Unilever, the multinational consumer goods company, began operations in Bangladesh in 1962. Today, nine out of every ten households in the country use at least one of its products. Unilever Bangladesh has repeatedly been recognized as one of the nation’s most sustainable companies and an “Employer of Choice.” In 2021, Zaved Akhtar, a graduate of the Institute of Business Administration (IBA) at the University of Dhaka, assumed the role of CEO and Managing Director of the company. He became Chairman in 2023. After a successful 25-year career at Unilever Bangladesh, he is now set to assume leadership of Unilever Indonesia. Recently, he spoke with Bonik Barta on a range of issues.

First of all, Congratulations. On behalf of Unilever, you are set to assume business leadership abroad as the first Bangladeshi in Indonesia. I’d like to hear from you—how did Unilever’s journey in Bangladesh begin, and how did your career with Unilever start?

Thank you very much for inviting me. Unilever has been in Bangladesh since around 1962. At that time, we only brought in products. In 1964, we established a factory. By 2025, we have made significant progress. At one point, we only sold soap. Now, we are in detergents, cosmetics, and the beauty and well-being business. Unilever has grown steadily alongside Bangladesh. I joined Unilever in 2000. It has been a 25-year journey. During that time, I have spent half of it abroad and half in Bangladesh.

Unilever’s factory is located in a historic place. Kalurghat is tied to Bangladesh’s history. After independence, Unilever was reborn in Bangladesh as Lever Brothers Bangladesh. Unilever’s product, Wheel, is known in every household. It is said that in nine out of ten households, you will find a Unilever product. How was this success achieved?

A few factors contributed to the journey. First is the product. Each product—Wheel, Lifebuoy, Lux—was specifically developed for the Bangladeshi market. Second is pricing. Prices were set with the purchasing power of local people in mind. All our products are available in both small and large packs. We reach nearly 600,000 shops. Unilever products can be seen across the country. Brand, price point, and distribution—these three factors are why Unilever has achieved its success.

Is there a connection between Unilever’s success and women’s empowerment in Bangladesh? How much has that contributed to your growth?

Ninety-five percent of the products we sell are for women. In the 1980s, the garment industry in Bangladesh began to expand. Since then, we have seen that as women have been empowered and joined the workforce, Unilever’s sales have grown. There is a direct link between women’s empowerment and our business. Unilever brands have also actively promoted women’s empowerment. We have introduced several practices, including oral hygiene, toothbrush use, and hand washing. When mothers learn these practices, the next generation becomes much more aware of hygiene.

When you first started in Bangladesh, there were no other FMCG companies here. Later, many local companies emerged, and a variety of new products arrived. Unilever has faced competition in different countries. How do you experience that competition in Bangladesh?

Many local companies have entered the market here. There is significant competition. It is not true that Unilever runs a monopoly. Local companies are producing high-quality products, and they are also learning from their experiences. That is why we must also continue to improve our products. We must ensure our prices remain competitive. We are also trying to modernize our distribution system. So that we can compete with them. The more competition there is, the better it is for the country. Because our per capita FMCG consumption is very low. Less than half of India’s, and just a quarter of Vietnam’s. If you compare, you will see there is huge room for growth. One company alone cannot achieve that. When new companies enter the market, it grows. And the FMCG industry develops further.

Across the world, including global leaders such as our Chief Adviser, Dr. Muhammad Yunus, have emphasized reducing carbon emissions and moving away from plastics. What is Unilever doing globally, and what are you doing in Bangladesh?

At Unilever, we focus on four key areas of sustainability to ensure our business remains sustainable. These are climate, nature, plastic, and livelihoods. In Bangladesh, we are working on three of these pillars. First is climate. We are trying to cut greenhouse gas emissions as much as possible. Through our operations, we are working to reduce water consumption. We are trying to shift our electricity to renewable sources. We are making our operations more efficient so that our energy use becomes sustainable. We have set a target to reach net-zero carbon emissions by 2030. We are investing heavily in solar energy to transition to renewable sources. We have already implemented this in our distribution network, and we are now applying it in our factories as well.

For the past three years, Unilever Bangladesh has been a plastic-negative company. We collect and process more plastic than what goes out with our products. We have been working on this for many years. We partnered with Narayanganj City Corporation and later with UNDP. From those experiences, we expanded the model to Chattogram City Corporation. With the help of a local partner, we scaled that model. So, a lot of work has been done on plastic.

