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FBCCI calls for stronger trade ties with UK

“In the context of the new perspectives, there are huge opportunities and prospects for further enhancing trade and investment cooperation between the two countries.”

  • Special Correspondent
  • 7 November, 2021 12:00 AM
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FBCCI calls for stronger trade ties with UK

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Bangladesh’s top trade body FBCCI urged the UK businesspeople to play a role in development of bilateral trade relations between the two nations.

 FBCCI president Md. Jashim Uddin made the call at a Networking Business Meeting with the British Bangladesh Chamber of Commerce and Industry (BBCCI) on Friday in London.

 While leading the Bangladeshi Business Delegation at the meeting, FBCCI leader said the UK and Bangladesh have an excellent bond of friendship which is reflected in partnership and people to people links.

“Bangladeshi Diaspora in the UK is taking an active participation in trade and investment through business and economic collaboration,” Md. Jashim Uddin said,

“In the context of the new economic development perspectives, there are huge opportunities and prospects for further enhancing trade and investment cooperation between the two countries,” FBCCI chief said.

 He observed that although the UK is an important export destination of Bangladesh, exports of the country to the UK is still confined to a few items like knitwear, woven   

garments, frozen fish and textile items.  Bangladesh offers one of the world’s best competitive fiscal and non-fiscal incentives including profit repatriation, tax holiday and duty-free import of capital machinery, he added.

Mostofa Azad Chowdhury Babu, Senior Vice President of FBCCI, said FBCCI and BBCCI may work together in a focused manner to promote Bangladesh branding and facilitate export diversification, “which is a must in the post LDC graduation period.”

He urged the non-resident Bangladeshis to invest in Bangladesh.

FBCCI vice president M A Momen emphasised strengthening relationship between FBCCI and BBCCI for stronger bilateral trade.

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is always open to facilitate any business interest in Bangladesh, he said.

On the same day, FBCCI president along with other members of the delegation had a business meeting with Richard Burge, CEO of London Chamber of Commerce and Industry (LCCI).

The meeting discussed that steps might be taken to sign a memorandum of understanding (MoU) between the FBCCI and LCCI under which both can undertake business promotion activities including regular exchange of delegations, business information exchange, joint research, trade fairs and networking events.

In earlier days of the visit as entourage of Prime Minister Sheikh Hasina, Bangladesh business delegation led by FBCCI president attended the Bangladesh Investment Summit 2021: Building Sustainable Growth Partnership. It was organised by the Bangladesh Securities and Exchange Commission in London on November 4, 2021.

 Prime Minister Sheikh Hasina joined the event as the chief guest.

The event was followed by the signing of an MoU between FBCCI and HSBC for a joint study on UK and Bangladesh markets.

Besides, FBCCI and UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) renewed an MoU.

FBCCI president metvice chairman of Commonwealth Enterprise & Investment Council Sir Hugo Swire.

The business delegation also attended the 26th UN Climate Conference of the Parties (Cop 26) held at Glasgow, Scotland on October 31, 2021. Prime Minister Sheikh Hasina addressed the conference.

The 29-member trade delegation also includes, among others, former FBCCI president Md. Shafiul Islam Mohiuddin M.P, senior vice-president Mostofa Azad Chowdhury Babu, vice president M. A. Momen, Md. AminulHaqueShamim, Md. Amin Helaly and MCCI president NihadKabir.