Brac Bank organises workshop for Bangladeshi freight forwarders

Brac Bank has recently organised an insightful workshop for freight forwarding companies in Bangladesh.

The workshop titled "Unlocking the Potential of the Freight Forwarding Industry: Opportunities and Challenges" was held at the Pan Pacific Sonargaon Hotel in Dhaka on 7 March, reads a press release. 

It was the first time freight forwarding companies could discuss the challenges and prospects of the industry with regulatory authorities - thanks to the collaboration between Brac Bank and Bangladesh Freight Forwarders Association (BAFFA).

Freight forwarding is the most significant part of the logistics industry. The industry is 100% responsible for the growing number of trades in Bangladesh. Currently, over 1,100 BAFFA members facilitate the nation's international trade with global origins and destinations. 

Brac Bank, one of Bangladesh's top sustainable banks and the only values-based bank, has always been committed to the sustainable development of many industries and sectors. 

The workshop aimed to provide freight forwarding companies with a better understanding of the regulatory provisions, which will benefit Bangladesh's international trade.

The programme stimulated information sharing between freight forwarders and policymakers, such as Bangladesh Bank (BB), which will help Bangladesh's export and import operations run more smoothly.

Mohammad Abdul Mannan, executive director of BB, was the chief guest at the event and thanked Brac Bank for arranging such a workshop.

In a brief presentation, Md Abdul Haque, director of the Foreign Exchange Operations Department at BB, discussed the regulatory framework that clarified many topics relevant to the banking and the freight forwarding sector.

In a panel discussion, officials of BB and Brac Bank and representatives from various freight forwarding companies discussed the required banking services for freight forwarders, practical challenges the sector faces, and specified the potential solutions with a better understanding of the policy system. Inquiries were answered by both Brac Bank and BB officials.

Brac Bank's Deputy Managing Director and COO, Sabbir Hossain; Deputy Managing Director and Head of Corporate Banking, Tareq Refat Ullah Khan; and the President of Bangladesh Freight Forwarders Association, Kabir Ahmed, were also present at the workshop and offered their orations.

Tareq Refat Ullah Khan said, "Brac Bank looks at technology-enabled banking services through the development lens so that the banking sector can act as a catalyst for different industries." 

It was the very first time in Bangladesh that freight forwarding companies were invited to discuss the sector's sustainable future in the presence of a regulatory body.

"Our vision is to help people prosper. This interactive workshop, knowledge sharing, and industry collaboration will certainly help the freight forwarding sector flourish and contribute more to the export and import of the country", Khan added.