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Jute sector SMEs to join US trade show
STAR BUSINESS REPORT
A total of 14 small and medium enterprises (SMEs) from Bangladesh are going to showcase their jute products at a four-day trade show, styled “NY NOW Winter Trade Show 2023”, to be held in New York City from February 5.
Anwar Faruque, an adviser of the Feed the Future Bangladesh Horticulture, Fruits, and Non-Food Crops Activity funded by USAID, shared this information during a press conference at Doreen Hotel in Dhaka yesterday.
The SMEs are: Aasiix International, Adorsholipi, Design by Rubina, Golden Jute Product, Jermatz Limited, Jute Land Bangladesh, Jutemart and Craft in Bangladesh, Jutemart International, Karujog, Prokritee, Sami’s World, Sutar Kabbo Limited, The Jute Fibers BD, and Tulika Eco.
The participants were selected based on predefined criteria, according to Faruque, who is also a former secretary of the agriculture ministry.
Protima Chakraborti, managing director of Jute Land Bangladesh, said the trade show has created new possibilities for the company as they aim to expand their growth in US and Canadian markets.
“I am hopeful about the experience and knowledge we will gather from this event,” she added.
Dilshadul Haque Shimul, director of Adorsholipi, said he works with Bede people, a minority group native to the country’s northern region, to produce his jute products.
“The event will be a great opportunity for us to represent Bangladesh on a global scale,” Shimul added.
Lilly Nicholls, the Canadian high commissioner to Bangladesh, said her government is happy to support the SMEs.
“Hopefully, we will continue to be a supporting force for the development of Bangladesh’s jute industry,” she added.
Joseph Lessard, acting office director of USAID’s Economic Growth Office, said the trade show is a global platform that attracts thousands of buyers from the US and Canada, making it an excellent opportunity to showcase Bangladesh’s artisan-based jute diversified products.
Md Mafizur Rahman, managing director of the SME Foundation, said they would provide any support necessary to improve the market reach of local SMEs.
“This is just the beginning though as we want to see our SMEs participating in trade shows like this worldwide,” Rahman added.

Berger’s profit drops 16%
STAR BUSINESS REPORT
Berger Paints Bangladesh said its net income declined 16 per cent between October and December 2022 as rising import costs for raw materials erased sales gains due to the devaluation of the local currency, taka.
The multinational company said its net profit stood at Tk 68.30 crore in the third quarter of the financial year from Tk 81.24 crore.
As such, its earnings in nine months to the end of December grew only 2.26 per cent although Berger recorded 17.5 per cent sales year-on-year growth to Tk 1,890 crore in the April-December period of 2022 from a year ago.
Its earnings rose Tk 204 crore in the April-December period from Tk 200 crore a year ago, said the company in its financial statement released yesterday.
Consolidated earnings per share stood at Tk 44.16 for April-December 2022 against Tk 43.18 for April-December 2021, said Berger, one of the biggest paint makers in Bangladesh.
“Despite significant growth in revenue during April-December 2022 period, the same was not reflected in EPs due to higher cost of raw materials impacted by currency devaluation compared to last year,” it said in a posting at the Dhaka Stock Exchange.
Net operating cash flow per share also decreased mainly due to an increase in suppliers’ payments for strategic inventory build-up, advance payment made to the bank for LCA’s dues and also higher payment of advance income tax at the import stage, said Berger.