged Bangladesh as their development partner. In terms of regional connectivity, a lot more cooperation work can be done but for that we need to take some timely steps. We have to lower the cost of doing business in Bangladesh and have to go for institutional reforms and depending on the reform process, institution based competitive edge is required. I think the private sector has been a successful driver of growth but to enhance its performance, we have to create a better investment climate. The major challenges are to build up infrastructure and stay competitive and keep delivering quality services. Developing quality human resources is also a major challenge which must be hurdled if we want to grab opportunities in the IT sector and to build an integrated knowledge based economy. Bangladesh is already a lower middle income economy and we have to graduate to the middle income group. We have to change our Least Developed Country (LDC) status as per United Nations (UN) and we have to get out of it. The milestones Bangladesh has achieved in the sector of health, nutrition and agriculture have encouraged the world to take a new look at the country. So thrusts are required in policy levels which can help the structural development particularly in the capital market along with infrastructural development and institutional building in all sectors.

THE ROAD TO PROSPERITY

Revisiting Innovision

Dr. Hossain Zillur Rahman

Executive Director PPRC and Ex-Adviser Caretaker Government

Born in Chittagong, Dr. Hossain Zillur Rahman is an academic, economist and policy maker from Bangladesh who led the drafting of the poverty reduction strategy of the government in 2005 and was a member of the Independent South Asian Commission on Poverty Alleviation (ISACPA). Dr. Zillur founded Dhaka-based think-tank Power and Participation Research Centre (PPRC) in 1996 and prior to that worked as a leading researcher at the Bangladesh Institute of Development Studies for over twenty years. He was entrusted with the ministries of Commerce and Education as the former advisor of the Caretaker Government. He was awarded with the Dr. John Meyer Global Citizenship Award by Tufts University, Boston, USA in November, 2009 and Gold Medal Award 2013 by Rotary International Bangladesh in 2013. A graduate from Dhaka University, he received his PhD in Sociology from the Manchester University in 1986 where his research focused on the sociology of colonial rule and emergence of the state in Bangladesh. He studied power, property and institutions. In 2011, Dr. Zillur established the research-based civic platform - Chittagong Research Initiative (CRI). In 2012 he led the establishment of a new

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institution - the Bangladesh Urban Institute (BURI). He worked on Board of Advisors of Digital Network, a think tank on Information Technology and sat on the Board of the Bangladesh Bank (Central bank of Bangladesh) from 2005 to 2007. He was the Chairman of Mass-Line Media Centre, a media advocacy organization. He has been a consultant to various international and national organizations. Dr Hossain zillur Rahman has wide range of publications including Rethinking Rural Poverty: Bangladesh as a Case Study, (with Mahbub Hossain), Local Governance and Community Capacities : Search for New Frontiers, (Hossain Zillur Rahman with S. Aminul Islam), to name a few. He is the author of very famous strategic paper 30th in 2030 back in 2010 at the behest of Dhaka Chamber. For ICE business Times he revisited the targets fixed by this private sector led strategy paper. Here is the excerpt: Please tell us about the inception of the strategic paper. What intrigued you to look way ahead of time for a country like Bangladesh thatâ&#x20AC;&#x2122;s been dubbed a â&#x20AC;&#x2DC;bottomless basketâ&#x20AC;&#x2122; internationally? We wanted to draft a strategic vision for our country in 20 years ahead. Year 2030 is essentially an arbitrary year and while drafting the plan, we wanted to have a longer term vision where we choose to debate directly from the mindset of perspective plan. The idea was that Bangladesh has potential to become the 30th largest economy in the world by the year 2030. We concentrated heavily on what needed to be done to achieve that feat. PPRC (Power and Participation Research Center) and Dhaka Chamber jointly did it where I prepared the report but it was at the request of Dhaka Chamber. We organize this consultation

Year 2030 is essentially an arbitrary year and while drafting the plan, we wanted to have a longer term vision where we choose to debate directly from the mindset of perspective plan.

exercise. On the basis of which how to move ahead to 2030 was discussed at 2010. Currently there is lot of discussion about middle income status but actually in this document you would find that we had already talked about this much earlier than others. We tried to make people understand that the middle income status is a very broad range. What we achieved now in 2015 is the lower middle income status. We highlighted that our target is not to reach where we are today but to move towards $5000 , or even $12000 per capita income, for which accelerated growth is extremely important. What we suggested in the paper was not a mere wishlist like we have here often. People here come up with some sort of to-do list and we considered that to be one of our weaknesses. For this, many of so-called strategic papers actually lack the worth or being called so. Therefore, we did two things one is tried to understand how we have come this far: unpacking the growth dynamics for understanding the story better was crucial. From that understanding we also found the way to accelerate it. What are the drivers you have identified and what are priorities and risks? Basically we showed this growth trend by identifying certain growth drivers. Other than RMG (Ready Made Garments) and remittance, we also focused on some of the lesser known drivers like services, Urban Growth, Domestic growth and a few others. Nevertheless, there were cushions and difficulties that might compel us to collapse all on a sudden. By analyzing the growth stories, we tried to identify a strategic agenda that can accelerate the growth further. When we say growth, we always include the word inclusive, since inclusive growth can ensure sustainable growth. Otherwise there will be lot of social tension. We identified seven strategic priorities. We knew it

ABUL KASEM KHAN

would not be wise on to count on certain drivers of growth for ever. We have to have a new sector and in case of time-tested sectors like RMG, we have to look out for newer markets. In our plea, we highlighted on the importance of skill development, which has become a cry of the moment. We also talked about various potentials of agriculture, many of which are yet to be harnessed. We understood that Bangladesh, from a country of villages was swiftly turning into a country of cities. This is why we shed lights on the importance of an urban strategy. Now everyone talking about connectivity but in 2010 we already had identified connectivity as one of the seven priorities of strategic growth that can lead Bangladesh forward. We talked about climate change and sustainable adaptation to climate change. All these strategic priorities are instrumental to become the 30th largest economy of the world by 2030. We also indentified the four risks which were very critical like political instability, corruptions, skills shortages and energy deficiencies. Without addressing these challenges, our journey towards a better growth would be sluggish, we mentioned. A discussion on middle income status was yet to gain ground at that time but we mentioned that Bangladesh in any case was going into middle income stage. The choice Bangladesh has was to accelerate its growth, without which it would take many decades for us even to attain a respectable middle income status. Countries which are common to us like South Korea were at the same level of Bangladesh in 1972 but now 25 times higher than Bangladesh in terms of per capita income. So the question today is not about growth but the speed of the growth. The risks that we posted about 2010 remain the very risks in 2015 which were not been addressed sufficiently.

Now everyone talking about connectivity but in 2010 we already had identified connectivity as one of the seven priorities of strategic growth that can lead Bangladesh forward. We talked about climate change and sustainable adaptation to climate change. All these strategic priorities are instrumental to become the 30th largest economy of the world by 2030.

There were some matrixes with growth parentage. After five years some priorities were focused and some are not. There are new drivers and new entrants. What is real picture now? Real picture is that since the risks are not being addressed adequately, we are in a situation called “Growth Trap”. It’s the trap of six percent growth and we need to break it. The seven strategic priorities that we defined, some of those have been addressed like there is a focus on infrastructure. The focus on new sectors and new markets, agriculture, regional connectivity but none of these Progresses are adequate. We must understand that the aforementioned risks are interlinked. For example, most of the middle and top management jobs in the RMG sector employ people from outside, showing an excuse that we don’t have enough skilled people to be employed in those posts. As a result, around four billion dollar is remitted out of Bangladesh every year. We are only focusing on remittance coming in but not enough on the amount that is going out. For us, tapping the potential in agriculture is all about food security. We have things to learn from countries like New Zealand and Denmark who have turned their agriculture to be one of the topmost growth drivers. On urban strategy we have not made much progress. Time wasted while commuting inside Dhaka due to traffic congestion bears testimony to the fact. So you can see which problems are still there to throw a monkey wrench in our growth acceleration.

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The True Optimist Dr. Khan Ahmed Sayeed Murshid Director General, BIDS

Born in 1951 in Bangladesh Dr. Khan Ahmed Sayeed Murshid (K.A.S. Murshid) studied in Dhaka University and obtained his PhD in Economics from Cambridge in 1985. At present he is the Director General of Bangladesh Institute of Development Studies (BIDS), which was ranked amongst the top 100 think tanks in the world by a prestigious ranking body based in the University of Pennsylvania. By taking charge of BIDS, he follows in the footsteps of noted luminaries in the Economics profession such as Prof. Nurul Islam, Prof. Rehman Sobhan and Dr. Mahabub Hossain. Dr. Murshid is a career economist, researcher, scholar and international consultant. He is well known for his expertise in the area of food security, food markets and market institutions. He has consulted for top

