Bangladesh Culture of Business

By | July 24, 2022
Basic data
Capital Dhaka
Population 165 million
Language Bengali
Religion Islam (89%)
State system People’s Republic
Head of State Abdul Hamid
Head of government Sheikh Hasina Vajidova
Currency name Taka (BDT)
Travel
Time shift + 5 hours (in summer + 4 hours)
Economy 2021
Nominal GDP (billion USD) 1,099.10
Economic growth (%) 6.9
Inflation (%) 5.6
Unemployment (%) 5.2

Bangladesh, officially the People’s Republic of Bangladesh, is a country in South Asia. It is the eighth most populous country in the world with a population exceeding 163 million people. Bangladesh shares land borders with India to the west, north and east, and Myanmar to the southeast; to the south it has a coastline along the Bay of Bengal.

Bangladesh forms a sovereign part of the historical region of Bengal, which was partitioned during the partition of British India in 1947. The country is dominated by Bengali Muslims. The refusal of the Pakistani military junta to hand over power to the Awami League led by Sheikh Mujibur Rahman led to the Bangladesh Liberation War in 1971. The new state of Bangladesh in 1972 became the first constitutionally secular state in South Asia. Islam was declared the state religion in 1988. In 2010, the Bangladesh Supreme Court reaffirmed the secular principles in the constitution.

Bangladesh is a unitary parliamentary constitutional republic based on the Westminster system. Bengalis make up 98% of the total population of Bangladesh, and Bangladesh’s large Muslim population makes it the third largest Muslim-majority country.

The country consists of eight divisions, 64 districts and 495 sub-districts. Dhaka, the capital and largest city, is the economic, political and cultural center of the country. Chittagong, the largest seaport, is the second largest city. The official language is Bengali.

Bangladesh is an emerging economy ranked as the world’s 33rd largest by nominal GDP and 29th largest by PPP. As a result of the Rohingya genocide, it has one of the largest refugee populations in the world.

  • Programingplease: Yearbook 2010 of nation Bangladesh, including population, politics, and abbreviations.

Bangladesh faces many challenges, including the adverse effects of climate change, poverty, illiteracy, corruption, authoritarianism and human rights abuses. However, the poverty rate has halved since 2011.

The country is scheduled to graduate from the LDC category in 2026. After graduation, it will lose specific preferences and privileges. The most concrete and significant loss in this regard will be duty-free and quota-free (DFQF) market access for the country’s exported goods. The Center for Policy Dialogue estimates that this could lead to an 8–10% drop in export earnings, amounting to approximately US$ billion annually. In this context, the termination of the European Union’s EBA preferential system will play the most significant role for Bangladesh. The EU market currently represents approximately 62% of apparel exports and nearly 56% of total exports.

This summary territorial information is processed for the country that is so-called accredited. The information is provided in an abbreviated form.

Culture of business dealings

Subchapters:

  • Introduction
  • Addressing
  • Business Meeting
  • Communication
  • Recommendations
  • Public Holidays

Introduction

Bangladesh is a Muslim country, so Czech entrepreneurs may encounter a number of differences.

Addressing

Titles are very important and it is best to address partners directly using their professional title or Mr., Mrs. or Miss, followed by their last name.

Business meeting

Bangladesh is a Muslim country and all the rules of conduct that follow must be followed. Friday is a non-working day. Business meetings may be delayed. Formal attire is expected for business meetings. A handshake is common to initiate communication. Business negotiations tend to be longer than is customary in the West, i.e. they start with typical conversations about the weather, sports, the businessman’s family, etc. An important (positive) factor is the gifts that Bangladeshis like to exchange (e.g. sweets, souvenirs from foreign countries, but not alcohol).

Communication

Face-to-face meetings are preferred over communication via telephone, letter or e-mail. English is preferred for business negotiations. Visit Animalerts for more information about Bangladesh culture and traditions.

Recommendation

Before closing the deal, Czech companies should check the registration and creditworthiness of their Bangladeshi business partners. Information can be obtained from the following contacts:

Dhaka Chamber of Commerce & Industry (DCCI) – https://www.dhakachamber.com/

Federation of Bangladesh Chambers of Commerce and Industries – Federation of Bangladesh Chambers of Commerce and Industries (FBCCI http://fbcci.org/
You can find the list of Chambers of Commerce in Bangladesh here – http://edb.epb.gov.bd/home/chambers_list

We also recommend using the Honorary Consulate General of the Czech Republic in Dhaka to check business partners or tenders.

Public Holidays

January 1 – New Year

February 21 – Martyrs’ Day & Bengali Language Day – Shahid Dibash (Language Martyrs’ Day)

March 17 – Bangabandhu Day (Sheikh Mujibur Rahman’s birthday)

March 26 – Independence Day

March 30 – Shab-e-Barat

April 14 – Bengali New Year

May 1 – Labor Day

May 7 – Jumatul Bidah

May 10 – Night of Destiny

May 13 – Eid-al-Fitr (End of Ramadan)

May 14-15 – Eid-al-Fitr Holiday

May 26 – Buddha Purmina (Birth of the Buddha)

July 20 – Eid-ul-Azha

  1. 22 July – Eid-ul-Azha Holiday

August 15 – National Mourning Day

August 19 – Ashura August 30 – Janmashtami

October 15 – Durga Puja

October 19 – Maulud Nabi (Prophet’s Birthday)

December 16 – Victory Day

December 25 – Christmas

Bangladesh Culture of Business