Trailblazers in business feted

A bank, a business tycoon, a woman entrepreneur and a celebrated industrialist were felicitated yesterday at the 21st Bangladesh Business Awards for their pioneering efforts and outstanding achievements.

The award ceremony was hosted by DHL Express and The Daily Star at Sheraton Dhaka. Commerce Minister Tipu Munshi was the chief guest at the event.

Syed Manzur Elahi, chairman of Apex Footwear, was honoured with the Lifetime Achievement Award, and Brac Bank got the Best Financial Institution of the Year 2022 award.

AKM Mosharraf Hussain, managing director of Standard Group, picked up the Business Person of the Year Award, while Shirajum Munira, founder of Sutar Kabbo, a jute goods maker, got the Outstanding Women in Business of the Year award.

Since the inception of the awards, The Daily Star and DHL have recognised business icons and entrepreneurs who have employed millions of people and put the country on track to becoming a trillion-dollar economy, said Munshi, who handed out the awards to the winners.

He also touched upon the critical period that the Bangladesh economy is passing through.

"It is said that the darker the night, the brighter and closer the dawn is. So, we are confident that we will overcome the difficulty," he added.

Elahi, who won the Business Person of the Year Award in 2002, recalled his journey to become an industrialist after starting his career in the corporate sector.

"I always had a dream of owning factories -- factories that are good and have good working conditions. But I kept the dream to myself, because I would be frowned upon for the dream as no one in my family had ever been in business."

At the age of 38, he left his comfortable job at a multinational company and got into the tannery sector. Elahi went on to set up some of the respected companies under Apex Group during his long career.

The two-time caretaker government advisor's advice to the young entrepreneurs is: "You must believe in yourself and should do what you want to do."

He also advised them to never lose focus, ensure quality and always "be a good friend to your bank".

For export-led manufacturing expansion and diversification, competitiveness in the international market is of immense importance, said Md Miarul Haque, managing director of DHL Express Bangladesh.

Foreign direct investment is expected to play a larger role, contributing at least 3 percent of GDP compared with 1 percent at present.

"Increased level of FDI would also be desirable from the perspective of improved management, new technology, expertise and greater market access, thus helping us to improve on our competitiveness."

The potential loss of duty privileges in some of the key export markets upon graduation from the least-developed country bracket may lead to around 9 percent to 11 percent additional duty. This may impact Bangladesh's competitiveness unless other ways are found to offset that negative impact to remain competitive, he said.

"This is where logistics sector development can play a big role," he said, citing a World Bank study that said efficiency in the logistics sector can lead to cost reduction of 7-35 percent.

And significant improvement is never possible without a huge thrust, Haque said, while calling for proper and timely execution of the National Logistics Development Policy.

Businessmen and industrialists have taken the country forward but they have not received their due recognition, said Mahfuz Anam, editor and publisher of The Daily Star.

"So, we launched the Bangladesh Business Awards to honour them."

People who do business with integrity and ethics, maintain corporate governance, put the country's interest at the heart of their operations and have not made money-making their only motto should be recognised because they would take the country forward in the coming days, he said.

Anam also talked about the rising defaulted loans in the banking sector.

"Sometimes, entrepreneurs may default on their payments of loans for business reasons. But some people are defaulting on their loan payments wilfully," he added.

The event was attended by Mahbubur Rahman, the president of the International Chamber of Commerce Bangladesh; Simeen Rahman, group CEO of Transcom Group; Khondoker Monir Uddin, MD of Shanta Holdings; Tapan Chowdhury, MD of Square Pharmaceuticals; Geeteara Safiya Choudhury, chairman of Adcomm; Aameir Alihussain, MD of BSRM Group; AK Azad, chairman and MD of Ha-Meem Group; Ahsan Khan Chowdhury, chairman and CEO of Pran-RFL Group; Golam Mainuddin, chairman of British American Tobacco Bangladesh; Mostafa Kamal, chairman and MD of Meghna Group of Industries.

FR Khan, MD of bti; M Anis Ud Dowla, chairman of ACI Group; Zaved Akhtar, chairman of Unilever Bangladesh; Selim RF Hussain, MD and CEO of Brac Bank; Syed Mahbubur Rahman, MD of Mutual Trust Bank; Humaira Azam, MD of Trust Bank; Shaheen Anam, executive director of Manusher Jonno Foundation; Syed Nasim Manzur, MD of Apex Footwear; Arif Quadri, MD of United Commercial Bank; M Reazul Karim, MD of Premier Bank; Humayun Rashid, MD of Energypac Power Generation; Syed Alamgir, CEO of the FMCG Division of Meghna Group of Industries; and Md Sameer Sattar, president of the Dhaka Chamber of Commerce and Industry, were also present.

Prominent artiste Jayanta Chattopadhyay and his team performed at the event.