UNDP seeks to strengthen partnership to facilitate investment, trade

The United Nations Development Programme (UNDP) has expressed interest in strengthening cooperation to attract investment to Bangladesh, facilitate business and trade, reduce logistics costs, and enhance the capacity of micro, small and medium-sized enterprises (MSMEs).

The organisation also said it is willing to work to increase Bangladesh’s export capacity and improve the country’s expertise in international trade negotiations.

These issues emerged during a meeting between UNDP Resident Representative in Dhaka Stephen Rodriques and Commerce Minister Khandakar Abdul Muktadir at the Secretariat on Sunday, according to the Ministry of Commerce.

At the meeting, UNDP said investment opportunities in Bangladesh are steadily increasing. It stressed the need to make the most of these opportunities while strengthening local businesses and ensuring environmental and social standards in the business sector.

The commerce minister said the current government has taken different initiatives to simplify business licensing and approval procedures. While some processes previously took nearly three months to complete, they can now be completed within two weeks, he said.

“All necessary steps will be taken to make these processes simpler, faster and more effective.”

The meeting also discussed reducing Bangladesh’s high logistics costs and improving efficiency in port and terminal management.

The commerce minister said the government is firmly committed to enhancing Bangladesh’s trade competitiveness by reducing the time and cost involved in loading and unloading goods through internationally standardised management practices.

Describing the MSME sector as an important part of the country’s economy, the commerce minister sought UNDP’s cooperation in identifying financing gaps in the sector, providing entrepreneurs with training and improving their business skills, and establishing effective links with markets.

UNDP Resident Representative in Dhaka Rodriques said the organisation would explore ways to connect small and medium-sized enterprises with global supply chains and make them more export-oriented.

He also expressed interest in providing training, necessary tools and opportunities to exchange international experience to reduce unnecessary delays in customs procedures, facilitate trade, and strengthen Bangladesh’s capacity to negotiate and hold discussions on international trade agreements.

Expressing optimism about Bangladesh’s recent changes and economic prospects, Rodriques said UNDP would realign its support in line with the government’s priorities of creating employment, promoting economic growth and diversifying the economy.

He also said international investors are viewing Bangladesh’s recent changes positively, according to the ministry’s press statement.