Introduction:
There is no doubt that the private sector has brought about prosperity in development of not only Bangladesh but the whole world as well. Private-sector corporations are the driving force of economic development today, all around the world. Corporations have a major impact that transcends economics and extends to the broad scope of society. The private company’s in economic development can take many forms, from major multinational corporations to small and medium enterprises, and range across a wide diversity of sectors, including manufacturing, agriculture, and the industrial sector. The Bangladesh private limited companies attach great importance to the creation of a conducive investment environment. While they must compete with each other for markets, they must also cooperate with one another. To do this, they must establish mutual processes which will build cooperative prosperity, especially as their competition mounts and the enormous interdependence of the two regions rises.
Definition of private company:
Sec: 2 (q) "private company" means a company which by its articles--
(i) restricts the right to transfer its shares, if any;
(ii) prohibits any invitation to the public to subscribe for its shares or debenture, if any;
(iii) limits the number of its members to fifty not including persons who are in its employment;
Provided that where two or more persons hold one or more shares in a company jointly, the shall, for the purposes of this definitation be treated as a single member; 1
There are a lot of private limited company in Bangladesh. Such as:
Bangladesh Telecom (Pvt) Limited (BTL),Yellow Pages (Pvt.) Ltd, Bismillah Airlines, Dutch Bangla Bank Limited, Akij Group, Beximco, Karnafuli Fertilizer Company , Adamjee Jute Mills, Amico Laboratories ,The ACME Laboratories Ltd ,Beximco Pharmaceuticals Ltd ,Eskayef Bangladesh Limited ,Incepta Pharmaceuticals Limited Khan Brothers Shipbuilding Ltd.The propose argest shipbuilding industry in Bangladesh,Square Pharmaceuticals Ltd. Bangladesh, Rural Power Company Limited. Seba Telecom. (Pvt.) Ltd.
Seba Telecom. Pvt. Ltd. (ISL),Ranks Telecom. Ltd.,Dhaka Telephone Co. Ltd.
What is socio-economic development?
Socioeconomics or socio-economics is the study of the relationship between economic activity and social life. The field is often considered multidisciplinary, using theories and methods from sociology, economics, history, psychology, and many others. It has emerged as a separate field of study in the late twentieth century. In many cases, however, socioeconomists focus on the social impact of some sort of economic change. Such changes might include a closing factory, market manipulation, the signing of international trade treaties, new natural gas regulation, etc. Such social effects can be wide-ranging in size, anywhere from local effects on a small community to changes to an entire society.
The role of private limited company in the socio-economic development of Bangladesh:
Private sector driven economic development is the key
Bangladesh’s aspiration to become a middle income country by 2020 must be led by the private sector. A robust private sector is the key to attracting investment, entrepreneurship and technological innovation needed for quick economic growth. It is obvious that without private sector investment, jobs and economic opportunities for the thousands of people cannot be ensured. The government, therefore, needs to continuously invest in infrastructures and social development, and to further liberalize the policies and regulations and remove obstacles to inclusive growth and private sector driven development efforts.
NGOs and Poverty Alleviation:
Non-Government Organizations (NGOs) have emerged as an integral part of the institutional structure for addressing poverty as well as rural development, gender equality, environmental conservation, disaster management, human rights and other social issues. The NGOs, in order to support social and economic empowerment of the poor, have vastly widened their activities to include group formation, micro credit, formal and non-formal education, training, health and nutrition, family planning and welfare, agriculture and related activities, water supply and sanitation, human rights and advocacy, legal aid and other areas. Theseorganizations mostly follow the target-group strategy under which the poor with similar socioeconomic interests are organized into groups to achieve their objectives
In respect of poverty alleviation, principal instruments of NGO programmes involve micro credit, skill development and employment generation. It is estimated that nearly 80 percent of the villages in Bangladesh are now covered under NGO activities but not necessarily 80 percent of the poor who need help. About 1,000 NGOs are engaged in microfinance operations. The overwhelming majority of these NGOs are small: the few large NGOs are BRAC, PROSHIKA and ASA. BRAC (Bangladesh Rural Advancement Committee) happens to be the largest NGO in the world today. About 95 percent of microcredit disbursed by the NGOs is in the rural areas. As of June 1999, the total number of active members benefiting from NGO programmes stood at 8.7 million, 85 percent of the beneficiaries being women. Microcredit is provided to the poor for self-employment, income generating activities, afforestation and other poverty alleviating programmes.2
Till June 1999, of all the NGOs, BRAC, PROSHIKA and ASA accounted for 60 percent of active membership, 71 percent of each cumulative disbursement and net savings, 61 percent of revolving loan fund and 72 percent of outstanding loans.
