Wednesday, 25 May, 2022
E-paper

UK trade envoy stresses dev of private sector

Trade expansion, development of private sector are the growth drivers of Bangladesh economy, says Rushanara Ali MP at a meeting with the country’s business leaders

  • Special Correspondent
  • 30 March, 2022 12:00 AM
  • Print news
UK trade envoy stresses dev of private sector
Business leaders of Bangladesh pose for a photo with UK Prime Minister's Trade Envoy to Bangladesh Rushanara Ali during her visit at the Dhaka Chamber of Commerce and Industry (DCCI) office in the capital on Tuesday.

UK Prime Minister’s Trade Envoy Rushanara Ali MP said private sector development and trade expansion are the real growth drivers for Bangladesh’s economy.

She said this during a bilateral meeting with the business leaders of Bangladesh at the Dhaka Chamber of Commerce and Industry (DCCI) office on Tuesday.

“Bangladesh has done a tremendous success in the socio-economic sector,” said Rushanara Ali. 

For the continuation of this progress, she stressed the need for public and private sectors’ coordination. Rushanara Ali called for enhancing bilateral partnership between the UK and Bangladesh.

She also said that removing bottlenecks will open up more investment opportunities here.

The envoy said Bangladesh would have to ensure poverty alleviation in line with the economic growth.

The meeting was chaired by the DCCI President Rizwan Rahman.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Miran Ali, Founder and Managing Director of SBK Tech Venture Sonia Bashir Kabir, 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.

 During the meeting, Rizwan Rahman said that the bilateral trade between Bangladesh and the UK was $4.11 billion in 2021.

UK’s net FDI stock in Bangladesh was about $2.53 billion and UK is the third largest export destination for Bangladesh and in future it will grow further, he said.

 DCCI president invited British investments in the ship building, readymade garment, agro-processing, leather and footwear, light engineering and skills development sector of Bangladesh.

 Bangladesh will enjoy duty free and quota free facility in the UK up to 2029 but he requested the UK to allow Bangladesh to continue this facility even after 2029.

 He also said that Rules of Origin requirement facility can be eased and extended. Technical Barriers to Trade (TBT) needs to be reduced and rationalised, Ruzwan Rahman 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.

He said UK is strong in service sector like education, healthcare and financial sector.

In the industrial designing and skills development Bangladesh and UK can work jointly, he said.

DCCI chief said the Mirsarai Economic Zone in Chattogram is a good place for attracting foreign investment and there are huge opportunitie for the 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 the 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 eco-system.

 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 "we still lag behind in creating skilled nurses". He said the UK can help us in this sector.  Moreover, if the UK universities come to Bangladesh and open campuses, they will enjoy a good demand among Bangladeshi students here, he said.

 Senior Vice President of DCCI Arman Haque and Vice President Monowar Hossain were also present on the occasion.