March 2015 Tk. 100

APPAREL INDUSTRY’S NEXT CHALLENGES & PROSPECTS

Sector Focus on different businesses facing losses

Special Report Pharmaceutical Industry in need of reality check? ‘Economy must be exempted from political activities’ DCCI President Hossain Khaled March - 2015 6 cover story apparel’s next challenge CONTENTS 20 interview of the month hossain khaled 4 42 from the editor photo feature grainy conservation 5 letters to editor 14 sector focus 92 businesses in loss word of mouth 30 special report pharmaceutical industry

March 2015 Tk. 100

APPAREL INDUSTRY’S NEXT CHALLENGES & PROSPECTS

Sector Focus on different businesses facing losses

Special Report Pharmaceutical Industry in need of reality check? ‘Economy must be exempted from political activities’ DCCI President Hossain Khaled

Cover Photo: Din M Shibly

appraisal belief movies 76 personal proposition 78 self-belief 70 replicating profits 88 travel 26 meghna river emerging industry light engineering 36 banking 38 risky business credit instability to cost huge 86 blue economy 39 mud crab farming corporate grooming armed for the nose 62 money plan picking up pace 80 aviation 60 air industry corporate fitness wellness no more 40 tech digital world 2015 March - 2015 54 at work CONTENTS serial procrastination 54 83 on the bookshelf ekfair 2015 56 branding wise way of doing things 58 career flexibility gap 50 dining amalgamation of tastes 64 motivation shaking up the world 64 68 the big idea can big data save the world? 66 startup facebook commerce 72 recreaion bottled up 74 advice peer endearment FROM THE EDITOR Glimpse of a few pieces from our March 2015 issue

With the ongoing political impasse crippling the economy, businesses in Bangladesh are taking a sustained beating, without seeing hope for an immediate recovery. The news of unpaid wages and default loan repayments are on rise every day. However, it would be wise not to take the condition of Dhaka into context. Stores may have opened and traffic jams may be resurfacing, but hardly any business is being done. At least it is better than staying at home and doing nothing. Things are even bleaker W outside of Dhaka, where the maximum impact can be observed. Ports have endless bulks of goods not being able to be cleared and sent to different parts of the country, as fears of petrol bombs being hurled is the recent scare tactic. Idle goods are costing businessmen plenty of money, which is adding to the cost of goods and cost of doing business, something Bangladesh already lags in. So what is the latest situation on the big manufacturing industries? In our cover story of this issue, we look at the upcoming challenge that our Readymade Garments (RMG) industry is facing. The next challenge of the leading export sector in Bangladesh business is not just to tackle the effects of the current instability, but also the fear of losing to neighbouring countries like Sri Lanka, Vietnam and others. With the European Union granting GSP status to Pakistan recently, it does put Bangladesh in a rather precarious position. But as the RMG owners are working steadfast on finding new destinations, Bangladesh RMG remains on a slow track to sustainable economic development. According to Hossain Khaled, president at Dhaka Chamber of Commerce and Industry, there is a daily revenue loss of Tk. 2000 crore. That is a significant amount (almost 2% of our GDP) and it will be very hard to salvage whatever image and credibility that will be left after the impasse is over. He pointed out the lack of government support to help businesses, the loss of credibility and image in front of domestic and foreign investors, and more reasons which are detrimental to the development of more businesses and industries in Bangladesh today. He made appeal to all the political institutions to keep the economy out of all political activities. But all said and done, Bangladesh has witnessed similar situation in the past, only the degree and extent of damages done had varied. Businesses and industries, thanks to the resilient spirit of the Bangladeshi people, have always enabled us to bounce back and gear for future. We hope that this impasse ceases to exist as soon as possible, and that the economy would be on its development track again. LETTERS TO THE EDITOR

Dear Editor, I see that your magazine is having quite a unique experience as the soul business magazine in Bangladesh. I hope your work would be even widely recognised. Sharmin from Chittagong, HR Consultant Write to us at [email protected], Dear Editor, or send us a note at Your team is doing such a wonderful job in www.facebook.com/icebusinesstimes creating this full-of-information www.twitter.com/BusinessTimesBD publication. You have covered numerous Be sure to visit our website stories in wide variety of subjects and on for online viewing from different perspective. It is really at www.icebusinesstimes.net amazing to know that there is a publication that is targeting the english readers. I hope that your work goes even deeper and reaches all sects of the society. Fathima from Love Lane, Chittagong

To the Editor, I used to read your publication around two to three years ago, that was before I got posted in Sylhet. On my visit to Dhaka, I came across your magazine. You have brought in a lot of changes. Now you have a website too. Your facebook page is very active too. I think you and your team should keep this going, and even further improve it. I’m sure I can follow your publication now. Kibria, from Cape Town

Vol. 5 No. 7 March 2015

Hi, I was thinking, that why isn’t Publisher & Editor : Abul Khair your magazine available at Executive Director : Nawshin Khair airports and other international Managing Editor : Nobonita Chowdhury lounges. You know, you have Editorial Assistant : Wafiur Rahman I just want to tell that your great potential of being Ahmed Noushad website is beautiful. More than explored. it was before. But it is still not Designer : Sk. Yeahhia friendly. Can you do something Head of Marketing : Lucky Begum to increase user interactions? Assistant Manager Marketing : Farha Tani Executive, Marketing : Farhan Nair Finance & Accounts : Md. Abdul Alim Sales & Distribution : Md. Manik Mollah COMMENTS Md. Raju Hossain

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: [email protected], [email protected] Advertising, Sales, Subscription and Distribution: 01711339587, 01819412035, 01920335953, 01716783698, 01675736760 Tel: 880-2-8901132, 8901135, 880-2-8901202 Fax: 88-02-8901205 E-mail: [email protected], [email protected] COVER STORY

After the twin industrial disasters, the Tazreen Fashions fire and A Rana Plaza building collapse, the country’s economic lifeline of Ready Made Garment (RMG) sector was struggling to revive from the image crisis. Now, the sector is passing through a difficult period due to the political crisis. The garment makers have been facing difficulties in carrying goods from the factories to the port and from the port to the factories due to blockade and hartal.

6 March 2015 ICE BusinessTimes COVER STORY

THE LATEST APPAREL STORY Challenges and prospects of Bangladesh’s main export-earning industry

By RU Mirdha Photo Din M Shibly

But, the country was supposed to enjoy the benefits of three and half decades’ journey of RMG business that started in late 1980s of last century. In its long journey Bangladesh has become the second largest RMG exporter after China, grabbing 5 percent of the $450billion global RMG trade a year. Bangladesh expects to capture 8 percent of $650 billion global RMG trade by the end of 2021 by attaining a nationally set target of exporting $50billion worth of RMG products. In the last fiscal year, the country exported garment products valued at $24.5billion.The sector employed nearly 4 million workers. The country’s banks, insurance companies and transports are heavily dependent on the RMG trade.

ICE BusinessTimes March 2015 7 COVER STORY

But, with its existing domestic challenges, some B international studies are showing that Bangladesh may lose its market share to Vietnam. The East Asian country is likely to overtake Bangladesh in the global apparel export market share once the Trans-Pacific Partnership (TPP) takes shape, which is scheduled to be signed this year, according to a recent study by the British bank Standard Chartered. According to findings of a research report by Standard Chartered, the agreement is likely to benefit Vietnam’s apparel industry, while hurting South Asian competitors such as Bangladesh and Sri Lanka. The TPP, a proposed free trade agreement, will include 12 nations, which count 40 percent of the global GDP, including Vietnam, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and the United States. The report looks at the expected impact of the TPP on Vietnam (a TPP participant), and the South Asian frontier markets of Bangladesh and Sri Lanka (non-TPP participants). In this scenario, Vietnam could overtake Bangladesh in global apparel export market share by 2024, raising its share to 11 percent from 4 percent currently. Preferential access to the US apparel market will give Vietnam an advantage over other Asian manufacturers, according to the report.

8 March 2015 ICE BusinessTimes COVER STORY

many positive things are happening in Bangladesh and also in the sector that others should know them. A large number of international and national retailers, academicians, politicians, government officials, experts and researchers took place in the three day international summit. The retailers also started coming to Bangladesh with good number of work orders after the summit. But, just after the summit the political crisis has been eating up the benefits of all struggles. After the Rana Plaza building collapse the industry people started improving the compliance issues. The government amended the labour WHAT IS and external challenges over the law in July 2013 allowing full THE CHANGE? years. One of the major challenges freedom of association by the was elimination of quota system in The beginning of the garment workers. The garment owners have January in 2005. Many thought that business in Bangladesh is very also started allowing formation of Bangladesh might not perform well interesting. After the independence associations by the workers at the after the quota elimination. But they in 1971, Bangladesh had been facing factory level. The government formed were proved wrong as the sector has a lot of challenges. One of the major the tripartite wage board for the been still performing well and challenges was the unemployment garment workers. The board competing globally strongly. problem. People were looking after recommended the hike of the Overcoming the quota system, jobs but the scope for jobs was minimum wage to Tk 5,300 from Tk Bangladesh has been performing limited at that time. The government 3,000. quite well until the twin industrial was the only major employer then. The garment workers’ disasters. The Tazreen Fashions fire People were also looking for recommendation was implemented that occurred on November 24, 2012 opportunities. And fortunately, from December of 2013. The killed 112 workers and injured many Bangladesh had started receiving a government and the factory owners others. Just six months later, the lot of quota of garment business. The have also been working to improve biggest industrial disaster of the government started distribution of the workplace safety and labour nation took place in Savar on April quota to the entrepreneurs in an rights under the 16 Bangladesh 24 in 2013. The Rana Plaza collapse independent country. We must not Action Plan, provided by the US took the lives of 1138 workers and forget the contribution of Noorul government after suspension of the injured many others. Quader Khan, who is called the GSP (Generalised System of After the twin disasters, the RMG father of the RMG trade in Preferences) in June 27, 2013. business has been facing graver Bangladesh. Under the Action Plan Bangladesh challenges. The image crisis was the A retired government official, Noorul government amended the labour law major problem as the western Quader Khan started a new venture and started appointing additional customers also started shouting of exporting garment items from 200 factory inspectors. against the Bangladeshi garment Bangladesh in 1980. His first So these are the major changes the items in front of the stores. The consignment was sent to a German sector witnessed after the Rana Plaza Bangladesh Garment Manufacturers buyer in January 1980. This was the building collapse. Bangladesh and Exporters Association (BGMEA), beginning of the RMG business in government not only amended the the garment makers’ platform, held Bangladesh. labour law, but also signed the the first ever The Dhaka Apparel Later, the sector only grew and now Sustainability Compact agreement Summit in December last year to the country has become the second with the EU committing responsible brighten the image of the sector largest garment exporter after China. business behaviour in August in through disseminating a message The sector has been contributing 2013. that Bangladesh is back in the more than 80 percent in the national Bangladesh has been continuing the business. Only the Rana Plaza and export for decades. improvement of the labour rights and Tazreen are not the only stories of the But, the sector’s growth was not so workplace safety under the RMG business in Bangladesh. So fine. The sector faced a lot of internal agreement.

ICE BusinessTimes March 2015 9 COVER STORY

COMPETITIVENESS AT STAKE Bangladesh’s competitiveness is really at stake now for some major internal and external challenges. Of the internal challenges, the perennial gas and power crisis have been reducing the competitiveness as the factory owners have to run the units in costly diesel run generators. The poor infrastructures and poor port management are other two major problems. Apart from the political crisis, the sector’s competitiveness also reduced for higher cost of production. Of the major external challenges, the allowing of GSP plus status to Pakistan by the EU is a major challenge for Bangladesh. Bangladesh started losing competitiveness in export of some particular products to the EU after the move. Bangladesh’s terry towel export to the EU declined to half since over the last two years as Pakistan started enjoying GSP plus status to the EU from January 2012. Vietnam is really a major threat for Bangladesh. Vietnam is now in the third position in garment export to the US keeping Bangladesh at sixth. If the TPP is signed Bangladesh will be in real trouble in the US market as Vietnam will enjoy the duty benefits to the US market under the TPP agreement. Recently, Cambodia has also been performing very well in the apparel trade globally. Still Bangladesh largely dependent on basic garment items as the products diversification is not taking place at large scale. And the other countries, although they started recently, have been producing high-end garment products with more value addition. So, in this case also, Bangladesh has been losing its competitiveness. The suspension of the GSP by the US is a major blow to the RMG sector of Bangladesh. It has really affected the image of the country. The garment export to the US market declined by 5.18 percent during July-December period of 2014 compared with corresponding period of 2013. After the Rana Plaza building collapse, the retailer started asking questions about the improvement of compliance issues. The buyers always put pressure for squeezing prices for per unit of garment item. Here competitiveness is losing again for appreciation of local currency against the US dollars and Euro in recent time. The exchange rate of the US dollars is now hovering around Tk 77 and Tk 78, which was nearly Tk80 even five months ago. The devaluation of currency has taken place significantly in case of Euro. The exchange rate of Euro was Tk87 last week which was Tk110 per Euro even five months ago. So, Bangladesh has been losing its competitiveness in garment trade in many ways.

10 March 2015 ICE BusinessTimes COVER STORY

another platform of 26 North American retailers and brands. After the Rana Plaza building collapse, trained engineers of the both platforms started inspection of garment factories in February last year to check fire, electrical and structural faults in the factories. The engineers completed primary inspection of the factories in September last year. After inspection the engineers found that more than 98 percent factories are safe in the country. The engineers will continue the monitoring of the safety improvement for next four years, as they have suggested for corrective action plans to almost all inspected factories. Apart from the Accord and Alliance, the government sponsored 35 teams, led by the engineers from the Bangladesh University of Engineering and Technology (BUET) to continue inspection of more than 2000 factories. The BUET engineers have been inspecting the factories NATIONAL espeially those which are not the PREPAREDNESS SO FAR members of the Accord and Alliance. The factory owners are now The overall situation of the RMG sector needs a installing the fire doors and other comprehensive effort for the improvement as the sector safety equipments in the production has been contributing the economy significantly. Since units. The government has also garment business is an international trade, it requires allowed zero-duty facility on import both national and external remedies to retain of safety equipment in last budget competitiveness in the trade. Now, the image of the so that the factory owners can sector is at stake. To overcome the crisis the install these easily to the production government has been working hard. The government units. has already amended the labour law and allowed full freedom of association. The labour and employment ministry has also started recruiting additional 200 FIRMS’ factory inspectors as per the requirement. The EFFICIENCY GAINS commerce ministry has already submitted documents Bangladesh improved a lot in of improvements to the United States Trade compliance over the years, Representative (USTR), the chief trade negotiation especially after the Rana Plaza body for the US government, twice for restoring the building collapse for the government GSP to the American market. and factory owners’ initiatives. Now, The government also signed the Sustainability almost all globally renowned brands Compact Agreement with the EU. A committee and retailers have operations in comprising five diplomats and three secretaries Bangladesh and accept the (foreign, commerce and labour ministries) of the standards of the factories. The government has been working to monitor the factory owners have been improvement. The major preparedness is the diversifying the products and going completion of the preliminary inspection of the more to more value added items. Of the than 2,000 garment factories via Accord and Alliance total garment exports from by the end of September last year. Accord is a platform Bangladesh 30 percent is high-end of 190, mainly EU retailers and brands, and Alliance is items for upscale customers.

ICE BusinessTimes March 2015 11 COVER STORY

IMPLICATIONS OF GSP Although the suspension of GSP has not major impact on export of garment items to the US, it has long-term impact on export of garment from the country. Firstly, garment items did not enjoy the GSP benefit and secondly, the duty-benefit on export under the GSP from Bangladesh is for limited number of items. So, the GSP suspension is not a big issue for Bangladesh. But before suspension, Bangladesh used to export 0.54 percent or $26 million of total $5.58 billion to the US under the GSP to the US in a year. According to a study by the commerce ministry of Bangladesh, the suspension of GSP has a major implication, for the image of the country. The other countries such as the EU where Bangladesh enjoys zero-duty benefit under the GSP scheme, might be influenced by the US decision. If it happens, Bangladesh will be in trouble. Bangladesh has been enjoying 12.50 percent duty benefit to the EU since 1971. If the EU is influenced by the US decision, Bangladesh will further lose its competitiveness in WHAT ABOUT NEW DESTINATIONS the largest trade bloc to the EU, where 60 percent or When the country’s RMG products have been facing difficulties, $18 billion, of the country’s total export is destined the new destinations have been showing the rays of hopes. in a year. Of the amount more than $14billion Export to the new destinations is on the rise due to stimulus included the RMG products. package by the government, changes in Rules of Origin (RoO) However, both the garment entrepreneurs and the and for other causes. Bangladesh considers all the markets as government have been working under the new destinations except the US, the EU and Canada. Garment Bangladesh Action Plan to fulfill the 16 conditions exports to new destinations are increasing substantially though provided by the US government to regain the GSP to shipments to traditional markets have been on a downward the US markets and retain the facility to the EU curve.The new markets are promising mainly due to the markets. Bangladesh has been lobbying with the government's stimulus package, aggressive marketing by US for a long time for either reduction of duty or exporters and relaxation of the ‘rules of origin’ by some zero-duty on export of garment for many years, but countries. US did not give it to Bangladesh yet. According to Rules of origin are the criteria that are used to define where a the BGMEA Bangladesh is required to pay 15.62 product was made. The origin of a product is important because percent duty on exports to the US markets; in 2013, it will determine how it is treated at the border of an importing Bangladesh paid $828.42 million in duties to US country and the origin may impact the import duty payable and customs to export goods worth $5.3 billion in 2013. admissibility into the country. Apparel exports to new Bangladesh is the 46th largest trading partner of destinations -- all markets except the EU, the US and Canada -- the US, but in terms of duty payment, the country rose 15.47 percent year-on-year to $1.87 billion in the first six stands second, the BGMEA said. Although months (July-December) of the current fiscal year, according to Bangladesh enjoys a zero-duty benefit from some Export Promotion Bureau. The major new export destinations developed economies like the EU, Canada, Japan are Australia, Brazil, Chile, China, India, Japan, South Korea, and Australia, it needs to pay duties to the US, the Mexico, Russia, South Africa and Turkey. In 2008, garment BGMEA said. Bangladesh pays higher duties exports to destinations other than the US, EU and Canada stood compared to its competitors; Vietnam pays 8.38 at $800 million; in 2013 the figure crossed $3.5 billion. percent duty, Indonesia 6.3 percent and China pays In a bid to offset any significant drop in garment export figures, 3.08 percent in duties to the US, according to the the government in 2009 introduced a financial package to BGMEA statement. encourage garment manufacturers to explore new destinations. Of the 16 conditions, the government has amended Under the scheme, the government gave 5 percent cash the labour law and allowed full freedom of incentive to garment exporters in fiscal 2009-10, 4 percent in association in the factories by the workers and fiscal 2010-11 and 2 percent in fiscal 2011-12. The exporters are signed the Sustainability Compact Agreement with still receiving 2 percent cash incentive for exporting to the new the EU. destinations.

12 March 2015 ICE BusinessTimes COVER STORY

revisions being the current key strategic focus areas. According to David Hasanat, managing director of a leading garment group, Viyellatex Group, a few of the transformational changes that the industry would have to make to sustain growth and take an increasing market share of the industry has to go up the curve to: • Move from transactional relationships with buyers to more Strategic Partnership will evolve. RMG Manufacturers increasingly will be required to take on more activities of the supply chain. • Development and production of textiles and apparel, combined with intelligent logistic and service concepts will be a key to global leadership. It can reverse the current commoditisation TRANSITION TO Russia, India, and China) and JP trends by offering high value INDUSTRY, Morgan lists Bangladesh among its solutions to buyers. ‘Frontier Five’ emerging economies • A radical move towards rapid OPPORTUNITIES in which it is worth investing. customised manufacturing in &CHALLENGES Recent publication of the globally one of the most demand-volatile As China loses its competitiveness renowned consulting firm McKinsey sectors through flexibility and further, Bangladesh will emerge as & Company said ‘Bangladesh’s integration of cost effective and the next RMG hot spot. With ready-made garments landscape: sustainable processes from Bangladesh having developed a The challenge of growth’ eloquently fabric processing through to strong position among European sums out Bangladesh’s RMG growth customer delivery. Customer and US buyers, many companies are formula, which builds on the ultimately is only interested in already eager to evaluate the future country’s strong starting position total solution. potential. and the increasing demand of • Overall integration and However, the lure of competitive international buyers. This report organisation of all individual prices, available capacities, and provides an overview of the rapid processes and technologies into supplier capabilities offered is being growth being seen in Bangladesh’s a highly efficient and flexible cautiously weighed against a RMG industry and then describes manufacturing shop floor. prevailing concern for political the main hurdles that exist for • Working conditions and benefits stability, infrastructure constraints buyers when it comes to sourcing in must improve as the industry and compliance standards. If all the Bangladesh. The final section of the matures. In the long-run, this opportunities could be utilized report details what the three core would be the best defense properly Bangladesh will be able to stakeholders government, suppliers, against unionized labor unrest. achieve the target of exporting and buyers – can do to overcome the Investment in worker training, $50billion by the end of 2021. Given challenges of growth in motivational tools and in the track record Bangladesh has the Bangladesh’s sourcing market. improved work place conditions potential to far exceed the target of Extracts from the case study may be and bonus schemes would $50 billion by 2021. summed up and recommendations increasingly be the tools used for Though somewhat puzzling, but made as follows. enhance productivity. Bangladesh’s growth potential has Costs in China and other key Bangladesh is a country of been recognized by many reputed sourcing markets have increased opportunity. The resilience of the analyst across globe. Goldman significantly. This is leading buyers entrepreneurs is laudable. If the Sachs included Bangladesh in the to question their current sourcing country can overcome the political ‘Next 11’ emerging countries to strategies, resulting in expansion of crisis, the RMG export will just watch following BRIC (Brazil, global direct sourcing and footprint double in next seven years.

