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Listed textile, garment firms’ profits edge up

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Listed textile, garment firms’ profits edge up

Star Business Report

Most of the listed textile, knitting and garment companies saw their earnings per share (EPS) creep up in the first quarter of the current financial year (2018-19) thanks to higher export growth.

Of the 53 listed companies, 30 saw their EPS — an indicator of profitability — rise between the months of July and September, while 17 saw theirs decline, according to data from the Dhaka Stock Exchange. One company’s EPS stayed the same.

The garment sector’s exports soared during the quarter, so most of the companies’ profits rose, said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association.

“Buyers from many countries are coming to Bangladesh as our remediation programme is almost complete.”

Garment shipments increased 14.66 percent, according to data from the Export Promotion Bureau.

The export growth may continue in the coming months if the business environment remains favourable, said Rahman, also the managing director of Sterling Denims. DSE data shows some of the textile companies saw a decline in their EPS during the quarter, while some of them even fell into losses.

The price of cotton had soared in the international market but the yarn price did not rise in the local market, said Md Abdullah Bokhari, chairman of Alhaj Textile.

Cotton price varied from 77 to 90 cents in the July-September quarter, according to Business Insider.  Just few months earlier, in November 2017, it was 70 cents.

“Moreover, the utility bill rose, so we had to incur losses.”

Since Alhaj Textile does not export it was most affected, he added.

Alhaj Textile’s EPS stood at Tk 0.13 in the negative in the first quarter, in contrast to Tk 0.21 a year earlier.

Anlima Yarn, another textile company, saw its EPS sink to a negative territory: it stood at Tk 0.03 in the negative.

Mozaffor Hossain Spinning Mills also saw a negative EPS of Tk 0.12, which was Tk 0.29 a year earlier.

Cheap labour continues to draw Japanese investment

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Cheap labour continues to draw Japanese investment

Refayet Ullah Mirdha

The devastating terrorist attack in Dhaka in July 2016 that killed seven Japanese citizens could not dampen the Far East nation’s attraction towards Bangladesh when it comes to trade and investment.

Since 2016, 24 new Japanese companies came to Bangladesh to take the tally to 269, according to data from the Japan External Trade Organisation (Jetro) in Dhaka.

Low wage and low cost of production are the main reasons for coming to Bangladesh, according to Daisuke Arai, country representative of Jetro, an organisation of the Japanese government that works to promote trade and investment with the rest of the world.

“In China the cost of production is four times higher than that in Bangladesh. Definitely, Bangladesh is a very competitive country for investment compared to other countries,” he told a group of journalists at his office in Dhaka yesterday.

Bangladesh is one of the major destinations although Japanese entrepreneurs are investing in Cambodia, Vietnam and Myanmar in areas of textile, IT and infrastructure.

So far, the amount of Japanese investment in Bangladesh by private companies is $326 million. However, the amount is much higher if the investments made by Japanese automobile giant Honda and Japan Tobacco are included.

In August this year, Japan Tobacco Inc agreed to purchase local Akij Group’s tobacco business for $1.5 billion, which is the single largest FDI in Bangladesh’s private sector so far.

Last week, Honda inaugurated its lone manufacturing plant at Munshiganj that it set up with state-owned Bangladesh Steel Engineering Corporation for Tk 230 crore.

If the amount of Japan state sponsored investment through Overseas Development Assistance (ODA) in different projects is included the amount is even bigger.

So far, the Japanese government has committed $12 billion as ODA and has already released $7 billion of the sum.

Many more Japanese investors are waiting to relocate their investment to Bangladesh because of the Japanese government’s “China plus one” policy that was adopted in 2008 to reduce overdependence on China, especially for electronics and apparel items.

“We always advise them to invest in Bangladesh,” he said, adding that a lot of the work orders for apparel were shifted to the country from China.

Land acquisition for the special economic zone for Japanese investors has been completed, said Arai, also the president of the Japan Bangladesh Chamber of Commerce and Industry (JBCCI).

