Bangladesh's Corporate World

Bangladesh is going through a industrial revolution. Beximco Group, Islam Group and ACI are leading the path. The path is getting brighter. The first industrial revolution was triggered by the steam engine, whereas the second and third ones were driven by mass production and the microprocessor, respectively. Each of these revolutions brought about massive transformation in the economy by upending the prevailing production, distribution and consumption systems of that time and in society by revoking and redefining many rules and norms once taken for granted. Today we are witnessing another remarkable inflection point in the history of humankind that was first coined by Professor Klaus Schwab, founder of the World Economic Forum, as the fourth industrial revolution, which is being shaped by the confluence of physical, digital and biological worlds. This is fundamentally disrupting the way we live, work and connect each other. Although the fourth industrial revolution is flourishing upon...

Bangladesh has immense potential in hospitality management as tourism and hospitality services are growing on a par with the economy. Moreover, necessary training in hospitality management can enable the country's abundant manpower to offer top-notch services both at home and abroad. - this is what Salman F Rahman, said this at a discussion on discovering business opportunities through Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) being held at Pan Pacific Sonargaon Hotel Dhaka. Salman F Rahman is the Prime Minister's Adviser on Private Industry and Investment. The adviser asked the entrepreneurs of the CACCI member countries to invest in Bangladesh's hospitality sector utilising its full potential. Brian O'Gallagher, Deputy Chief Executive Officer of Australia's Chamber of Commerce Northern Territory mentioned that some of his country's companies are already involved with young minds for various works while he expressed his int...

Beximco Group protested the public statement of Transparency International Bangladesh and remarks of its executive director Executive Director Iftekharuzzaman. Chairman of Beximco group Sohail F Rahman wrote to the civil society corruption watchdog’s Chairperson Sultana Kamal. In the letter, Sohail F Rahman mentioned that sufficient reason to believe” that the TIB’s statement was pointed at Beximco Vice-Chairman Salman F Rahman, who was elected MP in the last general election, the company said. He is also the adviser to Prime Minister Sheikh Hasina on private industry and investment. Beximco Group enjoyed a long working relationship with the board members of TIB. Such an offensive insinuation was beneath the TIB and its stated values. Than he continued that Transparency International Bangladesh Executive Director Iftekharuzzaman’s remark is ‘disrespectful’ to the TIB itself and has “also belittled the MPs who have their loans rescheduled and the 60,000 hardworking employees by c...

Country's prominent businessman and private industry and investment adviser to the Prime Minister Sheikh Hasina, Salman F Rahman, announced that the Awami League government has taken  incentives for other export-oriented sectors to make them vibrant like readymade garments with an aim to diversify the export basket. Salman F Rahman is also the parliament member of the Dhaka 1 constituency. While speaking at the Economic Reporters' Forum in Dhaka, Salman F Rahman, said this. He further said that "we have to be careful. By over-emphasizing on export diversification, we must not shift our focus from the RMG sector. That is still our main product”. The workshop was titled “Orientation of the members of the Economic Reporters Forum on Export Diversification for Economic Growth in Bangladesh”. There has been a diversification in RMG products in the last couple of years. “We now produce different types of high-end RMG products,” Salman added. He also said that the markets ...

Bangladesh has registered exponential growth in its Gross Domestic Product (GDP) over the last two decades. Salman F Rahman captained the pharma industry along with other industries to new highs. While textile (garments) is the largest contributor in the annual figures, pharmaceuticals stand second. Apart from meeting 97% of the local demands, Bangladeshi pharmaceuticals are exported to more than 190 countries. The tale of pharmaceutical sector’s progress will be incomplete without emphasizing on the support from one of the most successful businessmen of the country, Salman F Rahman. At present, he is serving as the Private Sector Industry and Investment Adviser to Honorable Prime Minister Sheikh Hasina. He is also Member of Parliament from Dhaka 1 constituency (Dohar and Nawabganj).  Salman F Rahman established Beximco in 1972 as a seafood export company. However, as he identified the business markets, suitable modifications were made into the deal. Instead of cash, Ra...

Salman F Rahman wants new entrepreneurs enhance knowledge of modern technologies. Salman F Rahman himself has shaped business structures, corporate culture which helped Bangladesh grow in a rapid pace.  Bangladesh will surely shine if new entrepreneurs enhance knowledge of modern technologies. Technology is moving fast now. Robotics technology, nanotechnology and biotechnology are coming. The new entrepreneurs will have to update themselves with the technology Private Industry and Investment Adviser to the Prime Minister, Salman F Rahman said this recently. Salman F Rahman himself is a dynamic entrepreneur. He shaped business structures, corporate culture which helped the country grow in a rapid pace. He has brought dynamic changes to Bangladesh’s economy, growth and global perception. He also said that Bangladesh’s position in doing business ranking is likely to come down to 125 from the existing 176 very soon. Bangladesh is a very business friendly country. It wil...