ICE BusinessTimes March 2015 13 SECTOR FOCUS

BUSINESS DELAYED IS PROFIT DENIED Bangladeshi businesses and economy face the brunt of political turmoil

An IBT Report Photo Din M Shibly

14 March 2015 ICE BusinessTimes SECTOR FOCUS

Businessmen, traders and shopkeepers are reeling under the ongoing blockade and hartal, having incurred massive losses since the political unrest began on January 5. They are eager to see an end to the violence, at any cost, to save their businesses. They have demanded that a stringent law be enacted, so that action can be taken against miscreants who engage in subversive activities. Finance Minister AMA Muhith said achieving the GDP growth target in the current fiscal has become uncertain due to ongoing nonstop blockade and hartal since January 5. ‘Growth prospect is now highly doubtful,’ the minister told the media while briefing about the ongoing situation at the secretariat last month. Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) suffering badly. The situation is the The current political unrest has president, Kazi Akram Uddin worst that we, as businessmen, have caused huge losses to the transport Ahmed, told IBT that hartal and ever seen,’ he added. sector, which would have been no blockade should be banned by The FBCCI president said, ‘We will less than Tk. 9,000 crore over the enacting a law, since it is the hold demonstrations, as announced past month. The agricultural sector economy and the business sector in our schedule. We will organise a also suffered massive losses, which that most often suffer due to peaceful nationwide human chain, could be around Tk. 8,641 crore over political violence. Expressing his holding the national flag; this is our the same period. The losses of the frustrations, Ahmed said, ‘Our last-ditch effort. We want to send a housing and tourism sectors, two expectations of achieving exports message to the politicians, on the sectors that have been hit hard, worth US$ 50 billion, by 2021, have day of our demonstration, that we could be Tk. 7,500 crore and Tk. been belied, as the blockade has do not want political activities that 6,300 crore, respectively. been continuing since January 5. ruin the economy, hamper The estimates are based on DCCI Buyers are now switching over to development, and shatter the hopes data, which put the losses of these Malaysia, Myanmar and other and dreams of the country’s two sectors, in 16 days of blockade, countries, because of the ongoing businessmen.’ at Tk. 4,000 crore and Tk. 3,360 political unrest in Bangladesh.’ According to the Dhaka Chamber of crore, respectively. ‘Most of the entrepreneurs have Commerce and Industry (DCCI), the According to figures released by the become frustrated because of the country lost Tk. 36,445 crore in the Bangladesh Garments suffocating situation. The steps first 16 days of the blockade, which Manufacturers and Exporters taken by the government, so far, is equivalent to 2.69% of the gross Association (BGMEA), 19 garments have not been effective, even though domestic product (GDP). Based on factories have lost $ 19.02 million it is saying the scenario will change these figures, it is clear that the total worth of business in 18 days in the in a short time.’ The business leader economic losses during the month of first month of this year, because of observed that this was no political the blockade, which began on cancellation or orders and movement but an upsurge of January 5, was around Tk. 68,000 additional shipment costs of violence. ‘We, the business crore, which is greater than even the products. Businesses are losing over community, do not want to be losses caused by the political Tk 2,277 crore every day, due to the victims of the dirty politics of our destruction that occurred in 2013. ongoing blockade and the politicians. In 2013, during the DCCI figures record the losses to the shutdown, with the garments' sector general elections, our economy apparel sector over the past month, receiving the hardest blow. The stumbled once, because of the at Tk. 25,275 crore, as this sector garments sector records a loss of Tk. political violence. We started to has already lost Tk. 13,480 crore in 842.5 crore on a day's countrywide regain the flow of business in 2014, the first 16 days of the continuous blockade or shutdown. but, now in 2015, we are again blockade and repeated hartals.

ICE BusinessTimes March 2015 15 SECTOR FOCUS

MGMCL in September 2013. Later it started production recruiting fresh manpower. GTC is responsible for development, maintenance and production of the mine signed a contract for 6 year to produce 9 million tonnes of rock. Jabed Siddiqui, general manager of GTC, said the country annually required 60 to 70 lakhs tonnes of rock. Keeping it in mind, they started producing rock operating three shifts. ‘But the produced rock remained unsold for political unrest for the last couple of weeks,’ said Jabed adding the company incurred losses of Tk 1 crore each day due to the political turmoil. Abul Basar, managing director of the company, said they are in big trouble due to the ongoing blockade as they cannot sell rock despite having demand. Rise in price of rice According to businessmen, the daily demand of rice in Dhaka is over 1,500 tonnes, most of which come in from Naogaon, Natore, Dinajpur, A truck's fair from Blockade halts hard Rangpur, Kushtia and Joypurhat. rock sales Bangladesh Auto Rice Mill Owners Dinajpur to Dhaka A large volume of hard rock is Association President AKM Korshed used to be Tk. stockpiled at Maddhyapara Granite Alam Khan said the blockade and Mining Company Ltd (MGMCL) as a end of Aman rice harvesting season 17,000 to single tonne of rock has not been had upped paddy prices. ‘Insecurity sold since the blockade started in has pushed up transport costs. 18,000. But now early January. Rock production can Overall, the prices of rice have it is not possible to be suspended anytime just for increased a little,’ he told IBT. shortage of space, said Mir Hannan, A truck's fair from Dinajpur to hire trucks even general manager (marketing) Dhaka used to be Tk 17,000 to MGMCL in Parbatipur upazila of 18,000. But now it is not possible to with Tk. 34,000 to Dinajpur. hire trucks even with double the 36,000. Rice-mill Official said they sell around 1.2 amount. Rice-mill owners say they lakh tonnes of rock monthly, which had not hiked rice prices at their owners say they is equivalent of monthly production. end. A supply crunch and an The workers specially of loading increased transport cost have had not hiked rice section are passing hard times pushed up rice prices at the retail prices at their end sitting idle due to lack of work. level, they say. ‘What we fear most is Around 150 people work at the arson attacks,’ Babubazar Rice delivery section daily basis. ‘I Traders' General Secretary Nizam usually earn Tk 400 each day, as I Uddin said. ‘We'll lose everything if have no work, I do not get any wage our trucks carrying rice is torched. in the last 40 days. I have been That's why we are not bringing in passing a hard days with my family’, rice from other districts. This has led said Abdus Sobhan, a desolated to a supply shortage. Moreover, the worker. Germania Trest Consortium increased transport cost has also (GTC), a Belarus based company, contributed to higher rice prices,’ he took the charges of cash starved told IBT.

16 March 2015 ICE BusinessTimes SECTOR FOCUS

Transport of finished Huge losses to be incurred in leather and leather leather industry The ongoing countrywide blockade enforced by the goods to the BNP-led alliance has caused Tk 4.59 billion loss to the leather sector, businessmen say. The Bangladesh Tanners’ Chittagong port has Association gave this figure at a press conference held become almost recently. Reading out a written speech, association President Shaheen Ahmed said: ‘The country’s transport impossible. Transport system has collapsed due to the ongoing political unrest and violence. It has created a serious crisis in the costs have tripled. transport of leather and leather goods.’ But there is no surety ‘Transport of finished leather and leather goods to the Chittagong port has become almost impossible. Transport of the goods reaching costs have tripled. But there is no surety of the goods reaching the port despite that. We’re facing huge losses,’ the port despite that. Ahmed said. The businessmen demanded 10% cash We’re facing huge incentive on exports to compensate for the losses. They also demanded the constitution of a Tk 50 billion fund to losses extend low-interest loans to the sector. Ahmed said the Tk 1.5 billion pledged by the government for the shifting of tanneries from Dhaka’s Hazaribagh to Savar was ‘insufficient’.

ICE BusinessTimes March 2015 17 SECTOR FOCUS

and Dealers Association (Barvida). have remained more or less Some of the imported vehicles came violence-free so far, the officials under attack at the beginning of the said. Apart from forcing importers to political turmoil, after which count overstaying fees, the unrest importers became cagey about has also taken toll on the sales of taking the cars out of the ports, cars, Dawn said. ‘Our sales have Dawn said. Of the amount, 4,400 are nosedived for the turmoil. We stuck at Mongla port, the seaport cannot keep our showrooms open that mainly handles reconditioned for the risk of attacks,’ he said, cars imported from Japan, while the adding that reconditioned car sellers rest are in Chittagong port, incur losses of Tk 30 crore a day for according to importers. Each day, the unrest. car importers have to pay a total of ‘We enjoyed wonderful sales last Tk 27 lakh as overstaying fine to year -- the year 2015 began with port authorities, Dawn said. ‘We doom.’ Reconditioned vehicle would much rather pay the fines dealers sold 16,400 units of cars in Battered car sales than see our cars getting torched. 2014, up 69 percent year-on-year, More than 6,000 cars are stranded We are suffering for no fault of according to the Barvida president. at ports amid importers' reluctance ours,’ said the Barvida president. Our sales have plummeted. People to take delivery of the vehicles The number of cars released by do not want to buy cars when the fearing vandalism on way to their importers stood at 475 in January, country is going through such final destinations. ‘Most of us are down 36 percent from the previous turbulence,’ said Abdul Haque, afraid of attacks on the highway for month. Subsequently, the number of managing director of Haq's Bay, one the political unrest. That's why, cars stuck at the port rose to 4,400 of the leading reconditioned car taking delivery of cars from ports from nearly 3,900 at the beginning dealers. On the one hand, customers have become slow,’ said Habib Ullah of January, according to port data. for cars have come down sharply, Dawn, president of Bangladesh Importers now usually take delivery and on the other, there is safety Reconditioned Vehicles Importers of their cars on weekends, which concern for vehicles on roads.

18 March 2015 ICE BusinessTimes SECTOR FOCUS

route, down roughly 3%, said Kamrul Islam, the airline's deputy general manager of marketing support and public relations. He attributed the slip in passenger count to the launch of US-Bangla Airlines in July last year. The airline now operates eight flights daily. Many people tend to avoid costly air travel in favour of other modes of transport in times of political stability, he said. For instance, many travellers are now opting for air travel even if it is more expensive, as the non-stop countrywide blockade has rendered road and rail travel unsafe. Novoair, which has been operating flights on domestic routes since January 2013, however, registered around 32 percent year-on-year growth in passenger count last year, riding on its increased seating capacity. On average, the airline operated 7-8 flights daily last year, while the no business could Travel also stumbles number was 5-6 flights in 2013, said Growth in domestic air travel slowed Mofizur Rahman, its managing down last year mainly on the back of survive with director. In 2014, Novoair carried one of the major carriers' shift in around 1.63 lakh passengers, up incurring such focus to international routes. from around 1.23 lakh in 2013, he Domestic air travel grew 5% huge losses, added. year-on-year in 2014, in contrast to which would also 10% growth recorded for the previous year by the Civil Aviation Remedies anyone? cause Authority, Bangladesh. Last year, The Federation of Bangladesh unrecoverable 680,420 people travelled by air Chambers of Commerce and Industry within the country. (FBCCI) said the economic loss to the dent to the national Regent Airways, which focused countrywide ceaseless blockade and more on international routes, recurring shutdowns would be no economy however carried around 35% fewer less than Tk. 75,000 crore. passengers nationally last year, as it According to their statistics, the cut back two domestic routes due to major losers were apparel sector high fuel costs, said Sam Issac, chief with Tk. 30,000 crore, wholesale adviser to the airline. and retail business with Tk. 15,000 The airline now operates only on the crore, agriculture and poultry with Dhaka-Chittagong and Dhaka-Cox's Tk. 9,518 crore, transport sector Bazar routes and has instead with Tk. 9,500 crore, tourism with diverted its resources to Tk. 6,500 crore and frozen foods international routes. ‘International with Tk. 250 crore. Ahmed said no routes hold immense business business could survive with prospect,’ Issac said, adding that incurring such huge losses, which Regent registered four-fold increase would also cause unrecoverable in passenger count on international dent to the national economy. The routes last year. FBCCI chief demanded a total ban on United Airways, another domestic blockade and shutdown and interest carrier, had around 2.35 lakh waiver of businesses, badly affected passengers last year on the domestic by the political violence.

ICE BusinessTimes March 2015 19 INTERVIEW OF THE MONTH

20 March 2015 ICE BusinessTimes INTERVIEW OF THE MONTH

ECONOMY MUST BE EXEMPTED FROM POLITICAL ACTIVITIES

Hossain Khaled, DCCI president goes to great lengths to explain why the current situation is detrimental to business in Bangladesh

By Wafiur Rahman Photo Din M Shibly

The ongoing political unrest has started to take its toll on the Bangladeshi economy. It has been near impossible to transport goods from one place to another, demurrage costs are piling up, resulting in higher expenses. Unpaid wages remain another problem and this may aggravate further. It is in times like this when they look for their brethren to stand beside them and help them to sustain. Hossain Khaled, President of Dhaka Chamber of Commerce and Industry, and also the Managing Director at Anwar Group of Industries, is of the opinion that businesses should be kept out of all this. With businesses and industries unable to operate as much as they can or would want, it is a testing time for everyone involved in it.

ICE BusinessTimes March 2015 21 INTERVIEW OF THE MONTH

What is your the majority of the damage being that accumulated demurrage cost is assessment of the done is in the loss of image in the waived, it could help businessmen global market. As Bangladesh has to survive during these testing businesses facing loss exporting prospects, we are losing times. So if import duties, advanced due to the current our credibility to suppliers and trade VAT and other costs could be political unrest? buyers worldwide if those goods are reduced, the government would not If we look outside Dhaka and not cleared at the ports. lose out on revenue collection. Chittagong, the situation is very Losing buyers’ confidence is bleak and disheartening. There is an something which would be difficult How can trade bodies estimated and accumulated loss of to regain. Once our export orders get (e.g DCCI/FBCCI) be of over Tk. 2000 crore a day, through shifted to neighbouring countries, it losses in revenues, share prices, etc. would be very difficult to retrieve help to the economy at Alternative methods of operating a orders after that. In the case of RMG this stage? business lead to increased costs and for example, Sri Lanka previously As a trade advocate, or trade body, I other expenses. Since our economy lost the market due to their civil war. understand that limitations of the is import-dependent and But now times have changed and trade bodies are there. Our export-oriented, this does leave a they are picking up the pace. responsibility is to advocate holistic mark on business. Additional competitor countries business and trade, and also to The only winner in this scenario is include India, Cambodia, Laos and identify various bottlenecks that are the government, which is benefitting Vietnam. detrimental to the development of from the goods that are lying idle in It may be a bleak statement but fact business and industries. Our job is the ports, unable to be transferred remains there that we do not see any also to identify different areas of across the country to their respective light at the end of the tunnel. No economic development and thrust destinations. The government is not initiatives have been taken thus far sectors. We focus on business, not losing revenue, but rather gaining to sustain economic growth. But politics. from customs duty and other taxes, they need to be taken. All the In order to grow businesses, we need which are putting an increased political parties must come to a conducive business and political burden of costs on businessmen. consensus that the economy should environment, something which will If we look at the small and medium be kept above everything else. If it cultivate further businesses and enterprises (SME) which employ gets affected by the current provide stability and safety to 60-70% of the workforce, we can see stalemate, then we are seeing the people and their resources. that the unrest is affecting the result. domestic market, as small stores We need a stable policy guideline Will this unrest cause and medium industries are and prudent exercise of law in order further negativity in the operating on a less-than-full to bounce back. As far as investment prospects? capacity. Stores are opening, but government supports are concerned, It has already affected prospects. business is not being made. Thus it they must provide their support to But this is not only for the unrest, is not possible for them to pay their businesses. For businesses to but other factors are also involved, employees’ wages, utility bills and survive, it is important to keep the such as infrastructural bottlenecks. let alone loan repayments. For the cost of doing business in check. In The government is not encouraging past two months, most of the banks that perspective, if the government, in providing new electricity and gas have witnessed increased overdue the central bank, the ministry of generated industries. As the and constant loan reclassifications. finance and the national board of Bangladeshi economy is largely But sadly, there has been no scope revenue can step up with a dependent on manufacturing for interest refinancing, so loans coordinated initiative to reduce industries, this has been negative so and their interest rates remain the interest rates, things just might look far. The core element of such same. bright again. For example, in the industries is power and energy SME sector, if they can waive 50% of resources, if that is not provided, How do you think the fixed VAT they have to pay, this there is not much potential investors businesses can sustain could do wonders for the can do. during this period? development of the industries. Cases have been observed for the As a result of the ongoing turmoil, We all know that businesses in past two years where inability to the numerous land and sea ports Bangladesh operate with slim provide or maintain power that are being used to stock the margins nowadays. So this generation has resulted in collapse goods of manufacturers are prolonged political impasse is of industry. They were unable to run overstaying their storage duration, effectively killing businesses. But more than 15-20% of their full since they cannot move it. If 50% of

22 March 2015 ICE BusinessTimes INTERVIEW OF THE MONTH

operational capacity. Huge bank naturally hesitate. second generation currently (and loans that were sought made things It is not that scope of investment is mostly) taking the helms. In the difficult, as they faced hard times in not high, but we need to scope for post-independent period, there was repaying premium interests, let our needs as well. Everything will a lot of opportunity to do business. alone loan repayments. The political not happen one fine day. Our FDI Till the late 1990s, businesses were unrest of 2014 must not be allowed currently stands at $1 billion. By laid to established foundations. The to affect foreign direct investment 2030, we need to increase our objective of the 2nd generation is to (FDI), as it would greatly affect overall investment figures. Our improve present business potential. domestic investors, not to mention contribution to the GDP needs to But as competition has increased, expecting foreign ones. increase from 30% to 42%. As the scope of profits has also come mentioned earlier, this will not down. They are managing processes, How do you think happen one fine day, but that growth which is an important step. foreign investors needs to be gradual. Investments are happening in that perceive all this? How aspect, in information technology Do you think 2nd/3rd for example. With newer businesses far will it be opening up, most people are detrimental to the generation businessmen/entrepren emphasising on lean management, investment climate? for a leaner and neater As part of a basic theory of eurs are facing a more organisational structure. economics, any investor would want difficult scenario than their investments to be safe, their predecessors, or Can technology be of anywhere across the globe. an easier one? In any any help in all this Investors often seek for prospects case, why do you think (Corresponding online, outside of their home countries as emails, etc)? the foreign investment opportunities so? All businesses are the biggest It is basically two sides of the same are great. If those opportunities are beneficiaries of information coin. Most businesses in Bangladesh not there or at risk, then they would technology. Tech will play a strong are family businesses, with the

ICE BusinessTimes March 2015 23 INTERVIEW OF THE MONTH

emphasis must be put on their We need a stable policy guideline and training and SME development. That prudent exercise of law in order to bounce way both the population and an industry can mutually be benefited back. As far as government supports are from each other. concerned, they must provide their support How can the to businesses. For businesses to survive, it is government help in important to keep the cost of doing business ensuring smooth and in check safe business role in the years to come. New environment hereon? investments in lean management It is their responsibility to ensure are the first step towards this conducive business environment for direction. Professional businesses both domestic and foreign investors, are gearing up for this, as a lean not to forget a stable law and order organisation understands customer situation. It is a fact that red tape value and focuses its key processes bureaucracy eats up 2% of our GDP to continuously increase it. They growth, so such bottlenecks must be will eventually transform their addressed and eradicated for the businesses to become more betterment of business. The high professional and more tech-savvy costs of doing business must also be over time. addressed, as Bangladesh is earmarked as one of the most promising among developing What is your opinion economies. This needs to be worked about the 3rd on. generation businessmen of this Where do you see the country? Can they take future of business in the economy forward? Bangladesh a decade In a country of over 160 million, 65% from now? of the population is youth-centric. The motto of DCCI is that ‘the best of They are the backbone of our Bangladesh is business.’ From that economy. In order to capitalise on perspective, I can assure you that we such strength, businesses will have have a future in business, if we gear to generate new employments. New towards ethical business, in an business opportunities and improved and balanced economic developments will come from this situation or environment. We should demographic dividend. They are the focus on our agriculture sector, reason why China and India are which strives to feed the 160 earmarking Bangladesh as a million. Our manufacturing and developing economy. services sector holds immense Given their skill level and economic potential, as their progress easily-trainable nature, our human has been more than noteworthy. resources will have to be utilized The government has identified effectively. They need training as twelve thrust sectors, which include well as empowerment. We must help pharmaceutical industry, them to become independent shipbuilding industry, agro, entrepreneurs. Out of the three information and communication million who annually enter the job technology, food packaging and market, two million are successfully other industries. So as they progress recruited, but one million remains naturally to higher standards, we unemployed. In order to generate can safely say that the future of employment for that one million, Bangladesh lies in business.

24 March 2015 ICE BusinessTimes EMERGING INDUSTRIES

The way Forward Light engineering flourishes under private entrepreneurship

Though policymakers have not paid the least attention to this sector, some 50,000 light engineering workshops, located in different major cities and townships of the country, account for around 50 per cent of the country's import-substituting items. These small workshops, operated by self-motivated entrepreneurs who have never got any institutional or governmental support, are currently manufacturing products worth Tk 250 billion with local technology as import substitutes for spare parts for automobiles and major industrial sectors. Experts, however, have long been saying that the turnover of the growing light engineering industrial sector could be ten times higher, if it receives support from the government. Just by investing another Tk 60 billion every year, they point out, the country could save Tk 650 billion in import substitutes. Also, these items could have entered the country's export basket, which is confined to a very few select items, add the experts. The light engineering industrial units currently produce a total 3,815 types of quality machinery, spares and accessories, including automobile spare parts, railway engine and rail line spare parts, bicycle and cycle rickshaw, machine tools, jute and textiles machinery and spare parts, machines and spare parts for chemicals, sugar and food industries, spare parts for engineering and metal industries, spare parts for the shipping industry and accessories and spare parts for agricultural machinery.