A company is scheduled to develop the land to get it ready for operation from December 2020. Arai went on to call for an end to customs and taxation harassment in Bangladesh, which the Japanese investors often complain about.

The problems listed by the Japanese companies in Bangladesh include difficulty in local procurement of raw materials and parts, inadequate logistics and infrastructure, difficulty in quality control and shortage of power.

Bangladesh has the longest lead-time in the seaways from Bangladesh to Japan compared to other Asian nations.

Currently, a vessel from Bangladesh requires 20.4 days to reach Japan, whereas it requires 5.8 days from Taiwan, 7.3 days from Vietnam, 9.5 days from Cambodia, 12.3 days from India and 14.6 days from Myanmar.

Even by air the lead time is the highest from Bangladesh. On an average it takes 8.7 days from Bangladesh to reach Japan, whereas from Myanmar it takes 5.3 days, India 4.7 days, Vietnam 3.1 days and from Cambodia 3.3 days.

Not just investment inflow Japan has also turned into the largest export destination for Bangladesh among the Asian nations.

Japan is the only country in Asia to which the exports crossed the $1 billion mark in the last three consecutive fiscal years.

Export earnings from Japan rose 11.73 percent to $1.13 billion last fiscal year, according to data from the Export Promotion Bureau. Of the amount $846.73 million — which is 74.8 percent — came from garment shipments.

Bangladesh has a lot of opportunities to send its skilled and semi-skilled workers to the Far East nation as the Japanese government has recently taken a decision to recruit foreign workers for five years with the opportunity to renew for another five years, Arai added.

Improve ease of doing business to attract more FDI

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Improve ease of doing business to attract more FDI

ICCB suggests

Star Business Desk

Bangladesh should make all-out efforts to improve its position in the Ease of Doing Business index of the World Bank in order to attract more FDI, a leading chamber said yesterday.

In order to plug the investment shortfall for its infrastructure needs, the country has to explore alternative sources of funding, the International Chamber of Commerce-Bangladesh (ICCB) shared the info in the editorial of the current News Bulletin (July-Sept 2018) released yesterday.

Desired investment is not flowing into the country because of the absence of an appropriate investment environment caused by insufficient infrastructure, port congestion and poor transportation facilities, according to experts.

FDI is only moving forward because of the reinvestment of current investments, the chamber said.

Bangladesh is likely to be one of the biggest movers in the global gross domestic product (GDP) in 2030 as predicted by HSBC’s global report titled “The World in 2030”, ICCB said.

The country is going to become the 26th largest economy in the world from the current 42nd position followed by the Philippines, Pakistan, Vietnam and Malaysia, according to the report.

The brand value of Bangladesh is also rising as the country has ranked 39th in the global brand value index 2018 reflecting its socioeconomic vivacity. Bangladesh has a brand value of $257 billion, up 24 percent from last year, according to the London-based Brand Finance’s ‘Nation Brands 2018’ report.

Bangladesh economy has kept up an impressive annual average growth rate of more than 6 percent over the last 10 years and has been having increased GDP over the last couple of years.

It is believed that Bangladesh could have easily achieved 8 percent plus growth by controlling the project implementation time, which would automatically minimise the project cost, the ICCB said.

For about a decade, private investment to GDP ratio has been stuck at 21-23 percent. But according to the country’s growth ambitions, the ratio has to be about 35 percent.

A number of Asean countries have achieved higher GDP as their investment to GDP ratio has been in the range of 35-45 percent.

Early implementation of the “One-Stop Service” will hopefully help the country attract higher FDI, the chamber said.

A number of US companies are seriously considering relocating their operations from China in view of the current trade war between China and the US.

Bangladesh should be able to capitalise on this situation, the chamber said.