The fourth area is livelihoods. In this country, we often talk about minimum wage. But what we believe is that across our entire ecosystem, we should aim for a living wage. That means the income a person needs to live with dignity. Within Unilever Bangladesh, there is no problem with living wages—our employees are well above that. However, within our broader ecosystem, including distributors and sales personnel, we aim to ensure they also earn a living wage. We are working on how to bring everyone up to that level.

When you first joined Unilever, shortly after, Unilever built a floating hospital that created a stir worldwide. What was the purpose behind building that hospital? Why did they do it?

Actually, that hospital belonged to an NGO called Friendship. It is still running today. I was the one who started that hospital, along with two colleagues. A French gentleman named Yves Marre brought this idea to Bangladesh. When he arrived, he observed the challenges people in the river islands faced in accessing medical care. This was back in 2001–2002. That’s when the idea came—if we could build a floating hospital, people from remote areas could come for treatment. Since it was floating, the hospital could travel along the Jamuna River all the way up to Kurigram in northern Bangladesh. I went there many times. Even a year and a half or two years ago, I visited again. The amount of healthcare people are still receiving from it is remarkable. I tell everyone in my company that they must go and see it at least once. It is the best example of how a company can have a positive impact on society.

What was Unilever’s journey like during COVID?

COVID was unknown territory for everyone. How could we run our business when so much of it is very physical? I took charge in 2021, at the tail end of the COVID pandemic. At that time, our concern was how we could help the ecosystem. We brought oxygen ventilators and distributed them to civil surgeons in 64 districts. We also provided sanitizers and other personal protective equipment.

Business was very uncertain then. Running operations was extremely challenging because we had to prioritize the protection of our own personnel. The government had issued a directive to close all factories. I called the Commerce Minister at the time and said that, if needed, I could shut everything down, but I couldn't stop making soap. If we stop making soap, the essential item for handwashing would disappear from the market. He gave permission, so our workers stayed in the factories. Day and night, around the clock, we made only soap. Nothing else was sold during that period.

Recently, there has been a lot of talk about halal products. Unilever Bangladesh has also introduced some halal products here. Globally, Bangladesh is exploring how it could become a hub for halal products. How do you see the Bangladeshi market and the global market?

Actually, this trend is everywhere. The larger the Muslim population, the greater the need for halal products. Everything produced in our country, especially at Unilever, is halal. Certification may be a separate matter, but it always presents a significant opportunity. However, one thing to remember is that simply labeling a product halal is not enough. The product must be good. If the product isn’t good, even if it’s halal, it won’t work. In the late ’90s, a soap launched as halal challenged Unilever. They were successful because they made a better product than us. That’s why they succeeded. However, we later developed a better product, and today, that brand no longer exists. Halal is, of course, a demand. However, when people buy detergent or shampoo and it doesn’t perform as expected, no one will trust that proposition.

Now, let’s talk a bit outside of Unilever. You have also led the Foreign Investors Chamber of Commerce for some time. Could you share your experience in attracting foreign investment to Bangladesh and protecting the interests of those who have already invested?

I tried to make our country more investment-friendly. There are two or three things to consider. Any investor will ask: Why invest in Bangladesh? Many invest here because of the large market. They may invest in the domestic market or in a bigger economy. Another reason is that Bangladesh can be a significant source for exports. We have proven that in RMG (ready-made garments). But for anyone investing, one thing to keep in mind is that the environment here is not easy. It requires a lot of patience. What we need is to make the process smoother. Investors here require many approvals. If someone comes to Bangladesh today, their first questions are: What does BIDA do? What does BEZA do? What about BEPZA? And in between, there’s also the EPB. We need to bring this under a single front.

Investors are our customers. When they try to invest, many challenges arise. That’s why BIDA has now created a relationship team. Their job is to ensure that everything goes smoothly after an investor arrives. That’s what I wanted—to see how we could make the process smoother.

In Bangladesh, there are large global companies, such as Unilever and Standard Chartered, as well as Chevron in the energy sector. Yet, despite these major global leaders, why is FDI in Bangladesh still around just one or two billion dollars, while smaller economies have attracted much more investment?

