Ambassador of the European Union (EU) to Bangladesh Michael Miller on Tuesday expressed the EU’s intention to partner intensively with the European Union Chamber of Commerce in Bangladesh (EuroCham) EuroCham to maximise trade and investment. He laid emphasis on exploring more B2B contacts, navigating the challenges of LDC graduation and promoting sustainable due diligence in supply chains, opening up the prospect of greater EU foreign direct investment (FDI) and a more diversified Bangladeshi economy. The EuroCham was officially launched on Tuesday which is seen as a new milestone in EU-Bangladesh business relations. The event was attended by senior government officials, including the Chief Adviser's special envoy on international affairs Lutfey Siddiqui, the Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Chowdhury Ashik Mahmud Bin Harun, the Chairman of the National Board of Revenue (NBR) Abdur Rahman Khan, representatives from the Ministry of Foreign Affairs, Commerce, Finance, and other Government authorities. Also present were all EU Member States represented in Dhaka including the Heads of Mission from Denmark, France, Italy, Spain, and Sweden, consuls representing EU countries in Bangladesh, leading European companies, and local private sector leaders. EuroCham is a business initiative that is actively supported by the European Union Delegation and the EU Member States in Bangladesh. Chevron eyes new gas exploration in Bangladesh The Chamber will serve as a centre of excellence, promoting business relations between European investors and their counterparts in the country. It will facilitate dialogue between the private sector and key government stakeholders, such as BIDA, the Ministry of Commerce, and the National Board of Revenue (NBR) to improve the ease-of-doing business in Bangladesh. EuroCham will advise European and Bangladeshi companies on the impact of upcoming EU legislation on their supply chains, - the corporate sustainability due diligence directive, textile strategy, circular economy, digital product passport, and eco-design for sustainable products, to name just a few. With a view to facilitating Bangladesh’s green and digital transition, EuroCham will offer a platform for sharing know-how. EuroCham Bangladesh will form part of the European Business Organisations (EBO) Worldwide Network that represents European business interests in over 54 key global markets. It caters to European multinationals, as well as micro, small, medium, and large enterprises, said the EU Embassy in Dhaka. EuroCham Chairperson, Nuria Lopez, and the Board welcomed attendees, saying that the Chamber will focus on branding Bangladesh to attract more European investment; Europe not only brings capital but also a model of good governance and sustainable growth.  

Ambassador of the European Union (EU) to Bangladesh Michael Miller has said there are many opportunities to work more on renewables in a country like Bangladesh which has a low amount of renewable capacity. He said it does mean that the opportunity is there to expand renewable energy facilities quickly, and they have both experience in the European Union and financing available. "We think there's a scope to work with Bangladesh on air quality and air pollution. But, the big investment that I would want to talk about is in renewable energy," Ambassador Miller told UNB in an interview at his Embassy office. Between 2021 and 2027, Team Europe will mobilise up to €300 billion of investments for sustainable and high-quality projects, taking into account the needs of partner countries and ensuring lasting benefits for local communities. Ambassador Miller said they had a Global Gateway Forum last year which mobilized 400 million euros as a facility from credit to help build essentially - it is building power plants, building stable grids infrastructure, and it is building interconnections. "I think it's just such an obvious area (climate change) where our partnership can be imbued with substance. So we are doing lots of work in terms of financing the environmental upgrade of the textile sector," said the Head of Delegation of the EU in Dhaka. EU eyes right process towards Bangladesh polls; also mindful of rule of law For example, Ambassador Miller said they are working very specifically on decarbonizing the brick industry, which is a huge polluter. Talking about Global Gateway, he said it is an approach to building secure and open and trusted networks. When there would be a possibility to promote cooperation with neighbours, cooperation with Nepal, for example, then these are areas where they would want to explore, said the EU envoy. "It's huge that we have the same agenda because of the climate vulnerability of this country, and because we are extremely committed to combating climate change," Miller said. In Brussels, he said, there is a huge political transition and hopefully by the middle of November, they will have a new college (of the European Commission).   "But that political transition is just going to confirm how important it is for us to take climate action," he added. Ambassador Miller said that Chief Adviser Prof Muhammad Yunus is a political "rock star" with access to everywhere. EU wants to diversify trade relations with Bangladesh "Everyone listens to what he says, and it is something that Bangladesh can build upon. And for me, the approach is to deepen the partnership we have," he said. The EU thinks their engagement on all aspects of climate change will only get stronger in the coming years in line with their shared conviction about the importance of climate mitigation and adaptation. Ambassador Miller recently met Environment, Forests, Climate Change, and Water Resources Adviser Syeda Rizwana Hasan. They exchanged views on innovative initiatives to address climate change and preparations for the upcoming COP29.  Besides, environmental and social compliance in the RMG, leather, and brick sectors was discussed during their meeting. The EU reaffirmed its readiness to assist the interim government in achieving its reform objectives. "The European Union has been a key partner in Bangladesh's efforts to combat climate change and protect our rich biodiversity," said Rizwana Hasan. Bangladesh is one of the most vulnerable countries to climate change. Managing climate risks has been central to Bangladesh’s development story, according to the World Bank. Today, Bangladesh is recognised as a global leader in climate change adaptation and disaster preparedness. But, the World Bank says the country continues to face severe and increasing climate risks, and without strong action, climate change will undermine Bangladesh’s strong development trajectory and the poorest will be hardest hit.