26 March 2015 ICE BusinessTimes EMERGING INDUSTRIES

Most of the industrial units are a lot of foreign currency, after foreign investors have evinced located in Dhaka, Chittagong, meeting the local demand for interest to invest in this sector under Narayanganj, Bogra, Gazipur and engineering products.’ joint collaboration, but because of Kishorganj. According to an estimate, ‘Some workshop owners have the scarcity of land and other around 7 million technically already proved that support from facilities, they have not made much educated and skilled people and government and financial progress. innovative entrepreneurs are actively institutions are vital for the sector's Hossain said in Bangladesh, light engaged in the sector. A study, growth. They have set up high-tech engineering firms are operating in conducted by the International machines with financial support various clusters in different districts. Finance Corporation (IFC) in from the government and have been Despite repeated appeals by the partnership with the UK's providing quality spares and BEIOA, no single common facility Department for International different tools to the big industries,’ centre (CFC) has been established in Development and the Norwegian he said, but ruled that the majority of any cluster. ‘Establishing CFCs is government, shows that the sector them are not getting financial vital for upgrading the technological employs 600,000 people involved in assistance and technological edge of the light engineering sector,’ 50,000 micro enterprises, and 10,000 support. he said. Talking to IBT, BEIOA small and medium enterprises. Prof. Kamal Uddin observed that a president Abdur Razzaque said they Another study, conducted by the number of quality light engineering have already submitted a proposal to Bangladesh University of products, including spare parts of the government seeking assistance Engineering and Technology (BUET), paper and cement mills, bicycles, so that the light engineering industry however, estimates that the sector fancy light fittings, construction can flourish. ‘The sector only needs comprises around 40,000 equipment, batteries, voltage support in terms of land availability, enterprises, employing some 800,000 stabilisers, iron chains, cast iron appropriate technology, access to people. Talking to IBT, Prof. Kamal goods, carbon rods, automobile finance, availability of raw materials Uddin, director of the Institute of spares, electronic items and stainless and a consortium of the small Appropriate Technology (IAT) at steel ware, have been going to workshop owners. We do not need BUET, said, ‘With a little help from foreign markets on direct and aid from the government or foreign the government, Bangladesh can not sub-contracting terms. donors. If the government provides only meet the local demand, but can Referring to the apparel industry, the policy support, the sector will show also earn billions of dollars by BUET academic said the sector, how it can change the country's exporting light engineering products. alone, accounts for 80% of the economic status,’ he said. Around 90 per cent of light country's total exports, adding that ‘It is a matter of frustration for us engineering industries are serving this was not safe for Bangladesh. that if we do not upgrade and the people's local needs. The ‘Light engineering products have the improve our own engineering consumers of light engineering potential to be the next big export industries within a short period, products and services are both the item and proper measures should be foreign products, made with better public and private sectors. With taken to incentivise the sector.’ technology, will dominate the market appropriate incentives from the People connected to the industry, at cheaper prices,’ the BEIOA government, we can move into the however, complained that the main president said, adding that some next stage of exporting these impediment for the sector's growth, foreign companies have set up offices products.’ was inadequate investment. Bank in Bangladesh to promote their Listing Bangladesh's industrial loans that can meet the needs of this branded products, which are already facilities—ranging from a sector are still not available. being manufactured by the owners of competitive, easily trainable Benedict Gomez, owner of Seven Star local workshops and are being sold workforce to investment-friendly Engineering, said he had applied for at cheaper prices. policies—he said many spare parts two loans to two different banks. ‘I About the complications in receiving could be produced here for many heard there were some collateral-free bank loans, Razzaque said the giant economies in the world because bank loan opportunities for this central bank had received loans of those unique facilities. ‘Full-scale sector and I applied to expand my worth Tk. 500 crore from Japan, at a export-oriented light engineering business. But, I still haven't got them rate of 0.01%, but the leasing and industries can be developed here.’ because of some complications in the financing institutions have taken The IAT director said, ‘A pool of procedures.’ these from the central bank at 5% and skilled workers is there across the Sheikh Mohammad Delwar Hossain, are lending them out to the light country and if the government can owner of Aziz Metal Engineering engineering manufacturers at 18%. train them with modern technology Works and joint secretary-general of ‘There can't be sustainable and the financial institutions support the Bangladesh Engineering Owners' development with such high interest them with loans, the sector can earn Association (BEIOA), said many rates,’ he cautioned.

28 March 2015 ICE BusinessTimes SPECIAL REPORT

IN NEED FOR A REALITY CHECK? Pharmaceuticals Industry in Bangladesh needs to develop further to sustain ‘fairy tale story’

By Ahmed Sharif Photo Din M Shibly

30 March 2015 ICE BusinessTimes SPECIAL REPORT

termed this visit a ‘breakthrough’. He said, ‘After achieving the US FDA approval, a new horizon would be opened for Bangladesh's pharmaceutical sector.’ And even before this US FDA audit, the Director General of World Trade Organization (WTO), Roberto Azevedo visited Square Pharmaceuticals' state-of-the-art manufacturing plant at Kaliakoir, Gazipur in June 2014. The Prime Minister of Belarus visited the same plant in November 2012. The then US Ambassador Dan W Mozena visited BEXIMCO Pharma’s Tongi plant in November 2014. These high-profile visits, along with others, helped to improve the image of Bangladesh’s pharmaceuticals industry, which has been going through a boost period for the last several years. Bangladesh currently exports many generic drugs, but also exports some higher technology materials like HFA Inhalers, CFC Inhalers, Suppositories, Nasal Sprays, Injectables, IV Infusions, etc. In 2001, pharma products were exported to 17 countries, but as of 2013, Bangladeshi drugs were In January 2015, for the first time, reaching 87 countries, including the US FDA (United States Food and UK, the US, Canada, Japan, Italy, Drug Administration) conducted South Korea, Malaysia, Saudi cGMP (Current Good Manufacturing Arabia and many others. Leading Practices) audit at Bangladeshi market players are establishing pharmaceuticals companies. The US footholds in the most regulated team audited Square Pharma and markets with strict regulation and BEXIMCO Pharma through this highest quality standards. They process. US FDA audit is considered have already secured accreditations to be most rigorous among all the from major drug regulatory bodies Pharmaceutical cGMP inspections of like UKMHRA, TGA, ANVISA, Health export earnings the developed countries. In both the Canada etc. According to EPB occasions, the audit produced no (Export Promotion Bureau), export from pharma ‘483 form’. The 483 form is issued earnings from pharma sector was when the US FDA observes $36 million in 2008-09, which sector was $36 non-compliance or deviation from increased to $69 million in 2013-14. its current cGMP. This audit is being India has become almost the sole million in seen as one of the landmarks in player in the generic drugs market, 2008-09, which Bangladeshi pharmaceuticals which pushed most countries to look industry, as this may pave the way for alternatives. China, another big increased to for a strong export base for drug producer, is being overwhelmed Bangladeshi pharmaceutical goods by local demand, which is forcing $69 million in in the US. Tapan Chowdhury, that country to import drugs. Managing Director of Square Bangladesh is thus being seen as a 2013-14 Pharmaceuticals, in February 2015, drug producer with great potential.

ICE BusinessTimes March 2015 31 SPECIAL REPORT

Even though the export market for the market share belongs to around 30 THE LOCAL industry has experienced most of the companies. Around 5,600 brands of drugs REVOLUTION headlines, the local growth is the one that are produced every year, worth Tk 125.65 actually set the foundation for the industry. billion. According to IMS, a US-based The development of Bangladesh from a market research firm, Bangladesh medicine importing nation to an exporting pharmaceuticals market growth was 16.83% nation is a surprising tale. Right after in 2009, 23.80% in 2010, 22.30% in 2011, independence, Bangladesh used to import 11.91% in 2012 and 8.12% in 2013. This up to 96% of its medicine needs. Now up to gives an average growth of more than 16%, 97% is locally produced. Except some very but also indicates towards a slower growth high-end drugs, most other types of drugs for 2012 and 2013. The current political are now produced in the country. The unrest is unlikely to help the growth rate. country has come a long way since the The economic importance of the pharma promulgation of the Drug Policy of 1982. As sector goes beyond just production of a result of passing the policy, the market got medicines. The sector contributes around rid of unnecessary and harmful drugs and 1% to the country’s GDP. It is the largest subsequently facilitated an investment employer of white-collar professionals. boom in the sector. Yet, the size of More than 150,000 pharmacists are now investment in each of these companies is employed in this sector, almost half of something to think about. To maintain which are women. In total, the sector WHO (World Health directly or indirectly employs more than 1 Organization)-recognized GMP (Good million people. A lot of other supporting Manufacturing Practices), a company’s industries have developed around this investment needs to be close to Tk 1 billion industry. Production of items like glass or more. There aren’t a lot of companies in bottles, plastic containers, aluminum Bangladesh that have exceeded that collapsible tubes, aluminum PP caps, investment level. Approximately 270 infusion sets, disposable syringes, companies now compete in this highly corrugated cartons and others have given competitive market, of which, around 90% birth to a separate set of industries.

32 March 2015 ICE BusinessTimes SPECIAL REPORT

and the national control laboratory to around 30% of the overall cost international standards. During the structure, lack of API production same seminar, BAPI (Bangladesh facilities is likely to have a Association of Pharmaceuticals significant impact on the cost of Industry) general secretary Abdul drug production in the coming days. Muktadir said, ‘The Directorate General of Drug Administration and the national control laboratory need The API Park: Seven to become WHO approved as well as the PIC/S.’ Pharmaceutical Inspection year on Cooperation Scheme, or PIC/S, allows We have heard a lot about the API entry to member country markets Industrial Park on 200 acre land at without registration of products. West Baushia under Gazaria Upazila ‘There are 370 approved positions in of Munshiganj. The project is likely the DGDA, of which 240 are vacant,’ to accommodate around 42 said Abdul Muktadir. Quite industries, directly employing interestingly, more than four years 25,000 people. The project got a later, in another seminar in February go-ahead in May 2008, when the 2015, he again had to say that ‘the cost of the project was estimated at drug administration lacked the Tk 2.13 billion and BSCIC required manpower and the (Bangladesh Small and Cottage government should recruit people to Industries Corporation) was boost its activities.’ This just show supposed to implement the project that the authorities are struggling to within 2010. Though land keep pace with the growth of the development started in 2011, the sector. project ran into a legal quagmire Lack of API support and drug testing regarding land acquisition. The laboratory are problems that are project deadline was extended twice Fast growth and slow unique to this industry. Almost all and cost increased to Tk 2.33 billion. medicines are patented by But the revised deadline of 2013 infrastructure companies based in the Western always remained far from reality. The pharma industry is plagued by countries. As per WTO (World Trade After the settlement of the legal some problems that are common to Organization) directives, issue, a revised project got approval other industries, while some Bangladesh, as an LDC, can produce from ECNEC in February 2014. The problems are unique to it. Energy patented drugs up to December 2015 revised cost of the project now stood supply issues, high bank interest without paying any royalty. at Tk 3.32 billion. Out of this, GoB is rates, bureaucracy at ports and According to WTO, ‘The WTO’s to fund Tk 2.52 billion and the rest political turmoil are well known Agreement on Trade-Related Aspects Tk 0.80 billion would to be funded barriers for all industries, including of Intellectual Property Rights from entrepreneurial fund. pharma. During a seminar in (TRIPS) attempts to strike a balance Entrepreneurs would invest in the December 2010, Nazmul Hasan, between the long term social CETP (Central Effluent Treatment Managing Director of BEXIMCO, objective of providing incentives for Plant). New timeline called for said, ‘The country’s pharmaceutical future inventions and creation, and project completion by June 2015. In industry has the potential to be one the short term objective of allowing April 2014, during a meeting with of the largest export sectors of people to use existing inventions BAPI, Industries Minister Amir Bangladesh, if the barriers are and creations.’ Pharma products are Hossain Amu ordered completion of removed. We are probably the only part of this agreement. From tendering process for boundary wall, industry in this country, which is January 2016, these rules change. drains and road construction by May facing obstacles to export.’ Some of The resulting increase in cost of 2014 and completion of plotting by the problems of the industry can be production can only be balanced Sept of 2014. The Minister took a directly associated with government through production of pharma raw strong stance for the completion of institutions or the lack of it. The drug materials, API (Active the project during another meeting producers of the country are facing Pharmaceuticals Ingredient), in in August 2014. He warned anyone problems regarding product Bangladesh. Industry people say whose lackluster effort may result in registration and promotion in foreign that currently around 70% of the raw delays in project completion. It now markets. There is a dire need for materials are imported from other needs to be seen how strictly the upgrading the drug regulatory body countries. With API constituting Minister’s words are implemented.

ICE BusinessTimes March 2015 33 SPECIAL REPORT

Testing facilities or the lack of it Another issue that can cost the pharma industry a lot of foreign exchange in the coming days is bioequivalence testing. This testing is needed to see if the generic version produced by Bangladeshi producers is identical to originator brand. The testing is mandatory for product registration in advanced countries. If the testing is conducted in the US or in Europe, it would be very expensive and would push the price of our drugs upwards. In a recent seminar, speakers emphasized bioequivalence testing for several products, as the export market is becoming more competitive with some countries upgrading their test facilities. If such a testing facility can be set up centrally, this would help the industry in Bangladesh in a big way. The country also lacks a state of the art drug testing lab to routinely and accurately monitor quality of drugs produced locally. In December 2010, Finance Minister AMA Muhith was in favour of seeing BAPI playing a in 2014 at a cost of Tk 25 crore with role in quality control. He came up the help of WHO. This upgradation with the idea of mandatory should multiply its capacity several membership of BAPI for all licensed times. But according to DGDA drug producers. ‘This way, the officials, there is a significant association can also contribute to vacancy in drug super and drug quality control of the whole inspector posts, who perform the job industry,’ he said. Industry insiders, of collection of samples from around on the other hand, are still looking the country. There is also acute lack for that support from the of technical officials who are authorities, which is hard to come supposed to perform testing jobs. by. It is dubious whether such Recruitment recommendations are debates are likely to produce still travelling various ministries. anything substantial any time soon, There is also confusion regarding while the industry suffers from administrative control of the new international regulation and laboratory and budgetary competition. allocations. So, in effect, the DGDA (Directorate General of Drug laboratory may not perform up to its Administration) has two potential due to manpower shortage laboratories; one in Dhaka and the and other administrative other in Chittagong. For the limitations. If this laboratory thousands of brands of drugs being performs alright, it can help the produced in the country, a total of local drug producers to get testing two laboratories is below necessity. reports that would be recognized by Mohakhali-based Drug Testing the WHO. These reports would Laboratory (DTL) was upgraded to provide a significant helping hand to National Control Laboratory (NCL) drug exporters.

34 March 2015 ICE BusinessTimes SPECIAL REPORT

The coming days Industry insiders are pressing for a stronger drug regulatory authority similar to US Food and Drug Administration (FDA) to regulate production, import and distribution of drugs. Such an organization can play a bigger role if all types of foods are included in its portfolio. Some experts are also emphasizing more research and development and adoption of biotechnology-based pharmaceutical bases for future business. Some local pharma companies are already investing in production of biotechnology-based products. A big market lies ahead as a significant number of new biotech products are likely to replace existing chemical drugs. Relaxation of WTO regulations regarding patents helped Bangladesh’s pharma industry to attain rapid growth. But Bangladesh’s preparedness for the upcoming realities of the regulatory environment would determine the future of that growth curve. Its not that nobody knows what is coming. Yet, everyone is perhaps waiting for a reality check of some sorts. Its important to be aware of our potential in the international market in the coming days. But losing sight of the stumbling blocks will keep dreams from becoming reality.

ICE BusinessTimes March 2015 35 BANKING

RISKY BUSINESS Tough times in banking sector

By Ashraful Islam

New banks are lending out heavily – 70 to 80% of their total loans – to corporate clients N instead of small and medium enterprises and retail consumers, insiders and analysts said. The risk is: if a big client fails to pay back in time, the bank may suffer as it may not be able to make adequate provision from its small profit. ‘Directors want quick profits, which is very unlikely for a new bank,’ said the chief executive of a new bank, seeking anonymity. ‘It takes at least three to five years to generate sustainable profits and pay dividends.’ Nine new banks that came to the market amid political unrest in the second half of 2013 are struggling to do business at present, facing intense competition from 47 old banks in lending and attracting deposits. Lending out is the biggest challenge for a new bank, as borrowers demand the lowest interest rate without considering the banks' cost of funds. According to these banks, the cost of their fund is between 11% and 12%, which is well within a single digit for many old banks. In terms of lending, if a new bank offers a borrower 11%, an old bank offers 10.5%. ‘Depositors have high expectations from us, while borrowers want the lowest rate in the market. We are in a double bind,’ said Rafiqul Islam, managing director of South Bangla Agriculture and Commerce Bank (SBAC). Moreover, businesses are passing bad times and it has become impossible to get a good client, who wants to set up new factories or expand the existing ones amid an ongoing anti-business climate, Islam added. SBAC has lent out Tk. 1,363 crore in 2014, coming in third among the new banks, after Union Bank with Tk. 2,828 crore and NRB Commercial Bank with Tk. 1,441 crore.

36 March 2015 ICE BusinessTimes BANKING

Capital base widens to strengthen the capital base of the other hand, interest incomes on local banks in line with the savings certificates range between The capital base of the banking international standards. Starting 11% and 13.50%. ‘So, the savers are sector widened 10.51 percent to Tk 2015, banks are preparing to now getting more interested in 71,754 crore in the fourth quarter maintain the capital requirement savings certificates rather than last year from a quarter ago. In the under BASEL-III. BASEL-III is a putting money in banks,’ said Anis third quarter of July-September, it global, voluntary regulatory A Khan, managing director of was Tk 64,933 crore, according to standard on bank capital adequacy, Mutual Trust Bank. data from the central bank. stress testing and market liquidity Khondkar Ibrahim Khaled, a former Bangladesh Bank said the capital risk. deputy governor of Bangladesh base of the banking sector has Bank, blamed the decline in banks' expanded vastly in the last five deposits on the seasonal effect. He years. The capital rose as a big Deposits fall as savers said sometimes bank branches portion of the profit was transferred rush to extract collect ‘hot deposits’ from their to capital, and provision shortfall Deposits at banks dipped 1.07% in existing clients in December to reach came down, among other factors. ‘As January from a month ago as savers their collection target set by their a result, the banking system has rush to government savings head offices. ‘These hot depositors become stronger,’ it said in a schemes that offer higher interest can withdraw their money after statement recently. rates compared to the banking December 31,’ he said. As per international standards, a system. Total deposit at the In the absence of social safety nets, capital adequacy ratio (CAR) of 10% country's 56 banks was Tk. 702,814 the government offers higher yields is required, but the CAR of crore as of January 29 this year, on savings certificates in order to Bangladeshi banks stood at 11.35% down by Tk. 7,658 crore from Tk. provide an income to limited-income at the end of December, which was people and elderly citizens, who are highly dependent on such sources of earning. A number of bankers say the ongoing political unrest, which began on January 6, also hit the deposit growth. A section of savers are withdrawing their deposits from banks to buy things, in bulk, whose prices might go up in the coming weeks amid growing uncertainty that the present situation, which has disrupted the supply chain, might linger. There are also a section of savers who use debit cards to withdraw money from their bank accounts when needed. Savers have withdrawn large amount of money from banks, as many ATMs across the country went out of cash in January due to blockades. The effect of such withdrawal will 10.57% three months earlier. 710,472 crore in December 31 last not be that much significant, said The CAR is the ratio of a bank's year. Khan of Mutual Trust Bank. capital to its risk weighted assets. In Bankers said banks have been Bank-wise, deposits at state lenders December, banks had a surplus lowering interest rates on deposits went down by 1.59% in January capital of Tk 4,069 crore, reversing for nearly two years due to dull compared to December, according to from a deficit of Tk 1,096 crore in investment situation. The weighted statistics from Bangladesh Bank. September. If the specialised banks average interest rate on bank The fall is 0.90% at private banks, -- Bangladesh Krishi Bank and deposits was 7.32% in November 0.22% at foreign banks and 1.38% at Rajshahi Krishi Unnayan Bank -- are last year, which was 8.45% in the state-run specialised banks. The excluded, banks' CAR would be same month a year ago. decline in the specialised banks was 12.5%, the statement added. The Interest rates on term deposits at caused largely by the 3.18% decrease central bank said Bangladesh has private banks are as high as 9.50% in deposit growth at scam-hit BASIC fully implemented BASEL-II in order while it is 8.50% at state banks. On Bank.

ICE BusinessTimes March 2015 37 CREDIT

also risk undermining the reform progress made under the INSTABILITY TO International Monetary Fund's Extended Credit Facility programme. Successful completion of the COST HUGE programme involves the passage of further structural measures, Ongoing turmoil to lower credit rating, including the introduction of a new value-added tax law and steps to according to Moody’s improve the state-owned banking system. ‘Such measures become The dragging political turmoil and past, has begun to weaken since the more challenging to achieve in a its negative impact on exports, start of the current fiscal year, it factious political environment.’ investment and economic growth said. In the first seven months of Meanwhile, a finance ministry Twill most definitely weigh down fiscal 2014-15, exports grew by just official said an IMF mission was due Bangladesh's credit outlook, said the 2.1 percent year-on-year, in contrast in the country this month to review leading ratings agency Moody's. At to 15.1 percent recorded by the the progress made by the present, Moody's rating for Export Promotion Bureau for the government before the multilateral Bangladesh is a stable Ba3. The same period of the previous fiscal lender dispatches the next renewed political tensions are ‘credit year. installment of the $1 billion credit. negative’ for Bangladesh because it It particularly highlighted the But the mission is unlikely to come is weighing on export performance, contracting garment exports, which for the political turmoil. Moody's investment activity and headline account for 84 percent of the also said that despite the rising growth, the ratings agency said in country's total export earnings. political tensions casting a shadow its most recent credit outlook. Labour and safety standards in the on Bangladesh's economy, the Moody's mentioned that political industry have been under scrutiny country's external payments tensions have historically flared up by global textile purchasers since position has not yet been in the run-up to elections, marked by 2012, and efforts to comply with significantly affected. Foreign frequent street protests that receded more stringent standards have likely exchange reserves as of early afterwards and thus had a limited contributed to a decline in orders, February had risen to $22.2 billion effect on economic activity. ‘This Moody's said. from $18.1 billion a year ago. time, however, protests have been However, prolonged political unrest External debt is relatively low at marred by violent outbreaks, and will weigh on export growth, as the 20.7 percent of GDP, and is primarily have persisted for a prolonged time.’ transport blockade has hindered the concessional, which also limits Export growth, which had been factories' ability to deliver goods to vulnerability to volatility in external immune to political turmoil in the major ports. The political tensions capital flows.