K.A.S. MURSHID

development agencies, mostly in South and East Asia and is a well-known expert on Cambodia. IBT caught up with Dr. Murshid recently at his office to discuss Bangladesh’s fascinating development journey. The Bangladesh Development experience has been paradoxical: the first two decades were under a command regime and next two decades were more market friendly. In last two decades and a

half, we have witnessed rapid growth that was mainly private sector led. What is your take on development challenges and achievements of Bangladesh over the years? This is a very good story but not necessarily one that we understand very well. We certainly know the broad outlines of what happened and where we are. We are not very certain as to how we got here or what the key elements were that led us from a “basket case” to a Low Middle Income Country”.This story could engage many scholars for years! My take? Well, to start with one can clearly identify the key successes over the decades, and with hindsight these now seem absolutely awesome – particularly in the face of mountains of adversity attributable to both God and Mammon. Our success in population planning, child immunization, education, particularly of girls is nothing but momentous. Our success with the Green Revolution that has finally ushered in an era of food security could hardly have been predicted. We have now arrived at a stage when we are not short of savings, we are not short of foreign exchange, and of course, we are not short of food. This has been possible because of the hardwork and genius of our farmers, our women garment workers, our poor workers abroad – these are the real heroes of the Bangladesh story. However, this story has just begun – I have no doubt that despite huge odds, Bangladeshis will continue to excel in every field – all we need is a bit of peace and some sympathy. You have seen what our young cricketers have done – and there is no reason why such feats cannot be repeated in every field – we have the talent and we have the will. After the 1990s there appears to have been a structural change in our economy: with agriculture giving way to industry and services. How do you view this change? This is usually what happens when

an economy takes off. If it did not happen, we would be disappointed – in fact, this trend needs to be strengthened even further so that we can rapidly move to a higher productivity plane. However, this does not mean that agriculture is not less important – it remains of critical importance to our economy because of its strong linkages with employment and with the non-farm sector. Around 50% of the rural population still depends on agriculture for work. Another major structural shift in the economy has been in services – the fear here is that much of these services remain confined to activities that are of low value and informal in nature. The rising share of services is a good sign – but only if this is associated with the rise in high value services – this is the direction that we should head for. Is our large population a problem? How can we address this? For many, many years, population has been regarded as a problem for poor countries including our own. Even today, every second development article starts by noting that Bangladesh has a very large population relative to land – as if that is a huge, critical problem. In practice, Bangladesh’s population has turned out to be of some advantage – we are now deriving the fruits of the ‘population dividend’ – marked by the abundance of a large share of young people in the country. These are the people who are working in the garments factories, going abroad to work in large numbers, swelling the non-farm and services sectors – indeed Bangladesh has now become a veritable beehive of activity – so in this sense, population has been a blessing. But of course, it is also a huge challenge – think of the problems faced in terms of health services, education, infrastructure, energy etc. – these are services that everyone wants – but it is no easy matter to respond to these needs. We require billions of dollars of

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investments in many, many areas – we have done well so far but the real job would be to figure out what to do next, where to get these huge resources that we now desperately need to move to a high middle income country. Can Bangladesh jumpstart to transforming itself into a manufacturing hub ? What I think is that we have to very carefully understand where our comparative advantages lie. Bangladesh is a unique country, and we are not predictable. We can certainly look at other countries for inspiration and example but probably this would not be of much use to us in charting out our path. I believe it is important to have a long-term view of development goals and strategies. My own feeling is that we would need to move quite quickly to high-value, knowledge-based activities – but this can only be done through massive, high quality education, research and training. I believe our comparative advantage will come not from land or natural resources but from the high quality of our people – our people are smart, intelligent and if properly trained and equipped, we can excel in any field. This is our endowment, and this is where we need to focus with all our might. Whether we can be or want to be a manufacturing hub or some other hub, the market will decide. If we do become a manufacturing hub it would have to be in high-value manufacturing that does not require a lot of land and that does not devastate our limited natural resources through environmental pollution and degradation. Why is FDI so tardy? First, most economists ask why we expect FDI to come to Bangladesh in the first place. Actually, I see no reason for FDI not to come to Bangladesh – despite all our problems, red tape, bureaucracy, inefficiencies, and so on. And this is because, FDI has been happily

travelling to a number of countries that are frankly no better, and in some cases, a lot worse than ours on all counts. Take the example of Pakistan, Myanmar, Cambodia or Laos. Is the situation in these countries better than ours? I know each of these countries at first hand as a development consultant – and I cannot figure this out, atleast not in terms of the usual explanations like high costs of doing business, etc. So this is a mystery – the only thing that I can point to is “image’ – and that too because I do not have a good answer. I think international bodies and multilateral agencies habitually point to a number of problems (the usual gas, energy, roads, ports kind of argument) but my impression is that they too have no clue. So my advice is don’t worry too much about it – let’s promote domestic investment first, regional investment second and then other investments last, if at all. The reason why domestic investment is better is it is less fickle, and it creates capacity. The most important reason is domestic investment captures our own economic space – this is crucial – once the economic space is compromised domestic private sector tends to get squeezed out and even marginalized by more aggressive, better resourced non-domestic entities – so yes, in this sense, I am an economic nationalist. As you can guess, I am not an unqualified fan of FDI – we should select FDI carefully and allow in only those that we need (for reasons of technology transfer or market share, etc.).Blanket encouragement to FDI? Bad idea! How do you think we should handle the public sector enterprises and banks? I am not sure I know of any public sector entity that has performed in a stellar manner – unless of course you are talking of BIDS! OK, seriously, I don’t think we have managed to grope our way into a viable, effective model for running public enterprises – I am not sure any country has for

that matter – we hear that the public sector is doing well in Vietnam and China. Perhaps we should seriously examine their models and see if there is anything there. Unfortunately, the role of these entities seems to be to operate as a conduit for, shall we say, highly questionable operations. I guess, if we were to wake up tomorrow morning to find that there were no public enterprises left, it would not exactly cause us to lose sleep. But on the other hand, there may be a lot of future plunderers and opportunists lurking out there who may in fact slide into deep depression as a consequence. Government is going to produce a new industrial policy and expects to target a GDP share of 40%. Is this achievable by 2021? We have five or six years left, and the economy is moving quickly. We have seen how countries like China have performed. Vietnam is trying to emulate that model. Can we do it? Business as usual will not be enough for that. We need concerted, large-scale investments combined with a hugely scaled up governance and project implementation capacity. There are very large opportunities out there of which both the private and the government are aware – the trick will be to convert the opportunities into reality. There are so many imponderables here that I would rather not predict. There is however every reason to hope – there is a quiet optimism in the country and a sense that “all is possible”. Any final words for us? I am a man of incorrigible optimism when it comes to Bangladesh. I think my generation – the generation that squarely faced the brunt of the violence and disruption during our liberation war – will not back off from any challenge. The younger generation is even better than us – they are clever, better educated and smarter – so this is our strength – and believe me, this is not just a cliché. Let the world be warned – WE ARE COMING!

THE ROAD TO PROSPERITY

The Keeper of Investorsâ&#x20AC;&#x2122; Confidence Mohammed Rahmat Pasha

Chief Executive Officer, BRAC EPL Stock Brokerage Ltd.

Mohammed Rahmat Pasha joined BRAC Bank Limited in 2001 as Head of Treasury and Financial Institutions. On October 1st, 2011 he was appointed Chief Executive Officer of BRAC EPL Stock Brokerage Limited. Prior to joining BRAC Bank he served The City Bank Ltd. for 8 years & Dutch Bangla Bank Ltd. for 5 years and worked in diverse departments including Retail Banking, Foreign Exchange, Remittance, Finance & International Division.

What are your comments on the current condition of the Share Market and the confidence level of investors?

There is a positive correlation between investor confidence and the volume of trade. Currently there is an upward trend which is obviously a positive sign regarding the confidence level but I wouldnâ&#x20AC;&#x2122;t say it is touching the desired benchmark. At the moment our turnover is around Tk. 6 billion daily, which was about Tk. 2 billion around the first quarter of this year. This volume will increase when the confidence level of investors increase. The optimal volume for sustainability of the brokerage industry should be around Tk.10 billion.

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Does the stock market in Bangladesh have proper institutional support?

To improve the market’s performance, investor confidence needs to improve. How can we improve this confidence level?

Confidence level is a function of company performance and the overall business environment of the country. Simply put the stocks have to be performing well in the market for people to feel confident about investing in them. Companies need to be growth focused and improve their earnings. They must show consistent performance, transparency in the market and provide accurate information. People do not want to invest unless they are anticipating a good return and companies should focus on growing their business and thus meet the expectations of the investors.

What problems are foreign investors and NRBs facing when trading in the Bangladeshi stock market? How can we get more foreign investors to invest here?

There is a lack of ample opportunities for foreign investors to invest in the stock market here except for those of a few blue-chips stocks who have proper governance, stable growth and earnings. Also, it is difficult for them to trade here because of the time gap issue. When the stock exchange here is closing, the one in the US and/or in the UK is opening. We have a 6 hour gap with the UK so when their offices are opening at 10am it is already 4pm here in Bangladesh where the trading session in our Stock Market will already be closed. The government should provide incentives and regulations so that MNCs and large domestic corporates can get listed in the stock market. It will make Bangladesh more of a lucrative investment destination. Financial reporting standards are also areas of concern for foreign investors. Discrepancies are witnessed in quarterly and full year

It is not an easy process but systematic initiatives need to be taken to enlighten our investors of better investment strategies and trading techniques. financial statements. Settlement of foreign trading in Thursday is creating risk. Due to difference in weekend foreigners can not send settlement instruction in time. Stock Exchanges and BSEC should provide us with guidelines to solve this settlement problem. Lastly, we are not fully presenting ourselves to the outside world. We have to convince foreign investors that we have the expertise and knowledge to help them in making the right investments. People in the market, whether NRB or not, should consult with the professionals. They should consult with them after checking their track records (to see how they have performed in the past) and then invest. If not that then the investors can hand over the funds to the professionals who will invest for them professionally with a committed return compared to the DSEX index.

We need more active institutional investors to support the growth of the market. Without this institutional support we cannot hope to raise people’s confidence in the market. Institutions like the banks and also the mutual funds aren’t as active as you’d expect here. Internationally, in most stable markets, this is something that is always available. When prices are falling institutions can jump in to help pick them and this is a major booster for the market. When confidence goes down it takes time for it to recover. Following the crash during late 2010, the index fell by 60% in the following three years and we are still recovering from that crisis. This process has been harder because of the lack of institutional support. We need initiatives to provide incentives to attract investment from long term investors like pension funds, endowment funds, insurance and etc.