Bangladesh and the European Union (EU) have agreed to accelerate the removal of idle containers from the Chittagong Port premises in order to increase cargo-handling capacities and improve health and safety situation in the port, which is the largest gateway for Bangladesh's trade with the EU. In addition, approval would be issued for interchange of empty containers between Dhaka rail and river terminals. Bangladesh has agreed a few months ago as suggested by the EU to launch a survey to assess the costs and benefits of up to 100% foreign direct investment (FDI) in Bangladesh's logistics sector. The issues were discussed at the 7th plenary meeting under the EU-Bangladesh business climate dialogue held in a city hotel on Thursday. The dialogue aims to jointly facilitate trade and investment from the EU, Bangladesh's number one trading partner and the second largest source of FDI to Bangladesh. Read: EU’s new Global Gateway strategy offers new opportunities for Bangladesh-EU relations: Envoys Bangladesh's exports to the EU amounted to around €16 billion in the 2021 calendar year, while the EU exports to Bangladesh were to the tune of €3 billion, according to a joint statement. The plenary was co-chaired by the senior secretary commerce Tapan Kanti Ghosh and EU Ambassador Charles Whiteley. It was attended by EU Heads of Diplomatic Missions in Dhaka - Denmark, France, Germany, Italy, Netherlands, Spain, and Sweden. Representatives of the numerous Government authorities including the Bangladesh Investment Development Authority (BIDA), Ministry of Shipping, the National Board of Revenue (NBR) and Bangladesh Bank participated in the dialogue, as well as some representatives from the EU private sector. Both sides took stock of discussions in three priority fields, namely: tax and customs, shipping and logistics, and green business practices. Read: EU contributes to strengthen social security in Bangladesh with EUR 24mn They agreed a joint committee will be constituted to examine the challenges and opportunities to simplify the customs clearance process for both express and non-express air cargoes. The "green business practices" is a new topic in the dialogue, under which the EU side informed the government of Bangladesh about the upcoming supply chain due diligence requirements in Europe and encouraged adaptive actions with a view to ensure smooth trade with the EU as the number one market for Bangladeshi exports. The EU side informed the meeting about two upcoming initiatives - the "EU-Bangladesh Meaning Business", which is conceived in the context of the 50th anniversary of the European Union (EU's) diplomatic relations with Bangladesh established in 1973. It aims to showcase commercial sectors which are underexplored and where closer collaboration between Bangladesh and Europe could be mutually beneficial. “Eurocham” in Bangladesh, a European Union (EU) Chamber of Commerce, will also be established.  It aims to build bridges between the Bangladeshi and EU private sectors and serve as a centre of excellence connecting Bangladeshi public and private sectors with investors from Europe, to the benefit of smooth and sustained business relations between Bangladesh and the EU. It would also help to navigate Bangladesh's transition to a post-EBA trade regime in the EU, according to the joint statement.   The Heads of Mission expressed their desire to continue working constructively in improving trade and investment relations with Bangladesh. The next plenary is scheduled for the first semester of 2023.