The income generating activities, where substantial microcredit disbursement has been made, include small trade (42 percent), livestock (18 percent), agriculture (13 percent) and food processing (9 percent).
The Role of Private Limited company in Power Generation of Bangladesh
The demand of electricity is increasing day by day. For economic emancipation and in order to meet the Millennium Development Goals, the electricity growth that is generating more electricity, building more transmission/ distribution capacity, bringing more area/ population under electricity coverage and ensuring more efficient management of these are the essential issues. According to the power sector growth in the country, the country needs new 400 MW power each year to meet the growing demands. Building of this particular infrastructure require large amount of capital and is encountering increasing difficulties to finance the required capacity either through the government budget or even by the international development agencies and financing organizations. But the government of Bangladesh is unable to provide the finance to set up new power plants according to the growing demand. That is why in 1996 the Government of Bangladesh (GOB) has decided to build power plants in private sectors and Independent Power Producers (IPPs) launched their business in
Bangladesh. Then the private sector provides the finance for the development of power generation of Bangladesh.
Pharmaceuticals (pvt) Ltd. Bangladesh:
Pharmaceuticals business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the proces s of the human civilization
Their Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large.
Their objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision.
Yellow Pages (Pvt.) Ltd:
Yellow Pages (Pvt.) Ltd. with the “Yellow Pages’’ Trade Mark & Copy Right registered Company in Bangladesh. "Bangladesh Yellow Pages®" being published by Yellow Pages (Pvt.) Ltd. has been playing the most important and effective role in the area of trade and commerce over a decade as business information directory.
Yellow Pages (Pvt.) Ltd. was established in 1991 with an aim to provide authentic business information to the people of Bangladesh as well as abroad duly indexed category wise.
The first edition of Bangladesh Yellow Pages® was published in 1992. Since then the company is serving the people with publishing Commercial & Industrial Guide under strong leadership of Mr. A.I.M. Hasanul Mujib. Yellow Pages (Pvt.) Ltd. is also providing online services through telephone and e-mail to meet the needs and satisfy the queries of people. Initially Yellow Pages (Pvt.) Ltd. starts its race with a few staff and a small setup. But today this company is operating its activities from Dhaka, Chittagong and Khulna offices with adequate number of skilled and efficient professionals.
The private Company in web:
The private Company plays significant role in domestic and export market, especially in Internet and Custom Software Development, Corporate Business solution for Pharmaceutical, Telecommunication and ISP’s, Hi-end OS level products in C/C++ and lately in Customized Hardware and Network Infrastructure development.
To provide highly integrated solutions, inherit and follow best business practices, on-time delivery of products & services, complete linkage between up, mid and down stream sectors through establishment of effective communication, improved profit realization and thus enabling competitive edge in pricing, ease price pressures on account of intense competition, improve customer services and thus larger market penetration, optimal utilization of resource capacity, achievement of high productivity, accurate pre-production planning, capacity scheduling, follow up activities, result to, quicker response, greater accuracy and rational decision making.