What are your thoughts on the corporate governance and equity research guidelines in place to ensure transparency and accountability in the market?

The corporate governance of the listed companies especially that of the local companies needs to be improved. Getting access to listed companies is another major challenge. Usually foreign investors want to meet the management of the companies before making any investment decision. It is a global practice. But with the exception of a few, our local companies are not welcoming in this issue. Regulators should make some guidelines so investors can easily contact company management. In developed markets management of the listed companies need to meet with investors, analysts and the press every quarter through conference calls. Some of the equity research

MOHAMMED RAHMAT PASHA

What kind of power does the media presence hold in our country in regards to Share Market fluctuations?

The share market is extremely sensitive and as such it is also sensitive to any information coming from the media. The media should promote factual information and growth stories of our companies and market stakeholders. They can play a vital role in creating awareness for healthy investment practice and reduce information asymmetries and avoid all sorts of rumors on capital market related information.

What are some trading practices taking place in foreign markets which should be adopted by traders in Bangladesh? guidelines are fine and if we can ensure their proper implementation we will get better results.

We certainly need to improve share market literacy in the country. What kind of role can your institution play in this regard?

We, at Brac EPL Stock Brokerage, have already been continuously making efforts to make foreign investors aware about what is available in the share market here. We help them, guide them, arrange meetings for them with different company managements, give them time to time updates and then accordingly they invest. As for locals, brokerage houses here have a responsibility to uphold. We need to develop experienced professionals who have the proper track record and can guide the customers so they donâ&#x20AC;&#x2122;t invest irresponsibly. Most of the indicators show positive signs for our country like foreign remittance is increasing, GDP growth is positive, inflation is being limited, Dollar Taka exchange rate is stable. However, the capital market index is

We need to continue awareness and training programs on a wider scale and eventually we will see the benefits. not improving because of the lack of knowledge/awareness among the retail investors. Since the market is retail driven, if retailers give their funds to the institutions which have professional experience in this regard, then things will go about a lot more smoothly or they can consult with the professional before making investment decision. Already various commendable measures have been taken from BSEC and Stock Exchanges to create awareness among retail investors. We need to continue awareness and training programs on a wider scale and eventually we will see the benefits.

We have a tendency for unusual return expectations which lead to over trading activities. However, foreign investors trade when it is necessary. They take their time and maybe buy shares over a span of six months slowly and think of selling those shares 2-3 years later. They look at which shares they can sell in 2-3 years time rather than thinking of making a quick profit. Their view is more long term compared to that of local traders which lets them make better return as well. Even considering the crash, the average return for investors from abroad has been approximately 28% per annum.

Why arenâ&#x20AC;&#x2122;t locals following these strategies?

This is the area where we, market stakeholders should focus and act to change the mindset of the retail investors. We have to change the trend of buying shares with the expectation of doubling returns in a few months and direct investors towards value oriented long term investments. It is not an easy process but systematic initiatives need to be taken to enlighten our investors of better investment strategies and trading techniques.

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THE ROAD TO PROSPERITY

Rebranding “Branding” Aftab Mahmud Khurshid

Chief Marketing Officer, SSG

According to Aftab Mahmud Khurshid, both the terms “brand” and “branding” are being properly used AND properly misused in our country. Having amassed a decade of experience after having worked in different capacities in a wide spectrum of business development, marketing and branding arenas, he share his insight regarding the essence of branding with IBT. Over the years he has created a vast working track record having been involved with various national and multinational companies while maintaining a reputation on the side for being an accomplished lyricist, author and marketing extraordinaire. He is currently working as the Chief Marketing Officer of SSG, one of the leading electronics conglomerates in the country. The concept of Branding requires a rebranding, according to Aftab, as people aren’t using it to its full potential. “Some are working in the name of branding but they have not fully grasped its purpose. A brand is a story, and marketing is the story telling. In Bangladesh there is a wrong perception that a brand can be created through a little advertising or PR. Branding is something that should be embedded into the DNA of an organization and it should help interlink the vision, mission and strategies of the company.” The gaps need to be filled here and there and for most companies to fill

AFTAB MAHMUD KHURSHID

those gaps they need to understand that a brand cannot be established just by focusing on sales only. “Most companies are sales oriented from the start. Marketing is a process of contentious creative engineering and a strategic business science and sales is only one part of the total marketing picture. However, companies emphasize on sales more as they want to capitalize on short term sales spurts. However, marketing and branding takes time. One cannot build a brand overnight. It is a long term strategy which requires hard work, planning and patience. Companies should go for corporate branding first. If that can be done properly then the product will sell itself. Most of the local companies don’t emphasize on this as they do not understand its importance.” Local companies have a lot of things to learn from multinationals and proper branding is one such issue. However, according to Aftab there is a problem even there. “The locals are learning about the process but the full articulation and execution is still missing. People can get the right knowledge by working with these multinationals and then they can take it to local firms but then it completely depends on the mentality of the management whether they want to utilize this knowledge or not (and in most cases they do not). We are lacking the corporate culture required to make branding conducive. To raise awareness these companies need to learn how to absorb these corporate cultures in-house then they have to allow the professionals to do their jobs.” There is a huge gap between the state of branding here and that on the international stage. As such, Aftab recommends structural reforms so that companies can meet international standards. “To be able to perform on the global stage, companies need to start thinking globally and act accordingly. Re-structuring is required in terms of the policies and processes. Most companies do not have the right organizational environment or pay

One cannot build a brand overnight. It is a long term strategy which requires hard work, planning and patience. Companies should go for corporate branding first. structure to be able to attract employees who can help them make a mark on an international platform.” However, for this structural change to happen mindsets need to change as well and this might not happen until the next generation takes over. “If the current crop of leaders wants to compete on a global level their mindsets need to change. The next generation might have the right type of thinking but there are questions there regarding whether they will get the right type of guidance from their predecessors. In time, when we have more people from the next generation in leadership positions, companies might start adopting more open corporate cultures which will more open to the required ideas and changes.” “Garments owners have the skilled labor and machinery, and also know the quality and compliance issues. They have all the right information along with a skilled labor force. So,

they should be working to establish a local brand. It is something that should be pursued by young entrepreneurs and you can already see it happening to a small extent when you see brands like Tanjim and Cats Eye.” The RMG sector can be used to make a mark on the global stage but again, this prospect is something that has to be utilized by the newer generation of entrepreneurs. Aftab went on to outline how important it is to learn from global brands like Coca Cola, Apple, Rolex, BMW and so on, about how they’ve positioned themselves in peoples’ minds. “People should not be looking for market share but rather ‘mind share’. This should be considered the era of taking ‘mind share’. A major part of branding is psychological as this creates the brand loyalty or preference. What we do is advertise and communicate but we don’t take the next step. We don’t take the necessary steps to place the product in the peoples’ minds so that it becomes a preferred brand for them. There are companies which have established their names in the market but they still have a long way to go before they can earn the loyalty of their customers.” Recently SSG went through a very successful corporate shift and being their CMO, Aftab played an instrumental role in helping the company achieve this shift. “The vision is to go to the next level. We want to be a contemporary modern company with innovative products and solutions so to do that we had could not follow the traditional concepts, outlooks and mindset. We needed a facelift which we have successfully accomplished after which we are bringing in some internal infrastructural changes. The overall response from this change has been positive from all quadrants. Both the customers and the competition are much more aware of our presence in the market now. Not only has this lead to an increase in consumer’s confidence in us, our overall image in the market has been enhanced.”

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THE ROAD TO PROSPERITY

Linking Bangladesh to the Silicon Valley Shameem Ahsan

President, Bangladesh Association of Software and Information Services (BASIS)

Shameem Ahsan has played an instrumental role in bringing the Bangladeshi IT & ITES sector to the global stage. With an avid interest in budding sector from his youth, he has been a major change maker in creating positive growth in the sector. Hailed as a guru of e-tailing, Ahsan an entrepreneur, is widely recognized for his work to improve the reputation of the Bangladeshi ICT industry in the global space. Over the years, he has played a key role in implementing numerous major policy changes in IT and ITES. He is a General Partner of the Silicon Valley based venture capital firm Fenox, a company having a 1.5 billion dollar investment portfolio. At present, he is the President of BASIS, Director of Federation of Bangladesh Chamber of Commerce and Industry (FBBCI) and a Director of Agrani Bank. Ahsan is the co-founder of Akhoni.com, E-Generation Ltd. Benchmark E-Generation Limited and Element 5 Limited amongst many others. He has received the “Best Young Entrepreneur of Bangladesh” award from the Prime Minister of Bangladesh at Dhaka Chamber of Commerce and Industry (DCCI) Business Award. He has also been voted “Top Outstanding Young Person in Bangladesh” by JCI and awarded for his contribution to the e-Commerce sector by Computer Jagat and is also a member of the Prime Minister’s Digital Bangladesh Task Force.