38 March 2015 ICE BusinessTimes CORPORATE GROOMING

Scents can invoke desires. If an aroma of a tasty meal passes by your nose, chances are you’re going to start to feel hungry. A fantastic-smelling woman can get you going and a perfectly scented Divine room can get her in the mood to jump gifts you. The smell of red roses is a familiar Why perfumes can one when it comes to Valentine’s Day and be the best gift for with good reason. And while flowers and your loved ones chocolates are great for a budding relationship, longer relationships require Female thinking a little harder. If you don’t want to stress yourself out over it, have a look at our Valentine’s gift ideas. What is the most common mistake men make when purchasing perfume for their special someone? Not listening or asking what she likes and why. Don’t buy a Versace Bright Crystal My Burberry fragrance because you like the way it smells on someone else — that is a huge mistake. It more than likely will not smell the same on her. This is not good. It should be (and is) all about her! Nobody is a mind reader, so the more you know that special someone the more you will know what will resonate and connect with them, and you will make the right choice. Balmain Extatic EDP Escada Born in Paradise Moschino Chick Petals The 3 best tips are firstly, Restock her favorite scent if she has one (just sneak a peek at her nightstand when you're at her house.) Secondly, get her something super-luxe. If she doesn't have a go-to scent, you'll have better odds of surprising her if you pick something that's really nice to begin with. Third, just pick what you love. If all else fails, the best gift for a loved one is also the fragrance you envision your other half. She will always try to find a fragrance that will please you, so whatever you like for her, it's the right choice. Men The following can be found at Perfume Eau de Lacoste Blanc Hugo Boss Green World. Available at 10 branches in Bangladesh, they are the best perfumes you can gift your loved ones, be it Valentine’s Day, Pohela Falgun or any other occasion. Go and take a breath. See if they enchant your senses or not. Gucci Made To Measure Azzaro Chrome United Versace Eros TECH

GIZMO POTENTIAL Digital World 2015 KNOWS NO BOUND Drone copters are now popular robot in disastrous situations where promises state globally for capturing aerial videos people cannot reach. emphasis on and photos. The youth in Information & Communication Bangladesh are also designing the Technology (ICT) Division and local tech most modern modules to grab global Bangladesh Association of Software attention. A group of students from & Information Services (BASIS) advancements United International University jointly organised the four-day mega yesterday presented two such event - Digital World - at the BICC to By Wafiur Rahman projects at Digital World 2015, the showcase technology-based Photo Din M Shibly country's largest technology fair. Md innovations and achievements Miraj Hossain and Sarem Din aiming to unlock economic potential Nasouri, final year students at the of IT sector. Digital World is the university's electrical engineering largest digital expo of Bangladesh. department, demonstrated a drone ICT State Minister Zunaid Ahmed copter and a surveillance robot. Palak, while addressing the press, They built the machines that can be said: ‘We want the world to know controlled wirelessly, while the what we are doing, how we are visuals can be seen on monitors. The doing it and what more can be done. drone copter, said Hossain, can be And Digital World is a great way to used for various purposes like showcase our achievement. Also we border security; the surveillance think this is a great way to entice

40 March 2015 ICE BusinessTimes TECH

business. So we want to make the event a successful one. Hence we are tying up with all the relevant associations and bodies.’ During the question answer session, State Minister revealed that last year’s Digital World spendings were around Tk. 9 Crore of which Tk. 7 Crore was provided by the government and Tk. 2 Crore were raised from private entities and sponsors. Key advancements made so far The political commitment of the government to build an ICT-based society is good. Several ICT related laws have been passed in last couple of years which are essential to regulate this sector. The government has decided to build a tech park in Dhaka to facilitate the progress of ICT sector. But still there are many deficiencies in the regulatory the growth of smartphone market the emerging mobile equipment such as framework and infrastructure mobile app development sector will dashpot mobile devices It is the next development of ICT sector. grow phenomenally, as more generation wireless e-commerce that Overcoming these deficiencies is the subscribers will be downloading and needs no wire and plug-in devices. biggest challenge for implementing using the apps on their phones. Mobile commerce is usually called the vision of a ‘Digital Bangladesh’. as 'm-Commerce' in which user can The earning from outsourcing IT M-Commerce and do any sort of transaction including jobs has increased by 56% in 2013, buying and selling of the goods, said sources in the Bangladesh e-commerce made easy asking any services, transferring the Association for Software and In last five years perhaps this sector ownership or rights, transacting and Information Services (BASIS). In the has seen the most significant transferring the money by accessing 2011-12 fiscal year, the earning was growth. There was a concern wireless internet service on the USD 70.6 million, while it was USD whether general people would find it mobile handset itself. 46.35 million in the 2010-11 fiscal appealing to buy online but the year, referring to the latest available growth rate of ecommerce sites has data of the Export Promotion Bureau diminished that concern. Toady What next (EPB). According to BASIS officials, ecommerce sites are mushrooming At the inauguration session, Zunaid at present there are more than 500 to cater different aspects of Ahmed Palak, ICT state minister, software companies in the country. individual needs. said students used to travel across Of these, about 178 are doing On the other hand, M-commerce or the country for admission (in outsourcing jobs. Mobile Commerce refers to wireless universities), but now they can The country's ICT export exceeded electronic commerce used for apply through mobile short 100 million US dollars in the last conducting commerce or business messages. Paper filing systems are fiscal year and BASIS is now through a handy device like cellular turning into virtual filing systems in working with 1 billion US dollars. phone or Personal Digital Assistant the country, which is curbing Software leaders hoped that this (PDAs). In other words it is the corruption, he mentioned. The industry will contribute 1 percent of ability to conduct commerce using a government has set up 500 WiFi GDP in coming years. Apps mobile device, such as a mobile routers in public offices and development also was most talked phone, a Personal digital assistant distributed 18,000 tablets among and inspiring among the youth. With (PDA), a Smartphone, or other public officials.

ICE BusinessTimes March 2015 41 PHOTO FEATURE

GRAINY CONSERVATION Rice is also one of the staples for food security, despite rapid loss of land

Photos by Din M Shibly Text by Wafiur Rahman

42 March 2015 ICE BusinessTimes PHOTO FEATURE

Rice is the cheapest and most effective Rmeans available in this region that is likely to eradicate acute undernutrition. Many studies have revealed that there is a great potential to increase the rice production in South Asia. India, Bangladesh and Sri Lanka are among the most disaster-prone countries in the world. Recurrent floods, cyclones, earthquakes, landslides and droughts hugely affect the production in these countries. Still they have maintained a steady growth for the last three decades. And now with the advent of modern breeding strategies, which has proved to be much more efficient than conventional techniques, and environmental stress-tolerant varieties, the whole scenario for rice production appears better than ever.

ICE BusinessTimes March 2015 43 PHOTO FEATURE

The sudden escalation in the price of rice and wheat observed in 2008 was largely due to a steep increase in the price of fossil fuels, leading to a rise in input costs. The growing diversion of farmland for fuel production in industrialised countries, increasing consumption of meat on the part of the affluent, and loss of land to roads, houses and industries are likely to lead to acute food scarcity, severe price volatility and high food inflation by the end of this decade. Experts have pointed out that ‘the Arab Spring’ had its genesis in food inflation.

44 March 2015 ICE BusinessTimes PHOTO FEATURE

In 1981, member-states of the FAO adopted a world soil charter, containing a set of principles for the optimum use of land resources and for the improvement of their productivity as well as conservation. The charter called for a commitment on the part of governments and land users to manage land for long-term advantage rather than short-term expediency.

ICE BusinessTimes March 2015 45 PHOTO FEATURE

Aus, Aman and Boro. It is grown in four ecosystems viz., irrigated rice (Boro), rainfed or partially irrigated (transplanted Aus and Aman), rainfed upland (direct-seeded Aus), and deepwater (broadcast Aman). More than 73% of the rice area is covered by modern varieties developed by the Bangladesh Rice Research Institute (BBRI) and 6% by hybrid rice which are marketed by the private seed companies. The local low yielding varieties are grown in the marginal lands. Currently, the net cropped area (NCA) and the total cropped area (TCA) of Bangladesh are 7.94 Mha and 14.41 Mha respectively. More than 33.77 Mt cereals were produced from 12.62 Mha of the TCA and 31.98 Mt of rice was produced from 11.35 Mha.

The rapidly growing population of Bangladesh puts tremendous pressure on its scarce natural resources. To feed the growing population, there is an urgent need to develop more efficient and sustainable agricultural production and more equitable distribution systems. Rice plays a pivotal role in all spheres of life in Bangladesh and when it comes to food security of the rural farmers it is the most important commodity in terms of livelihood and food. Contribution of the crop sub-sector to GDP is about 11.16% and 61.0% of the AGDP. The contribution of crop sub-sector to AGDP is dominated by rice. The rural work force of 47.4 million is directly or indirectly engaged in agricultural activities at farm level and different components of value/market chain. Rice is grown all year round in Bangladesh having three distinct rice growing seasons - namely

46 March 2015 ICE BusinessTimes PHOTO FEATURE

Aus, Aman and Boro. It is grown in four ecosystems viz., irrigated rice (Boro), rainfed or partially irrigated (transplanted Aus and Aman), rainfed upland (direct-seeded Aus), and deepwater (broadcast Aman). More than 73% of the rice area is covered by modern varieties developed by the Bangladesh Rice Research Institute (BBRI) and 6% by hybrid rice which are marketed by the private seed companies. The local low yielding varieties are grown in the marginal lands. Currently, the net cropped area (NCA) and the total cropped area (TCA) of Bangladesh are 7.94 Mha and 14.41 Mha respectively. More than 33.77 Mt cereals were produced from 12.62 Mha of the TCA and 31.98 Mt of rice was produced from 11.35 Mha.

The rapidly growing population of Bangladesh puts tremendous pressure on its scarce natural resources. To feed the growing population, there is an urgent need to develop more efficient and sustainable agricultural production and more equitable distribution systems. Rice plays a pivotal role in all spheres of life in Bangladesh and when it comes to food security of the rural farmers it is the most important commodity in terms of livelihood and food. Contribution of the crop sub-sector to GDP is about 11.16% and 61.0% of the AGDP. The contribution of crop sub-sector to AGDP is dominated by rice. The rural work force of 47.4 million is directly or indirectly engaged in agricultural activities at farm level and different components of value/market chain. Rice is grown all year round in Bangladesh having three distinct rice growing seasons - namely

ICE BusinessTimes March 2015 47 PHOTO FEATURE

On average, each person in the world consumes more total protein come from it. Although the desirable levels than 50 kg of rice a year. Asian countries consume about of these are 46% and 36% respectively; upsetting the 86.70% of the global rice production and Bangladesh dietary balance with respect to protein and fat intake. consumes 6.50% of the global rice production. In The Government policies and strategies to improve food Bangladesh per capita availability of rice per year is security are aligned with access, utilization and about 160 kg which makes it the fourth highest availability through Public Safety Net Programs, research consuming nation of the world. Rice is still the dominant and extension to increase productivity of agricultural source of energy and protein in an average Bangladeshi crops, and stabilization of food prices. The average diet. The actual intake of rice is about 416 g per capita per annual growth rate (2001-11) is about 1.34%, which day. Of the 2318 kcal, 69% of the total calorie and 50% of translates into about two million additional new mouths

48 March 2015 ICE BusinessTimes PHOTO FEATURE

every year need to be fed. The projected population for the 2020, 2030, 2040, and 2050 would be 169.54, 189.85, 205.13, and 217.54 million respectively and to feed them the estimated food requirements based on the desirable dietary pattern, especially rice and wheat, would be 23.020, 25.778, 27.853 and 29.538 Mt. On top of this climate change will complicate the food security issue further. Subcontinental land is quite capable of being self-sufficient in rice production and India and Pakistan have already proved that. Since poverty is another direct cause of food insecurity, people can move out of stark poverty if they can be employed in agricultural activities and many such projects are already in operation in many countries. From the present South Asian perspective, there is no other easier way to promote national food security than through gaining self-sufficiency in rice production. Raising agricultural production is evidently the most direct way to tackle food insecurity in agronomic countries and agronomy is essentially rice economy in South Asia. The fact that most of the poor and undernourished people of South Asia are living in rural areas, and that they are largely dependent on agriculture for their livelihood can be a problem and a solution at the same time.

ICE BusinessTimes March 2015 49 The rapidly growing population of Bangladesh puts tremendous pressure on its scarce natural resources. To feed the growing population, there is an urgent need to develop more efficient and sustainable agricultural production and more equitable distribution systems. Rice plays a pivotal role in all spheres of life in Bangladesh and when it comes to food security of the rural farmers it is the most important commodity in terms of livelihood and food. Contribution of the crop sub-sector to GDP is about 11.16% and 61.0% of the AGDP. The contribution of crop sub-sector to AGDP is dominated by rice. The rural work force of 47.4 million is directly or indirectly engaged in agricultural activities at farm level and different components of value/market chain. Rice is grown all year round in Bangladesh having three distinct rice growing seasons - namely

DINING

AMALGAMATION OF TASTES Baburchi Restaurant at Dhanmondi serves nothing but the best food in town

Whenever the location of among nearby corporate and Dhanmondi comes to our mind, the students of various private notion of Chinese cuisine comes to universities, Baburchi offers W our mind. Every Dhanmondi sumptuous food at affordable costs, resident, and the ones nearby, have never attempting to put a dent in indulged in Xindian, Xinxian and your wallet. With so many options to other ‘Xin-something’ Chinese and choose from, you cannot go wrong Thai restaurants. In the 21st century in ordering in this restaurant. however, introduction of Nando’s/KFC and other lounge food Environment & Ambience have diversified the restaurant Stepping into the restaurant, you business in the area. Authentic will be greeted by friendly waiters Bangladeshi cuisine was who have been trained to service monopolised by Korai Gosht so far. with a smile, a rarity these days. The However, after their outlet wooden chairs and long sofa rows expansion several years back, are just about comfortable enough allegations of unhygienic food, to enjoy your food. With red as their disappointing service and base colour, it does not look so loud disoriented ambience has kept true as to make you feel bloated in any foodies out of their entries for some way. time now. In need of good food in a The restaurant is packed with nice and clean environment? Try executives, students and family Baburchi! outings most of the time, so it does Located just above Korai Gosht at get a tad bit difficult to find a place Dhanmondi 4/A, Baburchi offers to eat over there. Despite that, Thai, Chinese, Indian and people are willing to wait if they By Wafiur Rahman Bangladeshi cuisine in a cozy and visit Baburchi, a testament to their Photos by Din M Shibly comfortable environment. A hit brand value and customer retention.

50 March 2015 ICE BusinessTimes The rapidly growing population of Bangladesh puts tremendous pressure on its scarce natural resources. To feed the growing population, there is an urgent need to develop more efficient and sustainable agricultural production and more equitable distribution systems. Rice plays a pivotal role in all spheres of life in Bangladesh and when it comes to food security of the rural farmers it is the most important commodity in terms of livelihood and food. Contribution of the crop sub-sector to GDP is about 11.16% and 61.0% of the AGDP. The contribution of crop sub-sector to AGDP is dominated by rice. The rural work force of 47.4 million is directly or indirectly engaged in agricultural activities at farm level and different components of value/market chain. Rice is grown all year round in Bangladesh having three distinct rice growing seasons - namely

DINING

Food This is where everything gets a bit detailed. If you are up for the conventional Thai and Chinese, be sure to try their Thai Mixed Vegetable, Baburchi Special Soup, Mixed Fried Rice and Beef with Basil Leaf. A simple set of dishes can become divine if cooked properly, and you will not be disappointed. Clichéd hits like Fried Spring Chicken, Fried Wonthon and Sizzling Prawn are some of the other honourable mentions you can order on your way. These dishes usually range from Tk. 195 (the appetizers) to Tk. 520 for the main dishes. The fish items are somewhat expensive, but the other non-vegetarian dishes are in Tk. 300-Tk. 450 range. Indian cuisine is something that they are similarly good at. Do try their Pudina Naan, Daal Makhni and Chicken Reshmi Kabab, it is a tantalising combination for your tastebuds. My personal favourites include Paneer Butter Masala (Tk. 330), Daal Butter Fry (Tk. 210), Brain Masala (Tk. 300) and Beef Dopyazaa (Tk. 335). While some Indian food is traditionally packed with ingredients like oil and ghee that most of us avoid for health reasons, there is almost no comparison anywhere in the world to the vast variety of fresh fruit and vegetable dishes that form part of its repertoire. As such there is no reason why even the most waistline-conscious among us cannot enjoy good Indian cuisine. But my personal favourite among all the cuisines they serve is Bangladeshi. Let us face it. We cannot survive a day without indulging on the delectable bhortas and vegetable dishes that aptly complements the main fish items and other delicacies. Plain Pollao and Chicken Roast and Chicken Plain Pollao Pudina Naan with Daal Makhni Hyderabadi Dum Biriyani

ICE BusinessTimes March 2015 51 DINING

Be sure to try out their vast array of bhortas, ranging from the very basic Alu Bhorta to the very sinful Shukno Morich & Dhonia Bhorta. Top it off with Chitol Fish’s Kosta and expect a hearty money for value contention. If you are into Khichuri and Biriyani, look no further. They offer the best khichuri in town, and I am nowhere close to being biased. Beef, Chicken, Mutton or plain, they have it all. If you want to experiment with your biryani, do opt for the Chicken Jhal Fry Biriyani. It infuses the element of Chicken Jhaal Fry and Plain Pollao, stirring it up with loads of chopped green chillies to make it a spicy concoction. It is an acquired taste, and I give in 5 stars, hands down. Verdict There really is not much to say here, as my overwhelming positive verdict to most of the dishes reveals my partiality towards Baburchi. But I cannot make you like it, you have to try to believe. People have flocked here from Korai Gosht, and that should tell you just how popular the joint really is. Their main branch is in Dhanmondi 4/A, with an additional branch in the Department of Business Studies canteen at Dhaka University and a newly-launched outlet at GEC Circle, Chittagong. So I would ask you to put Baburchi on your next restaurant hunt if you really want to get a good taste of popular dishes. Undoubtedly, restaurants like Baburchi will be able to withstand the test of time, as long as they deliver on quality food and service. Mutton Khichuri Chicken Reshmi KababChicken Tandoori Chicken Tandoori

52 March 2015 ICE BusinessTimes AT WORK SERIAL PROCRASTINATION How to trick yourself into meeting deadlines

Serial procrastinators know one of the hardest things about getting things done is getting started. Research by Chicago Booth PhD candidate Yanping Tu and Dilip Soman of the University of Toronto’s Rotman School of Management published in the Journal of Consumer Research shows the key to motivating yourself to start working on a task may be picking the right due date. It turns out meeting our deadlines require changing the way we think about time.

If you have trouble getting started on tasks, try these simple time manipulation tricks: Set The Deadline Within The Same Schedule Deadlines Week Or Month On The Same Day Of The key to completing tasks and meeting deadlines is getting The Week started, but many of us procrastinate simply because we don’t A deadline can appear more present if it’s scheduled see the task as urgent. The trick, Soman says, is making the for the same day of the week as the day it’s assigned. task part of our ‘present.’ If today is Wednesday, for example, and the deadline ‘People don’t think of future time periods as continuous is set for next Wednesday, you’re more likely to start passages of time. They don’t think about the number of days working on the task sooner than if the deadline is left to make a decision or finish a task, but rather, they tend to next Thursday or Friday. categorize future time outcomes—thinking about the deadline coming up next week/month/year, rather than this one,’ says Soman. When the deadline is put into the same category as Color Code Your Calendar today (this week, this month, or this year), we tend to view the In another study, the researchers used two calendars, task with more urgency and are more likely to start working on one with the same background color for the entire it. week, and the second with one color for weekdays ‘When a deadline is far into the future, we tend to put the task and another color for weekends. Forty-two on the proverbial back burner, believing that we have a lot of undergraduate students were given a task on a time to attend to it,’ says Soman. ‘Things that are on the back Tuesday with a due date of Saturday. Those who had burner stay there for longer than they should because there the calendar with all days of the week highlighted in are plenty of other things that take up our attention as one color were more likely to begin the task than relatively more urgent.’ Improving our ability to meet those who were given calendars where the weekend deadlines means being able to make those tasks appear more days were highlighted in a different color. The urgent, bringing them to the forefront. Setting a deadline single-color calendar caused participants to view the within the same week, month, or year can make the deadline deadline as being in the same category as the present, seem more ‘present.’ and therefore more urgent.

54 March 2015 ICE BusinessTimes BRANDING

THE WISE WAY OF DOING THINGS Can branding be enlightened?

