‘Private sector dev, trade expansion are growth drivers for Bangladesh'

UK Prime Minister's Trade Envoy Rushanara Ali said that private sector development and trade expansion are the real growth drivers for Bangladesh's economy. "Bangladesh has done a tremendous success in the socio-economic sector. For the continuation of this progress, public and private sectors' coordination is much needed," she added.

Rushanara made these remarks during a bilateral meeting with the business leaders of Bangladesh at the Dhaka Chamber of Commerce and Industry (DCCI) bhaban here Tuesday, said a press release.

She also stressed the need for enhancing bilateral partnership between UK and Bangladesh. During the meeting, 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.

Mentioning that UK is strong in service sector like education, healthcare and financial sector, Dickson said, "In the industrial designing and skills development Bangladesh and UK can work jointly."

He said that the Mirsarai Economic Zone in Chattagram is a good place for attracting foreign investment and there is a huge opportunity for UK's investors as well.

DCCI President Rizwan Rahman said that the bilateral trade between Bangladesh and UK was $4.11 billion in 2021. UK's net FDI stock in Bangladesh was about $2.53 billion and UK is the 3rd largest export destination for Bangladesh and in future it will grow further.

Rizwan Rahman invited British investments in the ship building, RMG, agro- processing, leather and footwear, light engineering and skills development sector of Bangladesh.

“Bangladesh will enjoy duty free, quota free facility in the UK up to 2029 but he requested 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," he added.

The meeting was chaired by the Dhaka Chamber President Rizwan Rahman where Miran Ali, vice president of BGMEA, Sonia Bashir Kabir, founder and managing director of SBK Tech Venture; 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.

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 sector of Bangladesh.

Founder and Managing Director of SBK Tech Venture Sonia Bashir Kabir said that 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 are still lag behind in creating skilled nurses. UK can help us in this sector.

Moreover, if UK universities come here to operate it will have a good demand to our students." Among others, Senior Vice President of DCCI Arman Haque and Vice President Monowar Hossain were also present on the occasion.