SHAMEEM AHSAN

What is the vision centered on the ICT sector? My vision is to bring billion dollar investment through venture capital fund allotment. We have already invested in companies like Priyo.com and Shohoz.com and have created links between Bangladesh and Silicon Valley. The government is very determined in developing the IT and ITES sectors. In other countries, change is a topdown process but in Bangladesh, it is quite the opposite. The government has, with the help of donors, digitized over 4500 UDC (Union Digital Centers) throughout the country and this has brought great change to the lives of people throughout the country. There is also Tothyo Batayon and Digital schools which are urban based. IT usage and implementation are seen most dramatically in rural areas. It is a bottom up movement. Union digital centers have been driving this change throughout the country for the benefit of all. What do you think about the e-commerce bubble and how they are struggling with profit margins? We have witnessed phenomenal growth in e-commerce. Again there are some challenges – courier services have not developed fully yet. Banks are not very aggressive in marketing and in mobile banking, only B-kash is a go to service for us. Despite this, I believe that these problems will be overcome within two or three years. What are the challenges of the ICT industry? There are some changes in policy required. The telecom sector is controlled by foreign companies. In Fast Moving Consumers Goods (FMCGs), foreign companiesare controlling 50-60% of the market share. If we don’t give the proper support for e commerce, then we may see something similar happen

In the next three or four years, we will be training 3400 IT professionals but more people will be needed. Along with that, over 23000 IT professionals will be trained under the BITM Project, a joint project by the Finance Ministry and the ADB.

here as well. In our trade, users are very limited and due to the risk of default, some banks have already stopped issuing credit cards. There are also challenges in the e-transfer of the economy. Another major challenge for the country is country branding and global perception – there are many great things happening in the country but if you look at the foreign media like CNN, BBC then all you see is news which gives a bad impression of our country. No one is talking about the country’s successes. There are also issues in quality regarding internet usage in rural areas. Some places do not have adequate access and it is not affordable for a great many people. We have advised the Bangladesh Telecommunication Regulatory Authority (BTRA) to ensure the minimum and maximum prices for internet as well as ensuring the quality of internet services throughout the country. Finally our education system needs to be improved. It is based on memorization of facts instead of understanding – even compared to India, our education is lagging behind. There is a shortage of midlevel managers in RMG sector and so we have to turn to hiring managers from Sri Lanka and India. In IT and ITES sector, we are training skilled managers through a World Bank funded program but that will not be enough. In the next three or four years, we will be training 3400 IT professionals but more people will be needed. Along with that, over 23000 IT professionals will be trained under the BITM Project, a joint project by the Finance Ministry and the ADB. What is the most rewarding thing about being an entrepreneur in Bangladesh? I think the most rewarding thing about being an entrepreneur is the fact that you can change something - that you can see a problem and find a way to solve that problem

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THE ROAD TO PROSPERITY

which will benefit hundreds and thousands of people throughout the country. Many people feel helpless when they look at a problem endemic in society but it’s the small minority of us who see each problem as an opportunity that make things happen. Also the challenge is another rewarding part about being an entrepreneur – I’ve always liked challenges and it is my competitive spirit which propels me to be the best that I can and work to the best of my abilities every day. In that way, I know that I can help people through my work. An entrepreneur can also directly create employment for a lot of other people and through this, can also contribute positively for the economic development of the country. This is also a very rewarding part of being an entrepreneur. In which area do we need to develop ourselves and what is your future plan? As a country, one of the major problems which we need to work on is our policy regarding Intellectual property rights and valuation. This has been a major hindrance to a lot of our companies who are unable to acquire capital from financial

institutions as software value assessment isn’t widely known in our country. BASIS has already drafted proposals regarding intellectual property and has submitted it to the government. We also have to continue to develop our youth – this is paramount. BASIS is working, through the BASIS Student’s Forum, to ensure that more students from universities and colleges throughout the country can develop communication with industry leaders and get experience. We must also work to ensure the greater inclusion of women into the IT industry of Bangladesh. The BASIS Women’s Forum has recently been established and is working hard to bring more women into the field. We are also working towards building a greater bridge between industry and academia – the tech world is a fast moving pace and we need to communicate within ourselves to make sure that our students are getting the relevant training they need to be successful in the job market. Infrastructure is a major challenge in Bangladesh? What is your suggestion to overcome this challenge? BASIS is actively working with the ICT division of the Ministry of Posts, Telecommunications and Information Technology, as well as the BTRC to ensure better communications within the country. For a digital Bangladesh to prosper, widely available internet is necessary. Along with that, we also need to make sure that the poorest and most marginalized sections of the economy can also benefit. BASIS, along with the ICT division and Grameen Phone, is organizing Bangladesh Internet Week with that goal in mind. This will be a weeklong country wide festival starting in the first week of September.

THE ROAD TO PROSPERITY

Building A Trusted Brand Faizur Rahman Khan

Managing Director, bti

Faizur Rahman Khan completed his graduation from Bangladesh University of Engineering and Technology. He also served Asset Developments & Holdings Ltd and ABC Real Estates JV as the managing director. He was also a member of the advisory committee of Real Estate and Housing Association of Bangladesh. Currently the Managing Director of bti, the mastermind behind their success shares the formula that worked so well for the real estate company. BTI (Building, Technology & Ideas) is a trusted and well respected brand in the real estate sector in Bangladesh. The company currently has more than 5000 customer profiles and has plans to take that number to 8000. This not only shows their position in the Bangladeshi market but also shows their ambitious vision to become a major international real estate developer in South Asia. Starting their journey in 1984, BTI introduced after sales and customers care services for its clients. These features which were unique in the trade at that time. Recently we caught up with Faizur Rahman Khan, btiâ&#x20AC;&#x2122;s Managing Director and renowned real estate marketing guru to get an account of his vision for bti when it first started out and how it has become such a success story. Khan holds a Masters in Engineering from Asia Institute of Technology (AIT). He started his career from Eastern Housing and worked with Late Mr. Jahurul Islam, Chairman of Islam Group and late Major General (retired) Amjad Khan Chowdhury, at Property Developments Limited. Having started bti in 1984, during the formulation stage there was a gap between what was initially dreamt of achieving and the processes by which it was taking place which is common in every sector. However quality control issues make the real estate sector one of the hardest in terms of implanting processes. There are 12000

FAIZUR RAHMAN KHAN

thousand products which are associated with it and at least 12 industries are directly involved with it. He described the period from 1984 to 1990 as a nascent stage for bti. The company’s growth accelerated after 1990 before which it was only involved in two or three projects per year. After 1990 they started coming up with out of the box solutions, which led to the involvement of more and more people. In 1988 the first commercial project was created, Celebration Point, where they also shifted their head office (from TMC Building). bit has always practiced delivering quality services to their clients but it was through a non-governed system. Governing your own self is very difficult so the expertise of people in accounting, auditing and etc is essential. Having followed this notion it was discovered that in Hong Kong the ISO (International Standard Organization) was playing a major role in quality management systems and they helped determine that bti will be the first ISO 9001 certified company. According to Khan, bti got the ISO 9000-98 version in 1998 which was just not a certification, rather a process. There are five core divisions: Vision and mission, Policy implementation, Management Representative, then the procedure and processing of checklists and other things. Audits were being done every six months and the ISO authority checked whether compliance issues were being maintained strictly. Khan went on to speak of non-compliances from a very nascent stage which were minor however, no false information, was provided. Khan stayed in the UK for three years and after coming back he fixed a Unique Selling Proposition (USP) for the company which hewas sure would win over their customers. They wanted to achieve bigger feats to satisfy their customers and even occasionaly try to go beyond their expectations. However, that proved to be quite challenging as it was a long process which started from land procurement and construction.

Nevertheless, bti nabbed the niche with such aplomb that its burgeoning customer base speaks of its remarkable position in the industry. After sales service is important everywhere, whether it is a least developed or developed country. He cited about brands like Toyota and Rahimafrooz, which have made a strong position in the market, not only because they provide quality products but also offer good after sales services. He spoke of the difficulties they faced while developing a brand name and mentioned that providing backward services requires massive home work planned designing and equal level of commitment from all employees including the management level like managing director, advisor or chairman, each of whom have their very own dynamic role to play. As such, Khan visited each project every week at least twice or thrice. Reports were made regarding observations and the positive aspects were encouraged while trying to correct the negative ones at the same time. Different types of tests were conducted such as soil tests, engineering tests and different programs for designing, development (procurement of land), then construction and finally after sales services. Without compliance and certain level of diligence success cannot be

achieved. The bti deed of agreement states that if there is any inherent problem regarding the construction or design of what was provided to customers then bti will take the responsibility for the building’s life time. Due to the promise of such services, people are paying a premium price to acquire their services. Chronicling on the past and the present, he went on to say that from the 90s up until the 2000s, the enterprise was offering a classic to premium product range. However, nowadays they have started providing standard sized apartments for price range of Tk. 45 lacs to Tk 50 lacs which is very affordable. Highlighting the private sector’s dramatic achievements in vertical living he said the government is yet to offer the best deals for the real estate sectors. In Japan they privatized the railway and telecommunications industry which produced losses earlier but later led to profits. In Uttara, the government tried to occupy land and sell apartments at Tk,3,500 per sft. Their failure led to the eventual abandonment of the project and due to incidents like these people don’t have as much faith in the public sector. People trust the private sector more because time and again, it has proved that it stays true to its commitments. Human resources is one strength bti and Khan can certainly boast about. They engage qualified people in work and try to nurture their talents so that they can render their best services. Regarding the facilitator role of government and foreign investment in this sector he mentioned that Sahara is not coming but other international players may come due to the logic that there is a market here and we have much more to achieve. What the country need is a roadmap to success, not road blocks. We must not forget that local company is far better than any foreign company and a level playing field will ensure that they flourish even in the face of strong competition.

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BRAND JOURNEY

SINGER, from a single product sewing machine company evolved into a multi-product consumer durable company in 1985 for further growth and expansion. SINGER has been operating in this region since 1905, when the first SINGER sewing machines went on Sale at Chittagong and Dhaka shops. Today, SINGER Bangladesh Ltd. is a large, diversified company with unmatched presence throughout Bangladesh. The brand SINGER is a household name and a synonym of quality, trust and reliability.

