Private sector development real growth driver for BD economy

UK PM's trade envoy tells meeting with business leaders at DCCI

FE Team | Published: March 29, 2022 22:41:16

UK Prime Minister's Trade Envoy Rushanara Ali on Tuesday said Bangladesh has achieved tremendous success in the socio-economic sector.
She noted that coordination between public and private sectors is essential for the continuation of this progress.
She also said that the private sector development and trade expansion are the real growth drivers for Bangladesh's economy.
Rushanara Ali made the remarks at a meeting with Bangladeshi business leaders at the Gulshan Centre of Dhaka Chamber of Commerce and Industry (DCCI) in the city, says a press release.
The visiting British trade envoy also called for enhancing bilateral partnership between the UK and Bangladesh.
Removing bottlenecks will open up more investment opportunities here, she said, adding: "We have to ensure poverty alleviation in line with the economic growth."
DCCI President Rizwan Rahman chaired the meeting attended by 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.
Rizwan Rahman said bilateral trade between Bangladesh and the 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 the future it will grow further.
He invited British investments in the shipbuilding, RMG, agro-processing, leather and footwear, light engineering and skills development sectors of Bangladesh.
Bangladesh will enjoy duty-free, quota-free facility in the UK up to 2029, the DCCI president said and urged the UK to allow Bangladesh to enjoy this facility even after 2029.
Mr 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, he said, adding that in the industrial designing and skills development, Bangladesh and UK can work jointly.
He said the Mirsarai Economic Zone in Chattogram is a good place for attracting foreign investment and there are huge opportunities 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 UK investments in the pharmaceutical, RMG, healthcare and education sectors 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-out product designing capacity and synthetic cotton production have a good opportunity where UK and Bangladesh can work jointly, he added.
Group Chairman and Managing Director of United Group Moinuddin Hasan Rashid said, "We are still lagging behind in creating skilled nurses. The UK can help us in this sector."
Moreover, if UK universities come here to operate, it will have a good demand among the students, he added.
Senior Vice President of DCCI Arman Haque and Vice President Monowar Hossain were also present on the occasion.