Bangladesh High Commission in Canberra and Cross Sector Development Partnerships Initiative (XSPI) have signed a Memorandum of Understanding (MoU) to complement the existing Australian government development assistance.

The purpose of the recently signed MoU is to identify potential project opportunities, ventures, and areas of collaboration of mutual interests and network with stakeholders through a process of non-binding consultation, said the High Commission on Wednesday.

Read:Bangladesh-US air exercise begins on Feb 20

Initially four priority sectors - ready-made garments, infrastructure, energy and power, health and private capital investment have been identified.

At the workshop held following the signing ceremony, the parties agreed to commence collaboration on the four priority sectors above with initial health sector focus on dengue fever.

In addition, a dialogue has commenced on the investment and financial services conference to be held this year.

XSPI is a recent Australian (non-government) initiative to increase the amount and impact of international development assistance in Asia and the Pacific through focused cross sector collaboration between its five key sectors contributing sectors and national partners.

These sectors comprise Australia’s business, government, NGO/NFP, philanthropy/private capital, and academia/health/medical research sectors.

Read:Bangladesh, Mauritius eye Minister-level visits; see vast potential

XSPI has identified Bangladesh, Indonesia, and PNG as the initial priority countries for South Asia, Southeast Asia, and Melanesia, respectively.

The High Commission’s collaboration with XSPI being purely consultative in nature will create no financial implications and decision-making role in each other’s activities. 

The MoU will remain valid for five years.