The Singer Story Evolution of a popular brand that offers products to make life easier and happier

T 80

IBT Desk

THE ORIGIN STORY

SINGER’s history can be traced back to 1851, when Sir Isaac Merritt SINGER with $40 in borrowed capital began to manufacture and sell a machine to automate and assist in the making of clothing was also known as the sewing machine. This revolutionary product was the first offering from the newly formed I.M. SINGER & Company, which later evolved into the world as the leader in manufacturing and distribution of sewing related products better

known as SINGER. The first electric machine was introduced in 1889 and by the turn of the century, annual sales had reached $1.35 million. As it expanded, a separate subsidiary was established to handle sales and distribution in the western hemisphere which was called the SINGER Sewing Machine Company. Capitalizing on its famous brand name, its hire-purchase plan and its vast network of retail outlets and other distribution points around

the world, SINGER introduced electronics, home appliances, and other consumer durables especially in the Asia Pacific Rim, Latin America and the Caribbean. As its reach grew wider, it slowly became a household name throughout the world.

SINGER BANGLADESH HISTORY

SINGER’s presence in Bangladesh dates back to the British colonial era around 1905 when the country was a part of the Indian subcontinent. After the partition of the sub-continent in 1947, and the emergence of two separate states, SINGER in East Pakistan operated as a branch of SINGER Pakistan and the products came from Western Pakistan. At the initial stage, marketing operation was carried out through only 10 shops, which increased to 43 by the late 1960s. After the emergence of Bangladesh on December 16, 1971, the East Pakistan Branch Office was elevated to a country Office and the Sewing Machines were made available from different SINGER overseas sources. However, its number of shops declined to 23 because of the decreased volume of business. A change in the investment policy in 1979 created new business opportunities and SINGER was registered as an operating company, with 80% of the share held by SINGER Sewing Machine Company (SSMC), USA, and 20% by local shareholders. In 1983, the company was enlisted with Dhaka Stock Exchange (DSE) and offered 20% of its total capitalization2,565 ordinary shares of Taka 100 each. In 2001, it was also enlisted with the Chittagong Stock Exchange (CSE).

DIVERSIFICATION

SINGER’s name has always been synonymous with the sewing machine. Although sewing machines are still at the heart of SINGER’S business, the management realized that this product alone could not sustain their desired level of growth for the company. This realization led to diversification into numerous product ranges through which the transformation began.

SINGER

SINGER, from a single product sewing machine company evolved into a multi-product consumer durable company in 1985 for further growth and expansion. This diversification into consumer durables has continued unabated. Over the years SINGER has introduced Refrigerators, LCD/LED TV, Color Televisions, Furniture, Air Conditioners, Fans, Washing Machines, Irons, Microwave Ovens, Rice Cookers, Instant Power supply and so on. Even now new items are being added to its existing large list of electronic appliances.

FURNITURE BUSINESS

SINGER has been a reliable household name in Bangladesh for decades. As a part of its continuous effort, SINGER has also introduced SINGER Furniture, ensuring the same SINGER quality. The state of the art manufacturing plant of SINGER Furniture is situated in Jhamur, Rajfulbaria near Savar. Within a short span of time, SINGER is now manufacturing complete living room, bedroom, lifestyle furniture and dining solutions for its consumers.

FINANCIAL SERVICES

In order to interact with consumers’ in their day to day life SINGER is now offering financial services such as Western Union, Bikash, Billpay and Flexiload from most of its SINGER Mega and SINGER Plus outlets.

HIRE PURCHASE

SINGER is the pioneer in offering Hire Purchase Scheme (Easy Monthly Installment) to its consumers in Bangladesh. This scheme is appropriate for our socio-economic condition.

WHOLESALE CHANNEL

Abu Muhammad Hamim Rahmatullah Managing Director & Chief Executive Officer, Singer

SERVICE

SINGER Service Plus Centers are equipped with state of the art machineries and skilled manpower. With one Central Service Center in Dhaka, there are Regional SINGER Service Plus Centers in Chittagong, Jessore, Bogra, Sylhet, Barisal and Rajshahi. In addition, SINGER has 205 authorized Franchise Workshop across the country for the convenience of customers.

Despite having its own retail chain for Consumer Electronics and Home Appliance industry in the country, more than 300 dealers are located across the country to make Consumer Electronics & Home Appliances of SINGER and other brands available to more consumers. Its multi brand multi channel business model has made SINGER the number one retailer in Bangladesh. SINGER’s wide range of products namely Electronics, Home Appliances, Furniture and IT products touch every aspect of modern life. SINGER lives up to the expectations of a responsible retailer by contributing to the improvement in the quality of life of its customers through outstanding product and services. Customer satisfaction is at the top of SINGER’s priority and it offers world’s best brands and technology to consumers.

RETAIL ROLE

After 2006, the gradual transformation of SINGER Shops into 'SINGER Mega' and 'SINGER Plus' began as part of its multi-branding strategy. The main focus of the strategy was to give customers the access to choose world famous brands under the same product category under the same roof. As such SINGER Mega and SINGER Plus Shops now offer world famous brands like BEKO, Grundig, Apple, Samsung, Siemens, Skyworth, Videocon, Preethi, Singtech, Dell, Toshiba, Prestige, Lifestraw and many more alongside with SINGER itself.

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PHOTO STORY

RAISING THE BAR Ha-Meem Denim aspires to be the leader in denim production and this photo essay shows us why they are just on the right track.

Photographs by Din M Shibly and Kazi Mukul

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PHOTO STORY

With a vision to contribute through Distinction, Innovation and Determination to provide world class products through team work, precision and effective management, Ha-Meem Denim Limited(HDL) came into being in 2007 and still keeps growing to climb onto newer heights. .

HA-MEEM DENIM

Ha-Meem denims Limited (HDL) is a distinct entity of Ha-Meem group which is a Bangladeshi born leading conglomerate of the country. The company started with the mission to ensure complete professionalism to provide quality goods, commitment and service to all customers. It got the niche by continuous modernization and upgraded machineries to meet changing market needs through becoming an eco-friendly company. These are to be achieved by believing in people and nurturing their unlimited potential. HDL was operative in May 2007 with annual production capacity of 18 million liner meter and another 20 million will be added by commissioning of Morrison Rope Dye. It has full-fledged laboratory facilities with arrangement and utmost emphasis on â&#x20AC;&#x2DC;Total Quality managementâ&#x20AC;?. It is using Yarn sourcing from the best available sources from Pakistan, India China. 60% yarn comes from within Bangladesh. In house spinning is going to be operative very soon where all chemicals are from brand manufacturers. HDL is striving to ensure eco friendly process in an effort to be a green factory having full-fledged effluent treatment facilities. Skilled and experienced manpower is the pillar of success of HDL which attracts, retains and nurtured talents.

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PHOTO STORY

HDL factory is located at a beautiful landscape of Mawna, Sreepur along Dhaka-Mymensingh highway approx 65 kms from Dhaka. The company is in the race to introduce end-to-end processes from spinning to finished fabrics to become a complete vertical set up where Ha-Meem Group is a diversified business conglomerate with ventures in Garments, Banks, Insurance, Jute, Packaging, Washing, Newspaper, TV Channel, Tea estates etc. The group is one of the largest manufacturers of garments in the country and it is natural that it decided to capitalize its core strength by setting backward linkage of Denim and Spinning. HDL is thus one-stop solution provider for leading apparel brands around the world. It has Warping, Dyeing & Sizing, Weaving, Finishing, Stenter & Mercerizer, close Inspection systems, Utilities, ETP Plant, Laboratory, Design Section, and extensive thrust on R&D where major Machineries are 2 Slasher dye with 3 warping (one Sucker Muller, Germany and another Pannon, Taiwan), 1 Morrison Rope Dye, 116 Picanol (Omni plus 800 looms), 20 Rappier looms and 110 Picanol latest model, Summom looms from Belgium, 3 Morrison

finishing, 2 Stenter with coating,. Desizing with over dye and 2 mercerizing mc. The driving force behind the dynamic operation and continuous growth of this company is Executive Director Md. Rafiqul Alam who is a keen team builder. He joined the group in 2004, set up the plant and has been involved with almost every aspect of production as well as administrative and marketing endeavors for more than a decade. The factory maintains all worker compliance related rules and regulations. “We give good profit bonus, a practice that is not followed by many of our contempo-

raries. The migration from this factory is low by any standard of the industry trend, he claims with elan. “We maintain good communication with workers on regular basis to listen their grievances. We have in total 1300 coworkers in our folds where workers are 11 hundred and 200 are officers including me and I am proud of the team that is running the show.” As of future plans, Alam adds that they are in expansion mode. HDL has the capacity of produce 3.2 million yards of denim per month and after expansion it will add another 1.6 million yards capacity. We wish HDL all the success in days to come.

HA-MEEM DENIM

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PHOTO STORY

SPECIAL PROMOTIONAL FEATURE

Making a Difference Unilever gives back 296000 liters of water to the community every day! In 2008 Unilever Bangladesh Limited embarked on a remarkable journey of giving back to the society wherever they operate. The Unilever Sustainable Living Plan or USLP led to the Company setting the ambitious target of halving its consumption of water, from 5400 liters of water per ton of production in 2008 to 2750 liters of water per ton of production by 2020. Unilever Bangladesh has recently announced that it has achieved that target 6 years ahead, saving a total of 650 million liters of water from its manufacturing plant at Kalurghat, Chittagong since 2008. This is more than what is required to meet the drinking water requirement of every Bangladeshi in the country for 2 days! To achieve this feat the Company went through some drastic transformation of technology, processes and human behaviour. In the first year Unilever managed to reduce water consumption by 6.1%, simply through reevaluating their existing manufacturing process. The Company then inspired teams of engineers within their employees to design water efficiency programs. Big solutions came forward leading to their water consumption to drop sharply to 2750 liters of water per ton of production in 2015 – a humungous drop of 50%, as set out by their ambition. Heavy investment and high efficiency solutions such as the Reverse Osmosis Plant or the Rain Water Harvesting System were used to drive down the water consumption. The Rain Water Harvesting system, which

The Effluent Treatment Plant at Unilever Kalurghat, Chittagong factory has helped the Company reduce their water consumption to half of 2008 levels.