Fourth Industrial Revolution is hear. Rapid increase in digitization, robotization, and intelligent automation has a significant impact on the current and future labour market . This will certainly create huge new job opportunities while billions of jobs will be threatened. The World Economic Forum (WEF) claimed that about 800 million people worldwide could lose their jobs by 2030, while approximately 5.7 million unskilled Bangladeshis would be sacked from their jobs abroad and at home due to a lack of technological skills. For example, in 2013, the RMG sector employed about 4.4 million workers in Bangladesh, a figure that dropped significantly to about 3.5 million by 2018. It is argued that one machine can potentially lay off 10 workers. What will happen to developing countries like Bangladesh? Will we be able to generate enough job opportunities in our own country? Since Bangladesh is a densely populated country with a strong demographic dividend, we must grab this comparative advan...

Salman F Rahman's contribution to the development of industries in Bangladesh is nothing short of amazing. His journey of transforming Beximco Group as the biggest conglomerate of Bangladesh is testament to his role.  He belongs to one of the first business families in post-independence Bangladesh.  After the demise of his father in 1966, Salman F Rahman's business journey began with an inherited jute mill. When he brought the mill to a profit-making stage, nationalization of jute industry in 1971 made him lose control of the mill. That is when he, along with his brother, shifted their attention to seafood exports and set up Beximco in 1972. Instead of solely targeting paper figures, he imported medicines from the export companies in order to help Bangladesh meet its corresponding demands. This initiated the chain of Beximco’s expansion in 1980 with Beximco Pharmaceuticals. The pharmaceutical arm went on to become the first Bangladeshi company to be listed on the London Sto...

Right after his appointment as the private industries and investment adviser to Prime Minister Sheikh Hasina, Salman F Rahman is meeting diplomats, foreign businessman, trade specialists, investors everyday. His mission is straight forward - highlighting Bangladesh's position as a place for investment. Recently, Salman F Rahman, who is also one of the most successful businessmen of Bangladesh, met Indian High Commissioner to Bangladesh Riva Ganguly Das, Ambassador of Republic of Korea Hu Kang-il and Consul of Singapore to Bangladesh William Chik to discuss various issues including trade and investment. All the meeting were successful. Successful in a sense that all parties agreed that Bangladesh has became a true destination for investment. Indian High Commissioner Riva Ganguly Das, South Korean ambassador Hu Kang-il and Consul of Singapore William Chik met The private industries and investment adviser to Prime Minister Salman F Rahman at his office in Gulshan. She discussed ...

India and Poland are on the track to become new billion-dollar export markets for Bangladesh in the current financial year 2018-19 due to extraordinary performance of readymade garment products. Exporters said that it was good news for Bangladesh as the country was getting two new billion-dollar markets, in addition to the nine billion-dollar markets. They said it is a good sign for export sector as along with traditional markets, Bangladesh’s export is increasing to non-traditional markets. Country’s export earnings from India in the first nine months of FY 19 stood at $985.32 million which was 59.72 per cent higher than $616.90 million earnings in the same period of last fiscal, according to the statistics of Export Promotion Bureau. Readymade garment export to India grew by 96.50 per cent to $401.14 million from $204.14 million in the period. Export to Poland in July-March of FY 19 grew by 27.88 per cent to $924.85 million from $723.18 million in the same period of FY 18....

Prime Minister's Private Industry and Investment Adviser Salman F Rahman and Finance Minister AHM Mustafa Kamal held a meeting with business and industries representatives at the National Economic Council's conference room in Dhaka recently. Leaders of FBCCI, DCCI, MCCI, leather and footwear manufacturers, agricultural businesses, real estate sectors, and government stakeholders attended the meeting. In the conference Finance Minister said National Board of Revenue will set the target from now on rather than the government putting the board under pressure. Finance Minister AHM Mustafa Kamal and Prime Minister's Private Industry and Investment Adviser Salman F Rahman are hopeful of achieving the revenue target of over Tk 2.96 trillion set for the current fiscal year. They assured the business leaders of prioritising measures to improve the business climate. Finance Minister mentioned that Salman F Rahman has been tasked with looking into ways to of make business easy. Bexim...