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 and Head of Delegation of the European Union (EU) to Bangladesh Charles Whiteley on Wednesday said the time has come for moving ahead with a European Chamber of Commerce in Bangladesh (EuroCham) to promote trade and investment and help ensure a smooth transition to GSP+ era. "GSP plus is not an easy ticket," he said during at a function at his residence, marking the "soft launch" of the EuroCham to boost Bangladesh-EU business ties. The EU's Generalised Scheme of Preferences Plus (GSP+) gives developing countries a special incentive to pursue sustainable development and good governance. Eligible countries have to implement international conventions on human rights, labour rights, the environment and good governance. There are some quite stringent requirements for GSP Plus accession and Bangladesh has already ratified the 32 conventions that are now required for GSP Plus membership. Bangladesh's graduation from LDC status in 2026 would also mean graduation from the current Everything but Arms (EBA) unilateral trade preference given to Bangladesh by the EU, Bangladesh's largest export destination. There will be a three years transition period. "Our focus is now ensuring a swift transition. I think EuroCham will really be helpful," said Ambassador Whiteley. The EU sees huge potential as Bangladesh is one of the fastest-growing economies in the world and is predicted to be among the top 30 largest economies by 2036. Read more: EU keen to send observers for upcoming general election in Bangladesh: Envoy "It (EuroCham) should be business driven and business interests are reflected in it," said the EU ambassador, emphasising that the chamber will lobby for European business interests and the removal of barriers to trade and investment. The EU envoy said the EuroCham is not here to compete with the existing chambers but to complement the existing bilateral chambers of commerce. "It is an idea to help address problems and will forge links between Bangladesh and European businesses." Why EuroCham now? The EU said there is a well-established relationship with business potential. The EU is Bangladesh's largest trading partner and there is keen interest from European companies to explore investment opportunities in Bangladesh. The EU embassy says there are numerous EuroChams around the world with a proven record of supporting EU business. The EuroCham will assist businesses in navigating European and Bangladesh legislation, including in rapidly evolving areas such as due diligence and the green economy, said the EU embassy. It will facilitate the transition to GSP+ from a business perspective and bring critical thinking and analysis to bear on key business challenges, stimulating interest in existing and potential business sectors. Senior government officials, business leaders, EU Deputy Head of Mission Brend Spanier were present at the soft launching event.