Bangladesh's Corporate World

Bangladesh needs to highlight the shining examples of foreign companies that have achieved success after setting up businesses here, said a delegation of American investment management firm T Rowe Price Group Inc. The delegation, led by Johannes Loefstrand, portfolio manager of Frontier Markets Equity Fund, suggested successful utilisation of special economic zones and attracting foreign companies there. The recommendations came after the delegation met with officials of the international trade, investment and ICT division at the foreign ministry, said a press release. The delegation enquired about the steps taken for attracting more foreign investment, initiatives for increasing exports, activities and successes of economic zones and progress in digitalisation in Bangladesh. Syed Muntasir Mamun, the division's director general, highlighted Bangladesh's geographical position between northeastern India and south and east Asia. He cited the increasing participation of women in th...

Political stability has been the key driver to Bangladesh's economic success, said Prime Minister's private industry and investment adviser Salman F Rahman at the World Economic Forum in Davos, Switzerland. "The real growth of Bangladesh has taken place for the last 14 to 15 years under the leadership of Prime Minister Sheikh Hasina. Political stability has been the primary key to Bangladesh's economic success story", said Rahman.   While explaining the other keys to economic success, he elaborated on an example and said, "Take the electricity crisis; when Prime Minister Sheikh Hasina initially took the power 14 years ago, the country was grappling with suffocating power outages. Electricity generation was only 4,000 megawatts at the time; currently, it is about 25,000 megawatts. Bangladesh now has power in every household. However, we now create more electricity than we require at night and are on the verge of eliminating all sorts of power shortages." ...

High Commissioner of Malaysia to Bangladesh Haznah Md Hashim, along with the officials of the Malaysian High Commission have visited Beximco Industrial Park recently. Beximco Group Director and CEO Syed Naved Husain welcomed them at Beximco Industrial Park, reads a press release.   The High Commissioner was highly impressed with the advanced technologies deployed by Beximco in its Vertical Manufacturing Units and the extensive measures taken to achieve a global leadership position in Sustainability. The High Commissioner also visited Shinepukur Ceramics which produces fine Porcelain tableware products and high-end Bone-China to customers including Royal Doulton, Royal Albert and others.

  Beximco Green Sukuk al Istisna’a will give 5.8 per cent or Tk 174 crore as return to its sukukholders for the first six months of the first year.The trustee Investment Corporation of Bangladesh made the decision at a trustee committee meeting on June 2   The trustee set June 22 as record date for finding the eligible sukukholders for the entitlement of the return. The 5.8 per cent return would be payable on face value of sukuk Tk 100 each. Earlier on July 8 , 2021 , the BSEC gave approval to BEXIMCO for issuing Tk 3,000 crore Shariah-compliant green Sukuk and the sukuk made debut on January 13 this year.   Beximco Green Sukuk al Istisna’a is issued by Beximco Green-Sukuk Trust as an asset backed Shariah compliant security and the proceeds received from the subscription will be utilised for solar projects of Teesta Solar Ltd and Korotoa Solar Ltd. The tenure of the green Sukuk is five years or 60 months from the issuance date. The face value of each Sukuk...

A Bangladesh University of Engineering and Technology (BUET) team recently visited Beximco group's Vertical Leeds Green Certified Industrial Park last week. The team was led by the Vice-Chancellor of Bangladesh University of Engineering and Technology (BUET) Professor Satya Prasad Majumder. From Beximco Group's side, Chairman A. S. F. Rahman and Beximco Group Director and CEO Syed Naved Husain welcomed the Bangladesh University of Engineering and Technology team. The Bangladesh University of Engineering and Technology team was highly impressed by Beximco group's initiatives on value addition and innovation using advanced technology, education and R&D. The BUET team was very keen to be updated on Beximco's initiatives on sustainability including collaboration with recovertex, product development, optimization and sutomation, state of the art effluent treatment plant and the most advanced and largest sustainable washing plant with most advanced technologies under one ...

Beximco Pharmaceuticals has received a sublicence from the Medicines Patent Pool, a United Nations-backed public health organisation, to produce Pfizer's breakthrough Covid-19 drug Paxlovid. The pharmaceutical giant said it will manufacture the drug – which is an antiviral combination of nirmatrelvir and ritonavir – in Bangladesh after its successful technology transfer and manufacturing regulatory approvals. "We are already producing this drug," Rabbur Reza, chief operating officer at the company, told The Business Standard. "We will convert the Pfizer technology by December. Because of this agreement, now we will supply the drug to 95 low- and middle-income countries," he added. The Medicines Patent Pool (MPP) is working with an aim to increase poor countries' access to drugs. Clinical trial data has shown the pill, sold under the brand name Paxlovid, reduces the risk of hospitalisation and death from Covid by 89% if taken within three days of the onset of...

Prime Minister Sheikh Hasina said the development of today’s Bangladesh has only been possible as the democratic trend has been continuing for 13 consecutive years. “Today, you (people) have been seeing a changed Bangladesh for last 13 years which has only been possible because of continuation of democratic process in the country and Awami League was in power during the period,” she said. The premier made this remarks while addressing a civic reception accorded to her by expatriate Bangladeshis during her official visit to the United Arab Emirates (UAE). She joined the event virtually from her place of residence in Abu Dhabi, while Bangladeshi community people were connected from three venues -- Bangladesh Consulate in Dubai, Abu Dhabi Theatre and Bangladesh English Private School and College in Ras Al Khaimah. Mentioning that Bangladesh is marching forward and none would be able to take it back anymore, Sheikh Hasina said, “There was a black chapter in the country after 1975... ...