72500 Bangladeshis can comfortably finish their cleaning, cooking, washing and drinking needs with the amount of water saved from Unilever’s Rain Water Harvesting system collects and uses rain water in the Company’s manufacturing process, helped save more than 4.5 million liters of water since its initiation in September 2013. With this amount of water 72500 Bangladeshis can comfortably finish their cleaning, cooking, washing and drinking needs for a day! The Effluent Treatment Plant which reduces water usage by purifying and reusing the water from the manufacturing process helps save a whopping 35 million liters of water every year. “Our desire is to pass on the philosophy with which we make our products to the users of these products,” says Aminur Rahman, Supply Chain Director of Unilever Bangladesh, “if we could all be a little more diligent in the way we use water, there would not be such a water crisis across the country or the world.” More initiatives are being put in place by the passionate team at Unilever Bangladesh. Aminur Rahman says, “even though we have reached our target, we will continue innovating and continue giving back water to the community, by using less and less of it in our manufacturing process.” He says that is how Unilever will ensure

a sustainable future for itself and for the people for whom they make their products. The Company’s next project is collecting rain water from the adjacent open ground to their factory. This they will feed into their manufacturing process, making use of less ground water, which will in turn allow more than 300,000 Bangladeshis to obtain water for their daily needs. Unilever Sustainable Living Plan Launched in 2010, the Unilever Sustainable Living Plan is Unilever’s blueprint for sustainable growth. The Plan is helping to drive profitable growth, reduce costs and fuel innovation. The Plan sets out three big goals. 1. Improving Health And Well-being for more than 1 Billion By 2020 2. Reducing Environmental Impact of making and use of our products by 1/2 by 2020 3. Enhancing Livelihoods For Millions By 2020 as we grow our business. By the end of 2014, four years into the USLP, Unilever Bangladesh has, • helped 17.8 Million people to improve their hygiene habits with the Lifebuoy hand washing program • provided safe drinking water to 1.4 Million people with Pureit • completely Eliminated waste to landfill from their factory in Kalurghat, Chittagong • Halved water consumption in manufacturing at their Kalurghat factory, compared to 2008 levels To learn more about the Unilever Sustainable Living Plan please visit www.unilever.com.bd

Unilever Kalurghat factory in Chittagong has reduced its water consumption by 50%. Saving enough water to provide drinking water to every Bangladeshi for 2 days.

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DIFFERENT PERSPECTIVE

Of Lions & Tigers Bangladesh is a good place to live and work. Expat Sri Lankans get candid with IBT. By Asaduzzaman

According to Aruna Ruvanwella, President of Sri Lankan Association in Bangladesh, Sri Lankans started coming to Bangladesh from 1988 and onwards but their numbers increased after the year 2000 when the country lost their quota in readymade garments. Most of the factories started shifting and they started coming up with garments business and buying houses which were headed by Sri Lankans. Still there are factories headed by Sri

Lankans, and in Chittagong there are even Sri Lankan owned power plants. He cited the main reason behind this being the numerous opportunities in garments trades. Many of the job seekers migrating to Bangladesh knew their skills in merchandising would be appreciated by the nation, which was slowly and steadily going to become the 2nd largest exporter of apparels worldwide. Due to their educational

Photographs by Ashrafuddin Apu

qualification as well as professional prowess, demand for Sri Lankan manpower in positions like GM (General Manger) and CEO (Chief Executive Officer), COO (Chief Operating Officer) and other positions in technical levels were highly sought after. Behind Sri Lankaâ&#x20AC;&#x2122;s towering success in education sector was the vision of their government. They realized that due to fewer resources, the country would not be able to provide employment to everyone. Turning

SRI LANKAN COMMUNITY IN BANGLADESH

them into global citizens with world-class education would enable them to go abroad and build careers on an international platform. “Our standard of education is the highest in South Asia, almost all male and female who where in government schools receive English medium education along with the Singhalese and Tamil language being taught,” Aruna states. There’s a good community of Sri Lankans comprising of almost 2000 Sri Lankan families and near about 6000 thousand working people in Bangladesh. Many Sri Lankans are living in Uttarain Dhaka as EPZ, DEZ and factories are in close proximity. In Chittagong, Khulshi is their area of choice and in Comilla, most of them dwell around the Comilla EPZ. The children are going to English medium schools available in the cities and most of the Sri Lankans understands Bengali well. Aruna went on to say that when he came here in Bangladesh in 2005, he found a severe dearth of skilled workers. “The scenario has changed. Now the younger generation is highly educated and there are people with a foreign degrees coming back to the county who are better equipped to think out of the box”. Although used to the nightlife in Colombo he found that aspect missing in Dhaka. Nevertheless, he praised the international clubs and their services available in Dhaka. I M Shumiz, the secretary of Sri Lankan Association in Bangladesh seconds Aruna about enjoying their stay in Bangladesh. “The people are very kind, cooperative and hospitable to foreigners. They are always ready to help.” He went on to comment that the traffic is bad in Bangladesh whereas in Sri Lanka, commuting is not that much of a challenge thanks to the availability of a good public transport system, “Even most of CEOs are travelling through train but in Bangladesh train services are not very good.”

says he came to Bangladesh in 2007 and settled down very quickly. He met Karishma in 2012 and later they got married. According to Milan, in the Sri Lankan community people meet each other during social gatherings. It is more like a corporate circle where everyone speaks the same language and has almost the same mindset. For Karishma, Milan’s pro-activeness and supportive nature have always been significant attributes. “He remains the same friend even after marriage which is really great for me”. Karishma, a graduate from London School of Commerce, Dhaka Campus currently works as a popular ramp and television model. She says she is getting more offers from international agencies in Sri Lanka nowadays after her ramp walk in the 2010 Dhaka Fashion Week. She sounds content praising her in-laws who have been supportive of her choice of career, while in her own locality, modeling in the earlier days was frowned upon.

Turning them into global citizens with world-class education would enable them to go abroad and build careers on an international platform An Affair to Remember We had the pleasure of speaking to a Bangladeshi named Karishma and her Sri Lankan husband Milan. Living in perfect harmony with each other, they are enjoying the global corporate life here in Bangladesh. Turan Milan Samath, Country Manager of Cross Freight Lines Ltd.

Lessons for Bangladesh Bangladesh has many lessons to learn from Sri Lanka in the field of developing human resources. Bangladesh’s success in achieving MDG goals in maternal and child health has turned heads. The country now wishes to become a middle-income economy. However, without a skilled workforce that goal will be impossible to achieve. Education, which is regarded as the great equalizer, can play a vital role in this regard. Just like a way the Sri Lanka government helped its citizens become globalized with world class education, Bangladesh too can take a page from their book and build a nation of global citizens who will contribute to the national as well as international economy in the future.

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COUNTRY PROFILE

Country Profile: Sri Lanka Sri Lanka is an island in the Indian Ocean also called Ceylon and many other names. It is only 65,525 sq km and a coast line of 1,340 km and about 28 kilometers (18 mi.) off the south-eastern coast of India. According to the 2012 census the population of Sri Lanka was 20,359,439, giving a population density of 325/sq km while density is highest in the south west where Colombo, the country's main port and industrial center and diverse ethnically, linguistically, and religiously. Annual population growth rate is 1.1%.where18.2% lived in urban area. Demographically 25.2% of the population were aged 14 or under while 12.4% were aged 60 or over. The sex ratio was 94 males per 100 females. The fertility rate for married females aged 15 or over was 2.65 live births. There were 75.7% households were headed by males and 24.3% were headed by females. Of the aged 15 or over, 67.8% were married, 25.8% were never married,

5.2% were widowed and 1.2% were divorced or separated. Of those aged 15 or over51.6% were economically active, 27.6% did housework, 9.4% were students, 6.0% were unable to work and 2.3% were pensioners. The overall literacy rate for those aged 10 and over was 95.7% but amongst those living in the estate sector it was only 86.1%. Of the aged 5 or over, 2.7% had received a higher education qualification, 12.3% had passed G.C.E. A/L, 17.0% had passed G.C.E. O/L and 3.8% had no formal schooling. The Sinhalese make up 74.9% of the population (according to 2012 census) and are concentrated in the densely populated south-west and central parts of the island. The Sri Lanka Tamils, who live predominantly in thenorth and east of the island, form the largest minority group at 11.1% (according to the 2012 census) of the population. The Moors, descendants of Arab traders that settled in Sri Lanka and married local women, form the third largest ethnic group at 9.3% of the population. They are mostly concentrated in urban areas in the southern parts of the island with substantial populations in the Central andEastern provinces. During times of Portuguese colonization, Moors were persecuted, and many forced to retreat to the central highlands and the eastern coast.There are also Indian Tamils who form a distinct ethnic group comprising 4.1% of the population. According to the 2012 census Buddhists make up 70.1% of the population, Hindus 12.6%, Muslims 9.7% and Christians 7.6%. Most Sinhalese are Buddhist; most Tamils are Hindu; and the Moors and Malays are mostly Muslim. Sizeable minorities of both Sinhalese and Tamils are Christians, most of whom are Roman Catholic. The Burgher population is mostly Roman Catholic or Presbyterian. The Veddah carry

out Animist and Buddhist practices. The 1978 constitution is assuring freedom of religion but gives "the foremost place" Buddhism. Sinhala, an Indo-European language, is the first language of the Sinhalese. Tamil, a Dravidian language, is the first language of the Tamils. Tamil is also the first language the majority of Moors according to the 2012 census 98% of Moors could speak Tamil but only 59% could speak Sinhala. Malays speak Sri Lanka Malay, a Creole language mixing Sinhala, Tamil and Malay. Many of the Burghers speak Sri Lankan Indo-Portuguese although its use has declined and the majority now speaks Sinhala .According to the 2012 census, 24% of the population could speak English. According to the constitution, Sinhala and Tamil are official languages while English is the link language. Sri Lanka government has been focusing on skilled and professional categories, which will have a higher earning capacity and less employment related problems. Sri Lankan Government entered into a Bilateral Agreement on Labor migration with Italy, which created 3,500 employment opportunities. Another, initiative taken is a tripartite collaboration between the University of Hertfordshire of UK, Open University of Sri Lanka and Sri Lanka Bureau of Foreign Employment on Nursing Education with special emphasis on foreign employment. Sri Lankan Government had already signed, MOUs with Jordan, UAE, Bahrain, Libya and South Korea and Bilateral Agreement with Qatar and job-ensured export-oriented workers training institute as a joint collaboration with Sri Lanka Bureau of Foreign Employment and two Malaysian organizations, which will meet the growing demand for especially skilled workers in Malaysia.