At Davos this year, political and Good intentions in business are branding that used the dark arts to corporate leaders talked earnestly often scuppered by the prohibitive flog units, some leaders are about businesses becoming costs, vested interests and realizing that enlightenment is not responsible, ethical and complexities of implementing solely the preserve of mystics and sustainable... and playing a ethical, environmentally-conscious yogis. It can happen to brands too. contributive role in society. Heads of business. However, there exists one It's hard to emphasize how much the IMF, World Bank and Bank of area of corporate activity, which effort and energy, time and money, is England have been suggesting often gets overlooked when we invested in the generation and capitalism become more inclusive. discuss corporate social maintenance of a brand, particularly But the talk is always easier than responsibility (CSR), which is a globalized, high-value, brand that the walk, especially when directly, permanently and creates enormous wealth for its 'nice-to-have' values conflict with microscopically managed by the owners and shareholders. Youth the core business model of the firm - organization itself. Here there are no brands, in particular, are simply witness the scandal excuses for not ensuring that it is micro-managed to an extra-ordinary surrounding GlaxoSmithKline in responsible. It takes little, if not no degree - every change in direction is China in recent months. Even as we money to transform (because it is considered, a myriad of ideas are applaud Paul Polman, the CEO of always being evolved). And it developed, concepts are researched - FMCG giant Unilever, for his stance impacts the lives of millions. I am until the brand's army of thinkers on responsible business, we must talking about the positioning of and actors agrees. The resulting also acknowledge the reality on the their brands: The bricolage of creative platform forms the basis of ground: Middle-managers and images, ideas, meanings, values and all communications to the consumer. country heads -- where much of the vision that is orchestrated and It is a set of words, images and power and P&L lies -- actively resist communicated to us by a small army assists that form a 'Big Idea' responsible business because they of marketers, market researchers, designed to keep the brand relevant, fear its impact on their careers and and creatives so that we fall in love engaging and exciting for a year or cash. with the brand. After a century of two. What is even more remarkable,

56 March 2015 ICE BusinessTimes BRANDING

is that much of this effort is with wisdom and heart? 'Risk human flourishing as much as expended before any adverts, Everything' (Nike). Or 'All In Or extracting revenues from it, it mailouts or websites are twinkle in a Nothing' (Adidas). Which, if either, is transforms the team so that each young creative's eye. going to empower consumers (that begins to tap into, and unlock, their Strategic brand management, for means you and me) to thrive in an own life purpose. It is much more this is what it is called, a age of complexity and challenge? inspiring to deliver ethical business well-advised and profitable route to Which, if either, can tap into their through brand growth than it is take. If a brand can capture the innate wisdom and help them be through CSR constraint and hearts and minds of its contributive human beings? What regulatory compliance. hard-to-please consumers and, even are the hidden dangers of each? With such an awesome power, it is better, harness a 'spirit of the times', There is absolutely nothing - time for brand owners to become it will benefit from commitment, nothing - intrinsically wrong with more aware of their foundational passion and even advocacy. This brands; nor branding and marketing myth-making abilities; and question attention and emotional in general. They are agnostic tools, and re-question what the right thing engagement translates into high that can be used to spread love or to do is both for their brand and our margins and renewed revenues. lack; fear or hope. In fact, the skills shared society every time they There is a reason why Apple can get of a brand strategist can be commission a campaign. away with 60-70% margins for its invaluable in changing behaviors What are the values we should iPhones. around social problems (e.g. drink promote more to co-create the kind Brands serve a purpose beyond driving or charitable giving); and of society we dream of for our driving sales. In these days of mindsets on important issues such children? What are the ideas that crumbling traditional institutions, as discriminatory stereotypes or HIV. help consumers feel more peace and brands offer signposts for to However, branding is usually used express more love and creativity? consumers about how to live a good to find the most damaged and What are the ideas that inspire life, whether they realize it or not. wounded parts of our individual people to work together, share They even offer a connection to and shared psyches, and trigger resources and make a difference? something bigger than the those wounds into need and greed. There is always a win win win (win individual, a role that used to be the It does not need to be this way, for the company, the consumer and domain of religion, dogma and although it takes profound the world). Yet often, to find it, we ideology, whether communism, transformation of marketing leaders have to give up our old assumptions capitalism or existentialism (if you themselves to realize how their and mental habits and embrace new used to hang out on the left bank of brands can amplify what is most ones. Paris and in the Village in NYC). Big noble, or most base, about the In this area of ultimate ownership brands shine a light, albeit often a human experience. Imagine out of and enormous influence, every very dim light, on what it means to every Tk. 1 lakh of marketing spent organization can, right here, right be a human being in this stretched - the money that supports the vast now, chart a profoundly ethical and and strained post-modern culture. majority of the TV, radio, Internet generative path; and be positive Those that have done this well, like and news industries - is spent on contributors to our society. As well Orange, Nike, VW and PlayStation, limiting rather than liberating the as manage their environmental and have reaped the rewards of human spirit. Is the world not full social footprints, they have the value-creating loyalty for many enough with media, tech and opportunity to immediately affect years. advertising companies making our inner lives and social systems by Yet how many brand managers, billions helping brands make ensuring the values they say we consultants and agency staffers, effective content that sells... but should live our lives by are who together set the agenda for so without heart that is in service? supportive of human connection, many people's lives across the To break through from peace and inclusivity. world, are aware of the true extent disempowering to empowering Surely, if our favorite brands have of their cultural power? How much branding - that moment of brand the wit and wherewithal to create time do they spend contemplating enlightenment - takes change in the such amazing ads, inspiring internet and considering the long-term hearts of minds of the team, content and dazzlingly disruptive socio-cultural impact of the values leadership and organization. That is products, then - with the jolt of and ideas they espouse? And, most why brand shamanism has to work enlightenment - they can use their importantly, how many of them are at the level of the marketing team power to consciously switch us all conscious enough of their own (and the culture as a whole); as well onto what is possible when we values, their own ethics, their own as the brand communications consumers become the most humanity to design the mores and themselves. What we are finding is awesome version of ourselves, morals of generations of the public that, as the brand looks to nourish serving the greater good?

ICE BusinessTimes March 2015 57 CAREER

How remote workers get the worst of both worlds GAP become too easy to roll out of bed FLEXIBILITY and into work, stay glued to tasks until late in the evening, then return workers out of mind for to my laptop for a quick check of advancement. Straying from the email or to tweak a project. Knowing accepted norm of 9-5 desk jockey life that I'm not present means keeping requires a redefinition of how my phone on me at all times—from People who work remotely full-time devotion looks. Despite advances in my desk, to the kitchen, to the fall into a frustrating gap: They’re company cultures and society’s bathroom, to get coffee—in case I more likely to log more productive progression in work-life balance, missed an email or work chat. Yet I hours than their in-office many companies still insist that still feel that nagging guilt for not colleagues, yet they have to work work be the number one priority in doing more, pushing harder all day harder than the rest to prove an employee’s life. If where you to make up for the ease of a themselves for promotions and invest face time is where your commute-free, cubicle-free workday. recognition. priorities lie, then remote workers Would my work show enough effort, Over 9% of the Bangladeshi are at a steep disadvantage—even when to some people, my absence white-collar workforce works from when they’re working harder than essentially said, ‘Gone fishing’? home at least part of the time—most their peers. Williams strikes right to the bone on of whom are fully remote, with the And it affects everyone: men, why this culture hasn’t changed, remainder working ‘mixed’ hours, women, single parents, millennials despite an increasing number of with flexible schedules and and generation Xs alike. Joan C. workers preferring flexibility. From locations. Yet most workplace Williams, director of the Center for ‘The Hidden Cost Of A Flexible Job’: cultures haven't caught up with the WorkLife Law at the University of ‘One of the reasons that this shift toward balanced and complex California Hastings College of the [culture] has proved so unbelievably working lives, combined with the Law, calls it ‘equal-opportunity difficult to change is that the technology to work fully remote. misery’ in a recent article in the winners of the system are the Studies show that working from ‘Atlantic’. breadwinners who saw very little of home makes many people more Several Fast Company staff their children,’ she explains. ‘It's an productive and committed to their experimented with working from identity-threat situation; they have jobs. A recent study showed that home as part of a recent Habit an incredible amount invested in companies stand to benefit from a Challenge to see if the lack of proving that's the only way to be a full extra workday, less sick days or distraction would make us more professional. Because, if it isn't, why long lunches, and thousands of productive. The lack of boundaries did they do it? How come they don't dollars in furniture, supplies, and was a common discovery, giving rise know their children?’ utilities savings when employees to a new workday feeling: guilt. When will the culture of ‘time on worked remotely. I've been working from home for task’ and busy catch up with the But being out of sight really does put several months and for me, it's changing needs of workers?

58 March 2015 ICE BusinessTimes CORPORATE FITNESS

management and well-being. ‘I think they're well intended but it doesn't matter if they don't get used to.’ Peer-reviewed studies show various unsatisfactory outcomes. One concluded corporate wellness can be ‘discriminatory’ because it effectively shift health care costs to Your Employer's Plans To people with health problems. Wellness no Another found that companies don't Make You Healthier Don't save on health care spending Work —Because Your overall. The Rand study, which more Job Is Killing You looked at 600 businesses with at

If you work at a large or even least one wellness initiative. But there's a problem. The evidence medium-sized company, it's likely ‘Corporate wellness’ is now a $6 that wellness initiatives work is you have access to some kind of billion industry covering many limited; in fact, there's more to say ‘wellness program.’ Over the last aspects of health. Employers use the $6 billion is being wasted. One decade, many organizations have financial incentives to encourage us problem is awareness. Gallup found begun to monitor and intervene in not to smoke or to watch our only 24% of staff at companies with their employees' health and cholesterol. They penalize programs to participate in them, well-being, believing they can raise employees who get too fat, or offer largely because they don't know productivity, cut health care costs, discounts on health insurance to about them. W and perhaps make themselves more those who slim down. And, in ‘The wellness programs are not attractive as employers. Rand theory, it all makes perfect sense. We having nearly the impact they could Corporation says 85% of companies all have a stake in being more be having,’ says Jim Harter, Gallup's with more than 1,000 people have at healthy. chief scientist of workplace

60 March 2015 ICE BusinessTimes CORPORATE FITNESS

management and well-being. ‘I think least 500 employees each, found people?’ he says. they're well intended but it doesn't modest reductions in health care Companies introduce wellness matter if they don't get used to.’ costs, but not ones that were programs without considering the Peer-reviewed studies show various ‘statistically significant’ that could whole person, including their sense unsatisfactory outcomes. One be tied to the programs themselves. of ‘purpose,’ their social concluded corporate wellness can be So why is corporate wellness not relationships, their financial ‘discriminatory’ because it living up to its claims? Harter says welfare, and their sense of effectively shift health care costs to companies fail to align the programs community. ‘These five elements are people with health problems. with mainstream goals. ‘It really highly interdependent. If you just try Another found that companies don't starts with the type of organization to solve physical well-being without save on health care spending a company wants to be. Is the addressing the other four, you're overall. The Rand study, which organization aligned with a really missing out on a lot of looked at 600 businesses with at framework that makes sense to opportunity to improve that physical well-being,’ he says. Gallup says employees feel a higher sense of well-being when their bosses also feel good about themselves and give time for staff to participate in wellness programs—say by letting them take off 30 minutes to go to the gym. ‘You're busy with your work and unless the organization really stands behind what they're offering and make some minor adjustments, it doesn't work as effectively,’ Harter says. At present, only 12% of employees ‘strongly agree’ their employer is improving their well-being. Only 6% of all employees feel they are ‘thriving’ across all five elements of workplace well-being. ‘A majority of employees believe their job is a detriment to their ability to achieve higher well-being,’ Gallup says. Perhaps the fundamental reason corporate wellness isn't working is because work is getting in the way. There's no time and space to get healthy when we have to do all the other things we have to do.

If you work at a large or even medium-sized company, it's likely you have access to some kind of ‘wellness program.’ Over the last decade, many organizations have begun to monitor and intervene in their employees' health and well-being, believing they can raise productivity, cut health care costs, 12%W and perhaps make themselves more of employees ‘strongly agree’ attractive as employers. Rand Corporation says 85% of companies their employer is improving with more than 1,000 people have at their well-being

ICE BusinessTimes March 2015 61 MONEY PLAN

PICKING UP PACE US venture capitalist to invest in local app development

AT&T If you work at a large or even medium-sized company, it's likely To take the country's mobile app development into the fast lane, Invictus US you have access to some kind of Corporation, a New York based venture capitalist firm is going to organise an ‘wellness program.’ Over the last app development competition titled 'Innovation Next Generation' with prize decade, many organizations have money of $25,000 in Bangladesh. At the ongoing 'Digital World 2015', the begun to monitor and intervene in 'Innovation next Generation' has established a booth where it is disseminating their employees' health and information about the competition. well-being, believing they can raise Talking with IBT, John Messer, president of Invictus US Corporation, said they productivity, cut health care costs, have created the competition to bring all the mobile app developers of the and perhaps make themselves more country to submit the concept or idea of their apps to their corporation. ‘We are attractive as employers. Rand going to select few winners from those idea or concept list. Then we will Corporation says 85% of companies finance them to develop their apps and to bring those to the market’, said with more than 1,000 people have at Messer.

62 March 2015 ICE BusinessTimes MONEY PLAN

market and make it better, we will go for it’. ‘It can be the next angry bird or the next whatsapp’. Messer said US is the biggest mobile app buyer in the world and Bangladesh is one of the large suppliers of those apps. Many US companies are suing customized apps for their office usage which are being developed in Bangladesh. ‘The internet has changed everything that we do. You now can hire talented developers at any places in the world to develop your products. As businessmen, we obviously wanted best output with the lowest investment, of course without compromising the quality. Bangladeshi developers perfectly fit into that profile’. He said, for this South Asian region, the sky is the limit in future. ‘This region represents 23 per cent population of the whole world but in mobile app world, it represents only 7 per cent. It has the immense opportunity to grow’. Mohammad The internet has changed everything Mahdee-Uz-Zaman, director of that we do. You now can hire talented Mobioapp, country's leading mobile app developer who facilitated the developers at any places in the world to competition with the US venture capitalist firm, told IBT that this is develop your products just a small step towards achieving a big goal. Mobile apps are among the fastest growing sectors in the software Messer said, in the Digital World, he industry and it alone generated at has observed the technological least one third of the total revenue innovations and advancements earned by the software sector in the going on in the country. All the past year in the whole world. departments and the ministries of The situation in Bangladesh is no the governments have their stalls in different, he said. Observing the the digital world and they are mobile app boom, many software showcasing their contribution companies here have started towards achieving the vision of developing apps. Especially the digital Bangladesh, he said. ‘I think freelancers who have their accounts this is fantastic. This probably is the in popular online bidding websites best time to invest in Bangladesh's like 'odesk' and 'elance', he added. technological sector’. ‘Internet penetration across the When asked what type of apps the globe has been increasing in competition will prefer, the US based geometric manner because of mobile venture capitalist said they want to internet. So, mobile app is the help the young entrepreneurs in the future. Competition like this will country and want to take their only provide the country's tech concepts into the market. ‘So if we savvy youth the much needed see an app idea which can change impetus to move forward’, said certain existing concepts in the Zaman.

ICE BusinessTimes March 2015 63 MOTIVATION

which can be delegated, matter less and less, while soft skills continue to play the biggest role in determining SHAKING UP your chances of achieving success. In fact, the more we constrain ourselves with hard-skill development, the less chance we THE WORLD have at achieving the goal of delegating our work to others so that Soft Skills Matter we can advance to the next level. AAre you prepared for a career in the politely to a clerk, and deal with the Let's face it: We're in the middle of a 21st century? If you're not sure, you boredom of children on a long car worldwide social experiment. It might want to rethink your next ride. doesn't matter what age you are. All steps. Most of us are still operating Now we can text silently and of us have to engage in this under a 20th-century paradigm. We privately in our family homes, ignore precarious blending process. We were taught that learning all we can the clerk as we scroll through social have to keep up with the latest and about a specific profession is the key media, and hand our children instant greatest technological advances to moving up to our goal rung on the entertainment on a portable screen. without losing our human edge. socioeconomic ladder. Even ‘digital In business we can negotiate There is not an easy answer to this natives’ learned this flawed premise; contracts and form relationships dilemma, and the gap between our like the generations before them, through email and texting, with no ideas and our actions needs to close. they still think that hard skills are person-to-person interactions. There While more than 85 percent of the the key to advancement. is no firm handshake practice or eye executives and recruiters surveyed in In a study conducted by the contact involved in many of our the Gallup-Lumina Foundation report Association of American Colleges and day-to-day negotiations. thought that businesses and Universities, there was a remarkable Many of us aren't getting enough universities should work closely difference between the perceptions of experience with personal feedback together to develop career paths for college students and their potential and group interactions, the building students, fewer than 22 percent of employers. While the vast majority of blocks of basic soft skills. At the these businesses had an internship employers thought that oral same time, we are constantly or student advancement program in communication, organizing and challenged to master the new soft place. evaluating information, and solving skills involved with the When the effort is made to add complex problems were critically ever-changing methods of feedback and practical experience to important, fewer than 30 percent of communication. It's difficult to the educational track, the results college students realized that these master courtesy in texting. It's easy speak for themselves. With an soft skills are essential to their to be abrupt in an email. emphasis on the soft skills of success. The most important soft skills are not networking, study habits and résumé Hard skills are easily defined and likely to be developed through silent building, the charitable foundation obviously measurable. They include communication, unless we are of One Million Degrees works with technical mastery and vocational engaging in person-to-person community colleges and employers qualifications. For an executive a contact. An abrasive person can write to achieve a graduation rate of 84 hard skill might be the ability to a popular blog post, but she won't get percent, more than three times the navigate complex proprietary very far in negotiating a speaking national average. software. engagement or a book deal. A shy We all need to continually relearn our Soft skills are intangible and difficult introvert can send a compelling text communication skills and reconsider to measure; while they greatly message, but he might not be able to our self-perceptions. impact an individual's chances for maintain eye contact during an We can build a bridge between the success, they are not normally taught interview. best of the past and the miracle of the through traditional education. Soft Of course hard skills are important. new with a simple shift in our skills include practices that were Hard skills build résumés. In the St. thinking; the past, the present, and once in the backgrounds of all our Louis workforce study employers the future all have valuable lessons lives. Team building, eye contact, reported that hard skills are very and tools for us. In this new analysis of body language, and important for getting a job offer. But worldview the fresh, bright light of conflict resolution were constantly hard skills alone don't provide for new ideas and technologies can be demanded from us as we moved significant advancement used to illuminate, rather than through our days. We had to learn to opportunities. outshine, a pathway for the wisdom answer the family phone, speak As careers develop, hard skills, of the ages.

64 March 2015 ICE BusinessTimes STARTUP SOCIAL MEDIA TO THE RESCUE F-commerce

When Zaman Ibn Zia, a young South Asian Association of elevating Wentrepreneur, started an adventure Physiologists (SAAP). ‘It all tourism company named 'Ghuddee' happened because of my Facebook e-commerce last November, the first thing he did page,’ he iterated. was to open a Facebook page in the Zaman Ibn Zia is not alone. The that ‘f-commerce’—meaning company’s name. ‘I own a small most popular form of online social e-commerce on Facebook—is one of fast-food shop. I used its address as media in the world is not just the best platforms to expand the my tourism company's address. But confined to knowing the updates of reach of any start-up business in on my Facebook page, I offer near and dear ones, any more; Bangladesh. different packages, and facilitate the rather, it has become one of the These days, almost every whole process with my customers biggest platforms for doing entity—whether it is a business through Facebook messenger,’ he business. Not surprisingly, enterprise, small or big, or a said. Within four months of f-commerce has become the new launching the operation, Zia has buzzword. Entrepreneurs and been able to bag three package investors alike increasingly think deals, including a prestigious one—as the official tour partner of the 4th Biennial Conference of the

66 March 2015 ICE BusinessTimes STARTUP

university—maintains a Facebook GEEKY Social—the only social billion to USD 30 billion, in just page that provides details, updates, media marketing agency of the 2015. promotions, or shares the country—f-commerce will comprise Referencing the report, Sagar information that it needs to share. a market of Tk 3,000 crore within explained that this would happen General people have also started the next 10 years. In the survey, it because of the viral nature of social considering Facebook as the first found that among the 0.9 crore media. He said that 2015 would be line of obtaining information about internet users in Bangladesh, nearly the year of f-commerce, because in an entity. 30 per cent use the internet to access 2015, Facebook will add a ‘Buy’ ‘When I hear about any new their Facebook pages. This number button within posts by companies, restaurant in Dhaka, I go to is expected to increase by the next in order to make purchases of their Facebook and search for its page. It’s 10 years and become nearly four products easier. ‘If Facebook were a the easiest way to get information,’ crore. country, it would now be the third said Mahadi Abdur Rouf, a doctor The consultancy talked to largest in the world, with its one studying for his MD degree. Having consumers who spend at least an billion population—behind China’s realised the importance of hour, each month, on social media 1.34 billion people, and India, which maintaining a business-friendly sites, and who have purchased has a population of 1.2 billion. So, Facebook page, large companies are something online, at least once over anything posted here has the now recruiting people with the past year. It learnt that 27% of potential to reach the highest designations such as ‘social media respondents would purchase possible number of people in the specialist’, who are basically physical goods through Facebook or fastest way because, here, other dedicated personnel who maintain other social media. Ten per cent said people will do your marketing. And the company's Facebook page. such shopping would be in addition that is the beauty of f-commerce,’ he Saberid Rozin works as a social to purchases they had already said. media specialist for the popular planned via other media. To popularise the concept and help chain of super shopping malls, Talking to ICE Business Times, the f-commerce businesses flourish, ‘Meena Bazaar’. He said his main Mahadi Hasan Sagar, managing GEEKY Social recently organised a responsibility is to update the director of GEEKY Social, said, ‘A two-day summit where product list and the prices on the significant six per cent of the entrepreneurs, policymakers, Facebook page. ‘I also undertake businesses in the country are industry insiders, media persons, qualitative research on the feedback making sales of more than Tk. and domain experts, were brought that customers post on Facebook 100,000 per month, through their under a single roof to discuss and and send the report to the product Facebook pages.’ create a unified voice for these research department,’ explained In its survey, GEEKY Social found businesses with ‘the ultimate goal of Rozin. Ejajur Rahman, a former that, in terms of promotion, most of the economic prosperity of supply chain director of Coats the businesses are not very savvy Bangladesh’. Bangladesh, told ICE Business users of Facebook's ‘paid reach’ The Bangladesh Association of Times that earlier, people used to mechanism yet. Promotion, to them, Software and Information Services obtain information about a business largely means one or two posts per (BASIS) was the strategic adviser to entity, through print media. Then, day on their Facebook pages. The the summit. AjkerDeal.com was the companies started developing survey also found that the gold sponsor, EMK Centre was the websites, where they would upload f-commerce sector is still low on silver sponsor, and News Cred and all their information. ‘Now, is the legal registration and compliance, Bangladesh Startup Cup were bronze time of social media, such as as evident from a staggering 77% of sponsors of this mega event. The Facebook, because people consider it the businesses being either sole summit elicited a huge response. the best and easiest source of proprietorship or partnership Saimum Hossain, co-founder of information,’ he said. ventures, Sagar said. GEEKY Social, told The Independent Rahman said consumers learn more ‘But, this will change completely in that they would soon launch a about products and services, directly the next few years. Even in 2015, month-long f-commerce fair, from brands and other massive changes will occur in the showcasing diverse types of consumers—and, so, product way people do business,’ said Sagar. products and services sold by the reviews on social media outlets, like According to a report from the global f-commerce entrepreneurs. ‘In Facebook, are some of the most management consultancy firm, association with BASIS and DCCI, we trusted sources of consumer Strategy& (formerly Booz & will launch an f-commerce forum for information. According to the Company), commodities sold getting unified policy support for country’s first-ever national through social media, like Facebook, f-commerce businesses,’ said f-commerce survey, undertaken by may rise from its existing USD 5 Hossain.

