The Blue Economy Beckons -- for This Issue, in View of Its Importance for Business, Entrepreneurship and National Prosperity
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November 2014 Tk. 100 Informally formal the advertising industry THE BLUE Agriculture, the ECONOMY next frontier BECKONS of growth No ‘wait and see’ among foreign investors – Professor Shamsul Alam November 2014 Tk. 100 Informally formal the advertising industry THE BLUE Agriculture, the ECONOMY next frontier BECKONS of growth No ‘wait and see’ among foreign investors – Professor Shamsul Alam CONTENTS Cover Photo : Din Muhammad Shibly NOVEMBER - 2014 cover13 story 6 from the editor 7 letters to editor 8 short takes 10 creating opportunities agriculture as new frontier 13 cover story the blue economy beckoning 22 finance global economic affairs 24 interview of the month prof. shamsul alam 28 sector focus advertising industry 32 regional focus THE BLUE ECONOMY modi’s economic goals BECKONS 35 photo feature root of bottlenecks 41 technology watch science fiction and money 43 branding NOVEMBER - 2014 eye-openers 45 entrepreneurship women in business 48 the big idea entrepreneurial incubators CONTENTS 50 business prospects cityscape 51 executive health breast cancer 52 event spotlight classical music encore 54 startup mistakes not to make 52 56 academia nsuers meet corporate icons 2014 62 career Event Spotlight envy 64 corporate etiquettes CLASSICAL office jealousy MUSIC ENCORE 66 corporate fitness the right alleviation 68 soul searching multitasking 70 from desk to boardroom office disputes 72 motivation morning routine 74 corporate grooming perfumes 35 75 musing tipping 76 corporate dining kiva han 78 strategy overdrained 80 movies bangladeshi cinema 82 music current album sales 84 sports english premier league 86 gadget oppo find 7 review 88 tourism PHOTO FEATURE kuakata 90 hot on wheels ROOTS OF lamborghini asterion BOTTLENECKS 93 word of mouth FROM THE EDITOR Glimpse of a few pieces from our Victory in today’s context may not always connote a victory of might or military dominance, but it is rather about strategic November 2014 gains. Given the two recent international court verdicts on issue Bangladesh’s claims over the Bay of Bengal, it is imperative V that we now explore the potential economic frontier – the blue economy in this case. It is a concept which was developed as an enhanced prototype to the green economy and it delves into economic possibilities related in the context of water, INTERVIEW OF THE MONTH energy, regional cooperation and global trading - by introducing innovations that generate multiple benefits. We have tried to detail the concept in our cover story -- the Blue Economy Beckons -- for this issue, in view of its importance for business, entrepreneurship and national prosperity. Former Ambassador Humayun Kabir said that the puzzle surrounding the Blue Economy must be solved and that the issue must be understandable to all stakeholders including policymakers, investors and international players to give a proper signal about Bangladesh’s seriousness in harnessing benefits from it. In this month’s interview, Member, General Economics Division, at the Planning Commission Professor Shamsul Islam stressed on the expansion of the middle class, as it will enhance the demand for good governance that will include more participation of the civil society in the state affairs. He is optimistic of being a middle income country by 2021. ‘Our 24 development goal is peace and people-centric,’ he said. NO ‘WAIT AND SEE’ Additional articles include Dr. Hossain Zillur Rahman’s take on MOOD AMONG agriculture as the renewed economic frontier. Here he talks FOREIGN INVESTORS about re-positioning of agriculture as a growth driver, critical to matching the growth acceleration target for achieving the high-end of the middle income status. Furthermore, in our sector focus for this month, we have focused on the current CORPORATE FITNESS state of advertising industry – where, due to a lack of proper policies, the sector remains ‘informally formal.’ A photo story THE RIGHT on the bottlenecked transportation system in Dhaka city is covered, alongside more articles. ALLEVIATION We are pleased to inform the readers that Bengal Foundation will be holding the Bengal Classical Music Festival Bangladesh 2014, which will begin on November 27 and continue till December 1. This will be the third edition of the festival. The need for Bangladesh to explore other business horizons is always there, lest we overuse our glorified sectors till they cease to exist. With more and more startups becoming successful, we hope to witness a steady growth in business and the economy and thus attain our development goals and prosper as a middle income country in the near future. 