EU discusses ways of improving business climate in Bangladesh

The second meeting of the EU-Bangladesh business climate dialogue took place in Dhaka on Thursday, with the two sides discussing the ways and means of improving the business climate in Bangladesh.

The participants focused on the progress of policy actions which need to be taken to improve the situation for EU trade and investment since both sides met for the first time in May this year.

Commerce Minister Tofail Ahmed and EU Ambassador in Dhaka Pierre Mayaudon co-chaired the dialogue.

On the EU side, ambassadors of member states and EU business representatives under the format of the EU Business Council, and on the Bangladesh side, senior officials, including Senior Secretary of the Ministry of Commerce and the Chairman of the National Board of Revenue were present.

At the first meeting held on May 12, five important areas were identified and reviewed for interventions. Various recommendations came forward, which were discussed at Thursday’s meeting.

The discussion took place in a “constructive atmosphere”, with participants recalling the longstanding partnership between Bangladesh and the European Union.

The EU stressed the need for expanding European exports and investment, the EU delegation in Bangladesh said in a statement.

At the meeting five “important” areas were discussed and recommendations formulated to improve the business climate in Bangladesh. The areas were import duties/custom/trade facilitation, licenses and investment in services sector, financial flows, tax regime and pharmaceuticals.

“Government initiatives and policy reforms are needed to improve the business environment and secure increased FDI flows in support of the country's sustainable development,” the EU said.

The aim of the dialogue, which will continue in 2017 through the dedicated work of five joint working groups of experts, is “to contribute to address the critical areas where EU companies face serious difficulties in conducting business in Bangladesh”, the EU said.