ICE BusinessTimes March 2015 67 THE BIG IDEA

It's no secret that big data is a critical driver of success in business today. But what exactly is big data? According to Wikipedia, it is ‘a broad term for data sets so large or complex that they are difficult to process using traditional data A CRITICAL processing applications. Challenges include, capture, analysis, curation, search, sharing, storage, transfer, visualization, and information DRIVER privacy.’ So what does that mean to us? According to an article by David Court in the January 2015 McKinsey Quarterly, retailers who Can big data save leverage the full power of big data and predictive analytics could see increases in their operating the world? margins as high as 60%. Who wouldn't want that? So if big data is that powerful, why aren't more companies realizing its benefits? The answer is--because the effective use of big data often requires a total realignment of the organization. And that's good news for all of us. To understand this phenomenon more fully, let's look at the history of the retail industry. Back in the '50s and '60s, shopping was a very personal experience. Stores were small and many store owners and staff cared about their employees, customers, and communities. They often knew their customers by name and had intimate knowledge of their personal preferences. This connection may still exist today at your favorite locally-owned coffee shop, boutique, or booth at the farmer's market. But on a larger scale, things were about to change.

68 February 2015 ICE BusinessTimes THE BIG IDEA

Following World War II, the United customers. But another shift was are changing as well. For example, States experienced an economic happening at the same time. The the position of product manager is boom. Excess manufacturing Internet gave the customer the all but obsolete. The role has been capacity and burgeoning families ability to buy from virtually replaced by a customer segment created a huge demand for new anywhere in the world and manager who leverages big data to products. Television advertising whenever it was convenient for offer customers the right product - at fueled demand through mass them. So for the first time in recent the right time - through the right marketing. Consumers wanted every history, customers, not companies, channel - for the right price. new gadget and machine. They were driving the shopping In other industries, big data is weren't choosy about colors and experience. This shift in power having a similar disruptive effect on features. New products generated created the need for retailers to business in a myriad of ways. Big new markets, and drove the move from a product focus to a data is now used to monitor and demand. New companies sprang up customer focus. Savvy companies improve manufacturing processes, or expanded to meet the demand. A quickly got the memo that the track and measure employee majority of purchases were now customer was in control. They satisfaction, manage HR decisions, going to large retailers who reaped embraced customer focused systems control security, assess financial huge profits with minimal such as Customer Relationship risk, and more. As a result, connection to their employees, their Management (CRM) and the 360° companies need to find employees customers, or the communities they Customer view which often gave with advanced skills who are also served. them a competitive advantage. adept at learning and critical Eventually saturated markets and Consider this - if you go shopping at thinking. These same employees competition began to erode profit a large store, pay cash, and do not need higher emotional intelligence margins for these large retailers. To supply any personal information to navigate the complexity and survive, they began to vary product such as your email address or diversity inherent in their new colors and styles, add new features, loyalty card, you remain interconnected environment. This and expand into new product lines. anonymous to that company. has given birth to a whole new type As they grew, many companies However, if you pay by credit card, of analytics called Human Capital divided their organizational use a loyalty card, provide an email, Analytics or People Analytics. structure into silos around their or more - your purchase can be This paradigm shift demands that product lines. Initially, this worked tracked, merged with other data, leaders evolve along with their quite well. But eventually, these and a profile of your unique organizations. To be successful, nationally-owned retailers became shopping behavior can be created. leaders must learn the skills to so large that all personal connection Online shopping takes this to a new connect, empower, motivate, mentor, with their customers was lost. And level. Online retailers not only train, and inspire their valuable as markets tightened, internal know what you bought, they know human capital. They must become competition between product silos what you considered buying conscious leaders, i.e. leaders with intensified. Product managers were (viewed); where you came from self-awareness and high emotional competing against their peers for the (prior URL); what path you took intelligence who can lead from the same customer. This lack of through their site; what you finally heart as well as the head. And this is cooperation often led to poor bought; and how you paid for it. where I see the greatest potential for employee morale, lower customer They can even suggest products big data to have a positive impact on satisfaction, and eventually that appeal to your personal tastes our world. declining profits. and interests. In other words, they It's no secret that many large Enter the Age of Information. now have the information to create organizations wield great power Advances in computer technology a unique shopping experience just around the globe. Imagine for a allowed tech-savvy companies to for you. But after several decades, moment that these large develop programs and systems to many companies are still failing to organizations are managed by capture immense amounts of data adopt this new customer-centric heart-centered leaders who embrace about their customers. Technology approach. So why is this so conscious business practices also gave birth to online shopping difficult? because they have determined that that led to an explosion of even more Success in a customer-focused it's the only strategy for success in data. Today, companies are able to organization requires nothing short our high-tech, data-driven economy! track customer behavior from of a total transformation of This could have to have a positive variety of sources. leadership style and organizational impact on their customers, their This new ability to collect and structure. Legacy structures like employees, their families, their analyze big data enabled companies product silos are no longer communities, and the planet at to better understand their functional. Key management roles large.

ICE BusinessTimes February 2015 69 MOVIES

REPLICATING PROFITS? Should Indian cinema be released in Bangladeshi theaters?

The recent decision of imposing ban on Indian cinema, and then recently withdrawing it, has been a debated issue in Bangladesh. The supporters of banning Indian cinema are claiming that if T Indian cinema is given access to Bangladesh, our native cinema industry will face a ruin. The issue definitely is a sensitive one as it has political connotation besides the cultural one. Maybe, the government of Bangladesh has taken the former one into consideration and retreat itself from its previous position of showing Hindi cinema in Bangladesh. However, the pro-Hindi movie group has a few points to make too. First of all, they argue that in the age of globalization and free sky we cannot keep resisting foreign culture to creep into our society. The popularity of Hindi cinema is immense not only in Bangladesh but also across the world. And people around the world can easily get access to the cable and satellite television. Moreover, DVD and free download of movies from the internet have made it even easier for the middle and upper class viewers to enjoy Hindi or English movie at will. These alternatives do not include the marginal class of the society. So, why Hindi cinema should not be given access to the mass people of Bangladesh? The irony is the middle-class in the country rarely go to cinema hall to watch Bengali cinema or keep themselves updated about news and views of Dhaliwood. It is strongly believed that the target population of Bengali cinema is no other than the rickshaw pullers, garments workers and other wage labourers. The quality of our cinema is quite understandable in terms if its technical aspects and storyline, which is not comparable with any other country’s cinema such as Indian, Pakistan and even with Nepal. So, why are our cinema viewers being deprived from watching what they want to watch other than native cinema?

70 March 2015 ICE BusinessTimes MOVIES

Fahmidul Haque, an associate professor of Mass Communication and Journalism at the University of Dhaka, said: ‘I am all in for importing Indian films in Bangladesh. I believe that films of all languages should be screened for cultural diversity. But, the countries should come to a mutual agreement and India could agree to release Bangladeshi films in its theatres. I also think that some regulations and control should be imposed on the cinema halls of the country where it One can easily ask why our ‘cinema will state that a theatre cannot go on protectors’ do not protest against showcasing foreign films repeatedly.’ English cinema or Hindi cinema Recently Mostofa Sarwar Farooki, shown on satellite TV or in the renowned film director, expressed his internet. The reason is quite obvious. concern over this phenomenon on the It is either their family members who located in another territory and social media: ‘I think, joint are direct consumers of those sources continent; and not in close proximity productions of Bangladesh-India will or they have no hand to regulate the like Bangladesh, or Pakistan or be beneficial for our industry. I also sky. But, they only can regulate the Nepal. How come Nigerian audience believe that if Indian films are to be taste and fate of the marginal people being culturally, religiously and even released in Bangladesh, then it is and cinema hall as they wish. linguistically different from India, only fair for Bangladeshi films to be The plain truth is that there are accept and welcome Hindi cinema? released in India. Tax structures of political chasms among us in which Actually, the concept of ‘culture’ is screening foreign films in our politicians tend to divide not so easy to understand what we Bangladesh should be revised as everything in terms of politics and perceive it to be. It has different well. In Kolkata, a Hindi film is taxed ideology. Even we don’t hesitate to facets and dimensions which can at 25% whereas a Bangla film can run divide Hindi cinema through our encompass time and space and with only 2% tax. As an independent narrow religious perception and influence people in another society. government, our policy should be political boundary of pro-Indian and We use the concept ‘culture’ without revised with our own profit in mind, Pro-Pakistani. But have we ever much thought and conceptualize it not someone else’s profit.’ thought that despite the fact that which is why the concept remains a Shahidul Islam Khokon, the these two countries are in belligerent vague one in academia and even in president of Film Directors’ relationship with each other for more the socio-political sphere. Association, quoted founding than five decades, Indian films are At the end, whatever reasons behind president of Bangladesh Sheikh shown in Pakistan though the ban the banning of Hindi cinema is, we Mujibur Rahman: ‘Films from the had been imposed back in 1965 but have to admit that there is an other countries of the sub-continent was withdrawn later on! Indian entertainment vacuum in our cinema will not be released in Bangladesh.’ cinema is so popular in Pakistan that industry. One can perceive it easily if Khokon further illustrates that a even the most flopped Hindi cinema he/she counts the total number of Bangladeshi film has the overall can pass several weeks in the cinema halls at this moment and how budget of Tk1 crore whereas an Indian Pakistan cinema hall with houseful many were there just one decade film is made with budget exceeding audiences. Then again apart from back. If our own cinema quality falls Tk100 crore. He said there is no way Pakistan, Nepal also shows Indian and cannot evoke the audience to the films of such varying budgets can film besides its own film. cinema hall what will happen to compete in the same field. One might well argue that Indian some 800 cinema halls that still Previously, cinema-hall owners culture is not compatible to ours. survive across the country? expressed concern about the meager Indian cinema is more exposed and Given the complex reality of number of films being released in raunchy in its contents and perverted globalization in the age of free Bangladesh every year. For more than in its storyline. But how will one information and entertainment, we a decade, the number of movie respond to this fact that another need to reconsider our cultural theatres being shut down increased Muslim populous country such as boundary and perception very in number due to the lack of new Nigeria where Hindi cinemas are seriously. Before anything else, we films and the dwindling interest of shown more frequently than its need to be more logically political the audience. native cinema. The country Nigeria is and less emotionally cultural.

ICE BusinessTimes March 2015 71 RECREATION

Demonstrate That Emotions BOTTLED Are Acceptable How to handle In word and deed, strong emotions UP? leadership must demonstrate that showing at work in a some emotion is an productive way acceptable part of being part of the organization. Make It Acceptable They can share their To Leave A Situation feelings when speaking by When Overwhelmed expressing their joys and fears. In writing, they can By Strong Emotion sprinkle their message Sometimes emotions like anger with emotional words to and grief can become so strong show they have feelings that the best way to deal with like the rest of us. This will them is to leave a situation bring leaders closer to their until we get our emotions under staff and go a long way control. Staff at all levels must towards establishing trust. feel free to do this and not be subject to judgment or incrimination. Management can Put On demonstrate this is acceptable Workshops And at all levels by showing sensitivity and support to those Not so long ago, emotions were considered Courses On who leave meetings and other to be bothersome, unnecessary obstacles to Handling events when overcome by their productivity in the workplace, and we were feelings. told to leave them at the door once we got to Emotions work. A great way for an While this attitude still exists, most of us organization to be recognize that our emotions are part of who proactive and acknowledge Encourage Having we are, and we have no choice but to bring the importance of emotions Fun At Work them to work. But the question now is to put on workshops or becomes, how do we deal with them once training for staff. A workplace where people are we enter work? Alternatively, the staff having fun is an emotionally While we can’t give emotions free reign and should be encouraged to healthy place. Giving people the let them run amok, we can’t just ignore take courses in dealing opportunity to express them either. We have seen far too many with emotions and give themselves through play also instances where suppressed emotions have them credit for doing so. helps to be more emotionally finally exploded in cases of workplace This would be a way of open in all areas. Studies have violence and other drastic actions. showing they understand also shown that people who are and recognize the having fun at work are more Here are some ideas for creating a healthy importance of emotions in productive than those who are emotional workplace: the workplace. not.

Build A Workplace Of Engagement And Inclusion The more a workplace is engaged and becomes familiar with each other, the more open the members will be to share emotions. Encourage staff to get to know one another outside of the workplace as well as during work. Volunteer activities outside of work events provide an opportunity for employees to get to know each another at another level. The more we get to know one another at work, the more we see the whole person whose life revolves around dealing with multiple aspects of life. This allows us to better appreciate their fears, struggles, and joys that they are open to sharing with us.

72 February 2015 ICE BusinessTimes ADVICE PEER ENDEARMENT The compelling case of having a coworker as your mentor

We tend to think older means wiser, but sometimes the best learning comes from our peers. Schools that use peer-tutoring programs have found the dynamic leads to higher academic achievement, and the relationship between students fosters social development and motivation.

74 March 2015 ICE BusinessTimes ADVICE

mentor has a deep understanding of the company. If they are in a different department, they can offer a different perspective. ‘People don’t realize how someone’s role can influence a project when they’re part of a different department,’ she says. ‘Different mindsets spawn different conversations and solutions.’ 3. Help Can Be Immediate Working in the same office means it can be easier to get advice right when you need it, says O’Donnell. But don’t assume just because But what about the kind of learning 10 years ago, she tapped an they’re handy that you can drop in, that’s done out of school—what entry-level salesperson who had cancel your meetings at last minute, about when you’re looking for a been with the company for a year to or show up late. mentor? be her mentor. ‘I recognized her ‘Be professional,’ she says. ‘The goal ‘People typically look for those who strengths and knew she would be a for these meetings is to become have more experience, but anyone key player,’ she says. ‘I wanted to better.’ can be a rock star,’ says Krisi Rossi learn from her and grow alongside O’Donnell, vice president of staffing her.’ 4. Asking Questions and recruiting at LaSalle Network. Today, O’Donnell’s mentor is the Isn’t As Intimidating In fact, she believes your best firm’s chief revenue officer: ‘Not When your mentor is a peer, it can be mentor might be the woman who only have we developed a strong easier to share your feelings and ask sits next to you at work or the guy in friendship, but I know she questions, says O’Donnell. the department down the hall. contributed immensely to the ‘This arrangement can foster a A creative approach to professional professional I am today,’ says higher level of trust, since you aren’t growth, a colleague mentor is O’Donnell. discussing your goals and different than an accountability Having a companion while climbing challenges with someone in partner because he or she isn’t there the corporate ladder is one benefit to leadership,’ she says. to keep you on track to meet your choosing a coworker to be a mentor; goals, O’Donnell says: ‘They provide O’Donnell shares six more reasons 5. It Will Expand Your guidance, a sounding board and to seek out a coworker for career Knowledge Of The support,’ she says. advice: Company To identify a good candidate, look When pairing up with someone from for someone in your company at 1. The Feedback Will the company, they can share their about the same level who is Be More Honest knowledge and perspective about currently excelling—someone the the company. When your mentor works at the leadership team acknowledges as ‘Everyone knows different things same company, the feedback is having a promising future. Don’t and everyone looks at the same based on first-hand knowledge of choose a friend and stay away from things differently,’ O’Donnell says. your work, says O’Donnell. those who gossip. ‘They know [your] tendencies, and ‘It’s typically someone who has a 6. It Can Have have no reason not to be honest,’ work ethic or work product you she says. ‘Peers might also be going Long-term Benefits admire—whether they’ve been at A colleague-based mentorship can through the same type of situation, the company for 10 years or one,’ create a long-term powerful making the relationship mutually friendship, says O’Donnell. says O’Donnell. She suggests that beneficial.’ you look for qualities associated ‘If you latch onto someone who is with success, such as super successful and gets promoted, aggressiveness, creativeness, 2. The Feedback Is in three years that can become a ambition, and attentiveness. Company-specific reflection of your career path,’ she When O’Donnell started her career Being in the same office means the says.

ICE BusinessTimes March 2015 75 APPRAISAL

PERSONAL

PROPOSITION Ways to objectively determine your worth at work

One of the basic tenets of any STEP 1: successful negotiation is to know Look For The Evidence your worth. Having a sound You’ve probably had a long history understanding of what you bring to of people telling you exactly what the table and how important or you do well, Hunter says. valuable it is to the other party gives Performance reviews, 360 you an important edge, especially evaluations, and other assessment when you’re trying to advance your tools your employers have used can career. But, sometimes, it can be give insight into some of those tough to get a realistic view of strengths. Where have you where our value actually lies, says consistently gotten high marks and Cheryl Hunter, a performance coach where do you have a track record of and founder of The Hunter Group. accomplishments? Hunter believes this is an area that too few people take seriously, to STEP 2: their own detriment. Create A Scorecard ‘What I like to charge people with is Executive recruiter Dave Carvajal, that it’s your responsibility to have founder of Dave Partners, says a strong sense of worth. It’s your having strengths is one thing, but responsibility for those that will interpreting them into the value you follow in your footsteps,’ Hunter deliver requires additional thought. says. So, it’s important to infuse a Think of how those strengths and little results-based swagger into abilities matter to the your being. But how do you know decision-maker with whom you’re what to measure—and whether negotiating and create a scorecard you’ve got it right? These steps can of the key areas of value the job or help. negotiation requires.

76 February 2015 ICE BusinessTimes APPRAISAL

STEP 4: Involve Your References Or Mentors Carvajal suggests tapping the people who you’d ask for references or to be mentors to get a beat on your true value. These are people who think enough of you to go to bat for you, he says. Find out what it is about you that makes them willing to do so. What, exactly, would they say about you if asked for a recommendation? They may reveal strengths or attributes you never considered before. ‘These are people who, for whatever reason, already have a vested interest in you. Get them on board to help you in your negotiation or job search early in the game,’ he says.

STEP 5: Spot Your Patterns When people talk about your work, listen for phrases like, ‘you always’ or ‘you’re known for.’ As you review your work history, look for achievements that you’ve racked up again and again. Do your campaigns always win awards? Are you the office peacemaker? Do coworkers come to you for breakthrough ideas? Our strongest attributes tend to make repeat appearances, Hunter says.

STEP 6: Monitor Your Inner Voice We’re all acquainted with that inner critic. But Hunter says it’s quieter when we’re focused on things at STEP 3: which we’re very adept. When Then, Rank Yourself you’re thinking about a task and Accordingly that incessant chatter lets up a bit, For example, it’s great that you’re a that’s a clue that you’re focused on terrific team builder, but what might one of your stronger skills. really matter to the person hiring for Similarly, Carvajal says thinking the job you want is that you can about the job tasks or aspects you assemble groups of people and help truly enjoy can also help you see the them find ways to collaborate areas in which you’re strongest and efficiently and finish projects within bring more value. ‘We tend to be the allotted time. Spell out what you happier when we’re doing believe are the most important something we’re good at and where credentials, skills, or other we’re successful. When you’re attributes necessary to win over the happy, it’s a good sign you’ve found decision-maker and put forth your some of where you bring value,’ he best foot in each area. says.

ICE BusinessTimes February 2015 77 BELIEF

BUSINESS CASE OF SELF-BELIEF How healthy confidence benefits your coworkers and contributes to your company’s bottom line

It’s not an Earth-shattering concept that healthy confidence is an asset in the workplace. But it can also deliver bottom-line benefits to both the individual and the organization by allowing you to excel in a number of areas necessary for greater financial success. ‘There’s no randomly controlled trial about how much confidence affects the bottom line—that would be hard to do,’ says licensed psychologist Leslie Sokol, PhD, and coauthor of ‘Think Confident, Be Confident’. ‘But confidence is essential in goal achievement—whether it’s a task, sales quota, or income threshold.’ Healthy confidence is a belief in oneself as a capable person whose judgment can be trusted, Sokol says. It’s not perfectionism or narcissism, which are too often conflated with confidence. When you feel good about yourself and your ability, while still remaining open to learning new things and hearing others’ ideas, it’s a good indicator that you haven’t crossed the line from ‘confidence to bumptiousness,’ she says.