FDI picking up, but slowly

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FDI picking up, but slowly

AKM Zamir Uddin

Foreign direct investment in Bangladesh rose only 5.11 percent in fiscal 2017-18 from a year earlier — the progress being slow because of inadequate infrastructure and poor ranking in the World Bank’s Ease of Doing Business index.

Bangladesh ranked 176 out of 190 countries in the World Bank’s Ease of Doing Business index this year, the lowest ranking for a South Asian nation.

Last fiscal year, net FDI stood at $2.58 billion in contrast to $2.45 billion a year earlier, according to the central bank.

FDI flow has been maintaining a rising trend in recent years but it was not up to the mark given the GDP size, said AB Mirza Azizul Islam, a former finance adviser to a caretaker government.

The country’s FDI to GDP ratio has been hovering below 1 percent for long but its peers like Vietnam, China, India and Cambodia have more than 2 percent, he said.

“Foreign businesses place great importance on the Ease of Doing Business ranking before taking an investment decision.”

Bangladesh is yet to become an investment destination for foreigners due to its poor governance, unavailability of energy supply, infrastructure deficits, corruption, political uncertainty and concerns over security, Islam said. The power sector saw the highest inflows in fiscal 2017-18 of $589 million, followed by textile at $459 million and banking at $321 million.

Last fiscal year, $506 million flew in from China, $373 million from the UK, $191 million from Hong Kong, $171 million from the US, $158 million from Singapore, $135 from Norway and $125 million from South Korea.

The central bank calculates the FDI in three categories: equity, reinvestment of earnings and intra-company loan.

Last fiscal year, equity capital or new investment came down 39 percent to $615 million.

The declining flow of equity capital is a matter of concern for the country’s FDI as it is a pivotal element among the three categories, said a Bangladesh Bank official.  

Reinvestment of earnings by existing foreign companies remained almost unchanged at $1,253.44 million.

The development indicated that the foreign companies had repatriated their profit abroad instead of investing them in the country, said a central bank official. 

The FDI, however, posted a significant jump in intra-company loans last fiscal year: it rose 3.65 times year-on-year to $712 million.

Narayanganj to get electric train service

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Narayanganj to get electric train service

Star Business Report

The government has taken up a project to introduce electric train service in Narayanganj under a public-private partnership with Singapore.

The cabinet committee on economic affairs with Finance Minister AMA Muhith in the chair yesterday approved the local government division’s proposal to reduce the district’s traffic congestion.

Nasima Begum, additional secretary to the cabinet division, told reporters afterwards that 388 cities around the world used the transport system.

She said 23 kilometres of the rail line will be set up in two parts, one covering 11 kilometres from Nitaiganj via Chashara to Signboard and another 12 kilometres from Chittagong road to Panchabati.

She also said the interchange station or the place allowing passengers to change routes would be at Chashara. Bangladesh and Singapore have already signed a government-to-government agreement and the cost and other issues would be determined following a feasibility study.

The cabinet committee also approved a proposal for importing two lakh tonnes of urea fertiliser from the United Arab Emirates under a state-to-state arrangement.

After the economic affairs committee meeting, the purchase committee held a meet on a proposal for the food ministry to purchase 1.85 crore pieces of hessian bags from Bangladesh Jute Mills Corporation.

The price for every hessian bag has been fixed at Tk 54.

The committee also approved an additional cost for the construction of a coastal embankment in Mirsarai Economic Zone in Chattogram. Originally Tk 1,124 crore was allocated for the project, and now with the additional cost, Tk 1,631 crore in total has been okayed.

The committee also approved another proposal for the purchase of equipment for gantry cranes at Chattogram container terminal at a cost of Tk 61 crore.

Besides, it also approved a proposal for floating fresh tender under the learning and earning project of the information and communication technology division. The main aim of the project is to organise training programmes for young learners in 64 districts.

“We need to build residential apartments outside the capital to meet the housing needs of future generations”

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“We need to build residential apartments outside the capital to meet the housing needs of future generations”

In conversation with Alamgir Shamsul Alamin (Kajal), President, REHAB

What is the current scenario of the real estate industry in Bangladesh?