66 LETTERS TO THE EDITOR Good cover story this time. I wonder what you are planning to cover next? You are Write to us at getting deeper and deeper with every [email protected], or send us a note on our issue. Keep your performances up. This Facebook Timeline at magazine is really going to go high. www.facebook.com/icebusinesstimes. Navid Jahangir, Kawran Bazar Be sure to visit our website Dear Editor, I never heard much about for online viewing your magazine before. But when I saw it at www.icebusinesstimes.net in our Libarary at IUB, I found it to be very helpful for one of my project October 2014 Tk. 100 related to job sector. It was previous month’s magazine. I hope there are special offers for students, or some kind of promotions so that students become inclined to buy. Graduates need these sort of magazines a lot. Thanks Hanif Masud, Bashundhara Bangladeshi art market booming I am in the shipping business. Is there some kind of informational article or story you can cover on this subject. If there are any older issue, I would love EYING A to know. InvestorsREBOUND long for good time as unaffordability Ringku Baidya, Banani constrains housing growth ‘Knowledge economy a must to avoid middle income trap’ – ADB Vice President Bindu Lohani We had a case study in our class on real-estate business. Our lecturer said that this business would run in to saturation after a period of hike. I wonder if this is yet to come? Jamshid Alam Vol. 5 No. 3 November 2014 This is great to know that Bengal Foundation is moving Publisher & Editor : Abul Khair forward with their Cinema. I Executive Director : Nawshin Khair would love to know, when would Managing Editor : Nobonita Chowdhury Bengal Foundation receive Executive Editor : Khawaza Main Uddin scriots again. I know a friend of Editorial Assistant : Wafiur Rahman who makes great short films. he I like the feature on green Ahmed Noushad has a good script. concept. Nice to know that at Chittagong Correspondent : Md. Shah Nowaz least some factories in the coutry are aware of the Designer : Sk. Yeahhia environment. Head of Marketing : Lucky Begum Assistant Manager Marketing : Farha Tani Finance & Accounts : Md. Abdul Alim COMMENTS Sales & Distribution : Md. Manik Mollah, 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] Short Takes Consumer confidence higher Consumer confidence in Bangladesh increased 25.9 points in the first half of 2014 to 66.4 points from the previous six months, according to the MasterCard Worldwide Index of Trade gap with India Consumer Confidence. It said 71% of the Bangladeshis are happy with the widens Bangladesh’s trade deficit with India economic health of the country. The rose to US$5.579 billion in the Bangladeshi consumers’ optimism previous fiscal year. The bilateral contrasted the continued uncertainty trade gap increased 33.5%, on a in the global economy. Bangladesh year-on-year basis calculation, in recorded the biggest improvement 2013-14 year and it has more than among 27 countries from the Asia doubled in the past six years – from Pacific, the Middle East and Africa $1.978 billion in 2006-07. The region covered in the study. The balance of payments deficit has been technology company in global attributed to increasing imports and payments first included Bangladesh slower exports. Bangladesh’s exports in its survey in the second half of to India were valued at $456.633 last 2012. year million compared to $563.960 million the year before – a negative growth 19.03%. A major reason for import surge is that India has been No more one of the largest sources of raw privatisation of materials for Bangladeshi SoEs manufacturing industries. The government would take back properties of disinvested mills and WB, WTO for providing Slow pace in service factories, owners of which trade support delivery at Ctg port failed to resume production. The World Bank and the World It takes 11 days and 8 hours to Prime Minister Sheikh Hasina, Trade Organisation will assist unload imported goods at in a meeting with officials developing and least-developed Chittagong sea port, according to concerned recently, said those countries to better utilise trade the National Board of Revenue. properties must be recovered and facilitation programmes which And exporters have to spend four allocated to those who are ready to set up can help them reduce trade costs days and 22 hours to clear their small and medium enterprises. She asked and fully engage in the global jobs. Bangla daily Prothom Alo the officials to take necessary steps in economy. Trade Facilitation was reported recently the state of this regard. The premier also made a one of the important elements of service at the port that added policy statement that no state-owned the outcome from the Bali costs of doing business.