78 March 2015 ICE BusinessTimes BELIEF

The ability to own up to their weaker Experts say areas, and seek out the tools and If you’re handling support systems to make them too much minutia healthy confidence stronger and more knowledgeable are signs they are attractive that could be can pay off in a candidates for development and handled by an promotion, she explains. This will employee who is few significant move them up the career ladder. ways: paid less than you, 4. You Make The Best then you’re wasting 1. You Negotiate Better Use Of Your Time those resources When you feel good about your Gering says self-doubting people ability, you can speak up for yourself often feel they have to do everything and you’re not and negotiate strongly for yourself themselves because they are going to be able to and your organization, says Posy threatened by others. They worry Gering, a Seattle-based performance others might perform better in the see the big picture and management consultant, and role or otherwise fear relinquishing author of ‘The Next You: Discovering control, so they try to hang on to Confidence, Calm and Courage Now’. tasks that should be delegated to If you’re riddled with self-doubt, ‘it’s others. That leads to inefficiencies in going to be very difficult for you to how your time is used, and this can stand up for yourself in the way you cost your organization money, she need to in a negotiation,’ she says. explains. Confidence allows you to ‘You should be delegating tasks that realistically understand what you can be done by others so you can need and what you’re worth—then focus on being better in your role as ask for it. a leader,’ she says. ‘If you’re Sokol agrees. Confident people are handling too much minutia that okay with being flexible and could be handled by an employee considering other viewpoints. At the who is paid less than you, then same time, they’re not going to you’re wasting those resources and allow themselves to be compromised you’re not going to be able to see the in ways that don’t make sense, she big picture.’ says. 5. You Allow Others To 2. You Are More Likely Deliver Value To Achieve Your Goals Similarly, Gering says when you A study published in the October allow others to contribute, you let 2014 issue of the ‘Journal of them deliver value, learn, and grow. Vocational Behavior’ found when As those around you take on more teenagers believed in their ability to responsibility, confidence is what reach the goals they set for allows you to objectively view themselves later in life, they were others’ strengths and guide them to more likely to achieve those goals in roles that contribute to the adulthood. organization. People who lack confidence tend to 3. You’re More micromanage or discourage others from being innovative or Promotable forward-thinking because they fear It’s no coincidence that confident that success might be taken away people are better achievers, Sokol from their own power or position, says. They don’t pretend to have she says. Confident people every answer. Instead, they seek encourage others to be their best, outside input, training, resources, or thus delivering value and advice to achieve their goals. innovation to the company.

ICE BusinessTimes March 2015 79 AVIATION TURBULENCE BEFORE LAUNCH? Biman’s move for relaunching domestic flights in limbo

Biman Bangladesh Airlines’ agreement is fully prepared, to have two Dash 8-Q400s for move to tap a share of the and we’re just waiting for five years under dry lease, as booming domestic air traffic them,’ Khan Mosharraf it has no small aircraft to carry by adding a pair of Dash Hossain, General Manager passengers on domestic 8-Q400s to its fleet, suffers a (Public Relations) of Biman routes. A dry lease is an setback due to the ongoing told IBT. The spokesperson for arrangement whereby an political turmoil in the the national flag carrier said aircraft financing entity country. According to Biman Biman authorities have provides an aircraft without sources, the supplier of the invited them to visit insurance, crew, ground staff, two Dash 8-Q400s Egyptian Bangladesh to sign the deal. supporting equipment and Smart Aviation is reluctant ‘But, they’re in no mood to be maintenance. The about visiting Bangladesh due here, taking their time.’ representatives of the Smart to the volatile political Biman has been negotiating Aviation had been in Dhaka in situation in the country. with Egyptian Smart Aviation December last to have the final ‘We’re ready, the draft of the for the last couple of months negotiation.

80 February 2015 ICE BusinessTimes AVIATION

four private local airlines—United, Regent, Novoair and US-Bangla—fly mainly on four domestic routes from Dhaka to Chittagong, Cox’s Bazar, Sylhet and Jessore. The Dhaka-Chittagong route draws the highest volume of traffic followed by Dhaka-Jessore one. Currently, around 50,000 passengers fly on the domestic routes a month where Dhaka-Chittagong route carry almost 70 per cent. According to data from Civil Aviation Authority, Bangladesh (CAAB) some 648,019 people travelled nationally by air in the last year. Private airliners—United Airlines, Novo Air, Regent Airways and US-Bangla Airlines—are operating increased flights on domestic routes. Another new player, Epic Airways Ltd, aimed to begin flights on domestic routes by the end of 2014. Dogged by losses and shortage of aircraft, national flag carrier Biman suspended its domestic flights on four among seven routes in 2007. Later, in 2012, it resumed domestic flights on a limited number of routes, including Dhaka-Chittagong-Dhaka and Dhaka-Sylhet-Dhaka routes with connecting flights. Biman is now operating about flights on its domestic routes 30 flights a week on its along with some other regional domestic routes with large ones. aircraft through its connecting After the agreement, it will Meanwhile, Biman has invited flights in operation on need at least four weeks to a proposal for having international routes. It now complete the procedures of Component Support or operates 11 flights on import permit, customs Power-by-Hour Support for Dhaka-Chittagong, 14 flights clearance and Civil Aviation providing component support on Chittagong-Dhaka and 5-7 Authority, Bangladesh (CAAB) program for operating two flights on Sylhet-Dhaka routes inspection. After this signing, DHC-8-Q402 (Dash8-Q400) a week. On the other hand, the there will be side letter signing aircraft. Biman will also use government has already taken for cockpit and cabin crew the Dash 8-Q400s aircraft to steps to renovate the country’s training. This was Biman’s operate on two regional five airports in Rajshahi, seventh attempt to collect routes—one to Yangon and Saidpur, Cox’s Bazar, Jessore turboprop aircraft for resuming another to Kolkata. At present, and Barisal.

ICE BusinessTimes March 2015 81 ON THE BOOKSHELF HEAVENLY ELEMENTS Ekushey Book Fair 2015 tries to outshine last year’s efforts

By Wafiur Rahman Photo M Ponir Hossain

Once again February is here O and it is time for the grand festival – the Ekushey Book Fair. Besides the fact that the Ekushey book fair stands as a symbol of our language movement, this fair also encourages book lovers, friends and families to spend quality time together. What better opportunity could there be for city dwellers than to amble along the fair premises for an evening hangout?

ICE BusinessTimes March 2015 83 ON THE BOOKSHELF

Overview Like the past two years, this year the Ekushey Book Fair has also been extended to the Suhrawardy Udyan, outside Bangla Academy premises. Most of the government-sponsored publications have been allowed to set up their stalls inside the Bangla Academy boundary, and all the private publishing houses are at Suhrawardy Udyan. The main attraction of the book fair is the colourful and thematic stalls and pavilions. This year more than 500 stalls of 351 publication houses and socio-cultural organisations are taking part in the event and for the first time the fair authorities have allocated pavilions to ten renowned publishing houses such as Anya Prakash, University Press limited, Anupam, Mawla Brothers, Sahitya house, Patabahar, is routinely filled year’s book fair features books Prakash, Agamee Prakashani, with children where they happily written by various celebrities from Pathak Samabesh, Samay buy picture books, colouring books, the entertainment industry. Actor Prakashan, Kakoli Prakashan, and stories based on Bangladeshi Abul Hayat, Bipasha Hayat, Kusum Ananya – all situated in the villages, talking animals and also Shikder, Taukir Ahmed and Amjad Suhrawardy Udyan. Each of these translations of famous fairy tales Hossain, and singer Fakir Alamgir pavilions is unique in design and and children’s stories like Sinbad’s are notable among them. Prime decoration making the entire Adventures, Sleeping Beauty, Minister, Sheikh Hasina, Finance landscape looks different. Anya Cinderella and much more. Minister AMA Muhith and road Prakash has built a two storey transport and bridges Minister building putting up a big size picture Obaidul Quader’s books are also on of the late novelist Humayun Ahmed Books galore Till the tenth day of the month long the top chart of the fair. and the manuscripts of his novel. extravaganza, more than 1,200 Every year Ekushey book fair wears UPL pavilion is made on the model books were unwrapped. Most of the a festive look with a vast gathering of a book shelf featuring mammoth books are on poetry and children’s of people and a vivid display of sized books while Sahitya Prakash’s literature. Amid publications of a lot colours. Undoubtedly, it is more of a pavilion looks like a thatched house. of novels, poetry and short stories, festival than a mere fair. On the fair Publishing houses, those who were some new research books have come premises, there are wifi zones and not allocated pavilions, also tried to light at the Ekushey Book Fair, numerous cozy spots for adda. their best to attract visitors to the although they are very few in People come to enjoy the sessions stalls. numbers. The demand for Humayun and various programmes, hang out The fair is a great fun place for the Ahmed is still high, as the fans of with friends and acquaintances, children. This time, to woo the the late writer rush to purchase his chat with famous personalities and youngsters, the fair premises have books at the fair every day. The authors, and enjoy good food. been decorated with dummies of regular crowd of youngsters can be Writers are at the heart of the Fair. favourite cartoon characters and found in front of the stalls where The book fair gets livelier with the colourful festoons. One side of the they sell Muhammad Zafar Iqbal’s arrival of the writers. The young Bardawan House of Bangla book Mithya Bolar Odhikar O fans surround their favourite writers Academy has been converted Onnanya, Bhoy Kingba Bhalobasha. to take their autographs, whenever entirely into children’s corner. Many Ghetu putro Komola by Humayun they meet them. bookstores like Kishore Bhubon, Ahmed and Din Kaler Kathkhor by Every day, discussion on our history, Phulki, toitumbur, Bonolota and Selina Hossain are also some of the literature and the culture takes Tonatuni are dedicated to children’s hot ones on the shelves. place, with participation of publications. One such publishing Along with writers and poets, this distinguished writers and

84 March 2015 ICE BusinessTimes ON THE BOOKSHELF

researchers of the country, at the opened my bKash wallet mainly to as mode of payment. ‘The book fair is main stage of Bangla Academy. receive money from my father at no more a cash-only affairs. Prominent artists and cultural home. But I could use it now for Introduction of bKash, debit and groups perform in cultural other purposes too, for example, in credit cards as payment option brings programmes in the evening. Besides, buying books,’ said Rumana a lot of benefits to customers,’ Milon Shilpakala Academy arranges Rahman, a Dhaka University Kanti Nath, owner of Anupom dance, patriotic song, jatra-pala and student. She bought 10 books from Prokashoni, told IBT. street drama on the Mukta mancha the book fair making the payments Milon, also president of the of Suhrawardy Uddyan. To satiate through bKash. Publishers Association, said though the taste buds, just beside the Mukto Hasnat, another student, chose they had started accepting digital mancha there are number of food some books to buy but saw the payments since last year but this year stalls where you can have the taste money he had in his wallet and the response is huge. ‘Every day we of sweet winter pitha’s alongside bKash account was not sufficient. are selling some books using digital traditional Bengali food. He called a friend and asked him to payment system. But it is difficult to transfer some money to the bKash say how much the number is,’ Milon bKash hit among account. Finally, Hasnat could buy said. Asif Ahmed, head of marketing the books of his choice. Like at bKash, said the response from buyers for safe Rumana and Hasnat, a good number customers is ‘very encouraging.’ payment procedure of visitors at the book fair, are According to bKash authorities, Customers at Ekushey Book Fair are choosing bkash to make payments. payment through bKash is free of increasingly using digital system bKash, the leading mobile financial charge and books already sold using like bKash to pay for books. service provider in the country, has bKash worth Tk. 5 lakh. Although the publishers adopted the signed agreements with more than system last year, the response from 120 publishers to accept payments the visitors is huge this time, said through bKash by the customers. the people concerned, adding that The service provider also offers 10% the system has made the cash back if the wallet users make transactions hassle-free. Besides, the purchase through bKash. The the book buyers are enjoying offer got started on February 7 and discounts from bKash if they use the has been able to generate positive system to make their payments at response from the book lovers. the fair. On the other hand, though the ‘Payment through bKash (in book number is few, some publishers are fair) was a new experience for me. I also accepting debit and credit cards

ICE BusinessTimes March 2015 85 BLUE ECONOMY

CANCER SIGN TO FLOURISH ECONOMICALLY Mud crab farming expanding business potential in coastal regions

Since there is a growing demand in the global market, the mud crab farming has been expanding fast as an industry in the coastal districts of Bangladesh for years. Hence, its export is contributing a significant amount in annual foreign currency income, benefiting the farmers as well as those living to collect this natural breed from the sea coastline, reports BSS. Considering the higher productivity, mud crab seeds are produced through induced breeding and larval rearing in the hatchery, which has developed in countries like S Philippines, Thailand, China, Japan, and Australia, but not applied yet in Bangladesh. With emphasis on higher production of crab for export, Erik H J Keus, chief of Party of USAID-Agriculture for Income and Nutrition (AIN) project said, ‘Availability of crab seed from a hatchery will reduce pressure on the natural crab of the Sundarbans and will increase availability of crab seed for grow out, leading to higher production without interruptions due to shortage of seed’.

86 March 2015 ICE BusinessTimes BLUE ECONOMY

To introduce the hatchery production technology of mud crab in Bangladesh, a breeding trial was jointly conducted by Bangladesh Fisheries Research Institute (BFRI) and the USAID-AIN. In this context, Chief Scientific Officer of BFRI Dr Enamul Haque said, ‘When the joint efforts of Marine Fisheries and Technology Station (MFTS), BFRI and WorldFish succeeded in producing crablets for the first time in Bangladesh, the government already took steps for developing crab fishery in the country.’ He said such steps would greatly help commercial production of crab in the coastal areas and a project to this effect would be implemented by the Department of Fisheries (DoF) and BFRI in greater Khulna and Cox's Bazar regions. The current crab sector is dependent upon wild-caught crablets from the Sundarbans, which is unsustainable. In this context, WorldFish consultant, Aung Sein termed Bangladesh as well suited for crab production and stressed for a profitable crab hatchery sector for the future of crab culture in the country. As this is the first attempt, more breeding and larval rearing of mud crab need to be carried out to find out the ideal larval rearing donors to ensure continuous supply economic and environmental parameters for mud crab seed of crablets to stock in the natural changes. production with crab hatchery waters would help reduce pressure Keeping this in mind, the USAID-AIN technology, he said. Mud crab of wild catch to maintain project is helping to increase culture is already a significant biodiversity. The AIN project, being aquaculture productivity in industry for poor coastal implemented by the WorldFish since Bangladesh by developing communities. A range of relatively November last year, is an initiative technologies and improving resource low cost interventions can be successfully producing crab seed up management. Very recently, the project introduced to grow the industry to crablets size for the first time in officials started works on increasing including a better programme of Bangladesh. sustainability of mud crab farming, crab conservation in the The mud crab breeding trial has which now involves fattening of small Sundarbans, improved husbandry of been conducted in collaboration wild-caught mud crabs by feeding crab seed through nursery systems between the USAID-AIN project and trash fish. To produce seed in a and improved grow-out practices the Bangladesh Fisheries Research hatchery and make the mud crab including use of commercial feed. Institute (BFRI) in Cox's Bazar. farming more sustainable, berried According to local and foreign WorldFish pursues sustainable female crabs were collected from the experts, Bangladesh has also the aquaculture research through the mangrove areas in Cox's Bazar. Five potential to supply live and soft CGIAR Research Programs (CRP) on brood crabs were reared in the BFRI shells side by side with crabs to the Aquatic Agricultural Systems (AAS) campus with induced spawning. After global markets. Therefore, seeking to better harness agriculture hatching, a total of 1.9 million larvae establishment of crab hatchery with by helping to build adaptive capacity (zoea-1) were obtained from a single help from the government, NGOs or and resilience in the face of social, brood crab.

ICE BusinessTimes March 2015 87 TRAVEL

88 March 2015 ICE BusinessTimes TRAVEL

PART OF THE GREATER THREE The Meghna river is placed alongside the Ganges and river Brahmaputra as one of the most important Subcontinental transboundary river basins

By Saad Mahmud Photo Din M Shibly

The Ganges-Brahmaputra-Meghna (GBM) river basin is a transboundary river basin with a total area of just over 1.7 million km2, distributed between India (64%), China (18%), Nepal (9%), Bangladesh (7%) and Bhutan (3%). The GBM river system is considered to be one transboundary river basin, even though the three rivers of this system have distinct characteristics and flow through very different regions for most of their lengths. They join only just a few hundred kilometres upstream of the mouth in the Bay of Bengal. Not only is each of these three individual rivers big, each of them also has tributaries that are important by themselves in social, economic and political terms, as well as for water availability and use.

ICE BusinessTimes March 2015 89 TRAVEL

Sources said about 15 mouza out of 16 of Rajapur union and four mouza of Ilisha union of Bhola sadar upazila have already been devoured in the river Meghna during the last 10 years. Some 50 thousand families have become homeless with 22 thousand hectares of arable land disappearing into the river in the two unions. Locals said the erosion continued in this area as the water from the upper stream directly hit the south Rajapur river bank. The affected people expressed concerns that if protection measures are not taken immediately, the whole northern part of Bhola district may disappear into the river Meghna.

510000 in marine sector. Most of the fishermen are poor and are deprived of many amenities of life. All time they have to struggle to survive. Socio-economic conditions of fishermen are not at all satisfactory because sometime they do not get free access to water body to harvest fish. Most of the rivers are now being controlled and appropriated by a few rich and influential person of the area. The highest annual income was found among the 52.5% fishermen and they earned their maximum income from fishing as the main occupation and the lowest annual income was found among the 5% fishermen and they also earned their maximum income from fishing The Meghna river is one of the three largest rivers in Bangladesh. It’s the as the main occupation. Very few of the fishermen have other source downstream of combind flows of two others largest rivers the Padma & the of income from labour, agriculture, small business, livestock etc. Jamuna and finally meet with the Bay of Bengal. Meghna is reinforced by The socio-economic state of fisher’s community of Meghna river the Dhaleshwari before Chandpur as well. The name for the largest indicate that they are facing lots of problem for their livelihood distributary of the Ganges in Bangladesh is the Padma river. When the development. The major problems were lack of financial support for Padma joins with the Jamuna river, the largest distributary of the fishing and living, technical knowledge on fishing and management Brahmaputra, and they join with the Meghna in Chandpur District, , the is another major problem stated by them. Lack of facilities of result in Bangladesh is called the Lower Meghna. When the brown and hazy institutional training, education, medical service and fishermen water of the Padma mix with the clear water of the Upper Meghna, the two friendly credit system are necessary for development of fisher’s streams do not mix but flow in parallel down to the sea - making half of the Chairman of Rajapur union Rejaul Karim and community. As fish and fishermen are closely related, so the river clear and the other half brown. This peculiarity of the river is always a principal of local Fazil Madrasha of Ilisha union improvement of their socio-economic condition is demand-worthy. great attraction for people. The Meghna is the widest river among those that Mowlana Mofijul Islam, erosion victims, said However further studies are needed to address the more specific flow completely inside the boundaries of Bangladesh. Near Bhola Meghna is that due to the continued erosion hundreds of issues to promote the potentialities of fishers communities towards 12 km wide. In its lower reaches this river follows almost a straight line in establishments including markets, educational contributing the nation economy. its path. The river's average depth is 1,012 feet (308 m) and maximum depth institutions, ferry terminal, Ilisha-Moju is 1,620 feet (490 m). In the origin of Hatiya and Bhola, the deepest point is Chawdhury hat, Ilisha and Rajapur-Dhaka the Meghna River Creek, it reaches 1,998 feet (609 m) launch terminal and other installations have Meghna river estuary is the largest estuarine ecosystem of Bangladesh and now become threatened. support diverse fisheries communities compared to others. Present study People of Ilisha union of Bhola sadar upazila was carried out to assess the fish diversity status with relation to major urged the authorities concerned to take hydrological and meteorological parameters in both spatio-temporal scales. initiatives to bring Ilisha union under the Bhola Around 200 establishments have become threaten due to the untimely town protection plan to save them from the fury erosion by the river Meghna that has intensified in recent days in Rajapur of river erosion. Erosion victims urged the and Ilisha unions of Bhola. Establishments including markets, Ilisha-Moju government to dump cement concrete (CC) Chawdhury hat, ferry terminal, Ilisha and Rajapur-Dhaka launch terminal blocks in the two kilometers of river bank of and about 25 educational institutions are now under the threat of erosion, Meghna from west Rajapur ferry ghat area to said locals. Thousands of people living on the bank of the Meghna River in Murad Sabiullah of Ilisha union. Rajapur and Ilisha unions under Bhola sadar upazila are living in A total of 1.2 million fishermen are fully uncertainty under the threat of river erosion. Locals have urged authorities dependent on fisheries sector near the Meghna to dump cement concrete (CC) blocks on the river bank of Meghna from west river for their livelihood. Among them 770000 Rajapur to Ilisha union to arrest the river erosion. are engaged in inland fisheries sector and

90 March 2015 ICE BusinessTimes TRAVEL

Sources said about 15 mouza out of 16 of Rajapur union and four mouza of Ilisha union of Bhola sadar upazila have already been devoured in the river Meghna during the last 10 years. Some 50 thousand families have become homeless with 22 thousand hectares of arable land disappearing into the river in the two unions. Locals said the erosion continued in this area as the water from the upper stream directly hit the south Rajapur river bank. The affected people expressed concerns that if protection measures are not taken immediately, the whole northern part of Bhola district may disappear into the river Meghna.