Despite going through a transitional phase, the real estate sector maintains its stability in terms of market and price. The sector is not as volatile as it was before. During 2016-17, on average, nearly 8,000 apartments were handed over.

However, as the country is heading for a parliamentary election, people do not want to undertake any risky ventures by investing a large amount of money in the housing market. It is expected that the market will retain its stability once the general election takes place.

What are the changes you have observed in the real estate sector over the past few years?

Many transformations and changes are discernible in this sector. We see a phenomenal transition regarding the acceptance of the industry. People were not ready to move into the apartment during the industry’s inception. But then again, they started to accept the concept of residing in apartments. The growing population and increasing land constraints have led to an increase in demand for apartments.

Earlier, people preferred cash transactions when dealing with purchasing formalities. But now customers seem to rely on financial institutions like commercial banks to get financial assistance and home loans. Finally, the real estate developers have replaced the small-storey building with multiple-storey ones to meet the commercial and residential needs.

What is your opinion on the ways in which population growth in Dhaka city can be accommodated?

Dhaka city has almost gone beyond its capacity. For now, the real estate companies should build residential buildings outside the city to accommodate the housing needs of the next generation. Our capital is now overburdened, for which the system is unable to offer more utility services, road facilities, sewerage system and other essential needs. Moving to another town is a good option to live a better life in a decent environment. The initiation of metro rail and elevated express provides real estate companies with a new opportunity to move their business outside Dhaka city.

What role can REHAB play to cater to the middle- and low-income groups?

REHAB is collaborating with the government to build some apartments in the government-designated lands, particularly in Mirpur. The members of REHAB are involved in this project and their objective is to reduce the price of these apartments to support the middle-income group. If these designated lands are allocated with proper road connectivity and utility services, the cost will significantly reduce.

It is true that the middle- and low-income groups cannot afford an apartment without consistent financial assistance. Most of the countries around the world offer such financial support for their citizens. Unfortunately, we do not have such kind of a support system. Recently, our government sanctioned funds for government employees and the funds will provide the employees with long-term financial support to purchase an apartment. It will definitely create a good housing market for the real estate sector. If the government initiates long-term home loan facilities for the general people as it did for the government employees, more people will be able to afford an apartment.

What are the challenges that the real estate sector is facing?

The major challenge of this sector revolves around the availability of raw materials. Most of the raw materials required for construction are imported. The housing market gets affected largely due to the fluctuation of the dollar rate and import duties.

The real estate sector also faces difficulties in coping with the increasing price of construction materials. The developers are now having a tough time meeting the expected price of consumers. Regarding this, REHAB arranged a series of meetings with the government and concerned parties to reduce the cost of construction materials.

The government should provide the real estate companies with increased road connectivity surrounding Dhaka and all the other big cities. Road facility, electricity and utility services in other cities can facilitate the sustainable growth of the housing market.

Japan’s Honda opens motorcycle plant

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Japan’s Honda opens motorcycle plant

Farhana Mirza and Jagaran Chakma

Japan automobile giant Honda yesterday inaugurated its motorcycles manufacturing plant in Bangladesh, in what can be viewed as a watershed moment for the country’s industrial capabilities.

The plant, which was set up for Tk 230 crore on 25 acres of land in the Abdul Monem Economic Zone (AMEZ) in Munshiganj, will help save foreign currency and make motor bikes more affordable.

“We will hit the market with the ‘Made-in-Bangladesh’ Honda bike,” said Shah Muhammad Ashequr Rahman, head of finance and commercial of Bangladesh Honda Private Limited (BHL), a joint venture between Honda and state-owned Bangladesh Steel Engineering Corporation (BSEC).

The plant will have an initial annual production capacity of 100,000 units a year. By 2021, the production capacity will expand to 200,000 units a year, according to BHL, which has been marketing Honda brand bikes in Bangladesh for the last several decades.

