UK Prime Minister’s Trade Envoy Rushanara Ali, MP on Tuesday said Bangladesh has achieved tremendous success in the socio-economic sector.
She noted that public and private sector- coordination is much needed for the continuation of this progress.
Ali also said that private sector development and trade expansion are the real growth drivers for Bangladesh’s economy.
“Urging enhancing bilateral partnership between UK and Bangladesh, she also said that removing bottlenecks will open up more investment opportunities here, we have to ensure poverty alleviation in line with the economic growth,” the UK PM’s trade envoy said.
She made the call while speaking at a bilateral meeting with the business leaders of Bangladesh at the Dhaka Chamber of Commerce & Industry (DCCI), held at DCCI’s Gulshan Centre on Tuesday.
The meeting was chaired by the President of DCCI Rizwan Rahman where Miran Ali, Vice President, BGMEA, Sonia Bashir Kabir, Founder and Managing Director of SBK Tech Venture, Group Chairman and Managing Director of United Group Moinuddin Hasan Rashid and Managing Director of Apex Group Syed Nasim Manzur also took part in the discussion.
In the meeting Rizwan Rahman said that the bilateral trade between Bangladesh and UK was USD $ 4.11 billion in 2021. The UK's net FDI stock in Bangladesh was about $ 2.53 billion and the UK is the 3rd largest export destination for Bangladesh and in future it will grow further.
Rizwan Rahman invited British investments in the ship building, RMG, agro-processing, leather and footwear, light engineering and skills development sector of Bangladesh.
Bangladesh will enjoy duty free, quota free facility in the UK up to 2029 but DCCI president requested to allow Bangladesh to continue this facility even after 2029.
READ: Strong, modern UK-Bangladesh financial partnership can be mutually beneficial: Rushanara
Rizwan also said that the Rules of Origin requirement facility can be eased and extended. Technical Barriers to Trade (TBT) needs to be reduced and rationalized, he added.
British High Commissioner in Dhaka Robert Chatterton Dickson said that Bangladesh’s private sector is very strong and they are leading the economy from the front.
“UK is strong in the service sector like education, healthcare and financial sector, industrial designing and skills development Bangladesh and UK can work jointly,” he added.
He said that the Mirsarai Economic Zone in Chattogram is a good place for attracting foreign investment and there are huge opportunities for UK’s investors as well.
Managing Director of Apex Group Syed Nasim Manzur said that Bangladesh needs to improve itself in the industrial product designing to attract quality buyers.
He also invited UK investments in the pharmaceutical, RMG, healthcare and education sector of Bangladesh.
Founder and Managing Director of SBK Tech Venture Sonia Bashir Kabir said that the UK can invest in Bangladesh in forming a digital banking ecosystem.
Vice President of BGMEA Miran Ali said Bangladesh’s RMG sector is now very competent in terms of compliance as well as world class quality production.
Well thought product designing capacity and synthetic cotton production have a good opportunity where UK and Bangladesh can jointly work, he added.
Group Chairman and Managing Director of United Group Moinuddin Hasan Rashid said that we are still lagging behind in creating skilled nurses. The UK can help us in this sector, he said. Moreover, if UK universities come here to operate it will have a good demand for our students.
Rushnara Ali began her weeklong official visit to Dhaka on Sunday. She met with Bangladesh Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman on Monday.
She also briefed reporters at the UK embassy in Dhaka on the occasion of celebrating 50 years of bilateral relationship.