TECH

A Perfect 10 by Microsoft The tech giant hits it out of the park with

By Abhijit Asad After the staggering success of Windows 7, Microsoft (still in Steve Ballmer’s shaky hands back then) developed a streak of overconfidence which eventually led to the birth of Windows 8. In terms of performance and stability, 8 easily eclipsed its predecessors, but Microsoft had made the mistake of removing the ever-present Start Menu and replacing it with a wall of icon-laden tiles. Even releasing a number of major updates to Windows 8 over the months that followed could not bring users to embrace the platform. The damage was long done. By then, Ballmer had been replaced by the vastly more capable Satya Nadella, who decided it would be far wiser to simply make a better Windows, one that people would actually want to use. And thus, Windows 10 (version number 9 was deliberately skipped from the naming tables, presumably as an attempt to distance it from Windows 8 as much as possible) was released to

the people on July 31, 2015. As an added bonus, it was offered as a free upgrade to all existing users of Windows 7 and 8, which sweetened the deal even further. Windows 10 impresses right from the beginning with its sleek aesthetics that combines majesty and utility effortlessly. The Start Menu has been brought back, and loaded out with a dedicated area where tiles of various sizes can be housed for easy access. Users have the option of not using it and simply sticking to the basic Start Menu they have always loved, but the usefulness of the tiles simply cannot be understated. Multiple virtual desktops have also been introduced for power users who simply cannot do with a single screen of running programs. Microsoft went out of their way to ensure top-notch performance and smoothness from Windows 10, and the polish really shows even when performing day-to-day tasks. Insanely fast boot-up speeds and

silky but subtle animations are more than just placebo. My aging laptop’s battery life also got a fairly phenomenal boost, going up by more than 25% after the installation of Windows 10. As an added bonus, the ‘Modern UI’ apps, first introduced in a very limited form in Windows 8, can now be run in resizable windows, and many of them have been undergone substantial updates. The Mail app in particular has morphed into a shockingly user-friendly and usable email client that is perfectly adequate for any casual user. A most interesting new feature comes in the form of the intelligent voice assistant Cortana, now nested comfortably right next to the Start Menu, waiting to be called up. I was pleased to see that even non-native English speakers were able to easily communicate their queries and requests to Cortana. However, the most pleasant surprise to come

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WINDOWS 10

Microsoft went out of their way to ensure top-notch performance and smoothness from Windows 10, and the polish really shows even when performing day-to-day tasks. Insanely fast boot-up speeds and silky but subtle animations are more than just placebo.

All in all, Windows 10 is a magnificent piece of work, a mature and graceful OS that shows Windows – and Microsoft – at its best. There are a few minor bugs here and there, but they are getting squashed with every incremental update. The OS displays a staggering amount of potential and quality, and it is safe to say that, after a long wait, Microsoft finally has a winner on its hands.

bundled with Windows 10 is the departure of the universally loathed Internet Explorer web browser, which has been replaced by a spanking new browser called Edge. Firing up in less than half a second, Edge is blazing fast, and is very much capable of replacing Firefox and Chrome as one’s primary browser, and it is only likely to become even more so as extensions start arriving (due fairly soon).

History of Microsoft Windows

Windows 1.0 November 1985 The first ever

Windows was an extension for the MS-DOS with a very basic outlook and limited capabilities.

Windows 2.0 December 1987 This update version of the Windows 1.0 provided an enhanced user interface and memory usage. It allowed Windows overlapping.

Windows 3.0

Windows XP

Windows Vista

Windows 7

September 2001

June 2007

July 2009

One of the more successful Windows versions, XP was based on Windows NT and brought with it a new design and visual overhaul with the new wallpapers, menus, start button & etc. This revolutionary Windows forced Microsoft to support it till mid 2014.

November 1985

Selling 2 million copies in the first 6 months after its release, this milestone release supports multi tasking and an enhanced UI adding 16 more colors.

Windows XP

Windows Vista

Windows ME

Windows 98

Six years after XP came Vista which focused on visual improvements, security and better network and wireless settings. Like ME it also had various bugs and problems which lead users to go back to the previous Windows version. Windows 7 is the stable version of Vista, fixing all the problems and criticisms of its predecessor while at the same time sporting a slightly tweaked appearance. Windows 7 became the operating system most users would upgrade to from Windows XP due to its ease of use, stability and performance enhancements.

Windows 8

Windows 95 Late 2015

Microsoft started its Windows 9X series ten years after the release of the Windows 1.0. Windows 95 introduced the first ever start button and menu, the concept of Plug and Play, a 32-bit envirmoent allowing multi-tasking and most importantly the network support and Internet Explorer.

The latest Windows version provides a universal operating system for PC’s, tablets and mobile phones with universal Apps from the App store. Not only has it enhanced performance but it also brings back the start button and menu.

October 2013 Windows 8 came with a radical appearance overhaul where the start button and menu were completely removed and replaced with a new touch friendly tile based start screen. Though faster than previous version and supporting USB 3.0 and an all new App Store with live widgets, Windows 8 was not as well received as Windows 7 mainly due to the missing Start Button.

With Windows 98 they added to the Windows 95 foundation by introducing Outlook Express, Windows Address Book, Microsoft Chat and Windows Media Player. 98 also improved drivers support and improved the USB port functionalities. Windows Millenium Edition/2000 is the last in the 9X series and also the last based on MS-DOS. Windows ME focused on improving the multimedia components and introduced Automated System Recovery tools. This release had numerous bugs and shortcomings which lead most users to revert back to the Windows 98.

Windows 8 Windows 8 Windows 10

This version will be free to upgrade if you are using windows 7 or later version!!

SPORTS ECONOMY

Putting Their Expensive Feet Forward From national prides to international money spinners, the marketing strategies behind European Football clubs are interesting reads

By Sifat Ishtiaque Hossain Over the last few years, football (or ‘soccer’ as Americans want to call it) has moved from being a national culture to real internationalization. This has created a huge profitable business with myriad dimensions. Consequently, football has become a one of a kind example of merchandising in sport. Europe especially has always been the region of the world where football has had the most important place in the field sport marketing. After the English invented football it became a professional sport very early on. In 1992, the European Cup was transformed into the

UEFA Champions League (UCL), around which a new marketing strategy and brand identity was developed and implemented by UEFA. This phenomenon completely transformed the approach of national and club competitions not only in Europe but across the globe as well. It led to the dramatic altering of the nature of TV sports broadcasting. Today TV channels will pay expensive fees to broadcast the most attractive events. England, Germany, France, Italy and Spain are now the five biggest markets in the economics of football in Europe. Football clubs in these countries now are

greatly intent on coming up with a business plan than strictly controlling bankruptcy. However, there is still a place for ‘small’ countries in the European football market that are not part of the ‘Big Five’ – such as Portugal, Turkey, Sweden, Belgium, Scotland. It is interesting to discover whether a relatively small market can still develop a real marketing strategy, or whether such markets are dominated by the influences of their neighbors Like other national football leagues, the German Bundesliga has had to cope with tremendous financial changes. With regard to the financial situation, the media, and especially the TV market, have had a major impact on the German football market. Hence, dealing with German football from a marketing perspective requires a special focus on broadcasting rights. Huge financial changes have not been reflected in the management of European clubs, which is often still amateurish with presidents or owners that do not consider the club as a business but rather as a toy that can be replaced easily when broken. Among big clubs, such as FC Barcelona, Real Madrid, Chelsea or Bayern Munich, the balance between sporting and economical results is difficult to achieve because of the significant pressure of media, and also of political and social groups. Digital media is another

FOOTBALL CLUBS

new platform for European clubs’ marketing strategies as it provides reasonable ways to engage with fans. With markets saturating, European clubs always have to find new revenue streams. Through digital media, the loyalty of fans towards the clubs increases significantly and fans with a high level of loyalty are more likely to spend money. In this regard, Chris Nield, Social Media Manager, Manchester City says – “The key goals of the social media strategy is to provide the fans with additional and inclusive streams of communication direct to and from the club; to provide additional, engaging and exclusive content to our fans on social media networks and to build virtuous relationships with fan sites, blogs and forums that already exist online.” Again, a number of European clubs have entered new markets in Asia in order to strengthen their revenue streams, build their brands and overcome the challenges posed by mature or saturated European markets. European clubs have been both commercially successful and popular in Asia. Clubs like Arsenal and Manchester United have a huge fan base in Asia, especially in countries like Singapore, Malaysia & Thailand. Amongst the criticisms that have been made are that these European clubs have failed to understand the specific nature of Asian markets and what motivates Asian fans. However, the huge support shown when these clubs visit Asia in the summer break says otherwise. By expanding their reach geographically and leveraging the power of star players these European clubs have been able to develop global fan bases. Playing friendly and pre-season games abroad have reduced the physical and emotional gap between the club and their global network of fans. Clubs in the English Premiership and La Liga have been particularly successful at this. The biggest challenge facing the