It plant will make seven models of Honda motor cycles: Dream Neo 110, LIVO 110, CB Shine125, CB Trigger 150, CB Hornet 160R, and CBR150R.

Rahman declined to specify the prices of locally made Honda two-wheelers, but said they would not be more than those of the existing bikes.

Industries Minister Amir Hossain Amu, who inaugurated the plant, said he expects Bangladesh’s customers would get world-class motor cycles at a reasonable price.

So far, Tk 1,500 crore has been invested for the development of motorcycle industry in Bangladesh.

“Hundreds of jobs were created thanks to the investment,” he said.

Honda’s move to start local manufacturing comes at a time when the motor cycle market is fast expanding, spurred by price cuts brought about by a slash in supplementary duty on the import of the two-wheeler’s components and a surge in ride-sharing services in Dhaka and Chittagong.

The National Board of Revenue slashed the SD by 25 percentage points to 20 percent in fiscal 2016-17 to encourage local assembly and subsequent manufacturing.

The government also framed the National Motorcycle Industry Development Policy 2018 with a view to diversifying the country’s manufacturing and export and creating jobs.

Today, on average 1,000 units of two-wheelers are sold every day in Bangladesh as the demand is surging for the mobility it provides in the congestion-ridden urban life. The number was around 550 five years earlier, said industry operators.

Yuichiro Ishii, managing director and chief executive officer of BHL, expects the motor cycle industry in Bangladesh to expand and contribute to the national economy by generating more jobs and developing a skilled workforce.

The plant will also facilitate technology transfer, encourage the growth of a parts supplying industry and attract more direct foreign investment, he added.

Saber Hossain Chowdhury and Mrinal Kanti Das, both lawmakers; Mosharraf Hossain Bhuiyan, chairman of the NBR; Paban Chowdhury, executive chairman of the Bangladesh Economic Zones Authority; Muhammad Abdullah, youth and sports secretary; Hiroyasu Izumi, ambassador of Japan to Bangladesh; Noriaki Abe, operating officer for motor cycle operations of Honda Motor Co Ltd; and Masayuki Igarashi, president and CEO of Asian Honda Motor Co Ltd, were present.

Prices of toiletries shoot up

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Prices of toiletries shoot up

Consumers feel the pinch

Prices of toiletries have shot up in recent months, burning a hole in the pocket of limited income group.

Almost all types of soaps, shampoo, toothpaste, detergent and toilet cleaners saw a price hike of up to 27 per cent at retail markets over the past few months.

Many manufacturers have also reduced the quantity of their product packs to adjust the prices, according to grocers.

Though some manufacturers cited the growing production costs as a reason behind the price hike, consumer rights activists strongly rejected the claim, saying that the import costs of raw materials of some products have even come down.

Prices of Lux beauty soap, weighing 100 gram, a product of Unilever Bangladesh, have increased to Tk 34 from Tk 30 and its 150 gm pack to Tk 45 from Tk 42 at the retail level over the last few months.

Lux is the most traded beauty soap in the country, having a 45 per cent market share, according to the Bangladesh Cosmetics and Toiletries Manufacturers’ Association (BCTMA).

The price of Unilever’s wheel brand, a market leader in cloth washing powders, soared to Tk 42 from Tk 35 per 500gm pack at the retail level.

The price of Rin, a detergent brand of the Unilever and one of the most chosen fast-moving consumer goods brands in the country, increased by 26.3 per cent per kg.

The price of mini-pack (20 gm) of Surf Excel, another detergent brand of the company, increased to Tk 5.0 from Tk 4.0, said Md Zaman, a sales executive of Mohammadpur-Dhanmondi-based NBS Distribution.

The price of Harpic, a product of Reckitt Benckiser Bangladesh (RB Bangladesh) and a market leader among toilet cleaners, increased to Tk 100 from Tk 85, registering a 17.6 per cent hike.