Best Air: Private Airlines:
Best Air, a subsidiary of Best Aviation is a domestic private airline of Bangladesh. The company formed in 2007 as a joint venture between Best Aviation and a Kuwait-based company, Aqeeq Aviation Holding which controls a 70% share of the airline. It started operations in January 2008 from Dhaka's Zia International Airport and currently flies to one domestic destination Best Air obtained a license in 2006 from the Civil Aviation Authority of Bangladesh to operate passenger service in domestic and international sectors. Best Air started with a B-737 aircraft to operate from Dhaka to one regional domestic destination, Chittagong. The company claims that in its second phase, it plans to operate to destinations such as Kolkata, Jaipur, Bangkok, Kunming, Middle-East, and Europe by using wide bodied aircraft. Recently the company acquired MD-82 in lease to operate in new destinations such as Dubai, Kualalumpur, Hongkong etc.
Conclusion:
We all understand that challenges of Bangladesh’s development agenda are immense. However, in the quest for quick economic growth and development, the country must seek inclusive economic growth and put in more resources for reduction of poverty of millions of people who live under desperate poverty. This would need to create and expand access to opportunities and more investment in health, education and safety net programs for the poorest. Alongside, the country needs big investment in infrastructures- energy, power generation, roads, railway and ports to attract further investment and ensure industrial development and employment creation through private sector participation. The country also needs to expand and improve the education and health services and to protect the environmental degradation
Bangladesh’s development challenges are critical and manifolds the country needs capable and mature political leadership, pro-poor economic agenda, business friendly policies, efficient but smaller bureaucracy, decentralization, strong local governments and opportunities for participation of the poorest. The country also needs to invest more for human resource and skill development so that the country can rise to the challenges of a competitive and globalized world. I personally believe that Bangladesh will realize its goals and become an economically viable country and could even emerge as one of the next eleven fast developing countries as predicted by Goldman Sachs. We are optimistic about Bangladesh’s future and stand ready to continue assisting Bangladesh in unlocking its abundant potential, as we tackle the development challenges together in the period ahead.
There is no doubt that the private sector has brought about prosperity in development of not only Bangladesh but the whole world as well. Private-sector corporations are the driving force of economic development today, all around the world. Corporations have a major impact that transcends economics and extends to the broad scope of society. The private company’s in economic development can take many forms, from major multinational corporations to small and medium enterprises, and range across a wide diversity of sectors, including manufacturing, agriculture, and the industrial sector. The Bangladesh private limited companies attach great importance to the creation of a conducive investment environment. While they must compete with each other for markets, they must also cooperate with one another. To do this, they must establish mutual processes which will build cooperative prosperity, especially as their competition mounts and the enormous interdependence of the two regions rises.
Definition of private company:
Sec: 2 (q) "private company" means a company which by its articles--
(i) restricts the right to transfer its shares, if any;
(ii) prohibits any invitation to the public to subscribe for its shares or debenture, if any;
(iii) limits the number of its members to fifty not including persons who are in its employment;
Provided that where two or more persons hold one or more shares in a company jointly, the shall, for the purposes of this definitation be treated as a single member; 1
There are a lot of private limited company in Bangladesh. Such as:
Bangladesh Telecom (Pvt) Limited (BTL),Yellow Pages (Pvt.) Ltd, Bismillah Airlines, Dutch Bangla Bank Limited, Akij Group, Beximco, Karnafuli Fertilizer Company , Adamjee Jute Mills, Amico Laboratories ,The ACME Laboratories Ltd ,Beximco Pharmaceuticals Ltd ,Eskayef Bangladesh Limited ,Incepta Pharmaceuticals Limited Khan Brothers Shipbuilding Ltd.The propose argest shipbuilding industry in Bangladesh,Square Pharmaceuticals Ltd. Bangladesh, Rural Power Company Limited. Seba Telecom. (Pvt.) Ltd.
Seba Telecom. Pvt. Ltd. (ISL),Ranks Telecom. Ltd.,Dhaka Telephone Co. Ltd.
