TIME magazine applauds Beximco’s role in diversifying economy of Bangladesh
New York-based weekly magazine acclaims Beximco Group for its role in diversifying Bangladesh’s economy. Co-founded by Salman F Rahman, the business conglomerate has an annual revenue of more than $1 Billion
With presence and investments across multiple industry verticals like modern textile sector, pharmaceuticals, ceramics, among others, Beximco Group has played a significant role in growth of the Bangladeshi industry. Recently, New York-based weekly news magazine TIME applauded the conglomerate for its role in diversifying the country’s economy away from its dependence on the textiles and readymade garment (RMG) industries.
In its January 20 edition, the TIME magazine ran the report stating that Bangladesh is likely to be reclassified as a developing nation by 2024. It further added that the country would also strike more bilateral and regional deals.
In 2024, the UN’s Committee for Development Policy (CDP) plans to reclassify Bangladesh as a developing country. According to the report the South Asian nation needs to diversify its tradable sector for achieving its full potential. The Government’s recent efforts have been towards diversifying the export base in terms of products, industries and destinations with respect to its vibrant private sector and young workforce for better economic growth.
Founded in the 1970s by A.S.F Rahman and Salman F Rahman, Beximco is now the largest private-sector employer in the country, with a global workforce of nearly 70,000. Shayan Rahman, advisor to the board of Beximco Group, says, “My father and my uncle ran a jute mill even before Bangladesh existed.”
With access to captive power generation, liquid nitrogen, wastewater treatment, among others, Beximco has worked towards enhancing the manufacturing capacity of various industries. Owing to the presence of such amenities, Beximco is the country’s largest exporter of pharmaceuticals, and was the first Bangladeshi drug company to obtain a license to export into the US.
It has, says Rahman, been a key factor in the company’s success. “We have always given priority to four areas of development.” He deems it necessary for the technology to be advanced as only then can people work effectively — significance of corporate governance.
Furthermore, market insiders believe that due to the increased use in households, commercial entities, Bangladesh has seen a four-fold jump over the past few years in LPG consumption. Energy security is high on Prime Minister Sheikh Hasina’s agenda and to encourage its use, the government already has favourable policies in place. While the use of LPG is growing exponentially, the most recent focus is on handling the flammable product safely. With innovative methods and safety applications, Beximco LPG has been distributing liquefied petroleum gas (from its own tankers) to both home and factory.
In 2019, the diversified conglomerate extended its services with the introduction of AKASH, with which it entered the entertainment industry. Direct-to-home satellite TV service set up by the group is capable of delivering digital channels to the country’s remotest locations without the necessity for installation of fibre-optic cabling.