The price of Dettol soap (75 gm), another product of the company, went up to Tk 36 from Tk 32.

Kohinoor Chemicals Co has increased the price of one of its products-Sandalina beauty soap-by Tk 1.0 and Tk 2.0 for its 75gm and 125gm pack respectively, according to grocers.

Prices of shampoo (mini pack) of Head & Shoulders, Pantene, All Clear and Dove brands, have also increased by Tk 1.0 per mini pack, said Md Belal Hossain, a grocer at Shankar, West Dhanmondi, in the city.

Sunsilk (mini pack) shampoo of Unilever is still priced at Tk 2.0 but its new pack now weighs 6.0 millilitre, which was 7.0ml earlier, he said.

A 50gm toothpaste tube of Close-Up brand, a Unilever product, was priced at Tk 35 few months back.

But the company has now been supplying a 45gm toothpaste tube and the price has been fixed at Tk 40 — a nearly 27 per cent hike in real term.

The price of 100gm toothpaste tube of Pepsodent (pro-sensitive) brand was Tk 80 a few months ago, but the company is now supplying a 90gm toothpaste tube with the price tag of Tk 90 — an increase of 25 per cent.

Also, the costs of dish, glass and bathroom cleaners and hair oil increased during the period.

The price of Parachute Hair Oil (200 ml), a product of Marico Bangladesh Ltd., increased to Tk 120 from Tk 108.

When contacted over mobile phone and email, Unilever Bangladesh media manager Ahsanur Rahman said that they need more time to make any comments.

But this FE correspondent didn’t receive any more feedback from the company as of Saturday, even after a wait for seven days.

However, Reckitt Benckiser Bangladesh declined to make any comment on the issue despite repeated attempts.

Company secretary of Kohinoor Chemical Co. Md Ferdows Jaman said they raised the price of Sandalina soap by 4.0 per cent following an increase in production cost.

The company has revised the price after three years, he added.

The company has 17 per cent of the market share for cosmetics and toiletries in the country.

Consumers Association of Bangladesh (CAB) secretary Humayun Kabir Bhuiyan said toiletries and homecare products are now considered daily essentials.

The rising prices of toiletries at such a high rate will definitely hit the commoners, he said.

He also said adjusting prices for inflation and the increased production costs is justifiable.

“But the companies have raised the price of their products to an unprecedented level this year,” he commented.

He said the import duty on soap and detergent ingredients like soap noodle, surfactant, enzyme stabilizer and polymer has not been increased in the current financial year, rather the government has reduced import duty on many items.

The commerce ministry should look into the issue to protect the interests of the consumers, he said.

The robust growth of the cosmetics and toiletries sector over the last 18 years has turned it into one of the vital money-spinning areas with an annual turnover of approximately Tk 150 billion, according to BCTMA and Bangladesh Cosmetics and Toiletries Importers’ Association (BCTIA).

Low-cost loan for govt employees to boost housing sector: REHAB

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Low-cost loan for govt employees to boost housing sector: REHAB

FE Report

Hailing the government’s move to provide low-cost housing loan to its employees, the realtors said it will help turn around the country’s real estate sector.

They also said such affordable home loan for nearly 1.2 million public servants will also give an impetus to the national economy, as 269 other sectors are related to housing.

The Real Estate and Housing Association of Bangladesh (REHAB) expressed these views at a press conference at a city hotel on Monday.

REHAB president Alamgir Shamsul Alamin, first vice-president Liakat Ali Bhuiyan, second vice-president Md Ahkam Ullah and vice-president Md Abdul Kauiam Chowdhury were present at the press conference.

Speaking on the occasion, Shamsul Alamin said the government employees will avail home loan at 5.0 per cent interest rate once the decision takes effect.

They can receive a loan of Tk 3.0 million to Tk 7.5 million depending on their pay-scale grade, he said.