What is socio-economic development?
Socioeconomics or socio-economics is the study of the relationship between economic activity and social life. The field is often considered multidisciplinary, using theories and methods from sociology, economics, history, psychology, and many others. It has emerged as a separate field of study in the late twentieth century. In many cases, however, socioeconomists focus on the social impact of some sort of economic change. Such changes might include a closing factory, market manipulation, the signing of international trade treaties, new natural gas regulation, etc. Such social effects can be wide-ranging in size, anywhere from local effects on a small community to changes to an entire society.
The role of private limited company in the socio-economic development of Bangladesh:
Private sector driven economic development is the key
Bangladesh’s aspiration to become a middle income country by 2020 must be led by the private sector. A robust private sector is the key to attracting investment, entrepreneurship and technological innovation needed for quick economic growth. It is obvious that without private sector investment, jobs and economic opportunities for the thousands of people cannot be ensured. The government, therefore, needs to continuously invest in infrastructures and social development, and to further liberalize the policies and regulations and remove obstacles to inclusive growth and private sector driven development efforts.
NGOs and Poverty Alleviation:
Non-Government Organizations (NGOs) have emerged as an integral part of the institutional structure for addressing poverty as well as rural development, gender equality, environmental conservation, disaster management, human rights and other social issues. The NGOs, in order to support social and economic empowerment of the poor, have vastly widened their activities to include group formation, micro credit, formal and non-formal education, training, health and nutrition, family planning and welfare, agriculture and related activities, water supply and sanitation, human rights and advocacy, legal aid and other areas. Theseorganizations mostly follow the target-group strategy under which the poor with similar socioeconomic interests are organized into groups to achieve their objectives
In respect of poverty alleviation, principal instruments of NGO programmes involve micro credit, skill development and employment generation. It is estimated that nearly 80 percent of the villages in Bangladesh are now covered under NGO activities but not necessarily 80 percent of the poor who need help. About 1,000 NGOs are engaged in microfinance operations. The overwhelming majority of these NGOs are small: the few large NGOs are BRAC, PROSHIKA and ASA. BRAC (Bangladesh Rural Advancement Committee) happens to be the largest NGO in the world today. About 95 percent of microcredit disbursed by the NGOs is in the rural areas. As of June 1999, the total number of active members benefiting from NGO programmes stood at 8.7 million, 85 percent of the beneficiaries being women. Microcredit is provided to the poor for self-employment, income generating activities, afforestation and other poverty alleviating programmes.2
Till June 1999, of all the NGOs, BRAC, PROSHIKA and ASA accounted for 60 percent of active membership, 71 percent of each cumulative disbursement and net savings, 61 percent of revolving loan fund and 72 percent of outstanding loans.
The income generating activities, where substantial microcredit disbursement has been made, include small trade (42 percent), livestock (18 percent), agriculture (13 percent) and food processing (9 percent).
The Role of Private Limited company in Power Generation of Bangladesh
The demand of electricity is increasing day by day. For economic emancipation and in order to meet the Millennium Development Goals, the electricity growth that is generating more electricity, building more transmission/ distribution capacity, bringing more area/ population under electricity coverage and ensuring more efficient management of these are the essential issues. According to the power sector growth in the country, the country needs new 400 MW power each year to meet the growing demands. Building of this particular infrastructure require large amount of capital and is encountering increasing difficulties to finance the required capacity either through the government budget or even by the international development agencies and financing organizations. But the government of Bangladesh is unable to provide the finance to set up new power plants according to the growing demand. That is why in 1996 the Government of Bangladesh (GOB) has decided to build power plants in private sectors and Independent Power Producers (IPPs) launched their business in
Bangladesh. Then the private sector provides the finance for the development of power generation of Bangladesh.
Pharmaceuticals (pvt) Ltd. Bangladesh:
Pharmaceuticals business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the proces s of the human civilization
Their Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large.
