Bangladesh's Corporate World

Local Bangladeshi companies want upward adjustment of taka against US dollar. The value of local currency has been remained more or less fixed at 78 since June 2013. They want this adjustment because Indian rupee has fallen in recent times. According to the local exporters, some particular products, like low-end apparels, ceramics, vegetables, jute yarn etc. are affected for decreasing of the rupee’s value. The president of Exporters Association of Bangladesh said that the government can increase incentives to make counterbalance in the foreign exchange earning sectors as they urged in a letter sent to the Ministry of Finance to “devalue” the local currency. There are many products like ceramics, vegetables, handicrafts that have to compete with Indian products. Indian traders get more advantage over local counterparts for their wider capital base and local raw materials. Managing director of Evince Textile said that the government can introduce dual exchange rates soon and exporters ...

Fonterra, the world’s largest dairy exporter, came under fire from the New Zealand government, farmers and financial regulators for its handling of a food contamination scare that has triggered product recalls and spooked parents from China to Saudi Arabia. The government sent officials to Fonterra premises to ensure a clearer message and to regain international confidence after New Zealand’s biggest company was criticized for dragging its feet in saying it sold whey protein products that contained bacteria that could cause botulism – a potentially fatal food poisoning. Last week, Fonterra CEO Theo Spierings said the company did not face a ban on its products in China, only restrictions on whey protein concentrate. He said he expected the curbs would be lifted this week as soon as Fonterra provides Chinese regulators with a detailed explanation of what went wrong. China, Hong Kong, Sri Lanka and other countries, however, have issued fresh instant formula milk product recalls, and the ...

Along with readymade garments sector; IT, ceramics, pharmaceuticals, footwear, banking and healthcare sectors of Bangladesh are increasingly grabbing attention of the international market. There are some key factors behind this such as top class training of human resources, export diversification, large foreign and local investments, adapting modern technology and the dynamic change in the local corporate culture. Mizanur Rahman, Marketing Director of Square Pharmaceuticals stated in a discussion that a big number of their products are in a very high demand in the international market as it has the quality to compete with any recognized international brand. Bangladesh is currently ranking at number 2 in the leading readymade garment exporting countries of the world. According to Mr Abdus Salam Murshedy, former president of Bangladesh Garments Manufacturers and Exporters Association, there are more than two hundred local apparel companies regularly exporting high quality...