Referring to the government’s goal of ‘housing for all’, the REHAB president said the circular regarding home loan is the reflection of this goal.

“We also expect the circular comes into effect in no time,” he added.

According to the government circular, the loan will carry a 10 per cent interest rate and is repayable in 20 years.

A borrower will have to pay 5.0 per cent interest while the government will provide the remaining 5.0 per cent on behalf of the borrower.

In response to a query, the REHAB leader said customers are showing interest in buying property in recent times after the announcement of ‘single digit’ interest on loans.

“But all of the financial institutions are not following the directives,” he added.

Regarding the prospect of secondary real estate market, he said the realtors are regularly participating in discussions with stakeholders in this regard.

Giving feedback to another query, he suggested that new buyers should remain cautious while purchasing flats or lands.

“I would request customers to check out our websites, where you can find the dos and don’ts about a property purchase,” he said.

He also called on the clients to make deals with the real estate companies affiliated with the REHAB.

Bay Terminal project should get top priority

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Bay Terminal project should get top priority

Chattogram-based businesses say

Staff Correspondent, Ctg

Business leaders based in Chattogram yesterday urged the government to give top priority to the Bay Terminal construction project to enhance the port’s capacity to cope with spiralling foreign trade.

Once constructed, the terminal with three times more space compared to Chittagong port would also be able to serve the neighbouring countries, including the north-eastern states of India, they opined. The country’s overall economic development mostly lies on the development of Chattogram, they said.

They also proposed for giving more focus on different development projects like elevated expressway, bullet train between Chattogram and Dhaka and stronger connectivity between Chattogram and three hill districts and Cox’s Bazar. The top businesses also demanded introduction of a separate ministry for the port to oversee and streamline the port’s activities.

They came up with the proposals at a seminar titled “Development roadmap – Chattogram division in the wake of Vision 2021 and Vision 2041” at World Trade Centre in Chattogram.

The Chittagong Chamber of Commerce and Industry (CCCI) in association with the finance and planning affairs sub-committee of the central Awami League organised the seminar.

Prime Minister’s Economic Affairs Adviser and Chairman of the Sub-Committee Mashiur Rahman chaired the event.

Rahman stressed the need for enhancing skills of manpower as well as better utilisation of the skilled manpower to attain the benefit of the country’s demographic dividend which will last till 2040.

He emphasised on creating more employment opportunities in this regard.

He said development does not only relate to growth, it also needs to bring changes to the people as well as the society and the issue should be addressed.

The country’s import and export activities would be hampered if the Chittagong port cannot work properly, Rahman said.

It is also necessary to ensure proper development of the country’s main seaport as well as making other ports like Mongla and Payra more effective, he said.

Member Secretary of the Sub Committee Tipu Munshi, who moderated the seminar, said they are organising such divisional seminars to collect proposals from the local business leaders regarding economic development at their respective localities.

“Later we would formulate reports and incorporate the suggestions in the party’s next election manifesto.”

Proper implementation of Mirsarai and two other economic zones would create around 1.5 crore jobs, CCCI President Mahbubul Alam said.

Alam also stressed the need for selecting real investors while allocating land in these economic zones.

The Bay Terminal should be implemented as a first track project since the terminal would be able to meet demand for the next 50 years, he said.

The chamber leader also demanded installation of scanners at all the 10 entry gates of Chittagong port and procurement of required equipment for the smooth operation of the port.

The weight limit set for cargo transport on the Dhaka-Chattogram highway is discriminatory for Chattogram-based businesses, Chittagong Customs Clearing and Forwarding Agents Association President AKM Akhter Hossain said. He demanded withdrawal of the limit.

Ruling party lawmaker Shamsul Haque Chowdhury, former CCCI vice president MA Salam, former directors Mahfuzul Hoque Shah, SM Abu Tayyab and Moinul Islam and BKMEA Director Showkat Osman spoke among others.