Economy
Alibaba Delegation Meets BGMEA President to Explore Online Opportunities for Bangladesh Garment Sector
A delegation from Alibaba, the global retail and e-commerce giant, recently visited Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at the BGMEA Complex. The Alibaba team, including Daniel Zhou, Global Business Development Manager; Tim Song, Head of Global Strategic Partnerships; Lu Fan, Sales Planning and Operations; and Nasri Ma, Business Development Manager for Bangladesh, engaged in discussions with key representatives of BGMEA, such as Vice President Khandoker Rafiqul Islam and Director Abdullah HilRakib.
The meeting centered around exploring opportunities and potential collaborations between Alibaba and the Bangladesh garment sector in the evolving global online market. Key points of discussion included current online market trends and the prospects for Bangladesh’s garment industry in the digital marketplace.
Both parties delved into possibilities for business opportunities, with a specific focus on leveraging Alibaba’s online platform for the benefit of Bangladeshi garment exporters. Technical knowledge sharing and training initiatives were also on the agenda to enhance the capabilities of Ready-Made Garment (RMG) exporters in Bangladesh.
Faruque Hassan, President of BGMEA, highlighted the importance of adapting to dynamic market trends to maintain competitiveness and capitalize on emerging opportunities. He expressed optimism about the potential of virtual marketplaces for Bangladesh’s RMG sector and emphasized the strategic role that collaboration with Alibaba could play in establishing direct connections between Bangladeshi manufacturers and end customers (B2C).
This visit aligns with BGMEA’s ongoing efforts in the digital transformation of Bangladesh’s apparel sector. A previous study project by BGMEA, officially unveiled on January 25, 2024, identified challenges and opportunities in the RMG sector. The study aims to integrate the local textile industry into global value chains and capture the shift towards online purchasing.
The report outlines market potential, sector readiness for digitization, sustainable business models, policy gaps, and necessary strategies for successfully implementing the proposed virtual marketplace. As Bangladesh’s garment industry looks towards a digital future, collaborations with global giants like Alibaba are poised to shape the landscape of online business for the sector.
Chief Adviser Prof Muhammad Yunus on Thursday paid tribute to the Armed Forces Division by placing a floral wreath at its headquarters.
Prof Yunus, who visited the division as part of his official duties, laid the wreath to honor the sacrifices and dedication of the members of the Armed Forces.
Following the wreath-laying ceremony, he signed the visitor’s book.
Chief Election Commissioner (CEC) Kazi Habibul Awal, along with four other election commissioners, announced their resignation during a press conference today at the Election Commission (EC) building. The resignation follows growing speculation and pressure.
CEC Awal stated, “In this changed situation, I and other commissioners have decided to step down. We’re handing over our resignation letters to the EC Secretary to send it to the President.” After submitting the letters, the CEC and some commissioners quickly left the premises, with no clear explanation for the absence of two election commissioners.
The resignations come amid increasing unrest tied to the registration of political parties such as Nagarik Oikya and Gono Odhikar Parishad. Sources revealed the CEC felt unsafe due to aggressive behavior from activists, prompting the decision to step down.
Protesters outside the EC building hurled shoes at vehicles carrying Election Commissioners Rashida Sultana, Md Alamgir, and Anisur Rahman as they left. Meanwhile, preparations for their exit had already been underway, with the commissioners reportedly relocating personal belongings from their offices.
The commission, appointed in February 2022 for a five-year term, had previously expressed confusion over demands for their resignation, maintaining they had conducted fair elections. However, internal discussions led to the collective decision to resign earlier than expected.
The government will now purchase LNG from the international spot market through open tender instead of negotiation.
Cabinet Committee on Economic Affairs (CCEA) in a meeting on Wednesday in principle approved a proposal in this regard.
Adviser of the interim government for Finance Dr. Salehuddin Ahmed, who presided over the meeting, said that the government will procure LNG through open tender.
The Energy and Mineral Division of the Ministry of Power, Energy and Mineral Resources placed the proposal where it sought approval to import LNG from 23 listed companies in the international spot market.
The adviser said that though such 23 companies were enlisted by the previous Awami League government and signed Master Sales and Purchase Agreement, they will remain unchanged.
He said that instead of applying the Speedy Increase of Energy and Power Supply (Special) Act 2010, the interim government will follow the Public Procurement Rules 2008 to ensure the competitive bidding process.
“We don’t want to change them as we wanted to import LNG quickly, ensuring proper competition among the suppliers,” he told reporters.
Committee also approved another proposal in principle to sign a contract to import urea fertiliser for the 2024-25 fiscal year from Fertiglobe Distribution Limited, UAE, on a G-to-G basis.
Meanwhile, the Cabinet Committee on Government Procurement (CCGP) in a meeting, presided over by the Adviser for Finance, approved 3 proposals for import of lentil and fertiliser.
As per the proposal, the Trading Corporation of Bangladesh will procure 10,000 metric tons (MT) of lentil from local firm Sahara Enterprise at a cost of Tk 98.20 crore with each kg priced at Tk 98.20.
The Commerce Ministry which moved the proposal on behalf of the TCB in the meeting mentioned in the proposal that the supplier firm was selected through open tender.
The CCGP approved two separate proposals of the Industries Ministry under which Bangladesh Chemical Industries Corporation will import 30,000 MT of bulk granular urea fertiliser from Fertiglobe Distribution Limited, UAE, under state to state contract at a cost of Tk 121.48 crore.
Each metric ton of fertiliser will cost $343.17.
Another 30,000 MT of bagged granular urea fertiliser will be procured from the local Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 116.99 crore with each metric ton costing $330.50.