The effective tax rate in Bangladesh is very high. If an investor sees an effective tax rate of 40–50 percent here, will they invest in Bangladesh or go to Vietnam, where the effective tax rate is lower? We need to simplify these issues. Another thing is ensuring investors get proper returns. Here, repatriating dividends requires passing through many layers. These are not ‘good signals’—we need to understand that. Everyone complains about customs. Customs’ role should not be tax collection. Its role should be facilitating trade—how quickly can goods be released? We urgently need digitization. Even now, to get a license, we have to go everywhere in person. Why should licensing require this? Someone might say they need an audit. Fine, they will come and audit. But why should we face so many hurdles just to run operations?

So you’re saying that Bangladesh has huge opportunities, but there are many obstacles. If these are not resolved, if the barriers are not removed, we will talk a lot about investment, but in reality…

Nothing will happen. In the FMCG sector, Unilever is the only major multinational present. After that, there are just two multinationals and a few regional multinationals. Let me ask you—why isn’t Procter & Gamble here? Why isn’t Henkel here? There are many such FMCG companies. Think about it—this is a half-trillion-dollar economy! How many countries in the world have such a large economy? There is no debate about the opportunity in this country. But we ourselves are the biggest reason for the obstacles.

Bangladesh has been independent for nearly 54 years. You hold many seminars through FICCI, and the government itself recently hosted an investment summit. Everyone knows where the problems are—so why aren’t the solutions implemented?

To solve them, you have to do very unpopular things. Everything needs to be digitized—that’s not impossible. Of course, some forces won’t want digitization; there will always be people like that. NBR’s policy has been discussed in FICCI for eight years. NBR itself needs a lot of digitization, and the Chairman is now trying. BIDA also needs digitization. For example, if I want to debit or remit, there’s a process called “TAF Royalty,” which requires BIDA’s permission. Every multinational goes through this. If you go to BIDA for this, you fall 2–3 years behind. But what is the actual requirement? It’s whether you have board registration here, whether your financial accounts exist. This should take three months—but we are still not doing it. Everyone knows, and previously it was half-hearted; then it goes back to manual processing. If you look at Invest Korea or Invest India, do you know who runs it? Private sector people. Now, with the BIDA Executive Chairman, many private sector people are coming in.

Now, speaking about yourself—if I’m not mistaken, you are likely the first managing director or CEO of Bangladeshi origin to lead a company like Unilever in a trillion-dollar economy. How does that feel?

It’s a new responsibility, a new challenge. Undoubtedly, it’s a bit overwhelming. Taking on such a large responsibility brings many expectations, and there’s also the matter of representing Bangladesh. The way I felt when I took on this role, I feel the same way now. What I want is to ensure that I can fulfill the responsibility given to me properly.

It’s a significant matter of confidence that CEOs from Bangladesh are being entrusted with such major responsibilities. How will you spread that message to the world—that people from Bangladesh are capable of leading such large companies, similar to what we see with India, where Indian CEOs lead many global companies? And what would you say to young Bangladeshis studying at business or management schools about how to prepare themselves?

There was a time when there were no Bangladeshi CEOs in multinationals. Now, it has become very common. Multinationals without a Bangladeshi CEO are very rare. Next, we will expand globally. I have a lot of confidence that the current generation rising up will become CEOs of many global companies. We have all the talent and potential. I studied in Bangladesh—I didn’t come back with a degree from abroad or an Ivy League. I am very optimistic that the next generation will take us to an entirely new level.

How will Bangladesh’s economy reach a trillion dollars? Could you say a few lines about Bangladesh?

I am always optimistic. Despite numerous obstacles, we continue to grow. From the Language Movement to the 1971 Liberation War, and through numerous periods of political turmoil, we have continued to move forward. You won’t find another country like this. The people of this country have resilience and a fighting spirit. I believe we will reach a trillion-dollar economy. It may take time, but it will happen. There is no reason it shouldn’t—fundamentally, our resources are very strong. What is needed is to focus on the global impact we can make and the regional supremacy we can achieve. We need leadership for that. We must ensure that in the future, people see Bangladesh not as a distant observer but as a country creating a positive impact economically and across other social indicators. I am confident Bangladesh can achieve that.

Thank you once again, and congratulations on coming to Bonik Barta.

Thank you very much.

[This interview was originally conducted in Bangla and published in both the Print and Online editions of Bonik Barta. It has since been translated for the English edition.]