Foreign minister encourages British businesses to invest in Bangladesh

Foreign Minister AH Mahmood Ali has invited British businesses to invest in Bangladesh as he said trade is one of the “key” elements for strengthening bilateral relations.

He has also encouraged a visiting British minister to ask their businesses to take the “opportunity” arising from Bangladesh’s steps to establish 100 ‘Economic Zones’ (EZs).

Minister of State for Department for International Development Rory Stewart, who arrived in Dhaka on Saturday evening on a three-day official visit, met the minister on Sunday at the state guest house Padma.

He is the first senior British official to visit Bangladesh after Prime Minister Theresa May formed new government following the Brexit elections.

Mahmood Ali highlighted the historic relations between Bangladesh and the UK and mentioned that there is “huge potential for strengthening cooperation” between the countries, the foreign ministry said.

He also called upon Stewart to send trade and business delegations when the British Prime Minister’s Trade Envoy for Bangladesh Rushanara Ali would visit Bangladesh later this year.

The foreign minister said this would provide the British businesses with an opportunity “to grab the economic opportunities and benefits of competitive business sectors in Bangladesh”.

The UK is the third largest export destination for Bangladesh and one of the largest investors in Bangladesh.

He emphasised development cooperation and urged the British minister to continue duty-free trade facilities once Britain leaves the European Union.

Stewart pointed out that the UK has the largest development cooperation in Bangladesh.

He praised the “significant” progress Bangladesh has made in socio-economic sector, particularly in alleviating poverty, attaining food security, education, health and sanitation and so on.

He also praised Bangladesh’s macroeconomic fundamentals such as controlled inflation, stable currency and steady growth over a sustained period.

In response to Ali’s query, the UK minister said the British Council is temporarily closed for “some physical renovation” works and would resume fully fledged operations shortly.