Their objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision.
Yellow Pages (Pvt.) Ltd:
Yellow Pages (Pvt.) Ltd. with the “Yellow Pages’’ Trade Mark & Copy Right registered Company in Bangladesh. "Bangladesh Yellow Pages®" being published by Yellow Pages (Pvt.) Ltd. has been playing the most important and effective role in the area of trade and commerce over a decade as business information directory.
Yellow Pages (Pvt.) Ltd. was established in 1991 with an aim to provide authentic business information to the people of Bangladesh as well as abroad duly indexed category wise.
The first edition of Bangladesh Yellow Pages® was published in 1992. Since then the company is serving the people with publishing Commercial & Industrial Guide under strong leadership of Mr. A.I.M. Hasanul Mujib. Yellow Pages (Pvt.) Ltd. is also providing online services through telephone and e-mail to meet the needs and satisfy the queries of people. Initially Yellow Pages (Pvt.) Ltd. starts its race with a few staff and a small setup. But today this company is operating its activities from Dhaka, Chittagong and Khulna offices with adequate number of skilled and efficient professionals.
The private Company in web:
The private Company plays significant role in domestic and export market, especially in Internet and Custom Software Development, Corporate Business solution for Pharmaceutical, Telecommunication and ISP’s, Hi-end OS level products in C/C++ and lately in Customized Hardware and Network Infrastructure development.
To provide highly integrated solutions, inherit and follow best business practices, on-time delivery of products & services, complete linkage between up, mid and down stream sectors through establishment of effective communication, improved profit realization and thus enabling competitive edge in pricing, ease price pressures on account of intense competition, improve customer services and thus larger market penetration, optimal utilization of resource capacity, achievement of high productivity, accurate pre-production planning, capacity scheduling, follow up activities, result to, quicker response, greater accuracy and rational decision making.
Best Air: Private Airlines:
Best Air, a subsidiary of Best Aviation is a domestic private airline of Bangladesh. The company formed in 2007 as a joint venture between Best Aviation and a Kuwait-based company, Aqeeq Aviation Holding which controls a 70% share of the airline. It started operations in January 2008 from Dhaka's Zia International Airport and currently flies to one domestic destination Best Air obtained a license in 2006 from the Civil Aviation Authority of Bangladesh to operate passenger service in domestic and international sectors. Best Air started with a B-737 aircraft to operate from Dhaka to one regional domestic destination, Chittagong. The company claims that in its second phase, it plans to operate to destinations such as Kolkata, Jaipur, Bangkok, Kunming, Middle-East, and Europe by using wide bodied aircraft. Recently the company acquired MD-82 in lease to operate in new destinations such as Dubai, Kualalumpur, Hongkong etc.
Conclusion:
We all understand that challenges of Bangladesh’s development agenda are immense. However, in the quest for quick economic growth and development, the country must seek inclusive economic growth and put in more resources for reduction of poverty of millions of people who live under desperate poverty. This would need to create and expand access to opportunities and more investment in health, education and safety net programs for the poorest. Alongside, the country needs big investment in infrastructures- energy, power generation, roads, railway and ports to attract further investment and ensure industrial development and employment creation through private sector participation. The country also needs to expand and improve the education and health services and to protect the environmental degradation
Bangladesh’s development challenges are critical and manifolds the country needs capable and mature political leadership, pro-poor economic agenda, business friendly policies, efficient but smaller bureaucracy, decentralization, strong local governments and opportunities for participation of the poorest. The country also needs to invest more for human resource and skill development so that the country can rise to the challenges of a competitive and globalized world. I personally believe that Bangladesh will realize its goals and become an economically viable country and could even emerge as one of the next eleven fast developing countries as predicted by Goldman Sachs. We are optimistic about Bangladesh’s future and stand ready to continue assisting Bangladesh in unlocking its abundant potential, as we tackle the development challenges together in the period ahead.