510000 in marine sector. Most of the fishermen are poor and are deprived of many amenities of life. All time they have to struggle to survive. Socio-economic conditions of fishermen are not at all satisfactory because sometime they do not get free access to water body to harvest fish. Most of the rivers are now being controlled and appropriated by a few rich and influential person of the area. The highest annual income was found among the 52.5% fishermen and they earned their maximum income from fishing as the main occupation and the lowest annual income was found among the 5% fishermen and they also earned their maximum income from fishing The Meghna river is one of the three largest rivers in Bangladesh. It’s the as the main occupation. Very few of the fishermen have other source downstream of combind flows of two others largest rivers the Padma & the of income from labour, agriculture, small business, livestock etc. Jamuna and finally meet with the Bay of Bengal. Meghna is reinforced by The socio-economic state of fisher’s community of Meghna river the Dhaleshwari before Chandpur as well. The name for the largest indicate that they are facing lots of problem for their livelihood distributary of the Ganges in Bangladesh is the Padma river. When the development. The major problems were lack of financial support for Padma joins with the Jamuna river, the largest distributary of the fishing and living, technical knowledge on fishing and management Brahmaputra, and they join with the Meghna in Chandpur District, , the is another major problem stated by them. Lack of facilities of result in Bangladesh is called the Lower Meghna. When the brown and hazy institutional training, education, medical service and fishermen water of the Padma mix with the clear water of the Upper Meghna, the two friendly credit system are necessary for development of fisher’s streams do not mix but flow in parallel down to the sea - making half of the Chairman of Rajapur union Rejaul Karim and community. As fish and fishermen are closely related, so the river clear and the other half brown. This peculiarity of the river is always a principal of local Fazil Madrasha of Ilisha union improvement of their socio-economic condition is demand-worthy. great attraction for people. The Meghna is the widest river among those that Mowlana Mofijul Islam, erosion victims, said However further studies are needed to address the more specific flow completely inside the boundaries of Bangladesh. Near Bhola Meghna is that due to the continued erosion hundreds of issues to promote the potentialities of fishers communities towards 12 km wide. In its lower reaches this river follows almost a straight line in establishments including markets, educational contributing the nation economy. its path. The river's average depth is 1,012 feet (308 m) and maximum depth institutions, ferry terminal, Ilisha-Moju is 1,620 feet (490 m). In the origin of Hatiya and Bhola, the deepest point is Chawdhury hat, Ilisha and Rajapur-Dhaka the Meghna River Creek, it reaches 1,998 feet (609 m) launch terminal and other installations have Meghna river estuary is the largest estuarine ecosystem of Bangladesh and now become threatened. support diverse fisheries communities compared to others. Present study People of Ilisha union of Bhola sadar upazila was carried out to assess the fish diversity status with relation to major urged the authorities concerned to take hydrological and meteorological parameters in both spatio-temporal scales. initiatives to bring Ilisha union under the Bhola Around 200 establishments have become threaten due to the untimely town protection plan to save them from the fury erosion by the river Meghna that has intensified in recent days in Rajapur of river erosion. Erosion victims urged the and Ilisha unions of Bhola. Establishments including markets, Ilisha-Moju government to dump cement concrete (CC) Chawdhury hat, ferry terminal, Ilisha and Rajapur-Dhaka launch terminal blocks in the two kilometers of river bank of and about 25 educational institutions are now under the threat of erosion, Meghna from west Rajapur ferry ghat area to said locals. Thousands of people living on the bank of the Meghna River in Murad Sabiullah of Ilisha union. Rajapur and Ilisha unions under Bhola sadar upazila are living in A total of 1.2 million fishermen are fully uncertainty under the threat of river erosion. Locals have urged authorities dependent on fisheries sector near the Meghna to dump cement concrete (CC) blocks on the river bank of Meghna from west river for their livelihood. Among them 770000 Rajapur to Ilisha union to arrest the river erosion. are engaged in inland fisheries sector and

ICE BusinessTimes March 2015 91 WORD OF MOUTH

From the beginning of the campaign till 12th February 2015, participants making purchases on Akhoni.com were able to share a message for their loved one via video, SMS or an email. The entries were screened by a panel of judges which include the celebrity couple Mostofa Sarwar Farooki and Nusrat Imroz Tisha, Akhoni.com’s CEO Shameem Ahsan, Syed Mohammad Kamal Country Manager, MasterCard, Kamrun Ahmed Director-Strategy & Planning Akhoni.com. The first prize winner, who got to view the Dhaka skyline via a thrilling helicopter ride along with his loved one was announced at today’s award ceremony which concluded the ‘Love is in the air’ campaign, held at Abahani field. Winning Couple Spends Time Sharing his thoughts on the initiative, Shameem Ahsan, CEO, Akhoni.com said, ‘We are excited to bring this on Helicopter exclusive opportunity for our customers and are proud to ‘Love is in the air’ campaign ended with the winning be partnering with MasterCard for the second year in a couple takes it to the blue sky on a thrilling copter ride on row. Customers participating in the competition had an Valentine’s Day. The Valentine’s Day special campaign was array of preferred gifts on our site for their loved ones organized by Akhoni.com, country’s leading e-commerce besides enjoying a secure online shopping experience with portal and powered by MasterCard. us.’ The Meghna river is one of the three largest rivers in Bangladesh. It’s the downstream of combind flows of two others largest rivers the Padma & the Jamuna and finally meet with the Bay of Bengal. Meghna is reinforced by SCB Organised the Dhaleshwari before Chandpur as well. The name for the largest distributary of the Ganges in Bangladesh is the Padma river. When the Programme on Padma joins with the Jamuna river, the largest distributary of the Balance Sheet Brahmaputra, and they join with the Meghna in Chandpur District, , the result in Bangladesh is called the Lower Meghna. When the brown and hazy Management water of the Padma mix with the clear water of the Upper Meghna, the two Standard Chartered Bank streams do not mix but flow in parallel down to the sea - making half of the organized a Program on river clear and the other half brown. This peculiarity of the river is always a Balance Sheet Management great attraction for people. The Meghna is the widest river among those that and Regulatory Developments flow completely inside the boundaries of Bangladesh. Near Bhola Meghna is recently for Treasurers and 12 km wide. In its lower reaches this river follows almost a straight line in senior Treasury officials of its path. The river's average depth is 1,012 feet (308 m) and maximum depth commercial banks in is 1,620 feet (490 m). In the origin of Hatiya and Bhola, the deepest point is Bangladesh. The program was the Meghna River Creek, it reaches 1,998 feet (609 m) inaugurated by Abrar Anwar, Meghna river estuary is the largest estuarine ecosystem of Bangladesh and CEO of Standard Chartered support diverse fisheries communities compared to others. Present study Bank. The key note speakers was carried out to assess the fish diversity status with relation to major were Md. Aminur Rahman hydrological and meteorological parameters in both spatio-temporal scales. Chowdhury, Joint Director, Around 200 establishments have become threaten due to the untimely Bangladesh Bank and M erosion by the river Meghna that has intensified in recent days in Rajapur Tawfiq Faizur Rahman, and Ilisha unions of Bhola. Establishments including markets, Ilisha-Moju Director & Head of ALM, Chawdhury hat, ferry terminal, Ilisha and Rajapur-Dhaka launch terminal Standard Chartered Bank. The program was convened by in Bangladesh. In the new regime, banks need to be and about 25 educational institutions are now under the threat of erosion, Alamgir Morshed, Managing Director and Head of sensitive around capital efficiency. He highlighted the said locals. Thousands of people living on the bank of the Meghna River in Financial Markets, Standard Chartered Bank. importance of estimating the return on risk weighted Rajapur and Ilisha unions under Bhola sadar upazila are living in During his speech, Abrar Anwar emphasized on the assets (RoRWA) against each transaction a bank uncertainty under the threat of river erosion. Locals have urged authorities importance of risk based management of banks’ balance undertakes which will entrench the focus on capital to dump cement concrete (CC) blocks on the river bank of Meghna from west sheets in the emerging regulatory context and with efficiency. Rajapur to Ilisha union to arrest the river erosion. reference to the implementation of Basel III liquidity ratios

92 March 2015 ICE BusinessTimes WORD OF MOUTH

The Westin Dhaka brings you a weekend bonanza offer on room stay The Westin Dhaka brings you a weekend getaway offer on room stay. Enjoy this spring with your loved ones. Special room rates are now available at The Westin Dhaka. A weekend bonanza would get a deluxe room at Tk. 14,999 per room per night. It gives you an opportunity to release stress and indulge yourself with a complimentary breakfast for 2 people. And you can double the fun with a complimentary night stay with breakfast for 2 on a group booking of 10 and more with 30% discount on SPA and 10% discount on other foods. It includes Westin Work Out, Swimming Pool, Sauna & Jacuzzi to make your stay a unique experience of pure pampering and relaxation in exquisitely beautiful surroundings. For reservation please dial: 9891988.

Super Star Solar SD Asia Launches its Bangla Website SD Asia, a content and event platform for startups and entrepreneurs has signs agreement entered the Bangla domain. In less than a year SDAsia had positioned itself with d.light Solar as one of the key media organizations in Bangladesh’s Startup and Super Star Renewable Energy Limited, Entrepreneurship ecosystem. On February 21st, 2015 SD Asia has launched an enterprise of SSG (Super Star Group) its Bangla website: bangla.sdasia.co Having built a strong readership base The Meghna river is one of the three largest rivers in Bangladesh. It’s the signed an agreement with d.light from Bangladesh and abroad through its English website (www.sdasia.co), downstream of combind flows of two others largest rivers the Padma & the Energy Private Ltd. recently. there had been a growing demand from the Bangladeshi startup community Jamuna and finally meet with the Bay of Bengal. Meghna is reinforced by Harun-Ar-Rashid, Deputy Managing to find Bangla content as well. To meet this demand, SDAsia chose 21st the Dhaleshwari before Chandpur as well. The name for the largest Director of SSG (Super Star Group) and February, Bangladesh’s Language Movement Day to launch the Bangla distributary of the Ganges in Bangladesh is the Padma river. When the Samit Mitra, Regional Business Director version of the website. In the occasion of launching the Bangla website Padma joins with the Jamuna river, the largest distributary of the of d.light Energy Private Ltd. inked the Mustafizur Khan, Founder and CEO of SD Asia said, ‘We reached one Brahmaputra, and they join with the Meghna in Chandpur District, , the business agreement. hundred thousand readers, with our Bangla site we intend to reach result in Bangladesh is called the Lower Meghna. When the brown and hazy From SSG Sheikh Tofael Ahmed, Head millions. More people will now benefit from our content which promotes water of the Padma mix with the clear water of the Upper Meghna, the two of Business (Solar Unit), Mahabubur and connects people involved in startups and businesses’. Fayaz Taher, streams do not mix but flow in parallel down to the sea - making half of the Rahman, Director – SCM, Shafiqul Co-Founder and CFO of SD Asia said, ‘It has been one of our dreams to river clear and the other half brown. This peculiarity of the river is always a Alam, CFO and other high officials were provide Bangla news about events, opportunities and inspirational stories great attraction for people. The Meghna is the widest river among those that present during the signing ceremony. about entrepreneurship in our own mother tongue, Bangla, and we made flow completely inside the boundaries of Bangladesh. Near Bhola Meghna is Among others, Mohammad Ehsanul this dream come true’. Samad Miraly, Co-Founder and Director, 12 km wide. In its lower reaches this river follows almost a straight line in Haque, Regional Business Manger – International Partnerships of SD Asia said, ‘ We continue telling its path. The river's average depth is 1,012 feet (308 m) and maximum depth Bangladesh of d.light Energy Private Bangladesh’s story abroad, but in Bangladesh, what better way to let is 1,620 feet (490 m). In the origin of Hatiya and Bhola, the deepest point is Ltd. was also present at the event. people know about innovative business than in bangla itself? ’ the Meghna River Creek, it reaches 1,998 feet (609 m) Meghna river estuary is the largest estuarine ecosystem of Bangladesh and support diverse fisheries communities compared to others. Present study was carried out to assess the fish diversity status with relation to major hydrological and meteorological parameters in both spatio-temporal scales. Around 200 establishments have become threaten due to the untimely erosion by the river Meghna that has intensified in recent days in Rajapur and Ilisha unions of Bhola. Establishments including markets, Ilisha-Moju Chawdhury hat, ferry terminal, Ilisha and Rajapur-Dhaka launch terminal and about 25 educational institutions are now under the threat of erosion, said locals. Thousands of people living on the bank of the Meghna River in Rajapur and Ilisha unions under Bhola sadar upazila are living in uncertainty under the threat of river erosion. Locals have urged authorities to dump cement concrete (CC) blocks on the river bank of Meghna from west Rajapur to Ilisha union to arrest the river erosion.

ICE BusinessTimes March 2015 93 WORD OF MOUTH

BRAC Bank pays homage to language martyrs BRAC Bank employees paid homage to the language martyrs at a programme on the occasion of ‘Amar Ekushey & International Mother Language Day’. The employees, dressed in black and white, gathered at the Head Office and placed a floral wreath at a symbolic Shaheed Minar while singing ‘Amar Bhaiyer Rakte Rangano Ekushey February, Ami Ki Bhulite Pari’. As a Bangladeshi Bank, every year BRAC Bank employees Square Food & Beverage Limited is organize an Ekushey program to pay respect to the language heroes who now USFDA Qualified sacrificed their lives for our mother Square Food & Beverage Limited has become the first Bangladeshi tongue. This year employees took part in consumer products organization to acquire the highly coveted approval ‘alpana’ and the painting of a giant ‘21’ from the United States Food and Drugs Administration. This qualification commemorating 21st February at the has made the entry of SFBL products to the US market much easier. Head Office. Mohammad Mamdudur Additionally, a USFDA approval is also recognized as a seal of high Rashid, Deputy Managing Director, BRAC standards and excellent quality in many countries. The news of the Bank Limited, said, ‘Bangla language is acquirement was announced on February 24, at a press Conference held the most melodious and the Bangla in Dhaka’s Square Center. Representatives of USFDA came to inspect The Meghna river is one of the three largest rivers in Bangladesh. It’s the alphabets are most beautiful in the SFBL facilities in June of last year. The report of that survey has recently downstream of combind flows of two others largest rivers the Padma & the world. We are proud to have been blessed been published and it grants total US market access to all SFBL products. Jamuna and finally meet with the Bay of Bengal. Meghna is reinforced by with a mother language like Bangla. The press conference was attended by the organization’s Head of Exports the Dhaleshwari before Chandpur as well. The name for the largest Scores of people lay down their lives for Khurshid Ahmad Farhad, Head of Marketing Nafisa Alam, and Factory distributary of the Ganges in Bangladesh is the Padma river. When the the sake of this mother language. We are Manager Md. Aminul Islam. Khurshid Ahmad Farhad stated that ‘This Padma joins with the Jamuna river, the largest distributary of the indebted to them. We observe Ekushey approval is not only a great achievement for Square, but it will also Brahmaputra, and they join with the Meghna in Chandpur District, , the February every year to pay homage to the inspire other industries of the country to bravely venture abroad as well.’ result in Bangladesh is called the Lower Meghna. When the brown and hazy martyrs and feel proud that the Other concurred with the sentiment that this is a huge opportunity for the water of the Padma mix with the clear water of the Upper Meghna, the two International Mother Language Day is agricultural and food products produced in Bangladesh, which numbers streams do not mix but flow in parallel down to the sea - making half of the observed globally.’ around 10 crore dollars. river clear and the other half brown. This peculiarity of the river is always a great attraction for people. The Meghna is the widest river among those that Etihad Airways Wins 2015 Airline flow completely inside the boundaries of Bangladesh. Near Bhola Meghna is 12 km wide. In its lower reaches this river follows almost a straight line in of the Year award its path. The river's average depth is 1,012 feet (308 m) and maximum depth Etihad Airways has been presented with the 2015 Airline of the is 1,620 feet (490 m). In the origin of Hatiya and Bhola, the deepest point is Year award by leading IFEC and cabin technology magazine the Meghna River Creek, it reaches 1,998 feet (609 m) Inflight, published by HMG Aerospace. The Inflight awards Meghna river estuary is the largest estuarine ecosystem of Bangladesh and ceremony took place at the Aircraft Interiors Middle East expo support diverse fisheries communities compared to others. Present study held in Dubai this week. The awards are judged by an was carried out to assess the fish diversity status with relation to major independent panel of industry experts against a set criteria. hydrological and meteorological parameters in both spatio-temporal scales. Etihad Airways won the award based on the high levels of Around 200 establishments have become threaten due to the untimely service, cabin technology and innovation provided to its guests erosion by the river Meghna that has intensified in recent days in Rajapur on all its flights. Rebecca Howells, Commercial and Events and Ilisha unions of Bhola. Establishments including markets, Ilisha-Moju Director at HMG Aerospacesaid: ‘Innovation, service and Chawdhury hat, ferry terminal, Ilisha and Rajapur-Dhaka launch terminal technology are the criteria we judge this award on and Etihad and about 25 educational institutions are now under the threat of erosion, Airways is undoubtedly a worthy recipient. Over the past year, no said locals. Thousands of people living on the bank of the Meghna River in other airline has made as muchnews as Etihad Airways. Rajapur and Ilisha unions under Bhola sadar upazila are living in Launching new cabin products which have revolutionised air uncertainty under the threat of river erosion. Locals have urged authorities travel has come with a requirement to up the ante with the most to dump cement concrete (CC) blocks on the river bank of Meghna from west advanced entertainment systems and in-flight connectivity, Rajapur to Ilisha union to arrest the river erosion. providing a template for what modern air travel should be.’

94 March 2015 ICE BusinessTimes WORD OF MOUTH

Samsung Unveils Tizen Powered Smartphone for Bangladeshi Consumers

Samsung Mobile Bangladesh performance and also features ‘Ultra is also a festival wallpaper option, announced the launch of the first Power Saving Mode’ to ensure users with which the lockscreen image Tizen powered smartphone for can always stay connected, even at changes with each major Bangladesh, the Samsung Z1. the minimal battery levels. Bangladeshi festival. Expected to be liked by millions of ‘The smartphone market in The Samsung Z1 customers can stay potential users in the country, the Bangladesh is rapidly evolving, but connected and access the wonderful Z1 offers exclusive benefits for many consumers are still using their world of Internet, Apps and Social website users and ensures an feature phones to remain Networking on the 3.5G network of interface that makes mobility easier connected,’ said Mr. Choon Soo Robi. Users will get 300 minutes and more enjoyable. Moon, Managing Director, Samsung talk-time (Robi to Robi), 100 Built on the lightweight Tizen Mobile Bangladesh. ‘We have minutes talk-time (Robi to other platform, the user interface on the customized the Z1 to meet the numbers) and 1GB data for the first Samsung Z1 is simple and easy to unique requirements of the local month, allowing them to talk, use, offering faster and smoother Bangladeshi consumers for a download and surf at will, and make device performance powered by a personal and reliable mobile the fullest use of their smartphone. 1.2GHz dual-core processor, 768MB experience, so they upgrade to a Subsequently, users can purchase a RAM, and 4GB internal memory smartphone.’ special Robi weekly value pack expandable up to 64GB with a Samsung sets a new standard in providing 250 minutes talk-time microSD card. The device features localized services by providing users (Robi to Robi), 50 minutes talk-time dual SIM support and delivers a with a wide range of preloaded (Robi to other numbers) and 500MB seamless and user-friendly useful URLs with content spanning data at only BDT 99/-, for the next smartphone experience. The across news, online marketplace and 12 months. With over 6GB data over Samsung Z1 has a superior 4’ WVGA job search. The Samsung Z1 comes a 12 month period and over 3,000 PLS screen, made with advanced with quick, one-touch access to local minutes of talk-time, Samsung has Samsung technology. The screen websites such as Bdjobs.com, ensured tremendous and relevant allows consumers to enjoy bdnews24.com, bikroy.com, value in the hands of the Samsung multimedia content to the fullest ekhanei.com, and Prothom Alo. Top Z1 customer. with crystal clear resolutions. Its global sites such as Facebook, The Samsung Z1 is priced at BDT PLS technology allows consumers Linkedin and Twitter are also 6,900/- and will be available in with clear, vivid display in outdoor preloaded on the device. Local apps Bangladesh from February 4th in situations. The Samsung Z1 is such as Prayer Times also comes White, Black and Red. equipped with long-lasting battery preloaded on the Samsung Z1. There

ICE BusinessTimes March 2015 95 WORD OF MOUTH

Explore the city’s most exotic spots, adoring spectacular views of the DECK 41 The engage in fun activities and savour city. We offer an extensive drink list, Rooftop Bar and incredible dishes at DECK 41, one of with creative speciality cocktails. Amari’s rooftop restaurants at Have a taste of this enormous Restaurant at Amari Amari Dhaka. Whether you are rooftop dining and drinking refuge, coming in from outside of the city or reminiscent of the swanky hotel bars Dhaka are already here in town, Amari in the city. A beautiful marble bar is offers a number of options for the great for watching bartenders mix perfect getaway – relax ,unwind and pitchers of mojitos, whilst outdoor enjoy the best stay ever, with fancy tables provide a serene setting to cocktails and delectable snacks. dine on a variety of mouth-watering A favourite of the midtown tapas. Deck 41 allows its guests to post-work crowd, Deck 41 is a bask in the sight of scenic vistas, well-known cocktails and tapas stunning city night lights and serene lounge. Located on the 15th floor, lake views, as well as a canopy of this rooftop restaurant features a brilliant stars at night. retractable roof covering, making it This city hotel may not look much the perfect venue for all seasons. from the outside, but it hides an Grabbing a drink on the rooftop is upscale rooftop bar and restaurant best without a roof to best enjoy the with a commanding view of the city. summer breeze. The night is still The outdoor deck is a fine spot to dine young. Come up to Deck 41 for fun from 18:00 to 02:00 the next day, with cocktails and light snacks, whilst bottle service and soothing music.

96 March 2015 ICE BusinessTimes