Most Profitable Football Clubs in the world REAL MADRID Revenue

€ 549.5million Founded

6th March, 1902 Current Manager:

Rafa Benitez Manchester United Revenue

€ 518million Founded

1878

Current Manager

Louis Van Gaal Bayern Munich Revenue

€ 487million Founded

7th February, 1900 Current Manager

Pep Guardiola Barcelona Revenue

€ 484.6million Founded

29th November, 1899 Current Manager

Luis Enrique

PSG Revenue

€ 474.2million Founded

12th August, 1970 Current Manager

Laurent Blanc Chelsea Revenue

€ 387.9million Founded

10th March, 1905 Current Manager

Jose Mourinho

leading clubs is in developing the relationship that they hold with their fans and converting positive relationships in to commercial revenues.The biggest challenge facing the leading clubs is in developing the relationship that they hold with their fans and converting positive relationships in to commercial revenues. Jersey sponsorship is another recent phenomena that has had a huge impact in the brand financing activities of these European clubs. Real Madrid, Manchester City, Barcelona and Paris Saint Germain (PSG) all have shirt sponsorship deals with Arabian Gulf airlines. Adidas has recently signed a £750m deal to make Manchester United's kit for the next 10 seasons. Two of the top five clubs have stadiums named after Gulf airlines, while investments by Abu Dhabi and Qatar in Manchester City FC and PSG, respectively, helped the clubs to take 18 per cent of the total value of the top 10 clubs according to the Brand Finance’s Football 50 2015 report by UK based global branding consultancy. Manchester City, sponsored by Etihad Airways, rose one place to fourth this year, valued at US$800 million. Qatar Airways-sponsored Barcelona fell two places to sixth with a value of $773m while PSG, sponsored by Qatar Sports Investments and Emirates, rose one place to ninth, valued at $541m. European clubs are able to financially leverage their brands by obtaining financial securities against these valuable assets. Strong brands generate high and secure cash flows against which banks are prepared to lend at finer rates. As the popularity of the sport has risen over the years, the power of these big clubs as global brands has sky rocketed. With more and more money pouring in from sponsorship, stadium, TV rights deals and so on, there’s no telling when and where their climb will stop.

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ON THE BOOKSHELF

A review on four key books that every investor needs to read before he or she lays out their investment plans By Sohana Nasrin

The Intelligent Investor by Benjamin Graham (1949): They say that serious physicists read about Sir Issac Newton to learn about gravity and motion and serious investors read Benjamin Graham’s work to learn about finance and investment. Widely known as the father of value investing and the Dean of Wall Street, Graham excelled at making money in the stock market for himself and his clients without taking big risks. The best part of the book is most of the concepts came from Graham’s diligent, surgical and financial evaluation of companies. His experience, added with his smartness led to simple, effective logic upon which Graham proposes a successful method for investing.

Stories of Bulls & Bears

The Great Crash by John Kenneth Galbraith (1954): Talk about an evergreen book and I bet I just found you one. This slim, classic volume explains the market mania of the 1920s and its inevitable subsidence. Fast-forward 30 years or even 40, change the names and numbers and it describes just about any market bubble in anywhere in the world. The book argues that the 1929 stock market crash was precipitated by rampant speculations in the stock market. It was Galbraith’s belief that a good knowledge of what happened in 1929 was the best safeguard against its recurrence.

Common Stocks and Uncommon Profits by Philip Fisher (1958): Fisher’s most famous purchase was his purchase of Motorola, a then radio manufacturer and Fisher held on to it until his death. Fisher practiced long time investing and knew how to buy great companies in reasonable price. His book served as a reference point to evaluate the profit potential of individual companies and had an impact on Warren Buffet, who has famously said that he is 85% Graham and 15% Fisher.

How Markets Fail by John Cassidy (2009): Cassidy, an economics writer for The New Yorker, offers a powerful argument that the current generation of investors and policymakers have been handcuffed by what he calls the "utopian" free-market school of economics. He neatly explains the how, like Shiller and Galbraith, the rational is often the last thing markets are. His use of London’s problem-plagued Millennium Bridge as a model of self-reinforcing market behavior is alone worth the read.

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With the introduction of budget airlines, people are flying and going to places more than ever. Digital revolution and interconnectivity with great deals on airfares have turned us into global passengers for quite a few years now. Whereas traveling internationally was a necessity and luxury at some point, it has now become a hobby that is often quite affordable. According to some current estimates nearly 5 million people are shuffled among the world’s busiest airports everyday. In any case, we are not going to talk about the figures of the busiest airports, rather this article is directed towards the downtime that travelers have to face while shuffling through different airports, crossing oceans and continents. Downtimes or layovers can be depressing- imagine yourself wondering at a completely unknown airport after an 8 hours flight. However, your gloominess will not magically make the layover disappear. Therefore, we suggest you take your time to research on the airport ahead of time and get to know in what various ways you can enjoy your journey break. Read on as we have chosen three of the world’s busiest airports (chosen in terms of flying from Bangladesh towards different international directions) to give you some idea. Hopefully, the next layover of yours will be one of those that you can cherish.

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Getting Past those Layover Blues

Your layover guide to three of the world’s busiest airports By Sohana Nasrin

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Dubai International Airport (DXB)

Heathrow International Airport

Short layover (1-4 hours): Cool off and rejuvenate in a swimming pool located right inside the Dubai airport. For a small fee you will not only have access to the pool but also a fully equipped gym, jacuzzi, sauna and shower facilities. If you would rather like to take it in a room, book one in the hotel ($43 dollars per hour for daytime booking) that is inside Dubai international airport located at level 1 in terminal 1 and level 5 in terminal 3. Shopping could also be a great idea as the duty free stores have various luxury and brand products.

Short layover: You can go browse the duty free shops and eat a meal in the wide array of bars and restaurants of Heathrow, like in any other international airport. However, what sets Heathrow apart is the other things that you can do like visiting the expo art display at terminal 5, departure concourse on the north and south ends. Rotating Expo art displays were launched to expose under-the-radar artistic and cultural endeavors from the U.K. Previous exhibitions include installations by students at Goldsmiths College.

Airport facts and figures: Since it has opened in 1960, passenger number has grown on average 15% a year. More than 66 million people fly to some 260 destinations across 6 continents per year via more than 140 scheduled airlines.

Long Layover (5-8 hours): You can book one of the snooze cubes that are located near gate C22 in Terminal 1 if you need to rest a little before catching your next flight which could be longer than the first one. The snooze cubes are comfortable with each containing a full size bed. You can rent the cubes by hour. If you are out of luck and can’t find an empty snooze cube, look for different lounges like the Marhaba lounge. Irrespective of the airlines that you are flying with, you can gain an access to this lounge for about $42 per hour. You can find recliners and a deli or snack bar inside. Wifi will come complementary with your package and some lounges even have shower facilities.

Airport facts and figures: With an Annual air transport movements in 2014: 470,695 and 1227 hectares of area, Heathrow serves about 185 destinations worldwide everyday. The number of Number of passengers arriving and departing per day: average 201,000 (split 50/50 between arriving and departing).

Long layover: Relax and revive in one of the clean, comfortable and exclusive airport lounges, away from the hustle and bustle of Heathrow's crowds. The lounges are available to all passengers travelling through Heathrow's terminals, whether you are travelling for business or leisure. Families and those travelling with children will find the lounges particularly appealing - a chance to get away from the crowds with young children and keep them occupied in the play areas while you wait for your flight is one not to missed out on. Business travellers will also find the lounges extremely useful. You can also check in an onsite hotel like Sofitel or Hilton (located on terminal 4) and get some shut eye.

Charles De Gaulle International airport

Airport facts and figures: The airport is made up of a total of 3260 hectares of airport surface area and currently hosts up to 1350 aircraft movements per day. The airport has four runways. U2’s beautiful day was shot in this airport, so if you have seen the video for the song, you already know what it looks like. Short layover: In early 2013, an exhibition hall was inaugurated in terminal 2E. It hosts various artworks, usually in partnership with a major museum, with admission free of charge. Gate M of the airport’s Terminal 2E locate the space itself, designed for Art by the architects of the Musée d’Orsay, a brand new hall considered as one of the most beautiful European boarding halls. In addition, the Playstation booth in terminal 2E also includes a small lounge for watching 3D movies from Sony’s collection. For more information on the current exhibitions, you can visit the dedicated site of the museum here: www.espacemusees.com. Long layover: If you have 6 to 8 hours to spend in the airport, you might want to get a bicycle and head towards the city while enjoying an excursion in the ValleeVerte, along its cycle paths. Visit the shopping centers for things and souvenirs; you can follow along Ourcq Canal to Paris. Collect the bicycle at the tourist office. An identification document will be required as well as a pre-authorization of 300 Euros on your credit card. Bicycle rent rates are 2 Euros per hour and 5 Euros for half a day. The tourist office provides helmets and reflective jackets.

May the long and not-so-long layovers never depress you again! Bon voyage! www.icebusinesstimes.net

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CHRONICLES OF GROWING ECONOMIES